机构：中金公司 研究员：王政/齐丁/陈彦 1H25 业绩符合市场预期 矿产金产量阶段性下降，成本短期上升。从量看，公司1H25 矿产金6.8吨，同比-10.56%；2Q25 矿产金 3.42 吨，同/环比-13.88%/+2.29%。从价看，1H25 年金价722 元/克，同比+38.64%，2Q25 均价770 元/ 克，同/环比+39.43%/+14.78%。从成本看，1H25 销售成本319 元/克，同比+11.78%；全维持成本355 元/ 克，同比+34.28%。公司产量下降和成本阶段性增加主要归因于矿山扩产前期矿石准备工作以及部分矿 山入选品位下降所致；同时由于金价上涨计税基础上升导致全维持成本中税金显著增加，公司预计下半 年成本将逐步回归到正常水平。 稀土板块开始首次销售，稀土业务成长性值得期待。公司依托子公司赤金厦钨进行老挝稀土的开发， 1H25 实现营业收入5968 万元，净利润-1540万元；生产稀土产品448 吨，销售298 吨。 发展趋势 1H25 营业收入52.72 亿元，同比+25.64%；归母净利润11.07 亿元，同比+55.79%；扣非净利润11.12 亿 元，同比+73.9 ...

↑点击上面图片 加雪球核心交流群 ↑ A股太强了！ 今天三大指数集体大涨均创阶段新高，三市成交额突破3万亿元创历史 次高，截至收盘，上证指数涨1.51%，深证成指涨2.26%，创业板指涨 3%。 沪深两市全天成交额3.14万亿，较上个交易日放量5944亿，为历史第二高成交额。 盘面上，AI等泛科技板块今日再度大涨，板块题材上，稀 土、白酒、贵金属、CPO、卫星导航板块 涨幅居前，寒武纪-U再度大涨，股价也直逼茅 台！ 01 寒武纪再创新高！ 股价逼近茅台！ 寒武纪-U今日早盘高开6.26%，股价再创历史新高，最高触及1391元/股。截至收盘，寒武纪-U 涨11.4%，公司股价为1384.93元，市值规模达 5794亿元，成为A股中继贵州茅台后的第二只千元股。 消息面上，工信部表示，有序引导算力设施建设，切实提升算力资源供给质量。加快突破GPU芯片等关键核心技术，扩大基础共性技术供给。 值得一提的是，寒武纪与2022年4月末的46.59元阶段低点相比，三年多时间内最大涨幅接近 30倍！ 此外，高盛上调寒武纪-U目标价50%至1835元。寒武纪-U 2024年实现营收11.74亿元，同比增长65.56%；今年第一 ...

早盘速递 2025/8/25 热点资讯 1、美联储主席鲍威尔在杰克逊霍尔央行年会上发表重磅讲话，称风险平衡似乎正在发生变化，当前的形势意味着，就业面临的 下行风险上升。随着政策处于紧缩区域，这种风险平衡的转变可能意味着需要调整政策立场。鲍威尔讲话后，交易员加大对美联 储9月降息的押注，完全消化年底前降息两次预期。 2、工信部等三部门联合发文明确，国家对稀土开采和稀土矿产品的冶炼分离实行总量调控管理。稀土生产企业应当建立稀土产 品流向记录制度，如实记录稀土产品流向信息。 3、商务部数据显示，1-7月，全国实际使用外资金额4673.4亿元人民币，同比下降13.4%。东盟地区实际对华投资增长1.1%，瑞 士、日本、英国实际对华投资分别增长63.9%、53.7%、19.5%。 4、中国光伏行业协会发布倡议书提出，坚决抵制以低于成本的价格开展恶性竞争，坚决抵制盲目扩产增产。另外，华电集团 20GW光伏组件集中采购开标，投标均价提升至0.71元/W以上，高于此前的行业自律提出的0.692元/W底价。 5、国家能源局数据显示，截至7月底，全国累计发电装机容量36.7亿千瓦，同比增长18.2%。其中，太阳能发电装机容量11. ...

