华南稀土龙头，兼具布局铜、钨等多金属。公司是中国稀土集团 旗下上市平台双星之一，掌控广东地区稀土资源，还布局钨、铜 硫等多元产业。1Q25 稀土价格回升，公司盈利拐点向上。 稀土行业：出口管制下价格弹性不容小觑，行业供改持续催化。 2025 年 4 月，商务部《对部分中重稀土相关物项实施出口管制的 决定》正式实施；类比锑，出口管制下，内盘稀土价格弹性不容 小觑。目前海外镝、铽价格分别上涨至 800/3500 美金/公斤，月 度涨幅分别为 14%/100%，较国内溢价率均超 200%；内盘价格涨回 出口管制前。国内政策密集落地，将进一步对稀土供应实现掌控， 从而实现打击不合规供给和头部集中效果；叠加国内原矿配额预 计温和增长，供需改善趋势明确，我们预计 2025 年氧化镨钕/氧 化铽均价有望分别达到 45/750 万元/吨，同比分别+15%/+30%。 稀土业务：体内矿山有望实现产量倍增，冶炼、磁材并举。公司 拥有仁居、五丰稀土矿，并且拥有左坑矿的采矿权；若考虑左坑 矿投产，公司稀土矿产量有望从 2000 余吨增加至 5000 余吨，产 量有望实现倍增；冶炼板块在 2024 年实现产销回暖;磁材板块方 面，公司 ...

Market Overview - On June 11, the tungsten sector showed strength, with Xianglu Tungsten Industry hitting the limit up, and other companies like Xiamen Tungsten, Zhangyuan Tungsten, and China Tungsten High-tech also experiencing collective gains [1] Company Insights - Xianglu Tungsten Industry (002842.SZ) has turned profitable, operating in the complete tungsten industry chain, including mining, smelting, and production of various tungsten products, with a significant mining area of 5.96 square kilometers [2] - Guangdong Guangsheng Nonferrous Metals (600259.SS) has also turned profitable, focusing on a diversified industrial layout of rare earths, tungsten, and copper, with a tungsten resource reserve of 65,000 tons [2] - Xiamen Tungsten (600549.SS) is one of the largest tungsten smelting product processing companies globally, with a complete tungsten industry chain and significant market share in tungsten wire production [2] - Zhangyuan Tungsten (002378.SZ) is a leading tungsten smelting product processing company, with a complete production system from mining to deep processing and tungsten resource reserves of 94,600 tons [2] - Luoyang Copper (603993.SS) is a global leader in copper, cobalt, aluminum, and tungsten production, with a tungsten resource reserve of 26,040,000 tons [2] Price Trends - As of June 6, the price of 65% WO3 tungsten concentrate in China surpassed 173,000 yuan per ton, marking an increase of 31,000 yuan since the beginning of the year, with a cumulative rise of 21.8%, reaching a historical high [3] Institutional Analysis - China will implement export controls on tungsten-related matters by February 2025, which is expected to strengthen the strategic nature of tungsten resources, as 90% of tungsten concentrate processing capacity is concentrated in China [4] - The application of tungsten in various fields, including photovoltaic cutting and robotics, is expected to drive demand growth [5] - Supply constraints are anticipated due to declining production from existing mines and limited new mine launches, with the first batch of tungsten mining quotas for this year down 6.5% year-on-year, contributing to rising tungsten prices [5] - The tungsten market is expected to enter a bull market phase, with prices likely to continue breaking historical highs, and the supply-demand gap projected to expand from 18,300 tons in 2024 to 19,100 tons in 2028 [5]

从医药、化工、再到军工依然还是轮动的一天！而今日最强的减肥药的思考，之前已经写过了，不再重复了，有兴趣的朋友可以找出来看看，今 日想深挖一下稀土的思考！ 一、政策驱动：从资源管控到战略定价权重构 1.1 供给端：配额制度与出口管制的双重收紧 中国作为全球稀土供应链的核心，2025 年稀土开采配额预计维持在 27-28 万吨 REO，同比增速 5%-10%，较前几年 20% 以上的高速增长显著放 缓。政策导向从 "规模扩张" 转向 "质量管控"，通过《稀土开采和稀土冶炼分离总量调控管理办法》将进口矿、独居石等所有来源稀土纳入配额 管理，强化国家供给控制权。中重稀土配额连续五年维持 1.92 万吨不变，镝、铽等战略资源稀缺性进一步凸显。 关键影响： 1.2 需求端：新能源与高端制造的双重引擎 稀土永磁材料（NdFeB）成为增长核心，新能源汽车、风电、工业电机及人形机器人等领域需求爆发： 二、市场空间：供需错配下的千亿级蓝海 2.1 全球供需格局：缺口持续扩大 三、价格走势：结构性分化与周期拐点 3.1 轻稀土：触底反弹与成本支撑 3.2 中重稀土：稀缺性与政策溢价 四、产业链价值重构：从资源到技术的全链条升级 4 ...

