Core Viewpoint - The two major rare earth companies, Northern Rare Earth (600111.SH) and Baotou Steel (600010.SH), announced a price increase for rare earth concentrate, with the new price set at 26,205 yuan/ton for Q4 2025, marking a 37% increase from the previous quarter and the highest price since Q2 2023 [1][4]. Pricing Mechanism - The price adjustment mechanism for rare earth concentrate between Northern Rare Earth and Baotou Steel began in 2023, with quarterly price calculations based on a fixed pricing formula established in a prior agreement [1][3]. - The price will change by 524.10 yuan/ton for every 1% change in REO content [4]. Financial Performance - Northern Rare Earth expects a net profit attributable to shareholders of 1.51 billion to 1.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 272.54% to 287.34% [2]. - The company also anticipates a net profit of 1.33 billion to 1.39 billion yuan after excluding non-recurring gains and losses, reflecting a year-on-year increase of 399.90% to 422.46% [2]. - Baotou Steel reported a revenue of 31.33 billion yuan for the first half of the year, a decrease of 11.02%, but a net profit of 151 million yuan, which is a year-on-year increase of 39.99% [2].

Core Viewpoint - The rare earth market is experiencing a recovery, with the prices of associated transactions between two major domestic rare earth companies, Baotou Steel (包钢股份) and Northern Rare Earth (北方稀土), increasing significantly in the fourth quarter of this year, marking the fifth consecutive quarter of price hikes [1][2]. Price Adjustments - The associated transaction price for rare earth concentrate has been adjusted to 26,205 CNY/ton (excluding tax, dry weight, REO=50%) for Q4, reflecting a 37.13% increase from the previous quarter's price of 19,109 CNY/ton [1][2]. - The price adjustments are based on the pricing method established in 2022 and the market prices of rare earth oxides projected for Q3 2025 [1]. Market Trends - The price of praseodymium-neodymium oxide has risen significantly, with an average price of 562,000 CNY/ton on September 30, up 26.43% from 444,500 CNY/ton on June 30 [2]. - The current transaction prices for rare earth concentrates have returned to levels comparable to early 2022, where the price was 26,887.2 CNY/ton [2]. Supply and Demand Dynamics - The continuous increase in rare earth concentrate prices may be linked to tightening upstream raw material supplies and stimulating policies for downstream consumption [3]. - Northern Rare Earth reported a substantial increase in net profit for the first three quarters of the year, projecting a net profit of 1.51 to 1.57 billion CNY, representing a year-on-year growth of 272.54% to 287.34% [3]. Future Outlook - Despite the positive performance, the overall demand for metals remains weak due to stagnant orders from magnetic material companies, which may lead to a downward trend in the rare earth market prices in the short term [3].

Core Viewpoint - The announcement from Baogang Co. and Northern Rare Earth indicates an increase in the associated transaction price for rare earth concentrates for Q4 2025, reflecting a significant upward trend in pricing within the industry [1][5]. Price Adjustment - The new price for rare earth concentrates is set at 26,205 yuan/ton (excluding tax), which is an increase of 7,096 yuan/ton or 37.13% compared to the price of 19,109 yuan/ton in Q3 2025 [5]. - This marks the fifth consecutive increase in the transaction price of rare earth concentrates, with previous quarterly prices showing a consistent upward trend [5][6]. Historical Price Data - Historical prices for rare earth concentrates over the past five quarters are as follows: - Q3 2025: 19,109 yuan/ton - Q2 2025: 18,825 yuan/ton - Q1 2025: 18,618 yuan/ton - Q4 2024: 17,782 yuan/ton - Q3 2024: 16,741 yuan/ton - Q2 2024: 16,792 yuan/ton - Q1 2024: 20,737 yuan/ton [6]. Pricing Mechanism - The pricing mechanism for rare earth concentrates has been in place for over two years, allowing for quarterly adjustments based on a predetermined formula [7]. - The management team calculates and adjusts the prices at the beginning of each quarter, ensuring that the pricing remains aligned with market conditions [7]. Company Performance - Northern Rare Earth has projected a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of 2023, representing a year-on-year increase of 272.54% to 287.34% [7]. - The company also expects a non-recurring net profit of 1.33 billion to 1.39 billion yuan, reflecting a substantial year-on-year increase of 399.90% to 422.46% [7]. Market Trends - The rare earth industry is experiencing a recovery in profitability, with improved market conditions compared to the previous year [9]. - The average prices for praseodymium and neodymium metals have increased by 11.9% and 12.7% respectively in the first half of the year, indicating a positive trend in demand and pricing [10]. - Northern Rare Earth reported significant growth in sales volumes across its main product lines, with praseodymium and neodymium product sales reaching historical highs [10][11]. Profitability Recovery - Northern Rare Earth has ended a two-year decline in profitability, with other companies in the sector also showing similar recovery trends [12]. - The average profit growth rate for four major companies, including Northern Rare Earth, has reached 723%, with Northern Rare Earth alone seeing a staggering increase of 1,952% in net profit [14].

