Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 9.93%, with a transaction volume of 258 million yuan [3] - As of September 30, the average daily transaction volume of the rare metal ETF over the past month was 207 million yuan, ranking first among comparable funds [3] - Over the past three months, the rare metal ETF's scale increased by 1.611 billion yuan, also ranking first among comparable funds [3] - The ETF's net asset value increased by 9.15% over the past three years, with the highest monthly return since inception being 24.02% [3] - The longest consecutive monthly gain was five months, with a maximum increase of 66.25% and an average monthly return of 8.60% [3] Group 2: Government Involvement and Industry Dynamics - On October 6, the Trump administration discussed acquiring a stake in Critical Metals, potentially giving the U.S. direct ownership of Greenland's largest rare earth mining project [3] - The U.S. government has recently invested in lithium giant Lithium Americas and MP Materials, which owns the Mountain Pass rare earth mine [3] - There is a focus on rebuilding the domestic rare earth supply chain, although global production of rare earth permanent magnets remains highly concentrated in China [3] Group 3: Company Developments in Solid-State Battery Technology - Ganfeng Lithium is accelerating its layout in the solid-state battery sector, responding to numerous investor inquiries regarding technology routes, capacity planning, and commercialization progress [4] - The company announced breakthroughs in solid electrolyte research and pilot line yield data [4] Group 4: Top Holdings in Rare Metal Index - As of September 30, the top ten weighted stocks in the China Rare Metal Theme Index accounted for 59.91% of the index, including Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [4] Group 5: Investment Opportunities - Investors can participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [7]

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 3.51% and a transaction volume of 87.15 million yuan [3] - As of September 25, the ETF has seen an average daily transaction volume of 208 million yuan over the past month, ranking first among comparable funds [3] - The ETF's scale has increased by 247 million yuan this month, also ranking first among comparable funds [3] - The ETF's shares have grown by 43.5 million shares this month, achieving significant growth and ranking first among comparable funds [3] - Over the past 19 trading days, the ETF has experienced net inflows on 10 days, totaling 423 million yuan [3] - The ETF's net value has increased by 79.68% over the past year [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly gains being 4 months and a maximum increase of 58.56% [3] - The average monthly return during rising months is 8.77%, and the ETF has outperformed the benchmark with an annualized return of 5.45% over the past three months [3] Group 2: Silicon Carbide and Rare Metals Market Trends - Silicon carbide prices have risen by 5.7% to 5,600 yuan per ton, reaching a three-month high, while high-purity gallium prices have increased by 1.1% due to recovering demand in the semiconductor sector [4] - The strategic importance of silicon carbide as a core substrate is increasing with its penetration in new energy vehicles, photovoltaic inverters, and 5G base stations [4] - Although short-term price fluctuations are influenced by production capacity release, the long-term outlook for the silicon carbide industry remains positive due to accelerated domestic substitution and increased downstream application [4] - Prices of tungsten and praseodymium-neodymium oxide are also at high levels, indicating a continued structural tightness in resource supply [4] Group 3: Top Holdings in Rare Metal Index - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Salt Lake Industry, Huayou Cobalt, Tianqi Lithium, Ganfeng Lithium, China Rare Earth, Shenghe Resources, Zhongjin Resources, and Xiamen Tungsten, collectively accounting for 57.58% of the index [4]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 4.62%, with a transaction volume of 115 million yuan [1] - Over the past month, the average daily transaction volume of the rare metal ETF reached 218 million yuan, ranking first among comparable funds [1] - In the last two weeks, the rare metal ETF's scale increased by 53.46 million yuan, achieving significant growth and ranking first among comparable funds [1] - The ETF's shares grew by 13 million shares in the last two weeks, also ranking first among comparable funds [1] - In the last ten trading days, the rare metal ETF attracted a total of 195 million yuan in inflows [1] - As of September 22, 2025, the net value of the rare metal ETF increased by 86.19% over the past year [1] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being four months and a maximum increase of 58.56% [1] - The average return during the rising months was 8.77% [1] - The annualized