稀土：金属牛市旗手的潜力 20251010 摘要 中美政策博弈期间，稀土一直是重要工具。不可逆的是美国和欧洲要发展自主 可控产业链的决心，他们将加大投入以实现这一目标。可逆的是中美关税谈判 可能会趋向精细化，这取决于双方谈判进展。从未来五年的维度看，中国仍然 掌握着全球轻重稀土及回收环节的定价权，没有任何国家能与之匹敌。 国内对于稀土行业有哪些新的管理措施？ 今年 2 月份发布了《稀土管理条例》，8 月份三部委发布了关于收缩供给的文 件，这些措施明确表示国内要将原矿冶炼及未来整个稀土的发展集中在头部央 国企手中。这一策略与对海外管控一脉相承，通过集中核心技术、产品及战略 金属，实现更精细化管理。此外，今年以来国内市场需求旺盛，尤其是新能源 车、光通信等领域，对相关材料需求增加。 稀土价格是否会因需求变化而波动？ 中国通过 56 号和 61 号公告，加强对稀土出口的管控，从资源层面转向 技术和供应链双重管控，旨在精准反制西方在芯片和军工领域的限制。 美国和欧洲积极发展自主可控的稀土产业链，美国国防部与 MP 公司及 法国公司达成协议，高盛发布氧化钕研报看好其价格，并扶持本土稀土 矿概念公司。 尽管中美关税谈判可 ...

证 券 研 究 报 告 有色金属行业周报（20251006-20251010） 黄金避险属性强化，稀土行业管理进一步完 推荐（维持） 善和深化 基本面上，本周五，上期所阴极铜库存 10.97 万吨，环比 9 月 30 日增加 14656 吨， COMEX 库存 339525 吨，环比 9 月 30 日增加 15438 吨；LME 铜库存 13.94 万吨，环比 9 月 30 日减少 4000 吨；本周四，全球社会显性库存 64.5 万 吨，环比 9 月 29 日增加 21627 吨。重点推荐贵金属板块的中金黄金、赤峰黄 金、山金国际、山东黄金，建议关注招金矿业；白银推荐兴业银锡，建议关注 盛达资源。 行业研究 有色金属 2025 年 10 月 12 日 $$\frac{1}{4}\mathbb{E}\mathbb{F}^{2}\left(\frac{1}{2}\mathbb{E}\mathbb{F}^{2}\right)$$ 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执 ...

证券研究报告|行业点评报告 [Table_Date] 2025 年 10 月 12 日 [Table_Title] 中美贸易摩擦或再度升级，我国稀土出口管制 趋严且首次覆盖半导体或对海外芯片制程产生 约束 [Table_Title2] 有色金属行业 [Table_Summary] 事件概述: 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 [Table_Author] 分析师：晏溶 邮箱：yanrong@hx168.com.cn SAC NO：S1120519100004 分析师：熊颖 邮箱：xiongying1@hx168.com.cn SAC NO：S1120524120001 -10% 6% 22% 38% 55% 71% 2024/10 2025/01 2025/04 2025/07 2025/10 有色金属 沪深300 ►稀土物项出口管制范围扩大至境外，且相关技术出口管 请仔细阅读在本报告尾部的重要法律声明 证券研究报告|行业点评报告 10 月 9 日，商务部发布 61 号、62 号公告，商务部、海关总署 分别发布 2025 年第 56 ...

证券代码：300224 证券简称：正海磁材 公告编号：2025-05-11 烟台正海磁性材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 烟台正海磁性材料股份有限公司（以下简称"公司"）于 2024 年 12 月 18 日 召开的五届董事会第二十二次会议审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》，同意在确保不影响募集资金投资项目款项支付及募集资 金安全的情况下，使用额度不超过人民币 4 亿元的部分暂时闲置募集资金进行现 金管理，用于购买安全性高、流动性好的投资产品（包括但不限于结构性存款、 定期存款、大额存单等），使用期限自公司董事会审议通过之日起 12 个月内有效， 在上述额度和期限范围内，资金可以滚动使用。详细内容见公司于 2024 年 12 月 18 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露的《关于使用部分暂 时闲置募集资金进行现金管理的公告》。 近日，公司注销了部分到期已赎回的募集资金现金管理专用结算账户，现就 相关事宜公告如下： ...

