智通财经APP获悉，国投证券发布研报称，稀土作为新能源与高端制造关键战略资源，行业目前已现显 著供需错配：全球稀土分离冶炼产能高度集中于中国，叠加国内全环节配额收紧，供给刚性凸显;下游 需求扩张带动钕铁硼用量提升，助推镨钕氧化物价格上行，此轮政策驱动型涨价支撑坚实。 国投证券主要观点如下： 供给主导：中国冶炼分离垄断全球，短期海外增量难补充 中国在稀土供给端占据绝对主导地位：2025年全球稀土储量超8500万吨，中国占比51%，"北轻南重"的 资源分布格局筑牢供给基础;其中分离环节优势突出，2025年我国稀土分离产能占全球近90%，技术水 平全球顶尖，掌控稀土氧化物产出核心。轻稀土海外局部突破，重稀土产业化尚远，且短期内难形成有 效补充，核心海外供应商莱纳斯2025年氧化镨钕预计产量仅8000吨，且海外整体供给规模有限，全球稀 土供给对中国依赖度持续深化。 政策收束：总量管控全面收紧，供给刚性凸显 稀土行业政策收紧态势显著且持续加码：2024年中国开采与冶炼分离规模同比增速分别降至12.5%、 10.43%，供给扩张持续收窄;2025年《稀土开采和稀土冶炼分离总量调控管理暂行办法》落地，首次将 海外进口精矿冶 ...

Group 1 - The core viewpoint of the news is that rare earth prices have surged significantly in early 2026, driven by supply-demand dynamics, with the rare earth price index rising by 33.64% from 217 on December 31, 2025, to 290 on February 12, 2026 [1] - The increase in rare earth prices is attributed to low inventory levels and strong market expectations, leading to preventive stocking behaviors among companies due to short-term production constraints [1] - Specific rare earth products have seen substantial price increases, with praseodymium oxide reaching 890,000 yuan/ton (up 43.55%), neodymium oxide at 880,000 yuan/ton (up 41.94%), and neodymium metal at 1,060,000 yuan/ton (up 39.47%) [1] Group 2 - Looking ahead, it is anticipated that as upstream companies resume operations, the supply-demand relationship may gradually improve, leading to a stabilization of prices with potential narrow fluctuations [2] - The long-term demand for rare earths is expected to grow due to the booming development of emerging industries such as electric vehicles, wind power, industrial motors, robotics, and drones [2] - The rare earth industry in China has entered a highly concentrated phase, with leading companies enhancing their core competitiveness through continuous technological innovation and industrial system development [2] Group 3 - China holds a dominant and irreplaceable position in the global rare earth industry chain, possessing advantages in resource reserves, extraction capabilities, and advanced refining and separation technologies [3] - The leading companies in China's rare earth sector are expected to further consolidate their market positions due to significant resource and cost advantages, as well as comprehensive industry chain layouts from extraction to high-end material manufacturing [3]

2月11日， 涨超7%，截至发稿，涨7.66%，报23.06港元，成交额2.13亿港元。 国投证券近期指出，1月以来稀土持续上涨。预计白名单和配额指标刚性制约26年供给，预计内外需求稳定增长，新一轮补库周期可能启动，看好26年稀土 中枢价格上涨。稀土市场受宏观情绪影响较小，后续关注板块配置机会。国金证券认为，稀土板块将继续演化估值业绩双升，2026年亦为重点标的同业竞争 解决的关键一年。 编辑/KOKO 消息面上，据包头稀土产品交易所消息，2月10日稀土主流产品价格整体上行。氧化镨钕均价85.02万元/吨，上涨5.14万元/吨；金属镨钕均价101.60万元/ 吨，上涨3.97万元/吨；氧化镝均价141.22万元/吨，上涨1.14万元/吨；氧化铽均价623.43万元/吨，上涨2.00万元/吨。 ...

