2025年11月24日盘中，稀有金属板块下修调整。截至2025年11月24日 10:48，中证稀有金属主题指数下 跌。成分股铂科新材领涨，东方钽业、锡业股份跟涨；融捷股份领跌，盛新锂能、江特电机跟跌。 中金公司表示，"十五五"规划继续强调战略矿产资源开发和储备，夯实国家资源安全保障。展望未来， 有色行业有望迎来货币、需求和供应共振向上的牛市。在有色价格有望整体上行的背景下，增储上产 及"十五五"规划进一步激活中国矿企成长性，有色矿业公司有望迎来重大发展机遇期，配置价值凸显。 数据显示，截至2025年10月31日，中证稀有金属主题指数前十大权重股分别为北方稀土、洛阳钼业、华 友钴业、盐湖股份、赣锋锂业、天齐锂业、中矿资源、中国稀土、西部超导、厦门钨业，前十大权重股 合计占比60%。 稀有金属ETF（562800）跟踪中证稀有金属主题指数，是布局稀有金属板块的便利工具。 场外投资者还可以通过稀有金属ETF联接基金（014111）关注稀有金属板块投资机遇。 消息面上，近期，锂电、储能及电网设备等电力相关板块受益于海内外需求爆发，逐步成为热点主线， 研究机构普遍认为，国内外储能需求正迎来共振时刻，储能行业维持高景气预 ...

场外投资者还可以通过稀有金属ETF联接基金（014111）关注稀有金属板块投资机遇。 钴方面，为应对国际市场供过于求的局面，刚果金宣布暂停钴出口并严格落实禁止出口政策。钴价上涨 至40万元/吨左右，基本达到刚果金政府的预期。考虑到2026-2027年刚果金配额数据仍未确定，在钴价 充分上涨后，其政策实际执行情况存在较大不确定性，但短期钴或仍将是能源金属的主涨方向。中长期 来看，小金属的战略地位或将持续提升，包括稀土、钴等在内的小金属中期景气度或持续向上。 数据显示，截至2025年10月31日，中证稀有金属主题指数前十大权重股分别为北方稀土、洛阳钼业、华 友钴业、盐湖股份、赣锋锂业、天齐锂业、中矿资源、中国稀土、西部超导、厦门钨业，前十大权重股 合计占比60%。 稀有金属ETF（562800）跟踪中证稀有金属主题指数，是布局稀有金属板块的便利工具。 2025年11月21日盘中，稀有金属板块回调蓄势。截至2025年11月21日 10:45，中证稀有金属主题指数下 跌。成分股天华新能领跌，江特电机、赣锋锂业、西藏矿业、盛新锂能跟跌。 消息面上，今年下半年以来，受供给端不确定性持续影响，叠加下游储能、动力电池需求大幅 ...

数据显示，截至2025年10月31日，中证稀有金属主题指数前十大权重股分别为北方稀土、洛阳钼业、华 友钴业、盐湖股份、赣锋锂业、天齐锂业、中矿资源、中国稀土、西部超导、厦门钨业，前十大权重股 合计占比60%。 截至2025年11月6日 13:12，中证稀有金属主题指数强势上涨1.89%，成分股西藏矿业上涨7.98%，云南 锗业上涨6.13%，赣锋锂业上涨4.12%，洛阳钼业、西部超导等个股跟涨。稀有金属ETF(562800)上涨 1.77%，盘中涨超2%。 流动性方面，稀有金属ETF盘中换手2.61%，成交9967.47万元。拉长时间看，截至11月5日，稀有金属 ETF近1月日均成交3.22亿元，居可比基金第一。 规模方面，稀有金属ETF近3月规模增长25.49亿元，实现显著增长，新增规模位居可比基金第一。份额 方面，稀有金属ETF近1月份额增长13.99亿份，实现显著增长，新增份额位居可比基金第一。资金流入 方面，稀有金属ETF最新资金净流入2783.60万元。拉长时间看，近20个交易日内，合计"吸金"11.82亿 元。 截至11月5日，稀有金属ETF近3年净值上涨6.18%。从收益能力看，截至2025年1 ...

