证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 07 月 06 日 证券分析师 板块表现： 锑价受需求影响持续探底，钨价受供给扰动维持高位 稀土：国内价格震荡，部分磁材厂拿到出口审批等待价格突破。近两周，氧化镨钕 上涨 0.45%至 44.6 万元/吨，氧化镝上涨 0.61%至 164 万元/吨，氧化铽下跌 0.42% 至 712 万元/吨。受 4 月 4 日中国限制 7 种中重稀土相关产品出口影响，5 月海外氧 化镝、氧化铽暴涨，海外缺货大涨而国内涨价相对一般主要受出口限制影响导致国 内外两市场割裂导致。6 月中国商务部宣布加快稀土出口审批流程，以缓解全球供应 链紧张局势，截至目前部分企业已陆续获得出口许可证。供给端，低价矿端收紧， 需求端，终端磁材订单恢复较弱刚需采购为主，短期价格维持震荡格局。后续可关 注：1）稀土总量控制意见稿落地时间；2）稀土配额；3）缅甸稀土矿进口。稀土作 为高胜率板块，中重稀土弹性更大。建议关注：广晟有色、中国稀土、北方稀土、 金力永磁、宁波韵升、正海磁材等。 联系人 钼：供给端收缩预期叠加需求承压，钼价高位调整。近两周，钼精矿价格下跌 0.78% 至 ...

证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 06 月 22 日 证券分析师 板块表现： 稀土磁材陆续获得出口许可证，需求疲软下锑价持续调整 投资评级： 看好（维持） ——小金属＆新材料双周报（2025/6/9-2025/6/20） 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 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 稀土：国内价格震荡，部分磁材厂拿到出口审批等待价格突破。近两周，氧化镨钕 下跌 1.11%至 44.4 万元/吨，氧化镝保持平价，为 163.00 万元/吨，氧化铽下跌 0.69% 至 7 ...

Core Viewpoint - The domestic antimony price has experienced a significant increase, with the average price of antimony concentrate reaching 172,800 yuan per ton by the end of May 2025, marking a year-on-year increase of 113.3% [2][6]. Price Trends - Antimony prices have been on a rapid upward trend since mid-February 2025, with continuous increases in March and sustained high levels in May [2]. - As of the end of May, the average price of antimony ingots was 194,500 yuan per ton, up 100.7% year-on-year, with a peak price of 240,000 yuan per ton [7]. - The average price of antimony oxide reached 174,800 yuan per ton, reflecting a year-on-year increase of 103.6% [8]. Supply and Demand Dynamics - The antimony market has been characterized by tight supply since early 2025, with a notable rebound in prices from mid-February to mid-April [6][12]. - Exports of antimony products have significantly declined, with no exports of antimony ore and a 59.3% decrease in antimony oxide exports from January to April [13]. - Imports of antimony concentrate also fell by 28.26% during the same period, indicating a tightening supply situation domestically [15]. Future Outlook - The domestic antimony market is expected to continue experiencing high prices due to ongoing supply constraints and reduced imports [16][18]. - The demand for antimony is supported by growth in key downstream applications, particularly in synthetic rubber, solar cells, and electric vehicles, which have all seen double-digit growth [16]. - The overall economic environment, including the impact of protectionist trade policies, is anticipated to influence the antimony market, but China's manufacturing sector has shown resilience with a recovery in the PMI [19].

Core Points - The Wuhan Central Asia Freight Train has achieved bi-directional operation, enhancing logistics cooperation between China and Central Asia [1] - The freight train service has transported over 10,842 standard containers with a total value exceeding 1.5 billion yuan, establishing itself as a vital economic corridor [1] - The establishment of overseas warehouses and consolidation centers in Kazakhstan and Uzbekistan by Hubei Port Group indicates a growing trade relationship with Central Asia [1] Group 1 - The Central Asia Freight Train has been operational since 2014, connecting 13 cities in Central Asia and facilitating trade [1] - The multi-modal transport network combining the Yangtze River Golden Waterway and the freight train service has improved logistics efficiency [1] - The trade volume between Hubei and Central Asia is projected to reach 94.8 billion USD in 2024, reflecting a year-on-year growth of 5.9% [2] Group 2 - Products from Central Asia, such as cotton yarn and barley, are increasingly entering the Hubei market, while Hubei manufactured goods are being exported to Central Asia [2] - Future plans for the freight train service include introducing more Central Asian food products to diversify offerings for consumers in Wuhan [2]

