Rare earth metals comprise 17 chemical elements in the periodic table, which include fifteen elements of the lanthanide series, and scandium and yttrium. Scandium and yttrium are also considered rare earth metals as they are found in the same mineral ore deposits as the other elements of the lanthanide series. Rare earth metals have unique physical and chemical properties, which make them suitable to alloy with other metals in applications that require properties such as enhanced magnetic strength and high-temperature resistance.

Mining companies across Latin America exhibited improved credit ratios, with median net leverage falling to 1.3x in 2016 compared with 2.9x in 2015. An improved pricing environment, reductions in cash costs and completions of capital investments resulted in improved cash flow generation. Fitch Ratings expects miners to use higher cash flows to improve liquidity and/or reduce gross debt levels. Maintaining adequate levels of debt in order to exhibit sustainable levels of leverage is crucial to each company’s rating.

供给：十九大提出实现供需动态平衡，预计 2018 年煤炭供给保持稳定。新增产 能需要产能臵换，对总供给影响有限。安检环保煤管票限制短期供给，煤炭行业 固定资产投资下滑限制长期供给释放，政策加大对煤炭进口调控，进口量有望保 持平稳。 煤价：市场认为明年煤炭均价平稳或下跌，我们认为明年煤炭均价将抬升。其中 焦煤均价上涨 100 元，动力煤均价上涨 30 元。当下至 2018 年上半年煤价处于 上涨阶段。

推荐排序：钴>锂>稀土。2018 年：钴价仍具有较大的上涨空间，金融属性是主要驱动力；锂的供需有压力，价格或高位震荡，波动区间预计在 15-17 万/吨；静待政策催化剂，坚定看好稀土供给侧改革。

受下游煤炭需求走强影响，港口煤炭运输热度明显提升，秦皇岛港铁路调入量、港口吞吐量、锚地船数量和预到船数量均显著增长。运价方面，水运运价结束了 11 月以来大幅上涨的势头，开始掉头向下。同时，公路运价则出现了不同程度的上涨。指数方面，动力煤、焦煤整体均维持向上态势。产地方面，地区有一定程度的分化，其中陕西地区煤炭价格涨势最好。 

短期看价格，主要是动力煤市场价格走势、国际油价变动、气价及国内上网电价；中期看供给，主要是基于生产可能性曲线的供给周期性变动，能源新周期内不同类型的能源企业，生产可能性曲线存在超额收益差异，因而存在较大的利润差异，由此而形成的而能源供给格局成为能源新周期中长期波动的决定性要素，此外，运输通道也是重要的影响因素等；长期看经济，一般取决于经济增长对能源的依赖度，经济与能源消费具有显著的相关性，虽然振幅不同，但经济增长与能源消费具有同向波动的特征。