北方稀土（600111）近日在接受机构调研时表示，进入4-5月后，受国际环境影响稀土价格出现短暂回 落，但随着国家政策的逐渐明朗，稀土行业的关注度也随之上涨，带动了产品价格的上涨，目前公司子 公司内蒙古北方稀土磁性材料有限责任公司的订单相对饱满，公司对未来稀土价格走势持乐观看法。 (第一财经) ...

Core Viewpoint - The company expresses optimism regarding future rare earth price trends, citing a recovery in export orders for rare earth products in June after a brief decline due to international factors [1] Company Summary - The company reported that after a temporary drop in rare earth prices in April and May, the clarity of national policies has increased interest in the rare earth industry, leading to a rise in product prices [1] - The company's subsidiary, Inner Mongolia Northern Rare Earth Magnetic Materials Co., Ltd., has a relatively full order book, indicating strong demand [1] - The company primarily exports light rare earth products, which are less affected by export control policies compared to heavy rare earth elements [1] Industry Summary - The export control policies for medium and heavy rare earth products have had some impact, particularly on the export of dysprosium and terbium among seven controlled rare earth elements [1] - Since the end of April, some rare earth companies have begun applying for export licenses, but the process has been delayed due to the time required for license processing and customs inspections, resulting in longer export times compared to before [1] - By June, there has been a noticeable recovery in export order intake for rare earth products [1]

Group 1 - The core viewpoint of the news is that Northern Rare Earth has outlined its production plans and market strategies in response to regulatory changes and market conditions [1] - Northern Rare Earth will strictly adhere to the total control indicators for rare earth production set by the government, with annual production plans to be followed [1] - The company has a relatively low export revenue proportion, indicating minimal impact from export controls [1] Group 2 - The company has a smelting and separation capacity of 210,000 tons per year and a magnetic material capacity of 100,000 tons per year [1] - Key projects under construction include a 50,000-ton high-performance neodymium-iron-boron rapid solidification alloy project and a 5,000-ton per year rare earth permanent magnet industrialization project [1] - The company plans to achieve a rare earth waste recycling capacity at the ton level and is collaborating with multiple enterprises [1] Group 3 - The market activity for rare earths in the first quarter of 2025 is reported to be better than the same period last year, with prices rising due to policy influences [1] - Northern Rare Earth has established a "Market Value Management Method" with qualitative requirements for market value management assessments [1]

Summary of Key Points from the Energy Metals Industry Mid-Year Strategy Report 2025 Industry Overview - The report focuses on the energy metals industry, particularly strategic metals such as rare earths, tungsten, cobalt, and nickel, highlighting the impact of geopolitical factors and supply chain dynamics on these markets [1][2]. Core Insights and Arguments - **Supply Constraints**: China's export controls on rare earths and tungsten, along with the Democratic Republic of Congo's (DRC) cobalt export ban, have led to a tightening of global strategic metal supplies, prompting a reevaluation of their value [1][2]. - **Rare Earths Demand**: The demand for rare earths is expected to remain strong due to growth in humanoid robots and overseas air conditioning needs, leading to a long-term supply-demand imbalance and potential price increases [1][6]. - **Tungsten Market Dynamics**: The tungsten industry is experiencing supply tightness due to a decrease in mining permits and declining ore grades, resulting in record-high tungsten prices despite weak downstream demand [1][8]. - **Cobalt Supply Shortages**: The DRC's export ban aims to improve mining profitability and government revenue, with expectations of a significant supply shortage as inventories are depleted, likely driving cobalt prices higher [1][10]. - **Nickel Market Positioning**: Indonesian policies have enhanced nickel's profitability within the industry, with prices fluctuating between $15,000 and $17,000. Companies are shifting focus to electric motors and plating to maximize profits amid weak stainless steel and ternary demand [1][12][14]. Additional Important Insights - **Investment Strategy**: The core investment strategy for 2025 centers on the revaluation of strategic metals, with a focus on supply-side dynamics due to a lack of significant demand catalysts [2][18]. - **Rare Earths Pricing Trends**: The rare earths market is influenced by U.S.-China trade tensions, with export controls affecting pricing and demand dynamics, particularly in high-end magnetic materials [3][5]. - **Consolidation in Rare Earths**: The integration of major rare earth groups has strengthened state control over smelting and separation assets, which is expected to enhance price stability and growth in the long term [4][6]. - **Tungsten Price Outlook**: Despite a lack of robust demand in core sectors, tungsten prices are expected to continue rising due to supply-side constraints, with potential growth in sectors like construction and aerospace [8][9]. - **Cobalt Market Dynamics**: The DRC's export ban is anticipated to create a significant supply gap, benefiting companies with nickel production capabilities unaffected by the ban [10][11]. - **Nickel's Role in the Market**: Nickel's price is closely tied to macroeconomic recovery and demand from stainless steel and battery sectors, with companies adapting to maximize profitability in a challenging environment [12][13][15]. Conclusion - The energy metals industry is poised for significant changes driven by geopolitical factors, supply constraints, and evolving demand dynamics. Investors are advised to focus on strategic metals with strong pricing power and to monitor developments in supply chains and market conditions closely [2][18].

