截至2026年2月9日 15:00，有色金属ETF天弘(159157)换手16.05%，高居同类产品第一，成交2.11亿元，市场交投活跃。跟踪的中证工业有色金属主题指 数(H11059)强势上涨2.43%，成分股盛和资源上涨10.01%，东阳光上涨8.41%，白银有色上涨8.02%，中国稀土，北方稀土等个股跟涨。 紫金矿业认为，地缘政治风险频发，全球供应链、产业链面临多重挑战，矿业发展格局正在重构。叠加金价大幅上涨，铜价高位运行，能源转型催生锂 等关键金属需求结构性扩张。科技与矿业加速融合共生，人工智能技术将驱动矿业全链条升级。 【机构观点】 截至2月9日，有色金属ETF天弘(159157)最新资金净流入1.54亿元。拉长时间看，上市2个交易日均实现资金净流入，合计"吸金"4.24亿元。 【产品亮点】 由于各细分金属都是一个子行业，逻辑与产业周期各异，主动投研很难完全覆盖，指数化投资是较好的选择，有色金属ETF天弘(159157)跟踪中证工业 有色金属主题指数，精准聚焦铜、铝、稀土等核心品种，涵盖30家行业龙头，一键把握AI驱动、战略资源、周期上行三重逻辑下的工业有色金属投资机 遇。 【相关产品】 有色金属E ...

Summary of Conference Call on Rare Earth Industry Industry Overview - The rare earth sector is expected to continue its upward trend despite overall setbacks in the non-ferrous metals sector, driven by favorable fundamentals and market expectations [1][2] - Rare earth prices are anticipated to reach historical highs, with fundamentals performing better than expected and negative sentiment not worsening, indicating that previous bearish factors have been digested [1][2] Key Points and Arguments - **Supply-Side Structural Reform**: The rare earth industry is advancing supply-side structural reforms, with expectations of tightening supply and simultaneous growth in domestic and international demand, providing solid support for prices [1][4] - **Investment Recommendations**: Key recommended stocks include China Rare Earth and CITIC Metal, which are expected to have significant growth potential. The current market is viewed as a good opportunity for investors to enter the rare earth sector [2][6] - **Valuation Analysis**: The rare earth sector is currently undervalued, having experienced a continuous decline in valuation since mid-October of the previous year, primarily due to global regulatory upgrades. Despite geopolitical tensions easing, valuations are not expected to decline further due to increased overseas demand for strategic resources [5][9] - **Future Price Predictions**: There is a strong possibility of valuation recovery to 30-40 times earnings, supported by robust demand logic within the sector [5][9] Additional Insights - **Market Dynamics**: The discussion highlighted the significant volatility in the rare earth sector, influenced by the performance of precious metals. Despite overall deleveraging pressures in the non-ferrous sector, the unique supply-demand structure and policy support for rare earths indicate strong investment potential [7][8] - **Export Demand**: In 2025, China's rare earth exports reached historical highs in Q3 and Q4, despite an annual decline of 1%. This suggests strong replenishment demand overseas, particularly in the latter half of the year [10][11] - **Strategic Stockpiling**: The increase in overseas strategic stockpiling demand is driven by concerns over supply chain disruptions, leading to longer inventory days to ensure supply security [11] - **Impact of Policy Changes**: Recent policy changes in China regarding rare earth mining and smelting have created a comprehensive control framework, which is expected to reduce non-compliant supply and further support price increases [9][12] Conclusion - The rare earth sector is positioned for growth, with strong fundamentals, favorable market conditions, and significant investment opportunities. Investors are encouraged to consider entering the market during this favorable timing, as the sector is expected to experience substantial price increases and valuation recovery in the near future [3][6][8]

第三，市场规律教做人。 鲁比奥喊着"设价格底线"，可2023年稀土价格暴跌40%，中国企业照样赚钱，为啥？因为成本压得低！中国稀土企业的加工成本 比美国低58%，真打价格战，盟友先得跪。 稀土这玩意儿，看着不起眼，实则是高科技的"命根子"。造芯片、搞新能源电池、做导弹雷达，缺了它全得趴窝。咱中国有多牛？据美国地质调查局2023年 数据，中国稀土储量占全球38%，但产量却占了70%！ 更绝的是提炼技术——中国掌握了全球90%的稀土分离提纯产能，就连美国最大的稀土矿芒廷帕 斯，挖出来的矿石还得运到中国加工。老外嘴上喊着"去风险"，身体倒挺诚实，2023年中国稀土出口量同比涨了12.3%，其中70%流向了美国盟友日韩和欧 洲。这就像开饭馆的厨师没上桌，客人还得偷摸去后厨求着炒菜，你说滑稽不？ 美国这回是真急眼了。会上抛出一堆"大招"：搞"关键矿产优惠贸易区"、定"参考价格线"、甚至要用关税当大棒。还许诺掏1000亿美元"金库计划"给盟友砸 钱。可细扒拉一下，这事儿漏洞比筛子还多！ 第一，盟友各怀鬼胎。 澳大利亚有矿，但2023年对华稀土出口占其总出口的82%，真跟中国翻脸，矿卖给谁？德国车企天天喊着要"摆脱中国依赖 ...

