Core Insights - The Inner Mongolia Autonomous Region is focusing on the development and utilization of strategic mineral resources, particularly rare earth elements, as part of its 15th Five-Year Plan [1] Group 1: Strategic Development - Emphasis on protective development, high-quality utilization, and standardized management of mineral resources [1] - Plans to enhance research and application of new technologies, processes, products, materials, and equipment related to rare earth elements [1] - Aiming to establish a national rare earth new materials innovation center and trading center, positioning Inner Mongolia as the largest base for rare earth new materials and a global leader in rare earth applications [1] Group 2: Industry Growth - Focus on expanding the rare earth permanent magnet motor industry and implementing replacement projects for rare earth permanent magnet motors [1] - Commitment to a new round of exploration strategies to boost mineral resource discovery and enhance the exploration system [1] - Plans to increase the proportion of large and medium-sized mines and foster integrated mining groups and industrial clusters [1]

Core Viewpoint - The stock of Shenghe Resources has experienced a significant increase of 94.37% year-to-date, but has recently faced declines in the short term, with a drop of 7.17% over the last five trading days and 15.67% over the last 20 days [1] Financial Performance - For the period from January to September 2025, Shenghe Resources reported a revenue of 10.456 billion yuan, representing a year-on-year growth of 26.87%. The net profit attributable to shareholders reached 788 million yuan, showing a substantial increase of 748.07% compared to the previous year [2] Shareholder Information - As of November 10, 2025, the number of shareholders for Shenghe Resources was 239,700, a slight decrease of 0.08% from the previous period. The average number of circulating shares per shareholder increased by 0.07% to 7,312 shares [2] - The company has distributed a total of 1.039 billion yuan in dividends since its A-share listing, with 561 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder with 35.4767 million shares, an increase of 12.0087 million shares from the previous period. The Southern CSI 500 ETF held 20.4321 million shares, a decrease of 353,500 shares, while the Harvest CSI Rare Earth Industry ETF increased its holdings by 795,400 shares to 15.095 million shares [3]

Core Insights - China Rare Earth experienced a decline of 5.12% on November 21, with a trading volume of 1.675 billion yuan [1] - The company reported a net financing outflow of 61.234 million yuan on the same day, with a total financing balance of 2.093 billion yuan [1] - For the period from January to September 2025, China Rare Earth achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit of 192 million yuan, reflecting a significant increase of 194.67% [2] Financing and Trading Activity - On November 21, the financing buy-in for China Rare Earth was 72.483 million yuan, while the financing repayment amounted to 134 million yuan, resulting in a net financing buy-in of -61.234 million yuan [1] - The current financing balance of 2.074 billion yuan accounts for 4.20% of the circulating market value, which is above the 70th percentile level over the past year [1] - In terms of securities lending, 12,800 shares were repaid, and 49,800 shares were sold short, with a total short selling amount of 2.3177 million yuan [1] Shareholder and Dividend Information - As of November 10, the number of shareholders for China Rare Earth reached 254,200, an increase of 2.14%, while the average circulating shares per person decreased by 2.09% to 4,174 shares [2] - Since its A-share listing, the company has distributed a total of 346 million yuan in dividends, with 124 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 29.0694 million shares, an increase of 9.4669 million shares compared to the previous period [3]

智通财经APP获悉，中泰证券发布研究报告称，2024年以来，光伏、电池、汽车等行业低价竞争加剧， 引发政策关注。"反内卷"从部门倡导逐步制度化。本轮"反内卷"政策或更加聚焦于具备全球"类稀土"特 征的重点领域，或有三个特征：一是在全球市场占据产能与技术主导权，具备"不可替代性"；二是存在 无序扩张与低价竞争的现实困境，威胁产业可健康发展；三是具备外部需求驱动的中长期增长空间，具 备演变为国家之间的战略工具或议价筹码的潜力。 中泰证券主要观点如下： 一、从政府工作报告到"十五五"规划："反内卷"政策脉络 2010年以前稀土行业内部陷入无序竞争，稀土价格持续低迷，"白菜价"出口不仅造成资源浪费，也导致 我国在全球稀土价值链中处于低端位置。2014年，工信部正式启动组建大型稀土企业集团的政策部署。 到2016年，全国稀土产业基本完成由六大国有集团主导的整合框架。2021年底中国稀土集团组建完成， 与北方稀土形成"一南一北"双龙头格局，显著改善了过去低效重复建设和无序竞争的局面。随着产业格 局优化与整合机制成熟，中国稀土成为全球高科技产业链的重要战略环节。在中美科技竞争加剧背景 下，稀土作为中国可控的重要资源杠杆，具 ...

