沪指1月22日上涨0.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为建筑材料、国防军 工，涨幅分别为4.09%、3.23%。跌幅居前的行业为美容护理、银行，跌幅分别为0.76%、0.43%。有色 金属行业今日下跌0.37%。 资金面上看，两市主力资金全天净流出216.12亿元，今日有12个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨2.83%，全天净流入资金80.19亿元，其次是国防军工行业，日涨幅 为3.23%，净流入资金为57.13亿元。 有色金属行业今日下跌0.37%，全天主力资金净流出52.00亿元，该行业所属的个股共138只，今日上涨 的有81只，涨停的有3只；下跌的有53只。以资金流向数据进行统计，该行业资金净流入的个股有47 只，其中，净流入资金超亿元的有5只，净流入资金居首的是西部材料，今日净流入资金2.72亿元，紧 随其后的是中国稀土、斯瑞新材，净流入资金分别为1.72亿元、1.55亿元。有色金属行业资金净流出个 股中，资金净流出超亿元的有17只，净流出资金居前的有湖南白银、洛阳钼业、兴业银锡，净流出资金 分别为8.27亿元、6.08亿元、4.64亿元。 ...

如果你最近走进日本名古屋或丰田市的那些精密制造企业的车间，你或许会感受到一种近乎压抑的宁 静。这种宁静并非因为订单量的减少，而是因为一种被称为工业维生素的稀土，正以前所未有的速度变 得极其珍贵且难以获取。 这种表面上的寂静背后，实际上隐藏着日本政坛的一场强烈震荡。新任首相高市早苗突然宣布解散众议 院，迅速掀起了一场日本战后最短、最迅疾的闪电大选。许多人不解，她上任不过四个多月，位子尚未 坐稳，为什么这么急着解散呢？事实上，如果你将日本高端制造业的困境与高市早苗的选战日程对比一 下，你会发现事情的真相逐渐浮出水面：这不仅仅是一场急于乘胜追击的进攻，更像是被逼到死角后的 疯狂突围。 面对这样的局面，高市早苗在1月19日宣布解散众议院，无疑是一场政治层面的极限运动。从23号解 散，到2月8号投票，选战仅有16天。这为何如此匆忙？因为她等不起了。经济学界的研究表明，如果稀 土管控持续一年，日本的GDP将直接下降0.43%。这个数字虽然看似不大，却意味着2.6万亿日元的财富 将消失。 如果汽车生产停滞、电子产品缺货、医疗成本飙升，最终的后果必然会传导到普通选民的生活中。到时 候，高市早苗现在的62%的支持率，恐怕就像盛 ...

相关生产商有：中国稀土(000831)北方稀土(600111)江西铜业(600362)盛和资源(600392)厦门钨业 (600549)等。 据生意社监测，镨钕氧化物01月21日最新价格677500.00元/吨，最近10天上涨7.97%，15天上涨 11.07%，30天上涨14.35%，60天上涨23.74%。 据生意社监测，镨钕氧化物01月21日最新价格677500.00元/吨，最近10天上涨7.97%，15天上涨 11.07%，30天上涨14.35%，60天上涨23.74%。 相关生产商有：中国稀土(000831)北方稀土(600111)江西铜业(600362)盛和资源(600392)厦门钨业 (600549)等。 ...

Group 1 - The core viewpoint of the news highlights a recent rebound in lithium prices driven by strong demand from energy storage and stable growth in the electric vehicle sector, indicating high certainty and growth potential for lithium resources [1] - The West Securities report anticipates that the small metals sector will benefit from new opportunities due to the rise of AI industry demand, with three core logical drivers: rigid supply-side policies, export recovery on the demand side, and long-term growth momentum [1] - The tungsten market has moved away from traditional cyclical fluctuations, entering a new price cycle and value reassessment phase driven by supply constraints and emerging demand [1] Group 2 - The antimony industry is entering a sustained realization period of strategic allocation value due to the interplay of resource depletion, continuous demand expansion, and policy benefits [1] - The tin industry is characterized by a resilient supply-demand balance, with long-term allocation value becoming increasingly prominent due to reduced reserves and emerging demand [1] - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index account for 59.54% of the index, with key players including Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [2] Group 3 - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund [3]

