Summary of Key Points Core Viewpoint - The announcement details the pledge of shares by the controlling shareholder of Baogang Group to provide collateral for financing through CITIC Securities, indicating a significant financial maneuver by the company [1]. Group 1: Share Pledge Details - On July 15, 2025, Baogang Group pledged 62,100,000 shares of Baogang Co., accounting for 2.48% of its total shares and 1.37% of the company's total share capital [1]. - As of July 15, 2025, Baogang Group has a total of 771,498,880 shares pledged, which represents 30.76% of its total holdings [1]. - The pledged shares are not used for major asset restructuring or performance compensation guarantees [1]. Group 2: Cumulative Pledge Situation - As of the announcement date, Baogang Group has a total of 2,508,279,260 shares, with 55.38% already pledged [1]. - After the current pledge, the cumulative pledged shares amount to 771,498,880, which is 30.76% of Baogang Group's total holdings [1]. - The remaining unpledged shares are 1,109,883,230, representing 17.04% of the total share capital [1].

| 股票代码：600010 | 股票简称：包钢股份 | 编号：（临）2025-053 | | --- | --- | --- | | 债券代码：163705 | 债券简称：20钢联03 | | | 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股份质押公告 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： ● 2025 年 7 月 15 日，内蒙古包钢钢联股份有限公司（以下简称 "公司"）控股股东包头钢铁（集团）有限责任公司（以下简称"包 钢集团"）作为出质人，将持有的 62,100.00 万股包钢股份无限售流 通股质押给中信证券股份有限公司，用于为包钢集团融资提供担保。 截 至 2025 年 7 月 15 日 ， 包 钢 集 团 持 有 公 司 无 限 售 流 通 股 1,117,497.15 万股，限售流通股 1,390,782.11 万股，持股总数量 2,508,279.26 万股，占公司总股本的 55.38%。本次质押后，包钢集 团共质押公司股票 771,49 ...

包钢股份：公司积极关注包括钍基熔盐堆在内的绿色可持续能源产业发展情况，并持续推进白云鄂博资 源开发利用，目前暂未进行钍资源销售。 ...

谢谢慧玲秘书 各位投资者大家早上好 我是中泰有色团队的安永昌今天主要汇报基础板块的一个最新的观点因为上周的话其实整体的一个催化比较多板块的话也出现了这种涨停潮的一个情况然后周末的其实看到整体的一个热度其实也是一个非常高的一个情况 第一点先讲一下美国国防部投资MP的这个事情因为上周刚四晚上的时候MP公告了美国国防部要投资MP大概出10亿美元如果投资完成之后的话美国国防部大概支援MP大概15%的股份成为它第一大的股东所以它基本上从性质从原来完全自有的性质变成了国营的一个性质 它核心的内容其实也类似于我们国家去补贴半导体这样的一个产业链然后也是美国对MP这边做了一个比较大的补贴的力度其实整体的力度还是比较超一期的我们先回顾一下为什么美国贸易部要投资MP包括对它进行一个比较大的补贴 单对IU的市场成本大概是在2000美金就是它只做矿的时候即使稀土价格跌到像40万这种时候其实它的力量还是比较好的包括它原来的矿其实绝大多数都是通过肾核来包销到国内市场去做眼泪分离的但是从今年的情况就比较特殊了今年四月份之后然后美国对我们加对等关税之后我们做了一些反制然后这样的一个情况导致了一个结果就是它的矿没有办法进入到中国市场了所以整体 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the rare earth industry, particularly the developments surrounding MP Company and its relationship with the U.S. government [1][2][3]. Core Insights and Arguments - The U.S. Department of Defense has invested approximately $1 billion in MP Company, acquiring a 15% stake, transitioning the company to a partially state-owned entity [1][2]. - This investment aims to bolster domestic rare earth production and reduce reliance on Chinese imports, similar to China's support for its semiconductor industry [2]. - MP Company is currently facing challenges such as inventory backlog and low efficiency at its separation plant, with a capacity utilization rate of only 30% as of Q1 2025 [1][5]. - The separation costs for MP Company are significantly high at $60 per kilogram, compared to the mining cost of $14 to $15 per kilogram, leading to financial losses [2][5]. - The U.S. government is providing direct financial subsidies and price guarantees, including a minimum price of $110 per kilogram for cerium oxide, which is nearly double the domestic price [6][9]. Market Dynamics - Recent price increases in the rare earth market are attributed to stagnant supply, import restrictions on U.S. minerals, and a seasonal uptick in demand as companies replenish low inventories [10]. - The export volume has been significantly reduced due to regulatory measures, with April exports halving compared to March, and further reductions in May [10]. Future Projections - The U.S. Department of Defense plans to assist MP Company in expanding its magnet production capacity from 1,000 tons to 10,000 tons by 2028, aiming for self-sufficiency in domestic demand [4][5]. - The investment is expected to enhance the competitive position of MP Company and potentially stabilize the rare earth supply chain in the U.S. [7]. Recommendations - Companies such as Northern Rare Earth and Baotou Steel are recommended due to their potential for significant profit increases with rising CPO prices [3][12]. - Shenghe Resources is also highlighted as a direct beneficiary of the U.S. subsidies, with no obligation to sell its 8% stake in MP Company [11][14]. Additional Considerations - The overall sentiment is optimistic regarding the future of the rare earth industry in the U.S., driven by government support and market dynamics [7][14]. - The establishment of a complete and independent rare earth supply chain is a strategic goal for the U.S. to mitigate international market uncertainties [7].

