Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

Group 1 - The A-share market continued its recent rebound, with the Shanghai Composite Index rising for four consecutive days, closing at 3917.36 points, up 0.69% [1] - The Shenzhen Component Index increased by 1.47%, the ChiNext Index rose by 2.23%, the CSI 300 gained 0.95%, and the STAR 50 climbed by 2.04% [1] - A total of 2836 stocks rose, 2133 fell, and 206 remained unchanged, with a total trading volume of 1.86 trillion yuan, an increase of approximately 136.24 billion yuan compared to the previous trading day [1] Group 2 - The net inflow of main funds into the market was 8.77 billion yuan, with the communication equipment sector receiving the highest net inflow, followed by electronic components, consumer electronics, motors, and semiconductors [7] - Conversely, the commercial retail sector experienced the largest net outflow, along with aerospace, internet services, optical optoelectronics, and automotive parts [7] - Various themes such as Hainan Free Trade, silver, SOFC concepts, tungsten, F5G concepts, precious metals, low-orbit satellites, and optical communication saw significant gains, while themes like SPD concept, Ant Group, pharmaceutical commerce, film and entertainment, Pop Mart, rental and sale rights, and AI healthcare faced declines [7] Group 3 - Market expert Xu Xiaoming indicated that the market's continued rebound suggests a formed bottom structure, with four days of substantial gains and a clear trend of more stocks rising than falling [7] - Xu emphasized the importance of adhering to market trends to avoid significant errors, noting that navigating through market fluctuations can be challenging but necessary for long-term success [7] - He pointed out that while the market has shown signs of a bottom structure, it is still uncertain if the fluctuations have ended, advising caution and a gradual approach moving forward [7]