RT 外汇交易员 (@myfxtrader)#数据 海关总署数据显示，中国1-10月稀土出口52699.2吨；10月稀土出口4343.5吨，9月为4000.3吨，去年10月为4753吨，环比增8.6%，同比降8.6%。 ...

转自：央视新闻客户端 11月7日是"中国稀土之父"徐光宪诞辰105周年，中国近期打出的"稀土王牌"也引发全球关注。全释硬科技，带您来看中国 稀土从"软肋"到"王牌"的逆袭之路。 稀土究竟是什么？有什么用？为何能成为中国科技博弈中的王牌？ 稀土是17种独特金属元素的总称。之所以被归为一类，是因为在宏观世界里，它们就像17位身穿相同制服的"孪生兄弟"， 化学性质非常相似。但微观的原子内部，每个成员却都携带了一个专属的"工具包"，每种稀土元素都能利用独一无二的专 业工具，在微观世界里施展出不同的天赋绝技。 中国科学院院士 徐光宪：含稀土的炮弹，能够打穿坦克，而坦克的外壳假如含了稀土，普通的炮弹就打不穿。 我国是全球稀土资源最为丰富的国家，坐拥全球近半的稀土储量，无疑是捧着"金饭碗"。但"家里有矿"不等于"手里有 牌"，50多年前，中国还没有成熟的冶炼分离技术，无法对稀土进行提炼，只能挖出来贱卖，同时还得高价买入别人提炼好 的成品。中国在这一领域的崛起，离不开徐光宪院士等老一辈科学家的卓越贡献。他为了国家需要，四次转换科研方向， 提出的串级萃取理论，将关键稀土元素纯度提到99.9999%，让中国在稀土产量上占据了绝对 ...

Core Points - Guangsheng Nonferrous Metal Co., Ltd. has seen a stock price increase of 92.05% year-to-date, with a recent decline of 2.77% over the last five trading days [1] - The company reported a significant decrease in revenue for the first nine months of 2025, amounting to 4.634 billion yuan, a year-on-year decrease of 46.97%, while net profit attributable to shareholders increased by 146.30% to 128 million yuan [2] - The company has a market capitalization of 17.969 billion yuan and a trading volume of 192 million yuan as of November 7 [1] Financial Performance - For the period from January to September 2025, Guangsheng Nonferrous achieved operating revenue of 4.634 billion yuan, a decrease of 46.97% compared to the previous year [2] - The net profit attributable to shareholders for the same period was 128 million yuan, reflecting a year-on-year increase of 146.30% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 60,900, up by 9.77% from the previous period [2] - The average number of circulating shares per shareholder decreased by 8.90% to 5,522 shares [2] - New institutional shareholders include Hong Kong Central Clearing Limited and several mutual funds, indicating increased interest in the company [3]

在中华人民共和国的科技星空中，有一颗星，以稀土为轨迹，以萃取为脉络，在近一个世纪的岁月长河 中，始终闪耀着执着与赤诚的光芒。他，就是徐光宪——"中国稀土之父"，一位将毕生心血熔铸于国家 战略需求，用自主创新改写中国稀土产业命运的科学巨匠。 从烽火中的少年求学，到越洋深造后的毅然归国；从四次应国家之需的学术转向，到串级萃取理论的惊 天突破；从包头草原的一线攻坚，到北大讲台的桃李满蹊；从暮年的忧心建言，到身后的精神永续，徐 光宪用行动诠释了"科学无国界，科学家有祖国"的深刻内涵，用一生践行了"立足于基础研究，着眼于 国家目标，不跟外国人跑"的科研信条。 1920年，徐光宪降生在绍兴一个知识分子家庭。7岁那年，徐光宪进入龙山小学就读。小学毕业后，他 以优异成绩考入稽山中学。1937年，抗日战争全面爆发，稽山中学被迫停课。年仅17岁的徐光宪开始了 颠沛流离的逃亡生活。 为了减轻家庭负担，也为了能继续学业，徐光宪放弃了报考普通高中的念头，毅然选择了杭州高级工业 职业学校，考入土木科学习。 然而，好景不长，杭州很快也陷入战乱，杭州高工被迫迁往宁波。徐光宪跟随学校辗转来到宁波，却发 现这里的学习环境同样恶劣。但即便如此，他 ...