"反内卷" ：治理逻辑与产业影响 证券研究报告/策略专题报告 2025 年 11 月 23 日 * [10] M. C. 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 3、《利率下行周期中的高股息增强 策略》2025-09-10 2025-11-07 报告摘要 2025-09-12 | 引言： | 4 | | --- | --- | | 一、从政府工作报告到"十五五"规划："反内卷"政策脉络 | 4 | | 二、"反内卷"宏观背景：内需不足导致"价格"压力显现 | 5 | | 三、上一轮"供给侧"政策如何演绎？ | 9 | | 四、本轮"反内卷"政策宏观环境有何不同？ | 12 | | 4.1 宏观环境的根本变化 12 | | | 4.2 产业基础的全新格局 14 | | | 4.3 政策取向的结构性调整 | 15 | | 五、本轮"反内卷"的战略逻辑："扭转通缩"转向"提高产业议价权" 16 | | | 5.1 为何本轮"反内卷"或成为服务于国家竞争力提升的关键抓手？ ...

Core Viewpoint - The collaboration between France and Japan, with an investment of €216 million, aims to challenge China's long-standing monopoly in the rare earth sector, but significant underlying weaknesses may hinder success [1][3][20] Investment Overview - The investment of €216 million includes €106 million from the French government and €110 million from Japan through JOGMEC and Iwatani Industries, targeting the establishment of a large-scale rare earth recycling plant in Lacq, France, with an annual processing capacity of 7,000 tons and production of 1,400 tons of oxides [3][4] Market Dynamics - Downstream orders have been secured, with Stellantis signing contracts for light rare earths, Japan taking half of the heavy rare earths, and Brazil entering a ten-year supply agreement for concentrates, indicating initial market interest [4][12] Cost Challenges - The project faces significant financial challenges, as the initial investment primarily covers construction and equipment, while ongoing operational costs, particularly high labor and energy expenses, are expected to escalate [5][6] - Energy costs are projected to be over 50% higher than similar facilities in China, leading to a comprehensive product cost that is 2.5 times higher than Chinese counterparts [6][12] Technical Limitations - The project claims to have some patents but lacks extensive industrial production experience, making it vulnerable to operational challenges, particularly in the complex solvent extraction process for heavy rare earth separation [7][8] - European environmental regulations add further financial burdens, complicating the operational landscape and increasing costs for water and chemical management [8][10] Supply Chain Issues - The project's goal of recycling 2,000 tons of waste permanent magnets is ambitious, but the current recycling network in Europe is underdeveloped, leading to high logistics costs and reliance on low-grade ore imports from Australia and Brazil [10][12] Competitive Landscape - China maintains a dominant position in the rare earth market, with significant reserves and production capabilities, making it difficult for other countries to replicate this success in the short term [12][14] - Despite new projects in the West, they generally face challenges related to scale, cost, and raw material stability, limiting their ability to alter the global rare earth supply dynamics [17][20]

