Core Viewpoint - Northern Rare Earth has achieved a significant turnaround in its operating performance, with projected net profit for the first half of 2025 expected to reach between 900 million to 960 million yuan, representing a year-on-year increase of 1882.54% to 2014.71% [2][4] Financial Performance - The company anticipates a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, an increase of 855 million to 915 million yuan compared to the same period last year [4] - The projected non-net profit is expected to be between 880 million to 940 million yuan, reflecting a year-on-year growth of 5538.33% to 5922.76% [4] - In the same period last year, the net profit attributable to shareholders was 45.3962 million yuan, and the non-net profit was 15.6075 million yuan, both showing a decline of over 95% [4] Operational Factors - The turnaround is attributed to reduced costs in smelting separation and rare earth metal processing, as well as increased production and sales of key products such as rare earth metals and functional materials [2][6] - The company has implemented strategies to enhance production efficiency and marketing operations, leading to different levels of growth in the sales volume of its main products [6][7] Market Dynamics - The increase in demand for rare earth materials, driven by the rapid development of industries such as electric vehicles and robotics, has contributed to rising prices, further supporting the company's performance [7] - The company has leveraged stable domestic market demand and improved its operational management to achieve significant growth in its financial results [6] Competitive Advantage - Northern Rare Earth possesses a strong competitive edge due to its comprehensive resource and industrial chain, being the largest rare earth enterprise group globally [10] - The company has exclusive mining rights to the world's largest iron and rare earth coexisting mine, which enhances its resource utilization and production capabilities [9] Historical Performance - Since 2010, the company's profitability has shown a notable increase, with cumulative profits reaching 26.868 billion yuan and cumulative dividends of 5.358 billion yuan [11]

Market Overview - The S&P 500 and Nasdaq reached new highs despite tariff concerns, with Tesla shares rising by 4.7% due to the expansion of its Robotaxi business [2] - Nvidia's market capitalization increased to $4 trillion as it hit new highs for three consecutive days [2] - MP Materials, a rare earth mining company, saw its shares rise nearly 51% following a Pentagon investment [2] - Delta Airlines' stock surged by 12% after restoring its profit guidance for the year [2] - Bitcoin surged over $5,000, breaking the $116,000 mark, reaching a historical high [2] - Oil prices fell over 2% after hitting a two-week high, while gold continued to decline from a one-week low [2] Key News - Myanmar is negotiating with the Trump administration to reduce tariffs, proposing a zero to 10% tariff on U.S. goods in exchange for a reduction in U.S. tariffs to 10% to 20% [3][9] - Trump announced a 50% tariff on copper starting August 1, leading to a surge in copper prices [10][13] - The Federal Reserve is experiencing internal disagreements regarding the impact of tariffs on inflation, with some members suggesting a potential interest rate cut in July [12][21] - OPEC+ is reportedly discussing a pause in production increases starting in October [12] - OpenAI is set to release an "open weight" AI model, potentially challenging Microsoft's exclusive agreements in the AI space [14] - MP Materials received a $400 million investment from the U.S. Department of Defense to expand its production capacity [15] Company Developments - Delta Airlines reported a second-quarter adjusted EPS of $2.10, exceeding expectations, and restored its full-year guidance [24] - MP Materials is expected to produce 10,000 tons annually at a new factory set to open in 2028, following significant investment [15] - Ant Group plans to introduce Circle's stablecoin and is considering applying for licenses in multiple regions [14] - TSMC reported a 38.6% year-over-year increase in Q2 sales, reaching approximately $319.5 billion New Taiwan dollars [18] Industry Insights - The copper market is expected to face a short-term price adjustment due to the upcoming 50% tariff, but the long-term outlook remains positive [25] - The human resources service industry is projected to grow steadily across economic cycles, with significant potential for expansion [26] - The textile and apparel sector is experiencing mixed performance, with strong demand for sportswear and outdoor products [25]

早 报 精 选 尊重、和平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟 通，以实际行动维护和落实好两国元首通话重要共识，共同推动中美经贸关系稳定、 健康、可持续发展，为世界经济发展注入更多确定性和稳定性。 1、 美商务部长称可能于8月初与中方谈判代表会面，商务部回应。 2、商务部：已部署开展打击战略矿产走私出口专项行动。 3、2025年退休人员养老金调整：上调2%。 3、昨日的商务部例行新闻发布会上，新闻发言人就中国政府是否已采取相关措施打击 关键矿产转运和走私行为作出了回应。何咏前表示，今年5月，中国国家出口管制工作 协调机制办公室，已部署开展打击战略矿产走私出口专项行动，相关信息可在商务部 网站查询。 5、当地时间7月9日，特朗普宣布对铜征50%关税。中国外交部发言人毛宁对此表 示：中方一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 4、智元机器人回应拟港股IPO：不属实。 5、北方稀土：第三季度稀土精矿交易价格调整为不含税19109元/吨，环比上涨 1.5%。 宏 观 新 闻 1、 《中华人民共和国政府和马来西亚政府关于互免持公务普通 ...

