数据显示，2025年Q4工业级碳酸锂均价达8.7万元/吨，环比上涨19%，在价格传导存在滞后性的背景 下，企业单吨利润提升至0.8万元/吨，其中自有资源占比超50%的企业利润弹性更为突出。展望2026 年，东吴证券认为，若碳酸锂价格站稳15万元/吨，头部企业锂盐业务有望贡献超90亿元利润。该趋势 印证了稀有金属价格中枢上移并非单纯周期扰动，而是资源自给能力、成本控制效率与技术迭代进度共 同决定的价值重估过程。 国泰海通证券指出，在供需紧平衡背景下，宏观变量（货币政策、区域博弈、供给扰动）已成为影响金 属价格的核心变量；其中，碳酸锂库存已重启去库进程，叠加电池出口退税率下调预期带来的需求前置 效应，淡季需求表现超预期；同时，江西重要矿山复产节奏存在扰动，市场对产量释放持续性分歧加 大，进一步加剧供应端不确定性。稀土方面，在政策支持与春节前备库需求回暖共振下价格回升，其作 为关键战略资源的投资价值持续获看好。 稀有金属ETF基金（561800）跟踪的CS稀金属指数，该指数主要配置碳酸锂+小金属+稀土板块，碳酸 锂含量在30%~40%，是市面上含"锂"量最高的指数，为场内投资者提供一键布局稀有金属行业的优秀 投资工 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and upward trends in the rare metals market, driven by increasing demand and supply constraints [1][2][3] Group 2 - As of January 23, 2026, the CSI Rare Metals Theme Index (930632) rose by 1.28%, with key stocks like Western Materials hitting the daily limit up and others like Chuaneng Power and Zhuhai Group also showing significant gains [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 59.54% of the index, with companies such as Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium leading the list [1] - The rare metals ETF fund (561800) saw a 1.41% increase, with a maximum intraday rise exceeding 2%, and recorded a turnover rate of 6.48% with total transactions of 14.6183 million yuan [1] - The price of battery-grade lithium carbonate increased by 4,000 yuan to 152,500 yuan per ton on January 20, 2026, reflecting a more than 28% rebound from the year's low, driven by surging storage demand and supply constraints [2] - New energy storage technologies are expanding rapidly, with lithium battery shipments in China reaching 430 GWh in the first three quarters of 2025, a year-on-year increase of 99.07% [2] - The supply-demand dynamics for rare metals are undergoing significant changes, with tungsten concentrate prices rising by 4.3% week-on-week to 507,000 yuan per ton, and prices for praseodymium-neodymium oxide and dysprosium oxide also increasing [3] - The CS Rare Metals Index, tracked by the rare metals ETF fund, is one of the highest in energy metal content, particularly lithium and cobalt, and is expected to benefit from ongoing market trends [3]

稀土磁材产业链价格持续走高，氧化镨钕、镨钕金属及钕铁硼毛坯价格均显著上涨。湘财证券分析指 出，本周稀土精矿价格涨势扩大，下游低库存背景下补货需求有所好转，叠加供应端氧化物现货偏紧， 成本支撑坚挺。尽管终端订单对高价原料接受度有限，但短期预计稀土价格将维持高位坚挺态势。随着 年报预披露窗口临近，板块行情有望获得业绩增长支撑，上游资源企业及客户结构良好的磁材龙头或将 受益。 场内ETF方面，截至2026年1月21日 10:08，中证稀有金属主题指数(930632)强势上涨2.56%，成分股盛 新锂能上涨9.99%，天华新能上涨7.42%，中矿资源上涨7.35%，中钨高新，永兴材料等个股跟涨。稀有 金属ETF基金(561800)上涨2.53%， 稀有金属ETF基金（561800）跟踪的CS稀金属指数作为目前市面上能源金属含量（"锂"和"钴"）最高的 指数之一，有望持续受益。 数据显示，截至2025年12月31日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、天齐锂业、中矿资源、厦门钨业、中国稀土、西部超导，前十 大权重股合计占比59.54%。 规模方面，截 ...

