国际油价应声跳涨，黄金价格刷新历史新高——市场用最直接的方式，宣告了一个石油大国命运转折时刻的到来。 2026年炸裂开局：委内瑞拉总统马杜罗被美国活捉了。 美国总统特朗普下令突袭委内瑞拉，超150架美军飞机从西半球20个基地起飞，空袭委内瑞拉约3小时，抓走委内瑞拉总统马杜罗及其夫人。 这不是第一次。整整36年前的同一天，巴拿马政府首脑诺列加被美国抓走，并被引渡至美国，后来被美国法院判了40年监禁。历史以惊人的相似性重演，区别在 于，这一次的动机更加直白，手段更加精准。 诺列加 图源：网络 地下埋着金山，人民饿着肚子。 只用了一夜时间，委内瑞拉总统马杜罗夫妇从国家元首沦为"阶下囚"。 "我们将从地下开采出大量财富，"特朗普在记者会上直言不讳，"这些财富将流向美国，作为赔偿。" 美国终究还是没放下"世界警察"的角色，只是这次把手伸向了外强中干的委内瑞拉，这场持续仅三小时的"绝对决心"行动，既让大家看到了曾经嚣张的马杜罗土 崩瓦解，也让整个世界看到美国赤裸裸的强权逻辑。 惊魂三小时，将改变委内瑞拉 1月3日的行动，与其说是一场军事突袭，不如说是一份酝酿了十年的"账单"最终送达。 马杜罗是个好总统吗？在他执掌委内瑞拉 ...

能源金属与小金属：板块汇报和标的更新 20251229 摘要 锂矿市场正经历第二波上涨，期货价格突破 12 万元并向 13 万元迈进， 短期供需格局为供弱需强，碳酸锂价格在短期内翻倍，主要因需求强劲 而供应端难以快速增加，上游企业倾向通过期货和现货交易获取更高溢 价。 中长期来看，预计 2026 年将是锂矿供应释放大年，新增供应量保守估 计为 35 至 40 万吨，但需求增速可达 30%以上，足以消耗新增供应， 即使复产弹性增加 15 万吨，也不会对整体供需平衡产生太大影响，长 期来看，当前交易安全边际较高。 稀土行业受益于出口政策落地和基本面修复，海外终端毛利率高，能承 载更高稀土价格，磁材定价模式受益于稀土价格上涨，可能形成正反馈 机制，2026 年将是解决中国稀土集团同业竞争的关键一年，供给侧优 化将是主线。 2025 年战略金属板块迎来价值发现元年，供应端受资源禀赋和政策双 重约束，多国限制关键矿产出口导致全球原料供应紧张，中国通过战略 金属牌在中美会谈中取得显著成果，市场对战略金属板块认知升级。 今年以来，小金属市场整体表现持续向好，尽管近期出现了一些调整。核心原 因并非基本面发生了重大变化，而是由 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

12月23日，翔鹭钨业（SZ002842，股价15.08元，市值44.86亿元）与章源钨业（SZ002378，股价16.26元，市值177.57亿元）强势封死涨停板，厦门钨业 （SH600549，股价42.99元，市值656.31亿元）和中钨高新（SZ000657，股价31.06元，市值675.38亿元）的股价也大幅上涨。 | 东方 财富 | 小金属 | | (Ai) | U Q | | --- | --- | --- | --- | --- | | | 3211.10 0.60% | | | | | 资金 成份股 | 关联基金 | 必读 | 股吧 | 资讯 | | 全部市场(40) √ | 自选 | | 最新价(40) ▽ | 龙头(8) | | ◎ 品 田 | 最新 | | 涨幅↓ | 涨跌 / | | 章源钨业 002378 融 | 16.26 10.01% | | | 1.48 | | 今日首板 | 股吧人气 资金流入最多 | | | | | 翔鹭铝业 002842 | 15.08 | | 999% | 1.37 | | 今日首板 人气龙头一 | 股吧人 | | | | | 浩通科技 301026 融 ...

