Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index declining by 0.21%, the Hang Seng China Enterprises Index down by 0.3%, and the Hang Seng Tech Index falling by 0.67%, indicating a relatively stable overall sentiment [1]. Sector Performance - Major technology stocks, which serve as market indicators, mostly turned down, with NetEase and Xiaomi dropping by 1.2%. Meituan, JD.com, and Alibaba also showed negative performance, while Tencent and Kuaishou saw slight increases [3]. - The film and television sector, which had previously led gains, saw a significant decline. Other popular sectors such as semiconductor chips, Chinese brokerage stocks, rare earth concepts, innovative pharmaceuticals, gold stocks, and brain-computer interface concepts also experienced downturns [3]. Real Estate and Consumer Sectors - Li Qiang emphasized the implementation of strong measures to stabilize the real estate market, leading to mixed performance in property stocks, which opened high but closed lower. However, property management stocks remained strong, with Xinyuan Services leading with a 9.8% increase [3]. - Consumer sectors, including restaurant and sports goods stocks, showed active performance, while shipping, mobile gaming, and automotive stocks experienced some gains [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA ENVIRONMENTAL RESOURCES GROUP LIMITED 中國環境資源集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1130） – 1 – 延長就潛在合作與GOLDWIN CENTURY訂立之諒解備忘錄 茲提述中國環境資源集團有限公司（「本公司」）日期為二零二五年二月二十一日之公 佈（「公佈」），內容有關就位於中華人民共和國之稀土項目之業務發展及其他附屬業 務機會之潛在合作訂立之諒解備忘錄。除文義另有所指外，下文所用詞彙與公佈所 界定者具有相同涵義。 誠如公佈所披露，本公司將進行盡職審查，且訂約方同意於諒解備忘錄期間磋商合 作之條款及條件。倘訂約方於諒解備忘錄期間之屆滿日期或之前尚未訂立正式協 議，諒解備忘錄將自動失效。 由於需要額外時間進行盡職審查及磋商合作之條款及條件，訂約方於二零二五年八 月十九日訂立諒解備忘錄之附件，將諒解備忘錄期間延長3個月至二零二五 ...

Market Overview - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index down by 0.21%, the Hang Seng China Enterprises Index down by 0.3%, and the Hang Seng Tech Index down by 0.67, indicating a relatively stable overall sentiment [1] Sector Performance - Major technology stocks, which serve as market indicators, mostly turned down, with NetEase and Xiaomi both falling by 1.2%. Meituan, JD.com, and Alibaba also showed negative performance, while Tencent and Kuaishou saw slight increases [1] - The film and television sector, which had previously led the market, saw a significant drop, while popular sectors such as semiconductor chips, Chinese brokerage stocks, rare earth concepts, innovative pharmaceuticals, gold stocks, and brain-computer interface concepts also declined [1] - The live-streaming sector, represented by Dongfang Zhenxuan, experienced a sharp decline of nearly 21% after continuous increases [1] Real Estate and Consumer Sectors - Li Qiang emphasized the need for strong measures to stabilize the real estate market, leading to mixed performance in property stocks, which opened high but closed lower. However, property management stocks remained strong, with Xinyuan Services leading with a 9.8% increase [1] - Consumer sectors, including restaurant and sports goods stocks, showed active performance, while shipping, mobile gaming, and automotive stocks experienced some gains [1]

Core Viewpoint - The Chinese government is open to enhancing dialogue and cooperation with relevant countries and regions to maintain the stability of global supply chains, particularly in response to inquiries about the lifting of rare earth export restrictions to India [1] Group 1 - The Chinese Foreign Ministry spokesperson, Mao Ning, addressed a question regarding reports from Indian media about the lifting of rare earth export restrictions [1] - Mao Ning stated that he was not aware of the situation mentioned by the reporter, indicating a lack of confirmation on the matter [1] - The response emphasizes China's willingness to collaborate with other nations to ensure the stability of global production and supply chains [1]

8月19日下午，北方稀土成交额达200亿元，现涨超4%。 ...

