每经AI快讯，8月27日，中国铝业(601600.SH)公告称，公司拟与控股股东中铝集团及其附属公司云南铜 业、驰宏锌锗、中铝资本共同出资设立合资公司，其中公司拟以货币资金及实物资产出资3亿元，持有 合资公司20%的股权。该交易构成关联交易，但不构成重大资产重组。合资公司注册资本为15亿元，主 营业务包括关键稀有金属高纯化、化合物化、终端产品化研制、生产和销售等。 ...

截至8月27日收盘，稀土永磁概念上涨0.10%，位居概念板块涨幅第4，板块内，26股上涨，北矿科技涨 停，大地熊、北方稀土、立中集团等涨幅居前，分别上涨10.36%、8.86%、7.07%。跌幅居前的有科隆 股份、瑞晨环保、金田股份等，分别下跌5.65%、5.63%、5.05%。 | 300127 | 银河磁 | 3.61 | 17.14 | 7587.54 | 5.71 | | --- | --- | --- | --- | --- | --- | | | 体 | | | | | | 002057 | 中钢天 | 4.38 | 17.64 | 6215.97 | 4.06 | | | 源 | | | | | | 600549 | 厦门钨 | 1.20 | 6.72 | 6086.97 | 2.01 | | | 业 | | | | | | 600366 | 宁波韵 升 | 0.00 | 12.79 | 5918.50 | 2.57 | | 300631 | 久吾高 | 1.08 | 14.43 | 3410.83 | 5.51 | | | 科 | | | | | | 000969 | 安泰科 技 | 0.07 ...

Core Viewpoint - Dongfang Tantalum achieved a net profit attributable to shareholders of 145 million yuan in the first half of the year, representing a year-on-year increase of 29.08%, with a second-quarter net profit of 84 million yuan, showing a quarter-on-quarter increase of 47.37% and a year-on-year increase of 55.56%, exceeding expectations [1] Group 1 - The company's performance growth is primarily driven by the gradual release of production capacity from fundraising projects, leading to improvements in product structure and sales growth [1] - The company has commenced production on three key projects: tantalum-niobium strip, tantalum-niobium pyrometallurgy, and an annual output of 100 niobium superconducting cavities [1] - The construction of five major projects, including high-end tantalum-niobium products, pyrometallurgical casting, pyrometallurgical smelting, an annual output of 400 superconducting cavities, and digitalization of tantalum-niobium wet processes, is accelerating [1] Group 2 - Considering that the fundraising projects in Q2 are still in the ramp-up phase, the company is expected to see significant capacity release in the second half of the year, leading to continued performance growth [1] - The long-term prospects of wet fundraising projects and the recovery of the semiconductor and military industries provide new growth momentum for the company [1] - The company maintains a "buy" rating based on its performance outlook [1]

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) clarifies that it does not engage in the tungsten industry, focusing instead on rare metals such as tantalum and niobium, along with their alloys [1] Company Summary - The company primarily engages in the research, development, production, sales, and import-export business of rare metals, specifically tantalum and niobium [1]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 56.47 [7][9]. Core Views - The company reported significant growth in revenue and net profit for H1 2025, with revenue reaching RMB 18.866 billion (up 45.24% YoY) and net profit attributable to shareholders at RMB 931 million (up 1951.52% YoY) [1][2]. - The report highlights a strong recovery in the rare earth market, with production and sales of rare earth oxides increasing by 111.2% and 15.71% YoY, respectively [2]. - The strategic importance of rare earth resources is emphasized, with expectations of continued price increases due to supply-demand imbalances in 2025-2026 [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of RMB 9.579 billion (up 32.53% YoY, up 3.14% QoQ) and net profit of RMB 501 million (up 7622.51% YoY, up 16.27% QoQ) [1]. - The average price of praseodymium and neodymium oxide increased by 12.5% YoY in H1 2025, contributing to the company's strong performance [2]. Production and Projects - The company has completed and is gradually commissioning several key projects, including 8,000 tons and 12,000 tons metal projects by subsidiaries [3]. - Ongoing projects include the recovery and utilization of secondary resources and the construction of new magnetic material projects [3]. Market Outlook - The report anticipates that the global supply of praseodymium and neodymium oxide will remain tight, with supply-demand imbalances projected at -5.8% and -4.6% for 2025-2026 [4]. - The strategic significance of rare earth resources is highlighted, particularly in the context of geopolitical tensions and export controls [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upwards to RMB 2.623 billion, RMB 3.685 billion, and RMB 4.618 billion, respectively [5]. - The report assigns a PE ratio of 77.36 for 2025, leading to an updated target price of RMB 56.47 [5].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing fluctuations in financing and stock performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financing Summary - On August 26, Luoyang Molybdenum had a financing buy-in of 291 million yuan and a financing repayment of 258 million yuan, resulting in a net financing buy of 32.47 million yuan [1]. - The total financing balance as of August 26 is 19.61 billion yuan, which accounts for 0.93% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company repaid 93,100 shares in short selling on the same day, with a short selling amount of 84,400 yuan, while the remaining short selling volume is 1.647 million shares, exceeding the 90th percentile of the past year [1]. Company Profile - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [2]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3]. Shareholding Structure - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.948 million shares, and various ETFs that have also increased their positions [3].

