报告导读： 市场对美联储 12 月的降息预期升温，贵金属及基本金属价格震荡走高。能源 金属基本面偏强，价格持续强势。 贵金属： 流动性预期重回乐观 。 市场对 12 月降息预期升温，叠加市场开始猜测新任美联储主席并逐步定价， 12 月之后的流动性将重回乐观，贵金属价格 震荡走高。白银由于紧平衡且库存较低，价格涨幅较高。 轻重稀土价格趋势发生分歧；轻稀土价格上涨，而重稀土价格明显回落。 11 月 28 日氧化镨钕、 氧化镝、氧化铽价格分别为 56.7 、 148.0 、 652.5 万元 / 吨，环比分别 +3.28% 、 -0.34% 、 -0.68% ，轻稀土受益于政策及需求双重利好，价格持 续上涨；但短期中重稀土供给端边际趋于宽松，价格明显回落。 铜： 降息预期抬升、供需格局向好，铜价或强势运行。 受市场对美联储 12 月降息预期抬升，以及对后续降息路径的乐观预期影响，市场风险偏好回升，铜 价打破震荡大幅上扬。供需方面，当前正值 2026 年铜精矿长单 TC 谈判的博弈阶段，冶炼厂与矿企对低 TC 的拉锯强化了市场对矿端紧缺的共识，同时铜 进入超级周期的逻辑持续演绎。展望后市，市场将迎来美国 ADP 就业 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688231 | 隆达股份 | 24.05 | -3.57% | 6.24万 | | 1.51亿 | | 688102 | 斯瑞新材 | 23.50 | -3.49% | 37.82万 | | 9.11亿 | | 688786 | 倪安新材 | 27.41 | -2.73% | 2.44万 | | 6722.93万 | | 603978 | 深圳新星 | 32.50 | -1.87% | - 16.17万 | | 5.36亿 | | 000633 | 台金投资 | 8.45 | -1.40% | 86.13万 | | 7.39 Z | | 300835 | 龙磁科技 | 61.30 | -0.66% | 3.11万 | | 1.91亿 | | 603124 | 江南新材 | 73.49 | -0.60% | 1.18万 | | 8724.10万 | | 688190 | 云路股份 | 98.80 | -0.59% | 5446.76 ...

有色金属 电碳价格创近 16 个月新高，六氟磷酸锂价格连续 4 个月上涨 ——金属新材料高频数据周报（20251124-20251130） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 40.00 万元/吨，环比 +1.8%。本周电解钴和钴粉价格比值 0.77 ，环比+1.1%；电解钴和硫酸钴价 格比值为 4.39 ，环比+1.4%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.53 元/千克。 2025 年 12 月 1 日 新能源车新材料：电碳价格创近 16 个月新高。（1）本周电碳、工碳和电池 级氢氧化锂价格分别为 9.21 、8.93 和 8.15 万元/吨，环比+4.3%、+4.07%和 +2.9%。电碳与工碳价差为 2024 年 11 月以来较低，或代表锂电景气度相较 工业领域有所减弱。（2）本周硫酸钴价格 8.84 万元/吨，环比+0%。（3） 本周磷酸铁锂、523 型正极材料价格分别为 3.91 、15.68 万元/吨，环比 +2.62%、-1.5%。（4）本周氧化镨钕价格 566.92 元/公斤，环比+3.4%。 光伏新材料：价格持平。（1）本周光伏级多晶硅价格 ...

Core Viewpoint - Jiangxi Yue'an New Materials Co., Ltd. has disclosed its production capacity layout, focusing on a dual-base strategy with Jiangxi as the main production base and a parallel base in Ningxia, which is currently in the trial production licensing stage [1] Production Capacity and Strategy - The production capacity expansion in Ningxia is planned in three phases, with the first phase being a demonstration project, and subsequent phases dependent on market demand and project progress [1] - The company’s core product, carbonyl iron powder, maintains a stable gross margin, indicating robust profitability [1] Product Performance and Market Demand - Soft magnetic powder, a series of products, shows superior profitability when made from carbonyl iron powder compared to those made from atomized alloy powder due to higher product performance [1] - The company has a stable order backlog, with future order growth driven by diversified factors [1] Emerging Applications and Growth Drivers - The new production capacity from the Ningxia base will provide solid support for order fulfillment [1] - The company is actively aligning with downstream market trends, focusing on emerging application areas such as high-end inductors driven by AI computing hardware, upgrades in automotive magnetorheological suspension systems, and the lightweight development of electric tools, which are expected to be significant growth engines for order increases [1]

