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钨价持续走高 产业链上下游企业积极应对
Zheng Quan Ri Bao· 2025-07-25 16:07
今年以来,钨价持续攀升。中钨在线数据显示,截至7月25日,黑钨精矿(≥65%)报价至19万元/吨, 较年初上涨32.9%;白钨精矿(≥65%)达18.9万元/吨,较年初上涨33.1%;仲钨酸铵(APT)为28万元/ 吨,较年初上涨32.7%。 二级市场方面,数据显示,今年以来截至7月25日,A股钨板块期间累计涨幅超60%。前海开源基金首 席经济学家杨德龙在接受《证券日报》记者采访时表示,二级市场对钨的价值正在重估,相较于铜、铝 等有色金属,钨板块估值长期偏低,市场资金开始重新审视包括钨在内的小金属投资机会。 从供给端来看,今年4月份,自然资源部下达2025年第一批钨矿开采总量控制指标为58000吨,较2024年 第一批开采总量控制指标减少4000吨,降幅为6.45%。而钨矿主产区江西省、云南省的开采量分别缩减 2370吨、400吨。与此同时,随着钨矿矿山资源品位自然下降、原矿品位持续走低,也对钨价形成了有 力支撑。 从需求端来看,随着我国制造业转型升级加速,光伏、硬质合金等领域对钨制品的需求不断提升。华经 产业研究院数据显示,2022年至2025年,我国光伏切割用钨丝市场规模将从7.19亿元增长至66.59亿 ...
小金属价格中枢显著上移,稀有金属ETF(562800)上涨1.05%冲击3连涨
Xin Lang Cai Jing· 2025-07-14 02:28
截至2025年7月14日 09:54,中证稀有金属主题指数强势上涨1.46%,成分股融捷股份、永杉锂业双双10cm涨停,天华新能上涨9.46%,三川智慧、天齐锂业 等个股跟涨。稀有金属ETF(562800)上涨1.05%, 冲击3连涨。拉长时间看,截至2025年7月11日,稀有金属ETF近1周累计上涨6.10%,涨幅排名可比基金第 一。 数据显示,截至2025年6月30日,中证稀有金属主题指数前十大权重股分别为盐湖股份、北方稀土、洛阳钼业、华友钴业、赣锋锂业、天齐锂业、中国稀 土、西部超导、中矿资源、厦门钨业,前十大权重股合计占比54.07%。 流动性方面,稀有金属ETF盘中换手5.01%,成交4404.41万元。拉长时间看,截至7月11日,稀有金属ETF近1周日均成交4466.62万元,居可比基金第一。 数据显示,杠杆资金持续布局中。稀有金属ETF最新融资买入额达415.33万元,最新融资余额达2067.69万元。 截至7月11日,稀有金属ETF近1年净值上涨28.79%。从收益能力看,截至2025年7月11日,稀有金属ETF自成立以来,最高单月回报为24.02%,最长连涨月 数为3个月,最长连涨涨幅为14 ...
贵金属蓄势待发,有色ETF基金(159880)红盘震荡,机构:重点关注战略小金属投资机会
Sou Hu Cai Jing· 2025-06-10 06:00
截至2025年6月10日 13:27,国证有色金属行业指数(399395)成分股金力永磁(300748)上涨6.04%,中国稀 土(000831)上涨2.23%,紫金矿业(601899)上涨1.67%,西部黄金(601069)上涨1.58%,盛和资源(600392) 上涨1.29%。有色ETF基金(159880)红盘震荡。 消息面上,6月7日,央行公布的数据显示,中国5月末黄金储备报7383万盎司,环比增加6万盎司。继去 年11月重启增持后,这已是央行连续第7个月增持黄金。 国元证券认为, 受全球区域冲突、关税政策、美国通胀数据等多方面因素影响,市场避险情绪加剧, 近两周贵金属表现强势。海外方面,北美加大稀土项目推进,以支持自给自足供应链的发展;国内方 面,稀土、镓、锗、钨、锑等战略金属的价格走势分化,建议重点关注战略小金属的投资机会。 有色ETF基金紧密跟踪国证有色金属行业指数,国证有色金属行业指数参照国证行业分类标准,选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本,反映了沪深北交易所有色金属行业上市公 司的整体收益表现,向市场提供细分行业的指数化投资标的。 数据显示,截至2025年5月30 ...
