中国稀土投资者关系活动：聚焦稀土价格与行业发展

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

2025 年 2 月 19 日，中国稀土发布投资者关系活动记录表，针对市场高度关注的稀土产品价格及行业发展态势等问题，进行了全面且深入的回应。此次参与调研的机构包括中泰证券、国泰君安证券、平安资管、华泰资产、汇添富基金等 7 家，中国稀土董事会秘书黄呈橙和证券事务代表廖江萍参与接待，地点位于赣州。

价格波动与回暖态势

稀土作为战略小金属，其产品价格受供需关系影响显著，长期处于波动状态。回顾 2024 年，在复杂的市场环境以及行业供需周期等多重因素的综合作用下，主要稀土产品价格在第一季度经历了快速下行，随后便一直在相对低位波动，给众多稀土企业带来了业绩压力。例如，中国稀土集团资源科技股份有限公司发布的 2024 年年度业绩预告显示，预计 2024 年净亏损 2.67 亿元至 3.57 亿元，而上年同期盈利 4.18 亿元。

近期，稀土产品价格呈现出整体回暖的积极态势。进入 2025 年，受上游生产成本支撑及《稀土管理条例》实施推动行业秩序规范健康发展，叠加进口矿收缩、下游需求进一步增加等因素的影响，供需关系有所改善，部分稀土产品价格有望逐步回归合理区间。从需求端来看，2024 年以来国内 “两新” 政策加码强化终端景气周期，有机构测算 2025 年国内新能源汽车、空调对稀土磁材需求有望维持 33%、7% 的增速，氧化镨钕维持紧平衡状态。

中长期市场信心十足

谈及中长期市场走势，中国稀土方面明确表示对稀土发展充满坚定信心。这主要基于以下几方面的考量：一是稀土重要资源的战略地位和应用前景始终未变，凭借其特殊的物理化学性能，稀土被广泛应用于工业制造、新兴产业、绿色能源等众多领域，人形机器人、低空经济等领域更为稀土应用开拓了新空间；二是支撑行业发展的要素条件稳固如初；三是稀土行业高质量发展的态势持续向好。与此同时，《稀土管理条例》及其相关细则的陆续颁布及实施，为规范行业发展秩序提供了有力保障，进一步助推行业高质量发展。基于以上种种积极因素，公司对稀土价格走势保持谨慎积极乐观的态度。

智能驾驶驱动下新能源汽车领域磁材需求有望保持高速增长，随着人形机器人和低空经济领域动能不断涌现，新兴领域有望成为高性能钕铁硼需求远期增长的核心驱动因素。2025 年被视为人形机器人量产元年，高性能钕铁硼作为机器人关节电机的核心材料，单台用量预计达 2kg - 4kg，江西金力永磁科技股份有限公司也在积极配合世界知名客户的人形机器人用磁组件的研发，并且已有小批量交付。

尽管稀土产品价格过往波动频繁，但当前的回暖趋势以及中长期的积极因素，都为稀土行业的发展带来了新的机遇与希望。中国稀土也将在这一充满机遇与挑战的市场环境中，积极应对，把握发展契机，为推动稀土行业持续健康发展贡献力量。

基本文件流程错误 SQL 调试

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中国稀土投资者关系活动：聚焦稀土价格与行业发展

价格波动与回暖态势

中长期市场信心十足

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