【导读】北方稀土预计，2025年半年度归母扣非净利润将同比增长5538.33%到5922.76% 中国基金报记者 卢鸰 北方稀土 7月9日收市后 公告称，经公司财务部门初步测算，预计2025年半年度实现归母净利 润9亿元到9.6亿元，与上年同期相比，将增加8.55亿元到9.15亿元，同比增长1882.54%到 2014.71%。 预计2025年半年度实现归母扣非净利润8.8亿元到9.4亿元，与上年同期相比，将增加8.65亿 元到9.25亿元，同比增长5538.33%到5922.76%。 2024年同期，北方稀土归母净利润为4539.62万元，归母扣非净利润为1560.75万元。 7月9日，北方稀土股价以24.55元报收，微跌1.37%，最新市值为887亿元。 订单相对饱满 对未来价格持乐观看法 6月27日，北方稀土在接受机构调研时表示，今年5月，随着中美贸易谈判取得突破，稀土市 场活跃度提升，主流产品价格震荡上行，成交量扩大。 受出口管制的影响相对较小 在上述机构调研中，对于国家出台的中重稀土产品出口管制政策，北方稀土称，公司主要以 轻稀土产品出口为主，受出口管制的影响相对较小。公司坚决拥护执行国家出台的各项 ...

北方稀土：6月份稀土产品出口接单有了一定的恢复 公司对未来稀土价格走势持乐观看法 智通财经7月8日电，北方稀土(600111.SH)在投资者关系活动记录表中称，进入4-5月后，受国际环境影 响稀土价格出现短暂回落，但随着国家政策的逐渐明朗，稀土行业的关注度也随之上涨，带动了产品价 格的上涨，目前公司子公司内蒙古北方稀土磁性材料有限责任公司的订单相对饱满，公司对未来稀土价 格走势持乐观看法。关于中重稀土产品出口管制政策对于出口影响，公司称，从目前了解的情况来看， 镧铈产品出口影响不大，镝铽等7种管控稀土元素产品的出口受到一定影响。从4月末开始，一些稀土企 业陆续办理出口许可证，但是受出口许可证办理的时间、海关质检环节等影响，稀土产品出口时长较以 前会稍微长一些。到6月份稀土产品出口接单有了一定的恢复。公司主要以轻稀土产品出口为主，受出 口管制的影响相对较小。 ...

再推【稀土磁材】：板块全面看多，首推中稀、广晟 20250612 摘要 稀土内外价差扩大，海外重稀土价格溢价超 200%，进口量显著下降， 预示内外同涨趋势，但国内产业观望政策落地，采购意愿不明确，内盘 价格暂未明显上涨，重稀土氧化镝和氧化铽已接近出口管制前水平。 稀土股票上涨逻辑依赖商品涨价兑现业绩，近期股价反映了摩擦与缓和 预期推动商品涨价。2025 年国内稀土指标增速若低于 15%，供需改善 确定性大，产业预期增速温和，需求端新能源车等高频需求增速超 20%，供给温和增长，需求增速明显高于供给增速。 2025 年全球稀土有效供应或下滑 5%，主因进口矿减少，需求增速预计 10%左右，供需改善支撑价格上涨。出口管制致海外稀土价格高于国内 两倍，海外市场备库需求及贸易成本增加，将拉动内盘稀土价格上涨。 稀土行业供给侧改革，如总量调控管理办法及追溯系统，将打击不合规 供给，轻稀土镨钕减少约 10%，重稀土减少 30%，利好中国稀土集团 和北方稀土等头部企业，缅甸矿整合或将提速。 Q&A 当前稀土永磁板块的市场趋势如何，尤其在中美贸易磋商背景下？ 目前稀土永磁板块整体呈现全面看多的趋势，首推标的为中国稀土和广晟 ...