Group 1: ETF Performance and Metrics - The Rare Metals ETF has a turnover rate of 4.69% during trading, with a transaction volume of 189 million yuan [3] - The latest scale of the Rare Metals ETF reached 3.893 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - The latest share count of the Rare Metals ETF is 4.658 billion shares, also a new high since its inception and leading among comparable funds [3] - The net inflow of funds into the Rare Metals ETF is 31.117 million yuan, with a total of 122 million yuan raised over the past five trading days [3] - As of October 24, the net value of the Rare Metals ETF has increased by 15.51% over the past three years [3] - The highest monthly return since inception for the Rare Metals ETF is 24.02%, with the longest consecutive months of increase being five, and the maximum increase during this period being 66.25% [3] - The average return during the months of increase is 8.60% [3] Group 2: Market Trends and Regulations - The Ministry of Commerce has released a new round of rare earth export control policies aimed at strengthening management of the rare earth industry chain, with a focus on secondary resource recycling technologies [4] - By 2025, the proportion of secondary recycling in the rare earth supply chain is expected to reach 27% [4] - The new regulations will strictly control the incremental supply of rare earths, making it difficult for the market to see sudden increases in supply outside of government actions [4] - According to CITIC Securities, the demand for lithium salts is expected to continue exceeding expectations due to sustained global energy storage and power battery market conditions [4] - The peak investment period for the lithium industry has passed, with future increments mainly coming from existing project expansions, and the growth rate of lithium resource supply is expected to gradually decline [4] - The inventory-to-sales ratio for lithium salt smelting plants in September was 28%, returning to 2022 levels, indicating that lithium salt inventory levels have reached their limits [4] - Forecasts suggest that global lithium supply surplus from 2025 to 2028 will be 10.1, 7.8, 2.9, and 1.1 thousand tons respectively, with lithium supply and demand gradually shifting to a tight balance [4] - Lithium prices are expected to rise from the bottom, with a projected range of 80,000 to 100,000 yuan per ton in 2026 [4] Group 3: Key Stocks in Rare Metals - The top ten weighted stocks in the CSI Rare Metals Theme Index account for a total of 59.91%, including Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others [3] - Notable stock performances include Xihua Salt Lake with a 2.58% increase and Northern Rare Earth with a 3.95% increase [6] - Investors can also participate in the rare metals sector through the Rare Metals ETF linked fund (014111) [6]

Core Insights - The rare metals sector is experiencing significant growth, with the China Rare Metals Theme Index rising by 1.88% and key stocks like Yahua Group and Jinchuan Group showing substantial gains [1][4] - The Rare Metals ETF has reached a record size of 3.774 billion yuan, indicating strong investor interest and inflow of funds [4] - Recent developments in cobalt export quotas from the Democratic Republic of Congo have led to a sharp increase in cobalt prices, signaling a shift from surplus to shortage in the global cobalt supply [5] Group 1: Market Performance - The Rare Metals ETF has seen a 12.97% increase over the past month, with a trading volume of 1.47 billion yuan and a turnover rate of 3.81% [1][4] - The ETF's net value has increased by 12.46% over the past three years, with a maximum monthly return of 24.02% since its inception [4] - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.91% of the index, highlighting the concentration of investment in key players [4] Group 2: Cobalt Market Dynamics - The announced cobalt export quotas for 2026-2027 are only about 48% of the 2024 production levels, which is significantly lower than market expectations, driving prices from 170,000 yuan/ton to 410,000 yuan/ton [5] - Analysts suggest that the tightening of resource control will enhance the strategic scarcity of cobalt, further supporting price increases [5] Group 3: Strategic Importance of Rare Metals - Rare metals are increasingly recognized as critical materials for high-tech industries and national defense, with growing demand expected in sectors such as aerospace and deep-sea exploration [6] - The emphasis on enhancing combat capabilities and building a strong aerospace industry will likely drive the demand for high-performance rare metal materials [6]

