Group 1 - The core viewpoint of the article highlights the gradual realization of value in the entire rare earth industry chain [1] - China's rare earth resources exhibit a "light in the north and heavy in the south" distribution characteristic, with ongoing industry consolidation [4] - Following the establishment of the China Rare Earth Group in 2021, the industry landscape has become clearer [5] Group 2 - In 2024, Guangsheng Nonferrous (600259.SH) will transfer control and officially become a core listed company under the China Rare Earth Group [6] - The company has a long history, originating from the Guangdong Metallurgical Bureau and others in 1953, and was listed through a backdoor listing in 2009, with its business historically relying on low-margin trading [7] - Recent financial data indicates that the company is undergoing a strategic transformation: actively reducing revenue scale while improving profitability [8]