证券代码：000831 证券简称：中国稀土 公告编号：2025-038 中国稀土集团资源科技股份有限公司 第九届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、经与会董事签字并加盖董事会印章的第九届董事会第十八次会议决议； 2、第九届董事会 2025 年第四次独立董事专门会议决议。 特此公告。 中国稀土集团资源科技股份有限公司董事会 二○二五年六月二十三日 中国稀土集团资源科技股份有限公司（以下简称"公司"）董事会于 2025 年 6 月 23 日以书面、传真及电子邮件方式向公司全体董事发出关于召开第九届 董事会第十八次会议的通知。会议于 2025 年 6 月 23 日在江西省赣州市章贡区 章江南大道 18 号豪德银座 A 栋 14 层会议室以现场加通讯方式召开。本次董事 会会议应参与表决董事 4 人，实际参与表决董事 4 人。经公司半数以上董事共 同推选，由董事闫绳健先生主持会议，公司监事会成员和高级管理人员列席会 议。本次会议召开符合有关法律、行政法规及《公司章程》的规定，会议及通 过的决议合法有效。 ...

Core Viewpoint - Australian rare earth company Lynas has successfully launched its terbium production line, with plans to reach an annual capacity of 1,500 tons of heavy rare earths, attracting global attention, particularly from the U.S. seeking alternatives to Chinese rare earth supplies [1][6] Group 1: Production and Capacity - Lynas aims to achieve an annual production capacity of 1,500 tons of heavy rare earths, which is significantly lower than China's 20,000 tons [1] - The U.S. has signed a $258 million procurement contract with Lynas, indicating a desire for long-term collaboration to reduce reliance on Chinese rare earths [1] Group 2: Cost and Competition - The production cost of rare earths in Australia is high, with prices reaching $15 per kilogram, two to three times higher than Chinese prices, posing a financial challenge for U.S. buyers [3] - China's rare earth smelting and separation capacity accounts for 92.3% of the global market, showcasing its dominant position and advanced technology in the industry [1][5] Group 3: Quality and Stability - The purity of Lynas's products has not fully met the production requirements, which is a concern for U.S. manufacturers seeking high-quality rare earth materials [5] - The stability of Lynas's production capacity is questioned due to the complexity of rare earth production processes, where Australia still lags behind China in technology and equipment [3][5]

Group 1 - The article highlights that China is using rare earth export restrictions as leverage in negotiations with the EU, compelling the EU to make concessions on various issues such as technology restrictions, electric vehicle tariffs, and the EU-China investment agreement [1][3]. - EU insiders indicate that China is presenting a stark reality: to continue receiving raw materials from China, the EU must pay a price, with the focus of the negotiations extending beyond rare earths to include critical topics like ASML's lithography machine export restrictions and tariffs on Chinese electric vehicles [3][4]. - The article criticizes the EU's double standards, pointing out that while the EU sees China's rare earth supply restrictions as coercive, it fails to recognize its own actions against China, such as the ban on ASML's lithography machines and increased tariffs on Chinese electric vehicles, which also reflect a coercive stance [4]. Group 2 - The upcoming EU-China high-level economic dialogue is unlikely to yield significant results regarding the export ban on high-end lithography machines, as the decision lies with the US, not the EU. However, the EU has the authority to lower tariffs on Chinese electric vehicles, and failure to do so would render the dialogue meaningless [6]. - The EU's mixed signals, expressing dissatisfaction with China while simultaneously sending high-level representatives to Beijing for discussions, indicate a sense of urgency regarding the trade relationship, suggesting that the EU may be more anxious about the trade situation than previously thought [6]. - China is expected to maintain a consistent policy regarding rare earth exports to both the US and the EU, potentially allowing some relaxation for the EU but firmly controlling military-grade rare earths to prevent the US from circumventing restrictions [8].

