Voices from Various Sides
Dongguan Securities Research Report: Minor Metals—Representatives of New Productive Forces. New productive forces are advanced productive forces targeting emerging fields. Minor metals such as rare earths, tungsten, molybdenum, germanium, gallium, and antimony, with their unique physical and chemical properties, play indispensable roles in high-end manufacturing, new energy, new materials, semiconductors, biotechnology, and artificial intelligence. As key resources for developing strategic emerging industries, various minor metal materials have garnered widespread attention. New productive forces represent advanced productivity in emerging fields, future industries, and green development. With the deepening of technological innovation, the applications of various minor metals continue to expand, providing strong support for the development of new productive forces. Specifically, the applications of minor metals in new productive forces are mainly concentrated in new energy, new materials, and artificial intelligence.
Minsheng Securities Research Report: Emphasize Opportunities in Strategic Advantage Metals, Align with AI and Military Demand Iterations to Drive Material Upgrades. Domestically, strategic advantage metal resources are under absolute control, significantly enhancing their strategic importance. The rapid iteration of AI and military demand drives material upgrades, aligning with the development strategy of new productive forces. Rare Earth Magnetic Materials: Domestic mining quotas are growing at a slower pace, while supply disruptions in Myanmar are frequent. Medium and long-term demand continues to grow, with rare earth prices stabilizing and rebounding from the bottom. Domestic supply-side indicators are growing slowly, and supply disruptions in Myanmar hinder release. Medium and long-term benefits stem from the rapid development of NEVs and energy-efficient motors, with wind power demand marginally improving. Overall demand is steadily increasing, and Pr-Nd oxide supply and demand are expected to return to tight balance. Tungsten: Persistent shortages on the mining side support long-term price growth. Tungsten ore resources are severely depleted, with high-grade black tungsten ore resources gradually diminishing. China accounts for over 80% of global tungsten ore production (2023) and strictly controls total mining volumes, making it difficult to increase tungsten ore supply in the future. Demand for hard alloys is expected to steadily recover, PV tungsten wire is likely to see sustained growth, and geopolitical conflicts may boost tungsten demand in military applications. Overall tungsten demand is expected to grow steadily, with long-term price growth anticipated. Minsheng Securities recommends domestic strategic resource advantage sectors and new material sectors benefiting from AI and military technology iterations. Relevant stocks: JL MAG Rare-Earth, China Tungsten High-tech, Xiamen Tungsten, Guangxi Wuzhou Huaxin, Yunnan Tin, BOKE New Materials, BOKE New Materials, Orient Tantalum Industry, Baoti Group, Western Superconducting.
Guojin Securities believes: Myanmar's Xunyang mine, as a critical supplier of heavy rare earths such as dysprosium and yttrium and light rare earths, faces frequent supply disruptions and additional resource fees, potentially raising industry cost curves and rare earth price centers. Continued attention to the situation in Myanmar is warranted. Guojin Securities estimates that if rare earth quota growth remains below 15% in 2025, global rare earth supply and demand may continue to improve. This year, rare earth prices have bottomed out, and with significantly strengthened supply and demand expectations and policy catalysts akin to supply-side reforms, commodity price centers are gradually rising. With industry cost curves shifting upward and frequent supply disruptions, we remain optimistic about rare earth price increases. As a globally leading industry with extensive downstream applications and pricing power in China, rare earths are expected to gain significant attention amid the US government transition. We reiterate the upward fundamentals of rare earth stocks and the value re-evaluation opportunities brought by "supply-side reform" policies and their status as "national strategic assets." On the resource side, we recommend focusing on China Northern Rare Earth (leader in light rare earths) and JL MAG Rare-Earth (leader in high-end magnetic materials, involved in humanoid robots).
From: https://news.metal.com/newscontent/103125863/Tungsten-Prices-Rise-Rare-Earth-Raw-Material-Prices-Remain-Strong-Minor-Metal-Sector-Gains-for-Two-Consecutive-Days-Ningxia-Orient-Tantalum-Industry-Hits-Limit-Up-[SMM-News]