Core Viewpoint - The recent price increases in rare earth metals are attributed to ongoing supply-side reforms and upcoming policy documents for 2024-2025, indicating a bullish outlook for the industry [1][3]. Rare Earth Metals - The price of praseodymium-neodymium oxide is 849,800 CNY/ton, up 13.51% month-on-month - The price of dysprosium oxide is 1,450,000 CNY/ton, up 9.02% month-on-month - The price of terbium oxide is 6,460,000 CNY/ton, up 5.90% month-on-month - December saw a 3% month-on-month decrease but a 7% year-on-year increase in China's rare earth permanent magnet exports, reaching a historical high for the month [1][3]. - The processing fee for yttrium-rich europium ore has risen to 41,000 CNY/ton, indicating ongoing optimization in the smelting sector [3]. - Key stocks to watch include China Rare Earth (000831), Zhong Rare Metals (600259), Northern Rare Earth (600111), and Baotou Steel (600010) [3]. Tin - The price of tin ingots is 378,200 CNY/ton, down 10.74% month-on-month - Indonesia is considering a ban on tin raw material exports, which may create significant replenishment demand for tin processing companies [4]. - Long-term demand is expected to benefit from AI and automotive smart technology, leading to a favorable supply-demand balance for tin [4]. - Recommended stocks include Huaxi Nonferrous (600301) and others [4]. Tungsten - The price of tungsten concentrate is 696,700 CNY/ton, up 15.99% month-on-month - The price of ammonium paratungstate is 1,025,200 CNY/ton, up 15.11% month-on-month - The U.S. is increasing its strategic reserves, which may elevate tungsten's priority in the market [4]. - Recommended stocks include China Tungsten High-Tech (000657) and Xiamen Tungsten (600549) [4]. Antimony - The price of antimony ingots is 165,100 CNY/ton, up 0.62% month-on-month - The price of antimony concentrate is 144,000 CNY/ton, up 2.13% month-on-month - December saw a 4% month-on-month increase but a 71% year-on-year decrease in antimony exports [5]. - The outlook remains positive due to potential recovery in exports and stable demand, particularly in the photovoltaic glass sector [5]. - Recommended stocks include Huaxi Nonferrous and Hunan Gold (002155) [5]. Molybdenum - The price of molybdenum concentrate is 4,165 CNY/ton, up 2.97% month-on-month - The price of ferromolybdenum is 267,100 CNY/ton, up 3.33% month-on-month - The domestic molybdenum price is stabilizing due to high tungsten prices and increased defense spending [5]. - Recommended stocks include Jinduicheng Molybdenum (601958) and Guocheng Mining (000688) [5].

格隆汇2月24日丨根据联交所最新权益披露资料显示，2026年2月23日，金力永磁(06680.HK)遭Allianz SE在场内以每股均价22.3087港元减持115.64万股，涉 资约2579.8万港元。 减持后，Allianz SE最新持股数目为1097.92万股，持股比例由5.17%下降至4.68%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 泉内 | | | (請參閱上述*註 有投票權股(日 / 月 / 年) 權 | | | | | | | | al 份自分比 | | | CS20260223E00346 | Allianz SE | 1201(L) | 1.156.400(L | HKD 22.3087 | 10.979.200(L) | 4.68(L)23/02/2026 | | 股份代號: | | --- | | 上市法國名稱: 日期 草 | ...

格隆汇2月24日丨根据联交所最新权益披露资料显示，2026年2月23日，金力永磁(06680.HK)遭Allianz SE在场内以每股均价22.3087港元减持115.64万股，涉 资约2579.8万港元。 减持后，Allianz SE最新持股数目为1097.92万股，持股比例由5.17%下降至4.68%。 | 股份代號: | | --- | | 上市法國名稱: 日期 草 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 泉内 | | | (請參閱上述*註 有投票權股(日 / 月 / 年) 權 | | | | | | | | al 份自分比 | | | CS20260223E00346 | Allianz SE | 1201(L) | 1.156.400(L | HKD 22.3087 | 10.979.200(L) | 4.68(L)23/02/2026 | ...

智通财经APP获悉，香港联交所最新资料显示，2月23日，Allianz SE减持金力永磁(06680)115.64万股， 每股作价22.3087港元，总金额约为2579.78万港元。减持后最新持股数目为1097.92万股，最新持股比例 为4.68%。 ...

香港联交所最新资料显示，2月23日，Allianz SE减持金力永磁（300748）(06680)115.64万股，每股作价 22.3087港元，总金额约为2579.78万港元。减持后最新持股数目为1097.92万股，最新持股比例为 4.68%。 ...