Core Viewpoint - The U.S. Department of Defense's investment of $400 million in Mountain Pass Materials, the largest rare earth producer in the U.S., highlights the ongoing competition between the U.S. and China in the rare earth sector, which is critical for various industries including electric vehicles and military equipment [1] Industry Overview - Rare earth elements are essential resources in modern industrial systems, often referred to as "industrial vitamins" [1] - China dominates the global rare earth supply chain, accounting for over 60% of global rare earth production and 92% of processing as of 2023 [1] - The U.S. Geological Survey reported that from 2020 to 2023, 70% of the rare earth compounds and metals imported by the U.S. came from China, indicating a high level of dependency [1] U.S. Policy Initiatives - The Trump administration signed an executive order in March 2025 to enhance domestic production capabilities for critical minerals and rare earth elements, allowing for financing and expedited project approvals [3] - The U.S. is actively seeking international partnerships for rare earth resources, including a $120 million loan to a European company for a project in Greenland and a joint venture with an Indian company focused on recycling rare earth elements [4] Challenges Faced by the U.S. - The U.S. faces significant challenges in breaking China's dominance in the rare earth sector, including technological disadvantages and an incomplete supply chain [7][9] - China's established advantages in extraction, refining, and processing technologies, as well as lower labor and energy costs, contribute to its competitive edge [5][7] - The U.S. must invest heavily in infrastructure, technology development, and workforce training to build a competitive rare earth industry, which poses a substantial challenge [7][9] Strategic Implications - China's government policies support the rare earth industry, promoting sustainable development and resource protection, while also implementing export controls that impact global supply [6] - Despite the U.S. efforts, the long-term effectiveness of the $400 million investment in Mountain Pass Materials remains uncertain, as the U.S. rare earth market struggles to develop [9]

来源：新浪证券-红岸工作室 8月18日，中国稀土涨7.20%，成交额44.33亿元。两融数据显示，当日中国稀土获融资买入额5.50亿 元，融资偿还4.12亿元，融资净买入1.38亿元。截至8月18日，中国稀土融资融券余额合计22.01亿元。 融资方面，中国稀土当日融资买入5.50亿元。当前融资余额21.80亿元，占流通市值的4.57%，融资余额 超过近一年90%分位水平，处于高位。 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四大流 通股东，持股1571.16万股，相比上期减少265.43万股。南方中证500ETF（510500）位居第五大流通股 东，持股957.93万股，相比上期减少79.35万股。南方中证申万有色金属ETF发起联接A（004432）位居 第十大流通股东，持股353.47万股，为新进股东。 融券方面，中国稀土8月18日融券偿还5.07万股，融券卖出3.06万股，按当日收盘价计算，卖出金额 137.52万元；融券余量46.63万股，融券余额2095.55万元，超过近一 ...

Core Viewpoint - A significant shift in the global rare earth supply chain is underway, driven by China's stringent control measures against foreign companies hoarding resources, which is reshaping the global industrial landscape [1] Group 1: China's Control Measures - China holds 90% of global rare earth processing and 94% of permanent magnet production, maintaining this dominance for the past decade [1] - Export quotas are being dynamically tightened, with a 157.5% month-on-month increase in rare earth magnet exports in June 2025, but a 38.1% year-on-year decrease [1] - A full-chain traceability system is mandated, requiring all rare earth batches to be recorded, with any untraceable materials deemed illegal [4] Group 2: Impact on Foreign Enterprises - Foreign companies face strategic dilemmas due to strict controls; for instance, a European magnet manufacturer was blacklisted after ordering 300 tons of neodymium-iron-boron [6] - Companies like Regal Rexnord have had to relocate production to China to circumvent export controls, highlighting increased dependency on Chinese manufacturing [6] - Korean automakers have downgraded to lower-performance magnets to mitigate risks, resulting in decreased motor efficiency and increased consumer complaints [6] Group 3: Objectives of China's Regulations - The regulations aim to prevent resource abuse, with past mining practices leading to pollution exceeding standards by 2.5 times [8] - Military-related rare earths are included in control lists, while civilian applications can benefit from expedited approvals through "green channels" [8] - China's export control measures have led to a rebound in rare earth prices, significantly improving domestic company profit margins [8] Group 4: Global Consequences - The automotive industry is facing urgent shortages of neodymium-iron-boron magnets, with some models at risk of production halts [9] - Wind energy projects are stalled due to a lack of permanent magnets, and the U.S. military supply chain is disrupted, forcing the Pentagon to rely on strategic reserves [9] - Historical cases, such as the 2010 ban on rare earth exports to Japan, illustrate the vulnerability of Western nations in the rare earth supply chain [9]

