美国挖出了稀土，却连炼的地儿都批不下来，最后还得打包送中国加工。你没听错，技术不是没学会，是环保太讲究、工厂没人敢建，光剩一堆热矿石瞪 眼。 这事儿背后，不是技术差，是体系断档，真相一揭开，笑点和痛点全都有！ 为啥干不通？因为美国搞个精炼厂，比选总统都难。环保先横一刀，社区再来一锤，审查排期像春运抢票，一年批不下来不稀奇。更别说稀土精炼还涉及轻 微放射性废料，EPA（环境保护署）一出手，十年起步。 这还不算完。美国的干式尾矿处理虽然环保，却把成本顶得老高。厂子一计算，干一吨赔两吨，谁敢投？谁来干？结果就是：技术在手，却没地方放锅开 火，只能干瞪眼。 所以现在这个局面，说直白点就是——矿在美、链在中、命脉还在人手里攥着。你说美国不着急？着急得很。F-35战斗机一架就要900磅稀土，核潜艇更 狠，9200磅一艘。这玩意没稀土，那不叫高端军工，那叫钢铁漂浮棺材。 在加州南部的荒漠上，有一座矿场叫Mountain Pass。说是矿，其实像个拖拉机嘉年华。矿卡轰鸣、尘土飞扬、设备林立，一派繁忙景象。但干的活，说白了 就是挖稀土。 可问题来了，这些稀土精矿，最后不是自己炼，是打包运回中国加工。美国人自己挖，运中国精炼，再 ...

格隆汇9月15日丨天和磁材(603072.SH)在互动平台表示，人形机器人是未来高性能钕铁硼重要需求增长 点之一。公司凭借行业经验和深厚的专业积累，正在积极布局，把握人形机器人市场的发展机遇。针对 人形机器人的研发，公司设置了专项研发课题并配备了总工程师牵头的研发课题组，已完成小批量产品 交付。2025年半年度，营业收入与净利润的波动，主要是因为公司外销占比较高，出口管制政策实施 后，短期内对境外客户发货放缓，订单交付延后，因此本报告期内产品销量同比下降。出口管制政策出 台后，公司迅速响应，第一时间成立专项工作组，建立和完善了出口管制合规管理体系，依照规定程序 积极申请许可证，目前已经陆续获得国家主管部门核发的相关出口许可，国际业务逐步恢复。同时为了 应对国际市场压力，公司加大了国内市场的开发力度，相关业务预计会在下半年释放。通过以上的措 施，公司有信心在下半年实现业务的增长。 ...

格隆汇9月15日丨天和磁材(603072.SH)在互动平台表示，人形机器人是未来高性能钕铁硼重要需求增长 点之一。公司凭借行业经验和深厚的专业积累，正在积极布局，把握人形机器人市场的发展机遇。针对 人形机器人的研发，公司设置了专项研发课题并配备了总工程师牵头的研发课题组，已完成小批量产品 交付。2025年半年度，营业收入与净利润的波动，主要是因为公司外销占比较高，出口管制政策实施 后，短期内对境外客户发货放缓，订单交付延后，因此本报告期内产品销量同比下降。出口管制政策出 台后，公司迅速响应，第一时间成立专项工作组，建立和完善了出口管制合规管理体系，依照规定程序 积极申请许可证，目前已经陆续获得国家主管部门核发的相关出口许可，国际业务逐步恢复。同时为了 应对国际市场压力，公司加大了国内市场的开发力度，相关业务预计会在下半年释放。通过以上的措 施，公司有信心在下半年实现业务的增长。 ...

