2025年3月3日稀土行情日报：政策预期提振板块资金博弈加剧

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

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3月3日稀土行情日报：政策预期提振板块资金博弈加剧

2025-03-03 16:21:03 来源：北方有色网责任编辑：管理员

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市场动态：资金博弈加剧龙头股表现分化
3 月 3 日，稀土板块延续活跃态势，三祥新材、科力远等个股涨停，稀土 ETF 基金（516150）盘中涨幅达 2.46%，成交额突破 3400 万元。个股方面，中国稀土（000831）收涨 1.64%，主力资金净流入 7040 万元；北方稀土（600111）涨幅 2.82%，获主力资金净流入 1.68 亿元，显示市场对龙头企业关注度较高。值得注意的是，尽管板块整体走强，但中小单资金流出明显，反映短期博弈情绪升温。数据显示，中国稀土前三季度净利润同比下滑 165%，北方稀土同期净利润降幅达 70.64%，业绩压力与政策预期形成对冲。

政策与行业动向：供给侧改革深化海外扰动持续
工信部近日发布《稀土开采和稀土冶炼分离总量调控管理办法（暂行）》及《稀土产品信息追溯管理办法（暂行）》征求意见稿，明确将进口矿纳入冶炼业务管控范围，并强化全流程追溯体系。新规旨在打击非法开采及走私行为，推动行业集中度提升，预计 2025 年稀土开采配额增速或维持低位。叠加缅甸矿供应收缩影响，重稀土价格涨幅显著，光大证券指出，这一扰动将成为短期价格支撑。当前，中证稀土产业指数前十大权重股合计占比超 56%，行业龙头效应进一步凸显。

公司聚焦：资本运作与战略布局并行
北方稀土控股股东包钢集团宣布拟斥资 5 亿至 10 亿元增持股份，并获银行 9 亿元贷款支持，彰显对公司长期价值的信心。川能动力控股股东变更为四川能源发展集团，持股比例增至 39.46%，加速省内清洁能源资源整合。中国核电则拟 10 亿元参股中国聚变能源有限公司，布局核聚变领域，呼应国家未来产业战略方向。业内认为，资本运作既能提升企业抗风险能力，也为行业技术突破提供资金保障。

行业分析：供需改善与潜在风险并存
短期来看，政策调控叠加缅甸矿供应不确定性，稀土价格中枢或继续上移。但市场交投活跃度较低，贸易商观望情绪浓厚，金属实际成交清淡。长期视角下，新能源汽车、人形机器人等新兴领域需求增长，叠加全球稀土战略储备加速，磁材企业与资源标的有望形成共振。然而，需警惕政策落地不及预期及海外地缘政治风险。国开证券指出，新规将有效遏制非法供给，推动行业健康发展，但实际效果需观察政策执行力度。

后市展望：政策细则与需求验证成关键
短期内，稀土板块将围绕政策预期与供需基本面波动。若首批开采配额增速低于预期或缅甸矿供应持续紧张，价格或进一步上行；反之，若需求复苏乏力，市场恐面临回调压力。建议关注两会期间产业政策动向及下游磁材企业订单情况，把握结构性机会。长期来看，技术突破与全球资源布局仍是行业核心竞争力，具备全产业链优势的企业更具配置价值。

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2025年3月3日稀土行情日报：政策预期提振板块 资金博弈加剧

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