Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Core Viewpoint - The Northern Rare Earth Magnetic Material Company has successfully launched a project for the construction of a 50,000-ton high-performance neodymium-iron-boron rapid solidification alloy, which aims to enhance production capacity and technological advancement in the rare earth materials sector [1] Group 1 - The project is divided into two phases: the first phase will achieve an annual production capacity of 30,000 tons of rare earth alloys and 10,000 tons of hydrogen crushed powder, while the second phase will complete a production line for 20,000 tons of alloy products [1] - The project will utilize industry-leading continuous vacuum melting equipment, along with automated batching, MES centralized control systems, and intelligent warehouse facilities, significantly improving the level of automation [1] - The facility aims to become a "lighthouse factory" with the largest single production capacity, optimal comprehensive cost-effectiveness, leading quality, and the most competitive market position in rare earth magnetic material alloys (powder) [1]

转自：前瞻产业研究院 行业主要上市公司：北方稀土(600111);中国稀土(000831);广晟有色(600259);厦门钨业(600549);中科三环 (000970);英洛华(000795)等 本文核心数据：全球稀土储量;全球稀土产量 全球主要大型稀土矿床及矿石类型 经过半个多世纪的超强度开采，中国稀土储量下降明显。除中国外，美国、澳大利亚、俄罗斯、巴西、加拿 大、印度等国的稀土资源也较为丰富。近年来，在越南也发现了大型稀土矿床。非洲大陆也蕴藏着丰富的稀 土资源。目前，全球大约有30多个国家和地方发现了稀土资源或从事稀土生产，主要稀土资源国中有一批大 型或以超大型稀土矿床。 全球稀土储量下滑，中国为最大稀土资源国 据美国地质调查局(USGS)数据，2024，全球已探明稀土资源储量0.9亿吨，已连续两年出现较大的下滑。 全球稀土资源部分不均，高度集中在中国、越南、巴西和俄罗斯四大国家。根据最新美国地质调查局 (USGS)数据显示，截至2024年末，全球已探明稀土资源储量9000万吨，其中，中国稀土资源储量4400万 吨，是世界最大稀土资源国;巴西稀土储量位列第二，为2100万吨;其次是印度和澳大利亚，稀土资 ...

Core Viewpoint - In 2024, Northern Rare Earth achieved a revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year, indicating challenges in the market environment and pricing pressures [1][2][3] Financial Performance - The company reported a revenue of 32.966 billion yuan in 2024, a decline of 1.58% year-on-year [1] - The net profit attributable to shareholders was 1.004 billion yuan, representing a significant drop of 57.64% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 901 million yuan, down 61.12% year-on-year [1] Market Trends - The rare earth price index fell from 198.0 points at the beginning of the year to 163.8 points by year-end, a decrease of approximately 17.27% [2] - The lowest point of the price index during the year was 153.3 points [2] - The overall price trend for major rare earth products, particularly praseodymium and neodymium, showed a downward trajectory due to weak global economic growth and insufficient downstream demand [2] Production and Capacity Expansion - Northern Rare Earth achieved a 1.63% year-on-year increase in the production of smelting and separation products in 2024 [2] - The production of rare earth metal products increased by 19.84%, while magnetic materials and hydrogen storage materials saw production growth of 17.72% and 19.78%, respectively [2][3] - The company completed the construction of a new generation of green rare earth smelting upgrade project, marking the operation of the world's largest rare earth raw material production base [3] Strategic Initiatives - Northern Rare Earth is focusing on expanding its industrial capacity and enhancing its supply chain, with ongoing projects to strengthen its competitive advantage [3] - The company plans to distribute approximately 127 million yuan in cash dividends to shareholders, maintaining a leading position in dividend distribution within the industry [3] - Future plans include optimizing the industrial structure, promoting high-end, intelligent, and green transformation, and enhancing core competitiveness through technological innovation [5] Industry Outlook - The first quarter of 2025 is expected to show significant growth in performance due to improved market conditions and demand recovery [4] - The anticipated net profit for the first quarter of 2025 is projected to be between 425 million and 435 million yuan, representing an increase of 716.49% to 735.70% year-on-year [4] - The rare earth industry is expected to benefit from increased domestic consumption and supportive government policies, leading to improved supply-demand dynamics [5]

金融界4月25日消息，A股三大指数收盘涨跌不一，沪深300金属与采矿指数 (300金属与采矿，L11606) 报2380.65点。 数据统计显示，沪深300金属与采矿指数近一个月下跌4.75%，近三个月上涨3.70%，年至今上涨 7.50%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 深300指数300只样本按行业分类标准分为10个一级行业、26个二级行业、70余个三级行业及100多个四 级行业。沪深300细分行业指数系列分别以进入各二级、三级行业的全部证券作为样本编制指数，形成 沪深300细分行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300金属与采矿指数十大权重分别为：紫金矿业（31.22%）、北方稀土 （6.24%）、宝钢股份（6.15%）、山东黄金（6.06%）、中国铝业（5.51%）、洛阳钼业（5.35%）、华 友钴业（4.87%）、中金黄金（4.43%）、包钢股份（4.29%）、赣锋锂业（3.72%）。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.17%、深圳证券交易所占 ...

