Group 1 - The market experienced a slight increase on December 19, with the non-ferrous metals sector leading the gains, including copper, aluminum, and rare earths, with Yun Aluminum rising over 60% [1] - The Industrial Non-Ferrous ETF (560860) saw a trading volume exceeding 3.1 billion, surpassing the total from the previous day, indicating active trading with frequent premiums in the market [1] - The Industrial Non-Ferrous ETF has attracted significant capital, with over 5.8 billion raised in the last 10 days, over 11 billion in the last 20 days, and over 28 billion in the last 60 days, bringing its latest scale to 69.88 billion [1] Group 2 - Internationally, U.S. inflation showed unexpected easing, with the November core CPI rising by 2.6%, the lowest since 2021, providing the Federal Reserve with substantial room to consider interest rate cuts [3] - LME metal futures generally rose, with LME copper increasing by 41 USD to 11,778 USD/ton and LME aluminum rising by 10 USD to 2,916 USD/ton [3] - In the rare earth sector, Chinese authorities have communicated policies to exporters, with some exporters meeting the basic requirements for applying for general licenses, indicating a potential increase in exports [3] Group 3 - According to Guotai Junan Securities, copper is expected to see dual positive catalysts from its financial and commodity attributes, with increased demand and inventory pressures due to insufficient supply [3] - Aluminum is anticipated to break out of its three-year price range due to strong demand and low inventory, entering a phase of significant upward movement driven by demand catalysts [4] - The Industrial Non-Ferrous ETF closely tracks the CSI Industrial Non-Ferrous Metals Theme Index, covering leading strategic resources such as copper, aluminum, and rare earths, providing opportunities for investors to capitalize on cyclical and policy-driven benefits [4]

Core Viewpoint - China's rare earth and its products export volume reached 10,500 tons in October 2025, marking a year-on-year increase of 1.6%, while the export value amounted to 341 million USD, reflecting a year-on-year growth of 22.6% [1]. Group 1 - The export volume of China's rare earth and its products in October 2025 was 10,500 tons [1]. - The year-on-year growth rate for the export volume was 1.6% [1]. - The export value for the same period was 341 million USD [1]. Group 2 - The year-on-year increase in export value was 22.6% [1].

证券日报网讯 12月17日晚间，中国稀土发布公告称，公司将于2025年12月24日14：50召开2025年第四 次临时股东会。 （文章来源：证券日报） ...

Core Conclusions - The small metal sector is expected to benefit from the rising demand in the AI industry, presenting new investment opportunities [6] - The report maintains an "overweight" rating for the small metal sector, indicating a positive outlook for the industry [7] Industry Overview - The small metal sector significantly outperformed the market in 2025, with an annual cumulative return of 83.54%, surpassing the cumulative return of the Shenwan Nonferrous Metals Index (82.05%) and the CSI 300 Index (20%) [10][13] - The rare earth sector is projected to maintain an upward trend in 2026 due to strong demand recovery and supply-side policy constraints, indicating that the industry cycle is not yet over [10] - The tungsten market is entering a new price cycle driven by supply constraints and emerging demand, suggesting a strategic value for investors [10] - The antimony market is experiencing a new phase characterized by supply rigidities and policy relaxations, with potential price increases anticipated in 2026 [10] - The tin market is also entering a new phase with supply constraints and demand upgrades, indicating a resilient supply-demand balance [10] - The demand for new metal materials is expected to grow alongside the rapid development of the AI industry, particularly for permanent magnetic materials and high-end copper alloys [10] Investment Recommendations - Recommended stocks in the rare earth sector include Northern Rare Earth, Zhenghai Magnetic Materials, and Jinli Permanent Magnet, with a focus on China Rare Earth and Shenghe Resources [6] - For tungsten, attention is drawn to Zhongtung High-tech and Xiamen Tungsten [6] - In the antimony sector, recommended stocks include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [6] - For tin, focus on Tin Industry Co. and Huaxi Nonferrous [6] - In the new materials sector, recommended stocks include Bowei Alloy and Srey New Materials [6] Supply and Demand Dynamics - The rare earth industry is experiencing a strong price increase driven by supply-side constraints and a recovery in export demand, with the price of praseodymium-neodymium oxide increasing by 45.49% in 2025 [31] - The global rare earth production is expected to grow moderately, with China's production leading the market, indicating a dominant position in both production and reserves [41] - Domestic supply indicators for light rare earths are showing a significant slowdown in growth, with the supply structure increasingly dominated by major players [48]

证券代码：000831 证券简称：中国稀土 公告编号：2025-064 中国稀土集团资源科技股份有限公司 关于召开 2025 年第四次临时股东会的提示性公告 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。 中国稀土集团资源科技股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日在 《证券时报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）发布了《关于 召开 2025 年第四次临时股东会的通知》。为保护投资者合法权益，方便股东行使股东会 表决权，现发布关于召开公司 2025 年第四次临时股东会的提示性公告： 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 24 日 14:50 （2）网络投 ...

