Core Insights - Indonesia is shifting its trade allegiance from China to the United States, signing a significant $34 billion deal that includes key minerals, food procurement, and military equipment [1][3] - The deal includes a drastic reduction of tariffs on over 1,700 U.S. goods, while the U.S. secures critical access to Indonesian nickel resources, which are vital for various industries [3][4] - The U.S. aims to diversify its mineral supply chain, particularly in response to China's export controls on rare earth elements, with Indonesia's nickel seen as a strategic alternative [4][8] Group 1: Trade Dynamics - Indonesia's agreement with the U.S. includes a commitment to purchase 1 million tons of wheat annually, a 35% increase from the previous year, and prioritizes U.S. military equipment procurement [3] - The deal represents a significant shift in Indonesia's trade strategy, moving away from reliance on Chinese investments and resources [1][3] Group 2: Geopolitical Implications - The U.S. is leveraging Indonesia's nickel resources to mitigate the impact of China's rare earth export controls, which are crucial for military applications [4][8] - Other Southeast Asian countries, such as Vietnam and Cambodia, are also adjusting their trade policies in response to U.S. pressures, indicating a broader regional shift [6][8] Group 3: Strategic Resources - Indonesia holds the largest nickel reserves globally, and the U.S. is keen to access these resources to strengthen its supply chain for electric vehicle batteries and military alloys [4][11] - Despite the U.S. securing access to Indonesian nickel, China's control over the processing chain remains significant, with Chinese companies holding 60% of the nickel processing capacity [11]

Group 1 - The Central Committee of the Communist Party of China has issued opinions to strengthen financial trial work, emphasizing the need to punish financial crimes such as market manipulation and insider trading, and to improve rules for handling disputes in emerging financial fields like digital currency and internet finance [1] - The People's Bank of China reported that the cumulative increase in social financing scale reached 22.83 trillion yuan in the first half of 2025, with a year-on-year increase of 4.74 trillion yuan [4] - The General Administration of Customs announced that China's goods trade import and export totaled 21.79 trillion yuan in the first half of the year, a year-on-year increase of 2.9% [4] Group 2 - The National Medical Insurance Administration stated that by the end of 2024, approximately 1.327 billion people will be covered by basic medical insurance, maintaining a coverage rate of over 95% [4] - The China Coal Transportation and Marketing Association emphasized the need to maintain safety and stability in the coal industry while improving supply quality and addressing competition issues [4] - The report from Goldman Sachs indicated that central banks and institutions globally purchased an average of 77 tons of gold per month from January to May, predicting that gold prices could reach $3,700 per ounce by the end of 2025 [4] Group 3 - The electric vehicle ownership in China reached 36.89 million by the end of June, accounting for 10.27% of the total number of vehicles, with a significant increase in new registrations [4] - The expected net profit for Yonghui Supermarket in the first half of 2025 is a loss of 240 million yuan, compared to a profit of 280 million yuan in the same period last year, due to store closures [6] - China Rare Earth's expected net profit for the first half of 2025 is between 136 million and 176 million yuan, indicating a turnaround from losses, driven by improved market conditions [7]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - The report highlights a weakening in industrial metal commodities due to reduced interest rate expectations and the U.S. imposing a 50% tax on copper, which raises concerns about demand in non-U.S. regions [2] - The strategic value of rare earths is emphasized, with the government reinforcing control over resources and smelting, while overseas efforts to build rare earth supply chains are accelerating [2][8] - Precious metals are expected to perform well, with silver prices reaching a 13-year high driven by increased risk aversion and a potential interest rate cut by the Federal Reserve [6] Summary by Sections Precious Metals - Gold prices stabilized while silver prices hit a new high, driven by heightened risk aversion and expectations of interest rate cuts [6] - The report suggests focusing on silver stocks due to their potential for significant price increases, given the current low silver-to-gold ratio [6] Industrial Metals - Industrial metals experienced volatility, with LME copper down 1.9% and SHFE copper down 1.6%, primarily due to weakened interest rate expectations and the U.S. tax on copper [7] - Copper and aluminum inventories increased, with copper up 8.65% week-on-week and down 21.7% year-on-year, while aluminum increased by 3.06% week-on-week and decreased by 51.8% year-on-year [7] Strategic and Energy Metals - The report indicates a revaluation of strategic metals like rare earths and tungsten, with the government focusing on enhancing control over these resources [8] - The price of rare earths is expected to rise, with significant improvements in the performance of companies in this sector [8] - Cobalt prices are anticipated to rise due to an extension of export bans from the Democratic Republic of Congo, while nickel prices are expected to stabilize [8]

