证券研究报告 2026 年 03 月 01 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周行业市场表现强势，产业链价格整体强势 相关研究： | 《本周行业大幅反弹，产业链价格维持涨》 | | | --- | --- | | 20260215 | | | 《本周行业大幅回调，产业链价格保持坚 | | | 挺》 | 20260208 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 17 35 100 绝对收益 17 39 119 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：本周稀土磁材行业大涨 12.72%，跑赢基准 11.64pct 据 Wind 数据，本周1稀土磁材行业大幅上涨 12.72%，跑赢基准（沪深 300） 11.64pct。行业估值（市盈率 TTM）提升 10.52x 至 96.91x，当前处于 96.4%2 历史分位 ...

2月25日，上证指数涨0.72%报4147.23点，深证成指涨1.29%报14475.86点，创业板指涨1.41%报3354.82 点。沪深两市成交额2.46万亿元，较前一交易日放量约2604.84亿元。个股涨多跌少，3540只上涨、1529 只下跌、121只持平，题材板块涨幅居前。 今日，A股十大人气热股如下：包钢股份、航天发展、长春高新、云天化、汉缆股份、北方稀土、和邦 生物、金正大、川金诺、利欧股份。 | 热度排名 | 人气个股 | 热度值 | 所属概念 | 热度标签 | | --- | --- | --- | --- | --- | | T | 包钢股份 | 10.0 | 稀土永磁,特钢概念 | 首板涨停 | | 2 | 航天发展 | 9.25 | 军工信息化,商业航天 | 首板涨停 | | 3 | 长春高新 | 8.25 | 生物疫苗,流感 | 首板涨停 | | 4 | 云天化 | 8.0 | 磷化工,化肥 | 2天2板 | | 5 | 汉缆股份 | 7.5 | 柔性直流输电,特高压 | 4天4板 | | 6 | 北方稀土 | 7.5 | 稀土永磁,小金属概念 | 首板涨停 | | 7 | 和邦生物 ...

转自：智通财经 一、【早盘盘面回顾】 智通财经2月25日讯，市场早盘震荡拉升，三大指数均涨超1%。沪深两市半日成交额1.52万亿，较上个 交易日放量104亿。盘面上，全市场近4000只个股上涨，受涨价催化影响，稀土、磷化工、航运、油气 等涨价题材股表现强势。从板块来看，锂矿概念快速拉升，大中矿业涨停。磷化工板块延续强势，澄星 股份、六国化工、和邦生物2连板。稀土永磁概念表现活跃，北方稀土、包钢股份涨停。油气股反复走 强，洲际油气2连板。下跌方面，影视院线概念再度下挫，横店影视2连跌停。截至收盘，沪指涨 1.2%，深成指涨1.47%，创业板指涨1.43%。 个股来看，今日早盘涨停数量为68家（不包括ST及未开板新股），封板率为82%，连板股数量为17家， 豫能控股5连板，汉缆股份4连板，法尔胜3连板，金浦钛业、风华高科、誉帆科技、川发龙蟒、金正 大、郑中设计、澄星股份、云天化、六国化工、洲际油气、招商轮船、和邦生物、再升科技、时空科技 2连板。 板块上，磷化工概念股持续走强，川金诺、清水源、云天化、金浦钛业、澄星股份、六国化工等个股涨 停。 消息面上，美国宣布将元素磷及草甘膦等关键除草剂纳入国防关键物资。此前2 ...

