Core Viewpoint - The announcement of price increases for rare earth concentrates by Baotou Steel (600010) and Northern Rare Earth (600111) indicates a significant upward trend in the market, with a 37.13% increase in prices from the previous quarter [1][2]. Group 1: Price Adjustments - Northern Rare Earth has adjusted the price of rare earth concentrates for Q4 2025 to 26,205 CNY/ton (excluding tax, dry weight, REO=50%), with a price change of 524.10 CNY/ton for every 1% change in REO [1][2]. - Baotou Steel has also set the same price of 26,205 CNY/ton for Q4 2025, following the same pricing mechanism established in their annual shareholder meeting [1][2]. - The price for rare earth concentrates was previously set at 19,109 CNY/ton for Q3 2025, indicating a substantial increase in the upcoming quarter [1][3]. Group 2: Market Position and Production - China holds the largest global reserves and production of rare earth elements, accounting for nearly 50% of global reserves and about 70% of global production [2]. - The pricing adjustment mechanism between Northern Rare Earth and Baotou Steel has been in place since April 1, 2023, ensuring synchronized pricing adjustments each quarter [2]. - Baotou Steel holds a 38.03% stake in Northern Rare Earth and a 55.38% stake in Baotou Steel, indicating a strong inter-company relationship [2]. Group 3: Financial Performance - Northern Rare Earth expects a significant increase in net profit for the first three quarters of 2025, projecting a net profit of 1.51 billion to 1.57 billion CNY, representing a year-on-year increase of 272.54% to 287.34% [3]. - The company has focused on ensuring raw material supply and adapting to market demand, leading to growth in the production and sales of key products such as rare earth metals and permanent magnet motors [3].

Core Viewpoint - Baogang Co. and Northern Rare Earth have announced an increase in the associated transaction price for rare earth concentrate for the fourth quarter of 2025, reflecting a significant price adjustment mechanism established between the two companies [1][2]. Price Adjustment - Baogang Co. has set the fourth quarter 2025 rare earth concentrate transaction price at 26,205 yuan/ton (excluding tax, dry weight, REO=50%), with a price adjustment of 524.10 yuan/ton for every 1% change in REO [1][2]. - Northern Rare Earth has confirmed the same price of 26,205 yuan/ton for the fourth quarter of 2025, following the pricing method established [1][2]. - This price represents a 37.13% increase from the previous quarter's price of 19,109 yuan/ton, which was set on July 10, 2023 [1][2]. Pricing Mechanism - The unified pricing mechanism between Northern Rare Earth and Baogang Co. has been in effect since April 1, 2023, allowing for quarterly adjustments based on a predetermined pricing formula [2]. - The pricing adjustments are made by the management team based on market conditions and are announced publicly [2]. Market Performance - Northern Rare Earth has projected a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters, representing a year-on-year increase of 272.54% to 287.34% [3]. - The company's stock price has surged by 110.8% since the third quarter of this year, closing at 52.48 yuan per share, with a total market capitalization of 189.7 billion yuan [3].

Core Viewpoint - China's Ministry of Commerce has announced an upgrade in rare earth export controls, shifting from "item control" to "technology control," emphasizing the dual-use nature of rare earth materials and technologies [1][2][5]. Group 1: Export Control Changes - The new regulations prohibit the export of technologies related to rare earth mining, refining, and manufacturing without permission, expanding the definition of "export" to include various forms of transfer such as knowledge transfer and joint research [2][3]. - A "long-arm jurisdiction" mechanism has been introduced, requiring foreign organizations to obtain export licenses from China before exporting items containing Chinese rare earth components [2][3]. Group 2: National Security and Compliance - The measures are a response to illegal acquisition of rare earth technologies by foreign entities, which pose threats to China's national security and international stability [3][5]. - The export controls are not blanket restrictions; humanitarian-related exports will be exempt from licensing requirements [3][4]. Group 3: Global Market Position - China dominates the global rare earth supply chain, holding 48% of the world's rare earth reserves and contributing 69% of global production [4][6]. - The country possesses over 90% of rare earth refining and separation technology, achieving a purity level of 99.99%, which is a significant advantage over Western countries [4][6]. Group 4: Impact on Related Companies - Following the announcement, several companies in the rare earth sector saw significant stock price increases, indicating market optimism regarding the implications of the new regulations [7].

Group 1 - The company Baosteel Co., Ltd. (SH 600010) announced on October 10 that it has repurchased approximately 18.32 million shares, accounting for 0.04% of its total share capital, with a total expenditure of approximately 41.5 million yuan [1][1][1] - The highest and lowest prices for the repurchased shares were 2.72 yuan and 1.79 yuan per share, respectively [1][1][1] - As of the report, Baosteel's market capitalization stands at 115 billion yuan [1][1][1] Group 2 - For the fiscal year 2024, Baosteel's revenue composition is entirely from the metallurgy industry, with a 100% share [1][1][1]

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。 重要内容提示： ●根据内蒙古包钢钢联股份有限公司（以下简称"公司"）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%）。 公司 2022 年年度股东大会审议通过了《关于稀土精矿日常关联交易 定价机制及 2023 年度交易预计的议案》，明确了公司与中国北方稀土（集 团）高科技股份有限公司（以下简称"北方稀土"）稀土精矿日常关联交 易的定价方法及价格调整机制，定价方法包括了计算公式、参数取值以及 各变量的说明等。双方约定，自 2023 年 4 月 1 日起，在定价计算公式不 变的情况下，每季度首月上旬，公司经理层根据定价公式计算、调整稀土 精矿价格，与北方稀土重新签订稀土精矿供应合同或补充协议并公告。具 体内容详见公司 2023 年 3 月 15 日披露的《关于稀土精矿日常关联交易 定价机制及 2023 年度交易预计的公告》（ ...

智通财经APP讯，包钢股份(600010.SH)发布公告，根据公司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。 ...

包钢股份10月10日晚间公告，根据公司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。 ...

Core Points - The company Baogang Co., Ltd. announced an adjustment to the pricing mechanism for rare earth concentrate, which was approved at the 2022 annual shareholders' meeting [1] - The adjusted price for related transactions of rare earth concentrate for the fourth quarter of 2025 is set at 26,205 yuan per ton (excluding tax, with REO at 50%) [1] Company Summary - Baogang Co., Ltd. is implementing a new pricing formula for rare earth concentrate, reflecting changes in market conditions and operational strategies [1] - The decision to adjust the pricing mechanism indicates the company's proactive approach to managing its resources and aligning with industry standards [1]

| | | 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： | 回购方案首次披露日 | 2025 年 4 月 19 日 | | | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 22 日至 2026 | 年 5 月 21 日 | | 预计回购金额 | 1 亿元（含）——2 亿元（含） | | | 回购用途 | 减少注册资本 □用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 1832.2600 万股 | | | 累计已回购股数占总股本比例 | 0.040% | | | 累计已回购金额 | 4150.0026 万元 | | | 实际回购价格区间 | 1.79 元/股— 2.72 元/股 | | 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 ...

格隆汇10月10日丨包钢股份(600010.SH)公布，按照计算公式和2025年第三季度稀土氧化物市场价格计 算，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。 ...