ZGXT(SZ:000831) Sou Hu Cai Jing·2025-06-28 07:14Core Insights - The recent wave of resignations among key personnel in the rare earth industry raises concerns about potential leaks of sensitive technology and knowledge [2][4][6] - The battle for dominance in the rare earth sector has shifted from mining resources to securing human capital and expertise [4][19] - The loss of a single key individual can have a far greater impact than the physical loss of resources, as demonstrated by past incidents of technology theft [8][11] Industry Dynamics - The rare earth industry is experiencing significant personnel turnover, with experienced executives and technical experts leaving their positions [2][4] - The historical context highlights that China once sold raw materials at low prices while relying on foreign technology for refinement, leading to a strategic shift towards developing domestic capabilities [13][15] - The establishment of proprietary technologies, such as the "cascade extraction theory," has allowed China to become a leader in rare earth production and significantly reduce global prices [17][19] Security Measures - In response to the threat of talent loss, the government is implementing strict regulations on key personnel, including restrictions on employment with foreign companies for several years after leaving [21][22] - Additional measures include monitoring the overseas education of employees' children and considering the use of tracking systems for key technical staff [21][24] - New technological barriers are being established, such as blockchain and electronic watermarks, to protect sensitive information and track unauthorized access [24][26] Regulatory Framework - Upcoming regulations, including the 2024 Rare Earth Management Regulations and revisions to the Anti-Espionage Law, aim to strengthen legal protections against technology leaks [26][28] - The industry is adapting to these stringent rules, recognizing the importance of safeguarding intellectual property and human resources [28][29]