证券代码：600111 证券简称：北方稀土 公告编号：2025-058 中国北方稀土（集团）高科技股份有限公司 关于部分董事及独立董事离任的公告 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法律责任。 近日，中国北方稀土（集团）高科技股份有限公司（以下简称公 司）收到董事白宝生先生、张丽华女士及独立董事杜颖女士递交的书 面辞任报告。因工作调整，白宝生先生不再担任公司董事、董事会战 略与 ESG 委员会委员职务，张丽华女士不再担任公司董事、董事会薪 酬与考核委员会委员职务；因个人工作原因，杜颖女士不再担任公司 独立董事、董事会薪酬与考核委员会主任委员、审计委员会委员、提 名委员会委员职务。离任后，白宝生先生担任公司首席业务总监职务， 张丽华女士、杜颖女士不再担任公司任何职务。 一、董事及独立董事离任情况 | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任 | 上市公司及 ...

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Core Viewpoint - The domestic market is increasingly recognizing the valuation of precious metals and non-ferrous resource stocks, with significant inflows of capital driving a strong upward trend in related assets [1][5]. Group 1: Market Performance - On November 13, 2023, the A-share market saw a comprehensive surge in precious metals and non-ferrous metals, with gold stocks ETF (159562) rising by 3.07% and non-ferrous metals ETF (516650) increasing by 4.06%, significantly outperforming the market [1]. - As of the close on November 13, domestic gold and silver futures saw substantial increases of 1.56% and 5.48%, respectively, with silver prices reaching a historical high of 12,588 yuan per kilogram [4]. - The lithium metal sector led the A-share market with a remarkable increase of 7.03%, while other non-ferrous metals like lead, zinc, nickel, and cobalt also saw gains of over 4% [6]. Group 2: Economic Drivers - The recent bullish trend in resource metals is supported by various macroeconomic factors, including the end of the U.S. government shutdown, which has renewed hopes for a Federal Reserve rate cut in December [2][11]. - The ongoing geopolitical tensions, particularly since the onset of the Russia-Ukraine conflict, have heightened global risk aversion, driving investments into gold as a safe-haven asset [11][12]. - Central banks worldwide, including China, are increasing their gold reserves, with China's gold reserves reaching approximately 2,304.457 tons as of the end of October, marking a continuous increase for 12 months [12]. Group 3: Sector Growth - The lithium battery sector has seen explosive growth, with domestic sales of new energy vehicles reaching 11.196 million units in the first three quarters of 2025, a year-on-year increase of 34.55% [16]. - The demand for lithium is further fueled by the rise of energy storage solutions, with domestic lithium battery shipments nearly doubling year-on-year [16]. - The copper market is expected to face a supply shortage by 2025, with demand projected to reach 27.29 million tons, while supply growth lags behind at only 1.1% [17]. Group 4: Investment Opportunities - The non-ferrous metals ETF (516650) has seen significant inflows, with a net inflow of 1.755 billion yuan from August 14 to October 17, 2023, and a year-to-date share increase of 900.76% [24]. - The gold stocks ETF (159562) has also performed well, with a year-to-date increase of 86.98%, benefiting from the rising gold prices and favorable tax policies for virtual gold investments [26]. - Major non-ferrous metal companies, including Zijin Mining and Ganfeng Lithium, have experienced substantial stock price increases, with many achieving over 50% gains this year [19][21].

Market Overview - The small metals sector increased by 2.99% on November 13, with Zhongmin Resources leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Key Stocks Performance - Zhongmin Resources (002738) closed at 64.53, up 9.74% with a trading volume of 494,600 shares and a transaction value of 3.14 billion [1] - Huaxi Nonferrous (600301) closed at 36.44, up 8.55% with a trading volume of 314,200 shares and a transaction value of 1.13 billion [1] - Other notable performers include Cuoxiao Co. (000960) up 6.31%, Zhangyuan Tungsten (002378) up 4.26%, and Dongfang Silver (000962) up 4.25% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 999.1 million from main funds, while retail funds experienced a net outflow of 710 million [2] - The main funds' net inflow for North Rare Earth (600111) was 343 million, while retail funds had a net outflow of 240 million [3] - Xiamen Tungsten (600549) had a net inflow of 176 million from main funds, with retail funds seeing a net outflow of 202 million [3]