Group 1: Market Overview - On July 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 26.576 billion yuan, with the ChiNext board seeing a net outflow of 12.112 billion yuan and the CSI 300 index stocks a net outflow of 6.366 billion yuan [1] - Among the 21 industries tracked, mechanical equipment, public utilities, and home appliances saw the largest gains, each rising over 1%, while real estate, media, and non-bank financial sectors fell more than 1% [1] - Four industries received net inflows from main funds, with mechanical equipment leading at 394 million yuan, followed by home appliances at 117 million yuan, and coal and petrochemical sectors each exceeding 37 million yuan [1] Group 2: Individual Stock Performance - Among individual stocks, 37 saw net inflows exceeding 100 million yuan, with six stocks surpassing 200 million yuan in inflows [2] - Zhongji Xuchuang, a leader in optical modules, topped the inflow list with 497 million yuan, benefiting from increased demand for ASIC servers driven by growth in ARR for AWS's Anthropic and Google's Gemini [2] - Notable stocks such as Xiangyang Bearing, Brother Technology, and Kelu Electronics also saw significant inflows, with Kelu Electronics reaching a net inflow of 314 million yuan, the highest since June 23, 2016 [2] Group 3: Notable Outflows - Over 90 stocks experienced net outflows exceeding 100 million yuan, with 21 stocks seeing outflows over 300 million yuan [3] - Leading the outflows were BYD and Northern Rare Earth, each with net outflows exceeding 1.1 billion yuan, with Northern Rare Earth's outflow reaching 1.105 billion yuan, marking a new high since November 4, 2024 [3][4] Group 4: Tail-End Market Activity - At the market close, there was a net outflow of 1.483 billion yuan, with the ChiNext board seeing an outflow of 806 million yuan [6] - Notably, the digital currency concept stock Chutianlong saw a significant reversal, with a net inflow of 204 million yuan, despite a projected loss of 35 to 40 million yuan for the upcoming half-year [7] - Other stocks with notable tail-end inflows included Tianyang Technology and Hanyu Pharmaceutical, each exceeding 40 million yuan [8]

Core Viewpoint - The rare earth permanent magnet sector is experiencing a surge in stock prices, driven by price adjustments from major companies and strong earnings forecasts for 2025 [1][2]. Group 1: Price Adjustments and Market Reactions - On July 10, Northern Rare Earth and Baotou Steel announced an increase in their rare earth concentrate trading price to 19,109 yuan/ton, a 1.51% increase from the previous quarter, marking four consecutive quarters of price increases [1]. - Following these announcements, 11 stocks in the rare earth permanent magnet sector, including Northern Rare Earth and Baotou Steel, hit the daily limit up [1]. Group 2: Earnings Forecasts and Performance - Companies in the sector are expected to report significant earnings growth for the first half of 2025. For instance, Guangsheng Nonferrous is projected to achieve a net profit of 70 million to 85 million yuan, while Northern Rare Earth anticipates a net profit of 900 million to 960 million yuan, representing a year-on-year increase of 1883% to 2015% [1]. - Institutions predict substantial growth for several companies in 2025, with Zhongke Sanhuan expected to grow by 1341% and Baotou Steel by 475%. Other companies like Shenghe Resources, Zhenghai Magnetic Materials, and Northern Rare Earth are also expected to see their earnings double [2]. Group 3: Strategic Insights - According to Dongfang Securities, China's management of rare earth resources aims to ensure national security, promote industrial upgrades, and protect the environment. The supply side is expected to consolidate around two major rare earth groups, leading to a more orderly supply and moderate price increases in the long term [2].

Group 1 - The A-share rare earth permanent magnet sector is experiencing active bidding, with companies such as Wolong New Energy and Jingyuntong hitting the daily limit up [1] - Other companies like Sanchuan Wisdom, Huahong Technology, Baogang Co., and Jintian Co. also opened high, rising over 5% [1]