return over the last three months exceeded the benchmark by 5.76% [1] Group 2: Market Dynamics and Policy Impact - The unique resource characteristics of minor metals lead to greater price elasticity, benefiting from high beta during market uptrends [2] - The Democratic Republic of Congo's cobalt export policy, effective September 21, extends the cobalt export ban until October 15, 2025, followed by a quota system [2] - The quota for October to December 2025 is set at 18,125 tons, with a total quota of 96,600 tons for 2026-2027, representing a 56% decrease from the 2024 production levels [2] - The Congolese government's firm pricing stance is expected to compel downstream companies to initiate large-scale inventory replenishment, driving cobalt prices upward [2] - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index accounted for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [2] Group 3: Stock Performance Overview - The stock performance of key companies in the rare metals sector showed declines, with Northern Rare Earth down 4.79% and Ganfeng Lithium down 0.76% [4] - Other notable declines included Luoyang Molybdenum at -2.75% and Tianqi Lithium at -3.01% [4] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [4]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 2.39%, with a transaction volume of 62.4557 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 250 million yuan, ranking first among comparable funds [3] - The rare metal ETF's scale increased by 66.2844 million yuan in the past week, achieving significant growth and ranking first among comparable funds [3] - The ETF's shares grew by 262 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, the rare metal ETF attracted a total of 175 million yuan in inflows [3] - As of September 18, 2025, the net value of the rare metal ETF increased by 87.33% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [3] - The average monthly return during the rising months was 8.77%, and the annualized return over the past three months exceeded the benchmark by 6.60% [3] Group 2: Industry Insights and Developments - The concept of the "Asian Lithium Belt" was introduced, spanning 2,800 kilometers across four provinces, with multiple large and super-large lithium mines discovered [4] - According to a report by CITIC Securities, the profitability growth rate of the metal sector is expected to rise further in the first half of 2025, maintaining strong performance [4] - Sub-sectors such as rare earths, tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [4] - The metal sector's dividends and fund holdings are on the rise, with valuations reaching their highest levels since 2022, although still below the 2021 peak [4] - The top ten weighted stocks in the CSI Rare Metal Theme Index account for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Tianqi Lithium [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Core Viewpoint - The rare metals sector is experiencing a mixed performance, with recent regulatory changes and supply-demand dynamics influencing market trends [1][4][5]. Group 1: Market Performance - As of September 16, 2025, the China Securities Rare Metals Theme Index has decreased by 2.23%, with leading stocks such as Guangsheng Nonferrous Metals and Northern Rare Earths showing declines [1]. - The Rare Metals ETF (562800) has seen a 13.27% increase over the past month, indicating a strong recovery trend [1]. - The Rare Metals ETF has achieved a record high in scale, reaching 2.735 billion yuan, and a record high in shares at 3.558 billion, leading among comparable funds [4]. Group 2: Trading Activity - The Rare Metals ETF recorded an intraday turnover of 8.19%, with a transaction volume of 218 million yuan [4]. - Over the past week, the ETF has maintained an average daily transaction volume of 230 million yuan, ranking first among comparable funds [4]. - The ETF has seen a net inflow of 231 million yuan recently, with three out of the last five trading days showing positive net inflows totaling 304 million yuan [4]. Group 3: Supply and Demand Dynamics - The supply side remains tight, with upstream raw ore separation enterprises maintaining stable operations, although some face reduced operating rates due to raw material supply constraints [5]. - Demand from downstream magnetic material companies remains strong, with major manufacturers maintaining high operating rates and sufficient order reserves [5]. - Recent data indicates a 3.4% month-on-month decrease in China's rare earth exports in August, while export value increased by 51%, reflecting a "volume decrease, price increase" trend [4]. Group 4: Key Stocks - The top ten weighted stocks in the rare metals index account for 57.58% of the total index, with Northern Rare Earths and Luoyang Molybdenum being the most significant contributors [5]. - Notable declines in stock prices include Northern Rare Earths down by 3.98% and Guangsheng Nonferrous Metals down by 1.66% [7].