Market Overview - The Shanghai Composite Index rose by 0.52% to close at 3402.32 points, with a daily high of 3413.51 points [1] - The Shenzhen Component Index increased by 0.83% to close at 10246.02 points, reaching a high of 10295.4 points [1] - The ChiNext Index saw a rise of 1.21%, closing at 2061.87 points, with a peak of 2076.91 points [1] ETF Market Performance - The median return of stock ETFs was 0.58%, with the highest return from the China Asset Management ChiNext 50 ETF at 1.56% [2] - The highest performing industry ETF was the Penghua National Standard Nonferrous Metals Industry ETF, yielding 2.29% [2] - The top strategy ETF was the China Asset Management ChiNext Low Volatility Value ETF, returning 1.1% [2] - The best performing thematic ETF was the Jiashi CSI Rare Earth Industry ETF, with a return of 3.41% [2] ETF Performance Rankings - The top three ETFs by return were: - China Asset Management ChiNext 500 Growth Innovation Strategy ETF (3.49%) - Jiashi CSI Rare Earth Industry ETF (3.41%) - ICBC Credit Suisse CSI Rare Metal Thematic ETF (3.36%) [4] - The worst performing ETFs included: - Penghua SSE Sci-Tech Innovation Board 50 ETF (-1.15%) - ICBC Credit Suisse CSI Innovative Drug Industry ETF (-1.06%) - Fortune CSI Big Data Industry ETF (-1.05%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai-PB CSI 300 ETF (inflow of 1.042 billion) - China Asset Management SSE Sci-Tech Innovation Board 50 ETF (inflow of 656 million) - China Asset Management SSE 50 ETF (inflow of 216 million) [6] - The largest outflows were from: - Jiashi CSI 300 ETF (outflow of 360 million) - Fortune National Standard Information Technology Innovation Thematic ETF (outflow of 335 million) - China Asset Management CSI Information Technology Application Innovation Industry ETF (outflow of 297 million) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huatai-PB CSI 300 ETF (618 million) - China Asset Management SSE Sci-Tech Innovation Board 50 ETF (543 million) - Guotai Junan CSI All-Share Securities Company ETF (213 million) [8] - The highest margin sell amounts were for: - Huatai-PB CSI 300 ETF (31.34 million) - China Asset Management CSI 1000 ETF (17.43 million) - Southern CSI 1000 ETF (15.22 million) [8] Institutional Insights - Huayuan Securities anticipates that rare earth prices may break through as domestic prices have slightly increased, awaiting export permits [9] - Dongfang Securities suggests that the controlled supply of rare earths in China is aimed at maintaining national security and promoting industrial upgrades, indicating a moderate price increase in the long term [10]

2025.06.09 精选行业研报，助您捕捉行业风口 【精选快读】 1、创新药产业迎来密集催化，医药行情或将持续性修复 2、稀土价格有望温和上涨，板块或迎来估值提升、利润增厚双击 1、创新药产业迎来密集催化，医药行情或将持续性修复 导读 ： 创新药迎来密集催化；稀土价格有望温和上涨 ； 解锁【第一财经智享会员】实时解读市场 动态，把握投资先机。 近期，创新药产业迎来密集催化。5月2 9日，中国创新药领域迎来历史性时刻。当日，国家药品监 督管理局集中批准11款创新药上市，其中7款为1类创新药。 【第一财经智享会员专属】 【 今 日 速 读 】 中信建投指出，中国药企持续发力，创新度持续提升，持续看好创新药产业技术驱动周期，建议持 续关注双抗及多抗、ADC及小分子疗法等领域相关企业。 中 国 银 河 证 券 表 示 ， 医 药 板 块 经 历 较 长 时 间 调 整 ， 整 体 估 值 处 于 较 低 水 平 ， 且 公 募 持 仓 低 配 ， 2 0 2 5 年 在 支 持 引 导 商 保 发 展 的 政 策 背 景 下 ， 支 付 端 有 望 边 际 改 善 ， 创 新 药 械 有 望 获 益 。 医 药 行 ...

Core Insights - The rare metals theme index has shown a positive trend, with a 0.58% increase as of June 9, 2025, and notable gains in constituent stocks such as Zhongke Magnetic Materials (up 11.96%) and Beikong Technology (10% limit up) [1] - The rare metals ETF has experienced significant trading activity, with a turnover of 2.79% and a transaction volume of 25.27 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The valuation of the index tracked by the rare metals ETF is at a historical low, with a price-to-book ratio (PB) of 2.18, indicating strong value for investors [4] Market Dynamics - The demand for medium and heavy rare earths in civilian applications is increasing globally, driven by industries such as robotics and electric vehicles, as stated by the Ministry of Commerce [4] - Since the implementation of partial rare earth export controls in April, the export volume of rare earth permanent magnets has decreased by over 50% month-on-month, reaching a historical low in the past five years [4][5] - Analysts suggest monitoring the issuance of rare earth quotas in China and the demand situation overseas as export controls may ease, with expectations of moderate price increases for rare earths benefiting the equity sector [5] Investment Opportunities - The top ten weighted stocks in the rare metals theme index account for 54.9% of the index, including companies like Salt Lake Co., Northern Rare Earth, and Ganfeng Lithium [5] - Investors can also participate in the rare metals sector through the rare metals ETF linked fund (014111) [5]