Investment Rating - The report indicates a positive outlook for the copper and aluminum industries, with copper showing a stable upward trend and aluminum stabilizing at the bottom [14][15][16]. Core Insights - The copper market is experiencing a slight price decline, with LME copper down 1.92% to $9,663.00 per ton, while domestic copper inventory has increased slightly [15]. - The aluminum market shows a minor price increase, with LME aluminum up 0.17% to $2,602.00 per ton, and a decrease in domestic electrolytic aluminum ingot inventory [16]. - Gold prices have increased by 0.71% to $3,370.30 per ounce, driven by geopolitical tensions and increased demand for safe-haven assets [17]. - The rare earth sector is expected to see price increases due to tightening supply and rising demand, with strategic government actions enhancing the sector's outlook [39]. - The antimony market is stabilizing, with expectations of price recovery supported by reduced domestic production and increased demand from new regulations [40]. - Molybdenum prices are rising, supported by low inventory levels and strong demand from the steel industry [41]. - Lithium prices have shown a mixed trend, with carbonate prices increasing while hydroxide prices have slightly decreased [44]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a robust upward trend, while aluminum is stabilizing at lower levels. Precious metals are accelerating due to fiscal expansion policies [14]. 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.92% to $9,663.00 per ton, with slight increases in domestic inventory and production rates expected to rise [15]. 2.2 Aluminum - LME aluminum price increased by 0.17% to $2,602.00 per ton, with a decrease in domestic inventory [16]. 2.3 Precious Metals - Gold prices increased by 0.71% to $3,370.30 per ounce, influenced by geopolitical tensions [17]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is expected to benefit from supply constraints and increasing demand, with government actions enhancing market conditions [39]. 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for rare earth elements are expected to rise due to tightening supply and strategic government actions [39]. 4.2 Antimony - Antimony prices are stabilizing, with expectations of recovery supported by reduced production and new regulations [40]. 4.3 Molybdenum - Molybdenum prices are increasing due to low inventory levels and strong demand from the steel industry [41]. 4.4 Lithium - Lithium carbonate prices increased by 2.43% to 63,200 CNY per ton, while hydroxide prices decreased slightly [44].

Group 1: Guolian Minsheng Securities Performance - Guolian Minsheng Securities achieved a net profit of 1.129 billion yuan in the first half of 2025, representing a year-on-year increase of approximately 1183% [1] - Even after excluding the merger impact, the company's performance still showed a year-on-year growth of 168%, indicating strong synergy effects post-merger [1] - The investment banking business, particularly in IPO projects, has been a significant growth driver for Guolian Minsheng Securities, ranking high in the number of sponsorships [1] - The strategic focus is on industrial investment banking, technology investment banking, and wealth management, aiming for leapfrog development through a comprehensive business model [1] - The integration path of Guolian Minsheng Securities lays a foundation for enhancing competitiveness in the international investment banking arena [1] Group 2: Rare Earth Market Dynamics - On July 10, 2025, Northern Rare Earth and Baotou Steel announced a price increase for rare earth concentrates, leading to a strong rebound in the rare earth permanent magnet sector with a net capital inflow of 3.536 billion yuan and a price increase of 5.15% [2] - The price increase reflects a fundamental change in the supply-demand structure, indicating a restructuring of the rare earth permanent magnet industry chain [2] - Continuous rectification of black rare earth mines has led to the closure of over 30% of illegal mining operations in major production areas, resulting in a compliance production capacity ratio of 82% [2] - Despite a slight increase of 5% in rare earth mining quotas for 2025, 80% of the quotas are concentrated in leading companies, diminishing the bargaining power of smaller enterprises [2] - The domestic electric vehicle penetration rate is expected to exceed 45% in 2025, with annual demand for rare earth magnetic materials projected to reach 150,000 tons, nearly five times the demand in 2020 [2] - The price surge is driven by a combination of replenishment demand and new demand following a significant inventory reduction in 2024 [2] - Upstream companies are expected to see profit surges, while midstream magnetic material companies face significant cost pressures [3] Group 3: Pharmaceutical Sector Performance - On July 11, 2025, innovative drug concept stocks performed well, with major stocks like Kelaiying and WuXi AppTec hitting the limit up [3] - As of July 10, 2025, WuXi AppTec's financing balance reached 3.333 billion yuan, marking a new high in nearly two weeks, with a net buying amount of 179 million yuan over the past five days [3] - 92.3% of companies that have disclosed mid-year profit forecasts expect net profit growth or turnaround, with several companies projected to exceed 100% net profit growth [3] - The medical sector indices are at relatively low valuation points, suggesting potential investment value in the sector [3] Group 4: Stablecoin Market Developments - On July 11, 2025, the stablecoin concept stocks saw a strong rebound, with Guotai Junan International's stock price rising over 10% and its market value exceeding 60 billion HKD [4] - Guotai Junan International's mid-year profit forecast indicates a projected net profit of 515 million to 595 million HKD for the first half of 2024, representing a year-on-year growth of 161% to 202% [4] - The Shanghai State-owned Assets Supervision and Administration Commission is increasing its focus on the future development trends and strategies for cryptocurrencies and stablecoins [4] - The new stablecoin regulations in Hong Kong, effective August 1, 2025, provide a clear regulatory framework, stimulating market enthusiasm for stablecoin concepts [4] Group 5: Coking Coal Market Trends - The Central Financial Committee emphasized the need to accelerate the exit of backward production capacity, raising expectations for supply-side reforms in the coal industry [5] - The closure of ports during Mongolia's Nadam Festival has intensified market expectations for coal supply tightness, contributing to a bullish sentiment in the coking coal market [5] - Despite being in a traditional demand off-season, steel mills' production demand has not declined as sharply as expected, leading to a recovery in profit margins [5] - Strong performance in coking coal prices supports coking coal prices, while production cuts and environmental inspections alleviate supply pressures [5]