中国稀土今日下跌6.86%，全天换手率8.93%，成交额45.14亿元，振幅5.33%。龙虎榜数据显示，机构净 卖出1.21亿元，深股通净卖出8829.26万元，营业部席位合计净卖出2620.53万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-7.05%上榜，机构专用席位净卖出1.21亿元，深股通 净卖出8829.26万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9.80亿元，其中，买入成交额为3.72亿 元，卖出成交额为6.08亿元，合计净卖出2.36亿元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即买五、卖二、卖五，合计买入金额 5337.63万元，卖出金额1.75亿元，合计净卖出1.21亿元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为1.67亿元，卖出金额为2.56亿元，合计净卖出8829.26万元。 资金流向方面，今日该股主力资金净流出7.35亿元，其中，特大单净流出5.93亿元，大单资金净流出 1.41亿元。近5日主力资金净流出10.53亿元。 融资融券数据显示，该股最新（8月25日）两融余额为23.32亿元，其中，融资余额为23.09亿元，融券 ...

第二个就是配额管理，每家稀土企业能开采、能生产多少稀土，都有统一的规定，没有在名单中的企 业，则不能做。现在国内的稀土企业基本上已经整合成了南北两大集团，就是中国稀土跟北方稀土，这 都是国企，指哪打哪。 史上最严的稀土新规出炉了，工信部、发改委、自然资源部连个制定了新规，搞总量调控。 那么，新规的内容是什么呢？ 第一就是控量，每年要生产多少吨的稀土，这个由国家统一规定。先满足自用，剩余的要卖给谁，就得 看这些国家的表现了。 目前北方稀土、中国稀土集团等龙头企业分别主导轻稀土和中重稀土开采分离。而厦门钨业、广晟有色 等企业在特定区域承担中重稀土保供任务。新办法通过强化配额约束和追溯管理，将进一步规范行业竞 争秩序，推动稀土资源向技术领先的头部企业集中。 行业分析认为，该政策与《稀土管理条例》形成政策合力，为新能源汽车、机器人等战略新兴产业提供 稳定资源保障的同时，也倒逼企业加快绿色转型和科技创新步伐。 第三个就是对于拿到了配额的企业，还有稀土产品流向登记制度。就是说你这稀土是卖给谁，是直接卖 的原材料，还是做成了半成品或者是成品，都得用本本记下来，每年要核查和追溯。 第四个重点就是谁要违反了这个规定的话，那么下 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index up 0.26%, and the ChiNext Index down 0.76% [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 2.68 trillion yuan [3] Apple Supply Chain Stocks - Apple-related stocks experienced significant movements, with GoerTek (002241.SZ) and Lingyi iTech (002600.SZ) rising by 10%, and Luxshare Precision (002475.SZ) increasing by over 6% [3] - GoerTek, as a leading player in the Apple supply chain, has benefited from the AI wave, achieving six consecutive quarters of year-on-year growth in net profit attributable to shareholders from Q1 2024 to Q2 2024 [3] Consumer Electronics Sector - The high demand in the consumer electronics sector is attributed to both AI stimulation and domestic "national subsidy" policies, which are reviving mid-range consumption and driving structural recovery in mobile phones and tablets [3] Livestock Industry - Livestock stocks showed strong performance, with Xiaoming Co. (300967.SZ) rising over 10% and Muyuan Foods (002714.SZ) increasing by over 7% [3] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, entering a warning zone, prompting the government to initiate central frozen pork reserves [4] Gaming Sector - The gaming sector saw positive movements, with 37 Interactive Entertainment (002555.SZ) rising by 10% and other companies like Digital Soul (603258.SZ) and Giant Network (002558.SZ) also increasing [4] - A report from Guotai Junan highlighted that the National Press and Publication Administration approved a record 166 domestic online games on August 25, 2025, indicating a stable approval rhythm and a rich supply of gaming products [4] Beauty and Personal Care Sector - The beauty and personal care sector performed well, with Shuiyang Co. (300740.SZ) rising over 10% and other companies like Proya Cosmetics (603605.SH) and Huaxi Biological (688363.SH) also increasing [5] - According to a report from Dongfang Securities, the domestic cosmetics industry is entering a phase of steady and high-quality development, driven by economic growth, demographic shifts, cultural confidence, and the rise of domestic brands [5] Declining Sectors - The banking, securities, and semiconductor sectors faced declines, with companies like Chipone Technology (688521.SH) dropping over 9% and Haiguang Information (688041.SH) down over 6% [5] - The military and rare earth sectors also weakened, with China Rare Earth (000831.SZ) and Northern Rare Earth (600111.SH) falling nearly 7% [5]