Group 1: Rare Earths - Recent price increases for rare earth elements, with neodymium oxide rising 4.66% to 449,000 CNY/ton, dysprosium oxide up 0.31% to 1,630,000 CNY/ton, and terbium oxide increasing 1.69% to 7,200,000 CNY/ton [1][2] - Significant price surges in overseas markets due to China's export restrictions on seven types of medium and heavy rare earth products, with dysprosium oxide in Europe rising from 250-310 USD/kg to 700-1000 USD/kg (204% increase) and terbium oxide from 930-1000 USD/kg to 2000-4000 USD/kg (211% increase) [1][2] - Domestic prices may follow the trend of antimony prices once companies obtain export licenses, leading to potential further increases in rare earth prices [2] Group 2: Molybdenum - Molybdenum prices have increased, with molybdenum concentrate rising 6.33% to 3,865 CNY/ton and molybdenum iron (Mo60) up 4.01% to 246,500 CNY/ton [3] - Supply-side contraction signals are emerging, while demand remains steady, supporting price increases [3] Group 3: Tungsten - Tungsten prices have reached new highs, with black tungsten concentrate rising 4.88% to 172,000 CNY/ton and ammonium paratungstate up 4.33% to 253,000 CNY/ton [3] - Supply constraints due to reduced mining quotas and stable domestic demand are driving prices higher [3] Group 4: Tin - Tin prices are experiencing fluctuations, with SHFE tin down 0.38% to 263,600 CNY/ton and LME tin down 0.98% to 32,400 USD/ton [4] - Current supply is tight due to low operating rates in Yunnan and the resumption of production at the Bisie tin mine in the Democratic Republic of Congo [4] Group 5: Antimony - Antimony prices are adjusting downward, with antimony ingot prices down 3.37% to 215,000 CNY/ton and antimony concentrate down 3.85% to 187,500 CNY/ton [4] - Supply improvements from logistics recovery at the China-Myanmar border and a 30% increase in imports are contributing to price adjustments [4] Group 6: New Materials - A window for export recovery in new materials has emerged following the easing of tariffs between China and the U.S., with potential for recovery in companies with high export exposure [5] - The agreement includes the cancellation of significant tariffs on Chinese goods, which may benefit new material companies [5] Group 7: Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, with upstream materials expected to benefit significantly [6] - Major advancements in both domestic and international nuclear fusion projects indicate a high growth phase for related materials [6]

证券研究报告·行业动态 配额下降， 钨价大幅上涨 核心观点 加强战略矿产出口全链条管控工作部署会在湖南省长沙市召开， 战略矿产从开采到出口全链条监管有望加码，违法出口将受到严 厉打击。 4 月钨精矿第一批配额下降 4000 吨，叠加一季度季节性产量低点 和近期环保督察的阶段性影响，供给端整体较为紧张，近期钨价 快速上涨。钨是重要的战略金属，配额缩减体现了对关键矿产的 重视，价格上涨体现了战略价值。 行业动态信息 锑：本周钢联 2#低铋锑锭报价 21.9 万元/吨，较上周下降 4.3%； Fastmarkets2#锑锭报价 59000-60100 美元/吨，外盘报价（中值） 折人民币已超 48 万元/吨。 5 月 12 日，加强战略矿产出口全链条管控工作部署会在湖南省长 沙市召开，"战略矿产管控需从源头入手"，锑等战略矿产从开 采到出口全链条监管有望加码，违法出口将受到严厉打击。 目前内外价差仍然较大，海外矿石进口依旧受阻，国内大厂停产 对矿端供给仍存扰动，锑供给仍偏紧，但受制于下游光伏、阻燃 剂等行业需求疲软，近期锑价出现回调；但锑价持续向其内在价 值回归逻辑未改，我们长期看好锑价中枢上移。 钼：根据安泰科， ...