8月22日，工业和信息化部、国家发展改革委、自然资源部三部门正式发布《稀土开采和稀土冶炼分离 总量调控管理暂行办法》，自公布之日起施行，与2月19日征求意见稿相比，核心要点如下： 1、正式稿明确国家对稀土开采（含稀土矿产品等）和对通过开采、进口以及加工其他矿物所得的各类 稀土矿产品（含独居石精矿）的冶炼分离实行总量调控管理，将进口矿纳入指标管控范围。 2、对于企业主体的认定：正式稿规定稀土生产企业由工业和信息化部会同自然资源部确定，稀土管理 条例中规定为"国务院工业和信息化主管部门会同国务院有关部门确定稀土开采企业和稀土冶炼分离企 业，并向社会公布"；此前征求意见稿规定"稀土开采企业和稀土冶炼分离企业应当是国家推动组建的大 型稀土企业集团及所属稀土开采企业和稀土冶炼分离企业"。 正式稿较征求意见稿表述略有放松、与稀土管理条例保持相对一致，删除了向社会公布的表述，但正式 稿的落地对于稀土行业规范化生产具有里程碑的意义，对于此前不按照合规产能生产的企业，以及未能 够被工信部确定为稀土生产企业，均存在供给减量预期。 3、对于指标下达：正式稿规定为" 工信部会同自然资源部根据国务院批准的总量控制指标，综合考虑 稀土生 ...

Core Points - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources jointly released the "Interim Measures for Total Control Management of Rare Earth Mining and Rare Earth Smelting Separation" [1] - The measures implement total control management over rare earth mining and smelting separation, considering factors such as national economic development goals, rare earth resource reserves, industry development, ecological protection, and market demand [1] - The measures require rare earth production enterprises to establish a tracking system for the flow of rare earth products and report this information monthly [2] Industry Implications - The total control policy is expected to initiate a supply-side reform in the rare earth industry, potentially leading to a series of policies and industry consolidation [3] - The strategic value of rare earths is anticipated to increase further in the context of global policy fluctuations, with the industry fundamentals currently at a recovery stage [3] - Rare earth production enterprises that violate regulations will face administrative penalties, which will reduce their total control indicators for the following year [3]

工业和信息化部8月22日消息，工信部、国家发展改革委、自然资源部日前联合公布《稀土开采和稀土 冶炼分离总量调控管理暂行办法》。办法自公布之日起施行。 稀土是重要的战略性矿产资源。工业和信息化部产业政策与法规司负责人介绍，为有效保护和合理开发 利用稀土资源，2024年6月，国务院公布《稀土管理条例》，其中规定国家对稀土开采和稀土冶炼分离 实行总量调控，具体办法由工业和信息化部会同自然资源部、国家发展改革委等部门制定。 办法明确，国家对稀土开采和稀土矿产品的冶炼分离实行总量调控管理；稀土生产企业应当在获得的总 量控制指标范围内从事稀土开采和稀土冶炼分离。 总量控制指标下达程序方面，办法规定工业和信息化部会同自然资源部、国家发展改革委研究拟定年度 总量控制指标，报国务院批准。工业和信息化部会同自然资源部将总量控制指标下达稀土生产企业，并 通报有关省级人民政府工业和信息化、自然资源主管部门等。 总量控制指标执行方面，办法要求稀土生产企业对本企业的总量控制指标执行情况负责。稀土生产企业 应当及时向住所地的县级人民政府工业和信息化、自然资源主管部门报送总量控制指标执行情况。稀土 生产企业应当如实记录稀土产品流向信息，并录 ...