Core Viewpoint - The A-share market is experiencing a significant increase in trading volume, indicating a potential bull market, although some investors feel the profit effect is not yet apparent [1][2]. Group 1: Trading Volume - The trading volume in the A-share market has reached historical highs, with a total trading volume of 3.18 trillion yuan on the recent trading day, marking an increase of 594.4 billion yuan from the previous day, the second-highest in history [1][2]. - In 2024, there have been 18 trading days with volumes exceeding 2 trillion yuan, indicating a strong influx of new capital into the market [2][3]. Group 2: New Account Openings - In 2024, the total number of new A-share accounts reached approximately 24.99 million, a 16.6% increase from 2023 [4][6]. - The highest monthly new account openings this year were 196,361 in July, significantly lower than the peak of 684,680 in October 2023 [4][5]. - Despite a slower pace in individual account openings, the overall new account openings reflect a positive sentiment towards market trends, with a total of 14.56 million new accounts opened in the first seven months of 2025 [5][6]. Group 3: Market Trends - The current bull market is characterized by a "structural bull" trend, with a steady increase in the index from 3,094 points to 3,883 points since April 8, without any single-day increase exceeding 2% [7][10]. - New investors are reportedly more likely to profit compared to seasoned investors, who may be more cautious due to past market experiences [7][10]. - Stocks favored by institutional investors are performing better, with significant trading volumes observed in top stocks such as Dongfang Caifu and Hanwha Technology [8][9].

Core Insights - Rare earths have become a focal point in global trade disputes, particularly between the US and China, due to their critical importance in high-tech and military industries [1][3] - China has established itself as the dominant player in the global rare earth market, controlling production and processing, which has significant implications for global supply chains [3][11] - The illegal smuggling of rare earths poses a substantial challenge for China, leading to environmental damage and economic losses, prompting the government to implement stricter regulations [6][8] Group 1 - The US is increasingly sensitive to China's export controls on rare earths, viewing them as a strategic weapon in trade negotiations [1][3] - China's historical development of rare earth resources has positioned it as the largest producer and processor globally, making it indispensable in various high-tech applications [3][6] - The successful development of advanced military technologies, such as the J-10CE fighter jet, is partly attributed to advancements in rare earth technologies [3] Group 2 - China has shifted from low-price competition to a regulated export quota system, which has helped increase domestic rare earth prices [6][11] - The Chinese government is actively combating illegal rare earth smuggling, which has been rampant in resource-rich provinces, involving complex networks and corruption [8][11] - Despite global demand for rare earths, other countries face significant challenges in establishing their own production and processing capabilities, maintaining reliance on Chinese supplies [8][11] Group 3 - The importance of rare earths extends beyond mere resource management; they are integral to advancements in high-tech products and military capabilities, influencing global industrial competition [11][13] - As technology progresses, the applications of rare earths in sectors like renewable energy and robotics are expected to expand, ensuring continued demand [13] - China's role as the primary supplier of rare earths will remain crucial in the future, reinforcing its strategic position in international trade and politics [13]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, where the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index rose by 0.26%, and the ChiNext Index decreased by 0.75% [1] - A total of over 2800 stocks rose in the market, indicating a generally positive sentiment despite the index movements [1] Sector Performance - Consumer electronics stocks showed strong performance, with companies like GoerTek reaching the daily limit [1] - Huawei Ascend concept stocks surged, with Tuwei Information hitting the daily limit [1] - Gaming stocks were active, with 37 Interactive Entertainment also reaching the daily limit [1] - In contrast, rare earth permanent magnet stocks underwent adjustments, with Northern Rare Earth and others dropping over 5% [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was 2.68 trillion yuan, a decrease of approximately 462.17 billion yuan compared to the previous trading day [1] - The Shanghai market accounted for 1.11 trillion yuan, while the Shenzhen market contributed 1.56 trillion yuan [1] Top Stocks by Trading Volume - Northern Rare Earth led in trading volume with 20.30 billion yuan, followed by Zhongke Shuguang at 19.56 billion yuan, Cambrian at 15.64 billion yuan, Dongfang Caifu at 14.93 billion yuan, and Shenghong Technology at 14.46 billion yuan [1]

