有色钢铁行业周观点（2025年第8周）：供给优化需求改善，积极关注稀土产业链投资机会

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6]. Core Viewpoints - Supply optimization and demand improvement are highlighted, with a focus on investment opportunities in the rare earth industry [15]. - The report indicates a significant increase in rebar consumption and prices, with a notable rise in steel prices across various categories [16][41]. - The industrial metals sector is expected to see continued copper price increases due to rising demand from sectors like photovoltaics and electric vehicles [18]. Summary by Sections 1. Macro Overview - The Ministry of Industry and Information Technology is seeking public opinion on regulations for rare earth mining and processing, which is expected to stabilize prices and optimize supply [15]. - The report suggests that the rare earth industry is poised for high-quality development, benefiting from emerging applications in humanoid robots and magnetic materials [15]. 2. Steel Industry - Rebar consumption reached 1.69 million tons, a week-on-week increase of 162.77% [20]. - The average price of rebar is reported at 3,491 CNY/ton, with a slight increase of 1.38% week-on-week [41]. - The overall steel price index increased by 1.29%, with hot-rolled prices rising to 3,453 CNY/ton [41]. 3. New Energy Metals - In January 2025, China's lithium carbonate production was 54,410 tons, a year-on-year increase of 32.55% [47]. - The report notes a significant rise in the production and sales of new energy vehicles, with January 2025 production at 965,800 units, up 27.85% year-on-year [51]. 4. Industrial Metals - The report indicates that the TC/RC remains negative, with copper prices expected to rise due to increased demand from various sectors [18]. - The LME aluminum price was reported at 2,702 USD/ton, reflecting a week-on-week increase of 1.50% [18]. 5. Precious Metals - Gold prices have risen to 2,949.6 USD/ounce, with a week-on-week increase of 1.93% [18]. - The report anticipates continued support for gold prices due to global central bank purchases and ongoing geopolitical risks [18].