Core Viewpoint - China's strategic position in the global rare earth market has evolved from being a low-cost supplier to a rule-maker, leveraging its near-monopoly in heavy rare earth supply to influence global dynamics [3][19]. Group 1: Strategic Importance of Rare Earths - Rare earths have become a central battleground in global resource competition, highlighted by events such as the return of control by Anshi Semiconductor and the EU's urgent consultations with China [3]. - The strategic value of rare earths is underscored by significant profit margins, leading to a thriving smuggling industry that disguises rare earth oxides as common goods [5][7]. Group 2: Supply Chain and Market Dynamics - China dominates the global heavy rare earth supply, accounting for 99% of the market, making it difficult for other countries to achieve self-sufficiency in the short term [7][9]. - The production cost of Chinese rare earths is significantly lower than that of Western counterparts, with prices being only 50% of international industry averages [9]. Group 3: Regulatory and Policy Developments - In response to smuggling and to protect strategic resources, China implemented the Rare Earth Management Regulations in 2024, expanding export controls and requiring approval for products containing even trace amounts of Chinese rare earths [7][11]. - China's regulatory approach is now more nuanced, distinguishing between military and civilian uses, thereby maintaining a balance between security and cooperation [13][15]. Group 4: Global Reactions and Alternatives - The price of dysprosium oxide surged from $250 to $1000 per kilogram, prompting urgent discussions between the EU and China, while the U.S. has resorted to high-priced acquisitions to secure rare earth supplies [11][13]. - Alternative supply chains proposed by countries like Japan and France face significant challenges, including high costs and inefficiencies, making it difficult to compete with China's established dominance [13][15]. Group 5: Long-term Strategic Outlook - China's rare earth strategy transcends simple export limitations, focusing on building a comprehensive industrial ecosystem that integrates supply, processing, and technological advancements [15][19]. - The ongoing competition in the rare earth sector is fundamentally a contest of technological strength and strategic patience, with China maintaining a leading position due to its cost advantages and technological barriers [17][19].

Core Insights - The European Union (EU) plans to establish a central agency to coordinate the procurement and storage of critical minerals, signaling a strategic move to compete with the United States in the global mineral market, with China playing a crucial role in this dynamic [1][4]. Group 1: EU's Internal Challenges - The EU faces internal challenges regarding its critical mineral production goals, hindered by environmental groups and lengthy approval processes, which have stalled projects [4]. - The European Clean Technology Association has expressed urgency in addressing these shortcomings to avoid falling behind in the clean technology sector [4]. Group 2: China's Dominance in Mineral Supply - The EU's mineral supply chain is heavily reliant on China, with 90% of rare earth elements and 100% of graphite imported from China, and China controlling over 70% of the global refining capacity for key minerals like lithium and cobalt [4]. - Recent data indicates that China exported 2,582 tons of rare earth magnets to the EU, highlighting the ongoing dependency despite previous production disruptions faced by EU companies [4]. Group 3: EU's Contradictory Approach - The EU's approach, characterized as "pragmatic yet contradictory," involves publicly opposing U.S. dominance while simultaneously avoiding direct confrontation with China, as evidenced by the approval of numerous rare earth import applications from China [5]. - The EU's efforts to establish a rare earth facility in Estonia and its investigation into subsidies for Chinese automobiles reflect a complex strategy of balancing competition and cooperation [5]. Group 4: Comparison with U.S. Strategy - The U.S. has adopted a more aggressive strategy, utilizing financial incentives and forming partnerships with countries like Canada and Australia to secure mineral resources, contrasting with the EU's reactive stance [5]. - The EU's acknowledgment of its slower pace in securing mineral resources compared to the U.S. has been criticized by industry stakeholders [5]. Group 5: Implications for China - The evolving situation presents both challenges and opportunities for China, as the EU may collaborate with the U.S. to secure investments in mineral-rich regions, while China maintains a significant advantage in processing capabilities [6]. - China's dominance in rare earth processing, with 58% of global patents and significantly lower refining costs compared to the U.S., positions it favorably in the ongoing competition [6]. Group 6: Strategic Outlook - The current geopolitical landscape reveals a complex interplay where the U.S. seeks to assert dominance, the EU aims to fill gaps in its supply chain, and China leverages its technological and production strengths [6]. - The establishment of the EU's central agency serves as a reminder for China to enhance its global mineral resource strategy and convert its processing advantages into a comprehensive supply chain advantage [6].