黄金价格续创新高,关注战略小金属投资机会 | 投研报告
Core Viewpoint - The non-ferrous metals industry index has shown strong performance, increasing by 2.43% over the past two weeks, outperforming the CSI 300 index by 1.46 percentage points, ranking eleventh among 31 first-level industries in the Shenwan classification [1][2]. Industry Performance - The non-ferrous metals industry index rose by 2.43% from April 14 to April 25, 2025, outperforming the CSI 300 index [2]. - Energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) led the gains, while minor metals and new metal materials saw declines of -1.66% and -1.78%, respectively [1][2]. Metal Prices - As of April 25, 2025, gold prices reached a closing price of $3,330.2 per ounce, up 2.31% over the past two weeks [3]. - Silver closed at $33.34 per ounce, increasing by 3.56% [3]. - LME copper settled at $9,364 per ton, up 2.00% [3]. - LME aluminum closed at $2,412 per ton, rising by 5.56% [3]. - Other metals such as tungsten and antimony saw price declines of -1.74% and -1.04%, respectively [3]. Important Events - A medium-sized gold mine was discovered in Xinjiang, with proven gold reserves of 5,857.68 kg and an average grade of 1.60 grams per ton [4]. - Integral Metals is advancing two rare earth projects in North America to support self-sufficiency in supply chains [4]. Market Influences - Global geopolitical conflicts, tariff policies, and U.S. inflation data have heightened market risk aversion, leading to strong performance in precious and industrial metals [5]. - Domestic export control policies on strategic metals like rare earths, gallium, germanium, tungsten, and antimony are expected to reshape supply and demand dynamics, highlighting investment opportunities in strategic minor metals [5].
有色金属行业双周报:黄金价格续创新高,关注战略小金属投资机会-20250428
Guoyuan Securities· 2025-04-28 04:14
Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, highlighting strong performance in precious and industrial metals [5][7]. Core Insights - The report emphasizes the recent surge in gold prices, reaching new highs, and suggests focusing on strategic minor metal investment opportunities due to geopolitical tensions and supply chain dynamics [5][23]. - The non-ferrous metals index increased by 2.43% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.46 percentage points [2][13]. Summary by Sections Market Review (April 14 - April 25, 2025) - The non-ferrous metals industry index rose by 2.43%, ranking 11th among 31 sectors, with energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) leading the gains [2][13]. Precious Metals - As of April 25, COMEX gold closed at $3,330.20 per ounce, up 2.31% over two weeks and 24.67% year-to-date. COMEX silver closed at $33.34 per ounce, up 3.56% over two weeks and 11.19% year-to-date [3][22]. - The report notes that geopolitical risks and monetary policy changes are driving gold prices, with a recent peak above $3,400 per ounce [23][24]. Industrial Metals - LME copper settled at $9,364 per ton, up 2.00% over two weeks and 7.81% year-to-date. LME aluminum closed at $2,412 per ton, up 5.56% over two weeks but down 4.89% year-to-date [30][33]. - The report attributes copper's recent price increase to easing tariff policies and strong demand from the renewable energy sector [30][34]. Minor Metals - Black tungsten concentrate (≥65%) was priced at 146,000 CNY per ton, up 1.74% over two weeks and 2.28% year-to-date. LME tin was priced at $31,975 per ton, up 1.52% over two weeks and 12.35% year-to-date [37][41]. - Antimony prices are experiencing high volatility due to supply constraints and strong demand from the photovoltaic sector [38][39]. Rare Earths - The rare earth price index was 171.62, down 5.28% over two weeks but up 4.79% year-to-date. Prices for praseodymium-neodymium oxide fell by 5.14% over two weeks [50][51]. - The report indicates that recent export control policies are impacting market dynamics, with demand from new energy sectors remaining strong [51]. Energy Metals - Cobalt prices are stable, with electrolytic cobalt averaging 240,500 CNY per ton, up 2.78% over two weeks and 41.06% year-to-date. Sulfuric cobalt (≥20.5%) averaged 49,375 CNY per ton, up 0.05% over two weeks [58][59]. - The report highlights cobalt's critical role in electric vehicle batteries and renewable energy technologies [58]. Investment Recommendations - The report suggests focusing on strategic minor metals due to changing supply dynamics and geopolitical factors, recommending companies involved in these sectors [5][51].