特朗普政府2025年4月发动贸易战后，中国迅速打出反制组合拳，包括推出稀土出口管制措施。去年10 月，中美"贸易休战"缓解了美国围绕稀土的紧迫担忧，但华盛顿的决策者仍将解决本国关键矿产脆弱性 视为重中之重。 【文/观察者网 王恺雯】面对中国在关键矿产领域的碾压式优势，美国急于通过巨额投资、建立战略储 备和重塑供应链来削弱对华依赖，但现实却并不乐观。 《日经亚洲》2月18日刊文指出，美国想要松动中国在稀土领域的钳制，还面临"长达十年"的艰巨挑 战。 报道称，美国总统特朗普再次上台后，在稀土领域发起了一场激进的政策攻势，手段包括120亿美元的 关键矿产战略储备计划，以及建立排除中国的所谓"关键矿产贸易联盟"。 本月早些时候，华盛顿主办了首届关键矿产部长级会议，邀请包括韩国、日本、印度在内的50多个国家 参加，并签署了多项双边协议，旨在打造一个对中国依赖程度更低的供应链。 此外，在过去六个月里，白宫还宣布向该领域的私营企业提供超过300亿美元的投资与贷款承诺。 当地时间2026年2月2日，美国华盛顿，美国总统特朗普宣布建立关键矿产战略储备。 IC Photo 然而，专家们认为，美国最新的举措并不足以应对短期供应冲击 ...

橡胶：引发商品大涨的原因仍会持续吗？ 报告要点： 专题报告 2026-02-10 橡胶研究员 从业资格号：F0270766 引发商品大涨的宏观因素，在下一阶段大概率仍将持续。 交易咨询号：Z0003000 0755-23982459 zhangzh@wkqh.cn 张正华 能源化工研究 | 橡胶 引发商品大涨的原因仍会持续吗？ 前期橡胶跟随商品大盘上涨，背后的宏观因素为主要上涨驱动。 我们试图梳理这些上涨驱动因素，并分析是否在下一阶段中影响是否将继续持续。 美国政府（特朗普）在加拿大和格陵兰的言论与行动 一、美国对加拿大的言行 （一）美国核心言论 2025 年 3 月：特朗普多次宣称美国对加拿大主权问题的争议性言论。 2026 年 1 月 29 日：特朗普威胁如果加拿大不立即解决对美国湾流飞机颁发许可 的问题，将对加拿大向美国出口的飞机征收 50% 关税。 2026 年 2 月 1 日：白宫威胁如果加拿大推进与中国谈判达成的贸易协议，美国将 进行 "重大回应"。 （二）美国主要行动 2025 年 1 月 20 日：特朗普签署行政令，考虑对墨西哥和加拿大征收 25% 关税， 征税行动可能从 2 月 1 日起实施 ...

行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.5 | | 总市值（十亿元） | 7908.7 | 7.1 | | 流通市值（十亿元） | 6895.0 | 6.8 | 证券研究报告 | 行业定期报告 2026 年 02 月 08 日 钽铟钨铼加速上涨 等降波加仓 金属行业周报 周期/金属及材料 美国启动关键矿产战略储备的计划，召开关键矿产部长级会议，和非洲主要矿 业国关键矿产合作，和大型矿企、矿贸加强合作，美资源保护的意图愈发明显。 有色资源大叙事没有变化，维持长期看好有色资源股配置，逢调整加仓。近日 龙头股已经累计下跌 20%左右，向下空间不大，难得加仓位置。等待降波夯实 底部。此外，关注补涨标的和加速上涨的小金属，重点关注钽铟钨铼等。中长 期重点关注金银铜铝稀土钨铀钽锂钴镁镍等品种。此外，关注科技成长相关新 材料标的。 SMM 统计 2 月 5 日国内主流消费地电解铝锭库存 83.6 万吨，环比提高 5.4 万吨，下游逐步进入传统淡季。本周一沪铝受贵金属影响以跌停收盘，随后 在 2.3-2.4 万元/吨区间内震荡。春节前后需关注铝锭累库幅 ...