Industry Overview - The rare earth magnetic materials industry saw an increase of 8.84% in the week before the holiday, outperforming the benchmark by 8.48 percentage points [4] - The industry valuation (TTM P/E ratio) rebounded to 86.39x, currently at 93.3% of its historical percentile [4] Price Trends - Rare earth concentrate prices showed a steady increase, with the average price of mixed carbonate rare earth ore remaining stable, while imported monazite prices rose by 6.72% [5] - The price of praseodymium and neodymium saw significant increases, with praseodymium oxide prices up by 12.21% and praseodymium metal prices up by 10.38% [5] - Dysprosium and terbium prices also increased, with dysprosium oxide prices rising by 5.73% and terbium oxide prices by 3.49% [5] - The price of sintered neodymium-iron-boron magnets continued to rise, with N35 and H35 grades increasing by 1.73% and 1.23% respectively [5] Supply and Demand Dynamics - The supply side remains stable with upstream production normal during the holiday, while downstream neodymium-iron-boron enterprises are on break, leading to reduced market consumption [8] - Post-holiday, there is an expectation for increased raw material demand as production resumes in downstream sectors [8] - The demand for new energy vehicles is experiencing a marginal decline, while wind power installations are expected to release some demand [8] Investment Recommendations - The industry maintains an "overweight" rating, supported by high valuation levels and potential policy easing post-holiday [9] - Focus on upstream rare earth resource companies due to policy support and stable pricing trends, which may lead to valuation premiums and stable profits [9] - Downstream magnetic material companies are expected to see profit recovery, particularly those with strong customer structures and new growth opportunities [9]

Group 1 - The core message of the article highlights India's ambition to enhance its rare earth mineral supply chain to boost manufacturing capabilities, with a significant funding proposal of over 700 billion rupees (approximately 7.88 billion USD) aimed at supporting local enterprises in the rare earth sector [1][6][31] - India is actively engaging in international partnerships for critical minerals, having established collaborations with countries like Australia and Mozambique, indicating a strategic positioning in the global mineral landscape [6][29] - Despite possessing the world's third-largest rare earth reserves, India's challenges include environmental concerns, social issues related to mining, and the need for substantial investment to realize its goals [7][31] Group 2 - The article outlines three major challenges facing India's rare earth industry: the difficulty of technology transfer from laboratory success to mass production, safety concerns related to mining operations, and the inadequacy of production capacity compared to China [11][15][19] - India's current production capacity is limited, with a recent facility in Pune achieving only 15 tons per month, which is significantly lower than the hundreds or thousands of tons produced by many Chinese companies [19][22] - The lack of skilled workforce and a complete industrial chain further complicates India's efforts, as it currently only controls parts of the rare earth production process, leading to reliance on imports for high-value products [21][22] Group 3 - To address these challenges, India is exploring alternative technologies and developing a "rare earth corridor" concept to integrate resource locations, processing areas, and logistics, aiming to create a cohesive industrial ecosystem [25][27] - The collaboration with Australia is seen as a potential solution, as both countries have complementary needs in terms of resources and processing capabilities, although progress has been slow [29] - The effectiveness of the 700 billion rupee incentive plan remains uncertain, as it will require time to determine whether it can genuinely support India's ambitions in the global rare earth market [31]

Core Viewpoint - A nearly decade-long overseas investment cooperation between Shenghe Resources and ETM is approaching a breakdown, as ETM unilaterally announced the termination of their strategic partnership established in 2016 [1][2]. Investment Details - In September 2016, Shenghe Resources and its subsidiary, Leshan Shenghe Rare Earth Co., signed a share subscription agreement with Greenland Minerals and Energy Ltd, agreeing to subscribe for 125 million ordinary shares at AUD 0.037 per share, totaling AUD 4.625 million (approximately CNY 23.59 million) [1]. - Following the completion of the share issuance, Leshan Shenghe held 12.5% of Greenland's total issued shares and obtained a non-executive director seat [1]. Developments and Changes - The investment received approvals from the Australian Foreign Investment Review Board in November 2016 and from Greenland's special shareholders meeting in December 2016, with the transaction completed on December 13, 2016 [2]. - Since the investment, Greenland has undergone multiple rounds of share issuance and has changed its name to Energy Transition Minerals Ltd (ETM) [2]. - As of January 2024, Shenghe exercised its anti-dilution rights to subscribe for an additional 4.367 million shares, holding a total of 129 million shares in ETM, representing approximately 6.5% ownership [2]. Current Situation - ETM recently announced the unilateral termination of the strategic partnership and claimed that Shenghe's "top-up rights" have expired, planning to formally confirm this with the Australian Stock Exchange [2]. - Shenghe does not agree with ETM's position and intends to maintain communication and potentially pursue legal action to protect its rights [2]. Financial Impact - Shenghe has assessed that the situation is not expected to have a significant impact on its operations, with a cumulative investment of CNY 24.34 million in ETM, which is classified as other equity investments [3]. - The fair value of the investment has appreciated, contributing approximately CNY 17.22 million to other comprehensive income as of September 30, 2025 [3]. - ETM's Kvanefjeld rare earth project has not yet obtained mining rights, and the company has not engaged in substantial production activities, which mitigates potential negative impacts on Shenghe's business [3]. Performance Outlook - Shenghe Resources projects a net profit attributable to shareholders for 2025 between CNY 790 million and CNY 910 million, representing a year-on-year growth of 281.28% to 339.20% [3]. - The expected net profit excluding non-recurring items is projected to be between CNY 765 million and CNY 885 million, indicating a year-on-year increase of 285.86% to 346.38% [3]. Market Reaction - On February 2, 2024, Shenghe's stock price fell by 9.91%, closing at CNY 24.35 per share, with a total market capitalization of CNY 42.681 billion [4].