Core Viewpoint - The stock price of Jinli Permanent Magnet (06680) has increased significantly, reflecting a positive market sentiment towards rare earth products, driven by rising prices and anticipated demand growth in the sector [5]. Group 1: Stock Performance - Jinli Permanent Magnet's stock price rose by over 9% during the trading session, with a current price of 22.84 HKD, marking a 6.63% increase and a trading volume of 237 million HKD [5]. Group 2: Rare Earth Market Trends - As of February 10, the prices of major rare earth products have shown an upward trend, with praseodymium-neodymium oxide averaging 850,200 CNY/ton, up by 51,400 CNY/ton; metallic praseodymium-neodymium at 1,016,000 CNY/ton, up by 39,700 CNY/ton; dysprosium oxide at 1,412,200 CNY/ton, up by 11,400 CNY/ton; and terbium oxide at 6,234,300 CNY/ton, up by 20,000 CNY/ton [5]. - According to Guotou Securities, the rare earth prices have been on the rise since January, with expectations of stable growth in both domestic and international demand, potentially initiating a new inventory replenishment cycle [5]. - Guotong Securities also notes that the rare earth market is less influenced by macroeconomic sentiment, suggesting a focus on sector allocation opportunities [5]. - Guojin Securities believes that the rare earth sector will continue to evolve with both valuation and performance improvements, with 2026 being a critical year for resolving competition among key industry players [5].

国投证券近期指出，1月以来稀土持续上涨。预计白名单和配额指标刚性制约26年供给，预计内外需求 稳定增长，新一轮补库周期可能启动，看好26年稀土中枢价格上涨。稀土市场受宏观情绪影响较小，后 续关注板块配置机会。国金证券认为，稀土板块将继续演化估值业绩双升，2026年亦为重点标的同业竞 争解决的关键一年。 智通财经APP获悉，金力永磁(06680)涨超9%，截至发稿，涨9.06%，报23.36港元，成交额1.57亿港元。 消息面上，据包头稀土产品交易所消息，2月10日稀土主流产品价格整体上行。氧化镨钕均价85.02万 元/吨，上涨5.14万元/吨；金属镨钕均价101.60万元/吨，上涨3.97万元/吨；氧化镝均价141.22万元/吨， 上涨1.14万元/吨；氧化铽均价623.43万元/吨，上涨2.00万元/吨。 ...

消息面上，据包头稀土产品交易所消息，2月10日稀土主流产品价格整体上行。氧化镨钕均价85.02万 元/吨，上涨5.14万元/吨；金属镨钕均价101.60万元/吨，上涨3.97万元/吨；氧化镝均价141.22万元/吨， 上涨1.14万元/吨；氧化铽均价623.43万元/吨，上涨2.00万元/吨。 国投证券近期指出，1月以来稀土持续上涨。预计白名单和配额指标刚性制约26年供给，预计内外需求 稳定增长，新一轮补库周期可能启动，看好26年稀土中枢价格上涨。稀土市场受宏观情绪影响较小，后 续关注板块配置机会。国金证券认为，稀土板块将继续演化估值业绩双升，2026年亦为重点标的同业竞 争解决的关键一年。 金力永磁（300748）(06680)涨超9%，截至发稿，涨9.06%，报23.36港元，成交额1.57亿港元。 ...

来源：中钨在线 消息方面：据高检网报道，2月4日，最高人民检察院检委会委员、经济犯罪检察厅厅长杜学毅表示， 2026年，经济犯罪检察部门将深入贯彻落实党的二十届四中全会提出的"扩大高水平对外开放""维护多 边贸易体制"的部署要求，依法惩治走私犯罪，加强对走私稀土等重大敏感案件的督办指导，加强缉私 司法协作，服务海南自贸港封关运作，更加有力地维护国家主权、安全和发展利益。 版权及法律问题声明 本文信息由中钨在线®根据各方公开的资料和新闻收集编写，仅为向本公司网站(www.ctia.com.cn， news.chinatungsten.com)、微信公众号关注者提供参考资料。任何异议、侵权和不当问题请向本公众号 反馈，我们将立即予以处理。未经中钨在线授权，不得全文或部分转载，不得对文件所载内容进行使 用、披露、分发或变更；尽管我们努力提供可靠、准确和完整的信息，但我们无法保证此类信息的准确 性或完整性，本文作者对任何错误或遗漏不承担任何责任，亦没有义务补充、修订或更正文中的任何信 息；本文中提供的信息仅供参考，不应被视为投资说明书、购买或出售任何投资的招揽文件、或作为参 与任何特定交易策略的推荐；本文也不得用作任 ...