Group 1: Rare Metal ETF Performance - The liquidity of the rare metal ETF showed a turnover rate of 2.52%, with a transaction volume of 91.66 million yuan [3] - The latest scale of the rare metal ETF reached 3.639 billion yuan, ranking first among comparable funds [3] - In the past week, the rare metal ETF saw an increase of 366 million shares, marking significant growth and leading among comparable funds [3] - Over the last five trading days, the rare metal ETF experienced net inflows on four days, totaling 718 million yuan [3] - As of October 17, the net value of the rare metal ETF has increased by 6.69% over the past three years [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25% [3] - The average monthly return during the rising months was 8.60% [3] Group 2: Industry Trends and Supply Dynamics - In the first eight months of 2025, global power battery installations reached 691.3 GWh, a year-on-year increase of 34.9% [4] - The global energy storage industry is also experiencing high growth, with expectations for large-scale storage installations to reach 205 GWh in 2025, up 51% year-on-year [4] - The dual growth of the new energy vehicle and energy storage sectors is providing strong support for lithium metal demand [4] - On the supply side, the lithium market has been in a state of oversupply due to previous industry expansion, leading to continued price pressure [4] - However, the implementation of "anti-involution" policies in the domestic industry is gradually pushing lithium prices to stabilize and rise [4] - The "anti-involution" measures are expected to clear inefficient production capacity in the lithium industry, supporting performance recovery for related companies [4] - In September 2025, the Democratic Republic of the Congo announced a cobalt export quota policy, which may exacerbate supply tightness in the global cobalt market [4] - The DRC is projected to account for 76% of global cobalt production in 2024 [4] Group 3: Top Holdings in Rare Metal Index - The top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Salt Lake Potash, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Zhongjin Lingnan, Shenghe Resources, and Western Superconducting, collectively accounting for 59.91% of the index [3]

Core Insights - The China Rare Metals Theme Index has decreased by 0.44% as of October 17, 2025, with mixed performance among constituent stocks [1] - The Rare Metals ETF has reached a record high in both scale and shares, with a total scale of 37.51 billion and 45.09 billion shares [3] - Recent price increases in tungsten and cobalt indicate potential upward price adjustments in the medium to long term due to supply constraints and market dynamics [4] Group 1: Market Performance - The Rare Metals ETF experienced a turnover of 2.68% and a transaction volume of 101 million yuan [3] - The ETF has seen continuous net inflows over the past week, with a peak single-day net inflow of 403 million yuan, totaling 1.271 billion yuan [3] - The index's top ten weighted stocks account for 59.91% of the total, with notable companies including Northern Rare Earth and Ganfeng Lithium [3] Group 2: Price Trends and Supply Dynamics - Black tungsten concentrate prices have risen by 13.60% to 284,000 yuan per ton, while ammonium paratungstate prices increased by 12.16% to 415,000 yuan per ton [4] - The supply side for tungsten is constrained due to reduced mining quotas and lower ore grades, providing strong support for prices [4] - The Democratic Republic of Congo's dominance in global cobalt supply suggests that companies with substantial resource reserves and production capacity will have a competitive advantage [4]

Core Insights - The China Rare Metals Theme Index decreased by 0.14% as of October 14, 2025, with mixed performance among constituent stocks, where Salt Lake Co. led with a rise of 5.66% [1] - The Rare Metals ETF (562800) has seen a significant increase of 15.48% over the past two weeks, indicating strong market interest [1][3] - The Rare Metals ETF reached a new high in scale at 3.671 billion yuan and in shares at 4.14 billion, ranking first among comparable funds [3] Market Performance - The ETF recorded a turnover rate of 7.83% with a transaction volume of 291 million yuan [3] - The ETF has experienced continuous net inflows over the past four days, with a peak single-day inflow of 403 million yuan, totaling 954 million yuan [3] - Over the past three years, the net value of the Rare Metals ETF has increased by 20.87% [3] Sector Analysis - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.91% of the index, with North Rare Earth and Luoyang Molybdenum being the most significant contributors [3] - The Ministry of Commerce's decision to implement export controls on certain rare earth items continues to impact market dynamics [3] Supply and Demand Dynamics - Antimony supply is contracting due to environmental inspections and a lack of large new mines, while demand is supported by the photovoltaic glass sector and military applications [4] - Molybdenum supply growth is hindered by declining ore grades, but demand is bolstered by low-emission steel production and renewable energy applications [4] - Cobalt supply is constrained by export quotas from the Democratic Republic of Congo, while demand is driven by high-end electric vehicle batteries and energy storage [4]