Core Insights - The rare metals theme index has shown a strong increase of 1.25%, with significant gains in constituent stocks such as Plating New Materials up 10.24% and China Rare Earth up 4.91% [1][4] - The rare metals ETF has experienced a notable increase in trading volume and net inflows, ranking first among comparable funds in terms of scale and share growth [3][4] Group 1: Market Performance - As of September 11, 2025, the rare metals theme index rose by 1.25%, with key stocks like Plating New Materials and China Rare Earth showing substantial gains [1] - The rare metals ETF recorded a trading turnover of 2.8% and a transaction volume of 68.57 million yuan, with a weekly average transaction of 241 million yuan, ranking first among comparable funds [3] - Over the past year, the rare metals ETF's net value has increased by 87.53%, placing it in the top 12.70% of index equity funds [3] Group 2: Investment Opportunities - The recent fluctuations in lithium carbonate futures prices have led to a decrease in spot prices, but demand is expected to rise with the upcoming peak season, indicating potential upward momentum for lithium prices [4] - The introduction of regulatory measures for rare earth mining and processing is seen as a positive factor, suggesting continued upward potential for the rare earth sector [4] - The top ten weighted stocks in the rare metals theme index account for 57.58% of the total index, highlighting key investment opportunities in companies like Northern Rare Earth and Ganfeng Lithium [4][6]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 6.52%, with a transaction volume of 144 million yuan [2] - Over the past week, the average daily transaction volume of the rare metal ETF reached 228 million yuan, ranking first among comparable funds [2] - The rare metal ETF's scale increased by 68.32 million yuan in the past week, achieving significant growth and ranking first among comparable funds [2] - The latest share count of the rare metal ETF reached 2.992 billion shares, a new high since its inception, also ranking first among comparable funds [2] - In the last five days, the rare metal ETF experienced continuous net inflows, with a maximum single-day net inflow of 116 million yuan, totaling 333 million yuan [2] - As of September 4, 2025, the net value of the rare metal ETF increased by 77.68% over the past year, ranking 433 out of 3004 in the index stock fund category, placing it in the top 14.41% [2] - The highest monthly return since inception for the rare metal ETF was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [2] - The average return during the rising months was 8.77%, and the annualized excess return over the benchmark for the past three months was 9.14% [2] Group 2: Market Trends and Company Performance - The rare metal sector is experiencing multiple favorable factors, with rising rare earth prices improving the profitability of related companies [3] - Shenghe Resources reported significant year-on-year growth in rare earth and rare metal production and sales for the first half of 2025, driven by changes in market supply and demand dynamics [3] - The gross profit margin for Shenghe Resources reached 8.42% in H1 2025, an increase of 6.95 percentage points year-on-year, with Q2 2025 gross profit margin at 8.84%, up 5.82 percentage points year-on-year [3] - The company is strengthening its rare earth industry chain layout through a diversified raw material supply assurance system, indicating potential for continued performance improvement [3] - CITIC Construction pointed out that the monetary easing from the Federal Reserve and domestic policies aimed at optimizing production factors are conducive to the upward transmission of metal prices to downstream sectors [3] - The valuation of the industrial metal sector is currently low, suggesting potential for upward correction [3] - The top ten weighted stocks in the CSI Rare Metal Theme Index account for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [3]

Core Viewpoint - The rare metals sector is experiencing mixed performance, with notable movements in specific stocks and a strong performance of the rare metals ETF, indicating potential investment opportunities in this sector [1][3]. Group 1: Market Performance - As of September 3, 2025, the China Rare Metals Theme Index decreased by 0.20%, with North Rare Earth leading the gainers at 3.54% [1]. - The rare metals ETF (562800) has seen a cumulative increase of 4.79% over the past week, ranking first among comparable funds [1]. - The rare metals ETF recorded a turnover rate of 4.17% with a transaction volume of 93.2969 million yuan [3]. Group 2: Fund Performance - The latest scale of the rare metals ETF reached 2.236 billion yuan, marking a new high since its inception and ranking first among comparable funds [3]. - The ETF's shares reached 2.929 billion, also a new high since inception [3]. - Over the past year, the net value of the rare metals ETF has increased by 89.76%, placing it in the top 13.67% among index equity funds [3]. Group 3: Investment Recommendations - Southwest Securities expresses a long-term positive outlook on gold, copper, and aluminum, while emphasizing the importance of strategic metals like rare earths [4]. - Four investment themes are suggested: 1. Precious metals benefiting from macro liquidity easing and a potential Federal Reserve rate cut [4]. 2. Industrial metals like copper and aluminum seeing demand stabilization and supply disruptions [4]. 3. Strategic metals gaining attention due to geopolitical tensions, with potential price increases for rare earths [5]. 4. Supply-side disruptions creating opportunities in lithium, with a focus on valuation recovery [5]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Metals Theme Index account for 57.58% of the index, with North Rare Earth, Luoyang Molybdenum, and Salt Lake Shares being the most significant [5]. - Specific stock performances include: - North Rare Earth: +3.54% [6] - Salt Lake Shares: -0.05% [6] - China Rare Earth: -3.70% [6] Group 5: Investment Access - Investors can also participate in the rare metals sector through the rare metals ETF linked fund (014111) [8].

