OPEN项目于2023年由五角大楼下属的国防高级研究计划局（Defense Advanced Research Projects Agency，DARPA）启动，目标是在综合劳动力、加工及其他成本后，计算关键金属的合理价格。该举 措显示出政府希望更直接介入并引导市场定价，但外界仍对AI能否真正改变关键矿产交易模式持审慎 态度。 据悉，特朗普政府官员最初将把OPEN的AI定价模型用于至少四种关键矿产，包括锗、镓、锑和钨，随 后再扩展至其他品种。标普全球（SPGI.N）和芬兰数据公司Rovjok将为该项目提供数据和技术支持。 该AI模型旨在通过提高价格确定性，促进矿商与制造商之间的长期供应协议。但如果AI设定的参考价 格得到贸易集团和关税机制的支持，可能在提高部分矿业项目盈利能力的同时，也推高下游制造业的成 本。目前尚不清楚这些价格是固定还是浮动，也不明确其适用范围及具体实施时间表，相关方案仍有待 更多盟友加入后才能落地。 与此同时，特朗普政府正加快在其他领域部署AI工具，包括通过与OpenAI、Anthropic以及Alphabet旗下 谷歌（GOOGL.O）的合作，将生成式AI用于军事场景。 另外，据路透社周 ...

其中，钨原料供应偏紧格局持续，黑钨精矿价格不断刷新阶段高位，上海有色网数据显示，今日黑钨精 矿（≥65%）价格为777000~778000元/标吨，其均价的历史新高也刷新至777500元/标吨，较前一交易日 上涨3.04%；铟、锗等半导体配套金属，因全球产能集中、新增供给有限，市场流通量持续偏紧。供给 刚性约束下，小金属库存处于低位，为价格上行提供基础支撑。 在供给收紧的同时，新兴产业需求集中释放，进一步打开小金属上行空间。作为新能源、半导体、人工 智能、光伏风电等产业的关键原材料，小金属需求呈现刚性增长。稀土永磁材料适配新能源汽车与风电 装机需求扩张，钨丝用于光伏切割耗材升级，锗、镓、铟等支撑光模块、半导体器件与显示面板生产， 锡则在电子焊接与半导体封装环节不可或缺。下游产业放量传导至上游资源端，形成需求端持续拉动。 多家机构将小金属列为2026年重点配置方向，认为其兼具周期弹性与成长属性，在经济温和复苏、产业 结构升级背景下，盈利确定性较高。主力资金布局龙头企业，带动板块整体活跃度提升，形成量价齐升 的良性循环。 西部证券认为，随着AI产业的需求崛起，小金属板块有望在2026年迎来新机遇。供给端政策刚性约 ...

午后小金属概念持续走高，消息面上，美国拟利用国防部开发的AI模型，为全球关键矿产贸易制定参 考价格。将率先制定锗、镓、锑、钨的参考价格。此外，AI人工智能热度不减，推动铜铝等工业金属 走强。 东方证券指出，工业金属供需支撑底线，关注节后去库力度。美国1月SIM制造业PMI大幅回升至 52.6(远高于预期的48.5)，需求托底预期继续增强。国内方面，春节前一周铜铝累库幅度放缓，加工企 业开工率淡季表现尚可，而且跌价后下游接货力度较强。铜铝等工业品现实转强或可期待，重点关注节 后去库力度。拉长时间看，内外政策托底预期下，工业品下方支撑较强，在宏观利好释出，供给扰动增 加背景下，中低库将强化商品的价格弹性。 截至2026年2月27日 14:13，中证工业有色金属主题指数(H11059)强势上涨3.78%，成分股厦门钨业上涨 10.00%，中钨高新上涨10.00%，金钼股份上涨10.00%，锡业股份，驰宏锌锗等个股跟涨。工业有色 ETF鹏华(159162)上涨3.84%，最新价报1.05元。 工业有色ETF鹏华紧密跟踪中证工业有色金属主题指数，中证工业有色金属主题指数选取市值较大的30 只业务涉及铜、铝、铅锌、稀土金 ...

来源：央视财经 近期美伊紧张局势下，从中东出发的超大型油轮日租金大幅飙升，引发市场关注。 其次，矿产方面，据路透社报道，特朗普政府计划用AI模型来为关键矿产定价，消息发出后，隔夜伦 敦金属交易所多种基本金属价格走高。 在美国与伊朗可能爆发军事冲突的背景下，近期中东地区的原油出口明显走高。由于贸易商们希望在潜 在冲突爆发前锁定运力，近期油轮的运输成本也随之大幅攀升。 全球炼厂对原油需求保持强劲，其中印度最为突出，其原油采购正从俄罗斯转向中东地区。 伦敦证券交易所集团LSEG的数据显示，当地时间周二，从中东运往中国的超大型油轮VLCC的日租金 已经突破了17万美元，是2020年4月以来的最高水平。 航运分析公司克普勒的数据显示，2月份中东地区的原油出口量超过每日1900万桶，同样是2020年4月以 来的最高水平。出口增长主要来自沙特阿拉伯、阿联酋和伊朗。 分析认为，超大型油轮运价上涨有几大支撑因素： 委内瑞拉原油回归合规船队运输，不再依赖所谓的"影子船队"，挤占了原本可用的运力； 欧佩克+提高产量，增加了海运需求； 展望后市，分析认为，一旦美国对伊朗采取军事行动，而伊朗通过扰乱霍尔木兹海峡这一关键石油通道 进行报 ...

