Group 1 - The Beijing Stock Exchange (BSE) has seen its new share subscription funds exceed 1 trillion yuan for the first time, with the latest IPO from Meidele attracting an effective subscription amount of 10,588.6 billion yuan, raising the minimum capital requirement for new share allotments to 5 million yuan [2] - The Beijing Municipal Bureau of Economy and Information Technology has released measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging internet and geographic information companies to develop value-added services based on satellite data [2] - The latest guidelines for the clean and efficient utilization of coal in key areas have been issued, aiming to elevate the coal industry from low-end to high-end and transition coal products from primary fuels to high-value products [2] Group 2 - The national railway system will implement a new train operation schedule starting January 26, increasing the number of scheduled passenger trains to 12,130, an increase of 243 trains, and freight trains to 23,748, an increase of 177 trains, enhancing transportation capacity and efficiency [2] - The establishment of the Liangjiang New Area in Chongqing marks the first administrative national-level new area in central and western China, covering 1,360 square kilometers with a population of approximately 3.52 million [2] - The Beijing Municipal Bureau of Economy and Information Technology has prepared the first batch of funding guidelines for high-tech industries in 2026, planning to invest over 1.5 billion yuan to support key industries such as integrated circuits, biomedicine, and digital economy [2] Group 3 - Anhui Province has achieved a total import and export value of 10,135.6 billion yuan in 2025, becoming the ninth province in the country and the first in central China to reach a foreign trade value of over 1 trillion yuan [2] - The "Shopping in China, Happiness in Zhejiang" 2026 Spring Consumption Season has been launched in Hangzhou, focusing on six major areas and introducing 23 measures to promote consumption, with over 1,700 events planned [2] - The global first automated production line for robot joints by Yiyou Technology has been launched in Pudong, marking a significant breakthrough in the mass production of core components for humanoid robots [2]

Group 1: Copper - The LME copper price increased by 0.25% to $12,840.0 per ton, while the Shanghai copper price rose by 0.57% to ¥101,300 per ton [1] - Copper concentrate processing fees fell to -$49.79 per ton, and national copper inventory increased by 2.9% week-on-week, with a year-on-year increase of 203,000 tons [1][13] - The operating rate of copper cable enterprises increased by 2.72 percentage points to 58.71%, with a year-on-year increase of 15.87% [1][13] Group 2: Aluminum - The LME aluminum price rose by 0.29% to $3,137.5 per ton, and the Shanghai aluminum price increased by 1.53% to ¥24,300 per ton [2][14] - The operating rate of domestic aluminum processing enterprises fell by 6.3 percentage points to 51.1% due to the upcoming Spring Festival [2][14] - Electrolytic aluminum ingot inventory decreased by 6,000 tons to 743,000 tons [2][14] Group 3: Gold - COMEX gold price increased by 6.88% to $4,938.4 per ounce, with SPDR gold holdings rising by 4.86 tons to 1,079.66 tons [3][15] - Geopolitical risks have led to a strong fluctuation in the gold market [3][15] - The 10-year TIPS yield decreased by 0.07 percentage points to 1.95% [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 0.25% to ¥672,700 per ton [4][36] - December exports of rare earth permanent magnets increased by 7% year-on-year, indicating a recovery in exports [4][36] - The rare earth sector is expected to see upward price momentum due to supply constraints and favorable export conditions [4][36] Group 5: Tungsten - Tungsten prices increased by 5.54% this week, supported by tight supply conditions [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may elevate tungsten's priority [4][38] - The price of ammonium paratungstate rose by 6.06% to ¥790,500 per ton [4][38] Group 6: Tin - Tin prices increased by 2.19% to ¥423,700 per ton, with inventory rising by 1.79% to 9,720 tons [4][38] - Supply from Indonesia and Myanmar remains below expectations, supporting an upward price trend [4][38] - The demand outlook is positive due to recovery in semiconductor and photovoltaic sectors [4][38] Group 7: Lithium - The average price of lithium carbonate rose by 0.8% to ¥159,500 per ton, while lithium hydroxide increased by 2.0% to ¥156,900 per ton [4][63] - Lithium production decreased slightly, with total output at 22,200 tons, down by 40 tons [4][63] - The market is experiencing strong demand, with signs of pre-holiday stocking [4][63] Group 8: Cobalt - Cobalt prices decreased by 3.7% to ¥437,000 per ton, while cobalt intermediate prices increased by 1.5% to $25.75 per pound [5][65] - Supply tightness is expected to persist, with domestic prices showing upward momentum [5][65] - The market structure remains tight due to limited liquidity and long transportation cycles [5][65]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