Group 1 - The Ministry of Industry and Information Technology, National Development and Reform Commission, and Ministry of Natural Resources jointly announced the "Interim Measures for Total Quantity Control Management of Rare Earth Mining and Smelting Separation," effective immediately [1] - The interim measures require rare earth production companies to establish a tracking system for rare earth product flows, mandating monthly reporting of flow information to the relevant authorities [1] - Guojin Securities commented that the implementation of the interim measures marks the official start of supply-side reforms in the rare earth industry, with significant increases in magnetic material exports observed in July [1] Group 2 - Dongfang Securities forecasts that the demand for magnetic materials in the new energy vehicle sector, the largest and fastest-growing area, is expected to see a cumulative year-on-year production growth of nearly 20% this year [2] - The wind power sector is anticipated to benefit from accelerated investment in power infrastructure, with new equipment growth expected to exceed 20% [2] - The industrial robotics sector is projected to rebound to a high growth rate of 35%-40% after a decline in 2023, while other sectors like variable frequency air conditioners and energy-saving elevators are expected to maintain stable production [2] Group 3 - Ningbo Yunsheng is highlighted as a company experiencing new growth points due to the demand for high-performance neodymium-iron-boron [3]

Core Viewpoint - The new regulations on rare earths in China are expected to significantly impact the global supply chain, leading to price surges and strategic adjustments by international companies [2][3][4]. Group 1: Policy Changes - The "Total Control Management Measures for Rare Earth Products" limits China's rare earth mining quota to 240,000 tons for 2025, a mere 3% increase from 2024, which is below the global demand growth of 6% [3]. - The new policy also tightens the quotas for rare earth smelting and separation, with southern ion-type rare earth smelting capacity utilization capped at below 70% [3]. - Specific quotas for strategic elements like praseodymium, neodymium, dysprosium, and terbium have been introduced, with neodymium supply expected to remain unchanged year-on-year [3]. Group 2: Global Impact - The new regulations have triggered immediate reactions from global companies, with Toyota adjusting its electric vehicle production plans and Siemens initiating strategic reserves due to increased costs for neodymium-iron-boron permanent magnet materials [4]. - The U.S. Raytheon Company has warned that its rare earth inventory for the Patriot missile guidance system will only last for nine months under current conditions [4]. - Despite efforts from companies like Lynas in Australia and MP Materials in the U.S. to ramp up production, it is projected that overseas rare earth capacity will only meet 28% of global demand by 2025 [4]. Group 3: Technological and Economic Implications - The value of rare earths increases significantly through processing, with raw ore valued at approximately 30,000 yuan per ton, while processed permanent materials can reach up to 800,000 yuan, and precision motors can be valued at 12 million yuan [6]. - The U.S. Department of Defense recognizes the strategic importance of rare earths, linking them to the production capabilities of advanced military systems like the F-35 fighter jet [6]. - China is enhancing its rare earth processing technologies, with innovations in green extraction and recycling systems that improve resource utilization rates [6]. Group 4: Future Trends - The rare earth market is expected to evolve into a "three-legged" competition, with China maintaining dominance in heavy rare earth supply, while Western nations accelerate support for projects in Australia, Canada, and India [7]. - Long-term competition will focus on technological alternatives and resource recycling, with projections indicating that by 2030, 30% of global rare earth demand could be met through recycling [7]. - The new policies serve as both a defensive measure and a strategic offensive tool for China, emphasizing the importance of controlling key resources in the context of global industrial competition [7].

