周三，USA Rare Earth(USAR.US)盘前续涨超5%，此前两天累涨15%，现报20.03美元。消息面上，1月 20日，USA Rare Earth宣布通过子公司LCM Europe在法国拉克建设年产3750公吨的稀土金属及合金工 厂，并与相邻的Carester氧化物处理设施形成完整供应链。法国政府通过C3IV计划提供最高达设备成本 45%的税收抵免1.3亿欧元房地产支持，降低项目成本。该项目是欧洲首个稀土金属生产平台，强化公 司"矿-磁体"垂直整合战略，完善美国及盟国稀土供应链。 ...

Core Viewpoint - The rare earth market is experiencing a slight decline in prices, with a lack of active trading and low purchasing willingness from downstream manufacturers [1] Price Trends - The average price of praseodymium and neodymium oxide is 663,900 CNY/ton, down by 1,900 CNY/ton - The average price of praseodymium and neodymium metal is 803,100 CNY/ton, down by 1,700 CNY/ton - The average price of dysprosium oxide is 1,439,200 CNY/ton, down by 5,100 CNY/ton - The average price of terbium oxide is 6,365,000 CNY/ton, down by 18,300 CNY/ton [1] Market Activity - There is limited transaction information for products such as neodymium oxide, praseodymium oxide, lanthanum cerium oxide, and europium oxide, indicating a cautious market [1] - The praseodymium and neodymium product prices are maintaining a weak and stable trend, with low purchasing intent from downstream magnetic material manufacturers [1] - Overall, the rare earth market is undergoing continuous adjustment, with both ends being relatively cold and lacking effective transaction support [1] Stock Performance - A-share market performance for some rare earth permanent magnet concept stocks on January 21, 2026: - Wolong New Energy (600173): Latest price 7.85 CNY, increase of 9.94%, transaction amount 315 million CNY - Chifeng Gold (600988): Latest price 38.39 CNY, increase of 9.81%, transaction amount 532 million CNY - Zhongmin Resources (002738): Latest price 92.09 CNY, increase of 9.45%, transaction amount 315.5 million CNY - Xiamen Tungsten Industry (600549): Latest price 59.09 CNY, increase of 9.14%, transaction amount 403.1 million CNY - Dehong Shares (603701): Latest price 23.16 CNY, increase of 6.24%, transaction amount 18 million CNY [1]

每经AI快讯，1月21日，美股稀土概念、黄金股盘前走高，USA Rare Earth涨超3%，Critical Metals、 Energy Fuels涨超2%；伊格尔矿业、泛美白银涨超3%，科尔黛伦矿业、哈莫尼黄金涨超2%。 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the rare earth permanent magnet sector, with the China Rare Earth Industry Index rising by 1.46% as of January 21, 2026, driven by price adjustments in rare earth concentrate [1] - Major rare earth companies, Northern Rare Earth and Baotou Steel, announced a price increase for rare earth concentrate to 26,834 yuan per ton (dry weight, REO=50%) for Q1 2026, marking the sixth consecutive price hike since Q3 2024 [1] - The Ministry of Industry and Information Technology and CITIC Securities predict that China's rare earth mining volume will reach 255,000 tons and the smelting and separation output will be 244,000 tons in 2023, with projections of 521,000 tons and 519,000 tons respectively by 2030 [1] Group 2 - Jianghai Securities emphasizes that despite current market focus on aluminum, tungsten, and tin, the core applications of rare earths in electric vehicles, wind power, and energy-efficient motors support long-term demand growth [2] - The penetration rate of high-performance neodymium-iron-boron materials in electric vehicle drive motors is increasing, with per vehicle usage significantly higher than traditional models, further enhancing the demand resilience for rare earth permanent magnet materials [2] - The top ten weighted stocks in the China Rare Earth Industry Index, including Northern Rare Earth and Xiamen Tungsten, account for 60.4% of the index as of December 31, 2025 [2]

Core Viewpoint - China's export of rare earth magnets to Japan in December 2025 reached 280 tons, marking a year-on-year increase of 32% but a month-on-month decrease of 8% [2]. Group 1: Export Data - In 2025, China's total export of rare earth magnets decreased by 1% year-on-year, totaling 57,390 tons [5]. - The export to Japan for the entire year of 2025 increased by 18%, reaching 2,434 tons [5]. - The total export volume of rare earth magnets in December 2025 was 5,951 tons, reflecting a year-on-year growth of 7% [4]. Group 2: Export Restrictions - On January 6, 2026, the Chinese government announced strengthened export restrictions to Japan under dual-use item regulations, which are believed to include heavy rare earths [4]. - Since December 2024, Japanese companies have been required to provide information on the final use, purchasing companies, and whether the products will be re-exported for rare earth magnets and other items [5]. - The approval rate for export applications for high-performance products using heavy rare earths like dysprosium has been around 50% [2]. Group 3: Impact of Geopolitical Tensions - The tightening of export regulations in April 2025, amid escalating US-China tensions, has led to a significant reduction in exports of high-performance rare earth magnets, causing disruptions in US automotive factories [6]. - The export to the US in 2025 was 5,944 tons, a decrease of 20% year-on-year, attributed to the inclusion of dysprosium and six other rare earths in export restrictions [5].