中国的稀土战略反制升级！美国军工的命脉是否被紧紧掐住？80%依赖背后的资源博弈真相 稀土博弈：中国如何利用"工业维生素"掌控美国的生命线？ 2025年6月，中美之间的稀土博弈愈演愈烈。当特朗普政府因芬太尼问题发起关税战时，或许没想到，最终较量的关键竟然会落在一组看似冷门 却意义重大的金属元素——稀土上。中国的出口管制令如同一记重拳，不仅让美国的军工巨头们感到紧张与不安，更向世界展示了在全球稀土供 应链中，中国无疑是掌握主导权的那一方。 一、为什么稀土被称为"现代工业的命脉"？ 根据2025年最新发布的美国地质调查局报告显示，美国87%的军工稀土供应链依赖于中国这个不可忽视的事实。这一数字背后，暴露出美国在稀 土领域的三个重大短板，令人深思： 讽刺的是，美国曾试图借助《国防生产法》重建其稀土产业链，然而五年内投资了50亿美元之后，本土稀土的年产量依然不足全球的1%。洛克 希德·马丁公司也无奈地指出："没有来自中国的稀土，F-35的生产线将陷入停滞。" 三、中国的反制如何实现精准点穴？ 2025年2月，中国对七类中重稀土实施了出口管制，此举无疑是一记"点穴式"的反击，效果迅速显现：到了3月，美国的稀土进口价格大幅 ...

Group 1 - China's significant role in the global rare earth industry, contributing over 70% of mining output and 85% of refining capacity, with around 90% of rare earth metal alloys and magnets produced in the country [3] - The U.S. government has invested over $439 million since 2020 to support domestic rare earth production and aims to establish a complete supply chain by 2027 to meet defense needs [3] - Despite U.S. efforts, challenges such as high transportation costs, lack of resources, and difficulties in attracting skilled labor hinder the establishment of a competitive rare earth industry [4] Group 2 - The U.S. relies heavily on China for pharmaceutical supplies, with over 60% of daily medications and raw materials sourced from China, raising national security concerns [6] - China's successful bid for a second nuclear power plant project in Kazakhstan, valued at over $10 billion, highlights its growing influence in the global nuclear energy sector [6] - Through the Belt and Road Initiative, China is enhancing its resource network and increasing its influence in critical resource sectors, including new energy and high-tech chips [8]

Core Viewpoint - The article discusses the challenges faced by the U.S. in reducing its reliance on China for rare earth elements, highlighting the ambitious plans of American companies and the significant obstacles they encounter in achieving these goals [1][7][23]. Group 1: U.S. Companies' Ambitions - An Oklahoma company, Westwin Elements, claims it can refine 200 tons of nickel annually, with plans to increase production to 34,000 tons in five years, potentially meeting 10% of U.S. nickel demand [3]. - Other U.S. companies are also pursuing critical minerals, including a battery manufacturer aiming to extract 50,000 tons of lithium from brine and a rare earth company planning to produce 1,200 tons of rare earth magnets annually [5]. - The U.S. Department of Defense is in discussions with Westwin Elements for nickel supply agreements aimed at military applications [3]. Group 2: Challenges in Resource Availability - The U.S. Geological Survey indicates that the U.S. has limited rare earth reserves, with over 95% being light rare earths, while heavy rare earths, crucial for military applications, are predominantly supplied by China [7][19]. - Oklahoma lacks large-scale rare earth deposits, forcing companies like Westwin Elements to import raw materials from Australia, incurring high transportation costs [9]. Group 3: Technological Disadvantages - China holds over 90% of global rare earth separation patents, with its technology significantly outperforming U.S. capabilities in terms of cost and efficiency [11]. - U.S. companies struggle with outdated technology, as evidenced by Blue Line's failure to develop its own separation technology and reliance on purchasing outdated technology from Japan [11]. Group 4: Industry Ecosystem and Workforce Issues - The U.S. lacks a comprehensive rare earth processing ecosystem, with no single company capable of completing the entire processing chain, unlike China, which has over 3,000 supporting enterprises [13]. - There is a significant talent gap in the U.S. rare earth industry, with a shortage of over 23,000 skilled workers, and local educational institutions failing to provide adequate training [15]. Group 5: Government Support and Economic Viability - The U.S. government has invested $439 million since 2020 to build a complete rare earth supply chain, but experts estimate that even with all planned facilities operational, production would be minimal compared to China's output [17]. - Some U.S. companies appear to exploit government funding opportunities without genuine intentions to establish a sustainable rare earth industry, as seen in the case of Canoo, which declared bankruptcy after receiving state funds [17]. Group 6: Current Supply Shortages - The U.S. military's reliance on rare earths is critical, with specific components of advanced fighter jets requiring substantial amounts of rare earth materials, and the Department of Defense has acknowledged that a disruption in supply could severely impact production [19][21]. - The automotive industry, particularly electric vehicle manufacturers like Tesla and Ford, is facing production halts due to unstable rare earth supplies, leading to significant financial losses [21].

