证券日报网讯东方钽业10月21日在互动平台回答投资者提问时表示，截至2025年10月20日收盘，公司持 有人数量为42，404户。 （文章来源：证券日报） ...

Core Insights - The China Rare Metals Theme Index has shown a strong increase of 1.49%, with notable gains in stocks such as Tungsten High-tech (+4.21%), Tin Industry Co. (+4.17%), and Luoyang Molybdenum (+4.10%) [1] - The Rare Metals ETF (562800) has also risen by 1.25%, with a cumulative increase of 8.08% over the past month [1][4] - The ETF has seen significant growth in scale, with an increase of 2.648 billion yuan over the past three months, ranking first among comparable funds [4] Market Performance - The Rare Metals ETF experienced a turnover rate of 2.77% and a transaction volume of 101 million yuan [4] - Over the past week, the ETF's shares increased by 21 million, also ranking first among comparable funds [4] - In the last five trading days, there were net inflows on three days, totaling 311 million yuan [4] Price Trends - Recent prices for rare earth products have generally declined, with average weekly price drops exceeding 6% for mainstream products like praseodymium and neodymium oxides [5] - The supply side of rare earths is expected to have limited short-term increases, while demand has not met expectations, leading to price pressure [5] Cobalt Market Update - The Democratic Republic of Congo has lifted its cobalt export ban, implementing a quota system instead, allowing for a total of 18,125 tons to be exported in Q4 2025 [5] - The previous export ban resulted in a supply reduction of approximately 141,600 tons, suggesting a potential ongoing shortage in the cobalt market from 2025 to 2027 [5] Top Holdings - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.91% of the index, with North Rare Earth and Luoyang Molybdenum being the most significant contributors [4]

Core Insights - The successful production of the world's first thousand-ton high-purity rubidium and cesium salt project by Jindeli Lithium New Energy Technology Co., Ltd. marks a significant step for China in achieving self-sufficiency in strategic resources previously reliant on imports [1][2] - The project utilizes independently developed technology, achieving a product purity of 99.9%, enhancing China's position in the global rubidium and cesium industry [1][2] Company Developments - Jindeli has invested a total of 25.12 billion yuan in the Anyi County area, including an additional strategic investment of 5 billion yuan to establish a facility capable of producing 1,800 tons of rubidium salt and 350 tons of cesium salt annually [2] - The project is expected to generate an annual output value exceeding 3 billion yuan, supported by its advanced crystallization process [2] Industry Impact - Rubidium and cesium are identified as critical strategic metals essential for national major technology projects and supply chain security [1] - The project not only establishes the largest rubidium and cesium salt production base globally but also demonstrates the potential for transforming by-products from lithium mica into high-value resources, thereby improving resource utilization efficiency and economic benefits [1][2]

Group 1: Market Performance - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 1.61%, with a transaction volume of 1.74 billion yuan [2] - The latest scale of the Rare Earth ETF reached 108.04 billion yuan, marking a new high since its establishment and ranking first among comparable funds [2] - The latest share count of the Rare Earth ETF is 6.034 billion shares, also a new high since its inception, and ranks first among comparable funds [2] - Over the past 7 days, the Rare Earth ETF has seen continuous net inflows, with a maximum single-day net inflow of 1.184 billion yuan, totaling 3.405 billion yuan [2] - As of October 20, the net value of the Rare Earth ETF has increased by 88.93% over the past two years, ranking 59th out of 2358 index equity funds, placing it in the top 2.50% [2] - The highest monthly return since the establishment of the Rare Earth ETF is 41.25%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 83.89% [2] Group 2: Industry Developments - On October 19, Tianhe Magnetic Materials announced plans to invest 850 million yuan in a project for high-performance rare earth permanent magnets and related equipment in Baotou City [3] - Northern Rare Earth and Baotou Steel announced an increase in rare earth prices for the fourth quarter of 2025 [3] - In September, the export of rare earths and related products reached 10,538 tons, a year-on-year increase of 7.6%, with a cumulative export of 95,875 tons from January to September, up 3.1% year-on-year [3] - The Ministry of Commerce of China issued two announcements on October 9 regarding rare earth export controls, indicating that products containing Chinese-origin rare earths valued at 0.1% or more may be subject to export restrictions [3] - The new regulations on rare earths are seen as a necessary response in the context of global supply chain competition, following similar measures for gallium and germanium [3] - It is recommended to focus on investment opportunities along the "resources + growth" dual lines, considering the potential impact of regional politics and export policies from major resource countries [3]

