Group 1 - The report from Dongxing Securities focuses on the development of the cesium and rubidium industry, analyzing resource characteristics, market demand, supply-demand patterns, and key enterprises to provide investment references for the industry [1] - Cesium and rubidium are rare light metals with scarce resources and high extraction difficulty. The global supply of cesium is expected to be less than 40 tons in 2024, with prices reaching 4 million yuan per ton [1][2] - The global demand for cesium and rubidium is clearly on the rise, driven by three main factors: consumption structure upgrades in China, the explosive demand from perovskite solar cells, and improvements in rubidium supply [2][9] Group 2 - In 2020, global cesium consumption was 2,400 tons, with the United States (960 tons, 40%), China (800 tons, 33%), and Japan (300 tons, 14%) being the main consumers. The U.S. consumption is concentrated in high-tech fields (80%), while China's is primarily in traditional sectors (89%) [2][25] - By 2025, China's cesium demand is expected to reach 1,016 tons, a 27% increase from 2020, driven by advancements in atomic clocks and ion thrusters alongside the development of 5G and aerospace [2][36] - The global cesium and rubidium salt demand is projected to grow from 2,466 tons in 2025 to 4,600 tons in 2027, with a compound annual growth rate (CAGR) of 36.6% [9][50] Group 3 - The supply side is dominated by leading companies, with Zhongmin Resources controlling over 80% of global cesium lepidolite resources. By Q3 2025, the total production capacity is expected to reach 1,500 tons, accounting for over 50% of global capacity [3][10] - The global supply of cesium and rubidium salts is expected to be 2,210 tons in 2025, 3,135 tons in 2026, and 4,550 tons in 2027, indicating a gradual narrowing of the supply-demand gap [10][50] - The report recommends companies such as Zhongmin Resources and Jinyin Galaxy as key players in the cesium and rubidium industry [11][56]

Investment Rating - The report maintains a positive outlook on the rare metal industry, specifically focusing on cesium and rubidium resources, indicating a favorable investment environment [3]. Core Insights - The global demand for cesium and rubidium salts is expected to continue increasing, driven by improvements in consumption structure and emerging demands, particularly in high-tech applications and new energy sectors [7][8]. - The report highlights that the cesium and rubidium market is entering a rapid expansion phase, with supply and demand expected to rise simultaneously [9]. Summary by Sections 1. Cesium and Rubidium: Unique Properties and Applications - Cesium (Cs) is a rare light metal with unique physical and chemical properties, making it valuable in various applications, including electronics, catalysts, and medical diagnostics [5][24]. - Rubidium (Rb) is even rarer than cesium, primarily produced as a byproduct of lithium and cesium mining, and shares similar applications [19][24]. 2. Global Demand for Cesium and Rubidium Salts - Global cesium consumption in 2020 was 2,400 tons, with the US, China, and Japan being the top consumers [6][28]. - The demand for cesium in China is projected to reach 1,016 tons by 2025, a 27% increase from 2020, driven by advancements in high-tech applications [38][39]. - The report anticipates a compound annual growth rate (CAGR) of 32.7% for global cesium and rubidium salt demand from 2025 to 2027 [8][54]. 3. Recommended Companies - Zhongkuang Resources is identified as a leading player in the cesium and rubidium sector, controlling over 80% of global cesium resources and possessing significant production capabilities [57][58]. - Jinyin Galaxy is also mentioned as a key company in the industry, contributing to the expansion of cesium and rubidium salt production [57].

Market Overview - The small metals sector increased by 1.41% on September 29, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Key Stocks Performance - Zhongkuang Resources (002738) closed at 47.79, up 7.25% with a trading volume of 370,300 shares and a transaction value of 1.728 billion [1] - Guiyan Platinum (600459) closed at 16.75, up 4.04% with a trading volume of 396,600 shares and a transaction value of 660 million [1] - Dongfang Cuoye (002167) closed at 13.98, up 3.48% with a trading volume of 374,900 shares and a transaction value of 518 million [1] - Xiyegong (000960) closed at 21.04, up 3.09% with a trading volume of 300,600 shares and a transaction value of 624 million [1] - Other notable performers include Xianglu Tungsten (002842), Haotong Technology (301026), and Xiamen Tungsten (600549) with respective increases of 2.50%, 2.42%, and 2.40% [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 89.6159 million from main funds, while retail investors saw a net inflow of 238 million [2] - Major stocks like Zhongkuang Resources and Jin Aluminum (601958) had significant net inflows from main funds, while others like Xiamen Tungsten and Guiyan Platinum experienced net outflows from retail investors [3]