场内ETF方面，截至2026年1月22日 10:14，中证稀有金属主题指数(930632)上涨0.08%，成分股西部材 料10cm涨停，盛新锂能上涨5.97%，西部超导上涨5.43%，中稀有色上涨3.68%，中钨高新上涨3.14%。 稀有金属ETF基金(561800)盘中换手5.33%，成交1206.79万元。 消息面上，稀有金属板块迎来产业需求与供给的多重利好共振。产业端，供需缺口持续扩大，据国际能 源署（IEA）2025年12月发布的《全球关键矿产展望》，在能源转型驱动下，2040年锂需求将较当前增 长五倍，钴、稀土需求增长50%-60%，且铜、锂2035年供需缺口或分别达30%、40%，长期供给压力显 著。需求端，新能源与新质生产力需求双线发力，全球AI算力基建拉动PCB用钨制微型钻针需求，光伏 硅片薄片化推动钨丝金刚线替代传统钢丝线，且美国锂电储能站、中国电网消纳需求提振锂消费。 数据显示，截至2025年12月31日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、天齐锂业、中矿资源、厦门钨业、中国稀土、西部超导，前十 大权重股合计占比59.5 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating expected performance above the market average [2][15]. Core Insights - The report highlights investment opportunities arising from the increase in domestic copper resource reserves, particularly noting the significant resource addition by Yulong Copper in Tibet, which adds 131.42 thousand tons of copper and 10.77 thousand tons of molybdenum [7][11]. - The aluminum sector is expected to maintain a strong performance due to optimistic macroeconomic expectations, despite a slight price correction [7][11]. - The precious metals market is experiencing mixed investor preferences, with gold demand increasing while silver demand shows a decline [7][11]. - The tungsten supply remains tight, with prices increasing, and there is a rising expectation for restocking post-holiday [7][11]. - The steel industry is poised for growth with new government policies aimed at stabilizing the sector, benefiting from infrastructure investments [8][11]. Summary by Sections Copper - LME copper and SHFE copper prices were reported at 13,000 and 100,770 USD/ton respectively, with a week-on-week decrease of 0.5% and 0.6% [7]. - The processing fee for imported copper concentrate is in negative territory, indicating tight supply [7]. - The operating rate of refined copper rod enterprises increased to 57.47%, up by 9.65 percentage points week-on-week [7]. Aluminum - LME aluminum and SHFE aluminum prices were reported at 3,147 and 23,925 USD/ton, with a week-on-week decrease of 1.0% and 1.7% [7]. - The operating rate of aluminum processing enterprises increased to 60.2% [7]. Precious Metals - SHFE gold and COMEX gold prices were reported at 1,032.3 CNY/gram and 4,601.1 USD/ounce, with week-on-week increases of 2.6% and 1.8% [7]. - SPDR gold ETF holdings increased by 21.1 tons week-on-week, indicating a preference for gold among overseas investors [7]. Tungsten and Rare Metals - Tungsten concentrate prices rose to 507,000 CNY/ton, with a week-on-week increase of 4.3% [7]. - The rare earth industry is experiencing tight supply, with prices for praseodymium-neodymium oxide and dysprosium oxide increasing [7]. Steel - SHFE rebar and hot-rolled coil prices were reported at 3,163 and 3,315 CNY/ton, with a week-on-week increase of 0.6% [8]. - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization policies for the steel industry [8].

Group 1 - The A-share non-ferrous metal sector has continued its strong performance in 2026, with the Shenwan non-ferrous metal industry index rising by 15.87% year-to-date, ranking first among all 31 Shenwan primary industry indices [1] - The rare earth permanent magnet sector has also performed well, with several rare earth stocks, such as Zhongcai Rare Earth and China Rare Earth, outperforming the Shenwan non-ferrous metal industry index [2] - The recent rise in the rare earth permanent magnet sector is primarily driven by the recovery of rare earth prices, with the Baotou Rare Earth Products Exchange's rare earth price index showing a continuous upward trend since the beginning of the year [3] Group 2 - The rare earth price index has increased from 217 points to 237 points since the beginning of the year, surpassing the previous high of 233 points set in August 2025 [6] - Various rare earth products have seen price increases, with praseodymium oxide rising by approximately 9.41% and neodymium oxide by about 9.19% as of January 21 [6] - Several rare earth industry companies have reported positive earnings forecasts for 2025, with companies like Zhenghai Magnetic Materials expecting a net profit increase of 235.72%-311.52% year-on-year [7] Group 3 - The global supply-demand gap for rare earths is expected to continue expanding, with emerging fields such as electric vehicles and humanoid robots driving long-term demand growth [8] - Humanoid robots are anticipated to become a new growth driver for rare earth permanent magnet demand, with the demand for neodymium-iron-boron materials expected to increase significantly by 2035 [8] - The price of praseodymium and neodymium is projected to rise to a range of 600,000 to 800,000 yuan per ton by 2026, driven by recovering exports and increased supply from Southeast Asia [8] Group 4 - The humanoid robot market is expected to reach over a hundred million units, with each robot requiring approximately 2-3 kilograms of rare earth permanent magnets [9] - The demand for high-performance neodymium-iron-boron materials is projected to grow at a compound annual growth rate of 13%, reaching 212,000 tons by 2027 due to rapid growth in sectors like electric vehicles and wind power [10]