广晟有色 20250605 摘要 广晟有色由广东省属企业转为中国稀土集团控股，主营稀土、钨、铜产 业，拥有广东省全部稀土采矿证，资源量超 12 万吨，稀土分离产能 5,590 吨/年，并参股华南最大铜硫矿大宝山公司，铜年产量 1.5 万吨， 钨矿储量 6.5 万吨。 2024 年受稀土市场下行影响，广晟有色亏损近 3 亿元；2025 年一季度， 受益于供需格局优化和经营举措，实现扭亏为盈，营收 15.06 亿元，归 母净利润 4,700 万元。 广晟有色通过优化产业链结构，推进增储上产，降低成本，强化分离企 业与贸易企业协同，提升下游盛源公司产品直通率至 97.4%，实现整体 运营效率提升。 公司加强市场研判，采取顺产顺销策略，主要产品销率达 90%以上，构 建原矿保供体系，提高分离端产能利用率，有效应对市场风险。 广晟有色进行营销体系改革，实现统购统销，提升市场价格稳定性，增 强市场竞争力和话语权，推动行业健康发展，避免内卷式竞争。 Q&A 特朗普关税政策的反复对稀土板块产生了哪些影响？ 特朗普关税政策的反复对稀土板块产生了显著影响。5 月 28 日，美国国际贸易 法院裁定禁止执行特朗普政府对多国加征关税的 ...

Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]

Group 1: Industry Overview - The number of newly registered companies in China's rare earth industry has shown a fluctuating growth trend from 2015 to 2023, with a significant decline in 2024, registering only 99 new companies compared to the previous year [1] - As of April 17, 2025, the number of newly added companies in the rare earth sector is 19 [2] Group 2: Company Characteristics - As of April 17, 2025, 50.33% of registered rare earth companies in China are operational, while 26.79% have been deregistered, indicating a generally stable operational status [2] - The majority of registered capital in the rare earth industry is concentrated in companies with capital under 1 million, accounting for 40% of the total, while 35% of companies have registered capital exceeding 5 million [6] Group 3: Regional Distribution - The majority of operational rare earth companies are located in Jiangxi, Zhejiang, Inner Mongolia, and Shaanxi, with Jiangxi having the highest number at 197 companies, representing 16.4% of the national total in the rare earth mining sector [9] - Zhejiang ranks second with 105 companies, where 94% are involved in rare earth metal processing [9] Group 4: Company Type Distribution - As of April 17, 2025, 90.32% of operational rare earth companies in China are privately owned, while state-owned enterprises account for 7.91%, highlighting the dominance of private enterprises in the industry [12]

Group 1: Market Performance - Rare earth magnetic material stocks, including Longmag Technology, saw significant gains, with increases exceeding 10% for several companies [1] - Key performers included: - Jinli Permanent Magnet (300748.SZ) with a price of 22.57, up 7.17%, and a market cap of 256 billion [1] - Keheng Co., Ltd. (300340.SZ) at 12.55, up 6.81%, with a market cap of 26.4 billion [1] - Longmag Technology (300835.SZ) at 36.48, up 6.67%, with a market cap of 29.9 billion [1] - Guangsheng Nonferrous (600259.SS) at 54.78, up 5.29%, with a market cap of 184.3 billion [1] Group 2: Industry Developments - China has implemented export controls in the rare earth sector, causing global automotive manufacturers to express concerns and consider relocating some production to China [2] - The introduction of a tracking system for the rare earth magnet industry indicates that export controls may become a long-term policy [2] Group 3: Price Trends and Demand - Since 2024, rare earth prices have been low, but the introduction of export controls has led to a significant price increase for overseas medium and heavy rare earths, stimulating demand for inventory replenishment [3] - The humanoid robot market is projected to create a demand equivalent to a new rare earth permanent magnet market, with potential sales of 10 million units translating to 20-40 thousand tons of rare earth materials [3] - The primary export markets for rare earth products are Europe, Southeast Asia, Japan, and South Korea, with ongoing approval processes for export licenses [3] Group 4: Future Outlook - The global electric vehicle market is expected to grow significantly, with sales projected to reach 18.236 million units in 2024, a 24.4% increase year-on-year, with China contributing 70.5% of the total sales [4] - Continued policy support and increasing consumer acceptance are expected to drive sustained growth in the electric vehicle market, thereby increasing demand for rare earth magnetic materials [4]

