今年前三季度，北方稀土业绩实现大幅增长。公司昨日晚间发布公告，今年前三季度，预计实现归属于 上市公司股东的净利润为15.1亿元至15.7亿元，同比增长272.54%到287.34%。公司表示，报告期内，公 司主要产品产销量同比增长，推动经营业绩大幅上升。 稀土行情回暖，国内两大稀土巨头之间今年第四季度的关联交易价格继续上调，环比涨幅高达近4成。 这已是双方连续第5个季度上调稀土精矿价格。 智通财经记者注意到，自2024年第四季度起，稀土精矿价格已经连续5个季度上调。截至目前，稀土精 矿关联交易价格已经和2022年初的水平相当。过往公告显示，2022年初，双方稀土精矿交易价格为不含 税26887.2元/吨（干量，REO=51%），REO每增减1%，不含税价格增减527.2元/吨（干量）。 值得关注的是，2022年12月，包钢股份、北方稀土宣布将稀土精矿关联交易价格上调至不含税35313元/ 吨（干量，REO=50%），REO每增减1%，不含税价格增减706.26元/吨（干量），稀土精矿价格达到新 的高度。 据智通财经记者统计，近一年以来，自2024年第三季度以来，稀土精矿交易价格从16741元/吨（干量， RE ...

Core Viewpoint - The two major rare earth companies, Northern Rare Earth (600111.SH) and Baotou Steel (600010.SH), announced a price increase for rare earth concentrate, with the new price set at 26,205 yuan/ton for Q4 2025, marking a 37% increase from the previous quarter and the highest price since Q2 2023 [1][4]. Pricing Mechanism - The price adjustment mechanism for rare earth concentrate between Northern Rare Earth and Baotou Steel began in 2023, with quarterly price calculations based on a fixed pricing formula established in a prior agreement [1][3]. - The price will change by 524.10 yuan/ton for every 1% change in REO content [4]. Financial Performance - Northern Rare Earth expects a net profit attributable to shareholders of 1.51 billion to 1.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 272.54% to 287.34% [2]. - The company also anticipates a net profit of 1.33 billion to 1.39 billion yuan after excluding non-recurring gains and losses, reflecting a year-on-year increase of 399.90% to 422.46% [2]. - Baotou Steel reported a revenue of 31.33 billion yuan for the first half of the year, a decrease of 11.02%, but a net profit of 151 million yuan, which is a year-on-year increase of 39.99% [2].

Core Viewpoint - The rare earth market is experiencing a recovery, with the prices of associated transactions between two major domestic rare earth companies, Baotou Steel (包钢股份) and Northern Rare Earth (北方稀土), increasing significantly in the fourth quarter of this year, marking the fifth consecutive quarter of price hikes [1][2]. Price Adjustments - The associated transaction price for rare earth concentrate has been adjusted to 26,205 CNY/ton (excluding tax, dry weight, REO=50%) for Q4, reflecting a 37.13% increase from the previous quarter's price of 19,109 CNY/ton [1][2]. - The price adjustments are based on the pricing method established in 2022 and the market prices of rare earth oxides projected for Q3 2025 [1]. Market Trends - The price of praseodymium-neodymium oxide has risen significantly, with an average price of 562,000 CNY/ton on September 30, up 26.43% from 444,500 CNY/ton on June 30 [2]. - The current transaction prices for rare earth concentrates have returned to levels comparable to early 2022, where the price was 26,887.2 CNY/ton [2]. Supply and Demand Dynamics - The continuous increase in rare earth concentrate prices may be linked to tightening upstream raw material supplies and stimulating policies for downstream consumption [3]. - Northern Rare Earth reported a substantial increase in net profit for the first three quarters of the year, projecting a net profit of 1.51 to 1.57 billion CNY, representing a year-on-year growth of 272.54% to 287.34% [3]. Future Outlook - Despite the positive performance, the overall demand for metals remains weak due to stagnant orders from magnetic material companies, which may lead to a downward trend in the rare earth market prices in the short term [3].

