稀土：《稀土开采和稀土冶炼分离总量调控管理暂行办法》发布，供给侧加速优化

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [3] Core Insights - The release of the "Interim Measures for the Total Quantity Control Management of Rare Earth Mining and Rare Earth Smelting Separation" on August 22, 2025, aims to enhance the management of rare earth mining and smelting separation [1][2] - The new measures include the incorporation of imported rare earth products and those obtained from processing other minerals into the total quantity control management, providing a legal basis for the management of imported ores [2] - The Ministry of Industry and Information Technology, in collaboration with other departments, will set annual control indicators for rare earth mining and smelting separation based on various factors including economic development goals and market demand [2] - The identification of rare earth production enterprises will be determined by the Ministry of Industry and Information Technology and the Ministry of Natural Resources, further regulating the scope of compliant enterprises in the industry [2] - A traceability information system for rare earth products will be established, requiring production enterprises to record and report the flow of rare earth products, which will help eliminate illegal operations in the industry [3] - The current optimization of the supply side of rare earths, particularly the inclusion of separation plants under management, is expected to enhance the overall price elasticity of rare earths, emphasizing the importance of large groups in the industry [3] Summary by Sections - Regulatory Changes: The new measures formalize the total quantity control management for rare earths, including imports and processed products, which is a significant regulatory shift [2] - Control Indicators: The process for setting control indicators involves multiple government departments and considers various economic and environmental factors [2] - Enterprise Compliance: The identification and regulation of rare earth production enterprises will strengthen compliance within the industry [2] - Traceability System: The implementation of a traceability system is expected to enhance industry standards and reduce illegal activities [3] - Investment Recommendations: A mid-to-long-term perspective is advised for upstream rare earth companies, with a focus on major players like Northern Rare Earth, China Rare Earth, and Guangsheng Nonferrous [3]