本周，中证石化产业指数下跌3%，中证稀土产业指数下跌3.4%。Wind数据显示，截至昨日，化工行业ETF易方达 （516570）已连续15个交易日获资金净流入，合计超14亿元。 由A股中业务范围涵盖稀土开采、稀土加工、稀土 贸易和稀土应用的38只股票组成,反映A股稀土产 业上市公司的整体表现 注1:目前全市场跟踪中证石化产业指数的ETF共2只,跟踪中证稀土产业指数的ETF共4只,跟踪同一指数 的不同ETF产品的费率、跟踪误差、规模等有所不同。银行、互联网平台等相关销售机构提供可场外投资 的ETF联接基金。低费率产品,其管理费率0.15%/年,托管费率0.05%/年。 注2: 数据来自Wind, 指数涨跌幅截至2026年2月6日收盘,指数市净率及其所处分位截至2026年2月5日。 市净率PB(LF)=Σ(成分股,总市值)/Σ(成分股,净资产(最新报告期LF)),该估值指标适用于固定资产数 量较大且账面价值较为稳定的企业,或是盈利周期性波动的企业。指数市净率所处分位指该指数历史上 市净率低于当前市净率的时间占比,分位低表示相对便宜。分位区间为指数发布日/可查询估值记录日起 至2026年2月5日,其中,中证石化产业 ...

2026年2月6日稀土市场行情 本周国内稀土市场整体行情波动较大，在诸多不确定性因素的影响下，主流轻重稀土产品价格走势有所 不同，成交量仍有待提高。 轻稀土市场上，镨钕价格呈现先大涨后理性回调再反弹的态势：周初，受上月底镨钕价格明显上升的影 响，供应商报价继续上调；周中，由于下游用户对高价货源抵触情绪升高与前期利好支撑减弱，产品报 2026年2月6日稀土价格一览 | | | 中钨在线稀土产品报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2026年2月6日 | | | | | 产品名称 | | 规格/含量/牌号 | 中钨在线报价 | 涨跌 | 東位 | | | 氧化铜 | La2O3/TREO 99.5-99.9% | 4.700.00 | 1 | 元/吨 | | | 氧化镇 | Eu2O3/TREO 99.95-99.99% | 172.00 | - | 元/千克 | | 轻 凝 | 氧化错 | Pr6011/TREO 99.0-99.9% | 820,000.00 | 12,000 | 元/吨 | | + | 氧化紋 | Nd2O3/TREO ...

Core Viewpoint - The Chinese rare earth market is experiencing fluctuations, with a notable decline in stock prices and significant changes in financing activities, indicating potential investment opportunities and risks in the sector [1][2]. Group 1: Market Performance - On February 5, Chinese rare earth stocks fell by 4.74%, with a trading volume of 1.497 billion yuan [1]. - The financing buy-in amount for Chinese rare earth on the same day was 93.2287 million yuan, while the financing repayment was 130 million yuan, resulting in a net financing buy of -36.5223 million yuan [1]. - As of February 5, the total financing and securities lending balance for Chinese rare earth was 2.34 billion yuan [1]. Group 2: Financing and Securities Lending - The financing balance for Chinese rare earth was 2.332 billion yuan, accounting for 4.31% of the circulating market value, which is above the 80th percentile level over the past year [1]. - On February 5, 22,300 shares were repaid in securities lending, while 12,000 shares were sold, amounting to 612,100 yuan at the closing price [1]. - The securities lending balance was 7.9219 million yuan, which is below the 10th percentile level over the past year [1]. Group 3: Company Overview - China Rare Earth Group Resources Technology Co., Ltd. was established on June 17, 1998, and listed on September 11, 1998, with its main business involving rare earth smelting separation and technology research and development [1]. - The revenue composition of the company includes 63.51% from rare earth oxides, 35.95% from rare earth metals and alloys, 0.35% from other sources, and 0.18% from technical services [1]. Group 4: Financial Performance - As of January 30, the number of shareholders for Chinese rare earth was 191,400, a decrease of 2.19% from the previous period, while the average circulating shares per person increased by 2.24% to 5,544 shares [2]. - For the period from January to September 2025, Chinese rare earth achieved operating revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, reflecting a significant increase of 194.67% [2]. Group 5: Dividend and Institutional Holdings - Since its A-share listing, Chinese rare earth has distributed a total of 346 million yuan in dividends, with 124 million yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 29.0694 million shares, an increase of 9.4669 million shares from the previous period [3]. - New institutional shareholders include the 嘉实中证稀土产业ETF and 南方中证申万有色金属ETF, with holdings of 7.9975 million shares and 6.0353 million shares, respectively [3].

