Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

Core Viewpoint - The article discusses the tension between the U.S. and China regarding rare earth materials, highlighting the U.S. accusations of China restricting supply while China shows an increase in rare earth exports, revealing contradictions in the U.S. narrative [1][5]. Group 1: U.S. Accusations and China's Response - U.S. politicians claim that China is disrupting supply chain stability, yet data shows that China's rare earth exports increased by 13% in November compared to the previous month [1][6]. - The CEO of Noveon, Scott Dunn, expressed frustration over being denied access to dysprosium oxide due to his U.S. identity, despite the overall increase in China's rare earth exports [1]. - China's Ministry of Commerce emphasized its commitment to maintaining global supply chain stability, countering U.S. claims by presenting export data that exceeds pre-pandemic levels [6]. Group 2: The Global Rare Earth Market Dynamics - The U.S. once dominated rare earth production but has faced challenges due to environmental costs and technological lag, leading to a collapse of its domestic industry in the 1990s [5][7]. - China has established a complete rare earth industry chain, from exploration to refining, which is seen as a significant competitive advantage over the U.S. [6][7]. - The article suggests that the U.S. is attempting to rebuild its rare earth industry but faces significant hurdles, including the time required to establish processing facilities and train skilled workers [5][6]. Group 3: Implications for Global Supply Chains - The ongoing conflict over rare earth materials reflects a broader struggle between hegemonic logic and a multipolar world, with the article arguing that true competition should be based on fairness and mutual benefit [10][12]. - The narrative of "supply chain wars" indicates that no party can achieve complete independence in a globalized economy, emphasizing the interconnectedness of supply chains [10][12]. - The article concludes that cooperation and open competition are essential for a balanced global supply chain, rather than unilateral actions that could lead to further fragmentation [10][12].

Group 1 - The small metals sector increased by 2.12% on December 26, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Zhongkuang Resources saw a closing price of 80.22, with a rise of 8.04% and a trading volume of 305,400 shares, amounting to a transaction value of 2.404 billion yuan [1] Group 2 - The small metals sector experienced a net outflow of 601 million yuan from main funds, while retail investors saw a net inflow of 698 million yuan [2] - The trading data indicates that the main funds had a net inflow of 208 million yuan into China Uranium Industry, while other companies like Xianglu Tungsten and Zhongkuang Resources had varying net inflows and outflows [3] - The overall trading volume and transaction values for various small metal stocks reflect significant activity, with companies like Xiyang Materials and China Rare Earth showing positive movements [2][3]

Core Viewpoint - The Chinese rare earth market has shown a positive trend with a 1.31% increase in prices, reaching a transaction volume of 1.355 billion yuan and a total market capitalization of 49.973 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8] - The main products include high-purity rare earth oxides, with over 80% of products having a purity greater than 99.99%, and some reaching 99.9999% [2] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, up 194.67% year-on-year [8] - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, indicating a diverse shareholder base [10] - The number of shareholders has increased to 237,900, with an average of 4,460 circulating shares per person [8]

Market Overview - The Shanghai Composite Index rose by 0.47% on December 25, with 25 out of the 28 sectors experiencing gains, led by defense and light manufacturing, which increased by 2.91% and 1.59% respectively [1] - The sectors that saw declines included comprehensive and non-ferrous metals, which fell by 1.12% and 0.77% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 18.129 billion yuan, with 8 sectors seeing net inflows [1] - The automotive sector led the net inflow with 2.747 billion yuan and a daily increase of 1.46%, followed by the machinery equipment sector with a net inflow of 1.862 billion yuan and a daily increase of 1.51% [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector declined by 0.77%, with a total net capital outflow of 4.135 billion yuan [2] - Out of 138 stocks in this sector, 60 stocks rose, including one that hit the daily limit, while 77 stocks fell [2] - The stocks with the highest net inflow included Western Materials with 153 million yuan, China Rare Earth with 136 million yuan, and Chuangjiang New Materials with 105 million yuan [2] Non-Ferrous Metals Capital Inflow Rankings - The top stocks by capital inflow included: - Western Materials: +10.00%, turnover rate 26.00%, inflow 152.85 million yuan - China Rare Earth: +1.84%, turnover rate 2.52%, inflow 136.24 million yuan - Chuangjiang New Materials: +4.08%, turnover rate 8.95%, inflow 105.14 million yuan [2] Non-Ferrous Metals Capital Outflow Rankings - The stocks with the highest capital outflow included: - Huayou Cobalt: -2.59%, turnover rate 3.04%, outflow -492.07 million yuan - China Aluminum: -0.99%, turnover rate 1.23%, outflow -326.81 million yuan - Zijin Mining: -0.87%, turnover rate 0.62%, outflow -326.45 million yuan [3]

