2025 年 9 月 11 日，瑞银证券发布《中国可持续发展——中国稀土（000831）专家会议纪要》。会议邀 请了拥有十几年稀土永磁行业经验的资深专家，深入剖析中国稀土市场格局及全球供应链影响。会议纪 要最终结论：中国在稀土储量、精炼环节的全球主导地位短期难以撼动。 海外稀土项目难以撼动中国优势 长期来看稀土价格将保持稳中有升 会议纪要认为，从供应链全环节看，中国在稀土的主导地位不仅体现在上游采矿，更体现在核心的精炼 分离环节所形成的"护城河"。叠加结构性需求驱动，长期来看，稀土价格有望保持稳中有升。 1、供应端：采矿占60-70%，精炼占90% 瑞银专家指出，中国当前贡献全球 60-70% 的稀土矿产量，但更关键的是在精炼分离环节 —— 占据全 球约 90% 的产能，且技术领先海外至少20年。成本端优势同样显著：中国精炼分离成本仅为海外同行 的 1/3，这种 "技术 + 成本" 双壁垒，使得全球稀土供应高度依赖中国。 2、需求端：电动车、风电、机器人成"三驾马车" ·电动车：每辆电动车牵引电机需消耗 3.5 公斤钕镨（NdPr）； ·风电：每台风机需 600 公斤钕铁硼（NdFeB）永磁体； ·人形机器人 ...

马兆杰(曾用名：马文威)已获委任为独立非执行董事、审核委员会、提名委员会及独立调查委员会各自 之成员以及薪酬委员会主席。 中国稀土（000831）(00769)发布公告，由2025年9月12日起：康帅杰已辞任独立非执行董事、公司审核 委员会、公司提名委员会及公司独立调查委员会各自的成员以及公司薪酬委员会主席，以便投入更多时 间于其他业务承担;及 ...

格隆汇9月12日丨中国稀土(00769.HK)公告，由2025年9月12日起：1.康帅杰辞任独立非执行董事、公司 审核委员会、公司提名委员会及公司独立调查委员会各自成员以及公司薪酬委员会主席，以便投入更多 时间于其他业务承担；2.马兆杰获委任为独立非执行董事、审核委员会、提名委员会及独立调查委员会 各自成员以及薪酬委员会主席。 ...

马兆杰(曾用名：马文威)已获委任为独立非执行董事、审核委员会、提名委员会及独立调查委员会各自 之成员以及薪酬委员会主席。 智通财经APP讯，中国稀土(00769)发布公告，由2025年9月12日起：康帅杰已辞任独立非执行董事、公 司审核委员会、公司提名委员会及公司独立调查委员会各自的成员以及公司薪酬委员会主席 ，以便投 入更多时间于其他业务承担; 及 ...

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

截至2025年9月12日午间收盘，中证稀有金属主题指数(930632)强势上涨1.92%，成分股云路股份 (688190)上涨6.05%，东方钽业(000962)上涨5.82%，银河磁体(300127)上涨5.42%，东方锆业(002167)， 株冶集团(600961)等个股跟涨。稀有金属ETF基金(561800)半日收涨1.48%。拉长时间看，截至2025年9 月11日，稀有金属ETF基金近1周累计上涨6.45%，涨幅排名可比基金第一。 数据显示，截至2025年8月29日，中证稀有金属主题指数(930632)前十大权重股分别为北方稀土 (600111)、洛阳钼业(603993)、盐湖股份(000792)、华友钴业(603799)、天齐锂业(002466)、赣锋锂业 (002460)、中国稀土(000831)、盛和资源(600392)、中矿资源(002738)、厦门钨业(600549)，前十大权重 股合计占比57.58%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 000792 | 盐湖股份 | 1.14% | 8.52% | | 60011 ...

