价格异动，一周飙升近5万元 1月末的稀土市场，颇不宁静。 氧化钕作为高性能钕铁硼永磁体的关键原料，其价格在1月23日至28日间，每吨上涨近5万元。这波涨势并非孤立，氧化镨、氧化钇等稀土品种价格同步上 扬。 这场涨价潮背后，是全球高端制造业对"工业维生素"日益增长的需求，与中国对战略性资源供应调控之间的深度互动。 缅甸作为中国重稀土重要进口来源，其政局动荡导致稀土出口量已降至峰值水平的20%-25%。而越南自2026年1月起，已全面禁止稀土原矿出口。 1月的最后一周，稀土市场交易屏幕上的数字跳动令人屏息。氧化钕中间价从1月23日的68.3万元/吨，急速拉升至1月28日的73.25万元/吨，周涨幅超过 7%。 同步监测数据显示，氧化镨价格也从68.37万元/吨涨至73.25万元/吨，金属钕则从82.75万元/吨上涨至87.37万元/吨。 富途证券报道，截至1月28日，氧化钕均价较去年年末涨幅已达20.08%。这一价格异动迅速传导至产业链下游，钕铁硼永磁材料价格应声上涨。 稀土精矿价格已连续第六个季度上调，创下2023年3月以来的新高。 机器人"粮食"告急，新兴需求爆发 钕铁硼永磁材料被称为现代高端制造的"粮食"， ...

近期，贵金属价格不断走强， 当地时间1月20日，受美国最新的关税威胁影响，美股三大指数大幅下挫。 截至收盘，道琼斯指数跌1.76%；标普500指数跌2.06%；纳斯达克指数跌2.39%。科技股普跌，英伟达 和特斯拉均跌超4%，亚马逊和苹果均跌超3%。 多个金属品种强势上涨 1月20日，全球贵金属市场延续强势，黄金、白银价格再度双双刷新历史纪录。伦敦金现货盘中最高达 到4766.23美元/盎司，年初以来上涨超9%；伦敦银现货盘中最高达到95.457美元/盎司，年初以来上涨超 33%。 国内期货市场同样表现强劲。1月20日，沪金期货主力合约上涨1.99%，收报1060.16元/克；沪银期货主 力合约上涨3.62%，收报23062元/千克。此外，钯金、铂金等其他贵金属品种也普遍收涨。 除了贵金属，工业金属与小金属今年以来亦多数走强。1月20日，碳酸锂期货主力合约收盘涨停，年初 以来累计上涨33.04%；沪锡期货主力合约年初以来累计上涨23.56%，不锈钢与镍期货主力合约累计涨 幅也分别录得8.2%和6.41%。 近期，贵金属价格不断走强，主要受外围市场影响。日前，美国威胁对欧洲多国加征关税，使全球市场 情绪恶化，推 ...

Group 1: Precious Metals Market Performance - The global precious metals market continues to show strength, with gold and silver prices reaching historical highs, with gold hitting $4,730.09 per ounce and silver reaching $95.457 per ounce, marking increases of over 9% and 33% respectively since the beginning of the year [1][2] - Domestic futures market also performed strongly, with Shanghai gold futures rising by 1.99% to 1,060.16 yuan per gram and Shanghai silver futures increasing by 3.62% to 23,062 yuan per kilogram [2] - The rise in precious metal prices is attributed to external market influences, including U.S. threats of tariffs on European countries, which have heightened investor demand for safe-haven assets [2] Group 2: Performance of Non-Ferrous Metals - Various non-ferrous metals have also seen significant price increases, with lithium carbonate futures reaching a limit-up close and a cumulative increase of 33.04% since the beginning of the year [2] - Other metals such as tin and nickel have recorded increases of 23.56% and 6.41% respectively [2] Group 3: Company Earnings Forecasts - As of January 20, 2025, 16 non-ferrous metal companies have reported earnings forecasts, with 12 companies expecting year-on-year profit growth, and 8 companies showing a profit increase of over 100% [3][4] - Northern Rare Earth, a leading company in the rare earth sector, anticipates a net profit of 2.176 billion to 2.356 billion yuan, representing a growth of 116.67% to 134.6% [3] Group 4: Institutional Interest and Research - 17 non-ferrous metal stocks have attracted institutional attention, with 8 stocks receiving over 10 institutional research visits [5] - Companies like Shengda Resources and Yunnan Geology have outlined future resource acquisition plans during investor meetings, indicating a focus on capital expenditure for mining projects [6] - The total net buy amount from financing for these 17 stocks has reached 1.238 billion yuan, with significant contributions from companies like Zhongjin Lingnan and Yunnan Geology [6]