香港联交所最新资料显示，2月12日，HSBC Global Asset Management (Hong Kong) Limited增持金力永 磁（300748）(06680)94.7万股，每股均价23.1947港元，总金额约为2196.54万港元。增持后最新持股数 目为1241.46万股，最新持股比例为5.28%。 ...

Investment Rating - The report indicates a positive investment outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing demand for overseas stockpiling, particularly in the context of the upcoming supply-side documents for 2024-2025 [3][18]. - Tin prices have shown volatility due to macroeconomic factors, with Indonesia considering a ban on tin raw material exports, which could create significant replenishment demand for tin processing companies [4][28]. - Tungsten prices are expected to rise due to increased strategic stockpiling in the U.S. and domestic demand from both civilian and military sectors [4][41]. - Antimony prices are anticipated to recover as exports stabilize, supported by a steady demand in the photovoltaic glass sector [5][47]. - Molybdenum prices are stabilizing and expected to rise due to low inventory levels and increased defense spending [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Key commodity prices showed varied performance, with rare earth oxides like praseodymium-neodymium oxide increasing by 13.51%, while tin ingot prices decreased by 10.74% [4][16]. 2. Main Product Fundamentals and Views Rare Earths - The price of praseodymium-neodymium oxide reached 849,800 CNY/ton, up 13.51% [3][19]. - The sector is expected to see dual growth in valuation and performance, with key companies to watch including China Rare Earth, Zhong Rare Metals, and Northern Rare Earth [3][19]. Tin - Tin ingot prices fell to 378,200 CNY/ton, down 10.74% [4][28]. - The potential export ban by Indonesia could lead to a new price cycle for tin [4][28]. Tungsten - Tungsten concentrate prices rose to 696,700 CNY/ton, up 15.99% [4][41]. - The U.S. strategic stockpiling initiative may elevate tungsten's market priority [4][41]. Antimony - Antimony ingot prices increased to 165,100 CNY/ton, up 0.62% [5][47]. - The report anticipates a recovery in exports, which could lead to price increases [5][47]. Molybdenum - Molybdenum concentrate prices reached 4,165 CNY/ton, up 2.97% [6][51]. - The report suggests that low inventory levels and increased military spending will support price growth [6][51].

2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 春晚带来的热度直接传导至消费端，各大电商平台机器人产品销量迎 来爆发式增长。据抖音电商官方数据显示，2月16日至18日，抖音电商机器人产品GMV（商品交易总 额）同比大幅增长1680%，订单量同比增长655%。（21世纪经济报道） ...

智通财经APP获悉，香港联交所最新资料显示，2月12日，HSBC Global Asset Management (Hong Kong) Limited增持金力永磁(06680)94.7万股，每股均价23.1947港元，总金额约为2196.54万港元。增持后最新 持股数目为1241.46万股，最新持股比例为5.28%。 ...

Investment Rating - The report indicates a positive outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points, respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing overseas inventory demand. The prices for praseodymium and neodymium oxide rose by 13.51%, dysprosium oxide by 9.02%, and terbium oxide by 5.90% [3][18][19]. - Tin prices have shown volatility, with a decrease of 10.74% in the current period. The potential ban on tin raw material exports from Indonesia may create significant replenishment demand for tin processing companies, positively impacting tin prices in the long term [4][28]. - Tungsten prices have increased significantly, with tungsten concentrate rising by 15.99% and ammonium paratungstate by 15.11%. The report suggests that the strategic reserve initiatives in the U.S. may elevate tungsten's priority in global markets [4][40]. - Antimony prices have shown a slight increase, with antimony ingot prices up by 0.62% and antimony concentrate by 2.13%. The report anticipates a recovery in exports, which could lead to a price rebound [5][47]. - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 2.97% and ferromolybdenum by 3.33%. The report notes that low inventory levels and increased defense spending may support further price increases [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Commodity prices for rare earths, tungsten, and molybdenum have shown upward trends, while tin prices have decreased [16]. 2. Main Product Fundamentals and Insights 2.1 Rare Earths - The report emphasizes the ongoing supply-side reforms and the rising prices of rare earths, with significant export demand expected to continue [3][18][19]. 2.2 Tin - The potential export ban from Indonesia could lead to increased demand for tin processing, positively affecting prices in the long run [4][28]. 2.3 Tungsten - The report highlights the strategic importance of tungsten in global markets, with prices rising significantly due to supply constraints and increased military spending [4][40]. 2.4 Antimony - Antimony prices are expected to recover as export conditions improve, with a focus on high-growth resource companies [5][47]. 2.5 Molybdenum - Molybdenum prices are projected to rise due to low inventory levels and increased demand from the defense sector [6][51].