尽管全球贸易紧张局势不断升级，美国三大股指在周四依旧延续涨势，其中标普500指数与纳斯达克综合指数双双创下历史新高，展现出强 劲的市场韧性与投资者对美国经济前景的持续信心。 标普500指数上涨0.27%，收于6,280.46点；科技股主导的纳斯达克指数上涨0.09%，报20,630.67点，亦为历史新高；道琼斯工业平均 指数则上涨192点，涨幅0.43%，收于44,650.64点。 巴西总统卢拉随后回应称，将根据本国"经济互惠法"对美国的新关税做出回应。受此消息影响，追踪巴西市场的iShares MSCI Brazil ETF （EWZ）当天下跌1.6%。 在宣布针对巴西的关税前，美国已向至少七个国家发出函件，明确新的关税税率；而在本周稍早，他也向包括日本、韩国在内的14个国家 发出类似通知。所有这些新关税措施预计都将自8月1日起生效。 尽管面临这一系列贸易摩擦的风险，美股却不仅收复了春季以来的回调跌幅，甚至进一步创出新高，显示出投资者已逐渐"免疫"于政策波 动所带来的短期情绪扰动。 "Horizon Investment研究与量化策略主管Mike Dickson指出："我们年初时并未预料估值会如此之高，尤其 ...

Core Viewpoint - The recent tariff actions by the Trump administration have caused short-term market fluctuations, but strong corporate earnings expectations and enthusiasm for artificial intelligence are helping investors absorb the uncertainty of trade policies and maintain an overall optimistic stance on risk assets [1]. Market Performance - On Wednesday, the Dow Jones fell by 0.03%, while the S&P 500 rose by 0.04% and the Nasdaq increased by 0.1% [2]. - Major industry ETFs mostly declined, with the energy sector ETF down nearly 1% and the internet stock index ETF down 0.5%, while the global airline industry ETF rose over 4% [3][14]. - The European Stoxx 600 index increased by 0.6%, marking its longest four-day winning streak in over a month [1]. Sector Highlights - Delta Air Lines saw an approximate 11% increase in its stock price after exceeding second-quarter earnings expectations and restoring its full-year earnings guidance [2]. - Rare earth stocks surged, with MP Materials rising about 57% and USA Rare Earth increasing by approximately 17% following news of the U.S. Department of Defense becoming the largest shareholder of MP Materials [11][13]. - The copper price on the London Metal Exchange rose by 0.4%, ending a five-day decline, while in New York, copper prices increased by 2.1%, marking an over 11% cumulative rise since the announcement of tariffs [19]. Economic Indicators - The 10-year U.S. Treasury yield rose by 1 basis point to 4.35% [4]. - The WTI crude oil price fell by 1% to $66.27 per barrel, and Brent crude also saw a 1% decline to $69.47 per barrel [9][16]. - The U.S. dollar exchange rate remained stable, with minimal changes in the euro to dollar ratio at 1.1728 [6]. Investment Sentiment - Analysts suggest that the market's sensitivity to tariff news has decreased, with ongoing economic growth signs and confidence in upcoming earnings seasons providing support for stock market gains [19]. - Strong performance in technology stocks, such as Nvidia and Tesla, is seen as a crucial pillar of market confidence, with recommendations for investors to consider buying on dips [23].

Group 1 - The core point of the news is the significant investment by the U.S. Department of Defense in MP Materials, which is expected to enhance domestic rare earth supply chains and production capabilities [2][3] - MP Materials' stock surged over 60% following the announcement of a $400 million equity investment from the Pentagon and a total of $1 billion in financing commitments from JPMorgan and Goldman Sachs [2][3] - The Pentagon will acquire a 15% stake in MP Materials, making it the largest shareholder, and has agreed to a minimum purchase price of $110 per kilogram for NdPr products produced at the new facility [3] Group 2 - The new magnet manufacturing plant, named the 10X Facility, is expected to begin trial operations in 2028 and will increase the annual production of magnets in the U.S. to 10,000 tons [3] - MP Materials' CEO emphasized that the partnership with the Pentagon is not a form of nationalization, and the company will continue to operate as a publicly traded entity focused on shareholder interests [3] - This investment is seen as a decisive action by the Trump administration to accelerate the independence of the U.S. supply chain for rare earth materials [3]