从下游需求端来看，国海证券认为，近年来新能源车、风电、家电等需求持续高增，短期内人形机器人 也或将迎来量产，全新的应用场景将成为稀土磁材增长新引擎，预计2025年和2026年全球氧化镨钕需求 分别为11.7万吨和12.69万吨，同比增速为9.7%和8.4%，未来行业将继续维持供需紧平衡的状态。后续 稀土出口管制放松或对价格上涨有助推作用，稀土板块有望在估值提升之后再迎利润增厚的戴维斯双 击。 智通财经APP获悉，近日，稀土板块相继迎来利好。一方面，稀土多只概念股披露的半年报预告业绩表 现亮眼，包括盛和资源、宁波韵升、华宏科技、中科三环、中国稀土(00769)。在此之前，广晟有色及 北方稀土已分别于7月12日和10日发布预告。此外，受北方稀土、包钢股份提价刺激，稀土永磁板块7月 11日掀起涨停潮，北方稀土、包钢股份、中国稀土、盛和资源等涨停。 从业绩表现来看，已交出业绩预告的公司业绩表现超预期，净利润预告增速全部超过120%。最高为华 宏科技(3047.48%-3721.94%)，其次为北方稀土(1882.54%-2014.71%)。 北方稀土表示，业绩预增主要原因包括强化生产体系管理，推动产线联动及工艺升级， ...

Macro News - The Central Committee of the Communist Party of China emphasizes strict punishment for financial crimes such as market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering to promote healthy financial market development [1][5] - The People's Bank of China (PBOC) will conduct a 14 trillion yuan reverse repurchase operation on July 15, 2025, to maintain ample liquidity in the banking system, with 8 trillion yuan for 3-month operations and 6 trillion yuan for 6-month operations [3][6] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, with new loans amounting to 12.92 trillion yuan, and M2 growth of 8.3% year-on-year [4][6] Company News - China Eastern Airlines expects a net loss of 12 billion to 16 billion yuan for the first half of 2025 [12] - Greenland Holdings anticipates a net loss of 30 billion to 35 billion yuan for the first half of 2025 [13] - Longi Green Energy expects a net loss of 24 billion to 28 billion yuan for the first half of 2025, although it represents a reduction in losses compared to the previous year [13] - Perfect World anticipates a net profit of 4.8 billion to 5.2 billion yuan for the first half of 2025, marking a turnaround from losses [17] - Wen Tai Technology expects a net profit increase of 178% to 317% year-on-year for the first half of 2025 [18] - China Rare Earth anticipates a net profit of 136 million to 176 million yuan for the first half of 2025, indicating a return to profitability [21] Investment Opportunities - The Robotaxi industry is expected to experience rapid growth due to technological advancements and supportive policies, with 2025 projected as a year of mass production [29] - The solid-state battery market is anticipated to see significant growth, with expectations for small-scale production by 2027 and larger-scale shipments by 2030, driven by increasing demand for high-performance batteries [30] - The humanoid robot market is projected to grow significantly, with a record order of 124 million yuan for humanoid robot manufacturing services, indicating strong market potential [31] - The successful production of the first barrel of uranium from China's largest natural uranium production project is expected to enhance the country's energy resource security and influence in uranium resource development [32]

