Core Viewpoint - The A-share market showed a positive trend with all three major indices opening lower but rising throughout the morning session, driven by significant gains in precious and energy metals, particularly lithium-related stocks [1] Group 1: Market Performance - The A-share market indices experienced a low opening but subsequently increased, with notable stocks such as Tianhua New Energy rising over 10% and Rongjie Co. hitting the daily limit [1] - Rare metal ETF (562800) saw an intraday increase of over 4%, reflecting the positive sentiment in the market [1] Group 2: Price Trends of Raw Materials - Prices of upstream raw materials for lithium batteries have risen significantly, with battery-grade lithium carbonate priced at 85,000 yuan/ton, a 15.65% increase from early October 2025 [1] - The price of electrolytic cobalt reached 402,500 yuan/ton, marking a 17.69% increase since early October [1] - Lithium hexafluorophosphate saw a dramatic price increase of 105.0%, now priced at 123,000 yuan/ton compared to early October [1] Group 3: ETF Composition - The rare metal ETF (562800) tracks the CSI Rare Metal Theme Index, which includes sectors such as rare earths, lithium, copper, cobalt, and tungsten [1] - The top ten weighted stocks in the ETF include leading companies like Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and Salt Lake Potash [1]

Core Viewpoint - Rare metal concept stocks have shown strong performance in early trading, with significant gains in companies such as Zhongmin Resources, Salt Lake Shares, Luoyang Molybdenum, and Huayou Cobalt [1][2] Group 1: Market Performance - Zhongmin Resources increased by over 7%, Salt Lake Shares by over 6%, and both Luoyang Molybdenum and Huayou Cobalt by over 5% [1] - The rare metal ETF rose approximately 4% due to market influences [1] Group 2: Analysis and Future Outlook - Analysts suggest that the limited reserves of strategic minor metals, along with high extraction difficulty and insufficient supply elasticity, are contributing to a growing supply-demand imbalance [2] - Rapid growth in downstream demand from sectors such as new energy, semiconductors, and military industries is expected to exacerbate this imbalance [2] - With the ongoing scarcity of resources, upgrading demand structures, and policy adjustments, rare metal prices are likely to continue an upward trend, benefiting companies with resource advantages, technical barriers, and compliant export channels [2]

数据显示，上银基金旗下1只基金重仓洛阳钼业。上银国证自由现金流指数A（024073）三季度持有股 数6.53万股，占基金净值比例为4.49%，位居第五大重仓股。根据测算，今日浮盈赚取约5.62万元。 上银国证自由现金流指数A（024073）成立日期2025年6月26日，最新规模656.4万。成立以来收益 14.73%。 上银国证自由现金流指数A（024073）基金经理为卢扬、黄璜。 11月13日，洛阳钼业涨5.35%，截至发稿，报16.94元/股，成交17.68亿元，换手率0.61%，总市值 3624.20亿元。 资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充 ...

Core Viewpoint - China has announced the suspension of export restrictions on key minerals such as gallium, germanium, antimony, and graphite until November 27, 2026, catching the U.S. off guard during ongoing negotiations [2][5]. Group 1: China's Strategic Move - The suspension of mineral controls is seen as a strategic maneuver by China, not a sign of weakness, as it was not discussed in prior negotiations [2][5]. - The minerals released are critical for industries such as semiconductors, 5G, and military applications, highlighting China's significant role in the supply chain [5][9]. - China holds approximately 85% of the world's gallium reserves and nearly 70% of germanium production, making it difficult for other countries to replicate this supply chain advantage [9][11]. Group 2: Implications for the U.S. - The U.S. faces a dilemma: continue relying on Chinese minerals or invest heavily in building its own supply chain, which could take years and cost billions [7][9]. - If U.S. companies opt for Chinese minerals due to lower costs, it could undermine efforts to create a self-sufficient supply chain [9][11]. - The timing of China's suspension provides a buffer period, allowing for potential negotiations while also signaling that China can reinstate restrictions if talks do not progress favorably [11][12]. Group 3: Broader Context of U.S.-China Relations - The ongoing U.S.-China rivalry involves complex negotiations, with both sides trying to leverage their strengths while avoiding escalation [14]. - China's move to suspend mineral restrictions is a clear signal to the U.S. about the stakes involved in the negotiations, emphasizing the need for careful consideration of their next steps [14].