从资金净流入方面来看，有色金属ETF基金近15天获得连续资金净流入，合计"吸金"3.46亿元。截至9月 11日，有色金属ETF基金最新份额达3.89亿份，最新规模达5.75亿元，均创近1年新高。 9月12日 ，受美联储降息催化，金银铜价格盘中走强，细分有色指数强势上涨2.93%，截至10：50，有 色金属ETF基金(516650)上涨3.06%，其持仓股云南铜业、北方铜业双双涨停，中孚实业涨9.66%，兴业 银锡、江西铜业等个股跟涨，最新价报1.52元，净值创近4年新高。 民生证券分析指出，美联储降息预期进一步抬升，叠加"金九银十"旺季需求预期结构性改善，工业金属 价格有较强上涨动力。9月电解铜产量环比下降引发市场担忧，电解铜产量下滑将主要体现在10月，叠 加进入9月消费旺季，我们预计后续需求基本面仍旧有较强支撑。铝方面，供应端随着置换产能持续投 产放量，需求侧持货商挺价惜售情绪再起，下游逢低补库，需求存支撑。 有色金属ETF基金紧密跟踪中证细分有色金属产业主题指数，截至2025年8月29日，指数前十大权重股 分别为紫金矿业(601899)、北方稀土(600111)、洛阳钼业(603993)、华友钴业(603 ...

证券日报网讯中国稀土（000831）9月11日在互动平台回答投资者提问时表示，稀土是国家规定实行保 护性开采的特定矿种，稀土矿业权办理涉及县、市、省、自然资源部多级审批程序。现阶段，圣功寨稀 土矿矿山地质环境保护与土地复垦方案已通过自然资源部的审查，并完成编制环境水文地质补充勘查报 告，同时，《环境影响评价报告》取得了环评标准执行函。 ...

证券之星消息，9月11日小金属板块较上一交易日上涨2.63%，宝武镁业领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000831 | 中国稀土 | 3.40 乙 | 6.03% | -1.36 Z | -2.41% | -2.04 Z | -3.61% | | 002182 | 宝武镁业 | 2.66 Z | 17.35% | -1.21 乙 | -7.90% | -1.45 Z | -9.45% | | 600392 盛和资源 | | 9001.22万 | 3.50% | -3084.02万 | -1.20% | -5917.20万 | -2.30% | | 002378 | 草源钨业 | 7292.13万 | 8.10% | -3515.48万 | -3.91% | -3776 ...

Core Insights - The rise and fall of Jiang Quanlong, a self-made tycoon in the rare earth industry, illustrates the dramatic shift from success to failure within a decade, highlighting the impact of personal choices and management styles on business outcomes [1][11]. Group 1: Rise of Jiang Quanlong - Jiang Quanlong, with only a primary school education, transformed from a migrant worker to a leading figure in the rare earth industry, establishing China Rare Earth Holdings and amassing a personal fortune of 1.14 billion RMB [1][5]. - In the early 1990s, Jiang recognized the potential of the rare earth sector, which was relatively obscure and had high technical barriers, leading him to invest all his savings into research and development [3][5]. - A breakthrough in 1995 allowed his company to achieve international standards in purity and cost control, propelling China Rare Earth Holdings to prominence and leading to its successful IPO in 2007 [5][6]. Group 2: Downfall of Jiang Family - Jiang's son, Jiang Xin, was appointed as the general manager at the age of 30, but his extravagant lifestyle and management style led to financial mismanagement [6][10]. - Jiang Xin's lavish spending included a 910,000 RMB private dinner and extravagant office renovations, reflecting a disconnect from the company's financial realities [6][10]. - The decline in rare earth prices post-2007 resulted in significant losses for the company, with cumulative losses exceeding 5 billion RMB from 2007 to 2015 [7][8]. Group 3: Consequences of Mismanagement - In 2014, Jiang Quanlong's gambling addiction peaked, leading to a loss of 120 million HKD in a single gambling session, which was double the company's net profit for that year [7][8]. - By 2016, the company faced multiple lawsuits due to massive debts, and Jiang Quanlong was listed as a dishonest debtor [8][10]. - In 2020, China Rare Earth Holdings declared bankruptcy, marking the end of a once-prominent industry leader, leaving behind a legacy of cautionary tales about excess and mismanagement [10][11].