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]

Core Viewpoint - The rare earth industry is experiencing fluctuations, with the China Rare Earth Industry Index down by 1.59% as of June 19, 2025, while specific stocks show mixed performance, indicating a volatile market environment [1][3]. Industry Summary - The rare earth sector is crucial for various industries, including electric vehicles and wind power, with China producing nearly 70% of the world's rare earth materials as of 2024, highlighting its significant role in the global supply chain [5][6]. - The overall attention on the rare earth sector is expected to increase due to its pricing power and extensive downstream applications, alongside policy catalysts that may lead to a revaluation of the sector [6]. Company Summary - The rare earth ETF managed by Harvest (516150) has shown a trading volume of 2.75% and a transaction value of 67.89 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past week [3]. - The Harvest rare earth ETF has seen a net inflow of 9.1964 million yuan recently, with a total of 26.9 million yuan in net inflows over the past five trading days, indicating strong investor interest [3]. - As of June 18, 2025, the Harvest rare earth ETF's net asset value has increased by 30.55% over the past year, placing it in the top 13.16% among equity index funds [3].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.9% with a transaction volume of 71.903 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 174 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 244 million yuan in the past week, also ranking first among comparable funds [2] - The number of shares increased by 22.2 million in the past week, achieving significant growth and ranking first among comparable funds [2] - In the last five trading days, there were net inflows on four days, totaling 338 million yuan [2] - As of June 17, the net value of the Rare Earth ETF has risen by 34.53% over the past year, ranking 284 out of 2854 in the index stock fund category, placing it in the top 9.95% [2] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 57.28% of the index, including Northern Rare Earth, China Rare Earth, and others [2] - Recent reports indicate a phased relaxation of rare earth export controls, allowing some rare earth magnetic material companies to obtain export licenses, although controls are not fully lifted [4] - The demand for rare earth materials is expected to remain strong due to sectors like new energy vehicles, home appliances, and wind power, with potential upward pressure from humanoid robots [5] - The market anticipates a reversal in supply and demand dynamics, with rare earths expected to benefit from both profit and valuation increases due to tariff policies exceeding market expectations [5]

Core Viewpoint - The extension of the cobalt export ban in the Democratic Republic of Congo (DRC) is expected to significantly impact the cobalt market, leading to supply shortages and potential price increases, with companies like Huayou Cobalt and Hanrui Cobalt seeing substantial stock price gains as a result [1][2]. Supply and Demand Overview - DRC's cobalt production in 2024 is projected at 220,000 tons, accounting for 75.9% of global supply, with a monthly export of 18,000 tons. If the export ban is extended to six months, it could reduce exports by 108,000 tons, which is equivalent to 84% of China's cobalt demand for 2024 [1]. - China's cobalt supply is expected to decrease by 38% to 104,000 tons, while demand will slightly increase by 2.3% to 131,000 tons, resulting in a shift from a surplus of 42,000 tons to a shortage of 27,000 tons [1]. Industry Chain Impact - **Upstream Mining**: Non-DRC production is becoming a scarce asset. Huayou Cobalt's Indonesian capacity of 30,000 tons is expected to generate 5 billion yuan in revenue by 2025, despite being 10% more expensive than DRC production [2]. - **Midstream Smelting**: Companies like Greeenmei and Zhongwei Co. are adapting their raw material sources to reduce costs and mitigate risks associated with DRC's export policies [3]. - **Downstream Demand**: The electric vehicle sector is increasing cobalt procurement by 50% year-on-year, while the 3C battery sector is expected to see an 8% increase in cobalt demand, indicating differing responses to market conditions [4]. Investment Landscape - Focus on non-DRC production and recycling sectors is recommended. Companies like Huayou Cobalt and Liqin Resources are positioned to benefit from reduced export risks, while recycling firms like Greenmei are expected to see a 120% increase in cobalt recovery by 2025 [5][6]. - The performance elasticity of companies is linked to their ability to increase non-DRC production, with a 10% increase in Indonesian capacity potentially raising profit margins by 3-5% [6]. Conclusion - The cobalt market is experiencing a short-term supply contraction due to administrative interventions, with a dual strategy recommended for investors: short-term trading opportunities in non-DRC production and long-term investments in cobalt recycling and low-cobalt battery technologies [7].

Core Viewpoint - The China Rare Earth Industry Index has shown a recent decline, but it has experienced significant growth year-to-date, indicating a mixed performance in the rare earth sector [1][2]. Group 1: Index Performance - The China Rare Earth Industry Index decreased by 1.08% to 1793.49 points, with a trading volume of 34.123 billion yuan [1]. - Over the past month, the index has increased by 5.22%, by 1.03% over the last three months, and by 14.51% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2]. - The top ten weighted companies in the index are: Northern Rare Earth (14.63%), China Rare Earth (6.14%), Wolong Electric Drive (4.72%), Xiamen Tungsten (4.56%), Lingyi Technology (4.4%), Shenghe Resources (4.32%), Greeenmei (4.27%), Baotou Steel (4.2%), China Aluminum (4.2%), and Goldwind Technology (4.14%) [2]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 51.34% of the index holdings, while the Shenzhen Stock Exchange accounts for 48.66% [2]. - In terms of industry composition, raw materials make up 66.35%, industrial sectors account for 26.72%, and information technology comprises 6.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 20% [3]. - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3].