宏观对话行业：地缘扰动下的周期品走势 20260120 摘要 美国战略重心转向美洲，强化"新门罗主义"，引发市场对地缘政治风 险的担忧，尤其是在委内瑞拉的军事行动和对格陵兰岛资源的争夺，可 能加剧国际紧张局势。 中国通过稀土、大豆等资源应对美国的技术封锁，提升了市场对其国家 治理能力的信心。同时，中国可深化"一带一路"倡议，以应对美国在 西半球的影响，并提升出口韧性。 中国出口目的地结构发生变化，对墨西哥出口贡献转负，但欧洲和非洲 国家成为新的增长点，新兴经济体的工业化需求支撑了中国出口韧性， 应淡化对美国市场需求的研究。 地缘政治扰动下，有色金属板块存在投资机会，包括类货币金属（如黄 金）和科技金属。黄金受益于去美元化和地缘政治紧张，科技金属受益 于 AI 和电能改造等新兴需求。 建议关注供给脆弱性叠加需求扩张周期的科技金属，如锡，其价格预计 将超过 50 万元以上，推荐阿尔法表现突出的企业，如新银锡、华锡有 色等。 Q&A 过去几年地缘政治局势的变化对全球市场产生了哪些影响？2026 年有哪些潜 在的风险点需要投资者关注？ 过去几年，尤其是 2025 年以来，地缘政治局势对全球市场产生了显著影响。 202 ...

俄罗斯准备猛砸7000亿卢布，打造稀土全产业链，从矿石开采到提炼再到应用全覆盖，可明明中国就有现成的技术，俄罗斯又有矿，中俄合作岂不是一举 两得？为何俄罗斯还要费劲搞稀土产业链？俄罗斯自己单干又是否能成功呢？ 俄罗斯联邦安全会议秘书在媒体上撰文表示，俄罗斯迫切需要能够一条独立于中美的自主稀土金属产业，开发出从矿产开采到产品制造的完整产业链一体 化项目，让俄罗斯能够从稀土等自然资源中获得100%的利益。也就是说，在稀土相关事项上，俄罗斯既不想依赖美国也不想依赖中国。 那么，俄罗斯为何如此迫切想要打造稀土产业链呢？ 首先，俄罗斯国内本身就有丰富的稀土资源，主要分布在西伯利亚、科拉半岛以及远东地区，其中位于西伯利亚的托姆托尔矿床，蕴藏着丰富的钕、镝等 高价值元素。俄罗斯有矿，如果能够再拥有完整产业链，那么，将不再需要依赖进口。当下，正是中美贸易博弈的关键时期，稀土更是成为了其中的关键 一环。在此背景下，俄罗斯深刻意识到建立稀土全产业链对保障国家安全的重要性。尤其是俄罗斯在部分军工产业的制造和研发上，会因稀土等关键原料 短缺被迫延缓，由此也暴露了其产业链和供应链的脆弱性，更关乎其国防能力。 但同时稀土技术也是我国的国 ...

Core Viewpoint - The Baotou Rare Earth High-tech Zone has initiated the construction of China's first batch of zero-carbon parks, aiming to systematically address carbon reduction challenges in heavy industrial clusters and provide a replicable "Baotou solution" [1] Group 1: Project Overview - The zero-carbon park construction adopts a "park within a park" model, including rare earth industry parks and high-end equipment manufacturing parks, with established leading industries in rare earths, photovoltaics, and energy storage [1] - The park has a clear "two-step" strategic path: from 2025 to 2027, the focus will be on green electricity replacement and energy-saving renovations; from 2028 to 2035, the emphasis will shift to system integration and smart fusion to enhance zero-carbon outcomes [1] Group 2: Goals and Initiatives - The park aims to complete the national-level zero-carbon park creation task by the end of 2027 through initiatives such as green electricity direct connection construction, new energy project development, hydrogen energy demonstration utilization, and multi-industry collaborative energy-saving and carbon reduction efforts [1]

每日经济新闻 每经AI快讯，1月21日，稀土指数盘中上涨2.07%。成分股中，包钢股份涨超4%，中稀有色上涨 3.62%，厦门钨业上涨2.22%，中国稀土上涨1.72%，盛和资源上涨1.38%。 ...

Group 1 - Rare earth elements are essential in modern industries, significantly impacting the performance of electric vehicle batteries, mobile phone chips, and military equipment [2] - Global demand for rare earths is increasing, particularly among major powers like China, the US, and Russia, which affects their supply chain influence [2] - China holds the largest reserves of rare earths at 44 million tons, accounting for nearly half of the global supply, while Russia has 3.8 million tons and the US only 1.9 million tons [4][6] Group 2 - Russia has invested $1.5 billion since 2020 to achieve self-sufficiency in rare earth production by 2024 and aims for a 10% global market share by 2030, but current production is only 2,500 tons [2][4] - The US relies heavily on imports for rare earths, spending nearly $200 million in 2023 for 8,800 tons, with domestic production from the Mountain Pass mine expected to reach 45,000 tons by 2024 [4][6] - China's production is stable at 270,000 tons for 2023 and 2024, with plans to impose export restrictions on seven types of heavy rare earths in 2025, enhancing its pricing power in the global market [4][8] Group 3 - The geological distribution of rare earths is uneven, with China having easier-to-extract deposits compared to the hard rock types found in Russia and the US, leading to higher extraction costs [6] - The geopolitical implications of rare earth reserves are significant, with Russia seeking to leverage its resources for cooperation with the US, while the US focuses on domestic and allied investments [6][8] - The competition for rare earths is intensifying, with countries like Australia and Greenland exploring their own resources to diversify supply chains and reduce dependence on China [8][10] Group 4 - The US aims to build a complete supply chain for rare earths by 2027, but current production capabilities are limited, producing only 1,300 tons of neodymium-praseodymium oxide compared to China's 300,000 tons [10] - Russia plans to develop internal refining capabilities to reduce foreign technology dependence, with potential for increased production if its reserves are underestimated [10] - The rising demand for rare earths driven by electric vehicles and AI applications is creating a competitive landscape that countries must navigate carefully to balance environmental concerns with extraction needs [10]