证券研究报告 | 2025年05月12日 华锡有色（600301.SH）——财报点评 优于大市 矿山产量有望持续提升，受益于锡、锑价格上涨 公司发布 2024 年报：全年实现营收 46.31 亿元，同比+44.68%；实现归母净 利润 6.58 亿元，同比+87.72%。其中，24Q4 实现营收 12.15 亿元，环比+4.65%； 实现归母净利润 1.17 亿元，环比-38.76%；四季度利润环比有所下降，主要 是因为研发费用环比有所提升以及计提了资产减值损失所致。 公司发布 2025 年一季报：实现营收 12.45 亿元，同比+20.16%；实现归母净 利润 1.53 亿元，同比+12.07%。 核心产品产量方面：2024 年，公司锡精矿产量 6965 吨，同比+7.15%；锌精 矿产量 5.41 万吨，同比+17.87%；铅锑精矿产量 1.54 万吨，同比+9.17%。 展望未来，公司多项扩产工作同步进行，且集团资产有进一步注入预期，公 司核心产品产销规模有望持续提升。公司发布 2025 年生产计划：矿山锡、 锌、铅锑金属矿产量合计 8.52 万吨，委托加工锡锭、锌锭产品产量合计 3.54 万吨。 业务 ...

证券研究报告 | 2025年05月12日 华锡有色（600301.SH）——财报点评 优于大市 矿山产量有望持续提升，受益于锡、锑价格上涨 公司发布 2024 年报：全年实现营收 46.31 亿元，同比+44.68%；实现归母净 利润 6.58 亿元，同比+87.72%。其中，24Q4 实现营收 12.15 亿元，环比+4.65%； 实现归母净利润 1.17 亿元，环比-38.76%；四季度利润环比有所下降，主要 是因为研发费用环比有所提升以及计提了资产减值损失所致。 公司发布 2025 年一季报：实现营收 12.45 亿元，同比+20.16%；实现归母净 利润 1.53 亿元，同比+12.07%。 核心产品产量方面：2024 年，公司锡精矿产量 6965 吨，同比+7.15%；锌精 矿产量 5.41 万吨，同比+17.87%；铅锑精矿产量 1.54 万吨，同比+9.17%。 展望未来，公司多项扩产工作同步进行，且集团资产有进一步注入预期，公 司核心产品产销规模有望持续提升。公司发布 2025 年生产计划：矿山锡、 锌、铅锑金属矿产量合计 8.52 万吨，委托加工锡锭、锌锭产品产量合计 3.54 万吨。 业务 ...

证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 05 月 11 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 板块表现： 供给端推动稀土和钨价上涨，关注关税缓和及军工新材料机会 投资评级： 看好（维持） ——小金属＆新材料双周报（2025/4/25/-2025/5/9） 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：进口减量叠加传统淡季需求，稀土价格有望维持震荡行情等待突破。近两周， 氧化镨钕上涨 4.19%至 42.3 万元/吨，氧化镝上涨 2.17%至 164.5 万元/吨，氧化铽 上 ...

事件 预计公司公司 2025-2027 年收入分别为 59/68/73 亿元，归母净利 润分别为 12.3/15.6/17.5 亿元，EPS 分别为 1.94/2.46/2.76 元， 对应 PE 分别为 10/8/7 倍。维持"买入"评级。 风险提示 锡锑价格波动；项目进度不及预期；元素替代风险。 4 月 29 日公司发布 2024 年报&2025 年一季报：2024 年实现收入 46.31 元，同比+58.40%；归母净利润 6.58 亿元，同比+109.79%。 4Q24 收入为 12.15 亿元，环比+4.65%，同比+26.96%；归母净利润 为 1.17 亿元，环比-38.76%，同比+43.34%。1Q25 收入为 12.45 亿元，环比+2.40%，同比+29.17%；归母净利润润为 1.53 亿元， 环比+30.75%、同比+22.46%。 点评 4Q24：24 年底计提大额减值和费用，影响业绩表现。4Q24 公司主 营产品锑、锡、铅和锌价格环比分别-9.50%、-5.34%、-6.95%、 +8.36%，铅锑精矿、锡锭和锌锭销量环比分别-32.40%、+33.89%、 +19.80%。4Q ...