Group 1 - The core viewpoint is that the U.S. is not willing to import rare earths from China due to the lack of alternative supply channels globally, despite Australia starting to produce terbium with a capacity of 1,500 tons per year [1][3] - The U.S. has signed a $258 million contract to support its allies in rare earth production, indicating a desire to reduce reliance on China, which currently holds about 70% of the global rare earth export market [3][5] - China is projected to have a rare earth production capacity of 270,000 tons in 2024, accounting for 69.2% of global capacity, and its separation technology is unmatched, holding a 92.3% share in the global market [5][8] Group 2 - Australia's rare earth production is primarily focused on heavy rare earths, which are essential for various high-tech applications, including electric vehicles and advanced weaponry [7][8] - The production capacity of Australia is currently limited to 1,500 tons per year, while China's capacity is significantly higher at 20,000 tons, leading to a price disparity where Australian rare earths cost $15 per kilogram compared to China's $4 to $7 [8][10] - The U.S. is aware of Australia's production limitations and is likely using the situation to pressure China into resuming rare earth exports, as the purity of Australian rare earths does not meet production needs [10][12]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 1.2%, with a transaction value of 10.24 million yuan [3] - Over the past year, the average daily transaction value of the rare metal ETF was 36.11 million yuan, ranking first among comparable funds [3] - The net asset value of the rare metal ETF increased by 13.41% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being 3 months and an average monthly return of 7.60% [3] Group 2: Growth and Valuation of Rare Metal ETF - The rare metal ETF's scale grew by 5.45 million yuan over the past year, also ranking first among comparable funds [3] - The latest financing buy-in amount reached 1.70 million yuan, with a financing balance of 25.74 million yuan [3] - The valuation of the index tracked by the ETF is at a historical low, with a price-to-book ratio (PB) of 2.21, lower than 84.84% of the time over the past five years, indicating strong valuation attractiveness [3] Group 3: Export Controls and Market Dynamics - Since 2023, China has implemented export controls on various rare metals, leading to significant price increases for most of these metals [4] - The demand for rare earth materials in domestic sectors such as new energy vehicles and air conditioning is expected to grow at rates of 37% and 19%, respectively, by 2025 [4] - The domestic rare earth market may be entering a destocking phase, with overseas price increases likely to drive domestic prices up [4] Group 4: Top Holdings in Rare Metal Index - The top ten weighted stocks in the rare metal index include Salt Lake Co., Northern Rare Earth, and others, accounting for 54.9% of the index [4] - The individual weightings of these stocks vary, with Salt Lake Co. at 9.04% and Northern Rare Earth at 8.25% [6]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.74%, with a transaction volume of 66.81 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 122 million yuan, ranking first among comparable funds [2] - In the last two weeks, the Rare Earth ETF's scale increased by 568 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares increased by 39.5 million in the past week, indicating substantial growth [2] - In the last five trading days, there were net inflows on three days, totaling 115 million yuan [2] - As of June 18, the net value of the Rare Earth ETF has risen by 30.55% over the past year, ranking 376 out of 2857 in the index stock fund category, placing it in the top 13.16% [2] - Since its inception, the ETF has recorded a highest monthly return of 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, the top ten weighted stocks in the China Rare Earth Industry Index account for 57.28% of the index, including Northern Rare Earth, China Rare Earth, Wolong Electric Drive, and others [2] - The Ministry of Commerce announced on June 19 that it will expedite the review of rare earth export license applications, emphasizing the importance of maintaining global supply chain stability [4] - Recent reports suggest that domestic export licenses are being gradually issued, and rising prices abroad are expected to be transmitted to the domestic market [5] - The domestic rare earth prices are currently at a cyclical low, with expectations for a continued upward adjustment in price levels [5] - Investors can consider the Rare Earth ETF Jiashi linked fund (011036) to capitalize on investment opportunities in the rare earth sector [5]

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.