Core Viewpoint - The successful deployment of a domestically developed superconducting magnetometer at Baotou Rare Earth Research Institute enhances the measurement capabilities for high-performance permanent magnet materials, supporting advancements in various strategic industries [1][3]. Group 1: Technological Advancements - A superconducting magnetometer has been assembled and put into operation, capable of measuring high-temperature and strong magnetic fields, thus providing significant technical support for the research and application of high-performance permanent magnet materials [1]. - The new device can achieve a maximum magnetic field of 6T and a maximum measurement temperature of 800°C, improving both measurement speed and accuracy, which is crucial for testing various samples and ensuring product quality control [3]. Group 2: Industry Context - High-performance permanent magnet materials are essential for the rapid development of emerging industries such as aerospace, new energy vehicles, and renewable energy, creating a pressing demand for comprehensive and precise detection of permanent magnets [3]. - The current market for rare earth permanent magnets is dominated by foreign companies, with existing measurement devices typically limited to a magnetic field strength of 3T and often lacking high-temperature modules [3]. Group 3: Research Developments - A research team led by Professor Wang Shouguo at Anhui University has made significant progress in the field of rare earth permanent magnet materials, addressing the dual challenges of resource utilization efficiency and the accumulation of high-abundance elements [4]. - The team has revealed two key microscopic mechanisms affecting the diffusion efficiency of heavy rare earths, providing new insights for the design of high-abundance rare earth magnets and enhancing the utilization efficiency of strategic heavy rare earths [4].

Core Viewpoint - The successful deployment of a domestically produced superconducting magnetic field high-temperature vibrating sample magnetometer at Baotou Rare Earth Research Institute provides significant technical support for the research and application of high-performance permanent magnet materials in China [1][5]. Group 1: High-Performance Permanent Magnet Materials - High-performance permanent magnet materials are driving rapid development in emerging industries such as aerospace, new energy vehicles, and renewable energy, creating a pressing demand for comprehensive and precise testing of permanent magnets [2]. - The conventional closed-loop measurement equipment in the rare earth permanent magnet field typically uses traditional electromagnets, with magnetic field strengths usually not exceeding 3T. In contrast, basic magnetic research equipment, while equipped with superconducting magnets for high excitation magnetic fields, often focuses on low-temperature measurements and lacks high-temperature modules, leading to high costs and foreign monopolization [2]. Group 2: Features of the New Magnetometer - The newly deployed superconducting vibrating sample magnetometer utilizes superconducting magnets as excitation devices, featuring superconducting excitation, a wide temperature range, high measurement sensitivity, fast measurement speed, convenient operation, and a variety of measurement options [5]. - The maximum magnetic field of the new device can reach 6T, with the highest measurement temperature at 800℃, effectively enhancing both measurement speed and accuracy, enabling researchers to conduct a variety of sample measurements [5].

Group 1 - The core point of the article is the successful assembly and commissioning of a superconducting magnetic field high-temperature vibrating sample magnetometer by Baogang Group, which utilizes fully domestic modules [1] - The device meets the measurement needs for permanent magnetic materials under high temperature and strong magnetic fields [1] - The superconducting magnet vibrating sample magnetometer features superconducting excitation, a wide temperature range, high measurement sensitivity, fast measurement speed, convenient operation, and a variety of measurement options [1] Group 2 - The maximum magnetic field of the device can reach 6 Tesla (T) [1] - The highest measurement temperature of the device is 800 degrees Celsius (°C) [1]

供给扰动预期升温， 黑色系延续底部震荡 钢材周报 2026/01/24 0755-23375155 zhaoh3@wkqh.cn 陈张滢（黑色建材组） 从业资格号：F03098415 交易咨询号：Z0020771 赵航 （联系人） 从业资格号：F03133652 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 01 周度评估及策略推荐 周度小结 ◆ 供应：本周铁水产量为228.1万吨，受到包钢爆炸事件影响，部分钢厂产量受到影响，产量略低于上周预期。螺纹钢产量为 199.55 万吨， 环比 +4.86%，同比 +14.60%，产量出现明显回升。长流程产量为 166.26 万吨，环比 +6.35%，同比 -1.26%，在利润尚可的背景下阶段性 回升；短流程产量为 33.29 万吨，环比 -1.97%，同比大幅增长，整体仍处于相对高位但边际略有回落。铁水产量为 228.10 万吨，环比 持平，同比 +1.18%，高炉端整体运行相对平稳。利润方面，钢厂盈利率为 40.69%，较前期小幅改善。华东地区螺纹高炉利润约 65 元/吨， 处于中性偏低水平；谷电利润为 44 元/吨，较前期有所收 ...