為士、锂电池等出回營制，商务 e 54 MAX 2） 对重点领域比如军事、杀伤性武器及其运载工具、恐怖主义目的等原则上不予许 可。 3） 特别提及芯片和人工智能领域出口。最终用途为研发、生产14纳米及以下逻辑芯片 或者256层及以上存储芯片,以及制造上述制程半导体的生产设备、测试设备和材料, 或者研发具有潜在军事用途的人工智能的出口申请，逐案审批。 2、 明确对稀土相关技术实施出口管制。从管控分离和磁材技术本身延伸到【载体及其 相关生产线装配、调试、维护、维修、升级等技术 】,明确以下物项未经许可不得出 2025-10-09 17:14 星期四 财联社 官方经济政策 ①商务部、海关总署于2025年10月9日连发4则公告，对超硬材料、部分稀土设备和原辅料、洁 土、锂电池和人造石墨负极材料等相关物项实施出口管制。 ②管制物项包括人造金刚石微粉、稀土生产加工设备、稀土原辅料、中重稀土相关物项、锂电 负极材料等。 财联社10月9日讯，商务部、海关总署连发4则公告，对超硬材料、部分稀土设备和原辅料、部分 池和人造石墨负极材料等相关物项实施出口管制。 几个核心点: 1、 管制范围拓宽。从4.4日的中重稀土管控→境外相关稀 ...

行业点评 | 有色金属 稀土出口管控持续强化，二次资源回收正式进入管控范畴 证券研究报告 2025 年 10 月 09 日 稀土产业政策点评 2025 年 10 月 9 日，商务部发布两项关于加强稀土相关物项出口管制的公 告，分别是对含有中国成分的部分境外稀土相关物项实施出口管制（商务部 公告 2025 年第 61 号）和对稀土相关技术实施出口管制（商务部公告 2025 年第 62 号）。 （一）对含有中国成分的部分境外稀土相关物项实施出口管制。管制原因为 部分境外组织和个人将原产中国的稀土管制物项直接或加工后转移、提供给 有关组织和个人，用于军事等敏感领域，对中国国家安全和利益造成重大损 害或潜在威胁。管制对象为境外组织和个人在向中国以外的其他国家和地区 出口含有、集成或者混有原产于中国的特定物项且价值比例达到 0.1% 及以 上的物项、使用原产于中国的相关技术在境外生产的特定物项以及原产于中 国的特定物项时，必须获得中国商务部颁发的两用物项出口许可证件。具体 管控金属仍以中重稀土为主，具体包含金属钐、金属镝、金属钆、金属铽、 金属镥、金属钪、金属钇、钐钴合金、铽铁合金、镝铁合金、铽镝铁合金、 氧化镝、氧化 ...

Core Viewpoint - Zhenghai Magnetic Materials has shown a significant stock price increase of 41.85% year-to-date, with a recent trading performance indicating a positive trend in the market [1][2]. Company Overview - Zhenghai Magnetic Materials Co., Ltd. is located in Yantai Economic and Technological Development Zone, Shandong Province, and was established on April 6, 2000. The company was listed on May 31, 2011, and specializes in the research, production, sales, and service of high-performance neodymium-iron-boron permanent magnetic materials and motor drive systems [1]. Financial Performance - For the first half of 2025, Zhenghai Magnetic Materials achieved a revenue of 3.057 billion yuan, representing a year-on-year growth of 20.42%. However, the net profit attributable to shareholders decreased by 24.39% to 113 million yuan [2]. - The company has distributed a total of 1.28 billion yuan in dividends since its A-share listing, with 494 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhenghai Magnetic Materials increased to 68,300, with an average of 12,190 circulating shares per person, a decrease of 3.21% from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 5.2469 million shares, an increase of 59,400 shares from the previous period [3].