本文转自【央视财经】； 近期美伊紧张局势下，从中东出发的超大型油轮日租金大幅飙升，引发市场关注。 其次，矿产方面，据路透社报道，特朗普政府计划用AI模型来为关键矿产定价，消息发出后，隔夜伦敦金属交易所多种基本金属价格走高。 在美国与伊朗可能爆发军事冲突的背景下，近期中东地区的原油出口明显走高。由于贸易商们希望在潜在冲突爆发前锁定运力，近期油轮的运输成本也随 之大幅攀升。 伦敦证券交易所集团LSEG的数据显示，当地时间周二，从中东运往中国的超大型油轮VLCC的日租金已经突破了17万美元，是2020年4月以来的最高水 平。 航运分析公司克普勒的数据显示，2月份中东地区的原油出口量超过每日1900万桶，同样是2020年4月以来的最高水平。出口增长主要来自沙特阿拉伯、阿 联酋和伊朗。 分析认为，超大型油轮运价上涨有几大支撑因素： 展望后市，分析认为，一旦美国对伊朗采取军事行动，而伊朗通过扰乱霍尔木兹海峡这一关键石油通道进行报复，"战争风险"保险费率可能会迅速上升， 从而推高整体原油运输成本。 航运经纪公司克拉克森指出，对原油油轮来说，只要市场风险预期升温，运价就会快速反应。具体来看，战争风险保险费率上调、船东要求更高 ...

Market Overview - The market saw a strong performance with 75 stocks hitting the daily limit up, while 35 stocks faced limit down, resulting in a limit-up rate of 68% [1] - The Shanghai Composite Index rose by 0.72%, the Shenzhen Component Index increased by 1.29%, and the ChiNext Index gained 1.41% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.46 trillion yuan, an increase of 260.5 billion yuan compared to the previous trading day [1] Stock Performance - Yunnan Zhenye and Zhangyuan Tungsten were among the stocks that hit the limit up, driven by the rising prices of rare metals and the government's focus on critical mineral pricing [5] - The stock of YN Energy Holdings achieved a five-day consecutive limit up, while Hancable and Roman Co. also saw significant gains [10][22] - The real estate sector showed strong performance following the release of new policies aimed at optimizing the market, with stocks like I Love My Home and City Investment Holdings hitting the limit up [8] Sector Analysis - The small metals, rare earth permanent magnets, real estate, and chemical sectors led the market gains, while the film, banking, AI applications, and coal sectors lagged [1] - The semiconductor and advanced packaging sectors are gaining traction, with the IPO approval of Shenghe Micro, which plans to raise 4.8 billion yuan for its projects [7][16] - The phosphorous chemical sector continued its strong performance, with stocks like Yuntianhua and Liuguo Chemical achieving consecutive limit ups due to the inclusion of phosphorous products in the U.S. defense critical materials list [5][12] Investment Trends - The market is experiencing a rotation of hot sectors, with significant interest in price-driven commodities rather than growth-driven sectors, reflecting a shift in investor sentiment [6][9] - The AI application sector is gaining attention, with companies like Roman Co. and Guoan Co. seeing substantial stock price increases due to advancements in AI integration [21][22] - The real estate market is showing signs of recovery, with increased transaction volumes and positive sentiment reflected in stock performances [8][29]