Major Events - Zhonghua Equipment plans to acquire 100% equity of Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025 [3] - Suzhou Planning intends to purchase 100% equity of Dongjin Aerospace through a combination of cash and stock issuance, with stock resuming trading on July 15, 2025 [4] - Aerospace Development's independent director was detained for personal reasons unrelated to the company's operations, which remain stable [5][6] - *ST Tianmao issued a risk warning regarding potential delisting due to failure to disclose annual reports in time [7] - ST Shuntian will suspend trading for one day on July 15, 2025, and will remove other risk warnings, changing its stock name to Jiangsu Shuntian [8] - Xinghui Entertainment plans to transfer 99.66% equity of Espanyol Football Club for €130 million, focusing on core business areas [9] Performance Reports - China Salt Chemical reported a 5.76% decrease in revenue to ¥5.998 billion and an 88.04% drop in net profit to ¥52.71 million for the first half of 2025 [10] - Jiu Gui Jiu expects a net profit of ¥8 million to ¥12 million, down 90.08% to 93.39% year-on-year, with revenue around ¥560 million, a 43% decline [11] - Suli Co. anticipates a net profit of ¥72 million to ¥86 million, up 1008.39% to 1223.91% year-on-year, driven by increased sales and prices [12] - Te Yi Pharmaceutical expects a net profit of ¥34 million to ¥38 million, a growth of 1164.22% to 1312.95% year-on-year, due to strong sales of its core product [13] - Huahong Technology forecasts a net profit of ¥70 million to ¥85 million, up 3047.48% to 3721.94% year-on-year, benefiting from improved market conditions [14] - Qianfang Technology expects a net profit of ¥150 million to ¥200 million, an increase of 1125.99% to 1534.65% year-on-year, influenced by fair value changes of equity instruments [15] - Huaxia Airlines anticipates a net profit of ¥220 million to ¥290 million, up 741.26% to 1008.93% year-on-year, due to improved flight demand [16] - Xianfeng Holdings expects a net profit of ¥34 million to ¥42 million, a growth of 524.58% to 671.53% year-on-year, mainly from non-recurring gains [17] - Xinyi Sheng expects a net profit of ¥370 million to ¥420 million, up 327.68% to 385.47% year-on-year, driven by AI-related investments [18] - Haili Co. anticipates a net profit of ¥30.5 million to ¥36 million, a growth of 625.83% to 756.71% year-on-year, due to improved sales [19] - Hengsheng Electronics expects a net profit of approximately ¥251 million, an increase of about 740.95% year-on-year, due to significant non-recurring gains [20] - Tianqi Lithium expects a net profit of ¥0 to ¥155 million, recovering from a loss of ¥5.206 billion in the previous year [21] - Shui Jing Fang forecasts revenue of ¥1.498 billion, down 12.84%, and a net profit of ¥105 million, down 56.52% [22] - CICC expects a net profit of ¥3.453 billion to ¥3.966 billion, an increase of 55% to 78% year-on-year [23] - Shenwan Hongyuan anticipates a net profit of ¥4.1 billion to ¥4.5 billion, a growth of 92.66% to 111.46% year-on-year [24] - Xinda Securities expects a net profit of ¥921 million to ¥1.044 billion, an increase of 50% to 70% year-on-year [25] - Shanxi Securities anticipates a net profit of ¥504 million to ¥544 million, a growth of 58.17% to 70.72% year-on-year [26] - Guohai Securities expects a net profit of ¥370 million, a growth of 159.26% year-on-year [27] - Guocheng Mining anticipates a net profit of ¥493 million to ¥548 million, a growth of 1046.75% to 1174.69% year-on-year [28] - China Rare Earth expects a net profit of ¥136 million to ¥176 million, recovering from a loss of ¥244 million [29] - Perfect World anticipates a net profit of ¥480 million to ¥520 million, recovering from a loss of ¥177 million [30] - Fangda Carbon expects a net profit of ¥50 million to ¥60 million, down 65.13% to 70.93% year-on-year [31] - Huanghe Xuanfeng expects a net loss of ¥285 million [32] - JA Solar anticipates a net loss of ¥2.5 billion to ¥3 billion, worsening from a loss of ¥874 million [33] - Shanxi Black Cat expects a net loss of ¥490 million to ¥540 million [34] - Ganfeng Lithium anticipates a net loss of ¥300 million to ¥550 million, improving from a loss of ¥760 million [35] - Xinda Real Estate expects a net loss of ¥3.5 billion to ¥3.9 billion [36] - Greenland Holdings anticipates a net loss of ¥3 billion to ¥3.5 billion [37] - Air China expects a net loss of ¥1.7 billion to ¥2.2 billion [39] - OFILM expects a net loss of ¥85 million to ¥115 million [40] - Vanke A expects a net loss of ¥10 billion to ¥12 billion [41] Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth ¥379 million, accounting for 12.26% of its 2024 audited revenue [42] - Gaode Infrared signed a procurement agreement worth ¥879 million, representing 32.84% of its 2024 audited revenue [43]