行业报告 | 行业点评 小金属 证券研究报告 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 事件：《稀土开采和稀土冶炼分离总量调控管理暂行办法》发布 2025 年 8 月 22 日，《稀土开采和稀土冶炼分离总量调控管理暂行办法》（以 下简称《办法》）正式发布。《办法》根据《中华人民共和国矿产资源法》、 《稀土管理条例》等法律、行政法规和国家有关规定，核心是为了加强稀土 开采和稀土冶炼分离总量调控管理。 《办法》是今年 2 月发布的征求意见稿的落地，核心以下几点值得关注： 1、实行总量调控方向不变，最重要的是明确将进口以及加工其他矿物所得 的稀土矿产品的冶炼分离纳入总量调控管理。《办法》第三条明确规定：国 家对稀土开采（含稀土矿产品等）和对通过开采、进口以及加工其他矿物所 得的各类稀土矿产品（含独居石精矿）的冶炼分离实行总量调控管理。进口 矿纳入冶炼管理的大方向，目前已正式有法律明确依据。 2、总量控制指标下达程序。工业和信息化部会同自然资源部、国家发展改 革委根据国民经济发展目标、国家稀土资源储量和种类差异、稀土产业发展、 生态保护、市场需求等因素，研究拟定年度稀土开采和稀土冶炼 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.39% at 3868 points, while the Shenzhen Component Index rose 0.26% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.68 trillion yuan, a decrease of 462.1 billion yuan from the previous trading day [1] Sector Performance Positive Performers - The poultry and pork sectors saw significant gains, with stocks like Aonong Bio and Muyuan Foods rising over 10% and 7% respectively [4][5] - The gaming sector was active, with 166 domestic games approved in August, leading to stocks like 37 Interactive Entertainment hitting the daily limit [6][7] - The consumer electronics sector also performed well, with stocks such as GoerTek and Fenda Technology reaching their daily limits [8][9] - The beauty and personal care sector experienced a broad increase, highlighted by Jiahen Cosmetics hitting a 20% limit up [10] Negative Performers - The CRO sector faced declines, with Sunshine Guohe dropping over 9% and several other stocks falling more than 4% [12] - The rare earth permanent magnet sector also saw a downturn, with Baotou Steel and Northern Rare Earth both dropping over 6% [13] - The military industry sector experienced declines, with stocks like Feilihua and Tianqin Equipment falling over 4% [15] Regulatory Developments - The National Development and Reform Commission reported that the national average pig-to-grain price ratio has fallen below 6:1, entering a warning zone, prompting measures to stabilize the pork market [5]

来源：新浪证券-红岸工作室 8月25日，中国稀土涨6.19%，成交额58.37亿元。两融数据显示，当日中国稀土获融资买入额6.49亿 元，融资偿还6.43亿元，融资净买入574.60万元。截至8月25日，中国稀土融资融券余额合计23.32亿 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59.95%，稀土金属38.19%，其他1.64%，技术服务 收入0.22%，试剂收入0.01%。 截至8月8日，中国稀土股东户数18.53万，较上期增加15.66%；人均流通股5727股，较上期减少 13.54%。2025年1月-3月，中国稀土实现营业收入7.28亿元，同比增长141.32%；归母净利润7261.81万 元，同比增长125.15%。 分红方面，中国稀土A股上市后累计派现3.46亿元。近三年，累计派现1.24亿元。 机构持仓方面，截止2025年3月31日，中国稀土十大流通股东中，香港中央结算有限公司位居第 ...

Group 1 - Rare earth concept stocks have declined, with Northern Rare Earth falling over 7%, China Rare Earth and Baotou Steel dropping over 6%, and Shenghe Resources decreasing over 5% [1] - The ETF tracking the CSI Rare Earth Industry Index has also seen a decline of over 2% due to market influences [1] Group 2 - The CSI Rare Earth Industry Index includes listed companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of rare earth industry securities [2] - Analysts indicate that under the ongoing push for "carbon neutrality" policies, there is rapid growth in demand for high-end magnetic materials driven by sectors such as new energy vehicles, wind power generation, and energy-saving motors [2] - The recovery in traditional manufacturing demand and the accelerated deployment of humanoid robots are injecting growth momentum into rare earth demand [2]