Group 1 - The core viewpoint of the news highlights the strong performance of rare metal ETFs and the underlying stocks, with the CSI Rare Metals Theme Index rising by 1.05% as of February 3, 2026, and the rare metal ETF fund increasing by 0.84% [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 59.71% of the index, with significant contributors including Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1] - The strategic attributes of minor metals are becoming increasingly prominent, with tungsten prices rising due to supply constraints and strong demand, while uranium prices are expected to continue increasing due to rigid supply and accelerated nuclear power construction [1] Group 2 - Dongfang Securities emphasizes the clear investment value of core lithium and cobalt stocks, suggesting active positioning despite short-term price corrections due to regulatory impacts and market fluctuations [2] - The lithium market is projected to have a significant gap by 2026, with rising raw material costs and limited supply contributing to an upward trend in lithium prices [2] - The rare metal ETF fund tracks the CS Rare Metal Index, which primarily allocates to lithium carbonate, minor metals, and rare earths, making it an excellent investment tool for market participants looking to invest in the rare metal sector [2]

美国总统特朗普计划启动一项战略性关键矿产储备，并提供120亿美元的种子资金，旨在美方努力削减 对中国稀土（000831）及其他金属依赖的过程中，使制造商免受供应冲击。 这项名为"金库项目"(Project Vault)的合资计划，拟将1.67亿美元的私人资本与美国进出口银行提供的100 亿美元贷款相结合，为汽车制造商、科技公司及其他制造商采购并储存矿产。 描述该计划细节的高级政府官员透露，这将是美国私营部门首个此类储备库。 特朗普定于周一会见通用汽车首席执行官玛丽.博拉和矿业亿万富翁罗伯特.弗里德兰，他们分别代表了 关键矿产的生产商和用户。 美国目前已经运作着一个服务于国家国防工业基础的关键矿产国家储备，但没有针对民用需求的储备。 在特朗普的领导下，美国还采取了罕见的步骤，直接投资于国内矿产公司，以提高国内稀土的产量和加 工能力。 政府已经就此问题与澳大利亚、日本、马来西亚等国签署了合作协议。在定于周三在华盛顿举行的数十 国峰会期间，政府将向更多国家施压，以达成此类协议。 去年，在中国收紧部分材料的出口管制后，减少矿产供应链风险的努力获得了新的动力。 这一新的合资项目将为参与的制造商提供一种方式，使其业务免受 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2][12]. Core Insights - The report highlights the ongoing strength in precious metals and anticipates potential profit increases in minor metals [1]. - It emphasizes the financial attributes of copper and the impact of supply constraints on various metals, including aluminum and tungsten [4][5]. - The report notes the continued demand for gold driven by central bank purchases and the selling of U.S. government bonds by European institutions [4]. Summary by Sections Copper Sector - The report indicates a focus on the financial attributes of copper, with LME copper prices at $12,921 per ton and SHFE copper at ¥101,340 per ton, showing a week-on-week change of -0.6% and +0.6% respectively [4]. - It mentions a tightening supply of copper concentrate, with processing fees declining, which may accelerate the clearing of smelting profits [4]. Aluminum Sector - LME aluminum prices reached $3,175 per ton, while SHFE aluminum was at ¥24,290 per ton, reflecting a week-on-week increase of +0.9% and +1.5% respectively [4]. - The report notes a high operating rate of 98.3% for electrolytic aluminum and a slight increase in the operating rate of aluminum processing enterprises [4]. Precious Metals - SHFE gold prices were reported at ¥1,115.6 per gram and COMEX gold at $4,983.1 per ounce, with week-on-week increases of +8.1% and +8.3% respectively [4]. - The report highlights that the SPDR Gold ETF's net holdings increased to 1,086.5 tons, indicating stable demand from overseas investors [4]. Minor Metals - Tungsten prices rose to ¥535,000 per ton, with a week-on-week increase of +5.5% [4]. - The report also notes a tightening supply in the rare earth sector, with prices for praseodymium and dysprosium oxides showing slight declines [4]. Steel Sector - SHFE rebar and hot-rolled coil prices were reported at ¥3,142 and ¥3,305 per ton, with slight week-on-week decreases [5]. - The report mentions a significant explosion at a steel plant, which may lead to stricter safety regulations and supply constraints in the steel industry [5]. Investment Recommendations - The report suggests focusing on companies with rich copper resources, such as Zijin Mining and China Molybdenum, as well as those in the aluminum sector like China Aluminum and Nanshan Aluminum [8]. - It also recommends monitoring tungsten and rare earth companies, as well as steel firms with strong product structures [8].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 致：香港交易及結算所有限公司 公司名稱: 中國稀土控股有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00769 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | ...

