证券研究报告 小金属 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 板块表现： 供给收缩下游提价，产业链上下游联动推动钨价新高 投资评级： 看好（维持） ——小金属双周报（2026/2/16-2026/2/27） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 | | | 稀土：供给格局紧张下游补库，氧化镨钕突破新高。近两周，氧化镨钕上涨 4.71% 至 89 万元/吨，氧化镝上涨 9.83%至 162 万元/吨，氧化铽上涨 1.56%至 652.5 万元 / ...

来源：市场资讯 （来源：佛山市金属材料行业协会） 钢之家不锈钢之家不锈2026年2月25日 17:26安徽 现两大主导市场具体情况如下：无锡市场304不锈钢价格上涨50-100元/吨，201上涨50元/吨，430稳定。佛山市场304不锈钢价格上涨50-100元/吨，201上涨 50元/吨，430稳定。 市场成交价 钢之家不锈钢 行情简报 每天为您总结不锈钢市场情况 导读：今日不锈钢期货主力合约2604收盘价为14245元/吨，上涨160元/吨；沪镍主力合约收盘价142180元/吨，上涨4230元/吨。今日不锈钢期货价格继续 小幅上涨，受镍铁及期镍价格上涨带动，市场看多情绪升温，现货报价普遍上探。 一、市场概述 25日，国内主要市场304不锈钢价格上涨50-100元/吨，201上涨50元/吨，430稳定。今日不锈钢期货价格继续小幅上涨，受镍铁及期镍价格上涨带动，市场 看多情绪升温，现货报价普遍上探。 钢厂指导价 | 钢厂 | 材质 | 规格 | 价格 | 涨跌 | | --- | --- | --- | --- | --- | | 太钢 | 304/2B | 2. Omm | 17650 | | | 太钢 | ...

2026年2月25日钼价和钢价一览 | | | 中钙在线主要钥产品与钢材报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2026年2月25日 | | | | | 产品名称 | | 规格/含量 | 中钨在线报价 | 涨跌 | 車位 | | | 領鉄 | Mo60 | 276,000.00 | - | 元/吨 | | | 領精矿 | 40-45% | 4,250.00 | r | 元/吨度 | | | 領数的 | ≥98% | 191,000.00 | - | 71/吨 | | 书 | 四钥酸铵 | 级品 | 263,000.00 | - | 元/吨 | | 广 | 七钼酸铵 | 级品 | 268,000.00 | - | 元/吨 | | | 組粉 | MP-1 | 505.00 | - | 元/千克 | | | 相条 | Mo-1 | 507.00 | - | 元/千克 | | | 氧化钼 | ≥51% | 4.320.00 | - | 元/吨度 | | | 废領 | WWWWWW10 VOden405100 COM | | CH | 元/千克 | ...

国金证券近日发布有色金属行业小金属双周报：氧化镨钕本期价格为84.98万元/吨，环比上涨13.51%。 氧化镝本期价格145.0万元/吨，环比上涨9.02%；氧化铽本期价格646.0万元/吨，环比上涨5.90%。近期 价格持续新高，我们认为或与2024-2025年发布的供给侧文件相关性较大，行业供改持续推进。 以下为研究报告摘要： 本期（2.2-2.13，下同）申万小金属指数收39286.62点，环比上涨3.25%，跑赢申万有色指数10.21pcts， 跑赢沪深300指数4.23pcts。 稀土：氧化镨钕本期价格为84.98万元/吨，环比上涨13.51%。氧化镝本期价格145.0万元/吨，环比上涨 9.02%；氧化铽本期价格646.0万元/吨，环比上涨5.90%。近期价格持续新高，我们认为或与2024-2025 年发布的供给侧文件相关性较大，行业供改持续推进。中钇富铕矿加工费进一步上涨至4.1万元/吨，表 明冶炼出清、格局优化或持续兑现。12月我国稀土永磁出口量环比/同比分别-3%/+7%，单月出口量创 历史同期新高；2025年全年同比-1%，表明海外仍有较大补库需求。稀土板块将继续演化估值业绩双 升，202 ...

