指数估值：截至2025/11/20，中证稀土产业指数PETTM为38.5，位于近十年估值分位数为46.1%，重回 长期估值中枢以内。 价格表现：截至11/20，氧化镨钕价格升至55.5万元/吨，周环比涨1万元/吨，月环比涨5万元/吨，涨幅 10%。中美关系缓和带动出口预期向好，稀土产业下游补库热情高涨，国内稀土价格上涨预期相应受到 充分提升，需求端量价齐升态势有望延续。近期，北方稀土在互动平台表示，目前公司磁性材料订单饱 满，执行良好。 产业趋势：我国具备全球优势的稀土产业链在国际经贸斗争背景下展现出巨大战略价值。在稀土行业管 制不断升级和供需改善的驱动下，国内稀土价格未来上涨预期持续攀升。当前氧化镨钕为代表的稀土价 格延续高位运行，下半年稀土产业有望保持业绩高增。长期看，稀土行业的供需关系出现实质性好转， 供给端，稀土开采和稀土冶炼分离总量调控管理办法落地，中长期供给无虞，国内稀土指标增速放缓使 供给增幅大幅落后于需求扩张；需求端机器人、低空经济、军工等产业发展带动需求释放，供需两端共 振向好；海外端，高冶炼成本支撑价差，美国收购底价拉高价格基数，提振涨价预期，稀土战略价值迎 来重估。 相关产品：稀土ETF ...

嘉实中证稀土产业ETF（516150）成立日期2021年3月9日，最新规模76.48亿。今年以来收益69.79%， 同类排名133/4208；近一年收益59.48%，同类排名187/3971；成立以来收益74.65%。 嘉实中证稀土产业ETF（516150）基金经理为田光远。 截至发稿，田光远累计任职时间4年258天，现任基金资产总规模758.12亿元，任职期间最佳基金回报 126.57%， 任职期间最差基金回报-46.65%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月20日，科恒股份涨6.33%，截至发稿，报15.11元/股，成交7455.05万元，换手率1.86%，总市值 41.69亿元。 资料显示，江门市科恒实业股份有限公司位于广东省江门市江海区滘头工业区滘兴南路22号，成立日期 2000年9月12日，上市日期2012年7月26日，公司主营业务涉及锂电池产业链上游的锂离子电池正极材 料、锂离子电池自动化生产设备,其他还包括稀土发光材料、催化材料、转光材 ...

来源：市场投研资讯 许多人听说过稀土，却未必了解它为何被称为"工业维生素"。在富国基金小宇宙播客栏目《有富同享》 中，富国基金稀土ETF的基金经理曹璐迪与主持人进行了一场深度对话，揭开了稀土的真实"面貌"。 （来源：富国基金） 稀土不"稀"，却是工业命脉 曹璐迪介绍，稀土并非真正的土壤，而是17种金属元素的统称。反常识的是，它并不稀有——全球稀土 储量约9000万吨，而黄金仅6.4万吨。 注：数据来自美国地质调查局2024年全球有色金属产量、储量统计数据。 为何被称为"工业维生素"？曹璐迪解释，稀土虽用量少，却不可或缺。一辆新能源车需要2-2.5公斤稀土 氧化物，人形机器人每台更需要5公斤。没有稀土，电能转化动能的核心环节就无法实现。 中国技术逆袭，掌握"稀土王牌" 中国如何成为稀土强国？曹璐迪指出，关键在技术突破。徐光宪院士发明的"串级萃取技术"，使中国能 将17种稀土元素提纯至99.9999%（6N级），而海外最高仅99.99%（4N级）。 中国还是全球唯一拥有稀土全产业链的国家。曹璐迪强调，海外重建产业链需3-5年，中国在技术和成 本上的优势难以短期超越。 供需格局支撑长期价值 稀土价格为何走强？曹璐迪 ...