Market Overview - The small metals sector experienced a slight decline of 0.08% on December 25, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Performance of Small Metals Stocks - Notable gainers included: - Xibu Materials (002149) with a closing price of 46.20, up 10.00% [1] - Baotai Co. (600456) closed at 36.79, up 2.37% [1] - Yunnan Pig Industry (002428) at 30.95, up 1.98% [1] - Other stocks with positive performance included China Rare Earth (000831), Jintian Titanium Industry (688750), and Tiangong Co. (920068) [1] Decliners in Small Metals Stocks - Haotong Technology (301026) saw a significant drop of 6.77%, closing at 30.44 [2] - Other notable decliners included: - Guiyan Platinum (600459) down 4.88% [2] - Zhangyuan Tungsten (002378) down 4.07% [2] - The overall trend showed several stocks in the small metals sector experiencing declines [2] Capital Flow Analysis - The small metals sector saw a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 604 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among different stocks, with China Rare Earth (000831) showing a net outflow from main funds [3] Individual Stock Capital Flow - China Rare Earth (000831) had a main fund net inflow of 1.39 billion yuan, but a net outflow from retail investors [3] - Xibu Materials (002149) experienced a net inflow from retail investors despite a net outflow from main funds [3] - Other stocks like Yunnan Resources (002428) and Guangsheng Nonferrous (600259) showed mixed capital flow patterns [3]

稀土科学技术奖 近日，中国稀土（000831）学会2025学术年会暨稀土新材料与仪器设备展览会在厦门开幕。山东省地矿局五队申报的"基于岩浆 型稀土找矿技术体系构建与鲁西特大型矿床勘探"项目，荣获2024年度"稀土科学技术奖"二等奖。 中国稀土学会 中国稀土行业协会 2025年1月14日 该项目依托院士工作站，通过战略矿产找矿团队持续创新研究，建立了稀土矿新找矿理论，在郗山稀土矿成矿机理、成矿规 律、成矿预测等方面取得重要成果，实现郗山稀土三维信息成矿空间的三维地质模型计算机重构系统、深部找矿预测平台等数 字化建设的突破，显著提升了山东省战略性矿产资源的接续保障能力。 基于前期成果，地矿五队顺利承担山东微山湖稀土有限公司2025年市场项目"山东省微山县微山湖东南段稀土矿勘查"工作。目 前，该项目已有7台钻机同时施工，累计完成钻探工作量超4000米。 下一步，地矿五院战略矿产找矿团队继续以微山郗山稀土矿为依托，在成矿规律研究、科技创新、人才培养和成果推广等方面 不断发力，以技术突破加速实现稀土矿找矿新突破，为国家战略性矿产资源储备提供有力支撑。 项目名称: 基于岩浆型稀土找矿技术体系构建与鲁西特 大型矿床勘探 获 ...

Group 1 - The U.S. Department of Commerce suspended exports of products and technology to COMAC, specifically targeting the Leap-1C engine for the C919 aircraft, as a response to China's rare earth export controls [1][3] - The suspension has caused delays in new orders for the C919, although COMAC has sufficient inventory to maintain production temporarily [1][3] - The U.S. relies heavily on Chinese rare earth materials, with over 80% dependency, leading to immediate concerns in defense and semiconductor sectors following China's export controls [3][5] Group 2 - The CJ-1000 engine, a domestic alternative to the Leap-1C, has shown promising results in testing and is expected to be integrated into the C919 by the end of the year, with a thrust comparable to the Leap-1C [7][13] - Following the suspension, COMAC prioritized the assembly of already delivered components while increasing domestic production capabilities, aiming for an 80% localization rate [9][13] - The first successful test flight of the C919 equipped with the CJ-1000 engine occurred in October, indicating a significant advancement in China's aviation engine technology [13][15] Group 3 - The U.S. has proposed to relax rare earth export controls in exchange for increased quotas from China, leading to the resumption of GE's component shipments for the C919 [9][15] - The ongoing trade tensions have prompted U.S. companies to seek alternative supply chains, but quality concerns remain, particularly in the context of defense and electric vehicle sectors [15] - The C919 project is positioned to deliver over a hundred aircraft next year, reflecting a strategic shift in the global aviation market amid U.S.-China competition [15]

Group 1 - The company, China Rare Earth, announced the convening of the fourth temporary shareholders' meeting for 2025 on December 24 [2] - The agenda includes the proposal for the reappointment of the accounting firm and the proposal for estimated daily related transactions for 2026 [2]

特别提示： 1、本次股东会没有出现否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间：现场会议时间：2025 年 12 月 24 日 14:50。网络投票时间： 通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 24 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为 2025 年 12 月 24 日 9:15 至 15:00 的任意时间。 证券代码：000831 证券简称：中国稀土 公告编号：2025-065 中国稀土集团资源科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2、召开地点：江西省赣州市章贡区章江南大道 18 号豪德银座 A 栋 14 层 3、召开方式：现场表决与网络投票相结合。同一股份只能选择现场表决和 网络投票的一种表决方式，表决结果以第一次有效投票结果为准。 4、召集人：中国稀土集团资源科技股份有限公司董事会 5、主持人： ...