【导读】稀土磁铁生产商MP Materials获得五角大楼投资，美股走势分化 中国基金报记者 泰勒 兄弟姐妹们啊，今晚继续关注海外市场的表现！ 股价暴涨！五角大楼将入股稀土公司 7月10日晚间，美股稀土板块暴涨， MP Materials股价一度涨超60%，现涨超45%。 | 最高: 48.12 | 今开: 48.10 | 成交量: 5721.90万股 | 换手:35.01% | | --- | --- | --- | --- | | 最低: 42.86 | 昨收:30.03 | 成交额：25.95亿 | 振幅: 17.50% | | 52周最高: 48.12 | 量比: 27.06 | 市盈率(TTM)：亏损 | 市净率:6.91 | | 52周最低: 10.02 | 委比: -50.00% | 市盈率(静)：亏损 | 市销率: 22.73 | | 每股收益:-0.64 | 股息(TTM): -- | 每手股数：1 | 总市值: 71.59亿 | | 每股净资产:6.34 | 股息率(TTM): -- | 最小价差: 0.01 | 总股本：1.63亿 | | 机构持股：-- | Beta: -- | 空头回 ...

7月10日，北方稀土、包钢股份再度抛出涨价消息，将第三季度稀土精矿关联交易价格调整为不含税19109元/吨（干量，REO=50%），REO每 增减1%、不含税价格增减382.18元/吨。 这已是两家企业连续四个季度上调稀土精矿价格。 自去年四季度开始持续涨价 周四晚间，北方稀土与包钢股份相继发布公告宣布涨价。 公告指出，按照计算公式和2025年第二季度稀土氧化物市场价格计算，拟将2025年第三季度稀土精矿关联交易价格调整为不含税19109元/吨 （干量，REO=50%），REO每增减1%、不含税价格增减382.18元/吨。 | 股票代码:600010 | 股票简称:包钢股份 | | --- | --- | | 债券代码:163705 | 债券简称:20钢联03 | | 债券代码:175793 | 债券简称:GC钢联01 | 据了解，北方稀土与包钢股份的精矿采购采用年度协议+季度调价模式。双方约定，自2023年4月1日起，在稀土精矿定价公式不变的情况下， 每季度首月上旬，公司经理层根据稀土精矿定价公式计算、调整稀土精矿价格，重新签订稀土精矿供应合同或补充协议并公告。 值得注意的是，这轮涨价始于去年第四季度。当时 ...

点击注册小程序 查看完整报告 特别申明： 北方稀土公告，预计2025年半年度实现归属于母公司所有者的净利润9亿元-9.6亿元，同比增加1882.54%到 2014.71%。镨钕和镧铈价格同比上涨叠加冶炼分离等加工成本进一步降低增厚业绩。推进绿色冶炼升级改造 项目，一期进入产线联动调试收尾阶段。下游应用仍保持增长，未来稀土行业供需仍有望维持紧平衡。 （王招华/马俊）2025-07-10 您可点击今日推送内容的第2条查看 【巨化股份（600160.SH）】制冷剂高景气延续，Q2 业绩高增长 ——2025 年半年度业绩预告点评 公司发布 2025 年半年度业绩预增公告，2025 年上半年度，公司预计实现归母净利润为 19.7-21.3 亿元，同比 增长 136%-155%；其中，Q2 单季度公司预计实现归母净利润 11.6-13.2 亿元，同比增长 122%-152%，环比增 长44%-63%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 查看完整报告 2025年7月9日，北方稀土公告，预计2025年半年度实现归属于母公司所有者的净利润9亿元-9.6亿元，同比 增加1882.54%到2014.71%。 根据公司公告，新能源汽车1-5月产销同比分别增长45.2%和44%，新能源汽车新车销量达到汽车新车总销 量的44%。截至4月底，全国累计发电装机容量34.9亿千瓦，同比增长15.9%。其中风电装机容量5.4亿千 瓦，同比增长18.2%。根据《锂钴稀土磁材静待反转，固态电池材料成长可期——能源金属2025年度投资 策略》：需求端机器人、飞行汽车等新应用场景将成为稀土磁材增长新引擎，预计2025年和2026年全球氧 化镨钕需求分别为11.7万吨和12.69万吨，同比增速+9.7% ...