内容提要： 格陵兰岛总督尼尔森积极邀请日美欧合作开发稀土资源，明确排除中企。该岛拥有欧盟关键稀土24种，坦布里兹矿场储量超4500万吨，重稀土 占比高，美企已获环境审批即将开采。在中西稀土供应链分化背景下，此举注入西方"mine-to-magnet"链新动能，助力西方降低对华依赖，提 升绿色经济与国防自主性。 一、在西方重建稀土供应链之际，格陵兰岛总督喊话美国、欧洲、日本，希望合作开发稀土资源。 此前的10月9日，尼尔森在欧洲议会的演讲中感谢欧盟作为"值得信赖的朋友"，并敦促这个由27个国家组成的欧盟投资于其国家的矿产资源、 可再生能源、机场和互联网服务。 11月19日，丹麦领土格陵兰岛的自治政府总督尼尔森接受了日本经济新闻的独家采访。围绕格陵兰岛大量沉睡的稀土类等的资源开发，尼尔森 表示，除了与欧盟和美国已经达成合作开发协议之外，还呼吁日本能够加入该岛的稀土合作。称该岛的稀土开发，需要日本全球领先的稀土精 炼和稀土合金制造技术。 34岁的尼尔森今年4月就任格陵兰岛的自治政府总督。美国总统特朗普针对属于北极圈地缘政治要冲的格陵兰岛表示，将加速与中国、俄罗斯 的主导权争夺，并表现出"购买"的意愿。除了已经布局开 ...

最近国际局势风云变幻，中美两国元首会晤，气氛缓和，大家各退一步。其中，最受关注的一项就是中国对美国的稀土供应。 稀土这玩意儿，号称"工业维生素"，小到手机屏幕、新能源汽车电机，大到F-35隐身战机、精确制导导弹，都离不开它。可以说，谁掌握了稀土的稳定供 应，谁就在高端制造业和国防工业上握有了一张王牌。 过去一段时间，美国在这方面可以说是"卡脖子"卡得难受。所以，当中国承诺恢复供应时，美国国内不少人是长舒了一口气。 然而，这口气可能松得有点早了。 11月12日，《华尔街日报》的一篇报道，揭开了中国恢复稀土供应的"全新玩法"——一套名为 "经认证终端用户" 的出口管理体制。 这套名字听起来有点拗口的系统，说白了，就是中国给全球稀土买家建立的一套 "白名单"或"VIP会员制"。 那么，这套"会员制"到底有多精妙？ 这套系统的核心规则非常简单直接： 这一手，好处立竿见影： 认证通过的"VIP用户"（美国民用公司）：恭喜你！进口中国稀土将享受"绿色通道"，审批流程大大简化，供应稳定可靠。相当于你办了一张"稀土畅 享卡"，做生意，我们欢迎。 身份不明的"潜在风险用户"：对不起，我们需要严格审查。特别是那些与美国军方、国防 ...

Group 1 - The Kremlin has instructed the Russian government to develop a long-term strategy for rare earth mining and production, with a detailed roadmap to be approved by December [1] - President Putin emphasized the strategic importance of the rare earth industry for enhancing Russia's global competitiveness and supporting sustainable economic growth [3] - Russia possesses approximately 658 million tons of rare metal reserves, including 28.5 million tons of 15 rare earth elements, sufficient to meet current economic needs and ensure long-term supply [3] Group 2 - The global focus on rare earth minerals is increasing due to rising trade tensions between the US and China, with China implementing export restrictions in response to US tariffs [3] - Several US companies have expressed interest in collaborating on rare earth projects in Russia, contingent upon significant easing of sanctions against Russia [4] - The US is actively seeking alternative sources for critical minerals like rare earths, with a recent agreement signed with Ukraine for joint resource extraction [6]