Market Overview - US stock market showed mixed results with Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01% [1] - Meta Platforms rose by 3.16%, Google A by 1.13%, Amazon by 0.74%, Nvidia by 0.50%, Microsoft by 0.19%, while Apple fell by 0.22% and Tesla by 3.55% [1] Chinese Concept Stocks - Chinese concept index increased by 2% with notable gains from companies such as Zai Lab up 15.90%, Noah Holdings up 10.17%, NIO up 6.23%, and Alibaba up 3.9% [2] Employment and Economic Indicators - US ADP employment numbers for May showed an increase of only 37,000, the lowest growth since March 2023 [2] - ISM non-manufacturing index for May showed contraction for the first time in nearly a year [2] Technology and Innovation - Circle Internet announced an IPO price of $31 per share for 34 million shares [3] - Nvidia's GB200 achieved record performance in MLPerf testing, with performance improvements exceeding two times [4] - OpenAI announced ChatGPT's support for MCP and meeting notes [5] Energy Sector Developments - National Energy Administration of China initiated pilot projects for new power systems focusing on virtual power plants and renewable energy integration [8] - The trend indicates a shift in data center site selection towards renewable energy sources to reduce costs and enhance sustainability [8] Automotive Industry - Huawei and XPeng Motors are set to announce a collaboration on HUAWEI XHUD at an upcoming event [9] - The HUD technology is expected to transition from simple displays to complex interactive systems, with significant growth potential [9] Robotics and Healthcare - Chinese Academy of Sciences developed a "rigid-flexible coupling" lower limb rehabilitation exoskeleton robot aimed at aiding patients with lower limb paralysis [10] - The exoskeleton market is anticipated to exceed 100 billion due to increasing demand across various sectors [10] Aviation Sector - China is considering an order for hundreds of Airbus aircraft, potentially between 200 to 500 units, with a significant focus on wide-body models [11][13] Regulatory and Policy Updates - The Ministry of Industry and Information Technology is promoting the development of the AI industry and its integration into new industrialization [12] - The Hong Kong Securities and Futures Commission is contemplating the introduction of virtual asset derivatives trading for professional investors [12]

证券简称：广晟有色 证券代码： ? 公司股价短期波动幅度较大，公司敬请广大投资者注意二级市 场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票已经连续三个交易日（2025年5月30日、6月3日、6月4 日）收盘价格涨幅偏离累计超过20%，根据《上海证券交易所股票上 市规则》的相关规定，公司股票交易属于异常波动情形。 临 2025-034 广晟有色金属股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证公告内容的真实、准确和完整，对 公告的虚假记载、误导性陈述或者重大遗漏负连带责任。 重要内容提示： ? 广晟有色金属股份有限公司（以下简称"公司"）股票连续三 个交易日内（2025 年 5 月 30 日、6 月 3 日、6 月 4 日）收盘价格涨 幅偏离值累计超过 20%，属于股票交易异常波动。 ? 经公司自查并向控股股东及实际控制人核实，截至本公告披露 日，公司生产经营正常，不存在应披露而未披露的重大事项。 今年以来，国际关税政策变化及稀土条例出台推高了稀土行业关 注度，公司作为中重稀土主要生产企业拥有全产业链的产业优势，辨 识度及关注度较高。除前期披露的情况外，未发现对公司股 ...

Group 1: Stock Suspension and Resumption - Huamao Technology plans to acquire 57.84% equity of Fuchuang Youyue, and its stock will resume trading [1] - Bangji Technology intends to purchase 100% equity of Shandong Beixi Agricultural and Animal Husbandry Co., Ltd. and 80% equity of Paistong Livestock Technology Consulting (Shanghai) Co., Ltd., resulting in stock suspension [1] - Honghe Technology is planning a change in control, leading to stock suspension [1] - *ST Jinbi's controlling shareholder and actual controller are planning a share transfer, causing stock suspension [1] Group 2: Mergers and Acquisitions - Feiyada plans to acquire the controlling stake in Shaanxi Changkong Gear Co., Ltd. [2] - Guangku Technology intends to acquire 100% equity of Wuhan Jiepai for $17 million, with the target company having complete manufacturing and packaging capabilities for optical devices [2] Group 3: Investment Cooperation and Operational Status - Zhongke Electric plans to invest up to 8 billion yuan to build an integrated base for lithium-ion battery anode materials [3] - Wantai Biological's nine-valent HPV vaccine has received approval for market access, being the first domestically approved nine-valent HPV vaccine and the second globally [3] - Hongxun Technology's subsidiary EEI has over 20 years of project experience in nuclear fusion and has participated in multiple projects [3] - Huapei Power received a project bid notification from a new energy vehicle company, with a total expected amount of approximately 100 million yuan over the product lifecycle [3] - Konggang Co., Ltd.'s subsidiary won a bid for a high-end intelligent equipment manufacturing standard factory project worth approximately 396 million yuan [3] - China Power Construction's subsidiary led a consortium that won a 6.282 billion yuan energy storage project [4] - Guangsheng Nonferrous Metals has gained increased attention in the rare earth industry due to changes in international tariff policies and rare earth regulations, leveraging its full industry chain advantages [4] - Tianceng Automation received a notification for a project to supply passenger car seat assemblies, with an expected total of 215,800 vehicles over the project lifecycle [4] - Aixi New Energy plans to invest approximately 750 million yuan to construct a 112.5MW wind power project in Linyi [4] - Hainan Huatie is planning to list on the Singapore Stock Exchange [4]