Group 1 - The core viewpoint of the articles highlights a strong performance in the rare metals sector, driven by supply constraints and increasing demand, particularly in the context of electric vehicles and energy storage [1][2][3] - As of January 12, 2026, the CSI Rare Metals Theme Index (930632) rose by 2.48%, with significant gains in component stocks such as Western Superconducting (up 15.10%) and Northern Rare Earth (up 6.42%) [1] - Since the beginning of 2025, prices of minor metals have been on the rise, with tungsten prices significantly increasing due to supply tightening from mining and production maintenance [1][2] Group 2 - The cobalt market is experiencing a structural supply shortage due to delayed export quotas from exporting countries, which may lead to further price increases and investment opportunities for related companies [2] - The lithium industry is expected to maintain a strong performance due to ongoing demand from the electric vehicle sector and inventory reduction trends, with carbonate lithium prices likely to remain stable [2] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 59.54% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [2]

Group 1 - The core viewpoint highlights the significant rise in rare metal stocks driven by the dual forces of new energy transition and high-end manufacturing upgrades, with the rare metal theme index showing a strong performance [1][2] - As of November 27, 2025, the rare metal ETF fund has accumulated a 15.14% increase over the past three months, indicating strong investor interest and market momentum [1] - The liquidity of the rare metal ETF fund is notable, with a turnover rate of 5.29% and a total transaction volume of 975.95 million yuan, reflecting active trading [1] Group 2 - The strategic value of rare metals is emphasized, with traditional demand remaining stable while emerging fields like humanoid robots and low-altitude economy are becoming significant growth drivers [2] - The industry is experiencing increased concentration due to tighter domestic supply controls and enhanced export regulations, which are expected to support rising rare metal prices and improve corporate profitability [2] - The top ten weighted stocks in the rare metal theme index account for 60% of the index, with companies like Northern Rare Earth and Luoyang Molybdenum leading the way [2][4]

Group 1 - The core viewpoint of the news highlights a significant surge in the rare metals sector, with the China Rare Metals Theme Index rising by 5.31% and several key stocks reaching their daily limit up [1] - The rare metals ETF fund has shown strong performance, with a 5.21% increase and a trading volume of 17.57 million yuan, indicating robust market interest [1] - Recent price increases in upstream lithium battery materials, such as battery-grade lithium carbonate and cobalt, are driving market optimism, with prices rising by 15.65% and 17.69% respectively since early October 2025 [1] Group 2 - The supply-demand structure for lithium carbonate is marginally improving, with a 11.95% increase in average prices in Q3 2025, leading to a recovery in profitability for related companies [2] - Key companies in the rare metals sector include Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium, with the top ten stocks accounting for 60% of the index [2] - The performance of the top ten stocks shows significant gains, with Northern Rare Earth up by 3.16% and Ganfeng Lithium up by 7.10%, reflecting strong market dynamics [4]

Group 1 - The core viewpoint of the articles highlights the strengthening of the rare metals sector due to recent developments such as detailed export controls on rare earths, renewed tariff trade frictions, and the Federal Reserve's interest rate cuts, which collectively enhance China's position in the global rare earth market [1][2][3] - The China Rare Metals Theme Index (930632) has shown a strong upward trend, with notable increases in component stocks such as Shengxin Lithium Energy (002240) reaching a 10% limit up, and other stocks like Rongjie Co. (002192) and Tibet Mining (000762) also experiencing significant gains [1][4] - The Rare Metals ETF (561800) has seen a net inflow of funds over three out of the last five trading days, totaling 19.6353 million yuan, indicating strong investor interest [1][3] Group 2 - The investment opportunities in rare metals are particularly noteworthy, as they are crucial in high-tech fields and exhibit greater price elasticity compared to traditional industrial metals, making them more responsive to market trends [2][3] - From a microeconomic perspective, rare metals like rare earths and tungsten have seen price increases due to export controls, while lithium carbonate prices remain stable amid a tightening supply-demand balance, driven by stricter mining regulations and rising demand from lithium battery and energy storage sectors [3][4] - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.91% of the index, with companies like Northern Rare Earth (600111) and Luoyang Molybdenum (603993) being significant contributors [4][6]