Core Viewpoint - The company anticipates a significant reduction in imported ore volume in 2025, which, combined with the stimulation of consumption policies, will lead to improved supply-demand dynamics and positively impact product sales and prices [1] Group 1 - The total volume of imported ore is expected to decrease significantly in 2025 [1] - Demand is projected to increase due to a series of consumption policies implemented by the government [1] - Continuous release of consumption orders in key downstream sectors is expected [1]

4月25日，北方稀土（600111）(600111.SH)召开2024年度业绩暨现金分红说明会。公司董事、总经理、 党委副书记瞿业栋先生，独立董事杨文浩先生，董事、董事会秘书、首席合规官吴永钢先生，董事、财 务总监宋泠女士出席会议，就公司2024年度经营成果、财务指标、分红情况及未来发展规划等内容与投 资者开展深度互动交流。 此外，日前北方稀土披露了2025年第一季度业绩预增公告。公告显示，公司2025年第一季度预计实现归 母净利润4.25亿至4.35亿元，同比增长716.49%至735.70%，主要原因系上游原料供应收紧及下游消费刺 激影响下主要稀土产品价格及成交均呈现上升态势，叠加公司全面提升产线运行效率、优化原料和产品 结构、强化营销运作、推进降本增效，内外合力作用下实现一季度业绩同比大幅增长。 北方稀土表示，未来公司将以"发展壮大我国稀土产业链，构建高质量稀土生态圈"为使命，持续优化产 业结构，强化稀土资源规模领先优势，巩固提升公司全产业链产品市场竞争力和占有率，不断提升公司 发展质量和效益，加快打造世界一流稀土领军企业，以合作促产业技术创新，让稀土作为绿色产品为碳 排放碳中和做出贡献。(燕云) 年报 ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Metals and Mining Index at 2390.84 points [1] - The CSI 300 Metals and Mining Index has decreased by 2.48% over the past month, increased by 5.41% over the past three months, and risen by 7.96% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 10 primary industries, 26 secondary industries, over 70 tertiary industries, and more than 100 quaternary industries [1] Industry Composition - The CSI 300 Metals and Mining Index has a weight distribution of 82.43% from the Shanghai Stock Exchange and 17.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes precious metals at 45.45%, industrial metals at 21.32%, rare metals at 18.45%, steel at 11.70%, and other non-metal materials at 3.08% [2] Index Adjustments - The index samples are adjusted semi-annually, specifically on the second Friday of June and December, with temporary adjustments made under special circumstances [2] - When a sample stock is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to maintenance guidelines [2] - Adjustments to the CSI 300 industry index samples occur in tandem with changes to the CSI 300 Index samples [2]

Core Viewpoint - The surge in rare earth permanent magnet concept stocks is driven by Elon Musk's announcement regarding Tesla's collaboration with Beijing to obtain export licenses for rare earth magnets, leading to significant stock price increases in related companies [1][2][4]. Stock Performance - Key stocks in the rare earth permanent magnet sector, such as Jinli Permanent Magnet and Longmag Technology, saw substantial gains, with Jinli Permanent Magnet rising over 12% and Longmag Technology increasing by more than 8% [2][3]. - A total of 48 rare earth permanent magnet concept stocks closed higher, with Jinli Permanent Magnet leading the gains at over 10.39% [3]. Market Dynamics - The demand for rare earth permanent magnets is increasing, with a notable correlation to the human-shaped robot market, which is expected to see significant growth due to technological advancements and policy support [5][6]. - Goldman Sachs predicts that the shipment of humanoid robots will reach 890,000 units by 2030, with a compound annual growth rate of 53% from 2025 to 2030 [5]. Supply Chain and Regulatory Environment - Recent export restrictions imposed by China on rare earth materials are expected to impact the supply chain, as exporters must now apply for licenses, potentially delaying shipments [4][6]. - China controls over 85% of the global rare earth refining capacity, and current global inventories are estimated to last only 3-6 months, posing risks to production in various industries [6]. Future Outlook - The combination of supply constraints and increasing demand is likely to drive up rare earth prices, with institutions optimistic about a sustained upward trend in price levels [6].

Core Viewpoint - The article discusses the financial performance of Northern Rare Earth in 2024, highlighting a decline in revenue and net profit primarily due to falling rare earth product prices, despite an increase in sales volume across major product categories [2][3]. Group 1: Financial Performance - In 2024, Northern Rare Earth reported a revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year [2]. - The decline in net profit is attributed to the overall downward trend in prices of key rare earth products, particularly praseodymium and neodymium [3]. - The average prices for key products in 2024 were as follows: Praseodymium oxide at 392.57 yuan/kg (-25.99%), Dysprosium oxide at 1,832.31 yuan/kg (-21.32%), Terbium oxide at 5,749.52 yuan/kg (-37.15%), and Lanthanum oxide at 4.00 yuan/kg (-26.74%) [3]. Group 2: Sales Volume - Despite the price decline, the company saw an increase in sales volume for its main products in 2024: rare earth oxides (30,573.32 tons, +6.07%), rare earth salts (104,051.25 tons, +19.26%), and rare earth metals (35,326.95 tons, +13.77%) [3]. Group 3: Future Plans and Goals - The company is investing up to 7.8 billion yuan in a green smelting upgrade project, with the first phase expected to be operational by October 15, 2024 [4]. - The project aims to enhance the company's processing capabilities, allowing for the handling of 19.8 million tons of mixed rare earth concentrate annually, with various extraction and crystallization capacities [4]. - For 2025, the company has set ambitious operational targets, aiming for revenue of over 37.217 billion yuan and a total profit of over 2.82 billion yuan, representing year-on-year increases of 12.9% and 53.5%, respectively [4]. Group 4: Industry Outlook - Rare earth prices are currently at a low point, with expectations for a market reversal driven by new applications such as robotics and flying cars [5]. - Global demand for praseodymium and neodymium is projected to reach 117,000 tons and 126,900 tons in 2025 and 2026, respectively, with year-on-year growth rates of 9.7% and 8.4% [5]. - The industry is expected to maintain a state of tight supply and demand balance moving forward [5].