Group 1: Molybdenum Market Overview - The domestic molybdenum market experienced a positive start after the holiday, with most product prices significantly increasing. Molybdenum concentrate prices rose by approximately 80 yuan/ton, molybdenum iron prices increased by about 5,000 yuan/ton, and molybdenum powder prices went up by around 5 yuan/kg [1][4]. - Key factors influencing the molybdenum market include a reduction in molybdenum product imports during the Spring Festival and a decrease in production from domestic manufacturers, both contributing to rising prices. Additionally, international molybdenum prices fluctuated significantly during the holiday period [1][4]. Group 2: Steel Inventory Data - According to the China Iron and Steel Association, the steel inventory of key statistical steel enterprises reached 15.11 million tons in early February 2026, an increase of 400,000 tons (2.7%) compared to the previous period, and a rise of 970,000 tons (6.9%) since the beginning of the year [2][5]. - Year-on-year comparisons show a decrease of 1.1 million tons (6.8%) compared to the same period last year, and a reduction of 1.02 million tons (6.3%) compared to two years ago. Regionally, steel inventories increased in Northeast (350,000 tons), Northwest (40,000 tons), Southwest (30,000 tons), and Central South (240,000 tons) regions, while inventories decreased in North China (160,000 tons) and East China (110,000 tons) [2][6].

Investment Rating - The report indicates a positive investment outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing demand for overseas stockpiling, particularly in the context of the upcoming supply-side documents for 2024-2025 [3][18]. - Tin prices have shown volatility due to macroeconomic factors, with Indonesia considering a ban on tin raw material exports, which could create significant replenishment demand for tin processing companies [4][28]. - Tungsten prices are expected to rise due to increased strategic stockpiling in the U.S. and domestic demand from both civilian and military sectors [4][41]. - Antimony prices are anticipated to recover as exports stabilize, supported by a steady demand in the photovoltaic glass sector [5][47]. - Molybdenum prices are stabilizing and expected to rise due to low inventory levels and increased defense spending [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Key commodity prices showed varied performance, with rare earth oxides like praseodymium-neodymium oxide increasing by 13.51%, while tin ingot prices decreased by 10.74% [4][16]. 2. Main Product Fundamentals and Views Rare Earths - The price of praseodymium-neodymium oxide reached 849,800 CNY/ton, up 13.51% [3][19]. - The sector is expected to see dual growth in valuation and performance, with key companies to watch including China Rare Earth, Zhong Rare Metals, and Northern Rare Earth [3][19]. Tin - Tin ingot prices fell to 378,200 CNY/ton, down 10.74% [4][28]. - The potential export ban by Indonesia could lead to a new price cycle for tin [4][28]. Tungsten - Tungsten concentrate prices rose to 696,700 CNY/ton, up 15.99% [4][41]. - The U.S. strategic stockpiling initiative may elevate tungsten's market priority [4][41]. Antimony - Antimony ingot prices increased to 165,100 CNY/ton, up 0.62% [5][47]. - The report anticipates a recovery in exports, which could lead to price increases [5][47]. Molybdenum - Molybdenum concentrate prices reached 4,165 CNY/ton, up 2.97% [6][51]. - The report suggests that low inventory levels and increased military spending will support price growth [6][51].