2025年，面对复杂多变的国内外形势和市场环境，北方稀土带头践行国家产业政策，遵循发展战略规 划，紧抓市场变化节奏，紧盯全年生产经营任务目标，强化全面预算管理，深化对标提升及降本提质增 效。 1月16日晚，北方稀土（600111）披露业绩预告，公司预计2025年度实现归母净利润21.76亿元到23.56亿 元，同比增加116.67%到134.60%；预计2025年扣非后净利润19.6亿元到21.4亿元，同比增加117.46%到 137.43%。 北方稀土是我国最早建立并发展壮大的国有控股稀土企业。经过多年发展，公司已成为全球最大的稀土 企业集团和稀土产业基地，在我国稀土行业有着重要影响力。 去年以来，国内市场稀土价格出现修复。据中国稀土（000831）行业协会整理的数据，2025年1至12月 多数稀土价格均出现上涨，比如在轻稀土中氧化钕均价为50.87万元/吨，同比上涨27.4%；金属钕均价 为62.58万元/吨，同比上涨27%。再如在重稀土中，99.99%氧化铽均价为673.87万元/吨，同比上涨 17.2%；金属铽均价为835.91万元/吨，同比上涨16.5%。 科研创新赋能方面，北方稀土不断加大科技创新 ...

1月16日晚，北方稀土（600111）披露业绩预告，公司预计2025年度实现归母净利润21.76亿元到23.56亿 元，同比增加116.67%到134.60%；预计2025年扣非后净利润19.6亿元到21.4亿元，同比增加117.46%到 137.43%。 北方稀土是我国最早建立并发展壮大的国有控股稀土企业。经过多年发展，公司在行业内率先发展成为 集稀土冶炼分离、功能材料、应用产品、科研和贸易一体化的集团化上市公司，已成为全球最大的稀土 企业集团和稀土产业基地，是我国稀土大集团之一，在我国稀土行业有着重要影响力。 去年以来，国内市场稀土价格出现修复。据中国稀土（000831）行业协会整理的数据，2025年1至12月 多数稀土价格均出现上涨，比如在轻稀土中氧化钕均价为50.87万元/吨，同比上涨27.4%；金属钕均价 为62.58万元/吨，同比上涨27%。再如在重稀土中，99.99%氧化铽均价为673.87万元/吨，同比上涨 17.2%；金属铽均价为835.91万元/吨，同比上涨16.5%。 2025年，面对复杂多变的国内外形势和市场环境，北方稀土带头践行国家产业政策，遵循发展战略规 划，紧抓市场变化节奏，紧盯 ...