Summary of Conference Call on Rare Earth Industry Industry Overview - The rare earth industry is experiencing a tightening supply-demand situation, particularly in China, following the implementation of export controls in April 2025, which has led to a disconnection between domestic and international markets [2][4][7]. Key Points Demand Trends - High-performance neodymium-iron-boron (NdFeB) demand is projected to reach 63% in 2024 and increase to 68% by 2027, driven by sectors such as electric vehicles and robotics [1][2]. - The compound annual growth rate (CAGR) for China's high-performance NdFeB demand from 2020 to 2024 is approximately 25%, with an expected CAGR of around 13% from 2024 to 2027 [1][3]. Supply Dynamics - Domestic rare earth supply is influenced by several factors, including the cessation of exports from the U.S. MP Company and disruptions in imports from Myanmar, which saw an 81% year-on-year decline from January to March 2025 [4][5]. - By June 2025, imports from Myanmar rebounded to 5,600 tons, a 71% year-on-year increase [5]. Price Movements - Since mid-July 2025, the price of praseodymium-neodymium oxide has entered an upward trend, with prices increasing by 27% compared to the beginning of the year [6]. - As of July 22, 2025, the price per ton of praseodymium-neodymium oxide was reported at 478,000 yuan, reflecting a 20% increase since the start of the year [6]. Future Supply and Demand Outlook - The global supply-demand balance for praseodymium-neodymium oxide is expected to remain tight from 2025 to 2027, with domestic conditions improving as demand strengthens and supply tightens [7][9]. - The U.S. Department of Defense's agreement with MP Company, which sets a minimum purchase price of $110 per kilogram, is anticipated to raise the price ceiling for rare earths globally [10]. Investment Recommendations - It is advised to focus on upstream companies with strong resource attributes and growth potential, such as Northern Rare Earth and Guangsheng Nonferrous, as well as leading downstream magnetic material companies involved in humanoid robots and electric vehicles, like Jinli Permanent Magnet and Ningbo Yunsheng [11]. - Attention should also be given to overseas rare earth companies, including MP in the U.S. and Lynas in Australia [11]. Industry Outlook - The rare earth and magnetic material industries are expected to have a positive outlook in the coming years, with stable costs for upstream companies and rapid demand growth for downstream companies [12]. - The demand for high-performance NdFeB is projected to grow at over 13% from 2024 to 2027, supporting higher valuations for these companies [12][13]. Valuation Considerations - Valuation should consider both profit and volume, with upstream rare earth companies benefiting from price increases and downstream magnetic material companies experiencing rapid growth due to the electrification trend [13][14].

Core Viewpoint - The domestic supply and demand for praseodymium and neodymium oxide is expected to gradually tighten, leading to a moderate price increase in the context of a fragmented global rare earth supply and demand situation [1]. Group 1: Demand - The arrival of the downstream procurement peak season, combined with improved exports, is expected to enhance overall domestic magnetic material demand. The demand for high-performance neodymium-iron-boron is projected to grow at a CAGR of 25% from 2020 to 2024 and 13% from 2024 to 2027 [2][6]. - By 2027, the demand for high-performance neodymium-iron-boron is anticipated to account for 68% of the total demand, driven by the rapid development of new energy and energy-saving sectors [7]. - In June, China exported 3,188 tons of magnetic materials, marking a significant month-on-month increase of 157%, which is approximately 70% of the average monthly export volume over the past three years [15]. Group 2: Supply - Domestic rare earth supply is tightening due to a reduction in imports from the U.S. and limited supply increases from other sources. In 2024, domestic mining, Myanmar imports, and U.S. imports are expected to account for 78%, 10%, and 9% of the domestic rare earth supply, respectively [18][19]. - The U.S. MP Materials company announced on April 17 that it would stop exporting rare earth concentrates to China, resulting in zero imports from the U.S. in June [20]. - Myanmar's rare earth imports have rebounded to a three-year high, with 5,600 tons imported in June, but further significant increases are unlikely due to ongoing supply disruptions [21]. Group 3: Outlook - As of July 23, the domestic price of praseodymium and neodymium oxide was reported at 496,000 yuan per ton, reflecting a 25% increase since the beginning of the year and a 10% increase from the highest point in the first half of the year [25]. - The supply-demand balance for praseodymium and neodymium oxide is projected to gradually tighten from 2025 to 2027, with estimated balances of +6,304 tons, +522 tons, and -1,466 tons, representing 7.6%, 0.6%, and -1.6% of demand, respectively [32].