Core Viewpoint - The announcement of the first domestically produced rare earth magnet in the U.S. in 25 years is portrayed as a significant achievement, but it is largely seen as a political maneuver rather than a true industrial breakthrough [1][3][5]. Industry Analysis - The complete rare earth industry chain includes mining, smelting, separation, purification of rare earth oxides, and production of high-performance magnets, which requires mature technology, stable production capacity, and specialized talent [3]. - Currently, China dominates the global rare earth processing capabilities, holding over 80% of the market and more than 90% of magnet production capacity, a result of decades of industry development [3]. - The only U.S. rare earth mine in development, Mountain Pass, has a reserve of only 1.4 million tons, representing just 1.3% of global reserves, and primarily consists of light rare earths, lacking the heavy rare earths critical for military and high-end electronics [3][5]. - The U.S. has long relied on Chinese technology for smelting and separation, and prior to Chinese export controls, U.S. mined rare earths were sent to China for processing [3]. Cost and Competitive Landscape - Rare earth mining and processing are characterized as labor-intensive and environmentally challenging, with significant capital investment required for compliance with environmental standards [5]. - Without substantial government subsidies, U.S. rare earth products lack competitiveness in the market, while China can achieve economies of scale due to its complete supply chain and established technology [5]. - Experts estimate that establishing a fully independent rare earth supply chain in the U.S. could take at least 10 years, which is beyond the current administration's term [5]. Political Context - The announcement of the rare earth magnet coincides with the upcoming midterm elections, suggesting a political motive to showcase achievements and bolster support for the current administration [5]. - The U.S. government's emphasis on this development is seen as an attempt to distract from other domestic issues and to reinforce the narrative of "American resurgence" [5][7]. - China's export controls on rare earths are framed as a means to regulate industry development and ensure global supply chain stability, contrasting with the U.S. approach of unilateral restrictions [7]. Strategic Implications - The U.S. effort to challenge China's dominance in the rare earth sector is viewed as unrealistic given the significant technological and industrial gaps that have developed over decades [7]. - A sustainable approach to developing the U.S. rare earth industry would require respecting industry dynamics and fostering international cooperation rather than relying on political rhetoric [7].

普京在11月4日签署的命令，要求内阁在12月1日之前制定出一套涵盖稀土开采与加工的完整路线图，这一决定引发了广泛关注和各种解读。 尽管俄罗斯以丰富的自然资源闻名于世，从石油、天然气到铀矿，但在稀土资源的开发上却长期处于"睡眠"状态。根据官方资料，俄罗斯境内已探明的稀土 矿床多达18处，储量超过2800万吨。然而实际开采量却连2%都不到，90%的稀土需求依赖进口。 普京在这一时刻做出的战略调整，显然不是对中国的不信任，而是对自身处境的深刻反思。当前，俄罗斯既要面对中国在稀土领域的强势地位，又要警惕美 国对乌克兰稀土资源的渗透和控制。这让普京不得不考虑如何增强国家的自主性，减少对外部力量的依赖。 对于普京来说，学习中国在稀土开发上的成功经验，或许是他制定新策略的重要动机之一。中国之所以能在短时间内建立起完整的稀土产业链，不仅仅依赖 于丰富的矿藏，更在于其政策支持、企业发展和市场调控的系统性布局。而这些恰恰是俄罗斯目前所欠缺的——缺乏技术、制度、以及有效的产业链整合能 力。 普京此次的"死命令"，不仅是为了在资源调度上有所突破，更是要在战略层面实现重新排序。这意味着，俄罗斯将努力构建一条完全由自己掌控的稀土产业 链 ...

最近，中美双方在吉隆坡的磋商中出现了一个重要新闻——中国宣布暂停对稀土出口的管制政策，这项暂停的期限为一年。与此同时，美国也暂停了他们的 相关管制措施。这个消息一出，许多西方媒体立刻兴奋不已，仿佛捡到了游戏中的超级增益BUFF，认为终于有机会摆脱对中国稀土的依赖。但是，老实 说，这种想法只是空想，根本不可能实现翻盘。 更让人失望的是，中国只暂停了10月的新规，去年12月和今年4月的出口限制并没有取消。早在今年4月，中国就禁止了7种中重稀土和磁体的出口，去年还 对半导体和军工用的关键元素实行了管制。这些措施已经生效，才是西方出现"缺货"问题的真正原因。如果西方国家想趁这一年囤货，根本没有机会，因为 这条路早已被堵死。 稀土并不是一种单一的矿物，它其实是由17种元素组成的大家族，可以分为轻稀土和中重稀土两大类。轻稀土如镧、铈等，主要用于新能源车和电子产品， 相当于日常的原材料，澳大利亚和美国都有矿，而且储量也不少。美国每年能开采4.3万吨轻稀土。但是问题是，挖出来的矿只是粗糙的"毛坯"，必须经过 精炼才能得到高纯度的稀土材料，而全球90%的精炼能力都掌握在中国手里。西方国家即便挖矿，之前也必须把矿石运到中国进行精 ...

