Core Insights - Thorium ore is emerging as a strategic energy resource due to its high energy density, safety, low waste, and cost-effective extraction when associated with rare earth elements [1][4][6] - China leads in both resources and technology, with proven industrial reserves of 287,000 tons, ranking second globally, and significant breakthroughs in thorium fuel technology [1][4][6] - The thorium mining industry in China is characterized by a "net import" trade pattern, with Nigeria being a key source of imports, and prices for thorium ore have shown a significant upward trend [1][6][8] Thorium Mining Industry Overview - Thorium ore consists of minerals containing thorium, which has significant economic value due to its properties and association with rare earth elements [2][3] - The core advantages of thorium include extremely high energy density, superior safety performance, and low extraction costs [3][4] Current Development Status of China's Thorium Mining Industry - China's thorium mining industry is transitioning from a niche resource to a strategic energy core, supported by abundant resources and technological advancements [4][6] - The Baiyun Obo mining area holds over 75% of China's thorium reserves, with significant potential for further exploration [4][6] Thorium Resource Distribution in China - China's thorium resources are managed under strict regulations, leading to a notable "net import" pattern despite domestic abundance [6][8] - The import volume of thorium ore has been increasing, with a notable 24.67% year-on-year growth in the first nine months of 2025 [6][8] Thorium Mining Industry Supply Chain - The thorium mining industry has established a complete supply chain from geological exploration to nuclear fuel manufacturing, with applications expanding beyond nuclear power [9][11] - The industry is characterized by collaboration across the supply chain, with upstream resources being integrated with rare earth mining processes [9][11] Competitive Landscape of China's Thorium Mining Industry - The industry exhibits a competitive structure with monopolies in resource extraction, concentrated technology, and collaborative applications [14][15] - Key players include Baogang Group, which controls over 75% of thorium resources, and leading companies in materials and equipment manufacturing [14][15] Future Development Trends of China's Thorium Mining Industry - The future of the thorium mining industry will focus on the continuous breakthrough and commercialization of thorium-based molten salt reactor technology [16][17] - There will be an emphasis on deep collaboration across the supply chain, driving technological upgrades and expanding applications in clean energy and industrial processes [16][17] - The diversification of applications will enhance the strategic value of thorium, contributing to energy security and reducing reliance on imported uranium [17]

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

证券代码：600111证券简称：北方稀土 公告编号：2025-058 根据《公司法》、公司《章程》等规定，白宝生先生、张丽华女士、杜颖女士离任不会导致公司董事会 成员人数低于法定最低人数；杜颖女士离任未导致公司独立董事人数低于公司董事会人数的三分之一， 但导致公司董事会提名委员会中独立董事人数占比低于半数。白宝生先生、张丽华女士的辞任报告自公 司收到辞任报告之日起生效；杜颖女士需继续履行独立董事及所任董事会专门委员会委员职责，直至公 司股东大会选举出新任独立董事及董事会相关专门委员会中独立董事人数占比符合规定后生效。白宝生 先生、张丽华女士、杜颖女士不存在未履行完毕的公开承诺，其确认与公司董事会无任何意见分歧，亦 无任何有关其离任须提请公司股东及债权人注意的事项，已按照要求完成工作交接。白宝生先生、张丽 华女士、杜颖女士离任不会影响公司董事会正常运作，亦不会影响公司正常经营发展。公司将按照法定 程序尽快完成董事及独立董事补选工作。 白宝生先生、张丽华女士、杜颖女士任职期间，恪尽职守、勤勉尽责，在优化公司治理、促进规范运 作、深化改革创新、推动公司高质量发展等方面作出了重要贡献，公司对白宝生先生、张丽华女士、杜 ...

证券日报网讯 11月14日晚间，北方稀土发布公告称，近日，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。 （文章来源：证券日报） ...

Core Viewpoint - Northern Rare Earth (600111.SH) announced the resignation of three board members due to various reasons, indicating potential shifts in the company's governance structure [1] Group 1: Board Resignations - Mr. Bai Baosheng resigned from his position as a director and member of the Strategic and ESG Committee due to work adjustments [1] - Ms. Zhang Lihua stepped down from her role as a director and member of the Compensation and Assessment Committee for similar reasons [1] - Ms. Du Ying resigned from her position as an independent director and chair of the Compensation and Assessment Committee, as well as her roles in the Audit and Nomination Committees, citing personal work reasons [1] Group 2: Post-Resignation Roles - After resigning, Mr. Bai Baosheng will continue to serve as the Chief Business Officer of the company [1] - Ms. Zhang Lihua and Ms. Du Ying will no longer hold any positions within the company following their resignations [1]

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]