Investment Rating - The steel industry is rated as "Positive" [2] Core Insights - The steel sector has shown a strong performance with a weekly increase of 6.99%, outperforming the broader market [2][10] - The report highlights a potential investment opportunity in the steel sector due to supply disruptions and improving profitability [3] Supply Situation - As of January 23, the capacity utilization rate for blast furnaces among sample steel companies is 85.5%, a week-on-week increase of 0.03 percentage points [2][25] - The average daily pig iron production is 2.281 million tons, with a week-on-week increase of 0.09 thousand tons [2][25] - The total production of five major steel products is 7.172 million tons, reflecting a week-on-week increase of 1.95 thousand tons [2][25] Demand Situation - The consumption of five major steel products is 8.095 million tons, showing a week-on-week decrease of 166 thousand tons [2][35] - The transaction volume of construction steel among mainstream traders is 78 thousand tons, down 1.41 thousand tons week-on-week [2][35] Inventory Situation - Social inventory of five major steel products is 8.685 million tons, with a week-on-week increase of 2.13 thousand tons [2][42] - Factory inventory of five major steel products is 3.886 million tons, reflecting a week-on-week increase of 7.94 thousand tons [2][41] Price & Profit - The comprehensive index for ordinary steel is 3,434.4 yuan/ton, a week-on-week decrease of 23.04 yuan/ton [2][47] - The profit for rebar produced in blast furnaces is 61 yuan/ton, down 11.0 yuan/ton week-on-week [2][55] - The profit for electric arc furnace produced construction steel is -63 yuan/ton, a significant decrease of 24.0 yuan/ton week-on-week [2][55] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) is 805 yuan/ton, down 14.0 yuan/ton week-on-week [2][73] - The price for main coking coal at Jingtang Port is 1,780 yuan/ton, up 30.0 yuan/ton week-on-week [2][73] Investment Recommendations - Focus on regional leading companies with advanced equipment and environmental standards such as Hualing Steel, Shougang, and Shandong Steel [3] - Consider companies with excellent growth potential and restructuring plans like Baosteel and Nanjing Steel [3] - Pay attention to special steel companies benefiting from the new energy cycle such as CITIC Special Steel and Jiuli Special Materials [3]

Core Insights - The discovery of high-grade niobium and thorium resources in the Baiyun Obo mine is a significant development for China's strategic resource capabilities, potentially altering the balance of power in global geopolitics [1][3][5] - The niobium found is crucial for military applications, particularly in advanced technologies like the F-35 fighter jet, while the thorium reserves could provide a sustainable energy source, reducing reliance on oil imports [3][8][12] Niobium Resource - The newly discovered Lin Niobium Mine and Hongrui Mine are expected to enhance China's niobium supply, which is critical for military and aerospace applications [3][5] - The United States has a 100% dependency on foreign niobium, making this discovery a strategic advantage for China [3][5] - The extraction efficiency of niobium is expected to double due to the high-grade nature of the new deposits, which will streamline the processing and utilization of this resource [5][17] Thorium Resource - Baiyun Obo is estimated to have 28,000 tons of identified thorium reserves, with potential future estimates exceeding 100,000 tons [12][14] - Thorium-based molten salt reactors are considered a safer and more efficient alternative to traditional uranium reactors, with the potential to meet China's energy needs for thousands of years [12][14] - The energy produced from thorium is significantly higher than that from uranium or coal, with 1 ton of thorium capable of producing energy equivalent to 200 tons of uranium or 350,000 tons of coal [14] Strategic Implications - The dual discovery of niobium and thorium positions China favorably in the context of global resource competition, particularly against the backdrop of U.S. attempts to restrict China's access to advanced technologies [19][20] - The Baiyun Obo mine is viewed as a critical asset for China's future energy independence and technological advancement, reinforcing the notion of resource sovereignty [22] - The historical context of the mine's discovery highlights the contributions of Chinese scientists and the importance of sustained investment in geological exploration and technological innovation [17][19]

1月18日17时许，内蒙古包头市包钢板材厂爆炸事故现场，厂区内部因爆炸冲击波扭曲脱落的钢梁铁 架。地面散落着许多金属碎片。1月18日15时03分，包钢板材厂炼钢作业部的一个650m³饱和水、蒸汽 1月20日，西班牙阿达穆斯，救援人员和调查人员在高速列车相撞事故现场工作。1月18日晚，在西班牙 科尔多瓦省阿达穆斯市附近发生高速列车相撞事故，导致45人死亡。视觉中国供图 球罐发生爆炸。事故造成10人死亡，84人受伤。中青报·中青网记者 石佳/摄 1月18日上午，聂卫平遗体送别仪式在北京市八宝山殡仪馆东礼堂举行，"棋友"雪中送别。聂卫平于 2026年1月14日逝世，享年74岁。作为中国围棋的标志性人物，他曾在1984至1988年间率领中国队在中 日围棋擂台赛中豪取11连胜，被授予"棋圣"称号。中青报·中青网记者 李隽辉/摄 1月20日，沙特阿拉伯吉达，2026亚足联U23亚洲杯半决赛，中国U23男足以3:0战胜越南队，赛后全体 成员庆祝晋级决赛。视觉中国供图 1月20日，格陵兰努克，一名老人手持装饰有丹麦王国三个地区（丹麦、格陵兰和法罗群岛）旗帜的权 杖，在美国领事馆外举行了一小时的守夜活动。近期，美国总统特朗普关 ...