Core Insights - The company, Zhongke Sanhuan, reported that it currently has approximately two months' worth of rare earth material inventory [1] - The overall operating rate of the company for the first three quarters of this year is around 70% [1] Company Summary - Zhongke Sanhuan has a rare earth material inventory that can last for about two months [1] - The company's operating rate for the first three quarters of the year stands at approximately 70% [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the non-ferrous metals market, particularly focusing on copper, lithium, cobalt, rare earths, and aluminum sectors [1][2][3]. Key Points and Arguments Copper Market - The copper market is facing supply tightness, with several mining companies lowering production guidance, leading to a year-on-year production decline of approximately 104,000 tons in Q3 2025, potentially reaching 150,000 tons by year-end [3][4]. - The anticipated new supply for 2026 is limited to about 300,000 tons, with Freeport's recovery not meeting expectations, which could exacerbate supply issues [4]. - Demand for copper remains strong, driven by a 4% year-on-year increase in electricity consumption in the U.S., particularly in power equipment [6]. - Copper prices are expected to break through the $14,000 to $15,000 per ton range by early 2026 [7]. Rare Earths - The relaxation of rare earth export controls is expected to lead to significant overseas restocking, replicating the substantial export increases seen in Q3 2025 [1][9]. - Domestic regulations on imported ore smelting are tightening, with non-compliant smelting plants facing consolidation or shutdown, which will support the fundamentals of the rare earth market [10]. - Key companies recommended include China Rare Earth and Guangsheng Nonferrous [10]. Lithium Market - The lithium market is projected to shift from marginal oversupply to tightness, with expected storage demand growth of 80% in 2026 [11]. - Following a production halt by CATL, inventory depletion has been significant, with weekly reductions increasing from 1,000 tons to 3,000 tons due to surging storage orders [12]. - Companies to watch include Guocheng Mining, Dazhong Mining, and Shengxin Lithium Energy, which are expected to benefit from price increases [12]. Cobalt Market - Cobalt prices are anticipated to rise, despite a current price drop to around 400,000 yuan, primarily due to supply constraints from the Democratic Republic of Congo [14]. - The industry is expected to face a shortage of 20,000 to 30,000 tons of raw materials in 2026, pushing prices higher [14]. - Companies of interest include Huayou Cobalt, Li Qun Co., and Tengyuan Technology [15]. Nickel Market - The nickel market is closely tied to Indonesia's RKA B quota disclosures, as Indonesia controls 60% of global nickel supply [16]. - A lower-than-expected quota could lead to a slight increase in nickel prices, which are currently supported at $15,000 per ton [16]. Aluminum Market - The aluminum sector is experiencing upward momentum due to multiple catalysts, including potential shutdowns of major production facilities in the U.S. and Mozambique [17][18]. - China's aluminum exports account for nearly 40%, and the outlook for external demand is optimistic, particularly following recent monetary easing in the U.S. and Europe [18]. Additional Important Insights - The overall sentiment in the metals market is bullish, with expectations of a comprehensive bull market for both non-ferrous and ferrous metals in 2026 [2]. - The focus on energy transition and technological advancements in mining and smelting processes is expected to influence supply dynamics significantly [5][10].

Core Insights - The China Rare Earth sector is experiencing significant growth, with both China Rare Earth and Northern Rare Earth reporting substantial increases in revenue and net profit for the first three quarters of 2025, indicating a strong industry recovery [3][4]. Group 1: Market Performance - The China National New State-Owned Enterprises Modern Energy Index decreased by 0.08% as of October 30, 2025, with mixed performance among constituent stocks [3]. - China Rare Earth led the gains with a rise of 5.35%, while Tian Di Technology saw the largest decline at 4.21% [3]. - The China National New State-Owned Enterprises Modern Energy ETF (561790) increased by 0.08%, with a recent price of 1.27 yuan, and has seen a cumulative increase of 4.87% over the past week [3]. Group 2: Financial Performance - China Rare Earth reported a revenue of 2.494 billion yuan for the first three quarters of 2025, a year-on-year increase of 27.73%, and a net profit of 192 million yuan, up 194.67% [3][4]. - Northern Rare Earth achieved a revenue of 30.292 billion yuan, reflecting a year-on-year growth of 40.50%, and a net profit of 1.541 billion yuan, which is an increase of 280.27% [4]. Group 3: Industry Dynamics - The rare earth sector is positioned as a core resource for high-end manufacturing and strategic emerging industries, with supply and demand dynamics showing a resonant pattern [4]. - China's quota management and export controls are enhancing strategic control over the industry, ensuring resources are directed towards high-end applications [4]. - The global green transition and dual carbon goals are driving demand for key elements like praseodymium and neodymium, facilitating rapid expansion in new applications such as permanent magnetic materials [4]. Group 4: ETF Metrics - The latest scale of the China National New State-Owned Enterprises Modern Energy ETF reached 50.7361 million yuan, marking a three-month high [4]. - The ETF's latest share count is 39.934 million shares, achieving a one-month high [4]. - The ETF closely tracks the China National New State-Owned Enterprises Modern Energy Index, which includes 50 listed companies involved in modern energy industries [4][5].