Core Viewpoint - The Chinese rare earth market experienced a decline of 5.90% on February 2, with a trading volume of 2.578 billion yuan and a turnover rate of 4.65%, resulting in a total market capitalization of 54.143 billion yuan [1]. Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8]. - The main products include high-purity single rare earth oxides and rare earth co-precipitation products, with over 80% of products having a purity greater than 99.99%, and some rare earth oxides reaching purities of 99.9999% [2]. - The company is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, which is a significant increase of 194.67% year-on-year [8]. - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [9]. Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 29.0694 million shares, an increase of 9.4669 million shares from the previous period [10]. - The Southern CSI 500 ETF and the Jiashi CSI Rare Earth Industry ETF are among the new shareholders, indicating a diversification in the shareholder base [10]. Market Dynamics - The main capital flow analysis indicates a net outflow of 305 million yuan today, with the industry ranking 22 out of 25, reflecting a continuous reduction in main capital positions over the past three days [5][6]. - The average trading cost of the stock is 52.99 yuan, with the stock price approaching a resistance level of 51.78 yuan, suggesting potential volatility in the near term [7].

易方达中证稀土产业ETF（159715）成立日期2021年9月1日，最新规模5.4亿。今年以来收益11.2%，同 类排名914/5580；近一年收益99.64%，同类排名121/4286；成立以来收益33.92%。 易方达中证稀土产业ETF（159715）基金经理为刘文魁。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓中国稀土。易方达中证稀土产业ETF（159715）四季度减持 5.61万股，持有股数56.36万股，占基金净值比例为4.85%，位居第八大重仓股。根据测算，今日浮亏损 失约153.3万元。 2月2日，中国稀土跌5.02%，截至发稿，报51.50元/股，成交19.12亿元，换手率3.43%，总市值546.53亿 元。 资料显示，中国稀土集团资源科技股份有限公司位于江西省赣州市章贡区章江南大道18号豪德银座A栋 14、15层，成立日期1998年6月17日，上市日期1998年9月11日，公司主营业务涉及稀土冶炼分离及稀土 技术研发及服务。主营业务收入构成为：稀土氧化物63.51%，稀土金属及合金35.95%，其他(补 充)0.35%，技术服务收入0.18%。 截至发稿，刘文魁累计任职时间 ...

数据显示，截至2026年1月30日，中证稀有金属主题指数(930632)前十大权重股分别为洛阳钼业、北方 稀土、华友钴业、盐湖股份、赣锋锂业、厦门钨业、中矿资源、天齐锂业、中钨高新、中国稀土，前十 大权重股合计占比59.71%。 资金流入方面，拉长时间看，截至2026年1月30日，稀有金属ETF基金近5个交易日内有4日资金净流 入，合计"吸金"3964.99万元。 场内ETF方面，截至2026年2月2日午间收盘，中证稀有金属主题指数(930632)下跌3.16%。成分股方面 涨跌互现，西部材料领涨9.49%，东方钽业上涨5.25%，雅化集团上涨3.52%；中金岭南领跌，株冶集 团、锡业股份跟跌。稀有金属ETF基金(561800)换手13.97%，半日成交3494.57万元，市场交投活跃。 近期，稀土板块进入击球区，氧化镨钕价格环比上涨11.03%，中钇富铕矿加工费进一步升至4.1万元/ 吨，反映冶炼环节出清与格局优化持续兑现；12月我国稀土永磁出口量创历史同期新高，叠加海外补库 需求仍存及越南将稀土列为国家战略资源并禁止原矿出口，全球稀土供给收紧预期强化。 稀有金属ETF基金（561800）跟踪的CS稀金属指 ...

