【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 格隆汇10月10日｜北方稀土(600111)：预计2025年前三季度实现归属于母公司所有者的净利润151,000万 元到157,000万元，与上年同期相比，将增加110,500万元到116,500万元，同比增加272.54%到287.34%。 （责任编辑：宋政 HN002） ...

中国能建：签署重大合同，合同金额约195.54亿元人民币 今日焦点 两市首份三季报出炉：金岭矿业前三季度净利润同比增长47% 金岭矿业披露2025年三季度报告，公司第三季度实现营业收入4.79亿元，同比增长17.78%；归属于上市 公司股东的净利润为7016.81万元，同比增长0.25%。前三季归属于上市公司股东的净利润为2.20亿元， 同比增长47.09%。 北方稀土：2025年第四季度稀土精矿交易价格调整为不含税26205元/吨，环比上涨37.13% 北方稀土公告称，根据稀土精矿定价方法及2025年第三季度稀土氧化物价格，经测算并经公司总经理办 公会审议通过，2025年第四季度稀土精矿交易价格调整为不含税26205元/吨（干量，REO=50%）， REO每增减1%、不含税价格增减524.10元/吨。 上纬新材：股票交易停牌核查完成股票10月13日复牌 上纬新材公告称，公司股票将于10月13日复牌。此前，公司因股票交易异常波动停牌核查。经核实，收 购方及实际控制人未来12个月内无资产重组计划，公司基本面未发生重大变化。但公司股价已严重脱离 基本面，存在快速下跌风险。此外，公司股票交易多次异常波动，市盈率显著 ...

稀土概念股延续涨势，Critical Metals大涨超13%，United States Antimony涨超9%。高通低开约1%，公 司因涉嫌违反反垄断法被市场监管总局立案调查。 凤凰网财经讯 10月10日，美股三大指数小幅高开，道琼斯指数涨0.27%，标普500指数涨0.13%，纳斯达 克综合指数涨0.15%。 ...

智通财经整理了自2023年二季度以来，北方稀土每个季度采购包钢股份稀土精矿日常关联交易的价格： | 北方稀土采购包钢股份 | | | | | --- | --- | --- | --- | | 稀土精矿日常关联交易定价趋势 | | | | | 报价周期 | | 报价 | 环比增幅 | | (元/吨) | | | (%) | | 2025 | 四季度 | 26. 205 | 37. 13 | | 三季度 | | 19. 109 | 1. 51 | | 二季度 | | 18. 825 | 1. 11 | | 李度 | | 18. 618 | 4. 70 | | 2024 | 四季度 | 17.782 | 6.22 | | 三季度 | | 16. 741 / | -0.30 | | 二季度 | | 16. 792 | -19.02 | | 季度 | | 20. 737 | 0. 98 | | 2023 | 四季度 | 20. 536 | 1. 78 | | 三季度 | | 20, 176 | -34. 98 | | 二季度 | | 31.030 | / | | 来源:上市公司公告 | | | | 根据数据统计，本次 ...

Core Points - China has intensified export controls on rare earth materials and related technologies as of October 9, 2023, with the Ministry of Commerce issuing two announcements regarding this matter [2][3] - The export controls are aimed at protecting national security and interests, particularly against the misuse of Chinese-origin rare earth materials in military applications [3][4] - The scope of the controlled items is limited, and the government will implement various licensing facilitation measures, including exemptions for humanitarian aid [4] Industry Impact - Rare earths are critical strategic resources used in various sectors, including renewable energy, aerospace, semiconductor manufacturing, and military applications [5] - 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 [5][6] - The price of rare earth products has shown a strong upward trend over the past year, with companies like Northern Rare Earth (600111.SH) adjusting their prices upward for several consecutive quarters [6][7] Company Specifics - Northern Rare Earth has indicated that its export business is minimal, thus the impact of the export controls will be relatively small [2][7] - The company primarily exports light rare earth products, which are not significantly affected by the new controls, while heavy rare earth elements like dysprosium and terbium require export licenses [7] - China Rare Earth Group's domestic revenue for the first half of the year reached 1.87 billion yuan, a year-on-year increase of 64.02%, while international revenue dropped significantly [7]

格隆汇10月10日｜包钢股份(600010)公告称，根据公司2022年年度股东大会审议通过的稀土精矿价格调 整机制及计算公式，公司拟将2025年第四季度稀土精矿关联交易价格调整为不含税26205元/吨（干量， REO=50%）。REO每增减1%，不含税价格增减524.10元/吨。 （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 ...