Core Viewpoint - The Chinese tungsten export market is experiencing a significant decline, with both export volume and value decreasing year-on-year as of June 2025 [1] Group 1: Company Information - Listed companies in the tungsten industry include Zhongtung High-tech (000657), Zhangyuan Tungsten Industry (002378), Xianglu Tungsten Industry (002842), Xiamen Tungsten Industry (600549), and Xiamen Tungsten New Energy (688778) [1] Group 2: Market Data - In June 2025, China's tungsten export volume was 0.11 million tons, representing a year-on-year decrease of 23.9% [1] - The export value for the same period was 0.53 million USD, reflecting a year-on-year decline of 16.1% [1] Group 3: Research and Consulting - Zhiyan Consulting has released a report titled "2025-2031 China Tungsten Mining Industry Market Panorama Research and Industry Demand Assessment Report" [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Core Viewpoint - The company acknowledges the increasing demand for indium phosphide (InP) substrates driven by the growth in the optical communication market, while also confirming that InP is subject to export controls as per national regulations [1] Group 1: Market Demand and Supply - The market demand for InP substrates has significantly increased due to the rising prosperity of the downstream optical communication sector [1] - There is a reported shortage of InP, with downstream buyers expressing a willingness to purchase regardless of price [1] Group 2: Export Regulations - InP substrates are classified under export control items according to the announcement by the Ministry of Commerce and the General Administration of Customs on February 4, 2025 [1] - The company has complied with national laws and regulations by applying for the necessary export licenses for products under export control [1] - A subsidiary of the company, Xinyao, has received approval for certain orders after following the required reporting procedures [1]

据证券之星公开数据整理，近期东方钽业（000962）发布2025年中报。截至本报告期末，公司营业总收 入7.97亿元，同比上升34.45%，归母净利润1.45亿元，同比上升29.08%。按单季度数据看，第二季度营 业总收入4.59亿元，同比上升37.24%，第二季度归母净利润8824.11万元，同比上升41.39%。本报告期 东方钽业公司应收账款体量较大，当期应收账款占最新年报归母净利润比达214.76%。 商业模式：公司业绩主要依靠资本开支驱动，还需重点关注公司资本开支项目是否划算以及资本支出是 否刚性面临资金压力。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为10.04%） 本次财报公布的各项数据指标表现尚佳。其中，毛利率18.47%，同比减4.87%，净利率18.22%，同比减 4.12%，销售费用、管理费用、财务费用总计4070.44万元，三费占营收比5.11%，同比减13.18%，每股 净资产5.37元，同比增7.78%，每股经营性现金流-0.12元，同比增70.19%，每股收益0.29元，同比增 30.0% | 项目 | 2 ...

Core Viewpoint - The article discusses the release of the "Interim Measures for Total Control Management of Rare Earth Mining and Smelting Separation" by the Ministry of Industry and Information Technology, highlighting significant changes from the previous draft and their implications for the rare earth industry [3]. Summary by Sections Key Differences Between the Two Interim Measures - The annual quota for rare earths will no longer be publicly disclosed, shifting from a previously transparent process to a more controlled communication with provincial governments [4]. - The definition and scope of rare earth mining and smelting have been broadened, with the new measures simplifying the categorization of rare earth products [5]. - The responsibility for breaking down control indicators has shifted directly to the Ministry of Industry and Information Technology, removing the role of rare earth groups in this process [6]. - The tracking system for rare earth product flows has been detailed further, requiring monthly updates to be submitted to the relevant authorities [7]. - A new section on accountability and penalties has been introduced, including provisions for criminal liability for violations of the measures [9].