Group 1 - The core viewpoint of the news highlights a significant surge in the rare metals sector, with the China Rare Metals Theme Index rising by 5.31% and several key stocks reaching their daily limit up [1] - The rare metals ETF fund has shown strong performance, with a 5.21% increase and a trading volume of 17.57 million yuan, indicating robust market interest [1] - Recent price increases in upstream lithium battery materials, such as battery-grade lithium carbonate and cobalt, are driving market optimism, with prices rising by 15.65% and 17.69% respectively since early October 2025 [1] Group 2 - The supply-demand structure for lithium carbonate is marginally improving, with a 11.95% increase in average prices in Q3 2025, leading to a recovery in profitability for related companies [2] - Key companies in the rare metals sector include Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium, with the top ten stocks accounting for 60% of the index [2] - The performance of the top ten stocks shows significant gains, with Northern Rare Earth up by 3.16% and Ganfeng Lithium up by 7.10%, reflecting strong market dynamics [4]

Group 1 - The price of lithium hexafluorophosphate has rebounded strongly, rising from below 50,000 yuan/ton in July to over 120,000 yuan/ton by early November 2025, indicating potential for further increases in the short term [1] - Demand from the electric vehicle and energy storage industries has significantly boosted electrolyte procurement, while supply constraints due to previous capacity reductions have led to a tight overall supply situation, suggesting a recovery in industry profitability [1][2] - The overall revenue of the lithium battery supply chain reached 636.19 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.12%, with net profit rising by 40.37% compared to the same period last year [1] Group 2 - In October 2025, China's new energy vehicle sales reached 1.715 million units, a year-on-year increase of 19.93%, with the monthly sales share surpassing 50% for the first time [2] - The price of battery-grade lithium carbonate increased by 15.65% since early October, reflecting a generally upward trend in raw material prices, which presents investment opportunities in the lithium battery sector [2] - The recent price increase of lithium hexafluorophosphate is primarily due to a mismatch between supply and demand, with a surge in downstream market demand and a contraction in supply from small and medium enterprises exiting the market [2] Group 3 - As of November 13, 2025, the CSI Rare Metals Theme Index rose by 5.20%, with the Rare Metals ETF (159608) increasing by 5.04%, and a cumulative increase of 28.53% over the past three months [3] - The top ten weighted stocks in the Rare Metals ETF account for 60% of the index, with significant gains from companies like Tianhua New Energy and Rongjie Co., indicating strong performance in the sector [3] - The Rare Metals ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of the rare metals sector [3]

Core Viewpoint - A significant block trade of Northern Rare Earth occurred on November 12, with a transaction volume of 141,300 shares and a transaction value of 6.9011 million yuan, indicating a premium of 7.15% over the closing price of the day [1] Group 1: Transaction Details - The block trade involved a transaction price of 48.84 yuan per share [1] - The buyer was Guotai Junan Securities Co., Ltd. Guangzhou Pazhou Securities Branch, while the seller was CITIC Securities South China Co., Ltd. Guangzhou Wanbo Securities Branch [1] - In the last three months, there have been a total of five block trades for this stock, with a cumulative transaction value of 20.013 million yuan [1] Group 2: Institutional Ratings - In the past five days, two institutions have rated the stock, with the highest target price set by Dongfang Securities at 49.95 yuan as of November 6 [1] Group 3: Company Background - China Northern Rare Earth (Group) High-Tech Co., Ltd. was established on September 12, 1997, with a registered capital of 3.615065842 billion yuan [1]

Core Viewpoint - The Investment Clock Index (399391) closed at 3417.47 points, down 0.01%, with a trading volume of 89.182 billion yuan and a turnover rate of 0.94% on November 12 [1] Group 1: Index Performance - Among the constituent stocks of the Investment Clock Index, 28 stocks rose while 71 stocks fell, with China Aluminum leading the gainers at a 6.65% increase and Overseas Chinese Town A leading the decliners at a 4.1% decrease [1] - The top ten constituent stocks of the Investment Clock Index include Kweichow Moutai, China Merchants Bank, and others, with Kweichow Moutai holding the highest weight at 16.68% [1] Group 2: Stock Details - Kweichow Moutai's latest price is 1465.15 yuan, with a slight increase of 0.42% [1] - China Merchants Bank's latest price is 42.93 yuan, with a minor decrease of 0.07% [1] - The total market capitalization of Kweichow Moutai is approximately 183.48 billion yuan, while China Merchants Bank's market cap is around 108.27 billion yuan [1] Group 3: Capital Flow - The net outflow of main funds from the constituent stocks totaled 2.074 billion yuan, while retail investors saw a net inflow of 1.909 billion yuan [1] - The detailed capital flow indicates that China Aluminum had a net inflow of 390 million yuan from main funds, while it experienced a net outflow of 278.5 million yuan from speculative funds [2]

Group 1 - The core transaction of Northern Rare Earth on November 12 involved 141,300 shares traded, with a total transaction value of 6.9011 million yuan, accounting for 0.18% of the total transaction value for the day [1][2] - The transaction price was 48.84 yuan, which represents a premium of 7.15% over the market closing price of 45.58 yuan [1]