Group 1 - Company Zhongmin Resources announced a total guarantee amount of RMB 4.12 billion, accounting for 33.82% of the audited net assets attributable to shareholders as of December 31, 2024 [1] - The actual guarantee amount that has occurred is approximately RMB 2.41 billion, representing 19.79% of the audited net assets attributable to shareholders as of December 31, 2024 [1] - For the first half of 2025, the revenue composition of Zhongmin Resources is as follows: 40.01% from lithium battery new energy raw material development, 21.67% from rare light metal resource development (cesium and rubidium), 21.11% from other business income, 16.83% from trade, and 0.38% from solid mineral exploration technical services [1] Group 2 - The market capitalization of Zhongmin Resources is currently RMB 34.5 billion [2]

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-042号 中矿资源集团股份有限公司 关于公司为全资子公司融资租赁业务提供担保的公告 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。 一、融资租赁及担保情况概述 为加快推进业务发展，拓宽融资渠道，中矿资源集团股份有限公司（以下简 称"公司"或"本公司"）之全资子公司中矿资源（江西）锂业有限公司（以下 简称"江西中矿锂业"）拟作为承租人与远东宏信（天津）融资租赁有限公司（以 下简称"远东租赁"）开展售后回租融资租赁业务，融资额度不超过人民币 22,000.00 万元。公司为江西中矿锂业向远东租赁提供不可撤销的连带责任保证 担保。 二、被担保人基本情况 1. 基本情况 | 中矿资源（江西）锂业有限公司 | | --- | | 公司名称 | 1 中矿资源集团股份有限公司 | 统一社会信用 | 91360504MA7CCKPQ29 | | | | --- | --- | --- | --- | | 代码 | | | | | 成立日期 | 2021 年 月 日 | 11 | 22 | ...

Core Insights - The global cesium and rubidium resources are rare and concentrated, with significant applications in various high-tech fields [2][3][8] - The supply of cesium and rubidium salts is rigid, with a notable market share held by Zhongjin Resources [4][5][9] Group 1: Resource Availability - As of 2020, global cesium ore reserves were approximately 220,000 tons, primarily located in Canada (120,000 tons, 55%), Zimbabwe (60,000 tons, 28%), Namibia (30,000 tons, 14%), and Australia (7,100 tons, 3%) [3] - By 2024, global cesium mineral resources are reported to be less than 200,000 tons, mainly concentrated in Australia, Canada, Namibia, and China [3] - Global rubidium reserves are highly concentrated, with 102,000 tons reported in 2020 (excluding China), primarily in Namibia (50,000 tons, 49%), Zimbabwe (30,000 tons, 29%), and Canada (12,000 tons, 12%) [3] Group 2: Market Dynamics - The global production of cesium and rubidium salts peaked in 2021 at 2,231 tons, but is projected to decline by 13.9% to 1,921 tons by 2024 [4][5] - Zhongjin Resources' production decreased from 993 tons in 2021 to 960 tons in 2024, yet its market share increased from 45% to approximately 50% [5] - The scarcity of available cesium and rubidium resources is driving a rigid supply, enhancing Zhongjin Resources' market position [5][9] Group 3: Pricing and Demand - The price of international rubidium has increased from 775 RMB per gram in 2020 to 900 RMB per gram in 2024, with a CAGR of 3.8% [6] - The average annual price increase for Zhongjin Resources' cesium and rubidium fine chemical products is projected to be 24% from 2022 to 2024 [6] - The limited supply of rubidium, which is produced as a byproduct of lithium and cesium extraction, is constraining market applications despite its similar demand profile to cesium [6][9] Group 4: Technological Advancements - Domestic companies are making progress in lithium mica cesium and rubidium extraction technologies, which is crucial for supply chain risk control and industry upgrades [7] - Jin Yinhe's low-temperature sulfuric acid method for lithium mica extraction is noted for its low energy consumption and high purity, significantly reducing extraction costs [7] - The projected annual production capacity for rubidium and cesium salts from Jin Yinhe is estimated to be 1,200-1,700 tons and 300-450 tons, respectively, enhancing the supply chain security for cesium and rubidium resources in China [7] Group 5: Future Supply Expansion - Global cesium and rubidium supply is expected to increase due to expansion plans by leading companies, with Zhongjin Resources set to boost its production capacity by 50% by 2025 [8][9] - The overall cesium supply is projected to rise from 1,881 tons in 2024 to 2,811 tons by 2027, with a CAGR of 14%, while rubidium supply is expected to grow from 40 tons to 1,740 tons in the same period [9] - The demand for cesium and rubidium is anticipated to grow due to advancements in high-tech applications and emerging needs in new energy sectors [9]

