消息面上，根据包头稀土产品交易所数据，截至2月24日，氧化镨钕均价88.20万元/吨，较节前上涨4.16 万元/吨；金属镨钕均价103.67万元/吨，较节前上涨3.17万元/吨；氧化镝均价162.29万元/吨，较节前上 涨17.00万元/吨；氧化铽均价643.80万元/吨，较节前上涨11.80万元/吨。 国金证券研报指出，12月我国稀土永磁出口量环比/同比分别-3%/+7%,单月出口量创历史同期新高； 2025年全年同比-1%，表明海外仍有较大补库需求。稀土板块将继续演化估值业绩双升，2026年亦为重 点标的同业竞争解决的关键一年。 智通财经APP获悉，金力永磁(06680)涨超4%，截至发稿，涨4.4%，报23.26港元，成交额1.22亿港元。 金力永磁(06680)涨超4%，截至发稿，涨4.4%，报23.26港元，成交额1.22亿港元。 ...

Group 1 - The cyclical sectors in A-shares continue to strengthen, with Xiyie Co. hitting the daily limit, and rare earth permanent magnet concepts rising, leading to Northern Rare Earth increasing by over 9% and China Rare Earth by over 5% [1] - The Tianhong ETF (159157) focused on non-ferrous metals has seen continuous net inflows, accumulating over 1.067 billion yuan in the last 10 days, with a current scale of 2.159 billion yuan [1] - The Tianhong ETF primarily targets industrial metals, with copper, aluminum, and rare earths making up nearly 70% of its portfolio, including leading companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [1] Group 2 - Heavy rare earth prices have significantly increased, with Yttrium reaching 850 USD/kg and Dysprosium at 1100 USD/kg, marking the highest levels since 2015 due to ongoing supply concerns [1] - London base metals saw a broad increase, with Citigroup optimistic about copper prices, predicting they will reach 14,000 USD per ton in the next three months, while JPMorgan forecasts an average aluminum price of 3,200 USD per ton by Q2 2026 [1]

Group 1 - The core viewpoint of the news highlights a significant increase in the rare earth permanent magnet sector, with the China Securities Rare Earth Industry Index rising by 4.57% as of 10:20 AM on February 25, 2026, driven by strong performances from key stocks such as San Chuan Wisdom (+11.19%), Baotou Steel (+10.15%), and China Northern Rare Earth (+9.97%) [1] - The prices of heavy rare earth elements have surged, with Yttrium reaching $850 per kilogram and Dysprosium at $1,100 per kilogram, marking the highest levels since 2015 amid ongoing supply concerns [1] - According to Guojin Securities, the demand for high-value-added materials driven by AI has expanded from storage and electronic fabrics to upstream resource sectors, with rare earths being essential for permanent magnet motors, servo systems, and optical communication devices, facing dual pressures from limited traditional capacity and surging new demand [1] - The acceleration of localization strategies for critical minerals in Europe and the U.S. is expected to further strengthen China's structural advantages in the global rare earth supply chain [1] - As of January 30, 2026, the top ten weighted stocks in the China Securities Rare Earth Industry Index accounted for 61.43%, including Northern Rare Earth, Goldwind Technology, and Xiamen Tungsten [1] Group 2 - The rare earth ETF managed by Harvest (516150) closely tracks the China Securities Rare Earth Industry Index, providing a convenient tool for investors to gain exposure to the domestic rare earth industry chain [2] - Investors can also utilize the Harvest Rare Earth ETF linked fund (011036) to capitalize on investment opportunities in the rare earth sector [3]

一、行情 2月25日，磷化工、稀土、化工等大宗商品板块集体持续大涨。澄星股份、金正大、六国化工、和邦生物、云天化、金浦钛业等集体2连板，清水源 （20CM）、司尔特、中色股份、包钢股份、中铝国际等纷纷涨停。 二、事件 1）百川盈孚数据显示，稀土产品价格加速上涨。氧化镨钕等主要稀土产品价格近期持续走高，现货供应紧张，下游磁材企业存在备货采购需求。 2）2月18日，美国签署行政命令，将磷元素及草甘膦除草剂提升至国家安全优先事项，指出这两种物资的短缺将对国家安全构成直接威胁。 1）美国针对中国的芬太尼关税及对等关税（合计20%）将取消，同时，特朗普将针对全球征收15%临时进口关税，这意味着合计关税将下降5%。 叠加去年贸易摩擦下，海外库存低位，26年出口链景气有望修复。节后化工下游开工陆续恢复，全年维度需求端景气向上，供给端资本开支进入尾声，化工 行业周期拐点已现，春旺下基本面与市值有望共振向上。（申万宏源） 2）美国将元素磷和草甘膦类除草剂列为国防关键物资，磷的战略地位在美国政策体系中被明确抬升。此举或意味着磷矿的价值重估将增加一层具备地缘政 治属性的战略物资意义。中国作为拥有完备磷化工产业链和全球最高磷矿石/磷 ...

稀土永磁概念走高， 包钢股份涨停， 北方稀土、 中稀有色、九菱科技、 中国稀土、 大地熊、西磁科 技跟涨。消息面上，重稀土价格显著上涨。钇欧价翻至850美元/公斤，镝达1100美元/公斤，供应忧虑 持续，创2015年以来最高水平。 ...