Group 1: Report Information - Report Date: October 10, 2025 [1] - Report Title: Shenwan Hongyuan Gold ETF Portfolio 202510 [1] - Analysts: Shen Siyi, Deng Hu [3] - Research Support: Bai Haotian [3] - Contact: Shen Enyi [3] Group 2: Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - The report constructs four ETF portfolios, including the macro industry portfolio, macro + momentum industry portfolio, core - satellite portfolio, and trinity style rotation ETF portfolio, based on macro - sensitivity and momentum analysis, aiming to capture investment opportunities in different market environments [5][8]. - The current economic leading indicators are rising, liquidity indicators are slightly tight, and credit indicators remain positive. The portfolios are shifting towards a more balanced allocation, with an increased proportion of consumer sectors [5]. - The trinity style rotation model combines macro - liquidity, fundamental, and market sentiment factors to construct a medium - to long - term style rotation model, providing insights into market style preferences [5][9]. Group 4: ETF Portfolio Construction Methods 4.1 Based on Macro - Method - Calculate macro - sensitivity for broad - based, industry - theme, and Smart Beta ETFs based on economic, liquidity, and credit variables. Traditional cyclical industries are sensitive to the economy, TMT to liquidity, and consumption to credit [8]. - Construct three ETF portfolios (macro industry, macro + momentum industry, and core - satellite) using macro - sensitivity and momentum, and rebalance monthly [8]. 4.2 Trinity Style Rotation ETF Portfolio - Build a medium - to long - term style rotation model centered on macro - liquidity, comparing with the CSI 300 index. Screen macro, fundamental, and market sentiment factors to construct three types of models (growth/value, market - cap, and quality) [9]. Group 5: Portfolio Details 5.1 Macro Industry Portfolio - Select the top 6 industry - theme indices based on macro - sensitivity scores, and equally weight the largest - scale corresponding ETFs. Currently, the portfolio is more balanced with an increased consumer proportion [5][10]. - October 2025 holdings include ETFs related to tourism, home appliances, chemicals, etc. [14]. - In 2025, the portfolio had varying monthly excess returns, with positive excess returns in September [15]. 5.2 Macro + Momentum Industry Portfolio - Combine macro and momentum methods. The pharmaceutical sector's weight is further reduced, and rare earth and battery sectors are selected on the momentum side [5][16]. - October 2025 holdings include multiple industry - themed ETFs [18]. - The portfolio performed well in 2025, with positive excess returns in September after a drawdown in August [19]. 5.3 Core - Satellite Portfolio - Use the CSI 300 as the core and combine broad - based, industry, and Smart Beta portfolios. Weight them at 50%, 30%, and 20% respectively [20][21]. - October 2025 holdings include a mix of broad - based and industry - themed ETFs [24][25]. - The portfolio performed steadily in 2025, outperforming the index almost every month [25]. 5.4 Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth and high - quality styles. The portfolio's factor exposure and historical performance are presented [26][27]. - October 2025 holdings include ETFs related to small - cap indices and high - growth sectors [31]. - The portfolio has shown certain performance since 2021, with positive excess returns in September 2025 [30].

Core Viewpoint - The announcement of price increases for rare earth concentrates by Baotou Steel (600010) and Northern Rare Earth (600111) indicates a significant upward trend in the market, with a 37.13% increase in prices from the previous quarter [1][2]. Group 1: Price Adjustments - Northern Rare Earth has adjusted the price of rare earth concentrates for Q4 2025 to 26,205 CNY/ton (excluding tax, dry weight, REO=50%), with a price change of 524.10 CNY/ton for every 1% change in REO [1][2]. - Baotou Steel has also set the same price of 26,205 CNY/ton for Q4 2025, following the same pricing mechanism established in their annual shareholder meeting [1][2]. - The price for rare earth concentrates was previously set at 19,109 CNY/ton for Q3 2025, indicating a substantial increase in the upcoming quarter [1][3]. Group 2: Market Position and Production - China holds the largest global reserves and production of rare earth elements, accounting for nearly 50% of global reserves and about 70% of global production [2]. - The pricing adjustment mechanism between Northern Rare Earth and Baotou Steel has been in place since April 1, 2023, ensuring synchronized pricing adjustments each quarter [2]. - Baotou Steel holds a 38.03% stake in Northern Rare Earth and a 55.38% stake in Baotou Steel, indicating a strong inter-company relationship [2]. Group 3: Financial Performance - Northern Rare Earth expects a significant increase in net profit for the first three quarters of 2025, projecting a net profit of 1.51 billion to 1.57 billion CNY, representing a year-on-year increase of 272.54% to 287.34% [3]. - The company has focused on ensuring raw material supply and adapting to market demand, leading to growth in the production and sales of key products such as rare earth metals and permanent magnet motors [3].

格隆汇10月10日｜周五盘前交易中，美国上市的稀土和关键矿产类股上涨，上涨股包括：Critical Metals 涨10.67%，MP Materials涨2.97%，Energy Fuels涨3.50%，Ramaco Resources涨1.60%，USA Rare Earth涨 7.82%，US Antimony涨4.32%，NioCorp Developments涨2.03%。 ...

今日，包钢股份与北方稀土先后发布公告称，上调2025年第四季度稀土精矿关联交易价格。 据包钢股份披露，白云鄂博矿稀土储量折氧化物3500万吨，占国内稀土储量的81%，而目前北方稀土是公司稀土精矿产品的唯一客户。 从二级市场来看，北方稀土近期股价出现大幅上涨，自今年三季度以来，股价累计上涨110.8%。截至今日，该股报收52.48元/股，总市值达1897亿元。 包钢股份发布公告称，根据公司2022年年度股东大会审议通过的稀土精矿价格调整机制及计算公式，公司拟将2025年第四季度稀土精矿关联交易价格调整为 不含税26205元/吨（干量，REO=50%）。REO每增减1%，不含税价格增减524.10元/吨。 同日，北方稀土也发布公告称，根据稀土精矿定价方法及2025年第三季度稀土氧化物价格，经测算并经公司总经理办公会审议通过，2025年第四季度稀土精 矿交易价格调整为不含税26205元/吨（干量，REO=50%），REO每增减1%、不含税价格增减524.10元/吨。 此前，上述两家公司在7月10日发布公告，第三季度稀土精矿交易价格调整为不含税19109元/吨。据此估算，第四季度价格环比上涨37.13%。 8.90% ...