能源金属行业动态报告：供需、政策、战略三重奏再绎稀土板块配置价值突出

中信建投证券03-01

核心观点稀土：为遏制日本“再军事化”商务部继续出台对日稀土出口管制措施，将20 家日本实体列入出口管制管控名单，将20 家日本实体列入关注名单，稀土战略价值重申。供需层面，短期供给端持续紧张，缅甸北部冲突不断，供给端扰动增多，国内部分冶炼分离企业存在阶段性减产情况，市场流通货源偏紧，国内新配额制度下，将进口矿及冶炼纳入配额管理，长期供给弹性下降。需求端旺季降至，终端客户二季度订单陆续签订，国内下游...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2616821745?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-01 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2616821745","market":"hk","top_or_hot":-1,"title":"能源金属行业动态报告：供需、政策、战略三重奏再绎 稀土板块配置价值突出","media":"中信建投证券","content":"<div>\n<p>核心观点稀土：为遏制日本“再军事化”商务部继续出台对日稀土出口管制措施，将20 家日本实体列入出口管制管控名单，将20 家日本实体列入关注名单，稀土战略价值重申。供需层面，短期供给端持续紧张，缅甸北部冲突不断，供给端扰动增多，国内部分冶炼分离企业存在阶段性减产情况，市场流通货源偏紧，国内新配额制度下，将进口矿及冶炼纳入配额管理，长期供给弹性下降。需求端旺季降至，终端客户二季度订单陆续签订，国内下游...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260301184212a43ddb11&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>能源金属行业动态报告：供需、政策、战略三重奏再绎 稀土板块配置价值突出</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n能源金属行业动态报告：供需、政策、战略三重奏再绎 稀土板块配置价值突出\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-01 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260301184212a43ddb11&s=b><strong>中信建投证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心观点稀土：为遏制日本“再军事化”商务部继续出台对日稀土出口管制措施，将20 家日本实体列入出口管制管控名单，将20 家日本实体列入关注名单，稀土战略价值重申。供需层面，短期供给端持续紧张，缅甸北部冲突不断，供给端扰动增多，国内部分冶炼分离企业存在阶段性减产情况，市场流通货源偏紧，国内新配额制度下，将进口矿及冶炼纳入配额管理，长期供给弹性下降。需求端旺季降至，终端客户二季度订单陆续签订，国内下游...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260301184212a43ddb11&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"002756","symbol_name":"永兴材料","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260301184212a43ddb11&s=b","article_id":"2616821745","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260301184212a43ddb11&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2616821745","pubTimestamp":1772294400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"行业动态信息锂：据百川盈孚，本周工业级碳酸锂市场均价为17.2 万元/吨，较上周上涨21.1%；电池级粗粒氢氧化锂均价为16.45 万元/吨，较上周上涨17.5%。供给端，本周碳酸锂产量预计下滑，春节期间部分厂家放假或安排检修，影响产量。镍：本周LME 镍价为17695 美元/吨，较上周上涨1.5%；上期所镍价为141560 元/吨，较上周上涨4.7%。本周SHFE 镍库存6.08 万吨，LME 镍库存28.80 万吨，合计库存34.88 万吨，较上周上涨0.8%。