Core Viewpoint - The A-share non-ferrous metal market has shown a comprehensive strengthening trend since 2026, with the non-ferrous metal index rising by 24.31%, significantly outperforming the broader market. Precious metals (silver, gold) and minor metals (tungsten, tin) have performed particularly well, with price increases notably higher than industrial metals (lead, aluminum) [2][6]. Market Overview - The report titled "Comprehensive Analysis of the Non-Ferrous Metal Industry" systematically reviews the current non-ferrous metal market from multiple dimensions, including macro strategic environment, industry chain dynamics, competitive landscape, and industry trends, providing a reference for market decision-makers [2]. Price and Production Changes - Certain metals have entered an upward price channel, indicating a structural increase rather than a comprehensive recovery. The industry is transitioning from a low point to recovery, with a clear differentiation between strong and weak products [6][10]. - Global major metal varieties face significant supply constraints due to declining resource grades, insufficient capital expenditure, and geopolitical disturbances. Export restrictions from resource-rich countries are tightening, impacting the industry's international trade dynamics [10]. Demand Resilience - Emerging sectors such as new energy vehicles, energy storage, and AI computing centers are becoming core drivers of demand. For instance, China's new energy vehicle sales are projected to reach 16.49 million units in 2025, a year-on-year increase of 28.17%, boosting demand for copper, aluminum, and rare earths [11][22]. Market Price Support - The Producer Price Index (PPI) for China's non-ferrous metal manufacturing is expected to rise to 117.200 in 2025, up from 113.200 in 2024, indicating robust industry demand [12]. Policy Environment - The policy environment is shifting from "cyclical adjustment" to "strategic resource management," accelerating industry upgrades. The Ministry of Industry and Information Technology has outlined plans for the non-ferrous metal industry to achieve an average annual growth of around 5% in value added from 2025 to 2026 [13][16]. Industry Integration and Technological Support - Policies encourage mergers and acquisitions among large smelting enterprises and support the technological research and industrial application of high-end new materials like magnesium alloys and tungsten [14]. Resource Recycling - The EU's Carbon Border Adjustment Mechanism (CBAM) is pushing for greener production of high-energy-consuming metals. By the end of 2025, 30% of the electrolytic aluminum industry's capacity is expected to meet benchmark energy efficiency levels [15]. Competitive Landscape - The competitive landscape in the industrial metals sector is stable, with leading companies like Zijin Mining and Luoyang Molybdenum Company maintaining strong positions through global resource layouts and price elasticity [43][44]. - In the energy metals sector, companies like Ganfeng Lithium and Tianqi Lithium are leading with a dual drive of resources and technology, while Huayou Cobalt leads in the nickel sector with a collaborative model [47][48]. Long-term Trends - The non-ferrous metal industry is expected to maintain a structurally tight balance in supply and demand, with resource-constrained metals remaining tight in the long term. However, the supply-demand gap will exhibit differentiation across varieties and phases, indicating significant structural opportunities rather than systemic trends [54][55].

