二、以 9 票同意、0 票反对、0 票弃权，审议通过了《关于全资子 公司拟公开挂牌转让珠江稀土 3%股权的议案》。（详见公司公告"临 特此公告。 广晟有色金属股份有限公司董事会 第九届董事会 2025 年第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 广晟有色金属股份有限公司（以下简称"公司"）第九届董事会2025 年第五次会议于2025年7月21日，在广州市番禺区汉溪大道东386号广晟 万博城A塔写字楼37楼会议室以通讯方式召开。本次会议通知于2025年7 月16日以书面及电子邮件形式发出。本次会议应出席董事9名，实际出 席董事9名。会议由董事长杨杰先生召集并主持，公司监事和高级管理 人员列席本次会议，会议的召集召开符合《公司法》及《公司章程》的 规定。本次会议作出决议如下： 一、以 9 票同意、0 票反对、0 票弃权，审议通过了《关于华企公 司开展离子型稀土矿生物开采工业应用关键技术研发项目的议案》。 为推动产业升级，加快建立稀土绿色高效开采新理论与新方法，公 司控股子公司平远县华企稀土实业有限公司在 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index approaching its highest point since October 2024, driven by policy support, structural changes in industries, and ample liquidity in the market [1][5][14]. Market Performance - As of July 22, the Shanghai Composite Index rose by 0.62% to 3581.86 points, with trading volume reaching 1.93 trillion yuan, an increase from the previous day's 1.73 trillion yuan [1]. - Year-to-date, there have only been three trading days with A-share transaction amounts below 1 trillion yuan, and since July, daily trading has consistently exceeded 1.2 trillion yuan [1]. - The margin trading balance reached a three-month high of 1.92 trillion yuan, accounting for 2.25% of the A-share market's circulating market value, with an increase over 12 consecutive trading days [1]. Investor Sentiment - Optimism is spreading among investors, with some institutions declaring the start of a new bull market, predicting that the index may surpass 3700 points in the latter half of the year [1][14]. - However, some market participants caution that the 3500-point level is not a definitive indicator of a bull market, citing global economic pressures and external factors that could disrupt the A-share market [2][13]. Economic Indicators - The macroeconomic environment shows signs of improvement, with June's new RMB loans at 2.24 trillion yuan and new social financing at 4.2 trillion yuan, both exceeding market expectations [6]. - The second quarter GDP growth was reported at 5.2% year-on-year, supporting the annual growth target [7]. Sector Performance - There is a noticeable divergence in sector performance, with water conservancy and hydropower sectors showing high growth due to government funding, while previously strong sectors like banking and brokerage are weakening [9][10]. - The technology sector, particularly in areas like semiconductors and innovative pharmaceuticals, continues to perform well, with significant increases in relevant indices [9]. Future Outlook - The market is expected to continue experiencing structural opportunities, driven by ongoing policy support and economic recovery [14][15]. - Investors are advised to remain cautiously optimistic, focusing on balanced portfolio management and being aware of potential market corrections due to overheating [10][15].

Investment Rating - The industry investment rating is "Recommended," indicating a favorable outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [28]. Core Viewpoints - The report highlights that China's export controls on key minerals, including rare earths, serve as an effective countermeasure against U.S. trade policies, particularly in the context of high-tech restrictions [5][6]. - Following the implementation of export controls, overseas prices for rare earths, especially heavy rare earths, have surged significantly, creating a substantial price gap between domestic and international markets [10][12]. - The domestic rare earth price index has shown a notable upward trend, breaking through 192 points in mid-July 2025, marking a new high since early 2024, driven by refined control measures and the resumption of exports [11][19]. Summary by Sections Section 1: Impact of Export Controls - China's export controls on key minerals have been effective in countering U.S. trade restrictions, with significant implications for rare earth exports [5][6]. - The U.S. has responded by lifting certain export bans, indicating a complex trade relationship influenced by these controls [7]. Section 2: Price Dynamics - The price of heavy rare earths, such as dysprosium, has increased dramatically, with prices reaching 700-1000 USD/kg in Europe, compared to approximately 233 USD/kg domestically [10][12]. - The domestic rare earth price index has fluctuated between 155-180 points until June 2025, after which it surged past 192 points, reflecting a recovery trend [11][19]. Section 3: Regulatory Developments - The Chinese government has implemented stricter regulations on rare earth production and export, including the introduction of management measures and a traceability system for rare earth products [18][20]. - Ongoing meetings among various government departments indicate a commitment to enhancing the effectiveness of these regulatory measures [19].