Core Insights - The ongoing competition between China and the United States over rare earth elements (REE) has intensified, with China employing strategic measures to control its supply and protect its technological advantages [5][11][28] Group 1: Strategic Measures - China has implemented a command requiring domestic rare earth experts to surrender their passports, effectively restricting their ability to leave the country and preventing foreign entities from acquiring critical technical knowledge [11][13] - The export volume of rare earth magnets from China has significantly decreased, attributed to stricter approval processes for export licenses, which now require detailed explanations of the intended use and final destination of the products [20][22] Group 2: U.S. Response and Challenges - U.S. officials express concern over the dependency on Chinese rare earths, with statements indicating that achieving independence from this reliance could take at least a generation [15][19] - The U.S. lacks a complete supply chain for rare earths, facing challenges in mining, processing, and production, which complicates efforts to reduce reliance on Chinese supplies [16][17] Group 3: Global Market Dynamics - China dominates the global rare earth market, producing 60% of the world's supply and refining 90% of it, giving it a significant leverage in international trade [16] - The complexity of rare earth separation technology poses a barrier for Western countries attempting to replicate China's capabilities, as they struggle to find experienced personnel and effective operational methods [22][24] Group 4: Implications for National Security - The strategic importance of rare earths is underscored by their critical role in advanced military applications, with potential supply disruptions posing serious risks to national security for countries reliant on these materials [9][18] - The illicit export of rare earths has emerged as a concern, with reports of sophisticated smuggling operations aimed at circumventing Chinese export controls [19][20]

Group 1 - The company has successfully completed its initial public offering (IPO) by issuing 66.07 million shares at a price of 12.30 RMB per share, raising a total of 812.66 million RMB [1] - The funds raised will be used for specific projects, including a high-performance neodymium-iron-boron production project with a total investment of 944.15 million RMB, of which 818.10 million RMB is planned to be funded by the raised capital [2][3] - The company has pre-invested a total of 185.90 million RMB from its own funds into the projects before the IPO funds were available [3][4] Group 2 - The company has established a special account for the management of the raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2] - The company has adjusted the amount of raised funds allocated to projects due to the actual net amount being lower than initially planned, ensuring that the projects will still be implemented without changing the intended use of funds [2][3] - The total issuance costs amounted to 82.32 million RMB, with 10.20 million RMB paid from self-raised funds, while the remaining costs were deducted from the raised funds [4][6] Group 3 - The independent directors and the accounting firm have confirmed that the use of raised funds to replace pre-invested self-raised funds and paid issuance costs complies with relevant regulations and does not harm shareholder interests [6][7] - The sponsor has verified that the necessary legal procedures were followed, and the replacement of funds occurred within six months of the funds being received [7][8]

Core Viewpoint - The report provides a verification of Baotou Tianhe Magnetic Material Technology Co., Ltd.'s use of raised funds to replace self-raised funds previously invested in projects and to cover issuance expenses, confirming compliance with regulatory requirements [2][3][4]. Group 1: Fundraising Overview - The company successfully raised a total of RMB 730,339,590.00 through the issuance of 66.07 million shares at a price of RMB 12.30 per share, with all funds received by December 26, 2024 [4]. - A special account has been established for the management of the raised funds, ensuring dedicated oversight and compliance with regulations [5]. Group 2: Investment Project Details - The raised funds will be allocated to three main projects: 1. Intelligent transformation of high-performance rare earth permanent magnet material production line 2. Upgrading of the high-performance rare earth permanent magnet material R&D center 3. Industrialization project for producing 3,000 tons of high-performance NdFeB for electric vehicles - The total investment for these projects is RMB 944.15 million, with RMB 818.10 million planned to be funded from the raised capital [5]. Group 3: Fund Replacement and Expenses - As of December 31, 2024, the company has pre-invested a total of RMB 570,255,788.55 from self-raised funds into the projects, with RMB 185,896,872.89 specifically for the high-performance NdFeB industrialization project [6]. - The total issuance expenses amounted to RMB 82,321,410.00 (excluding tax), with RMB 10,195,905.66 paid from self-raised funds [6]. - The company plans to replace the pre-invested self-raised funds and issuance expenses with the raised funds, subject to board approval and verification by registered accountants [6].