能源及稀有金属周度观察

2025年7月3日中性市市场表现截至2025.7.3数据来源：Wind，国新证券整理分析师：葛寿净登记编码：S1490522060001邮箱：geshoujing@crsec.com.cn证券研究报告2024-01-092024-01-312024-03-012024-03-252024-04-182024-05-152024-06-062024-07-012024-07-232024-08-142024-09-052024-10-082024-10-302024-11-212024-12-132025-01-072025-02-062025-02-282025-03-242025-04-16稀有金属(中信)沪深300 能源及稀有金属周度观察 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明目录一、周度市场指数表现................................................................................................................................................................4二、能源及稀有金属产业链数据周度跟踪................................................................................................................................5三、投资建议................................................................................................................................................................................8四、主要公司盈利预测与估值....................................................................................................................................................8五、风险提示................................................................................................................................................................................9 2 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明图表目录图表1：稀有金属指数上周涨跌幅.............................................................................................................................................4图表2：稀有金属细分板块指数.................................................................................................................................................4图表3：稀有金属周涨跌幅前五（%）.....................................................................................................................................5图表4：稀有金属周涨跌幅后五（%）.....................................................................................................................................5图表5：锂价格走势.....................................................................................................................................................................6图表6：钴价格走势.....................................................................................................................................................................6图表7：锡价格走势.....................................................................................................................................................................6图表8：镍价格走势.....................................................................................................................................................................6图表9：锑价格走势.....................................................................................................................................................................7图表10：钨价格走势...................................................................................................................................................................7图表11：稀土矿价格走势...........................................................................................................................................................7图表12：轻稀土...........................................................................................................................................................................7图表13：轻稀土价格走势...........................................................................................................................................................7图表14：重稀土价格走势...........................................................................................................................................................7图表15：龙头公司盈利预测与估值...........................................................................................................................................8 3 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明一、周度市场指数表现上周稀有金属板块涨跌幅为6.6%。分板块看，上周涨跌幅方面：锂（中信）9.03%、其他稀有金属（中信）6.57%、镍钴锡锑（中信）5.87%、钨（中信）2.44%、稀土及磁性材料（中信）2.19%。图表2：稀有金属细分板块指数数据来源：Wind，国新证券整理0.001.002.003.004.005.006.007.008.009.0010.00图表1：稀有金属指数上周涨跌幅数据来源：Wind，国新证券整理-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%2024-01-092024-01-262024-02-222024-03-122024-03-292024-04-192024-05-13稀有金属(中信) 2024-05-302024-06-192024-07-08 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明从公司表现看，上周涨跌幅从大到小排列，居前的为东方锆业18.42%、西部材料15.40%、铂科新材13.11%、赣锋锂业11.60%、腾远钴业10.47%；居后的博迁新材-3.04%、广晟有色-2.16%、悦安新材-1.11%、盛和资源0.00%、中钨高新0.09%。图表3：稀有金属周涨跌幅前五（%）图表4：稀有金属周涨跌幅后五（%）数据来源：Wind，国新证券整理数据来源：Wind，国新证券整理二、能源及稀有金属产业链数据周度跟踪能源及稀有金属的上周价格涨跌幅如下：能源金属（锂钴）中，碳酸锂(99.5%电,国产)区间价格涨跌幅为2.3%，中国钴(1#)区间涨跌幅为-5.4%；锡镍锑方面，期货结算价(活跃合约)锡2.0%，期货结算价(活跃合约)镍2.3%，长江有色市场平均价锑:1#价格涨跌幅为0.0%；小金属钨，安泰科平均价黑钨精矿65%国产的价格上周涨跌幅为0.0%；稀土方面，碳酸稀土（REO42.0-45.0%）的价格涨跌幅为0.1%，电池级混合稀土金属的价格涨跌幅为-0.3%。0.002.004.006.008.0010.0012.0014.0016.0018.0020.00东方锆业西部材料铂科新材赣锋锂业腾远钴业-3.50-3.00-2.50-2.00-1.50-1.00-0.500.000.50博迁新材广晟有色悦安新材 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明数据来源：Wind，国新证券整理图表8：镍价格走势数据来源：Wind，国新证券整理100000120000140000160000180000200000220000240000SHFE镍 数据来源：Wind，国新证券整理图表7：锡价格走势数据来源：Wind，国新证券整理100000150000200000250000300000350000SHFE锡 未