Group 1 - China's exports of rare earth magnets to the United States saw a significant month-on-month increase, rising over seven times in June, but year-on-year exports decreased by 52% to 352 tons, indicating a low overall level [1][2] - In June, the total export volume of rare earth magnets from China was 3,187 tons, a year-on-year decrease of 38%, but a month-on-month increase of over 2.5 times after hitting a low in May [2] - The largest export destination for China's rare earth magnets in June was Germany, with exports reaching 764 tons, a year-on-year decrease of 25%, while exports to Japan were 131 tons, down 32% year-on-year [2] Group 2 - China's rare earth production accounts for approximately 70% of the global supply, and it is estimated that over 80% of rare earth magnets are manufactured in China [2] - The U.S. government made concessions in semiconductor negotiations with China, lifting export controls on NVIDIA's AI semiconductor chips, indicating a potential increase in collaboration between U.S. and Chinese companies [3]

中美第一轮关税谈判结束后，双方达成了新的共识，部分改变了贸易格局。美国同意允许英伟达向中国出口芯片，而中国也决定恢复对外稀土的供应。更引 人关注的是，中国对美稀土的出口量在短短几个月内暴增了七倍，同时打破了过去四年一直延续的稀土配额公开惯例。 7月20日，中国海关发布的一项数据引发了全球广泛关注：6月中国对美出口的稀土磁铁猛增至353吨，较5月的46吨环比增长了超过660%。这种增长，我们 通常称之为"七倍暴涨"。这一变化背后，是中美双方在5月达成了一部分贸易协议，部分企业因此获得了临时出口许可，从而让稀土供应链得以短暂"解 冻"。 此前几个月，中国针对中重稀土出口实施了更为严格的管控措施，要求企业提供最终用途的证明，尤其是对钐、铽等用于导弹和战机制造的稀土资源，采取 了更加紧密的监管。这导致在4月和5月期间，中国对美稀土的出口出现了约80%的骤降，甚至美国通用汽车和日本铃木等知名车企的生产线也因此面临停产 的危机。 然而，尽管6月的出口量急剧上升，这并不意味着管制的放松。实际上，这是一次"临时放行"和"集中备货"双重策略的结合。中方考虑到德国大众、法国雷 诺等公司对稀土的需求，特意发放了一些有限的出口许可， ...

Core Viewpoint - China is implementing strict export controls on medium and heavy rare earths starting April 2025 to prevent resource loss and protect national security [1][3][4] Group 1: Importance of Rare Earths - Rare earth materials like samarium and terbium are critical for manufacturing advanced technologies, including military equipment such as the F-35 fighter jet, which consumes over 400 kilograms of rare earth materials per unit [3] - China holds a dominant position in the global rare earth market, controlling 99% of the supply and monopolizing refining technologies, making export controls essential for resource management [3] Group 2: Environmental and Economic Implications - Blind mining practices in regions like Ganzhou, Jiangxi, have led to severe agricultural land damage, with remediation costs reaching 38 billion, significantly exceeding past profits [3] - By controlling exports, China is encouraging its rare earth companies to shift towards higher value-added products, resulting in substantial profit increases for these firms [3] Group 3: Policy and International Relations - China's policy of restricting rare earth exports to military enterprises while allowing sales to civilian sectors, such as semiconductor manufacturing, reflects a strategic approach to resource management [3] - The upcoming dual-use item regulations in 2024 will align with international agreements like the Wassenaar Arrangement, emphasizing the need for fair resource management [4] - Cooperation among nations is essential to avoid conflicts over rare earth resources, and a rational approach is necessary to prevent short-term profit pursuits from escalating tensions [6]

实际上，美国也拥有一些稀土，但数量极为有限，且他们缺乏有效的提炼技术，因此对我国稀土的依赖显得尤为突出。正因如此，一旦我们发布禁令，美国 便焦急得如同热锅上的蚂蚁，四处活动。随着他们的稀土库存逐渐告罄，连美国国防部都开始介入，控股稀土企业，加大投资，企图降低对我们的依赖。然 而，摆脱这种局面并非易事，他们短时间内无法实现目标，因此采取了这些卑鄙的手段来偷取我们的稀土。 那么，美国究竟采取了哪些偷窃手段呢？国安部调查发现了许多令人匪夷所思的非法行为。首先，他们竟然将受管制的稀土上报为其他不受管制的商品，明 目张胆地试图混淆视听。其次，他们将高纯度、高价值的中重稀土包装成低价值、低纯度的产品，以此降低外界的关注度，逃避监管。第三种手法更 加"绝"，居然将稀土粉末混入瓷砖材料，或灌入矿泉水瓶和塑料模特等日常用品中，这实在是匪夷所思。第四种手法是将稀土加工成合金零件、机械配件 等，混在正常货物中一起出口。 最近，国家安全部发布了一个重大消息，引发了广泛的讨论——我国的稀土资源竟被人暗中盗走，并且还涉及到一些内部的叛徒，这些违法分子已经被控 制。消息一出，大家纷纷议论，毕竟稀土是我国极为珍贵的重要战略资源，任由他人窃取 ...

