Core Viewpoint - The article discusses the rising prices of lithium and rare earth metals amid the "anti-involution" trend, highlighting the performance of rare metal ETFs, particularly the 嘉实中证稀有金属ETF (562800) [1][16]. Group 1: Market Performance - The technology sector, particularly communication and electronics, has seen significant gains, with ETFs like the communication ETF (159695) and the Sci-Tech Chip ETF (588200) both exceeding 50% year-to-date [3]. - The non-ferrous metals sector has also performed well, with an annual increase of 51.05% [4]. - The rare earth ETF 嘉实 (516150) and the rare metal ETF (562800) have recorded year-to-date increases of 64.2% and 51.9%, respectively [4]. Group 2: Economic Factors - The Federal Reserve's recent interest rate cut of 25 basis points marks the beginning of a new easing cycle, which is expected to enhance liquidity and stimulate demand in the downstream sectors [6]. - The "anti-involution" policy is addressing structural supply-side issues, particularly in industries like new energy vehicles, photovoltaics, and lithium batteries [8]. Group 3: Lithium Market Insights - Lithium carbonate prices have been on the rise, with futures prices increasing over 20% since July [8]. - The lithium sector's listed companies reported a 54% year-on-year increase in net profit, totaling 37.26 billion yuan in the first half of the year [10]. - Demand for lithium is projected to reach 1.386 million tons of LCE by 2025, with a year-on-year growth of 20.4% [11]. Group 4: Rare Earth Market Insights - China holds over one-third of the global rare earth reserves and has a significant share of the global production and processing capacity [15]. - The rare earth prices have surged due to supply chain concerns and increased inventory accumulation by foreign manufacturers [15]. - Companies like 北方稀土 have reported substantial revenue growth, with a 45.2% increase in revenue and a 19-fold increase in net profit year-on-year [15]. Group 5: ETF Overview - The 嘉实中证稀有金属ETF (562800) strategically allocates 40% of its weight to small metals, including rare earths, and 20% to energy metals like lithium, nickel, and cobalt [22]. - The ETF has seen a significant increase in fund size, reaching 2.73 billion yuan, with a 119.7% increase in fund shares this year [27].

Market Overview - As of 10:31 AM, the Shanghai Composite Index is at 3824.75 points, with a change of 0.12% [1] - The total trading volume of A-shares today is 10110.35 billion yuan [1] Technical Analysis - A total of 85 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - The stocks with the largest distance between their 5-day and 10-day moving averages include: - Shanshui Bide: 5-day MA at 50.86 yuan, 10-day MA at 51.68 yuan, difference of -1.57% [1] - China Rare Earth: 5-day MA at 52.86 yuan, 10-day MA at 53.68 yuan, difference of -1.52% [1] - Guangsheng Tang: 5-day MA at 111.23 yuan, 10-day MA at 112.88 yuan, difference of -1.46% [1] Individual Stock Performance - Shanshui Bide: Today's change is -2.53%, with a turnover rate of 1.17% [1] - China Rare Earth: Today's change is -0.29%, with a turnover rate of 1.79% [1] - Guangsheng Tang: Today's change is -0.19%, with a turnover rate of 2.29% [1] - Other notable stocks with negative changes include: - Ningbo Fangzheng: -2.39% [1] - Hongde Co.: -1.81% [1] - Positive performers include: - Dadi Xiong: +0.37% [1] - Weilon Co.: +0.36% [1]

Core Viewpoint - The Chinese rare earth market experienced a decline in trading, with a notable drop in financing activities, indicating potential volatility in the sector [1][2]. Financing Summary - On September 19, the financing buy-in for Chinese rare earths was 186 million yuan, while financing repayment amounted to 268 million yuan, resulting in a net financing outflow of 81.45 million yuan [1]. - The total financing and securities balance for Chinese rare earths reached 2.492 billion yuan, with the financing balance accounting for 4.54% of the circulating market value, indicating a high level compared to the past year [1]. - The securities lending data showed a repayment of 17,200 shares and a sale of 15,800 shares, with a total selling amount of 810,200 yuan, while the remaining securities lending balance was 2.158 million yuan, also at a high level [1]. Company Performance - As of September 10, the number of shareholders for Chinese rare earths increased to 215,600, a rise of 30.64%, while the average circulating shares per person decreased by 23.45% to 4,922 shares [2]. - For the first half of 2025, the company reported a revenue of 1.875 billion yuan, reflecting a year-on-year growth of 62.38%, and a net profit attributable to shareholders of 162 million yuan, marking a significant increase of 166.16% [2]. Dividend and Shareholding Summary - Since its A-share listing, Chinese rare earths has distributed a total of 346 million yuan in dividends, with 124 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 19.6025 million shares, an increase of 3.8909 million shares from the previous period [3]. - The Southern CSI 500 ETF ranked as the fifth largest circulating shareholder with 11.0663 million shares, also showing an increase of 148,700 shares [3].

