Core Insights - The report indicates that cobalt production cuts are gradually being realized, leading to an expected increase in cobalt prices due to tightening supply conditions [1][6][98] - The report maintains a bullish stance on strategic metals, particularly recommending rare earths and antimony due to their rigid supply characteristics and potential for value reassessment [6][84] Industry Overview - The total market capitalization of the industry is approximately 32,393.83 billion yuan, with a circulating market value of about 30,354.97 billion yuan [2] - In May, the production of electric vehicles in China saw a significant year-on-year increase, with sales reaching 1.27 million units, marking a 35% growth [22][24] - The photovoltaic sector also experienced robust growth, with newly installed capacity reaching 197.85 GW in the first five months of 2025, a 150% increase year-on-year [19] Cobalt Market Analysis - The Democratic Republic of Congo (DRC) has extended its export ban on cobalt for an additional three months, which is expected to further tighten supply and drive prices upward [6][98] - In June, the production of electrolytic cobalt was reported at 2,730 tons, a decrease of 22% month-on-month, indicating a tightening supply situation [6][106] - The price of standard-grade MB cobalt was reported at $15.78 per pound, down 0.79% from the previous period, while alloy-grade MB cobalt increased by 1.31% to $19.35 per pound [17][98] Rare Earth Market Insights - The report highlights that rare earth prices are at a cyclical low, with the domestic price of praseodymium-neodymium oxide at 446,000 yuan per ton, reflecting a 0.22% increase [6][82] - The strategic value of rare earths is being reassessed due to export controls on medium and heavy rare earths, which are expected to lead to a more concentrated supply structure [84] Lithium Market Dynamics - The price of battery-grade lithium carbonate has shown signs of recovery, with a current price of 62,300 yuan per ton, up 2.05% [43][44] - Lithium hydroxide prices have slightly decreased by 0.74%, currently at 60,100 yuan per ton, while lithium concentrate prices increased by 3.80% to $653 per ton [44][70] Antimony and Other Metals - Antimony remains in a tight supply situation, with domestic antimony ingot prices at 185,500 yuan per ton, down 2.11% [6][8] - Tin prices are experiencing fluctuations, with SHFE tin prices at 267,300 yuan per ton, down 0.60%, while LME tin prices increased by 0.61% to $33,770 per ton [6][8]

Market Performance - The Shanghai and Shenzhen stock markets opened higher on June 11, with significant gains observed across major indices, particularly in sectors such as blind box economy, automotive parts, and rare earth permanent magnets [1] - By midday, the Shanghai Composite Index reached 3403.00 points, up 0.54%, with a trading volume of approximately 312.7 billion yuan; the Shenzhen Component Index rose 0.89% to 10252.69 points, with a trading volume of about 477.9 billion yuan [1] Strategic Metals and Nuclear Fusion - Citic Securities highlighted the ongoing geopolitical factors affecting the supply of strategic metals like tin, nickel, and rare earths, suggesting that these factors will continue to catalyze supply dynamics throughout the year [2] - Huatai Securities noted Japan's revised nuclear fusion innovation strategy, advancing the timeline for demonstration power generation from 2050 to 2030, indicating a positive trend in global nuclear fusion policies and potential investment opportunities in the industry [2] Automotive Industry Payment Terms - A collective commitment from multiple automotive companies, including major players like BYD and Geely, to standardize payment terms to a maximum of 60 days is in response to the new regulations aimed at improving payment practices for small and medium enterprises [3] Gaming Industry Support Measures - The Zhejiang provincial government, along with 17 departments, has introduced measures to support the gaming industry's international expansion, including optimizing product approval processes and encouraging collaboration with smart device manufacturers [4]

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 ...

国元证券近日发布有色金属行业双周报：近2周（2025.4.14-2025.4.25），有色金属行业 指数强势上涨2.43%，跑赢沪深300指数涨幅1.46个百分点，在31个申万一级行业中排名第十 一。从细分领域看，能源金属（4.34%）、工业金属（3.84%）和贵金属（1.74%）涨幅居 前，小金属和金属新材料涨幅分别为-1.66%、-1.78%。 以下为研究报告摘要： 报告要点： 行情回顾：近2周申万有色金属指数上涨2.43% 近2周（2025.4.14-2025.4.25），有色金属行业指数强势上涨2.43%，跑赢沪深300指数涨 幅1.46个百分点，在31个申万一级行业中排名第十一。从细分领域看，能源金属 （4.34%）、工业金属（3.84%）和贵金属（1.74%）涨幅居前，小金属和金属新材料涨幅分 别为-1.66%、-1.78%。 金属价格：黄金价格续创新高，稀土价格有所下调 截至4月25日，COMEX黄金收盘价为3330.2美元/盎司，近2周上涨2.31%；COMEX银收 盘价为33.34美元/盎司，近2周上涨3.56%；LME铜现货结算价为9364美元/吨，近2周上涨 2.00%；LME铝现货结算 ...

[Table_Main] 行业研究|有色金属 证券研究报告 [Table_Summary] 报告要点： 有色金属行业双周报 2025 年 04 月 28 日 [Table_Title] 黄金价格续创新高，关注战略小金属投资机会 ——有色金属行业双周报 行情回顾：近 2 周申万有色金属指数上涨 2.43% 近 2 周（2025.4.14-2025.4.25），有色金属行业指数强势上涨 2.43%， 跑赢沪深 300 指数涨幅 1.46 个百分点，在 31 个申万一级行业中排名 第十一。从细分领域看，能源金属（4.34%）、工业金属（3.84%）和 贵金属（1.74%）涨幅居前，小金属和金属新材料涨幅分别为-1.66%、 -1.78%。 金属价格：黄金价格续创新高，稀土价格有所下调 截至 4 月 25 日，COMEX 黄金收盘价为 3330.2 美元/盎司，近 2 周上 涨 2.31%；COMEX 银收盘价为 33.34 美元/盎司，近 2 周上涨 3.56%； LME 铜现货结算价为 9364 美元/吨，近 2 周上涨 2.00%；LME 铝现 货结算价为 2412 美元/吨，近 2 周上涨 5.56%；黑钨精 ...

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 04 月 28 日 [Table_Title] 黄金价格续创新高，关注战略小金属投资机会 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数上涨 2.43% 近 2 周（2025.4.14-2025.4.25），有色金属行业指数强势上涨 2.43%， 跑赢沪深 300 指数涨幅 1.46 个百分点，在 31 个申万一级行业中排名 第十一。从细分领域看，能源金属（4.34%）、工业金属（3.84%）和 贵金属（1.74%）涨幅居前，小金属和金属新材料涨幅分别为-1.66%、 -1.78%。 金属价格：黄金价格续创新高，稀土价格有所下调 截至 4 月 25 日，COMEX 黄金收盘价为 3330.2 美元/盎司，近 2 周上 涨 2.31%；COMEX 银收盘价为 33.34 美元/盎司，近 2 周上涨 3.56%； LME 铜现货结算价为 9364 美元/吨，近 2 周上涨 2.00%；LME 铝现 货结算价为 2412 美元/吨，近 2 周上涨 5.56%；黑钨精 ...