Group 1 - The core viewpoint of the news highlights the strong performance of the rare metals sector, with the China Rare Metals Theme Index rising by 1.92% and key stocks like Western Materials and Chuaneng Power showing significant gains [1] - Rare earth and tungsten prices have strengthened post-holiday, with supply and demand in the industry chain remaining tight. Prices for praseodymium and neodymium oxides increased by 7.9% and 1.0% respectively in mid-January 2026 [1] - The Ministry of Commerce has released guidelines for the export management of tungsten, antimony, and silver, indicating a regulatory effort to standardize the export of critical minor metals [1] Group 2 - The development of frontier industries such as new energy, low-altitude economy, and quantum technology heavily relies on key metals like copper, aluminum, and rare earths. The "14th Five-Year Plan" emphasizes the need for strategic mineral resource exploration and development [2] - The demand for industrial metals is expected to grow due to multiple new growth drivers, including the acceleration of low-orbit satellite networks and the construction of AI computing centers, which significantly increase the consumption of copper and other metals [2] - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index include Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium, collectively accounting for 59.54% of the index [2] Group 3 - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also consider the Rare Metals ETF Connect Fund (014111) to explore investment opportunities in the rare metals sector [4]

Core Viewpoint - Critical Metals (CRML.US) stock price surged following President Trump's announcement to halt new tariffs on Europe and a framework agreement regarding Greenland [1] Group 1: Stock Performance - The stock price of Critical Metals increased by 5.7% in pre-market trading and was up 4.52% at $15.96 at the time of reporting [1] - Since the beginning of the year, the company's stock has more than doubled, reaching a market capitalization of $1.8 billion [1] Group 2: Project Developments - Critical Metals is developing the Tanbreez rare earth project located in Greenland [1] - The company signed a non-binding term sheet to form a 50-50 joint venture with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers to build a rare earth processing plant in Saudi Arabia, valued at up to $1.5 billion [1] - The term sheet outlines the development, financing, construction, and operation framework for the rare earth processing facility, aiming to create a fully integrated "mine-to-processing" supply chain [1] - The company has secured long-term purchase rights for 25% of the rare earth concentrate output from Tanbreez to be supplied to Saudi Arabia [1] - Additionally, four non-binding purchase term sheets have been signed regarding the rare earth concentrate mined from Tanbreez [1]

Group 1 - The A-share non-ferrous metal sector has continued its strong performance in 2026, with the Shenwan non-ferrous metal industry index rising by 15.87% year-to-date, ranking first among all 31 Shenwan primary industry indices [1] - The rare earth permanent magnet sector has also performed well, with several rare earth stocks, such as Zhongcai Rare Earth and China Rare Earth, outperforming the Shenwan non-ferrous metal industry index [2] - The recent rise in the rare earth permanent magnet sector is primarily driven by the recovery of rare earth prices, with the Baotou Rare Earth Products Exchange's rare earth price index showing a continuous upward trend since the beginning of the year [3] Group 2 - The rare earth price index has increased from 217 points to 237 points since the beginning of the year, surpassing the previous high of 233 points set in August 2025 [6] - Various rare earth products have seen price increases, with praseodymium oxide rising by approximately 9.41% and neodymium oxide by about 9.19% as of January 21 [6] - Several rare earth industry companies have reported positive earnings forecasts for 2025, with companies like Zhenghai Magnetic Materials expecting a net profit increase of 235.72%-311.52% year-on-year [7] Group 3 - The global supply-demand gap for rare earths is expected to continue expanding, with emerging fields such as electric vehicles and humanoid robots driving long-term demand growth [8] - Humanoid robots are anticipated to become a new growth driver for rare earth permanent magnet demand, with the demand for neodymium-iron-boron materials expected to increase significantly by 2035 [8] - The price of praseodymium and neodymium is projected to rise to a range of 600,000 to 800,000 yuan per ton by 2026, driven by recovering exports and increased supply from Southeast Asia [8] Group 4 - The humanoid robot market is expected to reach over a hundred million units, with each robot requiring approximately 2-3 kilograms of rare earth permanent magnets [9] - The demand for high-performance neodymium-iron-boron materials is projected to grow at a compound annual growth rate of 13%, reaching 212,000 tons by 2027 due to rapid growth in sectors like electric vehicles and wind power [10]