Core Viewpoint - The rare metals sector is experiencing significant growth, with the China Rare Metals Theme Index and related ETFs showing strong performance and increased trading activity, driven by positive market dynamics and strategic developments in the industry [1][2][3] Group 1: Market Performance - As of July 24, 2025, the China Rare Metals Theme Index (930632) surged by 5.43%, with key stocks such as Zhongke Sanhuan (000970) and Tibet Mining (000762) hitting the daily limit [1] - The Rare Metals ETF (159608) rose by 5.51%, with a weekly cumulative increase of 9.77% as of July 23, 2025 [1] - The ETF's trading volume was active, with a turnover rate of 15.57% and a total transaction value of 39.03 million yuan [1] Group 2: Fund Performance - The Rare Metals ETF achieved a net asset value increase of 54.32% over the past year, ranking first among comparable funds [2] - The ETF's highest monthly return since inception was 24.11%, with an average monthly return of 7.53% during rising months [2] - The ETF's total size reached 242 million yuan, marking a three-month high, with a significant increase of 15.2 million shares in the past week [1][2] Group 3: Industry Developments - The rare earth permanent magnet sector is leading in growth, supported by a recent international certification of the "Nd-Huanghe Mine," which opens new pathways for strategic resource development [2] - The lithium sector is also strengthening, with the National Development and Reform Commission promoting supply chain cooperation, despite rising inventories [3] - Analysts predict that rare earth prices will remain robust due to dynamic export policies and increasing demand in the new energy sector [3]

Core Viewpoint - The rare metals sector is experiencing significant growth, with the rare metals ETF showing strong performance and attracting substantial capital inflows, indicating positive market sentiment and potential investment opportunities in the industry [1][2][3]. Group 1: ETF Performance - As of July 23, 2025, the rare metals ETF has seen a net value increase of 54.32% over the past year, ranking first among comparable funds and placing in the top 9.26% of index stock funds [2]. - The rare metals ETF has achieved a maximum monthly return of 24.11% since its inception, with the longest streak of consecutive monthly gains being three months and a total increase of 32.31% during that period [2]. - The ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals [2][3]. Group 2: Market Dynamics - The CSI Rare Metals Theme Index has seen a strong performance, with a recent increase of 1.79% as of July 24, 2025, and notable gains from constituent stocks such as Zhongke Sanhuan and Jinchuan Group [1]. - The ETF has recorded a trading volume turnover of 5.01% and a total transaction value of 12.52 million yuan, with an average daily transaction value of 33.48 million yuan over the past week [1]. - Recent government actions, including enhanced export controls and compliance reviews for strategic minerals, are expected to positively impact the domestic market and support price recovery in the rare earth and magnetic materials sectors [3]. Group 3: Key Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI Rare Metals Theme Index account for 54.07% of the index, including companies like Yalake Co., Northern Rare Earth, and Ganfeng Lithium [2].

金十数据7月23日讯，7月23日，沪深两市全天成交额合计18646亿元，较上一日缩量284.38亿元。其 中，沪市成交额为8570.46亿元（上一交易日为8405.73亿元），成交量为7.68亿手（上一交易日为7.16亿 手）；深市成交额为10075.54亿元（上一交易日为10524.65亿元），成交量为7.73亿手（上一交易日为 7.86亿手）。东方财富成交额居首，为192.49亿元。其次是北方稀土、中信证券、新易盛、中际旭创， 成交额分别为115.4亿元、85.42亿元、74.79亿元、73.96亿元。 沪深两市今日成交额合计18646亿元，东方财富成交额居首 ...