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

Group 1 - The U.S. government has launched a $12 billion "Treasury Plan" aimed at establishing a strategic reserve of critical minerals in collaboration with companies like General Motors and Boeing to mitigate supply chain risks and reduce dependence on China [1][7] - Bitcoin has fallen below $70,000, marking a new low since October 2024, driven by forced liquidations of leveraged positions and increased market risk aversion [1][7] - Global gold ETFs saw a record inflow of $19 billion in January 2026, raising total assets under management to $669 billion, with North America and Asia being the primary demand drivers [1][7] Group 2 - Zhang Yidong has joined Guotai Junan as the head of the International Securities Stock Research Department and Chief Economist, focusing on expanding overseas business and capital markets [2][8] - Mixue Ice Cream is planning to enter the theme park business, targeting a market similar to Disney and Universal Studios, leveraging its strong supply chain and significant liquidity of over 17.6 billion yuan [3][9] - Emperor Entertainment has sold a 79 kg gold brick embedded in its hotel lobby for approximately HKD 99.7 million, aiming to capitalize on high gold prices and improve financial conditions [4][10] Group 3 - GlaxoSmithKline reported a revenue of £32.667 billion for 2025, a 7% year-on-year increase, with strong performance in its HIV drug segment and a significant rise in sales of its PD-1 drug Jemperli [4][10] - Jilin Province has initiated a special investigation into 48 drugs with hospital prices significantly higher than retail prices, including emergency medication, to address price discrepancies [5][11] - The actual controller of Beiliqingsong is under investigation for alleged market manipulation, but the company asserts that operations remain unaffected [6][12] Group 4 - UBS's Chief Economist has stated that stocks are currently the most advantageous asset class, predicting a 10% increase in the U.S. stock market and around 8% growth in European and Japanese markets by 2026 [6][13]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The non - ferrous metals sector experienced a sharp decline and then a partial recovery. After a period of rapid rise in non - ferrous precious metals, the profit - taking pressure increased. The nomination of Fed Chairman candidate Wash and the geopolitical situation in Iran led to a strong rebound in the US dollar, triggering profit - taking in the market. However, as market sentiment was digested, the leading non - ferrous metals showed resistance, driving the sector to repair and consolidate [12][13]. - After significant adjustments, the non - ferrous metals sector is expected to see opportunities for long - position entry based on the strength of fundamentals after the adjustment pressure is fully released. Traders still need to pay attention to the pressure release from the precious metals sector, the sustainability of the US dollar's rebound, and geopolitical changes [13]. 3. Summary by Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metals sector adjusted rapidly after a sharp rise. The nomination of Wash led to a rebound in the US dollar. Economic data in the US and the eurozone showed certain characteristics, such as the US 12 - month PPI exceeding expectations and the eurozone's Q4 GDP growth being higher than expected. Trump planned a $12 billion investment in strategic mineral reserves. After the adjustment, as the market sentiment was digested, the sector showed signs of recovery [12]. - **Non - ferrous Metals Strategy**: - **Copper**: Affected by the sharp decline in the gold and silver markets, copper prices initially fell but rebounded in the afternoon. Trump's plan for a strategic mineral reserve may bring a premium to copper. The rise in copper prices in January was mainly due to valuation repair, and the fundamentals had limited positive effects. The Fed's policy and the long - term downward trend of the US dollar index are favorable for copper. In the short - term, the supply of copper concentrates is tight globally, but the domestic supply is still abundant. The demand is in a seasonal off - peak, and inventories are expected to increase. It is recommended to