Core Viewpoint - The article discusses the recent developments in the U.S. rare earth strategy under the Trump administration, highlighting the inconsistencies and challenges faced in breaking China's dominance in the rare earth sector. It emphasizes systemic issues within the U.S. that hinder effective policy implementation and industry growth. Group 1: U.S. Rare Earth Strategy - The Trump administration has shown a strong interest in rare earth elements, signing agreements with Japan and claiming to break China's control over the sector within two years [1][12][13] - The U.S. Geological Survey does not list Ukraine as a major rare earth holder, contradicting claims made by Trump regarding significant rare earth resources in Ukraine [2][3] - The U.S. has been attempting to reduce its reliance on Chinese rare earths for over 15 years, with various legislative efforts aimed at rebuilding domestic production and supply chains [6][7][12] Group 2: Challenges in Implementation - Despite numerous policies and plans, the U.S. has made limited progress in establishing a competitive rare earth industry, with only one major mine, Mountain Pass, currently operational [11][13][28] - The average time for mineral exploration and development in the U.S. is significantly longer than in other countries, leading to delays in production [25][28] - The U.S. faces a talent shortage in the mining sector, with only a small number of graduates entering the rare earth field each year, compared to thousands in China [24][25] Group 3: International Collaboration and Market Dynamics - The U.S. is seeking partnerships with allies like Australia to develop rare earth supply chains, but faces challenges in achieving significant production levels [20][31] - The global market for rare earths is relatively small, which limits the economic viability of large-scale investments in the U.S. [31][32] - The U.S. Department of Defense has been involved in financing rare earth projects, but the effectiveness of these investments remains uncertain [32][33] Group 4: Systemic Issues - The article highlights systemic problems within the U.S. government that impede the efficiency of rare earth policy implementation, including bureaucratic hurdles and a lack of cohesive strategy [36][39] - The U.S. has struggled to compete with China's established rare earth industry, which has a well-developed supply chain and technological advantages [44][51] - The article concludes that the U.S. needs to address these systemic issues to make meaningful progress in its rare earth strategy and reduce dependence on China [39][49]

Core Viewpoint - MP Materials reported an expanded loss in Q3 due to a halt in sales to Chinese customers as per an agreement with the U.S. government, but the performance exceeded Wall Street expectations [1] Financial Performance - The company recorded a quarterly loss of $41.8 million (loss of $0.24 per share), compared to a loss of $11.2 million (loss of $0.16 per share) in the same period last year [1] - Excluding one-time items, the loss per share was $0.10, better than the analyst expectation of a loss of $0.18 per share [1] - Revenue for the quarter was $53.55 million, a 15% year-over-year decline, slightly below the analyst expectation of $54.92 million [1] Sales and Product Development - The company did not record any revenue from rare earth concentrate sales during the quarter, which had been a major revenue source, due to a July investment agreement with the U.S. Department of Defense prohibiting future shipments [1] - MP Materials reported $21.9 million in sales revenue from magnetic precursor products, which are essential materials for manufacturing magnets [2] - Revenue growth of $11.7 million was driven by increased sales of neodymium-praseodymium oxide and metal, supported by enhanced separation product output over the past 12 months [2] Future Plans - The company anticipates commercial sales of magnets from its Oklahoma facility to commence by the end of the year [2] - To produce magnets, MP Materials plans to build a "heavy rare earth" processing plant, expected to be operational by mid-2026, sourcing raw materials from its California mine and third-party suppliers [2][3] Cash Position - As of the end of Q3, MP Materials held a total of $1.94 billion in cash, cash equivalents, and short-term investments [4]

Core Viewpoint - The U.S. government has made its largest adjustment to the critical minerals list since its inception, directly impacting the Section 232 investigation announced by the Trump administration, which may lead to tariffs and trade restrictions on related products [1]. Group 1: Key Minerals Added - Copper has been added to the critical minerals list for the first time, marking a significant change since the list was first published in 2018 [1]. - The updated list also includes uranium, silver, metallurgical coal, potash, rhenium, silicon, and lead, replacing the 2022 version [1]. - The inclusion of these minerals aims to reduce U.S. dependence on imports and expand domestic production [1]. Group 2: Market Reactions - Following the announcement of the new critical minerals list, copper ETFs rose approximately 2%, while Southern Copper Corporation increased by 1.6%. In contrast, Freeport and McEwen saw declines of 1.2% and 1.9%, respectively [4]. - The decision on the critical minerals list will influence mining investments, recycling of mining waste, tax incentives for mineral processing, and mining permit approval processes [4]. Group 3: Strategic Importance of Copper and Potash - Copper is recognized for its strategic importance due to its applications in transportation, defense, and power network construction, especially as demand for electricity rises with the growth of data centers and artificial intelligence [5]. - The U.S. imports nearly half of its copper consumption, primarily from Chile, Peru, and Canada, with most global refining capacity concentrated in China [5]. - Potash, primarily used in fertilizer production, has been included due to potential trade barriers from major supplying countries, with about 80% of U.S. potash imports coming from Canada [5]. Group 4: Concerns Over Silver - The addition of silver to the critical minerals list has raised concerns among precious metal traders and manufacturers reliant on the material, as the U.S. heavily depends on imports to meet domestic silver demand [6]. - Silver is widely used in electronics, solar panels, and medical devices, and any tariffs on silver could significantly impact the metal market [6]. Group 5: New Assessment Methods - A new assessment method has been introduced to evaluate the economic consequences of supply shocks and highlight vulnerabilities associated with reliance on single domestic producers [7]. - The updated list includes metallurgical coal and uranium, which were not part of the draft published in August, indicating a comprehensive evaluation process [7]. - Arsenic and tellurium have been removed from the critical minerals list due to changes in domestic production and supply risk assessments [7].