每经AI快讯，2月25日，稀土指数盘中涨2%，成分股普遍上扬。其中，北方稀土涨3.28%，盛和资源涨 2.92%，中稀有色涨1.87%，中国稀土涨1.78%，华宏科技涨1.59%。 （文章来源：每日经济新闻） ...

Core Insights - The report emphasizes a continued oscillating market pattern, suggesting that the index's upward movement driven by position recovery does not alter the overall oscillating trend [2] - It advocates for a strategic focus on mid-cap blue-chip stocks, particularly in the agricultural and chemical sectors, as they are expected to perform well in the current market environment [2][3] Market Strategy - The report notes that the index is currently at a midpoint of its oscillation range, recommending an active adjustment of portfolio structures to include mid-cap blue-chip stocks [2] - It highlights that the recovery of market positions post-holiday indicates a clear shift in fund allocation towards mid-cap blue-chip stocks, with cyclical manufacturing sectors showing stronger performance compared to technology growth sectors [2] Industry Strategy - In the agricultural sector, the report suggests that domestic companies must expand into international markets to overcome growth limitations, emphasizing the importance of product and technology exports, asset investments, and mergers/joint ventures [3] - Successful companies in this sector are characterized by strong core product advantages, comprehensive industry chain layouts, and effective local market integration [3] Thematic Strategy - The rare earth sector is projected to experience a dual boost in profitability and valuation, with expectations of rising rare earth prices due to sustained demand and supply-side improvements [4] - The report underscores the strategic value of rare earths in the context of increasing geopolitical uncertainties, suggesting that domestic rare earth companies may benefit from accelerated asset consolidation [4]

每经AI快讯，有投资者在投资者互动平台提问：请问美国MP公司的稀土矿没给公司代工了，这块业务 对公司影响有多大？公司原材料来源是否充足？没有MP公司业务，需不需要关闭部分生产线缩减人员 控制成本？公司产品未获得商务部最新颁发的稀土出口许可证，现在公司产品销售是不是遇到了困难？ 特别是单价高，盈利较好的外销部分。 盛和资源（600392.SH）2月24日在投资者互动平台表示，您好，公司原矿供应渠道较多且供应稳定， 生产经营一切正常。公司严格遵守法律法规和产业政策要求从事出口业务，部分产品出口需申请两用物 项出口许可，公司按流程办理申请和出口相关产品。目前，稀土产业链下游用户主要在国内，公司出口 业务营收占比较低。谢谢您的关注！ （文章来源：每日经济新闻） ...

文|麦芽 前言 言叔今天和大家聊一件近期最具反转感的时政热点：2026年1月份，中国商务部刚正式宣布，对日本实 施涵盖稀土、稀有金属在内的两用物项出口管制，这一举措的背景，是此前日本政客高市早苗发表涉台 不当言论、损害中国核心利益，中国此举也是为了维护国家安全底线。 消息一出，日本各界瞬间陷入焦虑，相关企业更是急得手足无措——毕竟日本高科技制造业高度依赖中 国稀土，一旦供应受限，将直接影响企业正常生产。 可谁也没想到，仅仅一个月后的2月6日，日本共同社就援引多名贸易消息人士的独家报料，称中国有关 部门已批准多项对日稀土出口申请。这波看似矛盾的操作，究竟是中国立场软化、管制失效，还是背后 藏着更深层次的战略考量？ 出口放行的本质的是合规管控的具体执行 公告明确说明出口管制的核心是"区分民用与军用用途"——只要出口申请能证明稀土用途为民事领域， 且符合所有相关规定，相关部门将依法予以批准；若涉及军用用途，或用途不明、存在被转作军用的风 险，将坚决不予批准。 中国商务部相关负责人曾明确表态，中国的出口管制政策，始终基于国家安全和国际规则制定，兼顾政 策连续性与商业合作的合理性，既不会情绪化"一刀切"，也不会放任违规 ...

Q&A 2026 年稀土板块的投资机会和价格走势如何？ 2026 年稀土板块的投资机会非常值得关注。首先，供给端方面，稀土供应整 体偏紧。自去年 12 月底到今年 2 月中旬，稀土现货价格从 60 万元涨至 86 万 元，涨幅接近 50%；期货价格则突破 92 万元，上涨超过 50%。这一趋势类似 于 2011 年和 2021 年的情况。央企主导的两大稀土集团在新的一年里并未放 开指标，而独立于央企之外的民营企业也因没有配额而减产甚至停产。因此， 我们预计未来三个月月度供给将环比减少 800 吨至 1,000 吨，同比下降约 10%。 需求端来看，今年市场普遍预期稀土出口需求会较好，尤其是与美国关 系改善后，出口需求可能逐月上涨。而国内新能源车需求虽前期偏悲观，但目 前磁材厂订单情况超预期。如果 3 月份订单节奏加快，下游磁材厂将开启一轮 补库。目前库存处于中低水平，这将进一步推动需求。 综合以上因素，我们认 为今年上半年稀土价格有望突破 2021 年的历史高点（氧化钕曾达到 110 万元/ 战略金属（稀土钽钨）更新 20260223 摘要 稀土价格飙升：氧化钕期货价格已突破 92 万元，涨幅超 50%，与 ...