Core Insights - The prices of rare earth elements, particularly dysprosium and terbium, have reached record highs not seen since 2015, driven by increased demand and export controls from China [1][3] - Yttrium, used in high-performance medical devices, has seen its price surge to approximately 1.6 times its previous value within a month [1] - The global defense spending increase is contributing to the rising prices of rare earth materials, with strong demand in defense and electronic devices [6] Price Trends - Dysprosium prices have risen to $960 per kilogram, while terbium has reached $4,000 per kilogram, both marking historical highs [3] - Yttrium's price increased to $425 as of February 5, significantly up from $260 at the end of 2025 [3] - Gallium prices have also reached $1,600, maintaining a historical peak since early January [3] Export Controls and Strategic Resources - China has positioned rare earths as strategic resources and has implemented export controls, particularly against Japan [4][6] - The Chinese government announced enhanced export controls on dual-use items to Japan in response to political statements made by Japanese officials [6] - Following trade negotiations with the U.S., China postponed the implementation of rare earth export controls until fall 2025, leading to a stabilization of prices until the end of that year [6] Market Dynamics - Companies are reportedly rushing to secure inventory in light of the new export controls, indicating a potential supply crunch [6] - Analysts predict that rare earth prices are likely to remain volatile at high levels in the short term due to ongoing supply constraints and strong demand [6]

本周初，镨钕产品报价再度上涨，目前货运物流逐步收尾，贸易企业抓紧尾单交易，市场询价活跃。但 多数磁材企业进入放假状态，金属企业备货也基本结束，整体采购意愿较低。受此带动，中重稀土价格 跟涨，但市场需求有限，实际成交不多。建议商家理性分析市场走向，持续关注市场实际供需变化。 据包头稀土产品交易所，今日稀土主流产品价格整体上行。氧化镨钕均价79.88万元/吨，上涨4.13万元/ 吨；金属镨钕均价97.63万元/吨，上涨6.19万元/吨；氧化镝均价140.08万元/吨，上涨1.65万元/吨；氧化 铽均价621.43万元/吨，上涨7.72万元/吨。 ...

Core Viewpoint - The rare earth industry is experiencing a significant price increase, with expectations for continued growth in 2026, driven by supply-demand dynamics and strategic value reassessment [1] Price Trends - As of February 6, the price of praseodymium-neodymium oxide reached 758,000 yuan/ton, a monthly increase of 24.9% and a year-on-year increase of 79.9% [1] - The price of heavy rare earth terbium oxide rose to 6,155 yuan/ton, with a monthly increase of 2.2% [1] Market Dynamics - There is a notable divergence between rare earth prices and stock prices, suggesting a potential return to fundamental pricing as market liquidity effects are digested [1] - Analysts predict that domestic rare earth prices will continue to rise, with the praseodymium-neodymium oxide price surpassing 700,000 yuan/ton [1] Supply and Demand Factors - The supply side is characterized by a separation of mining and smelting, with total quantity control and a slowdown in domestic production growth, lagging behind demand expansion [1] - Demand is being driven by rapid developments in industries such as robotics, low-altitude economy, and military applications [1] - High overseas smelting costs are also providing support for prices [1] Investment Perspective - The CSI Rare Earth Industry Index focuses on core segments of the rare earth industry chain, covering leading companies from mining and smelting to deep processing and downstream applications [1] - The E Fund Rare Earth ETF (159715) offers a low-cost investment tool with a management fee rate of only 0.15% per year for investors looking to enter the rare earth sector [1]