Group 1: ETF Performance - The Rare Metals ETF has a turnover rate of 6.87% with a transaction volume of 83.93 million yuan, and it ranks first among comparable funds in terms of average daily trading volume over the past week at 131 million yuan [3] - The latest scale of the Rare Metals ETF reached 1.22 billion yuan, marking a one-year high and ranking first among comparable funds [3] - The ETF's shares reached 1.843 billion, a three-month high, also ranking first among comparable funds [3] - Over the past six days, the Rare Metals ETF has seen continuous net inflows, with a single-day peak of 50.91 million yuan, totaling 177 million yuan in net inflows [3] - As of July 28, 2025, the ETF's net value has increased by 59.46% over the past year, ranking 267 out of 2938 in the index stock fund category, placing it in the top 9.09% [3] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gains being three months and the longest gain percentage being 14.06%, averaging a monthly return of 7.76% [3] - The ETF has outperformed its benchmark with an annualized return of 9.87% over the past three months [3] Group 2: Market Insights - Huatai Securities notes that the domestic "anti-involution" policies are intensifying, combined with recent overseas fiscal and monetary easing, leading to strong performance in the metals sector [4] - The price of polysilicon has successfully recovered, boosting market confidence, which has spilled over into lithium carbonate and alumina [4] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with independent factors driving price increases, such as stricter mining rights reviews for lithium and strategic enhancements and shortages for rare earths [4] - Zhongyou Securities highlights that the Democratic Republic of the Congo has banned cobalt exports since February, with extensions in June, leading to a depletion of in-transit cobalt mines, and anticipates that the peak season in September and October will drive inventory reductions [4] - The top ten weighted stocks in the China Rare Metals Theme Index as of June 30, 2025, include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Western Superconducting, Zhongmin Resources, and Xiamen Tungsten, collectively accounting for 54.07% of the index [4]

截至2025年7月23日 11:07，中证稀有金属主题指数上涨0.65%，成分股雅化集团10cm涨停，中钢天源上涨7.82%，中钨高新上涨4.98%，东方锆业上涨 4.32%，北方稀土上涨3.32%。稀有金属ETF(562800)上涨0.65%， 冲击5连涨。拉长时间看，截至2025年7月22日，稀有金属ETF近1周累计上涨9.19%。 截至7月22日，稀有金属ETF近1年净值上涨43.98%，指数股票型基金排名443/2931，居于前15.11%。从收益能力看，截至2025年7月22日，稀有金属ETF自成 立以来，最高单月回报为24.02%，最长连涨月数为3个月，最长连涨涨幅为14.06%，上涨月份平均收益率为7.76%。截至2025年7月22日，稀有金属ETF近3 个月超越基准年化收益为7.14%。 华泰证券研报表示，国内反内卷不断加码，叠加近期海外财政货币双宽松的氛围等，金属板块整体表现较佳：多晶硅价格成功持续修复，给予市场较大的信 心，目前已外溢至碳酸锂和氧化铝。锂、钴、稀土从成本角度均已寻到价格底部，近期还有独立因素推波助澜触发价格上涨：锂基于矿权审核趋严、钴基于 刚果金出口禁令、稀土是战略性提升与 ...

Group 1: Liquidity and Scale of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 3.5%, with a transaction volume of 30.73 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 37.71 million yuan, ranking first among comparable funds [3] - In the past year, the rare metal ETF's scale increased by 16.82 million yuan, also ranking first among comparable funds [3] - The latest margin buying amount for the rare metal ETF reached 2.08 million yuan, with a margin balance of 21.28 million yuan [3] Group 2: Performance and Returns - As of July 10, the net value of the rare metal ETF increased by 30.36% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being 3 months and the longest gain percentage being 14.06% [3] - The average return during the rising months was 7.76% [3] Group 3: Industry Insights and Recommendations - The lithium sector is currently in a bottom oscillation phase, with solid-state battery industrialization accelerating and energy storage demand expected to surge [3] - The new energy storage installations are projected to grow by 140% year-on-year in 2024, which may serve as a core catalyst [3] - Companies with strong cost control in lithium extraction from salt lakes and those with overseas resource layouts are recommended for attention [3] Group 4: Rare Earth Market Dynamics - The implementation of the Rare Earth Management Regulations is expected to enhance compliance capacity concentration, with a growth rate of 5.9% in 2024 [4] - The supply-demand gap for praseodymium and neodymium oxide is anticipated to widen starting in 2025, with a focus on light rare earth leading enterprises [4] - The strategic position of rare earths is significant due to U.S. tariff policies, which may positively impact company performance [4] Group 5: Key Stocks in Rare Metal Sector - The top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, accounting for 54.07% of the total weight [4] - Notable stock performances include Northern Rare Earth with a 9.85% increase and Salt Lake Co. with a 0.86% increase [6] Group 6: Investment Opportunities - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [7]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 1.2%, with a transaction value of 10.24 million yuan [3] - Over the past year, the average daily transaction value of the rare metal ETF was 36.11 million yuan, ranking first among comparable funds [3] - The net asset value of the rare metal ETF increased by 13.41% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being 3 months and an average monthly return of 7.60% [3] Group 2: Growth and Valuation of Rare Metal ETF - The rare metal ETF's scale grew by 5.45 million yuan over the past year, also ranking first among comparable funds [3] - The latest financing buy-in amount reached 1.70 million yuan, with a financing balance of 25.74 million yuan [3] - The valuation of the index tracked by the ETF is at a historical low, with a price-to-book ratio (PB) of 2.21, lower than 84.84% of the time over the past five years, indicating strong valuation attractiveness [3] Group 3: Export Controls and Market Dynamics - Since 2023, China has implemented export controls on various rare metals, leading to significant price increases for most of these metals [4] - The demand for rare earth materials in domestic sectors such as new energy vehicles and air conditioning is expected to grow at rates of 37% and 19%, respectively, by 2025 [4] - The domestic rare earth market may be entering a destocking phase, with overseas price increases likely to drive domestic prices up [4] Group 4: Top Holdings in Rare Metal Index - The top ten weighted stocks in the rare metal index include Salt Lake Co., Northern Rare Earth, and others, accounting for 54.9% of the index [4] - The individual weightings of these stocks vary, with Salt Lake Co. at 9.04% and Northern Rare Earth at 8.25% [6]