Group 1 - The core point of the news is that Yongshan Lithium Industry experienced a slight decline in stock price and notable changes in financing activities, indicating a high level of financing balance relative to its market value [1] - On October 20, Yongshan Lithium Industry's stock price fell by 0.32%, with a trading volume of 93.93 million yuan. The financing buy amount was 5.86 million yuan, while the financing repayment was 5.87 million yuan, resulting in a net financing buy of -4719 yuan [1] - As of October 20, the total financing and securities lending balance for Yongshan Lithium Industry was 232 million yuan, which accounts for 4.85% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Yongshan Lithium Industry was 44,400, a decrease of 8.00% from the previous period, while the average circulating shares per person increased by 8.70% to 11,539 shares [2] - For the first half of 2025, Yongshan Lithium Industry reported operating revenue of 2.392 billion yuan, a year-on-year decrease of 28.63%, and a net profit attributable to shareholders of -144 million yuan, a significant decline of 315.62% [2] - Since its A-share listing, Yongshan Lithium Industry has distributed a total of 282 million yuan in dividends, with 207 million yuan distributed over the past three years [2]

Core Viewpoint - Yunnan Zhenye (002428) responded to investor inquiries on October 20, indicating that the company and its subsidiaries utilize a variety of equipment, which includes both domestically sourced and imported devices, as well as some custom-developed equipment based on production processes [1] Group 1 - The company has a diverse range of equipment types [1] - Some equipment is procured from the market, including both domestic and imported options [1] - A portion of the equipment is custom-developed according to specific production processes [1]

Group 1: Gold Market Analysis - The current gold market is driven by "reserve value" rather than "trading value," with central banks increasing gold reserves as a safeguard against the weakening trust in the US dollar [6][7][10] - Since 2016, there have been three significant expansions in the cracks of dollar credit, correlating with major surges in gold prices [6][8][9] - The World Gold Council reports that 95% of global central banks plan to increase their gold holdings in the next 12 months, indicating strong support for gold prices [7] Group 2: Hikvision (002415.SZ) Performance - Hikvision's revenue for the first three quarters of 2025 reached 657.58 billion yuan, a year-on-year increase of 1.18%, with a net profit of 93.19 billion yuan, up 14.94% [17][19] - The company is focusing on domestic business opportunities and has seen a narrowing decline in its SMBG business, with a significant increase in cash flow [18][19] - Future revenue projections for Hikvision are 950.36 billion yuan, 1,022.84 billion yuan, and 1,121.42 billion yuan for 2025-2027, with net profits expected to be 140.40 billion yuan, 155.57 billion yuan, and 173.44 billion yuan respectively [19] Group 3: Siyuan Electric (002028.SZ) Performance - Siyuan Electric reported a revenue of 138.27 billion yuan for the first three quarters of 2025, a 32.86% increase, with a net profit of 21.91 billion yuan, up 46.94% [21][22] - The company has a strong order backlog and is actively preparing for increased business demand, with inventory rising by 44.58% [21][22] - Future net profit projections for Siyuan Electric are 29.03 billion yuan, 37.32 billion yuan, and 48.05 billion yuan for 2025-2027, with corresponding EPS of 3.72, 4.78, and 6.15 yuan [22] Group 4: Fuyao Glass (600660.SH) Performance - Fuyao Glass achieved a revenue of 333.0 billion yuan in the first three quarters of 2025, a 17.6% increase, with a net profit of 70.6 billion yuan, up 28.9% [24][26] - The company is experiencing a transition in management, which is expected to support its strategic development [25][26] - Future revenue projections for Fuyao Glass are 460 billion yuan, 525 billion yuan, and 608 billion yuan for 2025-2027, with net profits expected to be 94 billion yuan, 106 billion yuan, and 124 billion yuan respectively [26] Group 5: Tunan Co. (688231.SH) Performance - Tunan Co. reported a revenue of 8.59 billion yuan for the first three quarters of 2025, a decrease of 20.5%, with a net profit of 1.23 billion yuan, down 52.2% [28][29] - The company is in a phase of investment and production ramp-up, which has temporarily affected profitability [28][29] - Future revenue projections for Tunan Co. are 15.2 billion yuan, 20.6 billion yuan, and 25.6 billion yuan for 2025-2027, with net profits expected to be 2.8 billion yuan, 4.2 billion yuan, and 5.3 billion yuan respectively [29] Group 6: Cangge Mining (000408.SZ) Performance - Cangge Mining achieved a revenue of 24.01 billion yuan in the first three quarters of 2025, a 3.35% increase, with a net profit of 27.51 billion yuan, up 47.26% [31][32] - The growth in Q3 was notable despite the suspension of lithium carbonate production, driven by copper and potassium chloride businesses [31][32] - Future EPS projections for Cangge Mining are 2.19, 3.12, and 3.96 yuan for 2025-2027, with corresponding PE ratios of 26, 18, and 15 [33]