有色·钨概念盘中震荡拉升，消息面上，12月16日，钨市场价格呈现加速上行态势。据"中钨在线"统 计，钨精矿每吨价格突破40万元，APT（仲钨酸铵）价格突破每吨60万元，钨粉每公斤价格也逼近千元 大关。此外，美国11月非农就业人数增加6.4万人，预估为增加5万人；失业率升至4.6%，创2021年以来 的新高。 截至2025年12月17日 13:59，国证有色金属行业指数(399395)强势上涨3.58%，成分股国城矿业(000688) 上涨9.16%，中钨高新(000657)上涨8.64%，中矿资源(002738)上涨8.42%，兴业银锡(000426)，雅化集团 (002497)等个股跟涨。有色ETF基金(159880)上涨3.45%，最新价报1.8元。 国金证券指出，能源金属（锂/钴/镍）：刚果配额制，钴价维持高位；储能需求超预期使锂价迎来年度 拐点；镍系破晓前夕的蛰伏，或迎供给侧利好。铜：金融属性+商品属性双向正向催化，电力消费+战 略自主对铜的需求及库存提出更高的要求，矿端供应不足长期难解。铝：供给紧约束进入平台期，需求 强释放进入启动期，低库存下铝价有望跳出过去三年的区间震荡，进入需求催化的主升浪。战 ...

赛恩斯 20251214 摘要 铼作为关键高温合金元素，在航空航天、催化剂和工业燃气轮机领域应 用广泛，全球 80%的铼需求来自航空航天，需求端受益于航空航天产业 和 AI 数据中心对工业级燃气轮机的需求拉动，未来几年需求将持续增长。 全球铼储量有限，已探明储量仅 2,600 吨，中国储量仅 200 吨，供需缺 口或将快速扩大，推动铼价格上涨。目前价格已从 2025 年前每千克 1.5 万至 2 万上涨至 3 万，这将为相关企业带来显著盈利弹性。 赛恩斯与紫金矿业合作，已建成首个铼回收产能，截至 2025 年上半年 已达成每年两吨高纯铼酸氨生产能力，并计划进一步提炼纯铼。与吉林 紫金铜业合作项目已投产，预计未来将通过新项目合作进一步提升产能， 实现量价齐升。 赛恩斯正从传统重金属污染治理向新材料领域转型，布局铜萃取剂、高 效浮选剂和高纯硫化钠等项目。全资收购龙利化学，铜萃取剂产能扩张 至 7,000 吨/年；投资建设 6 万吨高纯硫化钠项目，用于工程塑料添加 剂；建设 10 万吨高效浮选剂项目，用于铜开采洗选。 新材料项目预计完全达产后将贡献数千万至上亿利润，为赛恩斯的长期 发展提供稳定支撑。收入结构显示，重 ...

Investment Rating - The report does not explicitly state an investment rating for the strategic metals industry. Core Insights - Strategic metals are critical for national economic security, defense, and the development of strategic emerging industries, with supply facing high risks due to scarcity, geographical concentration, and geopolitical instability [2][13]. - The competition for strategic metal resources is intensifying due to their essential role in technology, economy, and military applications, leading to increased demand and supply chain security concerns [13][14][15]. Summary by Sections Definition and Importance of Strategic Metals - Strategic metals are defined as key minerals crucial for a country's economic and defense security, with high supply risks and irreplaceability [2]. - China has identified 24 strategic minerals, including tungsten, lithium, and rare earth elements, as essential for national interests [2][6]. Global Developments and Policies - On September 5, 2025, an executive order by Trump confirmed the importance of strategic metals by implementing tariff exemptions on several key metals, reaffirming their critical status [3]. - The global landscape for strategic metals has evolved, with various countries, including the EU and Japan, establishing their own critical mineral lists and strategies [4]. China's Strategic Metal Advantages - China holds significant advantages in tungsten, antimony, tin, and molybdenum, with global production shares of 80.8%, 48.2%, 23.4%, and 42.3% respectively [7][9]. - Despite its production capabilities, China still relies on imports for high-value applications in advanced manufacturing [8]. Supply and Demand Dynamics - The supply-demand imbalance for strategic metals is exacerbated by their scarcity and concentrated geographical distribution, with increasing demand from sectors like electric vehicles and renewable energy [14]. - The U.S. and China are engaged in a strategic competition over these resources, with both countries enhancing their policies to secure supply chains [15][16]. Innovations and Breakthroughs in Applications - Chinese companies are making significant advancements in strategic metal applications, such as the production of 80-nanometer nickel powder and the development of high-efficiency rare earth permanent magnet motors [25][26]. - New technologies, including lithium sulfide preparation for solid-state batteries, are being pioneered by Chinese firms, enhancing energy density and safety [30].