百川盈孚数据显示，稀土产品价格加速上涨。2月9日，氧化镨钕，金属镨钕分别大涨7.59%和6.27%。 氧化镨钕今年以来累计涨幅达34%。 研究机构认为，供应端方面，1月镨钕金属产量环比下降，原材料现货供应紧张导致部分区域减产，预 计2月份镨钕产量或进一步下降，稀土价格有望继续上涨。 全球稀土资源战略地位持续提升，稀土产业进入高质量发展阶段。供给层面，配额管制叠加管制政策， 刚性逻辑或持续加强；需求层面，新能源汽车，人形机器人和低空经济等新兴领域，有望成为需求长期 高速增长的核心驱动。 中国稀土:专注于稀土矿的开采加工和冶炼分离业务，正积极配合中国稀土集团开展解决同业竞争问题 的相关工作，择机开展并购重组。 中稀有色:拥有广东地区丰富的稀土资源，还布局钨，铜硫等多元产业。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 机构预计2026年起全球稀土供需缺口或持续扩大，产业链盈利能力或提升。 公司方面，据上证报表示， ...

Group 1 - The core viewpoint of the article highlights the positive market sentiment driven by spot gold returning to $5,000, leading to significant activity in the non-ferrous metals sector, particularly the Huabao ETF (159876), which saw a price increase of 2.07% on February 9 [1][7] - The Huabao ETF includes leading companies in the non-ferrous metals industry, with notable stocks such as Shenghe Resources and Hunan Silver reaching their daily price limits, while silver and rare earth stocks also experienced substantial gains [1][7] - The article emphasizes the ongoing bullish trend in the rare earth market, with prices for praseodymium and neodymium rising significantly, indicating a tightening supply and increasing demand in emerging sectors [10] Group 2 - The People's Bank of China has increased its gold reserves for 15 consecutive months, with the latest figures showing reserves of 7.419 million ounces as of January 2026, which is expected to support gold prices [10] - The article discusses the structural demand for commodities driven by AI computing expansion and energy transition, suggesting that the market for related resource stocks is likely to continue its upward trajectory after a short-term adjustment [10] - The Huabao ETF and its linked funds provide comprehensive coverage of various metals, including copper, aluminum, gold, rare earths, and lithium, making it an efficient tool for investors looking to gain exposure to the non-ferrous metals sector [10]

Core Viewpoint - The resurgence of spot gold prices above $5,000 has boosted market sentiment, leading to significant activity in the non-ferrous metals sector, particularly with the Huabao ETF [1] Group 1: Market Performance - The Huabao non-ferrous ETF (159876) saw a high level of activity, with intraday prices rising by 2.5% and closing up by 2.07% [1] - Key constituent stocks such as Shenghe Resources and Hunan Silver reached their daily limit, while other stocks like Silver Nonferrous and China Rare Earth saw increases of over 8% and 6%, respectively [1] Group 2: Industry Trends - The People's Bank of China has increased its gold reserves for 15 consecutive months, with reserves reaching 7.419 million ounces by the end of January 2026, up from 7.415 million ounces in December 2025 [3] - The price of light rare earths has been on the rise, with praseodymium and neodymium prices increasing by 5,000 yuan/ton to 925,000 yuan/ton, and praseodymium oxide prices rising by 7,500 yuan/ton to 752,500 yuan/ton [3] - The demand for gold from central banks is expected to provide a strong support for gold prices, while the ongoing rise in rare earth prices is anticipated to bolster the profitability of the industry [3] Group 3: Investment Opportunities - The Huabao non-ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the beta performance across different economic cycles [3] - The ETF serves as an efficient tool for investors looking to gain exposure to the non-ferrous metals sector, being a financing and margin trading target [3]

Group 1: Copper Market - LME copper price decreased by 1.65% to $12,855.0 per ton, while Shanghai copper fell by 3.45% to ¥100,100 per ton [2] - Import copper concentrate processing fee index dropped to -$52.37 per ton; national copper inventory increased by 4.03% week-on-week and by 62,700 tons year-on-year [2] - The operating rate of waste anode plate enterprises is at 66.88%, down by 8.19 percentage points; expected to decline further to 38.36% next week [2] Group 2: Aluminum Market - LME aluminum price fell by 3.49% to $3,026.00 per ton, and Shanghai aluminum decreased by 5.07% to ¥23,300 per ton [3] - Domestic aluminum rod inventory increased by 15,000 tons to 258,500 tons; metallurgical-grade alumina total production capacity is 110.32 million tons/year [3] - Aluminum processing comprehensive operating rate recorded at 57.9%, down by 1.5 percentage points week-on-week [3] Group 3: Gold Market - COMEX gold price increased by 6.57% to $4,988.6 per ounce; SPDR gold holdings decreased by 10.87 tons to 1,076.23 tons [4] - The U.S. 10-year Treasury yield curve reached its steepest level in nearly four years, influenced by rising rate cut expectations and concerns over inflation [4] - Geopolitical risks have led to a strong fluctuation in the gold market [4] Group 4: Rare Earth and Tungsten Markets - Praseodymium and neodymium oxide prices increased by 1.20% this week; December rare earth permanent magnet exports reached a historical high [5] - Tungsten prices rose by 11.98% due to tight supply and increased support for pricing [5] - Tin prices decreased by 15.81%, but the upward trend is expected to continue despite recent volatility [5] Group 5: Lithium and Cobalt Markets - Lithium carbonate average price decreased by 13.3% to ¥148,000 per ton; lithium hydroxide average price fell by 11.6% to ¥150,000 per ton [6] - Cobalt prices decreased by 5.6% to ¥420,000 per ton; cobalt intermediate prices remained stable [6] - Nickel prices fell by 1.8% to $17,200 per ton on LME [6] Group 6: Nickel Inventory - Port nickel ore inventory decreased by 638,100 tons to 11.08 million tons [7]