Group 1: Liquidity and Performance of Rare Metal ETF - The Rare Metal ETF had an intraday turnover of 5.9%, with a transaction volume of 58.84 million yuan [3] - As of July 22, the average daily transaction volume over the past week reached 65.15 million yuan, ranking first among comparable funds [3] - The latest scale of the Rare Metal ETF reached 987 million yuan, marking a three-month high and also ranking first among comparable funds [3] - In the past week, the ETF's shares increased by 79.2 million, achieving significant growth and leading among comparable funds [3] - The latest net inflow of funds into the Rare Metal ETF was 5.79 million yuan, with a total of 39.52 million yuan net inflow over three out of the last five trading days [3] - Over the past year, the net value of the Rare Metal ETF increased by 43.98%, ranking 443 out of 2931 index equity funds, placing it in the top 15.11% [3] - Since its inception, the ETF's highest monthly return was 24.02%, with the longest consecutive monthly gains being three months and the longest gain percentage being 14.06% [3] - The average return during the rising months was 7.76%, and the annualized return over the past three months exceeded the benchmark by 7.14% [3] Group 2: Market Trends and Key Stocks - Domestic anti-involution measures are intensifying, combined with recent overseas fiscal and monetary easing, leading to strong overall performance in the metal sector [4] - The price of polysilicon has successfully continued to recover, boosting market confidence, which has spilled over to lithium carbonate and alumina [4] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with recent independent factors driving price increases: stricter mining rights reviews for lithium, export bans in the Democratic Republic of Congo for cobalt, and strategic enhancements and shortages for rare earths [4] - As of June 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index included Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Western Superconductor, Zhongmin Resources, and Xiamen Tungsten, collectively accounting for 54.07% [4] Group 3: Stock Performance - Salt Lake Co. decreased by 0.49% with a weight of 8.51% [6] - Northern Rare Earth increased by 3.32% with a weight of 8.47% [6] - Luoyang Molybdenum decreased by 0.22% with a weight of 7.95% [6] - Huayou Cobalt increased by 1.24% with a weight of 6.76% [6] - Ganfeng Lithium decreased by 0.79% with a weight of 5.12% [6] - Tianqi Lithium decreased by 0.71% with a weight of 4.46% [6] - China Rare Earth increased by 0.32% with a weight of 3.62% [6] - Western Superconductor increased by 0.10% with a weight of 3.16% [6] - Zhongmin Resources increased by 0.31% with a weight of 3.13% [6] - Xiamen Tungsten decreased by 0.86% with a weight of 2.68% [6] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [6]

Group 1 - The rare earth permanent magnet sector is experiencing a rebound, with Baogang Co., Ltd. (600010) hitting the daily limit increase [1] - Ruichen Environmental Protection (301273) has seen a rise of over 15% [1] - Other companies such as Benlang New Materials, Northern Rare Earth (600111), and Jiuwu High-Tech (300631) are also witnessing significant increases [1] Group 2 - There is a notable influx of dark pool funds into these stocks [1]

Group 1 - The State Council of China has issued the "Rural Road Regulations," focusing on improving the quality of rural road networks and coordinating with national and provincial road construction to promote integrated urban-rural transportation [1] - The China Fusion Energy Company was officially established on July 22 in Shanghai, operating as a subsidiary of the China National Nuclear Corporation [2] - The "Action Plan for High-Quality Development of the Next-Generation Display Industry in Shanghai (2026-2030)" has been released, aiming to develop multi-form glasses products such as AI+AR and AI+MR [3] Group 2 - The State Administration for Market Regulation has suspended the antitrust investigation against DuPont China Group [4] - Citigroup has released its macroeconomic outlook for the second half of 2025, indicating that if growth remains resilient and prices improve, the attractiveness of Chinese assets will increase [5] Group 3 - Jiangnan Chemical has experienced a two-day trading limit increase, but there is uncertainty regarding its participation in the Yarlung Tsangpo River hydropower project [6] - Huajian Group has also seen a three-day trading limit increase, but its related business does not currently involve the Yarlung Tsangpo River downstream hydropower project [6] - Guangsheng Nonferrous Metals plans to publicly transfer a 3% stake in its wholly-owned subsidiary, Zhujiang Rare Earth [6] - Zhukbo Design has a two-day trading limit increase but lacks the qualifications and capabilities for hydropower station project design [6] - Zhejiang Fu Holdings has a two-day trading limit increase, with its subsidiary, Zhejiang Fu Hydropower, primarily engaged in the R&D, design, manufacturing, and service of large and medium-sized turbine generator sets [6]

Investment Rating - Industry investment rating is "Recommended," indicating a favorable industry outlook with expectations 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, significantly impacting the trade dynamics between the two countries [5][6]. - Following the implementation of export controls, overseas prices for rare earths, particularly heavy rare earths, have surged, 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. restrictions, with significant implications for trade negotiations [5][6]. - The U.S. has responded by lifting certain export bans, indicating a shift in trade relations [7]. Section 2: Price Dynamics - The price of heavy rare earths, such as dysprosium, has increased dramatically, with European prices rising from $250-310 per kilogram to $700-1000 per kilogram within a month [10]. - The domestic price for dysprosium remains significantly lower at approximately $233 per kilogram, highlighting the disparity created by export controls [12]. Section 3: Domestic Price Trends - The domestic rare earth price index fluctuated between 155 and 180 points until June 20, 2025, when it surpassed 180 points, indicating a recovery trend [11]. - The report anticipates continued price increases in the domestic market due to ongoing export controls and the tightening of production regulations [19]. Section 4: Regulatory Environment - Recent regulatory measures have strengthened the management of rare earth production and exports, with a focus on establishing a traceability system for rare earth products [18][20]. - The government has indicated that the control measures will be further refined, suggesting a sustained positive outlook for the rare earth industry [19].