Core Viewpoint - A-share companies are reporting impressive earnings, with some experiencing profit increases exceeding 3000% in the first half of the year, particularly in the rare earth sector [1][3][5]. Group 1: Earnings Performance - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94% [3]. - China Rare Earth anticipates a net profit of 136 million to 176 million yuan, turning a profit from a loss of 244 million yuan in the same period last year [3]. - Shenghe Resources projects a net profit of 305 million to 385 million yuan, an increase of 374 million to 454 million yuan compared to the previous year [4]. - Northern Rare Earth expects a net profit of 900 million to 960 million yuan, a year-on-year increase of 1882.54% to 2014.71% [5]. - Other companies like Te Yi Pharmaceutical, Qianfang Technology, and Fenglong Co. also reported significant profit increases, with Te Yi's net profit expected to grow by 1164.22% to 1312.95% [8][9]. Group 2: Market Trends and Insights - Research institutions indicate that industries with strong mid-year earnings typically perform better in stock prices during July and August, suggesting a strategic focus on companies with positive earnings surprises [2]. - The rare earth market is experiencing a price recovery due to improved supply-demand dynamics and supportive national policies, which is expected to enhance the profitability of companies in this sector [3][5]. - The U.S. Department of Defense's investment in MP Materials and the establishment of a minimum price for rare earth products highlight the strategic importance of rare earth resources and may influence domestic pricing expectations [6][7]. Group 3: Future Outlook - Analysts suggest that the market may enter a new upward phase, with a focus on sectors expected to outperform based on mid-year earnings, including domestic consumption, technology independence, and dividend stocks [11].

Core Viewpoint - The rare earth permanent magnet sector is experiencing a surge in stock prices, driven by price adjustments from major companies and strong earnings forecasts for 2025 [1][2]. Group 1: Price Adjustments and Market Reactions - On July 10, Northern Rare Earth and Baotou Steel announced an increase in their rare earth concentrate trading price to 19,109 yuan/ton, a 1.51% increase from the previous quarter, marking four consecutive quarters of price increases [1]. - Following these announcements, 11 stocks in the rare earth permanent magnet sector, including Northern Rare Earth and Baotou Steel, hit the daily limit up [1]. Group 2: Earnings Forecasts and Performance - Companies in the sector are expected to report significant earnings growth for the first half of 2025. For instance, Guangsheng Nonferrous is projected to achieve a net profit of 70 million to 85 million yuan, while Northern Rare Earth anticipates a net profit of 900 million to 960 million yuan, representing a year-on-year increase of 1883% to 2015% [1]. - Institutions predict substantial growth for several companies in 2025, with Zhongke Sanhuan expected to grow by 1341% and Baotou Steel by 475%. Other companies like Shenghe Resources, Zhenghai Magnetic Materials, and Northern Rare Earth are also expected to see their earnings double [2]. Group 3: Strategic Insights - According to Dongfang Securities, China's management of rare earth resources aims to ensure national security, promote industrial upgrades, and protect the environment. The supply side is expected to consolidate around two major rare earth groups, leading to a more orderly supply and moderate price increases in the long term [2].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

（二）业绩预告情况： 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、本期业绩预计情况 ☑扭亏为盈 □同向上升 □同向下降 | 项 目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：13,627 | 万元—17,627 | 万元 | 亏损：24,441.90 | 万元 | | 扣除非经常性损 益后的净利润 | 盈利：13,106 | 万元—17,006 | 万元 | 亏损：25,474.15 | 万元 | | 基本每股收益 | 盈利：0.1284 | 元/股—0.1661 | 元/股 | 亏损：0.2303 | 元/股 | 二、与会计师事务所沟通情况 证券代码：000831 证券简称：中国稀土 公告编号：2025-045 中国稀土集团资源科技股份有限公司 2025 年半年度业绩预告 （一）业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日 - 1 - 特此公告。 中国稀土集团资源科技股份有限公司董事会 本业绩预告未经 ...