智通财经5月19日讯（记者 汪斌）钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实施出口管制 措施满45天，智通财经记者从业内获悉，已经有至少6家企业拿到了商务部发放的稀土两用物质出口许 可证件（下称"稀土出口许可证"），另有多家上市公司稀土出口许可证的审批流程正在不断推进。 截至5月18日，拿到稀土出口许可证的企业包括中科三环（000970.SZ）、宁波韵升（600366.SH）、正 海磁材（300224.SZ）、天和磁材（603072.SH）、英斯特（301622.S）、大地熊（688077.SH）等至少6 家稀土磁材企业发放了稀土出口许可证。另外，北方稀土（600111.SH）、广晟有色（600259.SH）、英 洛华（000795.SZ）等公司的稀土出口许可证正在申请中。 受政策、市场、生产运输条件等因素的限制，稀土供应端短期内供应量或出现一定程度的缩减。但与此 同时，下游需求进入淡季。业内预计，今年全年稀土价格不会出现大幅度波动。 至少6家稀土磁材企业单项许可获批 今年4月，商务部和海关总署联合对钐、钆、铽、镝等7类中重稀土相关物项实行出口管制，涵盖金属、 合金和永磁材料等多种形式。这7类中重稀土 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

Core Insights - China possesses abundant rare earth resources, characterized by a distribution of "light in the north and heavy in the south" [1][3] - The Baiyun Obo mine in Inner Mongolia is the largest rare earth resource area in the world, with a total rare earth reserve of 1 million tons, accounting for 83% of China's rare earth resources [11][5] - The production and extraction of rare earth elements in China are concentrated in specific regions, with significant environmental considerations due to the presence of radioactive elements in light rare earth mining [1][12] Distribution of Rare Earth Resources - Light rare earths are primarily found in Inner Mongolia, particularly in Baotou, which is known as the "world capital of rare earths" [3][4] - The total control plan for rare earth products in Baotou for 2023 is set at 179,000 tons for mining products and 163,000 tons for smelting and separation products, representing 70% and 67% of the national total, respectively [3] - Ion-type heavy rare earths are mainly distributed in southern regions such as Jiangxi, Guangdong, and Fujian, with Jiangxi having the largest share of ion-type rare earth resources [7][3] Baiyun Obo Mine Development - The Baiyun Obo mine is located in Inner Mongolia and is managed by Baotou Steel Group, which is the leading enterprise in rare earth production [12][11] - The mine has a proven rare earth oxide reserve of approximately 35 million tons, which is 83% of China's total and 38% of the world's total [12] - The mine also contains significant reserves of iron ore (1.4 billion tons) and fluorite (130 million tons), making it a multi-metal resource area [12]

稀土永磁板块快速拉升，盛和资源（600392）触及涨停，九菱科技涨20%，中国稀土（000831）涨近 5%，广晟有色（600259）、天和磁材（603072）跟涨。 ...

Group 1: Liquidity and Scale of Rare Metal ETF - The rare metal ETF has a turnover rate of 2.71% during trading, with a transaction volume of 24.43 million yuan [2] - Over the past year, the average daily transaction volume of the rare metal ETF is 35.94 million yuan, ranking first among comparable funds [2] - In the last two weeks, the rare metal ETF has seen a scale increase of 9.40 million yuan, also ranking first among comparable funds [2] - The ETF's share has increased by 13.7 million shares in the past six months, marking significant growth and ranking first among comparable funds [2] Group 2: Leverage and Valuation - The latest financing buy-in amount for the rare metal ETF is 1.33 million yuan, with a financing balance of 31.49 million yuan [2] - The index tracked by the ETF, the CSI Rare Metal Theme Index, is currently at a historical low valuation, with a price-to-book ratio (PB) of 2.26, lower than 82.93% of the time over the past three years, indicating strong valuation attractiveness [2] Group 3: Market Outlook and Demand - According to Huafu Securities, the terminal demand for rare earths in Q1 2025 is acceptable, with rare earth prices showing a strong fluctuation [2] - The supply side is expected to increase, but the increment is limited, with a cautious market atmosphere and expectations of a potential price increase in rare earths in Q2 [2] - For antimony, the import from mines has tightened from January to March, with overseas antimony ingot prices remaining firm, indicating a stabilization in prices despite weak demand [2] Group 4: Tungsten Market Insights - Huayuan Securities notes that the application fields for tungsten wire are expanding, particularly in the photovoltaic sector for cutting silicon wafers and in humanoid robots, which may open up new demand growth opportunities for tungsten [3] - As of April 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, collectively accounting for 54.89% of the index [3] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [3]