Core Viewpoint - The Chinese rare earth market experienced a 2.06% increase in prices, with a transaction volume of 1.03 billion yuan and a total market capitalization of 46.704 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 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, which is a 194.67% increase compared to the previous 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 last three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 29.0694 million shares, an increase of 9.4669 million shares from the previous period [10] - New shareholders include the 嘉实中证稀土产业ETF and 南方中证申万有色金属ETF, indicating a diversification in the shareholder base [10] Market Dynamics - The company operates within the rare earth sector, which is influenced by trends in state-owned enterprise reforms and the demand for rare earth permanent magnets [2][8] - The average trading cost of the company's shares is 50.20 yuan, with recent trends indicating a rapid exit of shares, suggesting a potential strategy for portfolio adjustment [7]

Core Viewpoint - The Chinese rare earth market experienced a decline, with a 3.86% drop in share price on December 16, leading to a trading volume of 1.275 billion yuan. The financing data indicates a net outflow in financing activities for the company, suggesting a cautious sentiment among investors [1]. Financing and Trading Data - On December 16, the financing buy amount for Chinese rare earth was 85.56 million yuan, while the financing repayment was 112 million yuan, resulting in a net financing outflow of 26.80 million yuan. The total financing and securities balance reached 2.029 billion yuan [1]. - The financing balance of 2.013 billion yuan accounts for 4.40% of the circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, 67,000 shares were repaid, while 29,100 shares were sold on December 16, amounting to a selling value of 1.2548 million yuan. The remaining securities lending volume was 357,000 shares, with a balance of 15.39 million yuan, which is below the 50th percentile level over the past year, indicating a lower level of securities lending [1]. Company Performance - As of November 10, the number of shareholders for Chinese rare earth reached 254,200, an increase of 2.14%, while the average circulating shares per person decreased by 2.09% to 4,174 shares [2]. - For the period from January to September 2025, the company reported a revenue of 2.494 billion yuan, reflecting a year-on-year growth of 27.73%. The net profit attributable to shareholders was 192 million yuan, showing a significant year-on-year increase of 194.67% [2]. Dividend and Shareholder Information - Since its A-share listing, Chinese rare earth has distributed a total of 346 million yuan in dividends, with 124 million yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 29.0694 million shares, an increase of 9.4669 million shares from the previous period. Additionally, the Southern CSI 500 ETF and the Jiashi CSI Rare Earth Industry ETF were noted as new shareholders [3].

Core Viewpoint - The signing of the rare earth supply chain agreement by the U.S. and its allies is primarily a strategic move to challenge China's dominance in the rare earth sector, rather than a simple resource cooperation initiative [1][3][8]. Group 1: Political Intentions - The agreement is seen as a U.S.-led action aimed at weakening China's advantages in resources, technology, and supply chains [3][8]. - The U.S. is anxious about China's overwhelming control over the global rare earth industry, with 91% of rare earth refining and separation capacity concentrated in China [3][10]. - The U.S. aims to establish a supply chain that bypasses China, laying the groundwork for future competition in AI [8][10]. Group 2: Implications for AI and Technology - The U.S. government links the rare earth supply chain to the AI industry, indicating that control over rare earth resources is crucial for competing in AI [10][13]. - The U.S. recognizes that without a stable supply of rare earths, advancements in AI technology cannot be realized [13][15]. - The agreement is expected to benefit U.S. mining, military, and tech sectors, ensuring a stable supply chain for high-tech industries over the next decade [17][20]. Group 3: Global Supply Chain Dynamics - The agreement signifies a shift in global technology dynamics, where control over core resources will be as important as technological advancement [20][21]. - The U.S. is attempting to create a closed-loop supply chain with like-minded allies, injecting political factors into the industry chain [22][26]. - China's response emphasizes the importance of market principles and cooperation, highlighting its critical role in stabilizing the global rare earth supply chain [23][25]. Group 4: Future Competition - The competition between the U.S. and China in key minerals and AI is expected to continue, with China's rare earth advantages stemming from years of industrial accumulation [26][28]. - The outcome of this geopolitical struggle will depend on the strength and completeness of each country's supply chain rather than the size of their political alliances [28].

Core Viewpoint - Rare earth concept stocks weakened in early trading, with significant declines observed in companies such as Jin Feng Technology, China Rare Earth, and Northern Rare Earth, alongside a drop in related ETFs [1][2]. Group 1: Stock Performance - Jin Feng Technology fell over 6%, China Rare Earth dropped over 4%, and both Northern Rare Earth and Wolong Electric Drive decreased by more than 3% [1]. - Rare earth-related ETFs experienced a decline of over 3% [1]. Group 2: Market Analysis - Analysts indicate that rare earths, as core resources for high-end manufacturing and strategic emerging industries, are showing a resonant pattern on both supply and demand sides [2]. - The strategic position of the rare earth industry chain is expected to further solidify, providing long-term driving force for high-end manufacturing development due to increased supply concentration and upgraded demand structure [2].

这次最大的变化不是卖不卖的问题，而是怎么卖。以往中国搞稀土出口，那是"一单一批"——每次都得单独申请，就像每次用水都得打报告。这种模式虽然 严防死守，但也确实是"杀敌一千自损八百"，拖累了我们自己企业的出口效率。 像领益智造、宁波韵升这些站在供应链顶端的中国企业，手里握着的可都是硬通货订单。如果真的一刀切把路堵死，最先受损的反而是我们好不容易建立起 来的全球市场信任度。 12月10日，福特汽车对外确认了一个消息：他们的中国稀土磁体供应商，就在首批"通用出口许可证"名单里。这看起来像是个普通的商业进展，但实际上， 这张轻飘飘的许可证背后，拴着的是美国工业的咽喉。 五天前，中国商务部刚给金力永磁、宁波韵升、中科三环这三家稀土永磁材料生产商发了首批"通用出口许可证"。这些企业的客户覆盖了特斯拉、波音、空 客、博世等全球顶级巨头，但当时并没说具体出口给谁。福特这次站出来确认，算是揭开了这场精心设计的战略博弈的第一角。 从"一单一批"到"通用许可"，游戏规则变了 美国的算盘碎了一地 为了不被中国卡脖子，美国国防部下了血本，开出了每公斤至少110美元的"保证收购价"。哪怕市场价再低，也按这个高价收，就是为了让美国本土企业 ...