gradually go long on copper at low prices, with a short - term upper pressure range of 108,000 - 110,000 yuan/ton and a lower support range of 98,000 - 99,000 yuan/ton [3][14][15]. - **Zinc**: The decline in zinc prices converged. The geopolitical situation in Iran and the low inventory of LME zinc supported the external market. The domestic mine TC was stable, and imports slightly decreased. Downstream demand was weak, and inventories were likely to accumulate. It is recommended to consider going long on zinc at low prices if it stabilizes, with a short - term support range of 24,000 - 24,300 and a pressure range of 25,000 - 25,500 [4][15]. - **Aluminum Industry Chain**: Copper's rebound slightly improved the sentiment in the non - ferrous metals sector. For aluminum, it is recommended to wait and see or go long at low prices, with an upper pressure range of 26,000 - 27,000 and a lower support range of 22,000 - 23,000. For alumina, it is recommended to wait and see, with an upper pressure range of 2,900 - 3,000 and a lower support range of 2,300 - 2,600. For recycled aluminum alloys, it is recommended to wait and see, with an upper pressure range of 24,000 - 26,000 and a lower support range of 21,000 - 21,500 [5][15]. - **Tin**: The weak performance of the tin market improved, and it is expected to stabilize. It is recommended to wait and see, with an upper pressure range of 450,000 - 460,000 and a lower support range of 330,000 - 350,000 [6][7][15]. - **Lead**: The decline in non - ferrous metals slowed down. The supply and demand of lead were in a state of increasing supply and weak demand. It is expected to maintain a volatile pattern and weaken temporarily. It is recommended to go long on lead at low prices if the adjustment pressure in the sector is further alleviated, with a short - term support range of 16,400 - 16,600 and an upper pressure range of 17,000 - 17,300 [8][16]. - **Nickel and Stainless Steel**: The decline in non - ferrous metals slowed down. The US Treasury's inventory plan for nickel and the expected adjustment of Indonesia's nickel ore quota affected the market. The cost of nickel products increased, and the inventory of LME nickel was above 280,000 tons. It is recommended to go long on nickel and stainless steel at low prices after the adjustment is sufficient. For nickel, the upper pressure range is 138,000 - 140,000 yuan, and the lower support range is 125,000 - 128,000 yuan. For stainless steel, the upper pressure range is 13,800 - 14,000, and the lower support range is 13,000 - 13,400 [9][16]. 3.2 Second Part: Non - ferrous Metals Market Review The closing prices and price changes of various non - ferrous metal futures were presented, such as copper closing at 104,500 with a 6.01% increase, zinc closing at 24,960 with a 1.82% increase, etc. [17] 3.3 Third Part: Non - ferrous Metals Position Analysis The latest position analysis of the non - ferrous metals sector was provided, including the price changes, net long - short strength comparison, net long - short position differences, changes in net long and net short positions, and influencing factors of various varieties [21] 3.4 Fourth Part: Non - ferrous Metals Spot Market The spot prices and price changes of various non - ferrous metals were listed, such as the Yangtze River Non - ferrous copper spot price at 101,420 yuan/ton with a 0.27% increase, and the Yangtze River Non - ferrous 0 zinc spot average price at 25,050 yuan/ton with a 0.44% increase [22] 3.5 Fifth Part: Non - ferrous Metals Industry Chain Graphs related to the industry chain of various non - ferrous metals were provided, including copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel, such as the change in copper inventory in exchanges and the change in zinc concentrate processing fees [24][25] 3.6 Sixth Part: Non - ferrous Metals Arbitrage Graphs related to the arbitrage of various non - ferrous metals were provided, such as the change in the copper Shanghai - London ratio and the change in the zinc Shanghai - London ratio [49][52] 3.7 Seventh Part: Non - ferrous Metals Options Graphs related to the options of various non - ferrous metals were provided, such as the historical volatility of copper options and the weighted implied volatility of zinc options [68][70]