更令人震惊的是蒋鑫的车库。车库中停满了奢华跑车，每一辆都价值不菲。两辆定制版布加迪威龙，每 辆5200万元；还有一辆帕加尼风之子，一辆法拉利恩佐和上海首辆法拉利812等。光这些超跑的总价值 就超过了2亿元。更夸张的是，蒋鑫有些车甚至一次都没有开过，只是摆在车库里，纯粹为了满足个人 的收藏癖好。即使是王思聪在蒋鑫面前也不得不逊色三分。 账单的发布者名为Snake_Kane，他的微博认证身份是HAC顶级跑车俱乐部的成员。这个神秘人的真实 身份很快被揭露出来，他是中国稀土控股有限公司创始人蒋泉龙的独子——蒋鑫。蒋鑫，1987年出生， 是典型的富二代。他毕业于英国曼彻斯特大学，主修国际商业、金融及经济学，之后还曾在威尔士大学 学习过商业研究。2008年，年仅24岁的他便进入父亲的公司，并迅速升任总经理。2016年底，他又成为 泛亚环保集团的董事会主席。按理来说，蒋鑫的履历已经相当耀眼，但他还拥有另一个身份——上海四 少之一。在上海的富二代圈子中，蒋鑫以敢花钱闻名，大额的饭局对他来说几乎不值一提。 10月7日，美国众议院发布了一份报告，建议对中国实施更加严格的半导体设备出口禁令，声称这将是 史上最严的禁令。中国方面迅速 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [6][11]. Core Views - The rare earth industry has seen a significant increase in prosperity in Q3 2025, with the company achieving both volume and price growth [1][2]. - For the first three quarters of 2025, the company reported operating revenue of 30.292 billion yuan, a year-on-year increase of 40.50%, and a net profit attributable to shareholders of 1.541 billion yuan, a year-on-year increase of 280.27% [1][3]. - The substantial growth in Q3 performance is primarily attributed to a significant rise in rare earth prices [1][3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 11.425 billion yuan, a year-on-year increase of 33.32% and a quarter-on-quarter increase of 19.27% [1][2]. - The net profit attributable to shareholders for Q3 was 610 million yuan, a year-on-year increase of 69.48% and a quarter-on-quarter increase of 21.84% [1][2]. - The non-recurring net profit for Q3 was 466 million yuan, a year-on-year increase of 85.91% and a quarter-on-quarter increase of 0.8% [1][2]. Production and Sales - The production of rare earth oxides reached 22,000 tons in the first three quarters of 2025, a year-on-year increase of 93.45% [2]. - The production of rare earth salts was 109,800 tons, a year-on-year increase of 3.7%, and rare earth metals reached 36,300 tons, a year-on-year increase of 26.67% [2]. - In Q3 2025, the production of rare earth magnetic materials was 19,700 tons, a year-on-year increase of 15.68% [2]. Price Trends - The market price of praseodymium-neodymium oxide in Q3 2025 was 540,000 yuan per ton, a year-on-year increase of 39.10% and a quarter-on-quarter increase of 24.96% [3]. - The average market price for the first three quarters of 2025 was 467,300 yuan per ton, a year-on-year increase of 21.81% [3]. Earnings Forecast - The company is expected to have EPS of 0.67, 0.86, and 1.10 yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 71.9, 56.0, and 43.6 [3][4].

Group 1 - The Ministry of Commerce held a press conference on November 6, addressing a question regarding the U.S. White House report on China's export licenses for certain rare earth elements, highlighting a discrepancy with China's own announcement [1] - The spokesperson emphasized that rare earth elements have significant dual-use properties, and China conducts licensing reviews according to laws and regulations, granting licenses for compliant applications [1] - China reiterated its willingness to enhance communication and cooperation with all parties, aiming to optimize the licensing process and promote compliant trade of controlled export items to ensure the stability of global supply chains [1]