Summary of Rare Earth Industry Research Conference Call Industry Overview - The report focuses on the rare earth industry chain, highlighting the geopolitical competition and supply chain dynamics between China, the US, and Europe [1][8] - Rare earth elements are critical in high-tech fields such as renewable energy, military, and electronics, with China controlling approximately 70% of global production and 90% of refining capacity [8][23] Key Points Global Supply Chain Dynamics - The US and Western countries are pushing for "de-China" strategies regarding rare earths, viewing it as a national security issue [8] - Policies are being implemented to explore domestic rare earth resources and establish refining capacities in countries like the US, Australia, and Canada [8][29] - The geopolitical tensions have highlighted the strategic value of rare earth resources in reshaping global power dynamics [8] China's Dominance in Rare Earths - China holds the largest rare earth reserves globally, with 44 million tons, accounting for about 48% of total global reserves [19][21] - In 2024, China's rare earth production is projected to reach 270,000 tons, representing 69% of global output [22][23] - The country has a complete rare earth industry chain, from mining to functional materials processing, maintaining a significant competitive advantage [23] Market Size and Growth - The rare earth industry in China had an estimated output value of approximately 900 billion yuan in 2018, with functional materials accounting for 56% of this value [41] - The revenue for China's rare earth refining and separation industry is expected to exceed 45 billion yuan in 2023 [42] - The market for rare earth functional materials has been growing rapidly, with a compound annual growth rate (CAGR) of 34.40% from 2017 to 2022 [43] Supply Chain Management and Regulations - China has implemented strict controls on rare earth mining and refining, with total production quotas set annually [30][35] - The establishment of the China Rare Earth Group in 2021 consolidated the industry, enhancing resource management and operational efficiency [32][33] Future Trends - The demand for rare earth materials is expected to grow significantly in high-tech applications, particularly in electric vehicles, wind power, and robotics [54][55] - The global market for rare earth permanent magnets is projected to continue expanding, with China maintaining a dominant position [51] Additional Insights - The integration of rare earth resources into national strategic reserves is becoming a priority for many countries, reflecting the increasing importance of these materials in global supply chains [8][29] - The ongoing geopolitical tensions and supply chain diversification efforts may lead to a restructuring of the global rare earth market, impacting pricing and availability [29][35]

Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]

Group 1 - The rare earth permanent magnet sector is experiencing a rise, with Yujing Co., Ltd. (002943) hitting the daily limit increase [1] - Guangsheng Nonferrous (600259) has seen an increase of over 5% [1] - Other companies such as China Rare Earth (000831), Dadi Bear, and Jinli Permanent Magnet (300748) are also witnessing significant gains [1]