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300748":"金力永磁","600111":"北方稀土","600259":"中稀有色","600366":"宁波韵升","603799":"华友钴业","002756":"永兴材料","BK1509":"特斯拉概念股","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","002460":"赣锋锂业","002466":"天齐锂业","BK1190":"多种金属与采矿","BK1592":"有色金属","01772":"赣锋锂业","SG9999006597.SGD":"United China-India Dynamic Growth SGD","BK1594":"碳中和概念股","06680":"金力永磁","09696":"天齐锂业","002738":"中矿资源","BK1129":"特种化学制品"},"translate_title":"Energy metal industry dynamic report: The trio of supply and demand, policy and strategy reappears, and the allocation value of the rare earth sector is outstanding","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300748":1.59,"600111":1.54,"600259":1.54,"600366":1.59,"603799":1.59,"01772":1.61,"06680":1.59,"09696":1.61,"002756":1.61,"002466":1.61,"002460":1.61,"002738":1.61},"content_text":"核心观点稀土：为遏制日本“再军事化”商务部继续出台对日稀土出口管制措施，将20 家日本实体列入出口管制管控名单，将20 家日本实体列入关注名单，稀土战略价值重申。供需层面，短期供给端持续紧张，缅甸北部冲突不断，供给端扰动增多，国内部分冶炼分离企业存在阶段性减产情况，市场流通货源偏紧，国内新配额制度下，将进口矿及冶炼纳入配额管理，长期供给弹性下降。需求端旺季降至，终端客户二季度订单陆续签订，国内下游企业刚性补库需求持续上升，海外客户补库需求持续存在。长期而言，大国博弈下的稀土战略配置需求持续，人形机器人等打开需求天花板。行业动态信息锂：据百川盈孚，本周工业级碳酸锂市场均价为17.2 万元/吨，较上周上涨21.1%；电池级粗粒氢氧化锂均价为16.45 万元/吨，较上周上涨17.5%。供给端，本周碳酸锂产量预计下滑，春节期间部分厂家放假或安排检修，影响产量。库存方面，行业整体库存延续去库。锂盐厂库存大幅上涨，受春节期间物流停滞影响。贸易环节放假停滞，节后贸易收货偏多，库存上升。下游材料厂消耗节前储备库存，库存下滑。本周期货仓单量持续增加，前一交易日期货仓单量已达到38525 吨，较节前一周上涨。需求端，2 月需求淡季，但铁锂大厂多正常生产，春节期间减量较少，其他材料多有下滑。下游材料厂节前备货较多，节后价格上涨，多观望情绪。资源端，国内锂资源自主可控意义凸显，建议关注永兴材料、中矿资源、天齐锂业、赣锋锂业等。镍：本周LME 镍价为17695 美元/吨，较上周上涨1.5%；上期所镍价为141560 元/吨，较上周上涨4.7%。本周SHFE 镍库存6.08 万吨，LME 镍库存28.80 万吨，合计库存34.88 万吨，较上周上涨0.8%。供给端，本周国内硫酸镍产量预计40600 吨，较上周产量减少，开工率同步下调。春节假期期间，部分硫酸镍企业减停产休假，原料端受印尼镍矿配额收紧、物流偏慢制约，市场整体供应阶段性收紧。需求端，电池级硫酸镍需求偏弱，三元前驱体企业复工节奏偏慢，采购以消化节前库存为主，仅维持刚需拿货。电镀级硫酸镍需求同样清淡，传统五金电镀行业开工不足，高端电镀领域订单有限，整体采购量偏低，市场需求疲软。镍建议关注华友钴业等。稀土&磁材：本周稀土价格上涨。截止到本周四，氧化镨钕市场均价88.5 万元/吨，较节前价格上调4.12%；氧化镝市场均价161.5 万元/吨，较节前价格上涨9.12%；氧化铽市场均价652.5 万元/吨，较节前价格上涨2.35%。从供需基本面来看，供应持续紧张，分离企业假期开工稳定，个别企业受制于环评产能等，氧化物开工产出下降，市场现货流通减少，贸易商出货不多，金属生产稳定，排单生产为主，市场整体供应偏紧。需求逐步增加，下游钕铁硼企业近期陆续复工，下游订单少量释放，企业备货库存不多，近期或陆续采购为主，且长期需求向好，年度产量或有新增。建议关注宁波韵升、金力永磁等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2616821745","isCrawlerRequest":true}

能源金属行业动态报告：供需、政策、战略三重奏再绎 稀土板块配置价值突出

精彩评论

能源金属行业动态报告：供需、政策、战略三重奏再绎稀土板块配置价值突出