Group 1 - The "Quad Critical Minerals Initiative" has been launched by the US, Japan, India, and Australia to reduce dependence on Chinese rare earths and create a supply chain excluding China [1] - China dominates the global rare earth supply chain, with over 80% of refining capacity concentrated in the country, and 72% of the US and 92% of Japan's critical minerals relying on Chinese supply [3] - China's new Mineral Resources Law, effective July 1, defines rare earths as "national security assets" and strengthens management and protection of critical mineral resources [3] Group 2 - China has implemented stricter export controls on rare earths, including regulations on certain items and total quantity control on mining and refining [3] - The leadership of China Rare Earth Group has been replaced with younger managers with international technical backgrounds, enhancing the distinction between civilian and military rare earth management [5] - The Quad alliance faces internal conflicts and challenges in cooperation, with the US relying on China for over 90% of its rare earth processing [5][7] Group 3 - China has submitted approximately 21,000 rare earth patents in the past five years, four times more than the combined total of the US, Japan, Australia, and India [7] - China has established a zero-emission rare earth industrial park, achieving resource utilization of waste, while Western countries struggle to catch up in rare earth refining and processing technology [7] - China's policy adjustments and measures further consolidate its dominant position in the global rare earth sector, posing significant challenges for the Quad alliance to disrupt this status [7]

Core Viewpoint - The article discusses the critical role of rare earth elements in the automotive industry, particularly in electric vehicles, highlighting the supply chain challenges and geopolitical implications of rare earth dependency, especially for countries like the United States and Japan [3][4][5]. Group 1: Supply Chain and Dependency - Suzuki Motors announced production halts for its Swift model due to delays in parts procurement linked to rare earth export controls [3]. - European and American automotive suppliers are also facing production interruptions, with Ford pausing its Explorer model production [3]. - Rare earth elements are essential for various components in electric vehicles, including motors, sensors, and other electronic parts [3][4]. Group 2: Market Dynamics and Historical Context - China controls approximately 65% of global heavy rare earth mining and 88% of refining, making it a dominant player in the market [4]. - The previous rare earth crisis in 2010 led to significant price increases, prompting countries like the US and Japan to initiate plans to reduce dependency on Chinese supplies [5]. - The US Department of Energy estimates that rebuilding a complete rare earth supply chain could take another 10 years [5]. Group 3: Technological Implications - The use of neodymium in electric motors significantly enhances performance, with Tesla's Model 3 and Model S benefiting from this technology [7][10]. - Neodymium-iron-boron magnets, known for their high magnetic strength, are crucial for achieving high efficiency in electric motors [12][16]. Group 4: Industry Structure and Challenges - The processing of rare earth elements presents a significant barrier, with most countries lacking the necessary production and processing capabilities [22][24]. - China's strategic policies have focused on limiting the export of raw materials while promoting high-value-added products, leading to a significant advantage in the global market [23][27]. - The Mountain Pass mine in California, once a major supplier, has struggled to compete due to China's processing capabilities and market dynamics [20][30]. Group 5: Future Outlook and Innovations - Tesla aims to reduce its reliance on rare earth materials by developing alternative technologies, reflecting a broader trend in the industry to seek independence from rare earth supply chains [32][34]. - The increasing demand for electric vehicles is expected to further elevate the strategic importance of rare earth elements, solidifying their role in the automotive supply chain [37].