Core Viewpoint - The rare earth industry is experiencing a significant price increase, with expectations for continued growth in 2026, driven by supply-demand dynamics and strategic value reassessment [1] Price Trends - As of February 6, the price of praseodymium-neodymium oxide reached 758,000 yuan/ton, a monthly increase of 24.9% and a year-on-year increase of 79.9% [1] - The price of heavy rare earth terbium oxide rose to 6,155 yuan/ton, with a monthly increase of 2.2% [1] Market Dynamics - There is a notable divergence between rare earth prices and stock prices, suggesting a potential return to fundamental pricing as market liquidity effects are digested [1] - Analysts predict that domestic rare earth prices will continue to rise, with the praseodymium-neodymium oxide price surpassing 700,000 yuan/ton [1] Supply and Demand Factors - The supply side is characterized by a separation of mining and smelting, with total quantity control and a slowdown in domestic production growth, lagging behind demand expansion [1] - Demand is being driven by rapid developments in industries such as robotics, low-altitude economy, and military applications [1] - High overseas smelting costs are also providing support for prices [1] Investment Perspective - The CSI Rare Earth Industry Index focuses on core segments of the rare earth industry chain, covering leading companies from mining and smelting to deep processing and downstream applications [1] - The E Fund Rare Earth ETF (159715) offers a low-cost investment tool with a management fee rate of only 0.15% per year for investors looking to enter the rare earth sector [1]

美国拉上54个国家，搞了个新联盟FORGE，目标对准的不是别的，是中国在稀土上的"地位牌"。现场 气氛相当火爆，场上55国部长级代表人手一支笔，一起签了名，同时美国还火速和11个盟友签下"双边 关键矿产"合同，枪口一致对着中国。 美国的国务卿鲁比奥亲自站出来，宣称这次要统一关键矿产政策，重建规则，最关键的是，对稀土这类 战略资源要"拿回定价权"。 韩国此时担纲主席国角色，不是偶然。在这个资源话事权的俱乐部里，它是唯一一个愿意主动走上前的 人。有数据就能说话，韩国对中国稀土的依赖程度高得惊人达到九成，也就是说，你连转个身都可能得 搭上从中国空运的原料。 一旦供应出点问题，不只是电动车没磁铁，它整个电池、芯片、军工体系都得哆嗦。韩国是被"卡脖子 割喉咙"的那一类，但现在却站到美国一边，是赌赢的机会多，还是被吃干抹净的风险大？ FORGE联手搞大事，美国打算怎么做？用一张看起来漂亮的制度地图说服全世界，大家统一价格、统 一标准，加点补贴，把中国踢出主场。表面上这叫"去风险"，实际就是"去中国化"。 美国这一招玩的是控制节奏，它用的法宝叫《通胀削减法案》衍生出的矿产补贴制度，各国只要愿意听 它指挥，补贴立刻到账，矿场 ...

投资者若想长期布局稀土产业链，可关注稀土ETF（159713），其紧密跟踪中证稀土产业指数，重点覆 盖稀土资源开采、冶炼分离及下游高性能永磁材料制造等关键环节。 （文章来源：每日经济新闻） 2月9日，A股整体飘红，稀土板块强势领涨，稀土ETF（159713）盘中一度涨至3.61%，截至发稿的最 新涨幅为3.40%。标的指数成分股中，盛和资源10CM涨停，北方稀土、中国稀土、云路股份等多只股 票涨超5%，推动指数整体上行。 消息面上，近期我国科学家发现，碳酸质岩浆的侵位深度是控制稀土能否超常聚集的关键因素，相关成 果于2月3日发表在国际学术期刊《自然·通讯》上。作为新能源、高新技术等领域不可或缺的关键原 料，稀土的战略价值日益显著。 研究机构指出，近期稀土供给格局紧张，氧化镨钕突破阶段新高。供给端，政策面以及供应面偏紧支 撑，氧化镨钕现货供应持续紧缺，上游持货商低价出货意愿较低；需求端，下游磁材企业由刚需采购转 为备货采购。未来一段时间，或将持续供应紧张格局，价格或将继续上行。 ...