Core Viewpoint - The non-ferrous metal industry index in China has shown strong performance, with significant increases in various stocks, driven by a government plan aimed at stabilizing growth in the sector and rising gold prices reaching historical highs [1][2]. Group 1: Industry Performance - As of September 29, 2025, the non-ferrous metal industry index (399395) rose by 3.10%, with notable stock increases including Vanadium Titanium Co. (000629) up 10.00%, Xingye Silver Tin (000426) up 9.11%, and Tongling Nonferrous Metals (000630) up 7.77% [1]. - The non-ferrous ETF fund (159880) also increased by 3.07%, with the latest price reported at 1.61 yuan [1]. Group 2: Government Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)" to support the sector [1]. Group 3: Commodity Insights - East Wu Securities forecasts that copper prices will remain strong due to anticipated supply contractions and potential interest rate cuts by the Federal Reserve, while aluminum prices are expected to fluctuate amid weak demand [1]. - The gold market is influenced by a shift in the Federal Reserve's stance during the global central bank conference in August, with expectations of continued inflation and declining nominal interest rates, suggesting a broad potential for precious metals [1]. Group 4: ETF Composition - The non-ferrous metal industry index includes 50 prominent securities based on size and liquidity, reflecting the overall performance of listed companies in the sector [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 50.35% of the total, including Zijin Mining (601899) and Northern Rare Earth (600111) [2].

Core Viewpoint - Zhongkuang Resources has experienced a significant stock price increase, with a 5.16% rise on September 29, reaching 46.86 CNY per share, and a total market capitalization of 33.809 billion CNY [1] Group 1: Company Overview - Zhongkuang Resources Group Co., Ltd. was established on June 2, 1999, and listed on December 30, 2014 [1] - The company is based in Fengtai District, Beijing, and its main business involves the development and utilization of rare light metal resources (lithium, cesium, rubidium), geological exploration services, mineral rights investment, international mineral product trade, and international engineering [1] - The revenue composition of the company is as follows: 71.26% from merchandise sales, 18.70% from other sources, 9.22% from operating leases, and 0.82% from services provided [1] Group 2: Fund Holdings - Huafu Fund has a significant holding in Zhongkuang Resources through its Huafu CSI Rare Metals Theme ETF (561800), which reduced its holdings by 10,600 shares in the second quarter, now holding 85,300 shares, accounting for 3.12% of the fund's net value [2] - The fund has realized a floating profit of approximately 196,100 CNY today, with a total floating profit of 329,200 CNY during the three-day stock price increase [2] - The Huafu CSI Rare Metals Theme ETF was established on August 11, 2021, with a current scale of 87.8854 million CNY, and has achieved a year-to-date return of 52.98% [2]

Group 1 - The A-share market has seen a strong performance in the non-ferrous metal sector, with stocks such as Bojian New Materials and Vanadium Titanium Co. hitting the 10% daily limit up, while others like Shengda Resources and Yinhai Magnetic Materials rose over 6% [1] - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Work Plan for Stable Growth in the Non-Ferrous Metal Industry," which includes implementing a new round of mineral exploration strategies and enhancing resource surveys for copper, aluminum, lithium, nickel, cobalt, and tin [1] - The plan aims for an average annual growth of about 5% in the value added of the non-ferrous metal industry from 2025 to 2026 [1] Group 2 - Specific stock performances include: - Bojian New Materials (code: 605376) with a market cap of 15.6 billion and a year-to-date increase of 106.32% [2] - Vanadium Titanium Co. (code: 000629) with a market cap of 28.6 billion and a year-to-date increase of 6.94% [2] - Shengda Resources (code: 000603) with a market cap of 17.2 billion and a year-to-date increase of 108.85% [2] - Yinhai Magnetic Materials (code: 300127) with a market cap of 11.1 billion and a year-to-date increase of 41.62% [2] - Other notable performers include: - Ganfeng Lithium (code: 002460) with a market cap of 116.7 billion and a year-to-date increase of 62.73% [2] - China Aluminum (code: 601600) with a market cap of 134.7 billion and a year-to-date increase of 8.68% [2]

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]