Group 1 - The U.S. convened a secret meeting with 54 countries to address the stability of the mineral market, primarily targeting China's dominance in the rare earth industry [1][3] - The meeting's stated goal was to set price floors and adjust tariffs on critical minerals, but the underlying aim was to curb China's influence [3][4] - The U.S. relies heavily on China for rare earth supplies, with over 70% of its rare earth compounds and metals imported from China, highlighting a significant dependency [3][4] Group 2 - The U.S. is attempting to create a "critical mineral trade club" to support financing and ensure emergency supply, aiming to establish a trade circle that excludes China [3][5] - The U.S. strategy of combining diplomatic engagement with economic pressure reveals a dual approach that is fraught with contradictions [5][6] - The internal dynamics of the 54-nation coalition are complex, with differing interests making it difficult to form a cohesive strategy against China [6][7] Group 3 - China's rare earth industry holds a "non-symmetrical advantage" due to decades of technological accumulation and a complete industrial ecosystem [8][9] - China controls over 90% of global rare earth processing capacity and has a significant share of the world's rare earth patents, reinforcing its market dominance [8][9] - The U.S. faces substantial barriers in rebuilding its rare earth supply chain, including a projected timeline of at least 10 years and an estimated investment of $300 billion [4][9] Group 4 - The U.S. strategy to reduce reliance on Chinese rare earths is complicated by the fact that many allied countries still depend on China for their supply needs [6][10] - The cost of rare earth extraction in the U.S. is significantly higher than in China, making it challenging to compete even with government subsidies [7][10] - China's export control policies are evolving to include not just rare earth products but also related technologies, enhancing its control over the supply chain [9][10] Group 5 - The ongoing competition in the rare earth sector is indicative of a broader struggle for global supply chain dominance, with the U.S. efforts marking an escalation in this rivalry [11][12] - Historical trends suggest that attempts to isolate a major player like China in the global market are likely to fail, as the industry moves towards a more balanced and resilient structure [11][12] - China's proactive approach in global rare earth governance and its commitment to sustainable practices position it favorably in the evolving market landscape [12][13]

Core Viewpoint - The Tianhong CSI Industrial Nonferrous Metals Theme ETF (code: 159157) will be listed on the Shenzhen Stock Exchange starting February 6, 2026, indicating a growing interest in the nonferrous metals sector [1]. Product Highlights - The industrial nonferrous metals sector is relatively concentrated, with the top three industries being copper (31.1%), aluminum (21.9%), and rare earths (16.1%), collectively accounting for about 70% [2]. - The rapid development of the AI industry is expected to drive up demand for electricity, which in turn will boost the demand for industrial nonferrous metals. Supply growth is anticipated to be limited in the coming years, suggesting a long-term upward trend for upstream resources [2]. - Rare earth metals are becoming increasingly important as strategic national resources, with China holding the world's largest reserves and production. This gives China a significant advantage in resource endowment, smelting technology, and overall cost, enhancing their investment value [2]. - The resource sector is entering an upward cycle, with upstream resources positioned more favorably compared to downstream manufacturing. A tight supply situation is expected to persist, making long-term price increases likely [2]. - Index-based investment is seen as a valuable strategy due to the diverse sub-industries within nonferrous metals, making it challenging for active research to cover all areas effectively [2]. Hot Events - The China Nonferrous Metals Industry Association announced plans to include "copper concentrate" in the national reserve system, which aims to enhance China's bargaining power in the copper supply chain and improve supply chain resilience and security [4]. - This initiative aligns with the previously released "Copper Industry High-Quality Development Implementation Plan (2025-2027)," which seeks to shift the focus of the copper industry from capacity expansion to quality and efficiency improvement [4]. Institutional Views - Guoyuan Securities noted that the nonferrous metals industry remains robust amid global instability, with tightening supply conditions and increasing mining difficulties supporting long-term price increases for copper [5]. - The demand outlook is strong, driven by emerging industries such as AI, electric vehicles, and renewable energy, which are transforming many metals into "critical strategic materials" with sustained demand [5]. - Heightened international strategic competition is leading to tighter controls on strategic metals, further increasing price pressures and creating clear structural investment opportunities in related sectors [5].

