稀土产品价格的上涨，吸引资金布局稀土板块，稀土ETF（516780）成交明显放量。Wind数据显示，稀 土ETF（516780）近七个交易日（8/25-9/2）日成交额在5亿元以上，同期资金累计净流入达10.32亿元。 据悉，稀土ETF（516780）以紧密跟踪中证稀土产业指数为投资目标，该指数选取了涉及稀土开采、稀 土加工、稀土贸易和稀土应用等业务相关上市公司证券作为样本，前五大成份股为北方稀土、中国稀 土、领益智造、盛和资源、卧龙电驱。在供需错配引发稀土价格上涨的环境下，跟踪该指数的稀土ETF （516780）及其联接基金（A类014331，C类014332）有望成为广大投资者力争把握稀土板块机会的优 质工具。（指数前五大成份股来源：中证指数公司、Wind，截至2025/9/2，涉及个股仅供展示指数前五 大成份股，非个股推荐，也不构成任何投资建议） 稀土ETF（516780）的管理人华泰柏瑞基金拥有超18年ETF运营经验，指数投资管理能力及跟踪误差位 于行业领先水平，一手打造了沪深300ETF（510300）、A500ETF华泰柏瑞（563360）、红利低波ETF （512890）等标杆精品，致力为广大投 ...

Core Viewpoint - China Rare Earth reported significant financial recovery in the first half of 2025, with a revenue increase of 62.38% year-on-year and a net profit turnaround from a loss to a profit [1][2][5]. Financial Performance - The company achieved a revenue of 1.875 billion yuan, up from 1.155 billion yuan in the same period last year, marking a 62.38% increase [2]. - The net profit attributable to shareholders was 161.71 million yuan, compared to a loss of 244.42 million yuan in the previous year, representing a 166.16% improvement [2]. - The net profit after deducting non-recurring gains and losses was 154.62 million yuan, a 160.70% increase from a loss of 254.74 million yuan [2]. - Basic and diluted earnings per share were both 0.1524 yuan, a significant recovery from a loss of 0.2303 yuan per share [2]. - The weighted average return on equity improved to 3.42% from -5.19% [2]. Market Performance - The stock price of China Rare Earth surged to 58.32 yuan, achieving a 10% increase in a single trading session, with a trading volume of 5.201 billion yuan and a turnover rate of 8.54% [3][5]. - The stock has increased by 107.91% since the beginning of the year, rising from 28.05 yuan per share [5]. Industry Trends - The rare earth market is experiencing a significant recovery, with multiple companies reporting substantial profit increases, indicating a positive industry outlook [8]. - The Ministry of Industry and Information Technology has implemented measures to tighten supply, which is expected to stabilize prices in the long term [8][9]. - Prices for major rare earth products have risen by over 10,000 yuan per ton since August, with neodymium metal prices reaching 777,500 yuan per ton [9]. Strategic Developments - China Rare Earth is involved in resource integration, with a recent agreement to transfer 62.085 million shares (18.45% of total shares) from Guangdong Rare Earth Group to China Rare Earth Group [7]. - This transfer is part of a broader strategy to optimize resource allocation and enhance industry concentration [7][4].

随着A股中报披露期进入尾声，稀土产业链各环节上市公司业绩的普遍增长，推动板块持续走强。而稀 土产品销量、价格增长成为公司业绩增长的核心原因之一，某稀土龙头在公告中提到，公司业绩增长主 要得益于镨钕等主要稀土产品销量增加、均价上涨。 今年来，在供给趋严、需求增长的背景下，稀土产品价格中枢持续抬升。长江有色数据显示，2025年8 月28日，金属钕均价突破77.75万元/吨，单日上涨1万元；氧化钕更是以63.75万元/吨的价格刷新阶段新 高。 供给端，8月22日《稀土开采和稀土冶炼分离总量调控管理暂行办法》的发布，对稀土开采和各类稀土 矿产品的冶炼分离实行总量调控管理，供给管控进一步提级。而在需求端，汽车、3C电子等行业产品 换代、产业升级，人形机器人、航空航天等战略性新兴产业加速成长，打开了稀土产品的需求空间，推 动稀土产品销量的增长。 稀土产品"量价齐升"，也点燃了市场资金对稀土板块的布局热情，资金不断加码稀土ETF（516780）及 其联接基金（A类014331，C类014332）。交易所数据显示，截至8月28日稀土ETF（516780）规模为 37.42亿元，创下历史新高，从近五个交易日来看，稀土ETF（5 ...

Core Viewpoint - The prices of neodymium oxide, metallic neodymium, praseodymium oxide, metallic praseodymium, praseodymium-neodymium alloy, and praseodymium-neodymium oxide have significantly increased, driven by tight supply and strong demand in the light rare earth market [1] Price Changes - Neodymium oxide price reached 650,000 yuan/ton, up 18.18% from the beginning of the month [1] - Metallic neodymium price reached 777,500 yuan/ton, up 17.80% from the beginning of the month [1] - Praseodymium oxide price reached 642,500 yuan/ton, up 18.43% from the beginning of the month [1] - Metallic praseodymium price reached 765,000 yuan/ton, up 14.18% from the beginning of the month [1] - Praseodymium-neodymium alloy price reached 762,500 yuan/ton, up 15.97% from the beginning of the month [1] - Praseodymium-neodymium oxide price reached 625,000 yuan/ton, up 20.19% from the beginning of the month [1] Market Dynamics - The domestic light rare earth market is experiencing tight supply, with macro news indicating a potential further tightening of the praseodymium-neodymium product supply-demand balance [1] - The booming development of industries such as new energy vehicles and home appliances is driving a significant increase in orders for downstream magnetic material manufacturers in the fourth quarter [1] - Positive procurement sentiment among magnetic material companies is contributing to the ongoing supply-demand dynamics in the light rare earth market [1] Long-term Trends - The long-term growth trend in end-user demand for industrial robots, new energy vehicles, and wind turbines remains unchanged, suggesting a sustained increase in the penetration rate of high-performance neodymium-iron-boron permanent magnets [1] - The light rare earth market is expected to continue its upward trend in the short term [1]