Group 1: Rare Earths - The price of praseodymium and neodymium oxide is 748,700 CNY/ton, an increase of 11.03% month-on-month [3] - The price of dysprosium oxide is 1,330,000 CNY/ton, a decrease of 10.74% month-on-month [3] - The price of terbium oxide is 6,100,000 CNY/ton, a decrease of 4.98% month-on-month [3] - The processing fee for yttrium-rich europium ore has risen to 41,000 CNY/ton, indicating ongoing optimization in the smelting industry [3] - December's rare earth permanent magnet exports decreased by 3% month-on-month but increased by 7% year-on-year, reaching a historical high for the month [3] - The rare earth sector is expected to see valuation and performance improvements, with 2026 being a critical year for resolving industry competition [3] Group 2: Tin - The price of tin ingots is 423,600 CNY/ton, an increase of 2.17% month-on-month [4] - The upward price trend is supported by lower-than-expected supply from Indonesia and Myanmar [4] - The demand side is expected to benefit from AI advancements and the recovery of the semiconductor industry [4] - Recommended stocks include Huaxi Nonferrous Metals and others [4] Group 3: Tungsten - The price of tungsten concentrate is 600,700 CNY/ton, an increase of 19.24% month-on-month [4] - The price of ammonium paratungstate is 890,600 CNY/ton, an increase of 19.49% month-on-month [4] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may increase tungsten's priority [4] - Recommended stocks include Zhongtung High-tech and others [4] Group 4: Antimony - The price of antimony ingots is 164,100 CNY/ton, an increase of 1.26% month-on-month [5] - The price of antimony concentrate is 141,000 CNY/ton, an increase of 2.27% month-on-month [5] - December's antimony exports increased by 4% month-on-month but decreased by 71% year-on-year [5] - The global antimony price trend remains upward due to supply shortages and steady demand [5] Group 5: Molybdenum - The price of molybdenum concentrate is 4,010 CNY/ton, remaining stable month-on-month [6] - The price of molybdenum iron is 256,000 CNY/ton, an increase of 0.79% month-on-month [6] - The ongoing low inventory levels and increased defense spending may further support molybdenum prices [6] - Recommended stocks include Jinduicheng Molybdenum and Guocheng Mining [6]

Investment Ratings - The report indicates a positive outlook for copper and aluminum sectors, with expectations of stable production and demand recovery [2][3][13] Core Insights - Copper prices increased by 3.98% to $13,650.5 per ton on LME, while domestic prices rose by 2.31% to 103,700 CNY per ton. Supply constraints and stable production rates are noted, with a slight decrease in operating rates expected due to seasonal demand fluctuations [2][14] - Aluminum prices rose by 1.75% to $3,229.0 per ton on LME, with domestic prices at 24,600 CNY per ton. The report highlights a seasonal decline in production rates and a high operating rate in alumina plants, despite a slight increase in inventory levels [3][15] - Gold prices surged by 8.58% to $5,410.8 per ounce, driven by geopolitical risks and market volatility. The report emphasizes the impact of U.S. monetary policy on gold prices [4][16] - The rare earth sector shows a positive trend, with prices for praseodymium and neodymium oxide increasing by 11.30%. The report anticipates a favorable demand outlook due to easing export restrictions [5][34] - Tungsten prices rose by 12.99%, supported by strategic stockpiling initiatives in the U.S. and increasing demand in military applications [5][36] Summary by Sections Copper - LME copper price increased by 3.98% to $13,650.5 per ton, with domestic prices at 103,700 CNY per ton. Supply constraints are evident, with a decrease in copper processing fees [2][14] - Operating rates for copper cable enterprises increased to 59.46%, indicating stable production driven by prior orders [2][14] Aluminum - LME aluminum price rose by 1.75% to $3,229.0 per ton, with domestic prices at 24,600 CNY per ton. The report notes a decrease in operating rates due to seasonal factors [3][15] - The overall aluminum processing rate recorded at 59.4%, reflecting a seasonal decline in demand [3][15] Precious Metals - Gold prices increased significantly due to geopolitical tensions, with COMEX gold price reaching $5,410.8 per ounce. The report discusses the implications of U.S. monetary policy on gold market dynamics [4][16] Rare Earths - The price of praseodymium and neodymium oxide rose by 11.30%, with expectations of increased demand due to favorable export conditions [5][34] - The report highlights the potential for price increases in the rare earth sector driven by supply constraints and demand recovery [5][34] Tungsten - Tungsten prices increased by 12.99%, supported by strategic stockpiling initiatives and military demand [5][36] - The report suggests that the tungsten sector may benefit from ongoing geopolitical tensions and increased defense spending [5][36]