Core Insights - The rare metals theme index has seen a strong increase of 3.49%, with key stocks such as Guangsheng Nonferrous and China Rare Earth hitting the daily limit up, indicating robust market performance [1] - The rare metals ETF has also experienced significant growth, with a recent scale reaching 1.914 billion, marking a new high since its inception [3] Market Performance - The rare metals ETF recorded a turnover rate of 7.54% during the trading session, with a transaction volume of 148 million [3] - Over the past week, the ETF has averaged daily transactions of 179 million, leading among comparable funds [3] - The ETF's net asset value has increased by 84.56% over the past year, ranking it 427 out of 2985 in the index stock fund category, placing it in the top 14.30% [3] Investment Opportunities - Institutions highlight that the limited reserves and high extraction difficulty of strategic minor metals, combined with rapid growth in downstream demand from sectors like new energy and semiconductors, are intensifying supply-demand conflicts [4] - The lithium sector is expected to see catalytic opportunities due to the acceleration of solid-state battery commercialization and explosive energy storage demand, with a focus on cost-effective lithium extraction companies [4] - The rare earth sector is anticipated to maintain strong prices due to export controls and increasing downstream demand [4] Key Stocks - The top ten weighted stocks in the rare metals theme index account for 55.85% of the index, with notable companies including Northern Rare Earth, Salt Lake Co., and Ganfeng Lithium [4] - The performance of individual stocks includes Salt Lake Co. up by 3.66%, Northern Rare Earth up by 2.37%, and Ganfeng Lithium up by 4.69%, reflecting positive market sentiment [6]

Core Insights - The China Rare Metals Theme Index has shown a strong increase of 1.33%, with significant gains in constituent stocks such as China Rare Earths (up 8.30%) and Kinglong Magnetics (up 6.44%) [1] - The Rare Metals ETF (562800) has risen by 1.65%, reaching a peak increase of over 3% during the trading session [1] Trading Activity - The Rare Metals ETF experienced a turnover of 2.3% during the trading session, with a transaction volume of 43.99 million yuan [4] - Over the past week, the ETF has averaged daily transactions of 166 million yuan, ranking first among comparable funds [4] - The latest scale of the Rare Metals ETF has reached 1.884 billion yuan, marking a new high since its inception and also ranking first among comparable funds [4] - The ETF's share count has reached 2.580 billion shares, also a new high since inception, maintaining its top position among comparable funds [4] - In terms of net fund inflow, the ETF has seen continuous inflows over the past five days, with a peak single-day net inflow of 83.85 million yuan, totaling 235 million yuan [4] Performance Metrics - As of August 27, 2025, the Rare Metals ETF has achieved a net value increase of 84.56% over the past year, ranking 427 out of 2985 in the index stock fund category, placing it in the top 14.30% [4] - The ETF has recorded a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gains being three months and the highest cumulative increase being 29.68% [4] - The average return during the months of increase is 8.13% [4] - Over the past three months, the ETF has outperformed its benchmark with an annualized excess return of 13.23% [4] Market Trends - The upcoming consumption peak in September and October is expected to boost downstream demand, leading to a significant recovery in market activity [5] - Prices for rare earths and cobalt have been steadily increasing, with disruptions in lithium supply in Jiangxi causing a substantial rise in prices [5] - The cobalt price is anticipated to receive strong support towards the end of Q3 and the beginning of Q4 due to low raw material inventory levels [6] - The lithium market is expected to face shortages due to upstream mine production cuts, with prices likely to rise amid strong downstream demand expectations [6] Key Stocks - The top ten weighted stocks in the China Rare Metals Theme Index account for 55.85% of the index, including Northern Rare Earth, Salt Lake Co., and others [5] - Notable stock performances include Salt Lake Co. (up 0.72%), Northern Rare Earth (up 2.41%), and Western Superconducting (up 5.79%) [8]