Group 1 - The Baotou Rare Earth Products Exchange has launched a rare earth price index, utilizing its trading data and compliance trade data, covering mainstream products like lanthanum, cerium, praseodymium, and neodymium [1] - The index is developed in collaboration with major rare earth enterprises and institutions, including Northern Rare Earth and China Rare Earth [1] - Baotou Steel and Northern Rare Earth announced an adjustment in the price of rare earth concentrate to 26,834 yuan/ton (excluding tax), a 2.4% increase [1] Group 2 - Northern Rare Earth is the largest supplier of light rare earth products globally, with China holding approximately 40% of the world's rare earth resources [2] - From Q3 2024, the price of rare earth concentrates has been raised six consecutive times, with significant price increases noted in various rare earth products [2] - Northern Rare Earth reported a revenue of 30.292 billion yuan for the first three quarters of 2025, a 40.5% year-on-year increase, and a net profit of 1.541 billion yuan, up 280.27% [2] Group 3 - The demand for rare earth permanent magnets is growing rapidly, particularly in the electric vehicle sector, which is expected to account for about 50% of future demand for high-performance neodymium-iron-boron magnets [3] - The compound annual growth rate (CAGR) for rare earth demand is projected to exceed 13% over the next three years, driven by sectors like electric vehicles and wind power [3] Group 4 - Jinli Permanent Magnet expects a net profit of 505 million to 550 million yuan for the first three quarters of 2025, representing a year-on-year increase of 157% to 179% [4] - China Rare Earth Holdings is primarily engaged in the manufacturing and sales of rare earth and refractory products [4] Group 5 - Minmetals Resources has been initiated with a "recommend" rating, with projected revenues of 48.3 billion, 64.5 billion, and 68.7 billion HKD from 2025 to 2027 [5] - China Aluminum is a leading enterprise in the aluminum industry, involved in the exploration and production of various resources [5]

Group 1 - The Baotou Rare Earth Products Exchange has officially launched a rare earth price index, utilizing its own trading data and compliant trade data, covering mainstream rare earth products such as lanthanum, cerium, praseodymium, and neodymium [1] - The price of rare earth concentrate is set to increase to 26,834 yuan/ton (excluding tax) in Q1 2026, reflecting a 2.4% increase compared to the previous period [1] - Northern Rare Earth is the largest supplier of light rare earth products globally, with China holding approximately 40% of the world's rare earth resources, particularly rich in medium and heavy rare earth resources [2] Group 2 - The prices of various rare earth products have seen significant increases, with neodymium oxide averaging 508,700 yuan/ton (up 27.4% year-on-year) and terbium oxide averaging 6,738,700 yuan/ton (up 17.2% year-on-year) [2] - Northern Rare Earth reported a revenue of 30.292 billion yuan for the first three quarters of 2025, a 40.5% year-on-year increase, with net profit rising by 280.27% [2] - Baogang Group's revenue for the first three quarters of 2025 was 48.08 billion yuan, showing a 3.58% year-on-year decline, but it turned a profit with a net profit of 233 million yuan [2] Group 3 - The demand for rare earth permanent magnets is growing rapidly, particularly in the electric vehicle sector, which is expected to account for about 50% of future demand for high-performance neodymium-iron-boron materials [3] - The compound annual growth rate (CAGR) for rare earth demand is projected to exceed 13% over the next three years, driven by the rapid growth in electric vehicles, energy-efficient motors, and wind power generation [3] Group 4 - Jinli Permanent Magnet expects a net profit of 505 million to 550 million yuan for the first three quarters of 2025, representing a year-on-year increase of 157% to 179% [4] - China Rare Earth Holdings is primarily engaged in the manufacturing and sales of rare earth and refractory products, including metal oxides and fluorescent products [4] Group 5 - Minmetals Resources is projected to achieve revenues of 48.3 billion, 64.5 billion, and 68.7 billion HKD from 2025 to 2027, with net profits expected to reach 5.6 billion, 10.4 billion, and 12.1 billion HKD respectively [5] - China Aluminum is a leading enterprise in the aluminum industry, involved in the exploration and mining of bauxite and coal, as well as the production and sales of alumina, primary aluminum, aluminum alloys, and carbon products [5]

Group 1 - The core viewpoint of the articles highlights the continuous increase in rare earth concentrate transaction prices between Baotou Steel and Northern Rare Earth, with a 2.4% rise expected in Q1 2026 compared to Q4 2025, marking a cumulative increase of 60% since Q3 2024 [1][2] - Baotou Steel possesses the world's largest rare earth raw material base with an annual production capacity of 450,000 tons of rare earth concentrate, which is a primary procurement material for Northern Rare Earth [1] - The associated sales amount from Baotou Steel to Northern Rare Earth is projected to exceed 10.6 billion yuan in 2025, driven by anticipated price increases [1] Group 2 - The domestic rare earth market has seen price recovery, with significant year-on-year increases in prices for various rare earth products, such as a 27.4% rise in the average price of neodymium oxide [2] - Northern Rare Earth indicated that price fluctuations are influenced by multiple factors, including market supply and demand, costs, and expectations, and that the pricing mechanism with Baotou Steel is currently stable [2] - The rare earth market is expected to continue its upward trend into 2026, supported by policy adjustments and recovering downstream demand, with a focus on achieving a new balance in high-price fluctuations [2]