Core Insights - The Chinese Ministry of Commerce announced export controls on rare earth-related technologies to safeguard national security and interests, effective October 9, 2025 [1] - The rare metal ETF index (930632) surged by 6.23% as of October 9, 2025, with significant gains in constituent stocks such as Western Superconducting (up 18.79%) and Ganfeng Lithium (up 9.15%) [1] - The rare metal ETF fund (561800) has seen a cumulative increase of 10.36% over the past two weeks, ranking first among comparable funds [1][3] Industry Performance - As of September 30, 2025, the rare metal ETF fund recorded a highest monthly return of 24.02% since its inception, with an average monthly return of 8.58% during rising months [3] - The rare earth prices, particularly for praseodymium and neodymium oxides, are expected to remain high, contributing to strong performance in the rare earth industry in the second half of the year [3] - The supply-demand dynamics in the rare earth sector are improving, with domestic supply growth lagging behind demand expansion due to regulatory measures on mining and separation [3] - Demand is driven by industries such as robotics, low-altitude economy, and military applications, while high refining costs abroad support price expectations [3] Key Stocks - The top ten weighted stocks in the rare metal index include Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium, collectively accounting for 59.91% of the index [4][5] - Notable stock performances include Salt Lake Co. (up 6.76%), Northern Rare Earth (up 7.31%), and Luoyang Molybdenum (up 9.04%) [7]

Core Insights - The rare metals theme index (930632) has shown a strong increase of 1.92% as of September 12, 2025, with notable gains in constituent stocks such as Yunlu Co., Ltd. (688190) up 6.05% and Dongfang Tantalum Industry (000962) up 5.82% [1] - The rare metals ETF (561800) has seen a weekly increase of 6.45%, ranking first among comparable funds [1] - Over the past year, the rare metals ETF has achieved a net value increase of 85.48%, with a maximum single-month return of 24.02% since its inception [4] Industry Analysis - The supply increase of lithium spodumene is effectively compensating for the shortfall in lithium mica, leading to a marginal growth in domestic production and a return of lithium prices to fundamentals [4] - The cobalt sector is experiencing structural price increases, with a potential short-term benefit from improving demand as the peak demand season approaches [4] - The rare earth industry is undergoing significant supply-side reforms, with a notable increase in magnetic material exports, which rose by 75% month-on-month and 6% year-on-year [4] - The rare earth sector is expected to continue evolving with both valuation and performance improvements due to price increases, supply reforms, and strategic attributes of the sector [4] Key Stocks - As of August 29, 2025, the top ten weighted stocks in the rare metals theme index account for 57.58% of the index, including Northern Rare Earth (600111) and Luoyang Molybdenum (603993) [5] - The top stocks by weight include Salt Lake Co. (000792) at 8.52% and Northern Rare Earth (600111) at 8.49% [7] - The rare metals ETF (561800) serves as an effective investment tool for investors looking to gain exposure to the rare metals industry [7]

Group 1 - The Rare Metals ETF has seen a net value increase of 36.41% over the past year, with the highest monthly return reaching 24.02% since its inception [3] - The ETF closely tracks the Zhongzheng Rare Metals Theme Index, which includes up to 50 listed companies involved in rare metal mining, smelting, and processing [3] - As of June 30, 2025, the top ten weighted stocks in the Zhongzheng Rare Metals Theme Index account for 54.07% of the index, with companies like Salt Lake Co. and Northern Rare Earth among the leaders [3] Group 2 - The industrial metals sector is expected to benefit from policy support, with plans to expand demand and optimize supply, boosting industry confidence [4] - The Ministry of Industry and Information Technology aims to promote structural adjustments and high-quality development in key industries, including copper and aluminum [4] - Strategic metals are anticipated to experience valuation reconstruction opportunities, with prices for praseodymium and neodymium oxide rebounding and black tungsten ore prices reaching historical highs [4] Group 3 - The top ten stocks in the Rare Metals ETF include Salt Lake Co. (8.52% weight), Northern Rare Earth (8.49% weight), and others, providing a solid investment tool for investors in the rare metals sector [6]