Core Viewpoint - The rare earth sector experienced a strong surge on the 19th, with significant price increases driven by robust demand from industries such as electric vehicles and home appliances, alongside tight supply conditions [1] Group 1: Market Performance - Huahong Technology hit the daily limit up, achieving three consecutive gains, while Beikong Technology and Lingyi Zhi Zao also reached the daily limit up [1] - Northern Rare Earth rose over 6%, and companies like Xiamen Tungsten, Jiuling Technology, and Dadi Bear saw increases of over 3% [1] Group 2: Price Trends - As of August 15, the price of praseodymium and neodymium oxide reached 593,000 yuan per ton, with a daily increase of 5.6% [1] - The price of metallic praseodymium and neodymium was 720,000 yuan per ton, reflecting a daily rise of 4.7% [1] Group 3: Demand and Supply Dynamics - The current growth in downstream demand for rare earths is coupled with tight upstream supply, benefiting from strong orders in the magnetic materials sector [1] - Continuous growth in export demand further solidifies the foundation for price increases [1] Group 4: Future Outlook - CITIC Securities believes that praseodymium and neodymium prices will maintain a strong performance due to ongoing growth in demand from electric vehicles, air conditioning, and consumer electronics [1] - The acceleration of commercialization in humanoid robots is expected to open up future demand growth for rare earth permanent magnets [1] - The fundamental support suggests that rare earth prices are likely to remain stable and may continue to rise, with a sustained recommendation for allocation in the rare earth permanent magnet sector [1]

Market Overview - The A-share market experienced fluctuations on August 19, with all three major indices briefly turning negative before recovering. The Shanghai Composite Index rose by 0.30% to 3739.26 points, the Shenzhen Component Index increased by 0.30%, and the ChiNext Index rose by 0.39%. The North Stock 50 surged by 3.16%, reaching a new historical high [1][2]. Stock Performance - The A-share market saw strong performance in sectors such as innovative drugs and weight loss drugs, with stocks like Boji Pharmaceutical hitting the daily limit. Additionally, liquor stocks surged, with Jiugui Liquor also hitting the daily limit. The robotics sector was active, with Nanfang Precision Engineering reaching the daily limit. Other notable sectors included CPO, rare earth permanent magnets, and Huawei's HarmonyOS, while brokerage and insurance sectors showed weakness. Over 3200 stocks rose, with a half-day trading volume of approximately 1.68 trillion yuan [2]. High-Value Stocks - A new high-value stock emerged in the A-share market, with Cambrian-U (688256) seeing its price exceed 1000 yuan for the first time, reaching a peak of 1001.10 yuan per share before retreating below that level. Cambrian-U is now the second-highest priced stock in the A-share market, following Kweichow Moutai, which is priced over 1400 yuan per share [3][5]. Trading Activity - Despite market fluctuations, many stocks remained actively traded, with over 20 stocks achieving trading volumes exceeding 5 billion yuan within half a trading day. Notably, Northern Rare Earth and Dongfang Wealth both surpassed 10 billion yuan in trading volume, with Northern Rare Earth reaching 13.37 billion yuan and a price increase of 7.88% [6][7]. Hong Kong Market - The Hong Kong market experienced slight fluctuations, with the Hang Seng Index remaining above 25,000 points. The index rose by 0.19% to 25224.97 points, while the Hang Seng Tech Index increased by 0.10% [8][9]. Notable Announcements - In the Hong Kong market, several stocks surged over 10%, including those in the Hong Kong Stock Connect. Notably, Guofu Hydrogen Energy announced a sales agreement for 100 megawatts of green hydrogen production equipment, valued at over 150 million yuan, marking a significant milestone in the application of electrolysis technology in the industrial sector [9][10].