Core Viewpoint - Recent breakthroughs in rare earth research have led to the development of a unique "energy conversion coat" for rare earth nanocrystals, enhancing their application in electroluminescent devices [1][2]. Group 1: Research Breakthroughs - A collaborative team from Tsinghua University, Heilongjiang University, and the National University of Singapore has designed an innovative interface that efficiently transfers energy to rare earth nanocrystals, addressing challenges in electroluminescent device research [1][2]. - The research, titled "Capturing Electric Excitons for Tunable Rare Earth Nanocrystal Electroluminescence," was published in the journal Nature, marking a significant advancement in the field [1]. Group 2: Characteristics and Challenges of Rare Earth Nanocrystals - Rare earth nanocrystals possess advantages such as tunable emission colors, narrow emission spectra, and high stability, making them promising candidates for electroluminescent materials [2]. - However, their insulating properties hinder current injection and transmission, presenting a significant barrier to their application in modern optoelectronic technologies [2]. Group 3: Future Applications - The breakthrough is expected to facilitate the use of rare earth luminescence in flexible displays, near-infrared devices, and potentially in health monitoring, non-invasive testing, and agricultural lighting technologies [3]. Group 4: Market Outlook for Rare Earth Industry - Despite recent market adjustments, brokerage firms remain optimistic about the long-term prospects of the rare earth sector, given China's dominant position in the global rare earth supply chain [4]. - China holds approximately 40% of global rare earth resources and accounts for about 70% of global production, with significant advantages in refining and processing capabilities [4]. Group 5: Demand in Specific Sectors - The rare earth permanent magnet sector is experiencing rapid growth, particularly in the automotive industry, where demand for neodymium-iron-boron magnets is expected to rise significantly due to the increasing production of electric vehicles [5]. - By 2026, global electric vehicle production is projected to exceed 26 million units, leading to a demand for approximately 66,000 tons of neodymium-iron-boron materials [5]. Group 6: Robotics and Future Demand - The demand for high-performance rare earth magnetic materials is also anticipated to surge in the robotics sector, with each humanoid robot requiring 2-3 kg of rare earth permanent magnets [6]. - The market for humanoid robots could reach over 100 million units, further driving the demand for rare earth materials [6]. Group 7: Investment Recommendations - Analysts recommend maintaining a positive outlook on the rare earth magnetic materials industry, citing potential recovery in profitability and valuation for upstream rare earth resource companies as demand increases [7].

Core Insights - The high import ratio of rare earth elements (REE) in Western countries is due to China's dominance in the separation and purification processes, which account for over 90% of global capacity [2][8] - Despite efforts over the past decade to diversify supply chains, Western countries remain heavily reliant on China for rare earth materials, with significant progress still needed to achieve independence by 2030 [10][18] Group 1: Historical Context - In 2010, a diplomatic incident between China and Japan led to a temporary halt in rare earth exports from China, causing prices to surge dramatically, highlighting the vulnerability of Japan's reliance on Chinese supplies [4][6] - Following the incident, Japan and the U.S. took steps to diversify their rare earth sources, with Japan utilizing its national reserves and the U.S. evaluating the reopening of domestic mines [4][6] Group 2: Current Production and Capacity - As of 2024, global rare earth mine production is projected to reach 390,000 tons, with China contributing 270,000 tons, representing 69% of total production [8][14] - The U.S. is expected to produce approximately 45,000 tons from the Mountain Pass mine in 2024, which would account for over 10% of global production [6][10] Group 3: Future Demand and Supply Challenges - The demand for rare earth elements is expected to grow significantly, with electric vehicles requiring 1-2 kg of REE each and wind turbines needing 200 kg per megawatt [10][12] - By 2030, the demand for rare earth materials in magnets could potentially double, further straining supply chains [10][12] Group 4: Regulatory and Environmental Factors - Western countries face challenges in reopening and operating rare earth mines due to stringent environmental regulations and community opposition, which have slowed progress [6][8] - The U.S. and EU are investing heavily in domestic production and recycling initiatives, but current recovery rates remain low, insufficient to meet future demands [12][14] Group 5: Strategic Partnerships and Future Outlook - Companies in the U.S. and Europe are forming partnerships to secure rare earth supplies while simultaneously working to establish their own production capabilities [16][20] - Despite the slow progress, the long-term goal remains to reduce dependency on Chinese imports, although achieving complete independence may take another decade [18][20]