场内ETF方面，截至2026年1月12日 14:00，中证稀有金属主题指数(930632)强势上涨2.48%，成分股西 部超导上涨15.10%，中稀有色10cm涨停，北方稀土上涨6.42%，东方钽业，盛新锂能等个股跟涨。稀有 金属ETF基金(561800)上涨2.12%。拉长时间看，截至2026年1月9日，稀有金属ETF基金近1周累计上涨 9.71%。 2025年以来，小金属价格持续走强，稀有金属板块强势爆发。基本面上，去年12月国内钨产品价格持续 走高， 各核心钨产品价格均涨幅显著。 有分析认为，供应端的持续收紧是价格上行的核心推力，一方 面是年末矿山开采节奏较缓，资源释放明显偏紧，另一方面是仲钨酸铵生产企业检修工作陆续开启，随 着供应端的持续收缩，市场情绪从谨慎观望逐渐转向偏强看涨，市场开启新一轮加速上涨，当前钨矿及 主要冶炼产品较去年初涨幅均已超200%。 中邮证券指出，稀有金属一方面受益于新能源车补贴温和利好信号释放，另一方面因部分磷酸铁锂厂计 划检修，年前供给相对紧缺，叠加行业对六氟磷酸锂需求预期较好，在供给稳步提升、需求整体持稳背 景下，碳酸锂预计将保持去库态势。政策端，今年2月，商务部会同海关总 ...

安泰科技 20251211 摘要 安泰科技 2025 年通过价格让步保市场份额，虽扣非归母净利润因去年 股权转让款影响下降，但实际扣非规模稳定增长超 20%，公司对完成全 年目标具信心。各产业整体向上，受益于国产替代和产业升级，预计未 来 2-3 年营收和归母净利润增速稳定在 40%左右。 受贸易摩擦和关税影响，安泰科技上半年出口业务受阻，下半年恢复。 为保国内市场份额，公司采取降价策略，并向下游传导成本压力，提高 钨产品、高速钢等价格。10 月整体订单合同保持增长，营收虽波动，仍 在预期内。 安泰科技获得的出口许可证有效期较短，份额不如行业头部企业。公司 产能 1 万吨，实际产量近 6 千吨，成品销售约 5 千吨。公司正积极与商 务部和相关协会沟通，争取未来发展机会。 出口业务占安泰科技整体业务比重不高，约 35%，对美欧市场出口约占 20%。公司第二增长曲线围绕金属有色材料主业展开，通过国家课题和 自主立项进行技术积累，如粉末高速钢领域已取得显著进展。 南诏乌木板块应用历史悠久，受益于国产化进程加快，但下游应用端不 会突然大面积增加，预计可能阶段性快速增长，长期维持高增速具挑战。 IGBT 模块应用推动热 ...

Core Viewpoint - The company, Greeenmei, recycles tungsten resources that account for 10% of China's total tungsten mining output and supplies recycled tungsten products to leading global 3C consumer electronics companies [2] Group 1 - The company recycles and remanufactures tungsten resources [2] - The annual recycled tungsten resources represent 10% of China's original tungsten mining volume [2] - The company's recycled tungsten products are supplied to major global 3C consumer electronics leaders [2]

Group 1 - The core viewpoint of the article highlights that Greeenmei (002340) recycles tungsten resources, accounting for 10% of China's total tungsten mining output [1] - The company supplies recycled tungsten products to leading global 3C consumer electronics companies [1]

