能源金属＆小金属周报：“以旧换新”政策推行，稀土磁材有望受益

Investment Rating - The report indicates a positive outlook for rare earth materials due to the implementation of the "old-for-new" policy, which is expected to benefit the demand for rare earth magnetic materials [1]. Core Views - The "old-for-new" policy aims to enhance energy efficiency in key industries by 2027, which will likely increase the demand for rare earth materials in industrial motors and electric vehicles [1]. - Short-term demand for rare earths is weak, but medium to long-term prospects are positive due to supply constraints and increasing demand from new energy vehicles and robotics [1]. - The report suggests focusing on companies like China Rare Earth and Northern Rare Earth for resource advantages, and Kinglong Permanent Magnet for magnetic material benefits [1]. Summary by Sections 1.1 Weekly Investment Insights & Key Recommended Portfolio - Rare earth prices have shown slight declines, with praseodymium and neodymium oxide at 347,800 CNY/ton, down 0.74% [1]. - Antimony ingot prices decreased to 90,900 CNY/ton, while tin ingot prices increased to 224,900 CNY/ton, reflecting mixed trends in the market [2][11]. - Lithium carbonate prices rose to 112,200 CNY/ton, indicating a potential turning point despite ongoing supply concerns [2][11]. - Nickel and cobalt prices have shown slight increases, with electrolytic nickel at 140,700 CNY/ton and electrolytic cobalt at 232,000 CNY/ton [2][11]. 1.2 Industry and Stock Trends - The Shanghai Composite Index fell by 0.54%, while the non-ferrous index rose by 3.76%, indicating a divergence in sector performance [12]. - Notable stock movements included significant gains for Zhongtung High-tech and Haotong Technology, while Huayang New Materials and Kinglong Permanent Magnet saw declines [13]. 1.3 Metal Price Changes - Lithium hydroxide and carbonate prices increased by 4.47% and 3.05%, respectively, while prices for dysprosium oxide and vanadium pentoxide saw notable declines [14]. 2.1 Rare Earths - Prices for various rare earth oxides have decreased, with dysprosium oxide down 6.32% and terbium oxide down 1.30% [16]. 2.2 Tungsten - Tungsten concentrate prices increased slightly to 125,800 CNY/ton, while ammonium paratungstate also saw a minor rise [20]. 2.4 Antimony - Antimony ingot prices decreased to 90,900 CNY/ton, with inventories showing a slight increase [22]. 2.5 Tin - Tin ingot prices rose to 224,900 CNY/ton, supported by strong demand in the photovoltaic sector [23]. 2.6 Magnesium - Magnesium ingot prices fell to 19,520 CNY/ton, reflecting a downward trend in the market [25]. 2.7 Vanadium - Vanadium pentoxide prices decreased to 81,500 CNY/ton, indicating a decline in demand [27].