Group 1 - The rare earth sector experienced significant gains on September 9, with companies like Jiuling Technology rising over 16% and Zhongke Magnetic Industry increasing nearly 14% [1] - The Ministry of Commerce of China indicated a growing demand for medium and heavy rare earths in civilian applications due to the development of industries such as robotics and new energy vehicles [1] - China has approved a certain number of compliant export license applications for rare earths and aims to strengthen communication regarding export controls to facilitate compliant trade [1] Group 2 - According to Founder Securities, the rare earth industry is showing signs of supply-demand improvement due to factors such as tightening supply, reform of indicator systems, and stable overall demand from downstream sectors [1] - The introduction of export control policies for medium and heavy rare earths in April led to a supply-demand imbalance in overseas markets, causing a surge in rare earth prices [1] - With the gradual easing of these control policies since mid-May, there is potential for aggressive restocking in overseas markets, which may lead to a convergence of price differences between domestic and international markets for medium and heavy rare earths [1] Group 3 - Future attention should be paid to the issuance of rare earth quotas in China this year and the demand situation overseas as export controls on medium and heavy rare earths ease [2] - It is expected that rare earth prices may continue to rise moderately, benefiting the profitability recovery of related equity sectors [2] - Investment opportunities are suggested in companies such as Guangsheng Youse, Northern Rare Earth, Shenghe Resources, China Rare Earth, Zhenghai Magnetic Materials, Ningbo Yunsheng, and Jinli Permanent Magnet [2]

资料图（REUTERS） 用于高性能磁铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处 于高点附近。由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增 强…… 日经中文网 https://cn.nikkei.com 纯电动汽车（EV）和风力发电所等所必需的稀土的价格处于历史最高点附件。用于高性能磁 铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处于高点附近。 由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增强。很多观点认为 一段时间内价格仍将居高不下。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 英国调查公司阿格斯媒体（Argus Media）汇总了作为中国以外价格指标的欧洲的6月上旬价 格。截至4日，镝和铽分别比上月下跌12%和5%，仍处于有可比数据的2015年5月以来的最 高附近。 ...

中信证券研报认为，自4月我国实行部分稀土出口管制以来，4月稀土永磁出口量环比下降50%以上，创 下近5年稀土永磁出口数据的历史新低，含有镝铽等元素的稀土磁材是新能源车驱动电机的关键材料， 海外多家车企宣告原料库存紧张。 机构指出，后续稀土出口管制放松或对价格上涨呈助推作用，稀土板块迎估值提升之后再迎利润增厚双 击。 该研报进一步指出，近期商务部回应，对符合规定的稀土出口许可申请中方将予以批准。受出口或逐步 放松预期影响，市场上调稀土原料报价。参考此前国内锗、镓、锑等出口管制金属价格走势，多数金属 在出口管制后初期价格下跌或持稳，海外价格快速上涨，随着出口许可发放，金属出口逐步恢复，国内 价格锚定海外高价明显上涨，内外价差收敛以国内上涨方式进行。因此，后续稀土出口管制放松或对价 格上涨呈助推作用，稀土板块迎估值提升之后再迎利润增厚双击。 6月9日，稀土永磁板块涨幅居前，截至发稿，九菱科技涨超16%，中科磁业涨超13%，北矿科技、科恒 股份、英洛华等多股大涨。 | 代码 名称 | 涨幅量 | 现价 | 主力净量 | | --- | --- | --- | --- | | 873305 九菱科技 | 16.44% ...

Group 1 - The rare metals ETF has shown significant liquidity with an intraday turnover of 1.26% and a transaction volume of 11.3755 million yuan, leading in average daily trading volume over the past year at 35.5328 million yuan [3] - The rare metals ETF has experienced a notable scale increase of 36.6231 million yuan over the past week, ranking first among comparable funds, with a share growth of 12.6 million units [3] - The index tracked by the fund, the CSI Rare Metals Theme Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 2.16, which is lower than 87.41% of the time over the past five years, indicating strong valuation attractiveness [3] Group 2 - Following China's implementation of export controls on medium and heavy rare earths, overseas prices have surged, leading to a widening price gap between domestic and international markets [3] - Domestic rare earth prices are believed to be at the bottom of a major cycle, with expectations for a continuous upward shift in price levels due to the current destocking phase and overseas demand for replenishment [3] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 54.9% of the index, including companies like Salt Lake Co., Northern Rare Earth, and Ganfeng Lithium [4]