Group 1: US-China Agricultural Trade - The US and China have reached a consensus to expand agricultural trade, relieving American soybean farmers who are hopeful for renewed purchases from Chinese companies [1][3] - The specific measures for expanding agricultural trade have not yet been disclosed by China, and it remains unclear if negotiations will be required for other agricultural products [2] - The American Soybean Association noted that while no formal trade agreement has been signed, the news is still positive for farmers, with the total value of US soybean exports projected at approximately $24.5 billion for 2024, with over $12.5 billion coming from China [3] Group 2: EU-China Export Control Dialogue - China and the EU held a dialogue on export controls, focusing on mutual concerns and agreeing to maintain communication to stabilize supply chains [4][5] - The dialogue follows China's announcement of expanded export controls on rare earths, which raised serious concerns in the EU [6] - The EU Trade Commissioner confirmed that the export control measures announced by China also apply to the EU, emphasizing continued cooperation on improving export control policies [7] Group 3: AI and Technology Investments - OpenAI has signed a $38 billion multi-year agreement with Amazon to provide cloud computing services, highlighting the increasing demand for computing power in the AI industry [21][22] - Microsoft has secured a $9.7 billion agreement with IREN to lock in new computing resources, as the company expands its AI service capabilities [26][27] - Microsoft plans to invest over $15 billion in the UAE over the next seven years, including expanding AI data centers, following the approval of export licenses for advanced chips [54] Group 4: Semiconductor and AI Chip Developments - South Korea's semiconductor exports reached $15.73 billion in October, marking a 25.4% year-on-year increase, driven by strong demand for high-capacity memory [50][51] - The US startup Vulcan Elements has secured a $1.4 billion deal with the government to build a factory for rare earth magnets, focusing on recycling electronic waste [87][88] - The US government is providing significant funding to support domestic production of rare earth materials, which are critical for advanced technologies [90][91] Group 5: Automotive Industry Developments - Geely has signed a strategic cooperation agreement with Renault to deepen local production and market expansion of electric vehicles in Brazil, acquiring a 26.4% stake in Renault Brazil [68][69] - Japanese automakers are redefining future vehicles at the Japan Mobility Show, showcasing concepts that integrate living spaces and community services [62][63] - The launch of new industrial wireless communication chips in China marks a significant advancement in industrial communication technology, enabling more flexible and efficient manufacturing processes [55][56]

Core Viewpoint - The article emphasizes the growth potential of the rare earth industry, particularly focusing on the company's strategic positioning and product development in response to increasing demand across various sectors, including electronics, robotics, and renewable energy [2][4][19]. Company Overview and Financial Data - The company, China Northern Rare Earth Group, has a rich history dating back to 1927, evolving through four strategic phases: foundational research, industrial expansion, full industry chain integration, and high-quality development [4]. - As of 2024, the company has 28 first-level subsidiaries and 17 second-level subsidiaries, covering all aspects of rare earth mining, separation, processing, and material manufacturing [8]. - The company achieved a total rare earth mining quota of 188,700 tons in 2024, maintaining a 69.9% share of the national quota [13]. Product and Revenue Structure - The company produces over 100 types of rare earth products, categorized into raw materials, functional materials, and end-use products [10]. - In 2024, the company reported a revenue of 32.97 billion yuan, a slight decrease of 1.58% year-on-year, with a net profit of 1.004 billion yuan, down 57.64% due to fluctuating prices of key products [15][19]. - The revenue structure shows a clear focus on rare earth products, which accounted for 72.25% of total revenue in 2024, while environmental services grew significantly [19]. Market Demand and Applications - The demand for rare earth materials is driven by their applications in consumer electronics, electric vehicles, and renewable energy technologies, with significant growth expected in the automotive sector [52][55]. - The company is positioned to benefit from the increasing demand for rare earth permanent magnets, particularly in electric vehicles and energy-efficient appliances [55][62]. Price Trends and Cost Structure - Rare earth prices have shown volatility, with significant price increases for key products like praseodymium and neodymium oxides in 2024, which positively impacted the company's profitability [28][15]. - The cost structure indicates that raw material costs account for approximately 70% of total costs, with ongoing efforts to optimize production costs [25]. Global Industry Context - China remains the largest supplier of rare earths globally, with a significant share of the world's reserves and production capacity [33][36]. - The article highlights the increasing competition from international players, particularly in the U.S. and Australia, as they ramp up their rare earth production capabilities [39][43]. Future Outlook - The company is optimistic about the future of the rare earth industry, projecting continued growth in net profits from 2025 to 2027, driven by rising demand and improved operational efficiencies [2][19]. - The strategic focus on high-quality development and technological innovation positions the company favorably within the global rare earth supply chain [4][19].