Group 1: Market Overview - The price of yttrium oxide (Y2O3) has surged dramatically, with global prices reaching approximately $126 per kilogram, marking an increase of nearly 1500% compared to the end of 2024, a historical high [1] - In Europe, yttrium oxide prices are around $270 per kilogram, reflecting a rise of over 4400% since the end of 2024 [1] - In China, yttrium oxide prices are approximately 49,000 yuan per ton, with an annual increase of about 16% to 28% [1] Group 2: Demand Drivers - The demand for light rare earths is primarily driven by the explosive growth in sectors such as new energy vehicles and wind power, coupled with supply constraints due to quotas and imports [2] - The penetration rate of permanent magnet synchronous motors in new energy vehicles has reached 95%, with significant demand for praseodymium and neodymium materials [2] - In October 2025, domestic new energy vehicle sales are projected to reach 980,000 units, a year-on-year increase of 32%, driving an additional demand of over 2,000 tons of praseodymium [2] - The wind power sector is also experiencing a surge, with a planned addition of 25 million kilowatts of new capacity in Q4, a 45% increase from Q3 [2] - Emerging fields like humanoid robots are expected to further boost demand, with a projected 200% year-on-year increase in light rare earth demand [2] Group 3: Supply Constraints - China's strict control over rare earth quotas significantly impacts supply, with a total mining control indicator of 145,000 tons for 2025, a mere 5% increase year-on-year [4] - The supply of praseodymium is estimated at only 90,000 tons against a projected demand of 120,000 tons for the year [4] - Recent political instability in Myanmar has led to a 15% decrease in rare earth imports, further tightening supply [5] - As of October 2025, domestic rare earth industry inventory has decreased by 38%, with major companies having only about one month of production capacity left [5] Group 4: Impact on Companies - Upstream rare earth resource companies are experiencing significant profit increases, with companies like Shenghe Resources reporting a net profit growth of 748.07% in the first three quarters of 2025 [6] - Midstream processing companies face cost pressures due to rising raw material prices, with some smaller firms struggling to pass on costs, leading to reduced profit margins [6] - Downstream recycling companies are investing in technology and projects, with companies like GreeenMei achieving a 95.2% recovery rate in their recycling processes [7] - The recycling sector is expected to alleviate 15% of the rare earth supply pressure, with future projections indicating an increase to 25% [7]

Group 1 - The rare earth sector experienced a strong rally on November 20, 2025, with the China Securities Rare Earth Industry Index rising by 1.63% [1] - Key stocks such as Shengxin Lithium Energy surged by 9.99%, Guangsheng Nonferrous by 6.72%, and Greeenmei by 4.10% [1] - Domestic light rare earth market prices increased, with prices for metals like praseodymium and neodymium reaching 670,000 CNY/ton and 700,000 CNY/ton respectively [1] Group 2 - Investment firm Guotou Securities noted that from July to September, exports of magnetic materials showed positive year-on-year growth, indicating a trend of increasing domestic and international demand [1] - The potential implementation of a whitelist system for rare earth supply is expected to drive a new round of price increases, with companies like Beifang Rare Earth and Baogang announcing price hikes for rare earth concentrates [1] - As of October 31, 2025, the top ten weighted stocks in the China Securities Rare Earth Industry Index accounted for 61.61% of the index, highlighting the concentration of investment in key players [1] Group 3 - The Jiashi Rare Earth ETF (516150) closely tracks the China Securities Rare Earth Industry Index, providing a convenient tool for investors to access the domestic rare earth industry chain [2] - Investors can also utilize the Jiashi Rare Earth ETF linked fund (011036) to capitalize on investment opportunities in the rare earth sector [2]