#特朗普对内疯狂氪金#【#特朗普要对稀土等关键矿产发力了#】当地时间2月2日，美国总统特朗普在白 宫亲自宣布，美国要搞一个120亿美元规模的"关键矿产战略储备"项目，项目名字起得也很直白，就 叫"保险库计划"。这事看起来不像喊口号，因为特朗普正在投入真金白银。据他所说，他打算整合20亿 美元私人资本，再加上美国进出口银行100亿美元贷款。该"保险库"将用来替美国制造业囤稀土、镓、 钴等关键矿产。企业提前报清单，政府出面统一采购、集中储存，企业用多少补多少。真"出事"了，可 以直接动用全部库存——看起来就像一个超市。目前已确认参与的企业包括通用汽车、波音、谷歌等 等，基本都是美国制造业的"命门"。特朗普为什么这么急？他在发布会上特地提了一句："我们不想再 经历一年前那种情况。"去年，中方通过稀土出口管控反制美方，直接戳中了美国的供应链软肋，让美 国在自己掀起的关税战中无奈让步。"保险库计划"并不是孤立动作。对内，特朗普"疯狂氪金"，上周刚 刚向美国稀土公司注资16亿美元，更早之前，他已经入股英特尔、拿下美国钢铁"黄金股"、连续投资至 少6家关键矿产企业；对外，他启动"抱团扩容"模式，依托G7等多边机制积极拉拢盟 ...

(含稅) 广锂-伦敦兜 -121.23% -1. 17 5. 53 广 钟 - NYMEX 钟 15. 54 -107.13% -1. 11 指标名称 现值 变化 前值 1902 1904 1900 铂肥比价 广期所铂/肥比价 1. 2717 1. 3347 -0. 0630 座存:NYMEX:铂金(金衡备司) 伦敦现货铂/锂比价 1. 2314 1. 2003 0.0311 800000 库存:NYMEX:健金(金衡备司) 指标名称 现值 前值 涨跌幅 库存(金 600000 NYMEX:铂金库存 655182 655182 0. 00% 衡盎司) NYMEX:兜金库存 224021 224021 0. 00% 400000 指标名称 现值 前值 派跌幅 NYMEX:总持仓:铂 0.55% 79009 79441 2000000 持仓 NYMEX:非商业净多头持仓:铂 -7.95% 13922 15124 NYMEX:总持仓:贺 -0.23% 19167 19123 18/06 21/06 15/06 24/06 NYMEX:非商业净多头持仓:留 -22.97% 888 684 注:因收盘时间不一致,铂、肥 ...

Core Insights - The U.S. and Japan are actively seeking to reduce their dependence on rare earth elements, with Japan conducting successful trials for rare earth mud extraction in the Pacific Ocean [1] - Japan currently relies on China for over 70% of its rare earth imports, prompting increased focus on domestic development following China's export restrictions [1] - The U.S. plans to initiate a critical mineral reserve program with an initial funding of $12 billion to decrease reliance on China for rare earth resources [1] - China maintains a dominant position in rare earth resources, extraction technology, and downstream applications, making it challenging for other countries to rebuild their rare earth supply chains [1] Industry Performance - The A-share rare earth sector showed strong performance, with the sector rising by 3.80%, led by companies like Longhua Technology, which increased by 11.46% [3] - Analysts highlight a supply-demand resonance in the rare earth market, with increasing supply concentration and growing demand from sectors like new energy and high-end manufacturing [3] - The strategic value of rare earth resources is becoming more pronounced globally, with many countries emphasizing the importance of critical mineral reserves [3] Company Highlights - Shenghe Resources is a significant player in the domestic rare earth industry, involved in mining, refining, and recycling, with projected earnings growth exceeding 339% by 2025 [5] - Northern Rare Earth is one of the largest rare earth production and processing bases in China, benefiting from resource advantages and stable product supply [5] - Jieneng Permanent Magnet is a high-tech enterprise specializing in rare earth permanent magnet materials, positioned to benefit from the growing demand in sectors like electric vehicles and wind power [5]