2025年12月10日稀土市场行情： 根据包头稀土产品交易所显示，今日稀土主流产品价格走势分化。氧化镨钕均价57.91万元/吨，下跌 0.26万元/吨；金属镨钕均价70.56万元/吨，下跌0.61万元/吨；氧化镝均价136.40万元/吨，上涨0.07万元/ 吨；氧化铽均价633.25万元/吨，下跌0.92万元/吨。今日询价氧化钕、氧化镨、氧化镧铈、氧化铕、氧 化钇等产品成交信息较少，请慎重参考。目前，镨钕市场延续弱稳走势，贸易商维持出货，下游维持低 价采购，同时上游现货供应偏紧，实际成交一般，商家议价僵持。中重稀土市场活跃度依旧偏低，下游 询价有限，价格保持弱稳。整体来看，稀土市场活跃度偏低，部分企业将工作重心向年末收尾转移，近 期稀土价格或保持弱稳走势。 A股市场部分稀土永磁概念股行情表现（2025年12月10日） 代码名称最新价（元）涨跌幅（%）成交额688456有研粉材51.475.362.38亿元002497雅化集团 21.974.1210.16亿元300706阿石创37.643.724.81亿元300835龙磁科技64.52.412.49亿元002738中矿资源 65.382.3815.07亿元 本 ...

每经AI快讯，有投资者在投资者互动平台提问：近日已有三家上市公式获得了稀土永磁通用出口许 可，对稀土永磁行业起到了显著的利好推动作用，你们主营业务也包括稀土永磁，金田有没有希望也获 得通用出口许可证？ （记者 王晓波） 金田股份（601609.SH）12月10日在投资者互动平台表示，公司自2001年起布局磁性材料业务，经过20 余年的深耕发展，现已成为国内同行业中技术较高、产品体系完善的企业之一。公司稀土永磁产品广泛 应用于新能源汽车、风力发电、高效节能电机、机器人、消费电子及医疗器械等多个高端领域。目前公 司已获得稀土永磁产品通用出口许可证，公司将严格遵照国家法律法规及政策开展出口相关业务。其他 具体信息请关注公司定期报告。 ...

Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, particularly highlighting investment opportunities in the rare earth sector due to recent export license approvals for leading companies [1][44]. Core Insights - The Chinese government is implementing export controls on rare earth materials, but compliant applications for civilian use are being approved promptly, which is expected to streamline export processes and boost demand recovery in the rare earth permanent magnet industry [1][44]. - The U.S. private sector experienced a significant job loss in November, which may influence Federal Reserve policies, with a high probability of interest rate cuts anticipated [2][17]. - Production at the Kamoa-Kakula copper mine in the Democratic Republic of Congo is projected to be lower than 2024 levels due to operational challenges, with expected output between 380,000 to 420,000 tons in 2026 [3][18]. - Indian companies Adani and Hindalco are exploring investment opportunities in Peru's copper sector, driven by increasing demand, as Peru is the world's third-largest copper producer [4][19]. Summary by Sections Market Performance - The non-ferrous metals sector outperformed the market with a weekly increase of 5.35%, significantly surpassing the Shanghai Composite Index by 4.98 percentage points [10][11]. Metal Prices and Inventory Changes - Copper prices on the LME reached $11,665 per ton, up 4.38% week-on-week, while SHFE copper prices increased to ¥92,780 per ton, up 6.12% [21]. - LME copper inventory rose by 1.96% to 162,550 tons, while SHFE inventory decreased by 9.22% to 88,905 tons [23]. Strategic Metals - The average price of praseodymium oxide increased by 2.88% to ¥597,000 per ton, reflecting a tightening supply in the antimony market, which has seen a price rebound after a prolonged decline [43][44]. Key Company Tracking - Recommendations include companies with integrated operations in the aluminum sector, such as China Hongqiao, and copper-focused firms like Zijin Mining and Luoyang Molybdenum [53][54].

来源：天风研究 基本金属：铜铝普涨，降息驱动铜价创历史新高。贵金属：美联储降息预期强化，金银价格震荡走强。 小金属：锑价小幅回调。稀土永磁：核心磁材公司获通用许可证，出口存放松预期。能源金属：整体呈 现震荡态势。 贵金属：美联储降息预期强化，金银价格震荡走强。 截至12月4日，国内99.95%黄金市场均价850.88元/克，较上周均价上涨1.87%，上海现货1#白银市场均 价13382元/千克，较上周均价上涨10.67%。周初在感恩节假期市场流动性偏弱的背景下，金价的窄幅震 荡反映了投资者在评估美联储信号时的谨慎态度。随后受宏观经济环境和货币政策预期的双重支撑，金 银价格强势上涨。我们看好降息周期中贵金属价格表现。 小金属：锑价小幅回调。 本周0#锑锭市场价格为17.4万元/吨，均价较上周同期下调0.2万元/吨；氧化锑价格下调，99.5%三氧化 二锑市场价格14.55万元/吨，均价较上周同期价格稳定。当前市场价格窄幅波动主要源于两方面支撑： 一是中间商库存成本偏高，低价出货意愿不强，挺价心态较为坚定；二是头部企业年度任务基本完成， 报价多跟随市场情绪。出口方面，近期订单以民营企业申请为主，实际出货规模仍较有限 ...