Group 1: Overview of Rare Earth Industry - The rare earth industry includes 17 metallic chemical elements, categorized into light and heavy rare earths, with applications in various fields, particularly in permanent magnet materials for electric vehicles and wind power [1][2] - The industry chain encompasses mining, smelting, separation, and processing, ultimately producing functional materials used across multiple industries [1][2] Group 2: Global Supply Landscape - Global rare earth reserves are concentrated, with China holding 48% of the total reserves and accounting for 69% of global production, thus dominating the industry chain [1][2] - Recent efforts by Western countries aim to diversify supply chains and reduce dependency on China by increasing rare earth mining and production capacity [1][2][3] Group 3: China's Resource Management - China implements total control over rare earth mining and smelting, leading to a dual structure of "North Light and South Heavy" in resource management [1][2] - Policies are expected to enhance market concentration and reshape international supply-demand dynamics [1][2] Group 4: Market Size and Growth - From 2018 to 2023, China's rare earth industry value has grown, with significant increases in the smelting and separation sectors, and rapid expansion in the functional materials market [1][2] - The market for rare earth functional materials is projected to continue its rapid growth, driven by policy support and increasing demand [1][2] Group 5: Functional Materials Market - Permanent magnet materials dominate the rare earth consumption landscape, with China leading the global market, valued at over 100 billion yuan [2][3] - Catalytic materials have a market size of 6 to 8 billion yuan in China, with foreign companies holding a monopoly, while domestic firms are catching up in certain areas [2][3] - Hydrogen storage materials are primarily produced in China, which supplies over 90% of the global market, although there is a technological gap with Japan [2][3] Group 6: Strategic Importance - Rare earths are considered strategic resources with critical applications in high-tech fields such as renewable energy, defense, and electronics, making them central to global industrial competition and geopolitical dynamics [1][2][3] - The U.S. and its allies view reducing reliance on Chinese rare earths as a national security priority, leading to policies aimed at establishing alternative supply chains [1][2][3]

Core Viewpoint - The green transformation of the mining industry, particularly in rare earth mining, is crucial in the global response to climate change, with significant attention on the environmental impacts of extraction and production processes [1]. Group 1: ESG Reports and Sustainability - The five major domestic rare earth companies, including China Rare Earth (000831.SZ), Northern Rare Earth (600111.SH), Shenghe Resources (600392.SH), Xiamen Tungsten (600549.SH), and Guangsheng Nonferrous (600259.SH), have released their 2024 ESG reports, covering sustainability information related to energy consumption, climate change, and environmental and social indicators [1]. - Xiamen Tungsten's ESG report is the longest at 204 pages, while Shenghe Resources has the shortest at 85 pages, with the others being Northern Rare Earth (150 pages), Guangsheng Nonferrous (118 pages), and China Rare Earth (100 pages) [1]. - All five companies disclosed their total greenhouse gas emissions, including Scope 1 and Scope 2 data, which are essential for understanding their environmental impact [1]. Group 2: Greenhouse Gas Emissions - Northern Rare Earth has the highest total greenhouse gas emissions at 104.07 thousand tons of CO2 equivalent, followed by Xiamen Tungsten (79.06 thousand tons), Shenghe Resources (21.4 thousand tons), Guangsheng Nonferrous (4.38 thousand tons), and China Rare Earth (3.89 thousand tons) [3][4]. - Year-on-year, Northern Rare Earth experienced the highest increase in emissions, rising over 100%, while Shenghe Resources increased by approximately 62%, China Rare Earth by 26%, and Xiamen Tungsten by 17%. Guangsheng Nonferrous was the only company to report a decrease in emissions, with an 8% reduction [6][4]. - The increase in Northern Rare Earth's emissions is attributed to a significant rise in Scope 2 emissions due to increased electricity purchases, which rose by 10.8% to 81.97 million megawatt-hours [6][4]. Group 3: Water and Environmental Management - Xiamen Tungsten reported the highest wastewater discharge at 437 million cubic meters, followed by Northern Rare Earth (171.99 million cubic meters), Shenghe Resources (71.88 million cubic meters), and China Rare Earth (35.4 million cubic meters). Guangsheng Nonferrous disclosed only its industrial wastewater discharge of 102.98 million cubic meters [8]. - The companies also reported their R&D and environmental investment, with Northern Rare Earth investing the most at 6.48 billion yuan, followed by Xiamen Tungsten (1.27 billion yuan) and others [8][9]. Group 4: Carbon Reduction Initiatives - All five companies have disclosed specific actions for carbon reduction, such as Northern Rare Earth's carbon emission verification and product carbon footprint certification, and the establishment of a distributed photovoltaic power station [10]. - Xiamen Tungsten's subsidiary has built a photovoltaic power station and prioritized purchasing clean energy, achieving a total installed capacity of approximately 6 MW by the end of 2024 [10][12]. - Guangsheng Nonferrous has implemented natural gas rotary kiln modifications, resulting in significant reductions in natural gas consumption and CO2 emissions [10].