稀土&小金属周报：内外锑价分化空间或有限，关注锡、钼价格回升

Investment Rating - The report maintains a "Buy" rating for the metal materials industry [1]. Core Views - The report highlights a mixed performance in the market, with the Shanghai Composite Index down 0.84% and the non-ferrous index down 1.04% during the week [1]. - The report emphasizes the potential for price increases in rare earths due to supply disruptions and regulatory changes, suggesting a bullish outlook for the sector [1]. - The report identifies specific companies to watch, including Northern Rare Earth and Jinchuan Group, which are expected to benefit from market trends [1]. Summary by Sections 1. Investment Strategy - The report notes significant price movements in various metals, with rare earth prices showing volatility due to supply and demand dynamics [1][30]. - It suggests that the demand for high-end magnetic materials is increasing, with a projected growth rate of 37% year-on-year in October [1]. 2. Basic Industry Analysis 2.1 Rare Earths - Prices for praseodymium and neodymium oxide are reported at 409,900 CNY/ton, down 0.45%, while dysprosium oxide is at 1,660,000 CNY/ton, up 4.40% [1][30]. - The report indicates a 19.6% month-on-month increase in rare earth ore imports in November, suggesting a robust supply chain [1]. 2.2 Antimony - Antimony ingot prices are at 144,500 CNY/ton, down 0.69%, while antimony concentrate prices remain stable at 125,000 CNY/ton [1][30]. - The report notes that overseas antimony prices are rising due to export controls, with a weekly increase of 1.3% to 39,000 USD/ton [1]. 2.3 Molybdenum - Molybdenum concentrate prices are stable at 3,630 CNY/ton, with molybdenum iron prices at 228,000 CNY/ton [1][39]. - The report highlights a decrease in inventory levels, indicating a tightening supply [1]. 2.4 Tin - Tin ingot prices are reported at 248,400 CNY/ton, up 1.79%, with inventory levels increasing slightly [1][47]. - The report suggests that the recovery in tin prices is supported by strong downstream demand [1]. 2.5 Tungsten - Tungsten concentrate prices remain stable at 142,400 CNY/ton, with ammonium paratungstate prices also unchanged at 210,400 CNY/ton [1][36]. - The report notes a slight increase in tungsten concentrate inventory, indicating potential supply challenges [1]. 2.6 Other Minor Metals - Prices for vanadium pentoxide are reported at 74,500 CNY/ton, up 2.76%, while germanium prices are at 17,900 CNY/kg, down 2.19% [1][17].