Group 1 - Cambricon issued a statement denying false information regarding its products and forecasts, while its Q3 report showed significant revenue and net profit growth, leading to positive outlooks from multiple institutions [2][7] - Netflix announced the acquisition of Warner Bros for approximately $82.7 billion, which is expected to enhance its studio capabilities and expand original content investment, potentially transforming the entertainment industry [2][7] - Volkswagen Group plans to invest €160 billion by 2030, focusing on products, technology, and infrastructure in Germany and Europe, amid recent profit pressures from U.S. tariffs and competition in China [2][7] Group 2 - 187 institutions have shown interest in Jerry Holdings, with active leverage funds in the military electronics and liquor sectors, indicating a strong institutional focus on certain stocks [3][8] - China has relaxed export controls on rare earth permanent magnets, with several companies obtaining general export licenses, which is expected to improve export efficiency and alleviate operational pressures [3][8] - Silver prices are rising significantly, with ETFs attracting over $7 million in four days, driven by expectations of Federal Reserve rate cuts and strong industrial demand, with forecasts suggesting prices could reach $62 per ounce in the next three months [3][8] Group 3 - A major reform in fund manager compensation has been proposed, emphasizing performance-based assessments tied to fund investment returns and requiring managers to invest in their own funds [4][9] - The IPO process for "domestic GPU four dragons" is accelerating, driven by the growing demand for GPUs in the AI era, with several companies showing strong performance and attracting institutional interest [4][10] - SpaceX is targeting an $800 billion valuation and plans to go public in the second half of next year, driven by its satellite business and a large user base for its Starlink service [4][10]

1、吴清：适度拓宽券商资本空间与杠杆上限 从价格竞争转向价值竞争 在中国证券业协会第八次会员大会上，证监会主席吴清发言时提到，行业机构需立足自身资源禀 赋，从价格竞争转向价值竞争。头部机构应增强资源整合能力，力争形成若干家具有国际影响力的标杆 机构；中小机构需聚焦细分领域、特色业务与重点区域，深耕细作打造 "小而美" 的精品服务商。监管 层面将强化分类监管，对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提升资本利用效率； 对中小机构、外资机构探索差异化监管政策，促进特色化发展；对问题机构依法从严监管。证券公司、 投资机构在权益投资、价格发现、风险管理等方面要顺应时代发展。针对不同风险偏好、规模、期限的 需求，证券公司要提供丰富精准的财富管理服务，与投资者共进共赢，共同参与并共享经济。 2、过去三年跑输业绩比较基准10%且利润率为负的基金经理降薪30% 基金经理绩效薪酬与基金业绩强挂钩。根据《基金管理公司绩效考核管理指引》征求意见稿，对基 金经理薪酬进行了调整，过去三年产品业绩低于业绩比较基准超过十个百分点且基金利润率为负的，其 绩效薪酬应当较上一年明显下降，降幅不得少于30%；低于业绩比较基准超过十个百 ...

Group 1: Netflix and Warner Bros Acquisition - Netflix announced the acquisition of Warner Bros. Discovery's film studio and streaming business for $82.7 billion, with a transaction price of $27.75 per share in cash and stock, expected to close in Q3 2026 [2][7] - The acquisition is anticipated to enhance Netflix's studio capabilities and expand production and investment, signaling a significant transformation in the entertainment industry [2][7] Group 2: Chinese Securities Industry - The chairman of the China Securities Regulatory Commission emphasized the need for securities firms to shift from scale-driven profit expansion to a function-first approach, focusing on serving the real economy and investors [2][7] - Concerns were raised regarding individual stock risks in December, including high valuation stocks, lock-up expirations, and shareholder reduction plans, which could impact stock prices [2][7] Group 3: GPU Industry and IPOs - The IPO process for the "Four Little Dragons" of domestic GPUs, including Moer Technology, Muxi Co., Suiruan Technology, and Birun Technology, is accelerating, with significant movements in financing and stock performance [3][8] - Over 30 A-share companies that are invested in "Zhiyu + Suiruan + Birun" have seen an average increase of over 45% this year, indicating strong institutional interest [3][8] Group 4: Currency and Economic Impact - The Chinese yuan has been rapidly appreciating, with expectations of breaking the 7.0 mark against the US dollar due to factors like Fed rate cut expectations and year-end corporate demand [3][8] - A potential decline in Chinese tourists to Japan could result in an economic loss of approximately ¥101.16 billion for Japan, impacting its GDP by 0.36% [3][9] Group 5: Rare Earth Exports - China has relaxed export restrictions on rare earth permanent magnets, leading to a positive response in related stocks and an increase in export efficiency [4][9] Group 6: Silver Market - Silver prices have been rising, with ETF holdings increasing significantly, indicating strong investor demand, and analysts predict prices could reach $62 per ounce in the next three months [4][9] Group 7: Semiconductor Company Developments - Cambrian Technologies issued a statement refuting false information circulating about its products and clients, while its third-quarter report showed significant growth driven by cloud product sales [5][10] - Multiple institutions have raised their price targets for Cambrian Technologies, indicating positive market sentiment [5][10] Group 8: Currency Swap Agreement - The People's Bank of China and the Monetary Authority of Macao expanded their currency swap agreement from 30 billion RMB/34 billion MOP to 50 billion RMB/57 billion MOP, aimed at enhancing financial stability and promoting RMB internationalization [5][10]