Core Viewpoint - The credit rating agency Oriental Jincheng has maintained the credit rating of Greenmei Co., Ltd. at AA+ with a stable outlook, reflecting the company's strong market position and operational capabilities in the new energy materials and urban mining sectors [3][4][9]. Company Overview - Greenmei Co., Ltd. specializes in the manufacturing of new energy battery materials and urban mining, forming a dual-track business model that emphasizes both sectors [10][11]. - The company is controlled by Shenzhen Huifengyuan Investment Co., Ltd., with key stakeholders being Xu Kaihua and Wang Min [11][15]. Financial Performance - As of March 2025, the company's total assets amounted to 723.20 billion, with equity of 251.85 billion and a profit of 16.18 billion [13]. - The company has seen a significant increase in its revenue from urban mining operations, benefiting from a robust waste recycling network [8][16]. Market Position and Competitive Advantage - Greenmei holds a leading position in the market for nickel resources, with a production capacity of 150,000 tons per year established in Indonesia, ranking among the top three globally in MHP nickel production [7][8]. - The company has a strong focus on research and development, enhancing its technological and scale advantages in the industry [7][9]. Industry Analysis - The new energy materials industry is expected to grow significantly due to the increasing demand for electric vehicles, with the market for power batteries and materials projected to expand [18][19]. - The competition in the new energy supply chain is intensifying, with major players concentrated in China, where companies like Greenmei are positioned to leverage their resource and technological advantages [20][21]. Future Outlook - The stable credit rating outlook suggests that the company is likely to benefit from the rapid development of the new energy vehicle industry and government policies promoting recycling and resource recovery [9][14]. - The urban mining sector is anticipated to grow as the market for battery recycling expands, driven by the increasing volume of retired batteries [28][29].

信用等级通知书 东方金诚债跟踪评字【2025】0070 号 格林美股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及发行 的"23 格林 G1"的信用状况进行了跟踪评级，经信用评级委员会 评定，此次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为 稳定，同时维持"23 格林 G1"的信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月十日 东方金诚债跟踪评字【2025】0070 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），声明如下： 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组 ...

格林美：公司赴港上市工作正有序推进中，公司将严格按照相关法律法规及时履行信息披露义务。 ...

Group 1 - The battery ETF fund has seen a significant increase in trading volume, with a total transaction of 1.81 million yuan on a single day and an average daily transaction of 8.06 million yuan over the past year [3] - The fund's scale has grown by 47.82 million yuan in the past year, ranking it among the top two in terms of new scale compared to similar funds [3] - The fund's shares have increased by 10.5 million units in the last three months, making it the top performer in terms of new shares among comparable funds [3] Group 2 - The valuation of the index tracked by the battery ETF fund is at a historical low, with a latest price-to-book ratio (PB) of 2.82, which is lower than 84.79% of the time over the past five years, indicating a strong value proposition [3] - Del's announcement of a new investment cooperation agreement with the local government in Huzhou, Zhejiang Province, for a new lithium battery pilot and industrialization project, with a total planned investment of approximately 300 million yuan [3] - Guosen Securities reports that the solid-state battery industry is accelerating, with companies like BMW, Mercedes-Benz, and Chery conducting road tests for solid-state battery prototypes, and various firms making strides in solid-state battery production [3] Group 3 - As of May 30, 2025, the top ten weighted stocks in the CSI Battery Theme Index include CATL, Sungrow Power, Sanhua Intelligent Control, EVE Energy, Greeenmech, Xinwanda, Guoxuan High-Tech, Tianci Materials, Xian Dao Intelligent, and Deyang Co., accounting for 50.34% of the total index [4] - Investors without stock accounts can access battery industry investment opportunities through the battery ETF linked fund (016567) [4]

Core Viewpoint - The China Securities New Materials Theme Index has shown a slight increase of 0.11% recently, but has experienced declines over the past month, three months, and year-to-date, indicating a challenging market environment for the new materials sector [1][2]. Group 1: Index Performance - The China Securities New Materials Theme Index closed at 2804.76 points with a trading volume of 18.599 billion yuan [1]. - Over the past month, the index has decreased by 0.38%, by 9.16% over the last three months, and by 5.65% year-to-date [1]. Group 2: Index Composition - The index comprises 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other strategic materials [1]. - The top ten weighted companies in the index are: CATL (10.54%), North Huachuang (10.05%), Wanhua Chemical (7.57%), Longi Green Energy (6.46%), Huayou Cobalt (3.38%), Tongwei Co. (3.25%), Sanan Optoelectronics (3.15%), Baofeng Energy (2.63%), and Greeenme (2.32%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (54.94%), followed by the Shanghai Stock Exchange (44.50%) and the Beijing Stock Exchange (0.56%) [1]. - In terms of industry distribution, industrials account for 43.27%, materials for 32.99%, and information technology for 23.74% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the new materials index include various ETFs such as Hua Bao CSI New Materials ETF and Tianhong CSI New Materials ETF [2].