Core Viewpoint - The rare earth industry is experiencing a significant price increase, with the price of rare earth concentrate set to rise to 26,205 yuan/ton in Q4 2025, marking a 37.13% increase from the previous quarter's price of 19,109 yuan/ton [5][6]. Price Adjustment Mechanism - The price adjustment mechanism for rare earth concentrate has been in place for over two years, with quarterly adjustments based on a pricing formula agreed upon by Northern Rare Earth and Baotou Steel [6]. - The prices for the past five quarters were as follows: 17,741 yuan/ton, 17,782 yuan/ton, 18,618 yuan/ton, 18,825 yuan/ton, and 19,109 yuan/ton, with respective quarter-on-quarter increases of 6.2%, 4.7%, 1.1%, 1.5% [6]. Industry Performance - The rare earth industry is showing improved profitability, with Northern Rare Earth forecasting a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of the year, representing a year-on-year increase of 272.54% to 287.34% [6]. - The overall market demand for rare earths remains strong, with significant price increases in key products such as praseodymium and neodymium oxides, which saw average prices rise by 11.9% and 12.7% respectively in the first half of the year [10]. Company Performance - Northern Rare Earth reported a gross margin increase of 4.32 percentage points to 12.28%, while Guangsheng Nonferrous's gross margin rose by 5.1 percentage points to 6.4% [10]. - The sales volume of rare earth products for Northern Rare Earth reached historical highs, with a 32.33% increase in rare earth metal product sales and a 17.93% increase in functional materials sales [10]. Market Trends - The A-share rare earth index has seen a year-to-date increase of over 100%, with stocks like Northern Rare Earth, Shenghe Resources, and Huahong Technology doubling in value [7]. - Despite a recent decline in stock prices for Baotou Steel and Northern Rare Earth, the overall market sentiment remains positive due to the anticipated continued improvement in profitability for the second half of the year [7][11].

我做中长线这么多年，总跟大家说不用盯着短期涨跌慌神，像稀土这种战略资源，提价加业绩预增的组合，其实是在给咱们释放信号：看板块得看底层逻 辑，这种有稳定定价机制、基本面能跟上的标的，才值得多花心思跟踪。 最近刷公告时，北方稀土和包钢股份那则提价消息，我第一时间就划重点了，这可不是小打小闹的调整，得跟大家好好聊聊。 今天就跟大家聊到这，后续稀土板块的动向我也会接着盯，有新观察再跟各位分享。我是帮主郑重，咱们下次接着聊#A股#里的机会。 更让咱们A股投资者上心的是，北方稀土紧跟着就放了业绩预告——前三季度归母净利润预计15到15.7亿，同比涨了272%到287%，扣非净利润增速更猛， 快400%到420%了！这业绩跟提价的联动，明眼人都能看出门道，毕竟稀土精矿的定价机制已经运行两年多，每季度按公式调整，不是临时炒作，这才是基 本面支撑的实在动静。 昨天看公告里写，2025年第四季度稀土精矿价格调到了不含税26205元/吨，环比一下涨了37%！要知道之前四次提价，幅度最高也就6.2%，这次直接把力度 拉满，而且这已经是连续第五次上调了，从最早的16741元/吨一路涨上来，趋势很明显。 ...