Core Viewpoint - China has intensified its export controls on rare earth materials, implementing new regulations on October 9, which include a limited scope of items and various licensing facilitation measures [2][3][4]. Group 1: Export Control Measures - The Ministry of Commerce announced export controls on certain rare earth-related items and technologies containing Chinese components, citing their dual-use nature [3]. - The announcement includes three categories of items that require export licenses, extending the control chain to key rare earth technologies and their carriers [3]. - The measures aim to protect national security and interests, addressing concerns over foreign entities transferring Chinese-origin rare earth items for military use [3][4]. Group 2: Market Impact - Analysts believe that while the short-term impact on rare earth prices may be limited, the long-term outlook suggests potential price increases due to a lack of foreign technology imports [6]. - The price of rare earth products has shown stability, with demand in the domestic market providing strong support despite international trade challenges [6][7]. - The rare earth sector has seen a strong price trend over the past year, with companies like Northern Rare Earth reporting optimistic views on future price movements [7]. Group 3: Company-Specific Insights - Northern Rare Earth indicated that its export business is minimal, thus the impact of export controls is relatively small [2][9]. - The company reported that its light rare earth product exports remain normal, while exports of certain heavy rare earth elements are subject to the new controls [9]. - China Rare Earth Group's domestic revenue for the first half of the year reached 1.87 billion yuan, a 64.02% increase year-on-year, while international revenue saw a significant decline [9].

格隆汇10月11日｜美国地质调查局公布的数据显示，2024年中国稀土产量占全球近70%，2020年至2023 年美国从中国进口的稀土量占总进口量的70%。 亚洲时报近日文章称，中国在全球关键矿产市场占据领先地位，尤其是在稀土、锂、钴和镍领域。中国 控制着全球60%以上的稀土产量、约70%的锂精炼、近70%的钴加工以及超过90%的电池级石墨产量。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Insights - Rare earth elements have become essential in the new energy era, being critical for electric vehicle motors, wind turbines, 5G base stations, and military equipment [2][20] - India and Russia face significant challenges in their rare earth industries, primarily due to technological limitations and geopolitical issues, respectively [11][16] Global Rare Earth Supply - As of 2024, global rare earth reserves are approximately 90 million tons, with China holding 44 million tons, accounting for 48.9% of the total [2] - In 2024, global rare earth production is estimated at 390,000 tons, with China producing 270,000 tons, representing nearly 70% of the total output [4] India's Rare Earth Challenges - India has rich rare earth resources, mainly in Andhra Pradesh and Odisha, but faces environmental and technological hurdles in their development [8][10] - The lack of advanced technology and equipment in India results in a reliance on importing processed rare earth products, leading to increased costs and dependency on China [11][14] Russia's Rare Earth Dilemma - Russia's rare earth resources are concentrated in Siberia and the Far East, with reserves estimated at 28.7 million tons [13] - Geopolitical sanctions have severely restricted the development of Russia's rare earth industry, delaying projects and increasing costs [16] China's Competitive Advantage - China's rare earth industry benefits from a complete supply chain established since the 1950s, covering exploration, mining, separation, and application [18] - By 2024, China's rare earth market has reached a scale of hundreds of billions, with major companies supporting domestic electric vehicle and electronic manufacturing [20] Future of Rare Earth Competition - The global competition for rare earth resources is intensifying, with the U.S. and Europe seeking alternatives but facing significant challenges [21] - The future of the rare earth market will be driven by the ability to develop a complete industrial chain and advanced technologies, which China currently leads [21][23]

Core Viewpoint - The announcement from Baogang Co. and Northern Rare Earth indicates an increase in the associated transaction price for rare earth concentrates for Q4 2025, reflecting a significant upward trend in pricing within the industry [1][5]. Price Adjustment - The new price for rare earth concentrates is set at 26,205 yuan/ton (excluding tax), which is an increase of 7,096 yuan/ton or 37.13% compared to the price of 19,109 yuan/ton in Q3 2025 [5]. - This marks the fifth consecutive increase in the transaction price of rare earth concentrates, with previous quarterly prices showing a consistent upward trend [5][6]. Historical Price Data - Historical prices for rare earth concentrates over the past five quarters are as follows: - Q3 2025: 19,109 yuan/ton - Q2 2025: 18,825 yuan/ton - Q1 2025: 18,618 yuan/ton - Q4 2024: 17,782 yuan/ton - Q3 2024: 16,741 yuan/ton - Q2 2024: 16,792 yuan/ton - Q1 2024: 20,737 yuan/ton [6]. Pricing Mechanism - The pricing mechanism for rare earth concentrates has been in place for over two years, allowing for quarterly adjustments based on a predetermined formula [7]. - The management team calculates and adjusts the prices at the beginning of each quarter, ensuring that the pricing remains aligned with market conditions [7]. Company Performance - Northern Rare Earth has projected a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of 2023, representing a year-on-year increase of 272.54% to 287.34% [7]. - The company also expects a non-recurring net profit of 1.33 billion to 1.39 billion yuan, reflecting a substantial year-on-year increase of 399.90% to 422.46% [7]. Market Trends - The rare earth industry is experiencing a recovery in profitability, with improved market conditions compared to the previous year [9]. - The average prices for praseodymium and neodymium metals have increased by 11.9% and 12.7% respectively in the first half of the year, indicating a positive trend in demand and pricing [10]. - Northern Rare Earth reported significant growth in sales volumes across its main product lines, with praseodymium and neodymium product sales reaching historical highs [10][11]. Profitability Recovery - Northern Rare Earth has ended a two-year decline in profitability, with other companies in the sector also showing similar recovery trends [12]. - The average profit growth rate for four major companies, including Northern Rare Earth, has reached 723%, with Northern Rare Earth alone seeing a staggering increase of 1,952% in net profit [14].