Market Overview - The metal new materials sector increased by 0.85% on November 28, with Alloy Investment leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Stocks Performance - Alloy Investment (000633) closed at 8.57, up 10.01% with a trading volume of 459,100 shares and a transaction value of 378 million [1] - Longda Co., Ltd. (688231) closed at 24.94, up 6.13% with a trading volume of 81,600 shares and a transaction value of 203 million [1] - Platinum New Materials (300811) closed at 71.36, up 2.53% with a trading volume of 92,700 shares and a transaction value of 664 million [1] - Other notable performers include Yue'an New Materials (688786) and Shenzhen New Star (603978), with increases of 2.47% and 2.29% respectively [1] Capital Flow Analysis - The metal new materials sector experienced a net outflow of 86.64 million from institutional investors and 117 million from speculative funds, while retail investors saw a net inflow of 204 million [2] - The detailed capital flow for key stocks indicates that Alloy Investment had a net inflow of 110 million from institutional investors, despite a net outflow of 50.30 million from speculative funds [3] - Retail investors contributed a net inflow of 59.46 million to Alloy Investment, indicating strong retail interest [3]

Core Viewpoint - Company is currently not directly involved in the solid-state battery industry and is in the project development stage for ultra-thin CVD diamond films [1] Group 1: Product Applications - High-end rare earth permanent magnet materials are used in mobile phone acoustic systems, including speakers and receivers, as well as in camera motors [1] - Nano-crystalline magnetic sheets are applied in wireless charging technology [1] - MIM injection molding products are utilized in SIM card slots and components for laptop hard drives and charging ports [1]

Core Viewpoint - Company is currently not directly involved in the solid-state battery industry and is in the project research phase for ultra-thin CVD diamond films [1] Group 1: Company Activities - Company is developing ultra-thin CVD diamond films, which are still in the project research stage [1] - High-end rare earth permanent magnet materials are applied in consumer electronics, specifically in mobile phone acoustic systems such as speakers and receivers, as well as camera motors [1] - Nano-crystalline magnetic sheets are utilized in wireless charging applications [1] - MIM injection molding products are used in SIM card slots and accessories for laptop hard drives and charging ports [1]

Core Viewpoint - Company is currently not directly involved in the solid-state battery industry and is in the project research phase for ultra-thin CVD diamond films [1] Group 1: Company Developments - Company is developing ultra-thin CVD diamond films, which are still in the project research stage [1] - High-end rare earth permanent magnet materials are applied in acoustic systems such as speakers and receivers in mobile phones [1] - Nano-crystalline magnetic sheets are utilized in wireless charging applications [1] - MIM injection molding products are used in components like SIM card slots and laptop hard drive and charging port accessories [1]

Group 1 - Shenzhen New Star experienced a 5.3% increase in stock price, reaching 33.98 CNY per share, with a trading volume of 227 million CNY and a turnover rate of 3.24%, resulting in a total market capitalization of 7.173 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. specializes in the research, production, and sales of aluminum grain refiners, with its main business revenue composition being: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - The top circulating shareholder of Shenzhen New Star is the Oriental Alpha Fund, which entered the top ten circulating shareholders in the third quarter, holding 1.6514 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 2.8239 million CNY [2] - The Oriental Alpha Industry Pioneer Mixed A Fund (011704) has achieved a year-to-date return of 40.36%, ranking 1342 out of 8130 in its category, and a one-year return of 41.84%, ranking 1340 out of 8054 [2]

Market Overview - The metal new materials sector experienced a decline of 1.21% on November 26, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Sry New Materials (688102) saw an increase of 2.28%, closing at 25.17 with a trading volume of 432,000 shares and a turnover of 1.061 billion [1] - Longda Co., Ltd. (688231) led the decline with a drop of 5.38%, closing at 23.22 with a trading volume of 81,000 shares and a turnover of 190 million [2] - Other notable performers include: - Tunan Co., Ltd. (300855) down 3.94% to 27.03 with a turnover of 191 million [2] - Alloy Investment (000633) down 3.35% to 8.09 with a turnover of 46.4 million [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 301 million from institutional investors, while retail investors experienced a net inflow of 392 million [2][3] - Specific stock capital flows include: - Shenzhen New Star (603978) had a net inflow of 73.61 million from institutional investors but a net outflow of 70.84 million from retail investors [3] - Tunan Co., Ltd. (300852) had a net inflow of 2.80 million from institutional investors and a net inflow of 11.93 million from retail investors [3]