Group 1 - The report emphasizes the solid global dominance of the rare earth industry, highlighting growth opportunities in high-end applications, particularly in sectors like new energy vehicles, wind power, and industrial robots [5][6][10] - The report outlines strict mining and smelting quotas in China, with the first batch of rare earth quotas for 2025 expected to remain stable or slightly increase, indicating no comprehensive relaxation of controls [5][6] - Export controls are tightening, particularly for heavy rare earths, which may lead to increased demand for domestic resources and support for leading companies in the industry [6][10] Group 2 - The report notes that the tightening of export controls on medium and heavy rare earths is expected to pressure downstream supply, with potential instability in imports from Myanmar [8] - It highlights the dual driving forces of new energy and high-end manufacturing, with a focus on increasing the export share of high-end permanent magnets while reducing low-value product exports [8][11] - The report suggests that leading companies may receive policy support for priority mining, which could alleviate the current shortage of rare earth resources [6][10] Group 3 - The report discusses the impact of U.S. inflation data, indicating that the June 2025 CPI data aligns with expectations, with a year-on-year increase of 2.7% and a core CPI of 2.9% [12][13] - It highlights that inflation is influenced by rising energy prices, tariff transmission, and expectations from new fiscal policies, which may lead to increased "stagflation" risks in the U.S. economy [13][16] - The report indicates that the core service inflation remains stable, primarily affected by the housing market, while other core services like medical and transportation show moderate increases [15][16] Group 4 - The report provides insights into the A-share market, noting a slight decline in the Shanghai Composite Index, with a closing value of 3503 points, indicating a mixed market performance [20][21] - It mentions that the chemical pharmaceutical sector showed the highest increase among industry sectors, while energy metals and steel sectors faced declines [22][23] - The report emphasizes the importance of monitoring key support levels in the index, particularly the 10-day moving average, to gauge short-term market trends [20][21]

元_20250113_173521.xlsx 金属行业 2024 年报综述：行业利润质量 已现质变，板块配置属性显现增强 2025 年 5 月 15 日 看好/维持 有色金属 行业报告 | 分析师 | 张天丰 电话：021-25102914 邮箱：zhang_tf@dxzq.net.cn | 执业证书编号：S1480520100001 | | --- | --- | --- | | 研究助理 | 闵泓朴 电话：021-65462553 邮箱：minhp-yjs@dxzq.net.cn | 执业证书编号：S1480124060003 | 投资摘要： 从十年维度观察（2015-2024），有色金属行业利润规模已实现质变。2024 年行业实现总营收 34075 亿元，十年间涨幅达 205%；同年行业 实现归母净利润 1384 亿元，十年间涨幅高达 4691%。其中，2020-2022 年间，全球量化宽松周期开启，库存周期切换叠加流动性助推下， 金属行业归母净利润由 19 年的 157 亿元增至 1818 亿元，涨幅达 1062%，行业利润实现从百亿至千亿级的跨越。至 2024 年，随着全球降 息周期的再次开启，有色 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - In February 2025, the rare earth permanent magnet industry saw a significant increase of 13%, outperforming the benchmark index (CSI 300) by 10.15 percentage points. The industry's valuation (TTM P/E) rose from 81.66x at the beginning of the month to 92.28x, ending the month at the 98.6% historical high percentile [4][19] - The prices of rare earth raw materials have shown a notable increase, with the average price of mixed rare earth carbonate rising by 11.16% month-on-month to 24,900 CNY/ton, and a year-on-year increase of 12.16% [5] - The demand in downstream sectors remains robust, particularly in the air conditioning and new energy vehicle markets, despite a temporary decline in production due to the Spring Festival [11][12] Summary by Sections Industry Performance - The industry achieved a relative return of 4% over one month, 2% over three months, and 38% over twelve months, with absolute returns of 7%, 4%, and 51% respectively [3] Raw Material Prices - Significant month-on-month increases in prices for various rare earth materials were observed, including: - Mixed rare earth carbonate: +11.16% to 24,900 CNY/ton - Praseodymium-neodymium oxide: +6.55% to 435,000 CNY/ton - Dysprosium oxide: +3.99% to 1,715 CNY/kg [5][6][7] Downstream Demand - The air conditioning sector experienced a production decline of 4.2% year-on-year in January 2025, attributed to the Spring Festival timing, but sales remained strong with an 8.7% increase in total sales [11] - The new energy vehicle sector continued to thrive, with production increasing by 28.96% year-on-year in January 2025 [12] Investment Recommendations - The report suggests that while the industry faces overcapacity and competitive pressures, the demand in key sectors like air conditioning and new energy vehicles provides a solid foundation for future growth. The current valuation levels are high, indicating potential overvaluation risks, thus maintaining the "Overweight" rating [13]