Core Viewpoint - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources jointly released the "Interim Measures for Total Control Management of Rare Earth Mining and Rare Earth Smelting Separation," aiming to implement total control management over rare earth mining and smelting separation to ensure national economic and defense security while enhancing competitive advantage in the international arena [1][3]. Group 1 - The "Interim Measures" establish that the state will control the total amount of rare earth mining and smelting separation based on various factors, including economic development goals, resource reserves, industry development, ecological protection, and market demand [1]. - The Ministry of Industry and Information Technology, in collaboration with the Ministry of Natural Resources and the National Development and Reform Commission, will set annual control indicators for rare earth mining and smelting separation [1]. - Only designated rare earth production enterprises, determined by the Ministry of Industry and Information Technology and the Ministry of Natural Resources, are allowed to engage in rare earth mining and smelting separation [1]. Group 2 - Rare earth production enterprises are required to establish a tracking system for the flow of rare earth products and must report this information monthly to the relevant authorities [2]. - Local governments are tasked with supervising the execution of total control indicators and are authorized to investigate and penalize violations [2]. - Violations by rare earth production enterprises will result in a reduction of the total control indicators for the following year, indicating a potential shift towards supply-side reforms in the rare earth industry [3].

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]

美国被卡脖子疼到叫娘，稀土专家崩溃：矿挖了还得送东大加工，这叫啥事儿？！ 美国被卡脖子疼到叫娘，稀土专家崩溃：矿挖了还得送中国加工，这叫啥事儿？！ 大家好啊 我是老陈。前几天看到一个让人忍俊不禁的消息——美国的稀土专家急得跳脚了！为啥？因为他们发现一个尴尬的 事实：自己挖出来的稀土矿 还得乖乖送到中国来加工。这不是搬石头砸自己脚吗？ 说起这事儿 老陈真是五味杂陈。想当年 美国人多牛啊 动不动就制裁这个 封锁那个 好像全世界都得看他们脸色。结果现在 呢？轮到他们被卡脖子了 而且卡得还挺紧！美国有全球第二大稀土储量 但是加工能力几乎为零 这叫一个尴尬。 当年的嘲笑 现在的尴尬 老陈记得清清楚楚 2010年的时候 美国媒体还在嘲笑中国："你们就知道挖土卖土 没啥技术含量。"现在怎么样？中国掌握了全 球90%以上的稀土加工能力 美国想搞个芯片都得求着咱们。这脸打得啪啪响啊！ 更搞笑的是 美国的芒廷帕斯稀土矿 2020年才重新开工 但是挖出来的稀土精矿 还得千里迢迢运到中国来分离提纯。你说这叫啥 事儿？就好比你种了粮食 但是没有磨面机 还得跑到邻居家去磨面 这不是给人家送钱吗？ 现在美国想重建稀土加工能力？说实话 没个 ...

Core Viewpoint - The rare earth industry is entering a traditional consumption peak season in August, with increased downstream demand leading to higher procurement. The relaxation of export controls is expected to strengthen both domestic and export orders, driving up rare earth product prices and marking the beginning of a second trading phase of price increases and profit growth in the sector [1] Group 1 - Since June, multiple companies have received export licenses, breaking down market barriers between domestic and international markets, allowing high overseas prices to gradually influence the domestic market [1] - The U.S. Department of Defense has provided MP Materials with a minimum price of $110 per kilogram, significantly higher than domestic prices, raising expectations for price increases in praseodymium and neodymium [1] - Since July, domestic rare earth product prices have shown signs of recovery, with prices for praseodymium-neodymium oxide and praseodymium-neodymium metal both increasing, supporting the spot market [1] Group 2 - The traditional consumption peak season in September and October is leading to preemptive raw material procurement, with expectations for downstream inventory replenishment, making it easier for rare earth prices to rise rather than fall [1] - Historical trends indicate that high overseas prices often lead to domestic price increases, enhancing corporate profits and resulting in a dual boost in valuation and profits for the sector [1] - It is recommended to actively monitor investment opportunities in the sector as price increases are realized [1]