Core Insights - The rare metals theme index has shown a positive trend, with a 0.58% increase as of June 9, 2025, and notable gains in constituent stocks such as Zhongke Magnetic Materials (up 11.96%) and Beikong Technology (10% limit up) [1] - The rare metals ETF has experienced significant trading activity, with a turnover of 2.79% and a transaction volume of 25.27 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The valuation of the index tracked by the rare metals ETF is at a historical low, with a price-to-book ratio (PB) of 2.18, indicating strong value for investors [4] Market Dynamics - The demand for medium and heavy rare earths in civilian applications is increasing globally, driven by industries such as robotics and electric vehicles, as stated by the Ministry of Commerce [4] - Since the implementation of partial rare earth export controls in April, the export volume of rare earth permanent magnets has decreased by over 50% month-on-month, reaching a historical low in the past five years [4][5] - Analysts suggest monitoring the issuance of rare earth quotas in China and the demand situation overseas as export controls may ease, with expectations of moderate price increases for rare earths benefiting the equity sector [5] Investment Opportunities - The top ten weighted stocks in the rare metals theme index account for 54.9% of the index, including companies like Salt Lake Co., Northern Rare Earth, and Ganfeng Lithium [5] - Investors can also participate in the rare metals sector through the rare metals ETF linked fund (014111) [5]

Group 1 - The rare metals ETF has shown significant liquidity with an intraday turnover of 1.26% and a transaction volume of 11.3755 million yuan, leading in average daily trading volume over the past year at 35.5328 million yuan [3] - The rare metals ETF has experienced a notable scale increase of 36.6231 million yuan over the past week, ranking first among comparable funds, with a share growth of 12.6 million units [3] - The index tracked by the fund, the CSI Rare Metals Theme Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 2.16, which is lower than 87.41% of the time over the past five years, indicating strong valuation attractiveness [3] Group 2 - Following China's implementation of export controls on medium and heavy rare earths, overseas prices have surged, leading to a widening price gap between domestic and international markets [3] - Domestic rare earth prices are believed to be at the bottom of a major cycle, with expectations for a continuous upward shift in price levels due to the current destocking phase and overseas demand for replenishment [3] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 54.9% of the index, including companies like Salt Lake Co., Northern Rare Earth, and Ganfeng Lithium [4]

Group 1 - The core viewpoint highlights the significant growth and attractiveness of the rare metals ETF, with a notable increase in trading volume and fund inflows, indicating strong investor interest [2] - The rare metals ETF has seen a weekly scale increase of 25.42 million yuan, ranking first among comparable funds, and a share increase of 13.95 million shares, also leading in its category [2] - The fund has recorded a net inflow of 7.29 million yuan recently, accumulating a total of 11.36 million yuan over the past nine trading days, reflecting robust demand [2] Group 2 - The underlying index for the ETF, the CSI Rare Metals Theme Index, is currently valued at a historical low with a price-to-book ratio (PB) of 2.16, which is below 87.57% of the time over the past five years, indicating strong valuation appeal [2] - Since 2020, prices for minor metals such as antimony, tungsten, germanium, and rare earths have been on a systematic rise, leading to improved profitability for companies in the sector [2] - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 54.9% of the index, with key players including Salt Lake Co., Northern Rare Earth, and others, providing a concentrated investment opportunity [3]

Group 1 - The China Rare Earth Industry Index increased by 0.22% as of May 26, 2025, with notable stock performances including Xiangdian Co. up 4.43%, Antai Technology up 3.24%, and China Rare Earth up 2.15% [1] - The Rare Earth ETF (516150) saw a rise of 0.65% [1] - The Rare Earth ETF recorded a trading volume of 10.5294 million yuan during the session, with an average daily trading volume of 43.5161 million yuan over the past year, ranking first among comparable funds [3] Group 2 - The Rare Earth ETF's scale increased by 100 million yuan over the past three months, placing it among the top two in terms of new scale among comparable funds [3] - The latest share count for the Rare Earth ETF reached 1.662 billion, marking a six-month high and ranking first among comparable funds [3] - The ETF experienced a net inflow of 27.2791 million yuan recently [3] Group 3 - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Rare Earth ETF is 29, which is in the 9.41% percentile over the past year, indicating a valuation lower than 90.59% of the time in the past year, thus at a historical low [3] - Following China's implementation of export controls on rare earths, there is an expectation of increased overseas demand leading to a surge in overseas rare earth prices, while domestic deep processing enterprises are poised for growth due to certain products being exempt from these controls [3] - It is anticipated that the central prices of rare earths will rise both domestically and internationally, with short-term overseas prices expected to exceed domestic prices, and mid-term prices likely to converge [3] Group 4 - As of April 30, 2025, the top ten weighted stocks in the China Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, and others, accounting for a total of 54.89% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF Linked Fund (014111) [4]