Group 1 - China has gradually strengthened export controls on rare earth elements since 2023, initially targeting dual-use materials like gallium and germanium, which has put pressure on Western companies [1] - By the end of 2023, China banned the export of rare earth extraction and separation technologies, blocking foreign companies from independent processing [1] - In response to the U.S. chip ban, China fully banned the export of strategic minerals such as gallium, germanium, and antimony by the end of 2024, prompting companies to accelerate stockpiling of rare earth resources [1] Group 2 - In April 2025, China's Ministry of Commerce announced an export licensing system for seven heavy rare earth elements, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, widely used in defense and high-end manufacturing [3] - The immediate cause of this policy was the tariffs imposed by the Trump administration, leading to a surge in rare earth prices, particularly dysprosium, which reached $850 per kilogram in Europe, three times the original price [3] Group 3 - Export approval processes became stricter, requiring exporters to provide detailed usage statements, with military-related requests being denied, complicating transshipment trade [4] - By early May, U.S. defense contractors reported that their inventories could only support one to two months of production needs, severely impacting the production of F-35 engine components and missile guidance systems [4] - Over 80% of U.S. defense components rely on these rare earth minerals, leading to increased costs for wind turbines and electric vehicle batteries in the UK [4] Group 4 - In May 2025, U.S. and China engaged in further negotiations in Geneva, resulting in a temporary 90-day delay of the tariff dispute, but export approvals remained strict, primarily favoring European automotive suppliers and Vietnamese electronics manufacturers [6] - Rare earth prices increased significantly, with some heavy varieties rising nearly tenfold, while certain materials became scarce [6] Group 5 - By May, U.S. companies faced near depletion of inventories, causing production halts for F-35 and missile systems, with samarium prices reaching sixty times normal levels [8] - The fragility of the current supply chain was highlighted, with U.S. dependence on refined rare earths from China reaching critical levels [8] Group 6 - In June 2025, U.S. and China held a second round of talks in London, resulting in a supplemental framework agreement, with China approving some compliant applications while maintaining strict regulations [10] - Despite some adjustments in export pace, the regulatory policies remained tight, with China expanding the control to five additional rare earth elements by October 2025 [10] Group 7 - Defense assessments indicated that F-35 jets require approximately 9,200 pounds of rare earth magnets, with U.S. dependence on China for rare earths reaching 70% for imports [12] - The tight inventory situation led to supply disruptions for contractors, while China approved civilian export licenses to alleviate demand, excluding military enterprises [12] Group 8 - As U.S.-China tensions escalated, media outlets criticized China's rare earth export controls for causing global supply shortages and price surges across various sectors, including smartphones and military equipment [14] - Analysts noted that China's policy is a tactical negotiation strategy aimed at weakening U.S. military capabilities to force concessions [14] Group 9 - Experts predict that the continuation of China's export controls will lead to rising component prices and slow down global production rates, with U.S. defense contractors facing an imminent inventory crisis [15] - Despite increased domestic development efforts in the U.S., the reliance on China's rare earth market is expected to persist for the next decade [15]

"在金属和矿产领域，最新一轮的囤积行为最为明显，"查塔姆研究所高级研究员帕特里克·施罗德表 示。他指出，各国政府正寻求降低对集中供应链和出口管制的依赖。 一场确保关键矿产资源的新竞赛正在全球经济舞台上展开。 智通财经APP了解到，从美国拟议的120亿美元"保险库项目"战略储备，到亚洲和欧盟不断扩充的缓冲 库存，各国政府正积极采取行动，以确保对那些日益被视为关乎国家安全和产业政策的金属矿产的获 取。 在美国，官员们近期公布了一项名为"保险库项目"的战略矿产储备计划，规模约120亿美元。该计划旨 在通过建立稀土及其他对电气化、国防和先进制造业至关重要的金属库存，增强美国工业的供应链韧 性。 "保险库项目"是对其他倡议的补充，例如旨在协调关键矿产政策定价和项目的"资源地缘战略参与论 坛"伙伴关系，以及侧重于保护AI相关供应链的"硅砂计划"。 澳大利亚今年1月宣布计划通过一项8亿美元的战略关键矿产储备，正式确立国家支持的囤积战略，优先 考虑锑、镓和稀土元素。 欧盟也在推进其"RESourceEU"战略下的关键原材料联合储备计划。本月早些时候知情人士消息称，预 计意大利、法国和德国将牵头这项工作。 就在上周末，印度和巴 ...

A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020.Project Vault complements other initiatives such as the "Forum on Resource Geostrategic Engagement (FORGE)," a partnership to coordinate critical mineral policy pricing and projects, as well as Pax Silica, which centers on safeguarding the AI-related supply chain.In the U.S., officials recently outlined a roughly $12 billion strategic mineral reserve dubbed Project Vault. Th ...

特朗普政府计划利用五角大楼开发的人工智能项目，为关键矿产制定参考价格，以支撑其构建全球金属贸易集团的计划 。 据媒体24日援引三位知情人士报道，上述参考价格将由美国国防部"国家安全开放价格探索"（OPEN）AI金属项目负责制定。此前，副总统JD Vance本月提议美国与逾50个国家在关键矿产各生产环节共同设立参考价格，并辅以"可调关税"作为价格保障机制。 报道称，特朗普官员初步将OPEN的AI定价模型聚焦于锗、镓、锑和钨四种关键矿产，随后将逐步扩大覆盖范围，S&P Global和芬兰数据公司 Rovjok将提供数据及技术支持。 此举揭示了特朗普政府试图主动介入关键矿产定价的路径，但AI技术能否切实重塑矿产买卖模式，仍存在广泛质疑。参考价格的实施时间表目前 尚不明朗——特朗普政府须首先说服数十个盟国加入贸易集团，方能确保机制的实际效力。消息公布后，基本金属价格拉升，伦锡涨超4%，伦镍 涨近4%，伦铜涨超2%。 关税的征收范围同样存在疑问——是否适用于所有含关键矿产的终端产品。以锂为例，美国阴极产业规模较小，对锂的自身需求目前有限，但含 锂离子电池的笔记本电脑却是美国的进口商品，而制造商历来倾向于以最低价格采购矿 ...