Market Overview - The A-share market experienced a strong rally on October 29, with the Shanghai Composite Index surpassing 4000 points, reaching a 10-year high, while the ChiNext Index rose nearly 3% [1] - The North Exchange 50 Index surged over 8% in the afternoon session, closing with a significant increase [2] Sector Performance Photovoltaic Industry - The photovoltaic sector saw substantial gains, with Sunshine Power rising over 15% to a new historical high, and other companies like Longi Green Energy and Tongwei Co. hitting the daily limit [5][6] - The industry is expected to benefit from improved supply-demand dynamics and rising prices of polysilicon, leading to a potential valuation recovery [7] Nonferrous Metals - The nonferrous metals sector also performed strongly, with tungsten and aluminum stocks showing notable increases. Zhongtung High-tech hit the daily limit for two consecutive days, while Jiangxi Copper approached the limit [8][10] - The tungsten market is experiencing a price increase due to rising demand and supply constraints, with significant price hikes reported for tungsten concentrate and ammonium paratungstate [10] Securities Firms - The securities sector saw gains, with Huazhang Securities and Northeast Securities reaching their daily limits during intraday trading [1] Banking Sector - In contrast, the banking sector faced declines, with Chengdu Bank dropping nearly 6% and other banks like Xiamen Bank and Shanghai Pudong Development Bank falling close to 5% [1] Regulatory Developments - The China Securities Regulatory Commission emphasized the need to improve the North Exchange's listing mechanism and enhance the quality of listed companies, aiming to stimulate market vitality [4]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report, and assumes legal responsibility for any false records or misleading statements [2][19]. - The third-quarter financial report has not been audited [3][18]. - The company reported a non-recurring loss of 1,733,089.68 yuan due to special expenditures related to environmental protection responsibilities [3]. Group 2 - The company’s total assets decreased by 42,477.49 million yuan, with accounts receivable increasing by 38,203.37 million yuan, reflecting a 100.99% increase due to accumulated transaction amounts with clients [4][5]. - The company’s net profit increased by 4,472.82 million yuan, a 30.87% increase compared to the same period last year, primarily due to increased sales volume and prices [11][12]. - The cash flow from operating activities increased by 135,185.22 million yuan, a 57.29% increase, mainly due to higher cash receipts from sales [13]. Group 3 - The company confirmed asset losses totaling 1,871.67 million yuan for the first nine months of 2025, which reduced the total profit by the same amount [40][46]. - The company incurred a fixed asset loss of 1,421.97 million yuan due to the scrapping of outdated assets, including significant losses from the Huangzhulang tungsten mine [42]. - The company plans to conduct financial derivative transactions for hedging purposes, with a total limit of 25,000 million yuan to mitigate foreign exchange risks [49][50]. Group 4 - The company approved an increase in the expected amount for daily related transactions with KBM Corporation by 13,500 million yuan, bringing the total expected amount to 38,000 million yuan for 2025 [71][72]. - The company maintains a good cooperative relationship with KBM, which is one of its top five customers, enhancing its market share in South Korea [75][76]. - The company will hold its third extraordinary general meeting on November 13, 2025, to discuss various matters, including the increase in daily related transaction limits [78].

Group 1: QFII Holdings and Market Trends - QFII has become a top ten shareholder in 28 new stocks in Q2, with increased holdings in 18 other stocks compared to the previous quarter [1] - QFII's holdings in the automotive sector exceed 1.3 billion yuan, while holdings in the building materials and electrical equipment sectors are both over 1 billion yuan [1] - The top five sectors with net inflows include rare earth materials, smart speakers, semiconductors, small home appliances, and trusts [1] Group 2: Fund Dividends and Consumer Sector - Total fund dividends this year have reached 141.5 billion yuan, a nearly 40% increase compared to the same period last year [5] - Equity fund dividends have surged to 34.884 billion yuan, more than three times that of the same period in 2024, driven by strong performance and a focus on investor experience [5] - There is a divergence in views among institutions regarding traditional consumer stocks, with some maintaining positions in stocks like Guizhou Moutai while others shift focus to new consumption or pharmaceutical sectors [5] Group 3: Tungsten Market Dynamics - Tungsten product prices are reaching new highs due to a decrease in supply influenced by the first batch of tungsten concentrate quotas and environmental inspections [3] - The overall balance sheet for tungsten is tight, with overseas supply gaps more pronounced than domestic ones, leading to an optimistic price outlook [3] Group 4: Market Performance and Investor Sentiment - The A-share market is showing a strong short-term trend, with significant inflows of new capital and a notable market performance despite weak profit-taking [7] - The Shanghai Composite Index is a key indicator of market direction, with trading volumes consistently exceeding 2 trillion yuan for ten consecutive days [11] - Southbound capital inflows into Hong Kong stocks have exceeded 800 billion yuan this year, surpassing the total for 2024, indicating strong cross-border investment interest [11]