Investment Rating - The report indicates a positive outlook for copper and aluminum sectors, with expectations of stable production and demand recovery in the near term [2][3][13]. Core Insights - Copper prices increased by 3.98% to $13,650.5 per ton on LME, while domestic prices rose by 2.31% to 103,700 CNY per ton. The overall production stability in the copper industry is noted, with a slight decrease in operating rates expected due to seasonal demand fluctuations [2][14]. - Aluminum prices saw a 1.75% increase to $3,229.0 per ton on LME, with domestic prices at 24,600 CNY per ton. The report highlights a seasonal decline in aluminum processing rates, indicating a shift towards the off-peak season [3][15]. - Gold prices surged by 8.58% to $5,410.8 per ounce, driven by geopolitical risks and market volatility. The report emphasizes the impact of U.S. monetary policy on gold prices [4][16]. - The rare earth sector shows a positive trend, with prices for praseodymium and neodymium oxide rising by 11.30%. The report anticipates a favorable demand outlook due to easing export restrictions [5][32][34]. Summary by Sections Copper - LME copper price increased by 3.98% to $13,650.5 per ton, with domestic prices at 103,700 CNY per ton. Copper inventory decreased by 2.24% week-on-week, while total inventory increased by 4.97% year-on-year [2][14]. - The operating rate for copper cable enterprises rose to 59.46%, indicating stable production driven by prior orders [2][14]. Aluminum - LME aluminum price rose by 1.75% to $3,229.0 per ton, with domestic prices at 24,600 CNY per ton. The overall aluminum processing rate recorded a decline to 59.4% [3][15]. - Domestic aluminum oxide production capacity remains high, but the operating rate decreased by 1.66% to 77.31% [3][15]. Precious Metals - Gold prices increased significantly due to geopolitical tensions, with a notable rise in SPDR gold holdings remaining stable at 1,086.53 tons [4][16]. - The report discusses the implications of U.S. monetary policy on gold price fluctuations, particularly in light of recent geopolitical developments [4][16]. Rare Earths - The price of praseodymium and neodymium oxide rose to 748,700 CNY per ton, reflecting a strong demand outlook. The report notes a 7% year-on-year increase in rare earth permanent magnet exports [5][32][34]. - The report suggests that the rare earth sector is poised for growth, driven by easing export restrictions and increased global demand [5][32][34]. Tungsten - Tungsten prices increased by 12.99%, with strategic reserves being a focus in the U.S. market, indicating a potential for continued price support [5][36]. Tin - Tin prices showed a slight decrease of 0.03%, but the report maintains a positive long-term outlook due to supply constraints from Indonesia and Myanmar [5][37]. Lithium - Lithium carbonate prices increased by 7.15% to 171,000 CNY per ton, with production slightly declining. The report highlights a robust demand outlook despite recent price fluctuations [5][57]. Cobalt - Cobalt prices increased by 1.8% to 445,000 CNY per ton, with supply constraints expected to support price stability in the near term [5][58].