Core Viewpoint - Yunnan Germanium announced on November 12 that it currently has a production capacity of 60 tons/year for germanium tetrachloride used in optical fibers and plans to produce 35 tons by 2025, with no current plans for capacity expansion [1] Group 1: Production Capacity - The company has a current production capacity of 60 tons/year for optical fiber-grade germanium tetrachloride [1] - The planned production for 2025 is 35 tons of optical fiber-grade germanium tetrachloride [1] - There are no plans for expanding the production capacity of optical fiber-grade germanium tetrachloride at this time [1] Group 2: Advanced Germanium Materials Project - The "Advanced Germanium Materials Construction Project" includes high-purity germanium tetrachloride, which serves as a semi-finished product in the supply chain [1] - High-purity germanium tetrachloride can be processed into optical fiber-grade germanium tetrachloride or further refined into zone-melted germanium ingots through hydrolysis and zone melting processes [1]

Core Insights - As of November 10, 2025, the total number of shareholders for the company is reported to be 254,242 [2] Company Information - The company, China Rare Earth, provided an update on its shareholder count in response to investor inquiries on November 12 [2]

Core Viewpoint - Dongfang Tantalum Industry (000962) announced the completion of a binding equity acquisition of Brazil's Taboca Mining Company by its actual controller, China Nonferrous Mining Group Co., Ltd. [1] Group 1: Acquisition Details - Taboca Mining Company owns an operational polymetallic mine for tin, tantalum, and niobium, a tin smelting plant, a tantalum-niobium iron alloy smelting plant, and a UHE hydropower station that supplies power to the mine [1] - The polymetallic mine and tantalum-niobium iron alloy smelting plant are located in the Amazon region of Brazil [1] Group 2: Future Contracts and Supply Chain - In April 2025, the company signed a procurement contract with Taboca Mining Company to purchase approximately 3,000 tons of tantalum-niobium iron alloy raw materials, with an estimated procurement amount of 540 million RMB [1] - This procurement is expected to provide strong support for a stable and controllable supply chain of tantalum-niobium ore raw materials [1] Group 3: Production Capabilities - The company possesses a complete production line from ore wet smelting to the production and processing of tantalum-niobium products [1] - There is an ongoing upgrade and transformation towards high-end products across the entire supply chain [1]

Core Viewpoint - Dongfang Tantalum Industry focuses on its core business of tantalum and niobium, emphasizing technological advancement and innovation to enhance production efficiency and product quality [2] Group 1: Business Strategy - The company aims to optimize its industrial layout by concentrating on full wet processing, improving tantalum powder quality, stabilizing tantalum wire production, expanding pyrometallurgy, strengthening finished products, and enhancing value chain development [2] - Dongfang Tantalum Industry is committed to integrating production and research, establishing a robust talent development mechanism, and focusing on technological innovation in new materials [2] Group 2: Technological Innovation - The company prioritizes technological progress and aims to achieve the transformation of high-tech product results through continuous innovation in new materials [2] - Emphasis is placed on both technological innovation and lean management to achieve industrial scale and quality efficiency [2]

Core Viewpoint - The company emphasizes the importance of market value management and has implemented a systematic approach to enhance its market value and investor confidence [2] Group 1: Market Value Management - The company has developed and approved a "Market Value Management System" by the board to systematically advance market value management initiatives [2] - The company is committed to improving the quality of information disclosure and strengthening investor relations management through various communication channels [2] - The company is actively researching and evaluating diverse value-sharing plans, including cash dividends, to introduce measures that align with the long-term interests of the company and all shareholders [2] Group 2: Investor Communication - The company maintains communication with investors through performance exchange meetings, "Interactive Easy," and investor hotline services [2] - The company aims to explore multi-dimensional and multi-faceted market value management methods to enhance its overall value [2]

Core Insights - Luoyang Molybdenum Co., Ltd. experienced a 1.53% decline in stock price on November 11, with a trading volume of 2.19 billion yuan [1] - The company reported a net financing outflow of 59.61 million yuan on the same day, with a total financing and securities balance of 3.57 billion yuan [1][2] - For the period from January to September 2025, the company achieved a revenue of 145.49 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [2] Financing and Securities - On November 11, Luoyang Molybdenum had a financing buy-in of 206 million yuan, with a financing balance of 3.55 billion yuan, representing 1.26% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company also had a securities lending balance of 18.19 million yuan, with a lending volume that exceeds the 80th percentile of the past year [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a growth of 28.08% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.75 million shares, and several ETFs that adjusted their positions [3]