有消息称，金力永磁、中科三环、宁波韵升已获得通用出口许可证。有业内人士表示，通用许可证的应用将简化稀土永磁企业出口流程，加快交付速度，利 于稀土永磁行业下游需求恢复。 A股市场稀土股拉升，其中，金力永磁涨超14%，宁波韵升拉升封板，中科三环一度触及涨停，惠城环保、九菱科技、银河磁体、西磁科技、中科磁业等跟 涨。 | | 稀土永磁 1301.10 +3.40% 分时 | | | | | --- | --- | --- | --- | --- | | 1301.10 | | | | | | 1292.54 | | | | | | 1283.97 | | | | | | 1275.41 | | | | | | 1266.84 | | | | | | 1258.28 | | | | | | 1249.72 | | | | | | 1241.15 | | | | | | 1232.59 | | | | | | 1224.02 | | | | | | 1215.46 | | | | | | 58.67万 | | | | | | 44.00万 | | | | | | 29.33万 | | | | | | 14.67万 | ...

Core Viewpoint - China has issued its first batch of general export licenses for rare earth materials, leading to a significant rise in the stock prices of key rare earth permanent magnet companies [1][3]. Group 1: Export License Impact - The issuance of general export licenses has resulted in a surge in stock prices for companies like Ningbo Yunsheng, Jinli Permanent Magnet, and Zhongke Sanhuan, with Ningbo Yunsheng hitting the daily limit [1]. - Several leading domestic rare earth permanent magnet companies have successfully obtained these export licenses, which are crucial for their operations [1][3]. - The new policy allows companies to apply for export licenses as long as their products meet relevant standards and are within the scope of policy control, enhancing export efficiency [7]. Group 2: Policy Background - The issuance of the export licenses is closely linked to the dynamic adjustments in China's rare earth export policies throughout the year [3][4]. - In April, China announced export controls on seven categories of heavy rare earth-related items, requiring exporters to apply for licenses [3]. - The Ministry of Commerce accelerated the approval process for rare earth exports in June to alleviate global supply chain pressures [4]. Group 3: Market Dynamics - As of October, China's rare earth magnet exports totaled 45,290 tons, reflecting a year-on-year decline of 5.2%, but showing a 15.8% increase compared to the same month in the previous year [9]. - Exports to the United States saw a significant month-on-month increase of 56.1% in October, reaching 656 tons, the highest since January [10].

（原标题：新股上市次日怎么走，大数据揭秘） 2025年最强新股诞生！ 12月5日，摩尔线程(即N摩尔-U)登陆科创板。9:30开盘时，该股涨幅达到468.8%，A股市值直接飙升至 3000亿元以上。收盘时公司股价报收600.5元/股，成为当前A股第三高价股。 摩尔线程是国内极少数具备全功能GPU(图形处理器)研发能力的企业，公司已成功自主研发并量产四代 全功能GPU架构，产品在部分性能指标上已接近或超过国际先进水平。该股上市之后，2025年A股上市 新股达到101只。 3只稀土永磁概念股午后直线拉升 12月5日，上证指数午后持续走强，收盘点位突破3900点整数关口；创业板指收盘涨幅1.36%。超导概 念、海峡西岸、可控核聚变、商业航天、光通信、特高压等题材成为今日大热门。 今日午后约14时21分，稀土永磁概念股宁波韵升(600366)突然直线拉升，短短3分钟内封住涨停板；金 力永磁盘中一度涨超15%，中科三环盘中一度触及涨停板。 其他稀土永磁概念股如银河磁体、英洛华、大地熊、中科磁业、西磁科技、正海磁材、中国稀土等也有 不同程度拉升。 消息面上，据媒体报道，从知情人士处获悉，金力永磁、中科三环、宁波韵升已获得 ...