Investment Rating - The report indicates a positive outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points, respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing overseas inventory demand. The prices for praseodymium and neodymium oxide rose by 13.51%, dysprosium oxide by 9.02%, and terbium oxide by 5.90% [3][18][19]. - Tin prices have shown volatility, with a decrease of 10.74% in the current period. The potential ban on tin raw material exports from Indonesia may create significant replenishment demand for tin processing companies, positively impacting tin prices in the long term [4][28]. - Tungsten prices have increased significantly, with tungsten concentrate rising by 15.99% and ammonium paratungstate by 15.11%. The report suggests that the strategic reserve initiatives in the U.S. may elevate tungsten's priority in global markets [4][40]. - Antimony prices have shown a slight increase, with antimony ingot prices up by 0.62% and antimony concentrate by 2.13%. The report anticipates a recovery in exports, which could lead to a price rebound [5][47]. - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 2.97% and ferromolybdenum by 3.33%. The report notes that low inventory levels and increased defense spending may support further price increases [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Commodity prices for rare earths, tungsten, and molybdenum have shown upward trends, while tin prices have decreased [16]. 2. Main Product Fundamentals and Insights 2.1 Rare Earths - The report emphasizes the ongoing supply-side reforms and the rising prices of rare earths, with significant export demand expected to continue [3][18][19]. 2.2 Tin - The potential export ban from Indonesia could lead to increased demand for tin processing, positively affecting prices in the long run [4][28]. 2.3 Tungsten - The report highlights the strategic importance of tungsten in global markets, with prices rising significantly due to supply constraints and increased military spending [4][40]. 2.4 Antimony - Antimony prices are expected to recover as export conditions improve, with a focus on high-growth resource companies [5][47]. 2.5 Molybdenum - Molybdenum prices are projected to rise due to low inventory levels and increased demand from the defense sector [6][51].

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Core Viewpoint - Recent price increase themes have emerged in the market, particularly in small metals, dyes, and electronic fabrics, leading to significant gains in related sectors such as non-ferrous metals and chemicals [1] Small Metals - The small metals sector saw substantial gains, with companies like Zhangyuan Tungsten Industry, Xianglu Tungsten Industry, and Jintan Tungsten Co. experiencing notable stock price increases [3] - Specific price increases for tungsten products were reported, with prices for praseodymium-neodymium oxide and neodymium metal rising by approximately 50,000 yuan/ton, and ammonium paratungstate (APT) reaching 1 million yuan/ton, reflecting a 49.3% increase since the beginning of the year [5][6] Dyes - The dye sector also experienced significant stock price increases, with companies such as Cihua Co. and Huatai seeing their stock prices rise by over 10% [6][8] - Zhejiang Longsheng announced a price increase for certain disperse dyes due to rising raw material costs, with prices increasing by approximately 5,000 yuan/ton [9] Electronic Fabrics - The electronic fabric sector saw a surge, with International Composite Materials hitting a 20% limit up, and companies like China Jushi and Honghe Technology also reaching their price limits [1][9] - A report from Huatai Securities indicated that leading fiberglass companies have raised prices for electronic fabrics, reflecting a trend of supply constraints and increasing demand, particularly for high-end electronic fabrics [9][10]

Core Viewpoint - Recent price increase themes have emerged in the market, particularly in small metals, dyes, and electronic cloth, leading to significant gains in related sectors such as non-ferrous metals and chemicals [1] Group 1: Small Metals - The small metals sector saw substantial gains, with companies like Zhangyuan Tungsten Industry, Xianglu Tungsten Industry, and Jintan Co. experiencing notable stock price increases [3] - Specific price increases for tungsten products were reported, with prices for 65% black tungsten concentrate rising by 48.9% and 65% white tungsten concentrate by 49.0% since the beginning of the year [5] - The market for tungsten is facing supply constraints, with expectations of increased demand post-Spring Festival, leading to improved short-term transaction volumes [6] Group 2: Dyes - The dye sector also experienced significant stock price increases, with companies like Vine Chemical and Huatai Group seeing notable gains [8] - Zhejiang Longsheng announced price hikes for certain disperse dyes due to rising costs of reducing agents, with prices increasing by approximately 5,000 yuan per ton [9] Group 3: Electronic Cloth - The electronic cloth sector saw a surge, with International Composite Materials hitting a 20% price increase limit, and companies like China Jushi and Honghe Technology also reaching their price limits [9] - A report indicated that leading fiberglass companies have raised prices for electronic cloth, reflecting a trend of supply constraints spreading from high-end to regular products [9][10] - The demand for high-end electronic cloth is expected to grow due to increased requirements for low dielectric constant and low thermal expansion coefficient materials in AI servers and high-frequency circuit boards [10]