羊顿 在爱迪生凭借电灯泡闻名世界之前，奥地利化学家韦尔斯巴赫已用稀土元素点亮了全球的夜晚。这位科 学家的核心贡献颇丰——发现镨元素、开发钍铈合金汽灯纱罩与自燃合金，而他的座右铭"Plus Lucis"（意为"更多光"），始终驱动着他探索前行。从汽灯纱罩到金属灯丝，韦尔斯巴赫完成了一系列 革命性发明，他既是潜心钻研的科研者，亦是眼光独到的企业家，其人生堪称一部追逐光明的传奇。 稀土照明的破晓时刻 "Plus Lucis"（更多光），这句拉丁文格言是韦尔斯巴赫一生的写照。它不仅是科学探索的工具，更是 他作为发明家和企业家的一切主题。时间回到1885年，韦尔斯巴赫同时完成了科学与技术上的两件大 事：在科学上，他证实了"金笛"这一所谓元素并不存在，终结了这一科学谬误；在技术上，他发明了一 种基于稀土、即将改变人类照明史的产品。 这一切的灵感，可以追溯到他与导师罗伯特·本生（德国化学家）的交流。本生发明的本生灯（一种以 煤气为燃料的加热器具）是实验室里的得力器具，却无法用于照明。但本生曾敏锐地指出，煤气照明的 未来取决于火焰中燃烧的固体物质。这句话如同一粒种子，深植于韦尔斯巴赫心中。当他离开海德堡大 学时，带走的不仅是 ...

证券日报网讯2月5日，中国稀土（000831）在互动平台回答投资者提问时表示，截至2026年1月30日收 盘，公司股东总户数为191386户。 ...

截至收盘，中证石化产业指数下跌1.8%，中证稀土产业指数下跌4.4%。据Wind数据统计，化工行业ETF易方达（516570）近5个交易日合计资金净流入超10 亿元。 兴业证券指出，化工品底部区间运行已达三年，行业在建工程增速持续下滑，新产能投放接近尾声。展望2026年，"十五五"开局之年国内稳增长政策有望发 力，美联储进入降息周期，化工品传统需求有望温和复苏；"反内卷"浪潮的助推下，周期拐点有望加速来临，具备全球竞争优势的化工核心资产有望迎来盈 利与估值修复。 每日经济新闻 ...

Core Viewpoint - The United States is establishing a new alliance focused on reshaping the global supply chain for critical minerals, particularly rare earth resources, to reduce dependence on China [1][3]. Group 1: Alliance Formation - The new mineral alliance includes the United States, the United Kingdom, Japan, Australia, and the European Union, with a meeting planned in Washington to discuss de-China-fication of the rare earth supply chain [1][3]. - Australia is identified as a core member due to its significant role as a major lithium exporter, committing to invest $1 billion with the U.S. for exploration and processing of critical minerals [3]. - Japan and South Korea are positioned as technology processors and consumers, with Japanese companies importing rare earth elements from Australia for local electric vehicle and electronics industries [3]. Group 2: Member Roles and Interests - The alliance exhibits a division of roles among member countries, but underlying tensions exist regarding the alignment of U.S. pricing strategies and the interests of resource-supplying countries like Australia [4][5]. - Australia is focused on increasing its profits through higher mineral prices and expanded exports, which has led to market fluctuations when U.S. policies do not align with its interests [4]. - The EU is caught between the desire to counter China's dominance and the risk of over-reliance on the U.S., particularly in light of territorial concerns related to Greenland [5]. Group 3: Challenges and Competitive Landscape - The cooperation model within the alliance lacks consistency due to varying national interests, making it difficult to form a strong collective action in the short term [5]. - China's dominance in the rare earth sector is attributed not only to resource availability but also to its complete industrial chain, which poses a significant technological gap for the U.S. and its allies to overcome [7].

长期占据全球稀土产业链的主导地位，手握这张王牌，就让美国始终如鲠在喉。 特朗普上台后，一边忙着退出各种国际组织甩包袱，一边又急着拉帮结派建新群。 如今，这个由美国牵头的新群，已有近30国表达兴趣， 欧洲更是抢先一步献上投名状，看似来势汹汹，实则各有自己的小心思。 很多人不懂，美国明明自身也有稀土资源，为何偏偏盯着中国的稀土不放？ 因为中国的稀土优势，从来不是有资源那么简单，而是从开采、精炼到应用的全产业链垄断。 美国想复制这套体系，至少需要十几年时间，而它根本等不起。 不同于以往的临时抱团，这次美国建群，可谓是蓄谋已久。 早在2025年8月，美国就已经联合英、加、澳等10国。 成立了矿产安全伙伴关系融资网络，管理资产超30万亿美元，为后续的矿产联盟铺路。 10月底，又启动组建关键矿产交易俱乐部，计划在2026年7月前完成去中国化的供应链布局。 甚至还签署行政令，威胁盟友若不配合，就实施关税或配额限制。 此次华盛顿即将召开的关键矿产部长级会议，更是这场围堵行动的关键一步。 由美国国务卿主持，召集了美英日澳、欧盟多国。 还有肯尼亚、几内亚等非洲资源国，足足55个国家的代表参会。 名义上是强化关键矿产供应链，实则是 ...