Group 1: Rare Metal ETF Performance - The liquidity of the rare metal ETF showed a turnover rate of 2.52%, with a transaction volume of 91.66 million yuan [3] - The latest scale of the rare metal ETF reached 3.639 billion yuan, ranking first among comparable funds [3] - In the past week, the rare metal ETF saw an increase of 366 million shares, marking significant growth and leading among comparable funds [3] - Over the last five trading days, the rare metal ETF experienced net inflows on four days, totaling 718 million yuan [3] - As of October 17, the net value of the rare metal ETF has increased by 6.69% over the past three years [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25% [3] - The average monthly return during the rising months was 8.60% [3] Group 2: Industry Trends and Supply Dynamics - In the first eight months of 2025, global power battery installations reached 691.3 GWh, a year-on-year increase of 34.9% [4] - The global energy storage industry is also experiencing high growth, with expectations for large-scale storage installations to reach 205 GWh in 2025, up 51% year-on-year [4] - The dual growth of the new energy vehicle and energy storage sectors is providing strong support for lithium metal demand [4] - On the supply side, the lithium market has been in a state of oversupply due to previous industry expansion, leading to continued price pressure [4] - However, the implementation of "anti-involution" policies in the domestic industry is gradually pushing lithium prices to stabilize and rise [4] - The "anti-involution" measures are expected to clear inefficient production capacity in the lithium industry, supporting performance recovery for related companies [4] - In September 2025, the Democratic Republic of the Congo announced a cobalt export quota policy, which may exacerbate supply tightness in the global cobalt market [4] - The DRC is projected to account for 76% of global cobalt production in 2024 [4] Group 3: Top Holdings in Rare Metal Index - The top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Salt Lake Potash, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Zhongjin Lingnan, Shenghe Resources, and Western Superconducting, collectively accounting for 59.91% of the index [3]

Group 1 - The liquidity of the rare earth ETF managed by Jiashi has a turnover rate of 1.54% and a transaction volume of 1.65 billion yuan [3] - The latest scale of the Jiashi rare earth ETF reached 107.14 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - The Jiashi rare earth ETF has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 1.184 billion yuan, totaling 3.328 billion yuan [3] Group 2 - As of October 17, the Jiashi rare earth ETF has increased by 93.31% in net value over the past year, ranking 4th out of 3069 index equity funds, placing it in the top 0.13% [3] - The highest monthly return since the establishment of the Jiashi rare earth ETF was 41.25%, with the longest consecutive monthly increase being 4 months and the longest cumulative increase being 83.89% [3] - The average return rate during the months of increase is 10.78% [3] Group 3 - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index account for 61.96% of the total, including Northern Rare Earth, Wolong Electric Drive, Lingyi Zhi Zao, China Rare Earth, Shenghe Resources, Greeenmei, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earth export controls and regulating the export of equipment, technology, and raw materials across the entire industry chain [4] - The upgrade of rare earth export controls is expected to enhance the global competitive advantage of China's electric motor industry, as China holds 69% of the global smelting and separation capacity and over 90% of the precision processing capacity [4]

Core Viewpoint - Dongfang Tantalum Industry Co., Ltd. has seen a stock price increase of 5.29%, reaching 27.85 CNY per share, with a trading volume of 198 million CNY and a turnover rate of 1.45%, resulting in a total market capitalization of 14.06 billion CNY [1] Group 1: Company Overview - Dongfang Tantalum Industry, established on April 30, 1999, and listed on January 20, 2000, is located in Shizuishan, Ningxia Hui Autonomous Region. The company specializes in the research, production, and sales of tantalum, niobium, beryllium metals, and alloy products [1] - The main business revenue composition includes tantalum, niobium, and their alloy products at 98.36%, titanium and titanium alloy products at 1.30%, and other products at 0.34% and 0.01% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Dongfang Tantalum, Huaxia Fund's Huaxia Stable Growth Mixed Fund (519029) entered the list in the second quarter, holding 2.1124 million shares, which accounts for 0.42% of the circulating shares. The estimated floating profit today is approximately 2.9574 million CNY [2] - Huaxia Stable Growth Mixed Fund was established on August 9, 2006, with a latest scale of 1.146 billion CNY. Year-to-date returns are 29.32%, ranking 2368 out of 8234 in its category; the one-year return is 45.68%, ranking 1233 out of 8095; and since inception, the return is 451.93% [2]