10月10日晚间，一则消息在资本市场和稀土行业激起千层浪。 | 股票代码:600010 债券代码:175793 | | | --- | --- | | 股票简称:包钢股份 债券简称:GC钢联01 | 编号:(临)2025-067 | 北方稀土、包钢股份同日发布公告，上调2025年第四季度稀土精矿关联交易价格。两家公司拟将2025年第四季度稀土精矿关联交易价格调整为 不含税26205元/吨（干量，REO=50%）。REO每增减1%，不含税价格增减524.10元/吨。 根据此前公告，近一年以来，稀土精矿交易价格持续上调。其中，第三季度稀土精矿交易价格调整为不含税19109元/吨。由此测算，第四季度 的稀土价格环比上涨了37.13%。 稀土精矿价格大幅上调 包钢股份发布公告称，根据2022年年度股东大会审议通过的稀土精矿价格调整机制及计算公式，公司拟将2025年第四季度稀土精矿关联交易价 格调整为不含税26205元/吨（干量，REO=50%）。REO每增减1%，不含税价格增减524.10元/吨。 同日，北方稀土也公告称，根据稀土精矿定价方法及2025年第三季度稀土氧化物价格，经测算并经公司总经理办公会审议通过，20 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600010 股票简称：包钢股份编号：（临）2025-066 债券代码：175793 债券简称：GC钢联01 内蒙古包钢钢联股份有限公司 关于股份回购进展情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ■ 一、回购股份的基本情况 内蒙古包钢钢联股份有限公司（以下简称"公司"）分别于2025年4月17日、2025年5月22日召开第七届董 事会第二十八次会议和2024年年度股东大会，审议通过了《关于以集中竞价方式回购公司股份的方 案》，同意公司自股东大会审议通过本次回购股份方案之日起12个月内，使用自有资金及股票回购专项 贷款以集中竞价交易方式回购公司股份，回购资金总额不低于人民币1亿元（含），不超过人民币2亿元 （含），回购股份价格上限为2.73元/股，本次回购股份将全部予以注销并减少公司注册资本。 具体内容详见公司于2025年4月19日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞 价方式回购公司股份方案的公 ...

Core Viewpoint - The significant increase in rare earth prices has been announced by Baotou Steel and Northern Rare Earth, with the price for the fourth quarter of 2025 set at 26,205 yuan per ton, reflecting a 37% increase from the previous quarter's price of 19,109 yuan per ton [1][5][7]. Price Adjustments - Baotou Steel announced a price adjustment for rare earth concentrate to 26,205 yuan per ton (excluding tax) for Q4 2025, with a price change of 524.10 yuan per ton for every 1% change in REO content [1][5]. - The price for Q3 2025 was previously set at 19,109 yuan per ton, indicating a substantial increase in pricing trends throughout 2024 and 2025 [7][8]. Export Control Measures - On October 9, the Ministry of Commerce announced new export controls on rare earth-related items and technologies, emphasizing the dual-use nature of these materials and their potential military applications [9][10]. - The export control measures are aimed at protecting national security and interests, with specific exemptions for humanitarian aid and emergency medical supplies [10][11].

Core Viewpoint - The article highlights a significant increase in rare earth prices, with specific adjustments announced by Baotou Steel and Northern Rare Earth for the fourth quarter of 2025, reflecting a broader trend of rising prices in the rare earth market [2][6][8]. Price Adjustments - Baotou Steel announced an adjustment of the rare earth concentrate price to 26,205 yuan/ton (excluding tax) for Q4 2025, with a price change of 524.10 yuan/ton for every 1% change in REO content [2][6]. - Northern Rare Earth has made a similar announcement, aligning its pricing strategy with Baotou Steel, indicating a unified pricing mechanism that began in 2023 [6][9]. Historical Price Trends - The rare earth concentrate prices have been on an upward trajectory since 2024, with the following adjustments noted: - Q1 2024: 20,737 yuan/ton - Q2 2024: 16,792 yuan/ton - Q3 2024: 16,741 yuan/ton - Q4 2024: 17,782 yuan/ton - Q1 2025: 18,618 yuan/ton - Q2 2025: 18,825 yuan/ton - Q3 2025: 19,109 yuan/ton - Q4 2025: 26,205 yuan/ton [9]. Export Control Measures - On October 9, the Ministry of Commerce announced new export control measures on rare earth-related items and technologies, emphasizing the dual-use nature of these materials and the need to protect national security [10][11]. - The export controls are aimed at preventing sensitive technologies from being misappropriated for military purposes, reflecting a strategic move to safeguard China's interests in the global rare earth supply chain [12].

（文章来源：证券日报） 证券日报网讯 10月10日晚间，包钢股份发布公告称，2025年9月份，公司通过集中竞价交易方式累计回 购股份5779400股，占公司总股本的比例为0.013%。 ...