Core Insights - China's rare earth export strategy has effectively countered the U.S. "independence plan," with exports of rare earth magnets to the U.S. surging to 353 tons in July, a more than sixfold increase from May [1][3][5] - The U.S. government's aggressive measures to reduce reliance on Chinese rare earths, including partnerships with various countries, have revealed its strategic anxiety and lack of understanding of resource dynamics [3][5][6] - China's approach involves a controlled export approval system and strategic manipulation of export volumes and product types, maintaining influence without direct confrontation [5][6][8] Group 1 - The surge in rare earth exports is a strategic maneuver rather than a simple market response, aimed at alleviating U.S. concerns while maintaining control over high-end materials [1][5] - The U.S. has invested heavily in developing its domestic rare earth industry, yet China's export increase complicates U.S. investment decisions, creating a dilemma between continued investment and reliance on China [5][6] - The situation highlights a broader competition for control over high-tech industry supply chains, with rare earths serving as a critical resource in this geopolitical struggle [5][8] Group 2 - China's strategy of "psychological warfare" through controlled exports keeps the U.S. in a state of resource anxiety, complicating its supply chain restructuring efforts [5][6] - The recent changes in rare earth exports reflect a deeper strategic thinking that transcends mere supply and demand, impacting global perceptions of China's influence in the rare earth sector [6][8] - The ongoing resource competition raises questions about future strategic resource management and the potential for China to replicate this approach in other sectors [8]

Market Overview - On July 21, the market closed higher with the Shanghai Composite Index rising by 0.72%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index up by 0.87%[2] - The total trading volume reached 1.73 trillion CNY, an increase of approximately 140 billion CNY compared to the previous trading day[1] Sector Performance - Key sectors such as construction materials, building, steel, non-ferrous metals, and chemicals showed significant gains, while banking, computing, and home appliances experienced slight declines[1] - The net inflow of funds into the Shanghai market was 317.96 billion CNY, and 126.16 billion CNY into the Shenzhen market on July 21[3] Investment Opportunities - The launch of the Yarlung Tsangpo River downstream hydropower project is expected to catalyze growth in cyclical sectors, with notable inflows into construction, building materials, non-ferrous metals, chemicals, and power equipment[1] - The first half of 2025 saw a 10.4% year-on-year increase in the total import and export value of China's western region, reaching 2.12 trillion CNY, marking a historical high for the same period[6] Financial Indicators - The Loan Prime Rate (LPR) for both 5-year and 1-year terms remained unchanged at 3.5% and 3% respectively in July[7] - Publicly offered Fund of Funds (FOF) reported an average return of 4.24% year-to-date, with pension FOFs achieving an average return of 4.33%[13][14] Industry Dynamics - China's express delivery volume has ranked first globally for 11 consecutive years, with over 500 million packages collected daily[8] - The online dining sector's share of total dining revenue increased by 1.9 percentage points in the first half of 2025, reflecting a growing trend towards digital services[9]

Group 1 - In June, China's exports of rare earth magnets to the U.S. surged nearly sevenfold to 352.8 tons, reflecting the positive impact of improved trade relations following a May agreement between the two countries [1][3] - Despite the increase in exports, China's overall rare earth magnet exports in June were down 38.1% year-on-year, indicating a significant decline compared to previous years [3][6] - China has broken a four-year tradition by not disclosing its rare earth mining quotas for the year, which has raised concerns in the U.S. about future supply predictability [3][6] Group 2 - China holds a dominant position in the rare earth market, with 92% of global refining output and 99% of heavy rare earth refining capacity, a result of decades of industrial development [3][4] - Starting April 2025, China will implement export controls on certain rare earth elements, requiring companies to apply for permits and provide proof of end-use, which has already led to a significant drop in exports to the U.S. [4][6] - The U.S. response to China's strategic control over rare earth resources has been disorganized, with plans to invest in domestic supply chains facing significant challenges [6][9] Group 3 - China's strategy includes a targeted approach to export controls, allowing free export of light rare earths while strictly regulating medium and heavy rare earths used in military applications, effectively managing global supply chains [6][7] - The recent surge in exports is seen as a temporary reaction to panic buying, with analysts predicting a potential decline in exports as China intensifies its crackdown on smuggling [9] - The ongoing competition for rule-making authority in the rare earth sector highlights China's shift from merely selling resources to controlling the rules of the game, impacting global power dynamics [7][9]