Group 1 - The stock of Jiexin International Resources (03858) rose over 5% during the trading session, currently up 3.4% at HKD 32.22, with a trading volume of HKD 30.83 million [2] - The tungsten market continues to show a stable trend, with the price of 65% black tungsten concentrate reported at CNY 327,000 per standard ton, an increase of 128.7% compared to the beginning of the year [2] - The price of 65% white tungsten concentrate is reported at CNY 326,000 per standard ton, reflecting a 129.6% increase since the start of the year [2] Group 2 - According to Kaiyuan Securities, tungsten is a strategic metal in China, and its supply is constrained by resource depletion and environmental factors, along with national total control on tungsten mining, limiting production release [2] - The demand for tungsten is expected to remain tight due to emerging growth areas, which may lead to a continued upward trend in tungsten prices [2] - Beneficiaries of this trend include companies like Jiexin International Resources [2]

Core Viewpoint - The stock of Jaxin International Resources (03858) has seen a price increase, attributed to the stable performance of the tungsten market and rising prices of tungsten concentrates [1] Company Summary - Jaxin International Resources' stock rose over 5% during trading, currently at HKD 32.22, with a trading volume of HKD 30.83 million [1] - The company is positioned to benefit from the increasing demand for tungsten due to supply constraints and rising prices in the market [1] Industry Summary - The tungsten market continues to show a stable trend, with 65% black tungsten concentrate priced at CNY 327,000 per standard ton, up 128.7% since the beginning of the year [1] - The price for 65% white tungsten concentrate is reported at CNY 326,000 per standard ton, reflecting a 129.6% increase year-to-date [1] - Factors such as resource depletion, environmental regulations, and national control over tungsten mining contribute to limited tungsten supply, leading to a tight supply-demand balance and potential for further price increases [1]

Group 1 - The A500 index (000510) increased by 0.90%, with significant gains from stocks such as Silan Microelectronics (600460) up 9.85% and Siyuan Electric (002028) up 8.50% [1] - The A500 ETF fund (512050) rose by 0.80%, with a latest price of 1.14 yuan and a trading volume of 31.82 billion yuan, indicating active market participation [1] - As of October 17, the A500 ETF fund had an average daily trading volume of 49.89 billion yuan over the past month, ranking first among comparable funds [1] Group 2 - According to the National Bureau of Statistics, China's GDP for the first three quarters reached 1,015,036 billion yuan, with a year-on-year growth of 5.2% [1] - In the third quarter, China's GDP was 354,500 billion yuan, reflecting a year-on-year growth of 4.8% [1] Group 3 - Dongfang Securities noted that the recent market pullback was primarily due to strong profit-taking motives and uncertainty regarding Sino-U.S. relations, but long-term investor confidence remains intact [2] - The A500 index includes 500 securities selected from various industries based on market capitalization and liquidity, representing the overall performance of major listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the A500 index accounted for 19% of the index, including companies like CATL (300750) and Kweichow Moutai (600519) [2]