Group 1 - The U.S. Treasury Secretary, Besant, stated that China has fulfilled its commitments regarding the purchase of U.S. soybeans and the supply of rare earths, with a satisfaction level regarding the progress of rare earth supply at over 90% [1][3] - China is expected to purchase 25 million tons of U.S. soybeans in the upcoming year, having completed its annual soybean procurement task [3][4] - Despite the positive outlook from U.S. officials, American farmers express concerns about the actual shipments of agricultural products, noting a significant increase in China's purchases from Brazil and Argentina [4][5] Group 2 - The U.S. has indicated that China agreed to purchase 12 million tons of U.S. soybeans by January 2026, with a commitment to at least 25 million tons annually over the next three years [4] - The trade relationship between the U.S. and China appears to be improving, as indicated by recent discussions between U.S. and Chinese officials at the World Economic Forum [4] - The agricultural sector's performance is critical for U.S. political dynamics, particularly for President Trump's strategy to secure votes from farmers [5]

Group 1 - The core viewpoint of the news highlights a significant increase in the rare earth permanent magnet sector, with the China Rare Earth Industry Index rising by 1.46% as of January 21, 2026, driven by price adjustments in rare earth concentrate [1] - Major rare earth companies, Northern Rare Earth and Baotou Steel, announced a price increase for rare earth concentrate to 26,834 yuan per ton (dry weight, REO=50%) for Q1 2026, marking the sixth consecutive price hike since Q3 2024 [1] - The Ministry of Industry and Information Technology and CITIC Securities predict that China's rare earth mining volume will reach 255,000 tons and the smelting and separation output will be 244,000 tons in 2023, with projections of 521,000 tons and 519,000 tons respectively by 2030 [1] Group 2 - Jianghai Securities emphasizes that despite current market focus on aluminum, tungsten, and tin, the core applications of rare earths in electric vehicles, wind power, and energy-efficient motors support long-term demand growth [2] - The penetration rate of high-performance neodymium-iron-boron materials in electric vehicle drive motors is increasing, with per vehicle usage significantly higher than traditional models, further enhancing the demand resilience for rare earth permanent magnet materials [2] - The top ten weighted stocks in the China Rare Earth Industry Index, including Northern Rare Earth and Xiamen Tungsten, account for 60.4% of the index as of December 31, 2025 [2]

Core Viewpoint - The rare metals theme index in China has shown a strong upward trend, with significant price increases in tungsten and other strategic metals due to rising demand and supply chain disruptions [1] Group 1: Market Performance - As of January 21, 2026, the China Rare Metals Theme Index rose by 2.75%, with notable increases in component stocks such as Shengxin Lithium Energy (up 9.99%), Zhongtung High-tech (up 9.42%), and Zhongmin Resources (up 7.89%) [1] - The prices of 65% black tungsten concentrate and 65% white tungsten concentrate have increased by 13.0% and 13.1% respectively since the beginning of the year, reaching 520,000 yuan and 519,000 yuan per standard ton [1] Group 2: Demand and Supply Dynamics - Rapid growth in downstream demand from sectors like new energy and semiconductors has intensified supply-demand conflicts, leading to significant price increases in tungsten, molybdenum, tin, and other minor metals [1] - The global supply chain disruptions continue to affect the market, drawing widespread attention to core strategic resources such as lithium and rare earths [1] Group 3: Investment Opportunities - Everbright Securities emphasizes the investment opportunities arising from the strategic metal stockpiling initiatives by various countries, particularly in the U.S. and Australia, which have announced significant procurement plans for critical minerals [1] - The cumulative procurement volume for cobalt, tantalum, antimony, and gallium from the U.S. and Australia is projected to account for 3%, 12%, 8%, and 14% of global production in 2024, respectively [1] - A comprehensive positive outlook is presented for the revaluation of strategic metals including copper, aluminum, cobalt, nickel, tin, antimony, tungsten, and rare earths [1] Group 4: ETF and Investment Tools - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investors to gain exposure to the rare metals sector [3] - Investors can also consider the Rare Metals ETF linked fund (014111) to explore investment opportunities in the rare metals sector [3]