Core Viewpoint - The article discusses the critical role of rare earth elements, particularly neodymium, in the automotive industry, especially in electric vehicles, and highlights the supply chain challenges and geopolitical implications surrounding these materials [3][4][20]. Group 1: Supply Chain and Market Dynamics - Suzuki Motors announced production halts for its Swift model due to delays in parts procurement linked to rare earth export controls [3]. - European and American automotive suppliers are also facing production challenges, with Ford pausing its Explorer model production [3]. - Rare earth elements are essential for various components in electric vehicles, including motors, sensors, and other electronic parts [3][4]. Group 2: Historical Context and Current Crisis - China controls approximately 65% of global heavy rare earth mining and 88% of refining, leading to a supply crisis reminiscent of the semiconductor shortage [4]. - The previous rare earth crisis in 2010, triggered by geopolitical tensions, saw prices for certain rare earth oxides surge over five times [4][5]. - The U.S. Department of Energy estimates that rebuilding a complete rare earth supply chain will take about 10 years, indicating a recurring historical pattern [5]. Group 3: Technological and Material Insights - Neodymium is crucial for the performance of permanent magnet motors used in electric vehicles, with a typical electric vehicle using 1.5 to 3 kg of rare earth materials [17]. - The efficiency of permanent magnet motors can reach nearly 99%, largely due to the use of neodymium-iron-boron magnets [12][17]. - Tesla's Model 3 and Model S utilize neodymium for their electric motors, showcasing the importance of this rare earth element in achieving performance goals [7][9]. Group 4: Geopolitical Implications - CNN refers to rare earths as a "powerful card" for China, emphasizing the strategic importance of these materials in global automotive production [20]. - The U.S. once dominated rare earth production but has since lost its competitive edge, relying heavily on Chinese processing capabilities [20][27]. - The Mountain Pass mine in California, once a major supplier, has struggled to regain its former status due to processing challenges and market dynamics [24][35]. Group 5: Industry Consolidation and Future Outlook - China's rare earth industry has undergone significant consolidation, with major companies merging to enhance scale and bargaining power [31]. - The U.S. is attempting to revitalize its rare earth industry through initiatives like the acquisition of the Mountain Pass mine by MP Materials, aiming for vertical integration [34]. - Despite technological advancements, the U.S. still relies on China for processing rare earth materials, highlighting the ongoing challenges in establishing a self-sufficient supply chain [27][35].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industries [5] Core Viewpoints - The focus is on investment opportunities in the stable and high-dividend electro-aluminum sector [2][9] - Short-term demand concerns are alleviated, with a greater emphasis on supply-side logic for mid-term investments [8][13] - Long-term stable and low-cost electricity supply is a critical constraint for the electro-aluminum industry [14] - The supply-demand balance is expected to ensure stable profitability and dividends, making the electro-aluminum sector a true dividend asset [14] Summary by Sections Electro-Aluminum Sector - Concerns about downstream demand affecting short-term profitability are noted, but the report argues that short-term demand is not a worry [8][13] - Inventory levels in the electro-aluminum sector are decreasing, indicating a healthy supply-demand balance [8][13] - The report emphasizes the importance of stable, low-cost electricity supply as a hard constraint for the electro-aluminum industry [14] - Future profitability is expected to be stable, with major companies potentially achieving a dividend yield close to 6% [14] Steel Sector - The steel industry is entering a demand lull, with a focus on monitoring production reduction policies [15] - Rebar production has increased significantly, with a slight rise in consumption [15][16] - Total steel inventory has seen a slight increase week-on-week but a significant decrease year-on-year [22] - Steel prices have shown a slight decline, with the overall price index down by 0.49% [35][36] New Energy Metals - Lithium production in May 2025 saw a significant year-on-year increase of 31.37% [39] - The production of new energy vehicles in China has also risen sharply, with a 33.02% increase in production [43] - Prices for lithium and nickel have shown an upward trend, indicating a robust market [48][49]

Core Viewpoint - Since 2020, the demand for new energy vehicles has become the core driving force for rare earth downstream, with terminal growth closely related to rare earth prices [1] Supply Side - Domestic integration of rare earth resources is ongoing, forming two major groups and optimizing the supply structure [2] - The import of rare earth ore from Myanmar is expected to marginally decrease due to inventory consumption and seasonal factors [2] Demand Side - The demand for rare earth magnetic materials from new energy vehicles and wind power is projected to reach 6.3 million tons in 2024, accounting for 24% of total domestic demand [3] - By 2025-2026, the demand for magnetic materials from new energy vehicles and wind power is expected to rise to 6.9/8.5 million tons and 1.1/1.5 million tons respectively, reaching 28%/31% of total demand [3] - Humanoid robots are anticipated to become a significant demand driver, with a potential requirement of 20,000 tons of neodymium-iron-boron for 5 million units [3] Market Transition - The rare earth sector is transitioning from the second phase (excess profit digestion) to the third phase (explosive growth in prosperity) [4] - The overall rare earth prices have seen slow upward movement since February 2025, with expectations of further increases due to overseas replenishment demand and the peak season for domestic new energy vehicles [4] - Recommended stocks include Northern Rare Earth, China Rare Earth, Guangsheng Nonferrous, Shenghe Resources, and Jieli Permanent Magnet, with related stocks being Ningbo Yunsheng and Zhenghai Magnetic Materials [4]

证券代码：600111 证券简称：北方稀土 公告编号：2025-038 中国北方稀土（集团）高科技股份 有限公司第九届监事会第四次会议 决议公告 本公司监事会及全体监事保证本公告内容不存在虚假记载、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。 一、监事会会议召开情况 中国北方稀土（集团）高科技股份有限公司（以下简称公司）监事会于2025年6月27日以电子邮件等方 式，向全体监事发出了召开第九届监事会第四次会议的通知。本次会议于2025年7月2日以通讯表决方式 召开。会议应出席监事7人，实际出席监事7人。会议召开程序符合《中华人民共和国公司法》、公司 《章程》和《监事会议事规则》的规定。 二、监事会会议审议情况 （一）通过《关于转让公司控股子公司北方稀土华凯高科技河北有限公司股权的议案》； 表决结果：同意7票，反对0票，弃权0票。 （二）通过《关于公司2024年度工资总额执行情况及2025年度基数核定的议案》； 表决结果：同意7票，反对0票，弃权0票。 特此公告 中国北方稀土（集团）高科技股份有限公司监事会 2025年7月3日 证券代码：600111 证券简称：北方稀土 公告编号： ...