调查|中国稀土钨条交易迷局 1600公斤钨条，评估作价1.5亿港元，折合9375万港元/吨。6月中旬，马来西亚商人王心兰以此条件成 功换取中国稀土(00769.HK)14.3%的股份。 "钨条有没有？到底在哪里？我不知道。"两个多月后，中国稀土创始人蒋泉龙向《每日经济新闻》记者 说道。 2024年5月，71岁的蒋泉龙重掌中国稀土，他希望能借助外部力量推动企业走出困境。但如今，对于公 司经营，各方争议不断，其本人也因债务问题被董事会"除名"。 围绕上述争议性交易，一系列疑问至今仍未有确切答案。近日，记者赶赴江苏宜兴、江西赣州及香港， 试图厘清这笔交易的真实情况。 蒋泉龙：质疑钨条实际价值 5月28日，中国稀土公告称，公司通过全资子公司Wealthy Energy Limited以每股0.375港元的价格向众景 国际有限公司(以下简称"众景国际")定增4亿股，以此作为"代价股份"收购1600公斤纯度不低于99.995% (4N5)的钨条，交易总价1.5亿港元。 接受《每日经济新闻》记者采访时，蒋泉龙出示了两份报告。一份是委托中国钨业协会出具的钨条产品 市场报告，该报告提及，2025年上半年，国内99.995%高纯 ...

Core Viewpoint - The article discusses a controversial transaction involving China Rare Earth (00769.HK) where 1,600 kg of tungsten bars were exchanged for a 14.3% stake in the company, raising questions about the valuation and legitimacy of the deal [1][18]. Group 1: Transaction Details - A Malaysian businessman, Wang Xinlan, successfully exchanged 1,600 kg of tungsten bars valued at 1.5 billion HKD, equating to 9,375 million HKD per ton, for shares in China Rare Earth [1]. - The transaction was completed on June 16, 2025, after the board approved it, despite ongoing disputes regarding the valuation and the legitimacy of the tungsten bars [18][19]. Group 2: Valuation Concerns - Founder Jiang Quanjun raised doubts about the actual value of the tungsten bars, questioning the methods used for their valuation [3][7]. - Reports indicated that the market price for high-purity tungsten bars (99.995%) was estimated to be between 1.5 million to 1.6 million HKD per ton, significantly lower than the price paid by China Rare Earth [12][17]. Group 3: Company Governance and Disputes - Jiang Quanjun was removed from the board due to debt issues and has since raised complaints about the transaction, claiming he was not fully informed during the approval process [22][25]. - The board of China Rare Earth responded to Jiang's complaints, stating they were unfounded and that he had previously agreed to the transaction [19][25]. Group 4: Operational Challenges - Following the transaction, China Rare Earth faced operational difficulties, including debt accumulation and legal issues involving its subsidiaries, which have led to significant financial strain [27][28]. - The company has been under scrutiny for potential asset misappropriation and has faced multiple lawsuits related to its operational entities [27].

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced personnel changes for 8 central enterprises, including appointments and removals of 13 leaders [1][2] - Li Zhihui was appointed as the Deputy Secretary and Director of China Rare Earth Group Co., Ltd., and nominated as the candidate for General Manager [1] - Liu Huabin was appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China Rare Earth Group Co., Ltd. [1] - Li Xianfeng was appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China International Engineering Consulting Co., Ltd. [1] - Jia Luan (female) was appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China Machinery Science Research Institute Group Co., Ltd. [1] - Lei Qin (female) was appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China International Technology Intelligence Cooperation Group Co., Ltd. [1] - Hou Qinxue was appointed as a member of the Standing Committee and Secretary of the Discipline Inspection Commission of China Power Construction Group Co., Ltd. [1] - Zhang Qiguo was appointed as a member of the Standing Committee and Secretary of the Discipline Inspection Commission of China Aneng Construction Group Co., Ltd. [1] Group 2 - Xu Junxin, Wang Minhao, Luan Jun, and Yang Jiayi were appointed as external directors of China Aneng Construction Group Co., Ltd., while Liu Maoxun was removed from the position [2] - Xie Feng was appointed as an external director of China Agricultural Development Group Co., Ltd. [2]

