本报记者 丁蓉 小金属价格上涨与供需两端共振密切相关。 年初至今，钨、钴、稀土价格纷纷上涨。Wind数据显示，截至7月29日，钴报价263000元/吨，相比2024 年末的170000元/吨，涨幅为54.71%；钨精矿报价192500元/吨，相比2024年末的142500元/吨，涨幅为 35.09%。截至7月29日，中国稀土行业协会公布的稀土价格指数报202.70，相比2024年末的163.80，涨 幅为23.75%。 在市场回暖背景下，小金属行业相关上市公司业绩显著提升。截至目前，中国北方稀土（集团）高科技 股份有限公司（以下简称"北方稀土"）、广晟有色金属股份有限公司（以下简称"广晟有色"）、浙江华 友钴业股份有限公司（以下简称"华友钴业"）、广东翔鹭钨业股份有限公司（以下简称"翔鹭钨业"）等 上市公司上半年"成绩单"均颇为亮眼。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储 量有限、开采难度大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产 业快速发展，带动了对钨、钴、稀土等关键材料的需求激增，这种供需错配导致价格持续上涨。此外， 受 ...

中邮证券有限责任公司研报显示，供需失衡催化小金属牛市，钨、钴、稀土价格有望继续上涨。钴价方面，金九银十旺季 备货将带动存量库存去库，继续看好钴价下半年上涨行情。钨价方面，钨价稳步上涨，短期有望突破20万元/吨。稀土方面， 目前轻稀土呈现供需边际改善状态，叠加远期人形机器人需求带动，突破前期高点可期。 "展望下半年，预计小金属牛市有望延续。一方面，新能源、军工、人形机器人等终端需求保持强劲增长，预计钨、钴、 稀土价格仍有上涨空间；另一方面，供给端受政策影响，资源品供给收紧预期升温。这些因素都会给以上品类小金属价格提供 有力支撑。"付一夫表示。 上半年"成绩单"亮眼 供需错配推动价格上涨 小金属价格上涨与供需两端共振密切相关。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储量有限、开采难度 大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产业快速发展，带动了对钨、钴、稀土等关 键材料的需求激增，这种供需错配导致价格持续上涨。此外，受政策与地缘政治因素影响，国内对部分小金属实施出口管制， 这也在一定程度上推升了小金属的涨价。" 陕西巨丰投资资讯有限 ...

Core Insights - The small metals market has experienced significant price increases this year, particularly for antimony, bismuth, and cobalt, with antimony prices rising approximately 90% to new highs [1] - The price surge is attributed to supply-demand imbalances and geopolitical factors, leading to a new normal in the small metals supply-demand landscape [1][2] - Companies are accelerating resource reserves and expanding production capacity in response to market conditions [1][3] Supply and Demand Dynamics - The global production of small metals has significantly declined over the past decade, while demand continues to grow, creating a supportive environment for price increases [1][2] - Antimony, used as a clarifying agent in photovoltaic glass, has seen its demand from the solar industry rise from 5% in 2019 to 23% in 2023, driving structural changes in the antimony market [2] - Cobalt prices have surged due to export restrictions from the Democratic Republic of Congo, with expectations of continued upward trends [2] Company Performance - In 2024, Luoyang Molybdenum achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% [2] - Jinmo Co. reported a net profit of 2.98 billion yuan in 2024, while Xiamen Tungsten achieved 1.74 billion yuan, and Tin Industry Co. reported 1.44 billion yuan [3] - The small metals sector is characterized by a structural bull market, with significant price increases for antimony, tungsten, molybdenum, and tin [2][3] Resource Strategy - Companies are actively seizing opportunities to enhance production and resource reserves in response to growing demand [3][4] - Jinmo Co. aims to improve the efficiency of its value chain and focus on high-value molybdenum manufacturing and new material development [4] - Luoyang Molybdenum reported record production levels for copper, cobalt, niobium, and phosphorus in 2024, with plans for further copper production expansion [4]

Core Viewpoint - The small metals sector has gained significant attention in the market, particularly with the recent surge in prices of antimony and other minor metals, leading to a notable increase in related stocks [1][2]. Group 1: Antimony Price Surge - Antimony has emerged as a star in the small metals market, with stocks like Huayu Mining and Hunan Gold seeing substantial gains, including a 47.8% increase in Huayu Mining's stock over a week [4][5]. - The price of antimony has reached a 12-year high, with domestic prices rising from 142,000 CNY/ton in early February to 162,500 CNY/ton by mid-March, marking a 12.6% increase in a single month [6][8]. Group 2: Supply and Demand Dynamics - The price increase is driven by a mismatch between supply and demand, with antimony being crucial in various industries, including new energy and military applications [8][9]. - Global antimony production has been declining since 2011, with output expected to drop from 178,000 tons/year to 100,000 tons/year by 2024, exacerbating supply constraints [8][9]. Group 3: Global Supply Chain and Policy Impact - The supply chain for antimony is affected by both domestic policies and international factors, with the U.S. emphasizing supply chain security for critical metals, including antimony [11]. - Recent export controls by the Chinese government on antimony and related materials have led to a significant widening of the price gap between domestic and international markets, with domestic imports plummeting [12]. Group 4: Market Outlook for Minor Metals - The market for minor metals like antimony, indium, and gallium is currently in an upward cycle, supported by ongoing demand from sectors such as new energy and semiconductors [14][15]. - However, the sustainability of this upward trend will depend on the balance of supply and demand, policy support, and market sentiment [14][15].