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 11.57% during trading, with a transaction volume of 359 million yuan, indicating active market trading [3] - The latest scale of the Rare Metal ETF reached 3.08 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF's share reached 3.67 billion shares, also a new high since inception, and ranks first among comparable funds [3] - Over the past three days, the Rare Metal ETF has seen continuous net inflows, with a maximum single-day net inflow of 358 million yuan, totaling 551 million yuan [3] - As of October 10, the net value of the Rare Metal ETF has increased by 17.31% over the past three years [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25%, averaging a monthly return of 8.60% [3] Group 2: Cobalt Export Quotas and Market Dynamics - According to CITIC Construction Investment, cobalt export quotas for Congo (Kinshasa) have been finalized, with Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three shares at 35.9%, 27.3%, and 21.6% respectively [4] - The total quota for 2026 and 2027 is set at 96,600 tons, which includes a basic quota of 87,000 tons allocated to production enterprises and a strategic quota of 9,600 tons [4] - Under the quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons [4] - Based on estimates for 2024, with a supply of 270,000 tons and demand of 230,000 tons, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher [4] Group 3: Rare Earth Export Controls - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earths to the export control list [4] - The controls also extend to the entire industrial chain, including equipment, technology, and raw materials, with additional regulations on overseas military and high-end semiconductor demands [4] - The strategic position of rare earths has been further reinforced through these measures [4] Group 4: Rare Metal Index and Investment Opportunities - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 59.91% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF has a turnover rate of 4.69% during trading hours, with a transaction volume of 141 million yuan [3] - As of October 9, the average daily transaction volume of the rare metal ETF over the past week is 622 million yuan, ranking first among comparable funds [3] - The latest scale of the rare metal ETF reached 3.01 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF has seen a significant increase in shares, with a growth of 278 million shares over the past two weeks, also ranking first among comparable funds [3] - The net inflow of funds into the rare metal ETF is 358 million yuan [3] - Over the past three years, the net value of the rare metal ETF has increased by 17.47% [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and the longest increase percentage being 66.25% [3] - The average return during the increasing months is 8.60% [3] Group 2: Market Outlook and Demand for Industrial Metals - The Federal Reserve's initiation of a rate-cutting cycle is favorable for the industrial metal sector, particularly for tin, which has limited supply growth and ongoing supply disruptions, leading to an expected increase in tin prices [3] - Market expectations suggest that the Federal Reserve may initiate another rate cut in September 2025, which, along with gradually easing global liquidity and improving domestic macro expectations, will benefit industrial metals like tin and copper [3] - The release of terminal demand is expected to benefit downstream processing products, with rare earth magnetic materials likely to see profit expansion due to increasing price differentials domestically and internationally [3] Group 3: Strategic Small Metals and Market Dynamics - Limited reserves, high extraction difficulty, and insufficient supply elasticity of strategic small metals are leading to intensified supply-demand conflicts, especially with rapid growth in downstream demand from sectors like new energy, semiconductors, and military [4] - The price of small metals is expected to continue its upward trend due to ongoing resource scarcity, demand structure upgrades, and policy adjustments [4] - Companies with resource reserve advantages, technical barriers, and compliant export channels are expected to benefit continuously [4] Group 4: Top Holdings in Rare Metal Index - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Salt Lake Potash, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Zhongmin Resources, Shenghe Resources, and Western Superconducting, collectively accounting for 59.91% of the index [4]