Group 1 - The A-share market continues its strong momentum, with the Shanghai Composite Index achieving a five-day winning streak and reaching a new high for the year, with a total trading volume of 1.93 trillion yuan, an increase of 200 billion yuan compared to the previous trading day [1] - A total of 902 ETFs in the market rose, accounting for 73.5% of the total, with significant performance in sectors such as old infrastructure, state-owned enterprises, and energy resources [1] - Notably, 106 ETFs saw a daily increase of over 2%, with the leading product, the Infrastructure 50 ETF (516970), surging by 5.56% and achieving a trading volume exceeding 1.1 billion yuan [1] Group 2 - The Engineering Machinery ETF (560280) followed closely with a daily increase of 4.9%, focusing on the demand for machinery equipment in the Yajiang project, and recorded a net purchase of 20 million shares in the previous trading day [1] - The Energy ETF from GF (159945) also benefited from the strong performance of the coal and electricity sectors, rising over 4.5% [1] - Other ETFs, including the Materials ETF (159944), Rare Metals ETF (159608), and Central Enterprise Innovation ETF (515600), also saw daily increases exceeding 2%, showcasing GF Fund's diversified and meticulous layout in the index business [2] Group 3 - The Hong Kong Innovation Drug ETF (513120) maintained high activity, with a daily trading volume surpassing 10.8 billion yuan, and its latest scale exceeding 14.5 billion yuan, leading the market in the pharmaceutical ETF category [2] - The net value of the Hong Kong Innovation Drug ETF has increased by 118.18% over the past year [2]

Core Viewpoint - The A-share rare earth sector has experienced a significant surge, driven by multiple favorable factors, leading to substantial gains in key stocks such as Northern Rare Earth and Huahong Technology [2][4]. Group 1: Favorable Factors for Rare Earth Sector - The first favorable factor is the impressive performance forecast from Northern Rare Earth, expecting a net profit of 0.9 to 0.96 billion yuan for the first half of the year, representing a year-on-year increase of 1882.54% to 2014.71% [2]. - The second factor is the continuous rise in rare earth ore prices, with Northern Rare Earth and Baotou Steel further increasing the transaction prices for the third quarter by 1.5% [4]. - The third factor is the explosive demand from downstream industries such as electric vehicles and consumer electronics, with projections indicating that China's rare earth market could reach 180 billion yuan by 2030, growing at a compound annual growth rate of 11.50% [4]. - The fourth factor relates to the geopolitical context, where rare earth supply has become a key leverage point in the US-China trade tensions, supporting rare earth prices [4]. - The fifth factor is the macroeconomic cycle influenced by the Federal Reserve's interest rate cuts, which may stimulate global economic growth and increase demand for rare earths [4]. Group 2: Performance of Rare Earth Stocks - A total of 15 rare earth stocks have shown an average increase of 25.25% over the past month, with Huahong Technology leading at a 73.00% increase [6][8]. - Notably, Huahong Technology's mid-year profit forecast indicates a year-on-year growth of 3047% to 3721%, attributed to rising rare earth prices and increased production in its magnetic materials business [6][8]. - The trading activity remains high, with an average turnover rate of 40.79% for the listed stocks, indicating strong market interest [6]. Group 3: Fund Holdings in Rare Earth Stocks - Among the rare earth stocks, 13 companies have attracted fund investments, with Guangsheng Youse having the highest fund holding ratio at 8.16%, which increased by 5.74% from the previous quarter [9][10]. - The majority of companies experienced fund reductions in the second quarter, with Hengdian East Magnet and Ningbo Yunsheng seeing the highest decrease [9]. - Guangsheng Youse's performance turnaround is linked to rising rare earth prices and increased sales of rare earth permanent magnets [9].

金十数据7月22日讯，7月22日，沪深两市全天成交额合计18930.38亿元，较上一日增量1930.58亿元。其 中，沪市成交额为8405.73亿元（上一交易日为7309.06亿元），成交量为7.16亿手（上一交易日为6.34亿 手）；深市成交额为10524.65亿元（上一交易日为9690.74亿元），成交量为7.86亿手（上一交易日为 7.33亿手）。中际旭创成交额居首，为112.1亿元。其次是东方财富、北方稀土、新易盛、宁德时代，成 交额分别为107.42亿元、106.5亿元、100.98亿元、94.69亿元。 沪深两市今日成交额合计18930.38亿元，中际旭创成交额居首 ...