Group 1 - The People's Bank of China may implement further reserve requirement ratio and interest rate cuts around the beginning of the fourth quarter [1] - China's steel exports showed strong resilience in the first seven months, driven by emerging market expansion and high-tech product competitiveness [2] - If production restrictions are strictly enforced, steel profits in the Tangshan region could recover, impacting daily output by approximately 90,000 tons [2] - Tungsten prices have reached new highs due to supply constraints, with domestic quotas and environmental inspections leading to decreased supply [2] - The overall balance of tungsten supply remains tight, with overseas shortages more pronounced than domestic [2] Group 2 - The solid-state battery industry is accelerating, with upstream equipment sectors expected to benefit first as production costs decrease [2] - European countries are committing to increase defense spending to 5% of GDP by 2025, which may drive demand for key materials and equipment [3] - The market for solid oxide fuel cells (SOFC) in data centers is projected to reach $7 billion over the next three years, driven by high efficiency and rapid deployment capabilities [3] Group 3 - Monetary policy in the second half of the year may be more accommodative than expected, with potential interest rate cuts of 10-20 basis points anticipated [4] - Economic data for July showed slight contractions in both supply and demand, with a notable decline in domestic demand [5] - Industrial production growth slowed to 5.7% year-on-year in July, down from 6.8% in June, influenced by extreme weather conditions [6] Group 4 - The silver-haired consumer market is expanding, with daily consumption and health care being the main sectors, presenting investment opportunities [7] - The application of teachless robots in shipbuilding is expected to grow, benefiting companies involved in this technology as it overcomes technical challenges [8] - The chemical industry is approaching a cyclical turning point as it shifts focus from market share to profitability amid supply-demand mismatches [9] Group 5 - Wind power has a cost advantage over solar power in the short term, but solar's overall cost is expected to be lower in the long run due to technological advancements [10]

Core Insights - The rare metals theme index rose by 2.12% as of August 15, 2025, with significant gains in constituent stocks such as Zhongke Sanhuan (up 8.73%) and Platinum New Materials (up 8.02%) [1][3] - The rare metals ETF (562800) also saw a half-day increase of 2.12%, indicating strong market interest [1] Trading Activity - The rare metals ETF had a turnover rate of 4.49% with a half-day trading volume of 64.58 million yuan [3] - Over the past week, the ETF averaged daily trading of 127 million yuan, ranking first among comparable funds [3] - The ETF's scale increased by 143 million yuan in the past week, also the highest among comparable funds [3] - The ETF's shares grew by 19.5 million in the past week, marking significant growth and leading in new share issuance among comparable funds [3] - In the last five trading days, the ETF attracted a total of 125 million yuan in inflows [3] Performance Metrics - As of August 14, 2025, the rare metals ETF's net value increased by 65.05% over the past year, ranking 354 out of 2961 index stock funds, placing it in the top 11.96% [3] - The ETF achieved a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative increase of 29.68% [3] - The average return during rising months was 8.13% [3] - The ETF outperformed its benchmark with an annualized excess return of 8.17% over the past three months [3] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the rare metals theme index included Northern Rare Earth, Salt Lake Co., Luoyang Molybdenum, and others, collectively accounting for 55.85% of the index [3] Market Developments - The shutdown of the world's largest single lithium mica mine operated by CATL due to expired mining licenses is expected to increase lithium prices and reduce supply, impacting manufacturers of cathode materials, battery manufacturers, and end vehicle manufacturers [4] - Despite a currently relaxed lithium carbonate market, the uncertainty in resource availability reinforces the "lithium scarcity" narrative, favoring leading companies with compliant mining licenses [4] - Tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while international supply increases are below expectations [5]

Macroeconomic News - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7%. Excluding automobiles, retail sales amounted to 34,931 billion yuan, growing by 4.3%. From January to July, total retail sales reached 284,238 billion yuan, up 4.8%, with non-automobile retail sales at 257,014 billion yuan, increasing by 5.3% [1] - Fixed asset investment (excluding farmers) from January to July was 288,229 billion yuan, a year-on-year increase of 1.6%. Private fixed asset investment saw a decline of 1.5% [1] - The industrial added value above designated size grew by 5.7% year-on-year in July, with a month-on-month increase of 0.38%. From January to July, the year-on-year growth was 6.3% [1] Industry News - The Hong Kong Monetary Authority and the Securities and Futures Commission issued a joint statement regarding recent market fluctuations related to stablecoins, emphasizing a cautious approach to licensing applications for stablecoin issuers and the need for high standards [3] - Financial regulatory authorities in Shanghai, Guangdong, Zhejiang, and Anhui have proposed measures to combat "involution" in the banking sector, targeting practices like mortgage rebates and urging banks to adopt differentiated competition strategies for sustainable development [3] - New regulations for 3C certification of mobile power lithium batteries are now in effect, prohibiting the production, import, or sale of non-certified products, leading to a significant market shift towards certified products [4] Sector Opportunities - CITIC Securities reports that Solid Oxide Fuel Cells (SOFC) have high efficiency and carbon reduction potential, with a projected market size of 7 billion USD in data centers over the next three years, suggesting investment in SOFC component manufacturers and companies involved in SOFC technology development [5] - CITIC Jiantou notes that tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while foreign production increases are below expectations, indicating a favorable price outlook [5] - Tianfeng Securities highlights the transformation of the yellow wine industry towards high-end, youthful, and national recognition, suggesting investment in leading companies that have successfully navigated this transition, such as Kuaijishan and Guyuelongshan [6]