Market Performance - The metal new materials sector increased by 1.84% on September 30, with Placo New Materials leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Placo New Materials (300811) closed at 84.32, with a rise of 12.44% and a trading volume of 227,600 shares, amounting to 1.93 billion yuan [1] - Other notable performers included: - Yuenan New Materials (688786) at 28.98, up 5.84% [1] - Zhenghai Aomaterials (300224) at 16.84, up 3.95% [1] - Zhongzhou Special Materials (300963) at 18.76, up 3.82% [1] - Tunan Co., Ltd. (300855) at 29.94, up 3.74% [1] Capital Flow - The metal new materials sector experienced a net outflow of 189 million yuan from institutional investors and 83.30 million yuan from speculative funds, while retail investors saw a net inflow of 272 million yuan [2] - Specific stock capital flows included: - Zhenghai Magnetic Materials (300224) with a net inflow of 101 million yuan from institutional investors [2] - Zhongzhou Special Materials (300963) with a net inflow of 39.82 million yuan from institutional investors [2] - An Tai Technology (000969) with a net inflow of 15.40 million yuan from institutional investors [2]

Core Viewpoint - Yantai Zhenghai Magnetic Materials Co., Ltd. plays a dual role as a "converter" and "innovation engine" in China's rare earth permanent magnet industry chain, driving innovation and transformation across multiple downstream sectors [1][2]. Group 1: Company Role in Industry - The company serves as a "core pillar" in the midstream manufacturing of the industry chain, converting strategic rare earth resources into high-performance neodymium-iron-boron permanent magnet materials, ensuring stable and efficient application of national strategic resources in modern industry and green economy [1]. - In 2024, the company was recognized by the Ministry of Industry and Information Technology as the "National Manufacturing Champion" for neodymium-iron-boron permanent magnets in the new energy vehicle sector [1]. Group 2: Technological Innovation - The company is a leader in technological innovation, having established an independent intellectual property system and developed three core technologies: "oxygen-free process," "fine crystal process," and "grain boundary diffusion technology," which significantly reduce the use of heavy rare earths and enhance overall product performance [2]. Group 3: Future Development Opportunities - Shandong province, as an industrial and economic powerhouse, has significant advantages for developing rare earth functional materials, including a major light rare earth resource base, strong downstream market demand in sectors like home appliance manufacturing and automotive industry, and favorable policy windows from the national "carbon peak and carbon neutrality" strategy [2]. - The company aims to seize these opportunities and continue driving innovation to support the green and intelligent transformation of manufacturing in Shandong province and across the nation [2].

Core Insights - The event highlighted the technological innovation and industrial chain development achievements of Shandong in the strategic emerging industry of new materials [1][2] - The four showcased companies are leaders in their respective fields, demonstrating Shandong's progress from self-sufficiency to high-end development in the new materials sector [1] Company Highlights - Guangwei Composite Materials is the first domestic company to achieve carbon fiber engineering, breaking the foreign monopoly on high-performance carbon fiber [1] - Taishan Glass Fiber has continuously broken through the technological monopolies of the US and Japan in special glass fiber fields, becoming one of the few global companies with core technology [1] - Taihe New Materials has filled five gaps in domestic industrialization, including spandex and meta-aramid [1] - Zhenghai Magnetic Materials has established a proprietary intellectual property system with its "oxygen-free process" and is among the top tier in the global rare earth permanent magnet materials sector [2] Strategic Directions - The strategic direction for Shandong's new materials industry focuses on empowering the development of strategic emerging industries, with products now integrated into national development initiatives [2] - Guangwei Composite Materials' carbon fiber supports low-altitude economy and commercial aerospace; Taishan Glass Fiber's special glass provides key materials for AI servers and high-end chip packaging; Taihe New Materials' aramid products serve safety protection and new energy battery safety; Zhenghai Magnetic Materials' high-performance magnets drive the green wave in new energy vehicles and wind power generation [2] Industrial Impact - The collective display emphasizes Shandong's deep accumulation and forward-looking layout in the foundational industry of new materials, with these leading companies becoming important engines for the transformation and upgrading of Shandong's manufacturing industry towards high-end, intelligent, and green development [2]