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 / ...

湖南黄金深度布局锑相关业务，拥有集矿山勘探、开采、选矿、冶炼、精炼、深加工及销售于一体的完 整产业链，公司拥有4万吨/年多品种锑产品生产线，2024年锑原料(锑精矿及其他)产量为46,223吨(金属 量)，同比增长13.1%;锑锭产量为66,534吨，同比增长0.5%;三氧化二锑产量为91,700吨，同比下降 4.8%。 锑产业上市公司汇总 行业主要上市公司：湖南黄金(002155);华锡有色(600301);华钰矿业(601020)等 锑产品产量位居行业第一 锑，英文名称Antimony，元素符号：Sb，外观为质脆有光泽的银白色固体。锑储存量较少，稀有度较 高，属于战略性矿产资源，因常被用作工业生产中的添加剂，也被称作"工业味精"。目前我国锑产业链 企业较多，但上中游，采选及冶炼加工企业较少，湖南黄金作为锑行业龙头企业，锑产品产量、销量以 及业务营收均位居行业第一。 湖南黄金锑业务布局：拥有完整产业链 锑，英文名称Antimony，元素符号：Sb，外观为质脆有光泽的银白色固体。锑储存量较少，稀有度较 高，属于战略性矿产资源，因常被用作工业生产中的添加剂，也被称作"工业味精"。目前，我国锑产业 的上市公司数量 ...

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 ...

本文核心数据：锑行业上市企业锑相关收入;锑行业上市企业锑产品产量;湖南黄金发展历程等 锑产品产量位居行业第一 锑，英文名称Antimony，元素符号：Sb，外观为质脆有光泽的银白色固体。锑储存量较少，稀有度较 高，属于战略性矿产资源，因常被用作工业生产中的添加剂，也被称作"工业味精"。目前我国锑产业链 企业较多，但上中游，采选及冶炼加工企业较少，湖南黄金作为锑行业龙头企业，锑产品产量、销量以 及业务营收均位居行业第一。 | 公司简称 | 锡相关业务 营收 | | 锡相关业 务毛利 | 锡相关业务 毛利率 | 锑及锑相关产 | 锦及锡相关产 | 备注说明 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 品产量(吨) | 品销量(吨) | | | | (亿元) | | (亿元) | (%) | | | | | 湖南黄金 | 20 .. 0 24.78 | | 10.73 | | | | 锦晶包括精锅、 氧化器、含量 | | | | | | 43.30% | 锑晶:29209 吨 | 锑品:26654 吨 | | | | | | | | ...

有色观点更新220260223 钨：截至2月13日，钨精矿价格报69.7万元/标吨，周涨幅3.3%；较2025年末上涨23.7万元，涨幅51%。 钨价延续2026年以来的强劲上涨惯性，同时受到大型钨企长单报价的支撑，整体呈现先扬后稳的运行态势。 国际钨价跟涨，主要基于供应链短缺压力，作为全球钨资源80%的供应来源，中国出口管制和私采打击等措施， 导致海外原料采购难度加大，叠加海外钨资源项 有色观点更新220260223 钨：截至2月13日，钨精矿价格报69.7万元/标吨，周涨幅3.3%；较2025年末上涨23.7万元，涨幅51%。 重点关注：厦门钨业、中钨高新、翔鹭钨业。 锂：本周碳酸锂现货价格震荡上行。 电池级碳酸锂均价从周初的13.55万元/吨持续上涨至周四的14.25万元/吨，全周上涨7000元/吨。 工业级碳酸锂均价从13.2万元/吨上涨至13.9万元/吨，上涨7000元/吨。 期货市场表现强劲，主力合约价格区间自周初的13.5-14.1万元/吨震荡上行至14.6-15.24万元/吨。 随着春节临近，物流陆续暂停，下游材料厂对2月份的备货已基本完成，多数企业转向观望，采购心理价位偏低。 市场成交以零星 ...

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].