Core Viewpoint - The rare earth industry is experiencing a significant price increase, with the price of rare earth concentrate set to rise to 26,205 yuan/ton in Q4 2025, marking a 37.13% increase from the previous quarter's price of 19,109 yuan/ton [5][6]. Price Adjustment Mechanism - The price adjustment mechanism for rare earth concentrate has been in place for over two years, with quarterly adjustments based on a pricing formula agreed upon by Northern Rare Earth and Baotou Steel [6]. - The prices for the past five quarters were as follows: 17,741 yuan/ton, 17,782 yuan/ton, 18,618 yuan/ton, 18,825 yuan/ton, and 19,109 yuan/ton, with respective quarter-on-quarter increases of 6.2%, 4.7%, 1.1%, 1.5% [6]. Industry Performance - The rare earth industry is showing improved profitability, with Northern Rare Earth forecasting a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of the year, representing a year-on-year increase of 272.54% to 287.34% [6]. - The overall market demand for rare earths remains strong, with significant price increases in key products such as praseodymium and neodymium oxides, which saw average prices rise by 11.9% and 12.7% respectively in the first half of the year [10]. Company Performance - Northern Rare Earth reported a gross margin increase of 4.32 percentage points to 12.28%, while Guangsheng Nonferrous's gross margin rose by 5.1 percentage points to 6.4% [10]. - The sales volume of rare earth products for Northern Rare Earth reached historical highs, with a 32.33% increase in rare earth metal product sales and a 17.93% increase in functional materials sales [10]. Market Trends - The A-share rare earth index has seen a year-to-date increase of over 100%, with stocks like Northern Rare Earth, Shenghe Resources, and Huahong Technology doubling in value [7]. - Despite a recent decline in stock prices for Baotou Steel and Northern Rare Earth, the overall market sentiment remains positive due to the anticipated continued improvement in profitability for the second half of the year [7][11].

格隆汇10月11日｜美国地质调查局公布的数据显示，2024年中国稀土产量占全球近70%，2020年至2023 年美国从中国进口的稀土量占总进口量的70%。 亚洲时报近日文章称，中国在全球关键矿产市场占据 领先地位，尤其是在稀土、锂、钴和镍领域。中国控制着全球60%以上的稀土产量、约70%的锂精炼、 近70%的钴加工以及超过90%的电池级石墨产量。 ...

Core Viewpoint - The recent announcements from the Chinese Ministry of Commerce regarding export controls on rare earth items and related technologies signify a strategic tightening of regulations aimed at preventing circumvention of existing measures and enhancing compliance within the industry [3][4]. Group 1: Key Content of the Announcements - The implementation of the "minimum percentage" rule and "direct product" rule under the Export Control Regulations, which includes foreign manufactured products containing 0.1% value of Chinese-origin rare earth items, effective December 1 [5]. - The introduction of detailed licensing application policies focusing on "blacklists" and military-related uses, with a general principle of denying licenses for imports from military entities and for military-related applications [6][7]. - Establishment of a compliance notification mechanism requiring exporters to provide a "Compliance Notification Letter" to importers, enhancing supply chain management and compliance obligations [8]. Group 2: Additional Regulatory Measures - Expansion of restrictions on overseas activities related to rare earth manufacturing for Chinese citizens and entities, including support for activities not listed in the control list, reflecting a comprehensive approach to national security [9]. - Exemptions for certain public technologies while controlling the subsequent disclosure of rare earth-related technologies that have not yet entered the public domain, aligning with international practices [10]. Group 3: Implications and Future Outlook - The announcements indicate a selective borrowing of international practices in export control, with potential for further expansion of applicable measures as China's industrial and technological capabilities grow [11].