稀土概念股午后拉升，稀土ETF、稀土ETF易方达、稀土ETF嘉实上涨

Core Insights - Rare earth concept stocks surged in the afternoon, with Jiuling Technology rising over 12%, and various rare earth ETFs increasing by more than 1% [1] - Year-to-date, rare earth ETFs have seen significant gains, with increases exceeding 85% [1] Company Performance - Jiuling Technology reported a total revenue of 116 million yuan for the first three quarters of 2025, a year-on-year increase of 7.87%, but net profit attributable to shareholders decreased by 24.29% to 13.47 million yuan [2] - China Rare Earth achieved a revenue of 2.494 billion yuan for the first three quarters, a year-on-year increase of 27.73%, with net profit attributable to shareholders rising by 194.67% to 192 million yuan [3] - In Q3, China Rare Earth reported a revenue of 619 million yuan, a year-on-year decline of 22.40%, and net profit of 30.48 million yuan, down 26.43% [3] - Huahong Technology's Q3 revenue was 2.302 billion yuan, up 70.39%, with net profit soaring by 23211.89% to 117 million yuan [3] - For the first three quarters, Huahong Technology's revenue reached 5.461 billion yuan, a 34.94% increase, and net profit grew by 7110.70% to 197 million yuan [3] Industry Trends - China is transitioning from a "resource power" to a "rule power," implementing export licensing and quota management for rare metals, including rare earths, to gain global pricing power [4] - China holds 44 million tons of rare earth reserves, accounting for 40% of global reserves, and produces 210,000 tons, representing 70% of global production [4] - The country has a dominant position in the rare earth industry, with smelting and separation capacity at 400,000 tons, which is 92% of the global total [4] - Export controls on rare earths have become a strategic tool in the US-China trade war, with recent measures announced in April and October 2025 [4] - The supply of rare earths is entering a phase of accelerated optimization, with mining supply growth rates decreasing from 21% to 6% and smelting separation growth rates from 21% to 4% [4]