Core Insights - Northern Rare Earth achieved a significant increase in net profit for Q3 2025, reaching 610 million yuan, a year-on-year growth of nearly 70% [1] - The company reported a total revenue of 11.425 billion yuan for Q3, marking a 33.32% increase compared to the previous year [1] - For the first three quarters of 2025, total revenue was 30.292 billion yuan, up 40.50%, with net profit soaring by 280.27% to 1.541 billion yuan [1] Financial Performance - Q3 revenue was 11.425 billion yuan, a 33.32% increase year-on-year [1] - Q3 net profit reached 610 million yuan, reflecting a 69.48% year-on-year growth [1] - Basic earnings per share for Q3 were 0.1688 yuan [1] - For the first three quarters, revenue totaled 30.292 billion yuan, a 40.50% increase, with net profit at 1.541 billion yuan, up 280.27% [1] Product Sales and Production - Sales prices for major rare earth products increased year-on-year, contributing to higher sales volume and gross profit [1] - Production and sales of rare earth smelting and separation products increased year-on-year [1] - Rare earth metal production rose by 26.67%, with sales up by 23.50% [1] - Production of rare earth functional materials increased by 22.23%, with sales growing by 21.27% [1] - All three product categories achieved historical highs in production and sales for the same period [1] Market Dynamics - The price of rare earth concentrate for Q4 2025 was adjusted to 26,205 yuan per ton, a 37.13% increase, marking the highest rise in recent years [2] - Northern Rare Earth is accelerating key project developments, including the first phase of a new generation upgrade project nearing completion and the orderly advancement of the second phase [2] - A joint venture with Fujian Jinlong Rare Earth Co., Ltd. is progressing with preliminary work on a 5,000-ton rare earth separation project [2] Stock Performance and Shareholding - Since Q3 2025, Northern Rare Earth's stock price has increased by 114% [3] - Institutional holdings have shown divergence, with notable increases from certain funds while others have reduced their positions [3] - Wang Bin, a prominent investor, has become the sixth largest circulating shareholder with a 0.83% stake [3]

Core Insights - Northern Rare Earth (600111) reported a significant increase in net profit for Q3 2025, achieving 610 million yuan, a year-on-year growth of nearly 70% [1] - The company's revenue for Q3 reached 11.425 billion yuan, up 33.32% year-on-year, while the net profit for the first three quarters surged by 280.27% to 1.541 billion yuan [1] - The price and sales volume of major rare earth products increased, contributing to record-high sales figures for the company [1] Financial Performance - Q3 revenue was 11.425 billion yuan, a 33.32% increase year-on-year [1] - Q3 net profit was 610 million yuan, reflecting a 69.48% year-on-year growth [1] - Basic earnings per share for Q3 were 0.1688 yuan [1] - Revenue for the first three quarters totaled 30.292 billion yuan, a 40.50% increase year-on-year [1] - Net profit for the first three quarters was 1.541 billion yuan, a remarkable increase of 280.27% [1] Product Performance - The production and sales volume of rare earth smelting and separation products increased year-on-year [1] - Rare earth metal production rose by 26.67%, with sales up by 23.50% [1] - Production of rare earth functional materials increased by 22.23%, with sales growing by 21.27% [1] - All three product categories achieved historical highs in production and sales volume for the same period [1] Market Dynamics - The price of rare earth concentrate was adjusted to 26,205 yuan per ton for Q4 2025, marking a 37.13% increase, the highest in recent years [2] - Northern Rare Earth is accelerating key project developments, including the first phase of a new generation upgrade project and a joint venture for a 5,000-ton rare earth separation project [2] Stock Performance - Since Q3, Northern Rare Earth’s stock price has increased by 114% [3] - Institutional holdings have shown divergence, with some funds increasing their positions while others, such as Huatai-PB and E Fund, have reduced their holdings [3] - Notably, a prominent investor, Wang Bin, has become the sixth-largest circulating shareholder with a 0.83% stake [3]