Core Viewpoint - China Rare Earth announced the convening of its 9th Board of Directors meeting on October 29, 2025, to review the Q3 2025 report and other documents [1] Company Summary - For the first half of 2025, China Rare Earth's revenue composition was entirely from the rare earth industry, accounting for 100% [1] - As of the report date, the market capitalization of China Rare Earth is 58.3 billion yuan [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [1]

Macro Economy - In the first nine months of 2025, the total profit of large-scale industrial enterprises in China reached 53,732 billion yuan, a year-on-year increase of 3.2%. In September alone, profits grew by 21.6% year-on-year [4] - The People's Bank of China plans to introduce nine new policy measures to expand the high-level opening of cross-border trade and optimize foreign exchange fund settlement for new trade formats [4] - The Financial Regulatory Bureau emphasizes the need to strengthen funding supply for major projects to boost consumption and ensure the stability of the financial system [4] - As of October 27, domestic gasoline and diesel prices were reduced by 265 yuan and 255 yuan per ton, respectively [4] - The average interest rate for three-year fixed deposits in September 2025 was 1.688%, while the five-year average was 1.519%, indicating a continued inversion [4] Investment News - The China Securities Regulatory Commission (CSRC) issued new guidelines to enhance the protection of small investors, addressing concerns over high pricing in new stock issuances [6] - The CSRC officially released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, allowing foreign public funds to have the same short-term trading rules as domestic funds [6] - On October 27, the Shanghai Stock Exchange announced the appointment of new members to its third Technology Innovation Advisory Committee [6] - The A-share market experienced a significant rise, with the Shanghai Composite Index increasing by over 1%, reaching a ten-year high [6] Company Movements - Guizhou Moutai announced the resignation of its chairman Zhang Deqin due to work adjustments, with Chen Hua being recommended as the new chairman [7] - Tongfu Microelectronics reported third-quarter revenue of 7.078 billion yuan, a year-on-year increase of 17.94%, and a net profit of 448 million yuan, up 95.08% [7] - Northern Rare Earth's revenue for the first three quarters was 30.292 billion yuan, a 40.50% increase year-on-year, with net profit rising by 280.27% [7] - He Yuan Bio, Xi'an Yicai, and Bibete will be listed on the Sci-Tech Innovation Board on October 28, marking the first batch of new stocks in the Sci-Tech growth sector [8]

Core Viewpoint - Northern Rare Earth (600111.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The company achieved total operating revenue of 30.292 billion yuan, representing a year-on-year growth of 40.5% [1] - The net profit attributable to shareholders reached 1.541 billion yuan, showing a remarkable year-on-year increase of 280.27% [1] - Basic earnings per share were reported at 0.4264 yuan [1]

Group 1 - The core point of the article is that Northern Rare Earth (SH 600111) held its seventh meeting of the ninth board of directors on October 27, 2025, via telecommunication, where it reviewed the Q3 2025 report and other documents [1] - For the year 2024, the revenue composition of Northern Rare Earth is as follows: industrial sector accounts for 73.61%, commercial sector for 21.39%, environmental protection sector for 4.51%, and other businesses for 0.49% [1] - As of the report, the market capitalization of Northern Rare Earth is 192.7 billion yuan [2]