Group 1 - The core point of the article is the announcement of leadership changes within China Rare Earth Group, specifically the appointment of Li Zhihui as the Deputy Secretary of the Party Committee and Director, with a nomination for the position of General Manager [1] Group 2 - The announcement was made during a cadre meeting held by China Rare Earth Group [1] - The decision was announced by officials from the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council [1] - The appointments and removals of positions will be handled according to relevant laws and regulations [1]

Index Performance - The CSI A500 Index experienced a slight increase of 0.02%, closing at 5433.29 points on September 19 [5] - The average daily trading volume for the week was 9126.33 billion yuan, reflecting a week-on-week increase of 2.7% [5] Component Stocks Performance - The top ten gainers for the week included: - Junsheng Electronics (600699.SH) with a rise of 44.25% - Shanghai Construction (600170.SH) up by 31.70% - Sanhua Intelligent Control (002050.SZ) increasing by 20.72% [3] - The top ten losers for the week included: - Northern Rare Earth (600111.SH) down by 12.20% - Junshi Biosciences (688180.SH) decreasing by 9.84% - Xiamen Tungsten (000960.SZ) falling by 9.45% [3] Fund Performance - A total of 39 CSI A500 funds mostly saw increases, with the top performer being Guolian An with a rise of 0.424% [5] - The total scale of CSI A500 funds reached 1865.27 billion yuan, with the largest funds being Huatai Baichuan (221.82 billion yuan), Guotai Fund (204.94 billion yuan), and E Fund (204.55 billion yuan) [5] Economic Context - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25% on September 17, restarting the rate cut cycle [6] - Short-term market expectations for rate cuts have been largely priced in, potentially leading to volatility as actual policy effects and economic data unfold [6] - In the medium to long term, the Fed's rate cuts are expected to positively impact the A-share market, with a stronger yuan improving foreign investment sentiment [6]

2025.09.19 本 文字数：578，阅读时长大约1分钟 9月19日，国务院国资委网站发布8户中央企业13名领导人员职务任免消息： 中国稀土集团有限公司、中国有研科技集团有限公司 李志辉任中国稀土集团有限公司党委副书记、董事，提名为中国稀土集团有限公司总经理人选，免去其 中国有研科技集团有限公司党委副书记职务。 中国电力建设集团有限公司 侯钦学任中国电力建设集团有限公司党委常委、纪委书记。 中国安能建设集团有限公司 中国国际工程咨询有限公司 李显锋任中国国际工程咨询有限公司党委委员、纪委书记。 中国机械科学研究总院集团有限公司 贾鸾（女）任中国机械科学研究总院集团有限公司党委委员、纪委书记。 中国国际技术智力合作集团有限公司 雷勤（女）任中国国际技术智力合作集团有限公司党委委员、纪委书记。 刘华斌任中国稀土集团有限公司党委委员、纪委书记。 张其国任中国安能建设集团有限公司党委常委、纪委书记。 聘任徐俊新、王民浩、栾军、杨家义为中国安能建设集团有限公司外部董事，刘茂勋不再担任中国安能 建设集团有限公司外部董事职务。 中国农业发展集团有限公司 聘任谢峰为中国农业发展集团有限公司外部董事。 ...

Market Overview - The Shanghai Composite Index fell by 0.30% on September 19, with 16 industries experiencing gains, led by coal and non-ferrous metals, which rose by 1.97% and 1.19% respectively [2] - The automotive and pharmaceutical industries saw the largest declines, with drops of 1.94% and 1.41% respectively [2] - Overall, there was a net outflow of 58.733 billion yuan in the main funds across the two markets, with 8 industries seeing net inflows [2] Non-Ferrous Metals Industry - The non-ferrous metals industry increased by 1.19%, with a net inflow of 872 million yuan in main funds [3] - Out of 137 stocks in this sector, 74 rose, including 2 that hit the daily limit, while 61 declined [3] - The top stocks with significant net inflows included Ganfeng Lithium, which saw an inflow of 1.796 billion yuan, followed by Huayou Cobalt and Tianqi Lithium with inflows of 449 million yuan and 383 million yuan respectively [3] Fund Flow Analysis Inflow Rankings - Ganfeng Lithium (002460) had a price increase of 10.00% with a turnover rate of 12.62% and a main fund flow of 1.796 billion yuan [4] - Other notable inflows included Huayou Cobalt (603799) with a 1.96% increase and a fund flow of 449 million yuan, and Tianqi Lithium (002466) with a 4.31% increase and a fund flow of 382 million yuan [4] Outflow Rankings - Northern Rare Earth (600111) experienced a decline of 2.18% with a main fund outflow of 654.812 million yuan [6] - China Rare Earth (000831) fell by 1.78% with an outflow of 228.038 million yuan, and Northern Copper (000737) dropped by 5.12% with an outflow of 169.024 million yuan [6]