场内ETF方面，截至2026年2月12日 10:24，中证稀有金属主题指数(930632)强势上涨1.88%，成分股章 源钨业两连板，盛和资源上涨6.70%，云路股份上涨6.38%，中钨高新，东方钽业等个股跟涨。稀有金 属ETF基金(561800)上涨1.83%，盘中最高涨超2%。 数据显示，截至2026年1月30日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、厦门钨业、中矿资源、天齐锂业、中钨高新、中国稀土，前十 大权重股合计占比59.71%。 近期黑钨精矿（≥65%）价格两周大涨25.09%，锑锭报价上涨2.49%，镓、锗价格亦延续上行趋势；叠 加中国稀土价格指数两周上涨11.37%，镨钕氧化物涨幅达12.64%，反映上游资源端在供给约束与下游 高端制造需求共振下正加速提价。国元证券指出，上海期货交易所拟将符合国标的再生铅锭纳入铅期货 交割体系，标志着有色金属行业绿色低碳转型与循环利用政策持续落地，为稀有金属资源的可持续开发 与价值重估提供制度支撑。 中诚信国际认为，在矿端供应偏紧、需求韧性较强的背景下，2026年有色金属行业整体保持较高景气 ...

Group 1 - The non-ferrous metal industry index decreased by 5.42% over the past two weeks, underperforming the CSI 300 index and ranking 28th among 31 Shenwan first-level industries [1] - Precious metals, energy metals, minor metals, industrial metals, and new metal materials all experienced varying degrees of decline, with energy metals dropping the most at 11.47% [1] Group 2 - As of February 6, COMEX gold closed at $4,988.60 per ounce, showing a slight increase of 0.11% over the past two weeks, while COMEX silver fell by 24.92% to $77.53 per ounce [2] - LME copper settled at $12,840.00 per ton, down 0.62%, and domestic copper averaged 99,560 yuan per ton, down 1.68% [2] - The price of black tungsten concentrate increased by 25.09% to 673,000 yuan per ton, while lithium carbonate dropped by 21.35% to 134,500 yuan per ton [2] Group 3 - The Shanghai Futures Exchange is seeking public opinion on the revision of lead futures contract rules, proposing to include recycled lead ingots as alternative delivery products, aligning with the green and low-carbon transition of the non-ferrous metal industry [3] - The new national standard for recycled lead will be implemented on March 1, 2026, enhancing risk management capabilities and promoting the development of a circular economy in the industry [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The non-ferrous metals industry index decreased by 5.42% over the past two weeks, underperforming the CSI 300 index, ranking 28th among 31 first-level industries [12]. - Precious metals, energy metals, minor metals, industrial metals, and new metal materials all experienced varying degrees of decline during this period [12]. - The report highlights significant price movements, with tungsten prices rising sharply by 25.09% over the past two weeks, while other metals like silver and tin saw substantial declines [19][38]. Summary by Sections Market Review - The non-ferrous metals industry index fell by 5.42% from January 26 to February 6, 2026, underperforming the CSI 300 index [12]. - Precious metals decreased by 2.49%, energy metals by 11.47%, minor metals by 4.25%, industrial metals by 4.29%, and new metal materials by 9.25% [12]. Precious Metals - As of February 6, COMEX gold closed at $4,988.60 per ounce, up 0.11% over the past two weeks, and up 14.89% year-to-date [20]. - COMEX silver closed at $77.53 per ounce, down 24.92% over the past two weeks, but up 7.28% year-to-date [20]. Industrial Metals - LME copper settled at $12,840.00 per ton, down 0.62% over the past two weeks, but up 2.14% year-to-date [29]. - Domestic copper averaged ¥99,560 per ton, down 1.68% over the past two weeks [29]. Minor Metals - Black tungsten concentrate (≥65%) price reached ¥673,000 per ton, up 25.09% over the past two weeks [38]. - LME tin price was $47,155 per ton, down 16.69% over the past two weeks [38]. Rare Earths - The China Rare Earth Price Index was reported at 265.43, up 11.37% over the past two weeks [52]. - Neodymium oxide closed at ¥757,500 per ton, up 12.64% over the past two weeks [52]. Energy Metals - Electrolytic cobalt averaged ¥420,000 per ton, down 3.89% over the past two weeks [61]. - Lithium carbonate (99.5% battery grade) averaged ¥134,500 per ton, down 21.35% over the past two weeks [64]. Major Events - The Shanghai Futures Exchange is seeking public opinion on revising lead futures contract rules, which will include recycled lead ingots as alternative delivery items [3]. - The China Nonferrous Metals Industry Association announced the suspension of over 2 million tons of copper smelting projects to control capacity growth [70].