Core Viewpoint - The rare earth permanent magnet sector is experiencing significant price increases, with specific companies seeing substantial stock price movements due to rising market prices for light rare earth elements [1] Group 1: Market Performance - The rare earth permanent magnet concept has seen a surge, with Shenghe Resources hitting the daily limit up [1] - Other companies such as China Rare Earth, Northern Rare Earth, and Zhongke Magnetic Materials also experienced stock price increases [1] Group 2: Price Movements - On February 6, the domestic light rare earth market prices rose, with praseodymium and neodymium metal prices increasing by 5,000 yuan per ton to 925,000 yuan per ton [1] - The price of praseodymium and neodymium oxide rose by 7,500 yuan per ton to 752,500 yuan per ton [1]

Core Viewpoint - The report highlights the growth in China's non-ferrous metal production, indicating a positive trend in the industry with a projected increase in output and investment opportunities in energy-saving and emission reduction initiatives from 2026 to 2032 [1] Group 1: Industry Overview - In December 2025, China's production of ten non-ferrous metals reached 7.21 million tons, reflecting a year-on-year growth of 4.9% [1] - The cumulative production of these ten non-ferrous metals for the entire year of 2025 was 81.75 million tons, showing a cumulative increase of 3.9% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, emphasizing the reliability of the statistics [1] Group 2: Companies Involved - Key listed companies in the non-ferrous metal sector include Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zinc & Germanium (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1] - These companies are positioned to benefit from the anticipated growth in the non-ferrous metal market and the focus on energy efficiency and emissions reduction [1]

| | | | 厂发证券股份有限 公司成都新光路证 | | | 广发证券股党备限 公司成都新光路证 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2026-02-06 | 证券简称 盛和资源 | 证券代码 600392 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 22.06 | 1862.08 | 84.41 | | 卖出营业部 | 2月6日，盛和资源大宗交易成交84.41万股，成交额1862.08万元，占当日总成交额的1.09%，成交价22.06元，较市场收盘价24.67元折价10.58%。 ...

Group 1 - The A-share rare earth permanent magnet sector experienced a rise on February 6, with notable increases in stock prices for several companies [1] - Yujing Co., Ltd. saw a significant increase of over 8%, while Longhua Technology, Dongfang Zirconium, and Yahua Group all rose by over 5% [1] - Other companies such as Youyan New Materials, Zhongkuang Resources, and Northern Rare Earth also reported gains exceeding 4% [1] Group 2 - Yujing Co., Ltd. (002943) had a price increase of 8.68% with a total market value of 17.1 billion and a year-to-date increase of 110.48% [2] - Longhua Technology (300263) increased by 5.73%, with a market value of 12.2 billion and a year-to-date increase of 33.60% [2] - Dongfang Zirconium (002167) rose by 5.56%, with a market value of 10.2 billion and a year-to-date increase of 6.15% [2] - Yahua Group (002497) saw a 5.33% increase, with a market value of 29.2 billion and a year-to-date increase of 2.26% [2] - Youyan New Materials (600206) increased by 4.90%, with a market value of 18.3 billion and a year-to-date increase of 6.30% [2] - Zhongkuang Resources (002738) rose by 4.79%, with a market value of 59.8 billion and a year-to-date increase of 5.56% [2] - Northern Rare Earth (600111) increased by 4.16%, with a market value of 181.9 billion and a year-to-date increase of 9.11% [2] - Other companies such as Xiamen Tungsten (600549), Dadi Bear (688077), and Jiuling Technology (920505) also reported gains of 3.70%, 3.25%, and 3.10% respectively [2]

Core Insights - All 12 listed rare earth companies have reported positive earnings forecasts for 2025, indicating a strong performance outlook for the sector [1][2][3] Group 1: Earnings Forecasts - Northern Rare Earth is expected to achieve a net profit of 2.176-2.356 billion, reflecting an increase of 116.67%-134.60% year-on-year [4][5] - Shenghe Resources anticipates a net profit of 0.790-0.910 billion, with a year-on-year growth of 281.28%-339.20% [4][5] - Jien Mining is projected to report a net profit of 0.660-0.760 billion, representing a growth of 127.00%-161.00% [4][5] - Zhenghai Magnetic Materials expects a net profit of 0.310-0.380 billion, with an increase of 235.72%-311.52% [4][5] - Ningbo Yunsheng forecasts a net profit of 0.280-0.380 billion, indicating a growth of 194.49%-299.67% [4][5] - Yuyuan New Materials anticipates a net profit of 0.255-0.280 billion, with a year-on-year increase of 73.00%-90.00% [4][5] - Longi Magnet Technology expects a net profit of 0.155-0.200 billion, reflecting a growth of 39.57%-80.09% [4][5] - China Rare Earth is projected to turn a profit with a net profit of 0.143-0.185 billion [4][5] - Sanchuan Wisdom anticipates a net profit of 0.128-0.160 billion, with a year-on-year growth of 100.73%-150.91% [4][5] - Zhongxi Rare Metals expects to turn a profit with a net profit of 0.100-0.130 billion [4][5] - China Science and Technology is projected to achieve a net profit of 0.080-0.120 billion, with a significant increase of 566.23%-899.35% [4][5] - China Science Magnetics anticipates a net profit of 0.029-0.035 billion, reflecting a growth of 75.11%-108.32% [4][5]

证券日报网讯2月3日，盛和资源（600392）在互动平台回答投资者提问时表示，根据《上海证券交易所 股票上市规则》第五章，公司2025年利润指标达到披露要求，已在规定期限内完成业绩预告公告披露； 公司持续看好稀土行业未来发展；已于2025年9月完成匹克公司100%股权收购价款支付和股权交割，目 前项目尚处于开发前期准备阶段，将严格遵循国家法律法规要求有序推动后续工作。 ...

证券日报网讯2月3日，盛和资源（600392）在互动平台回答投资者提问时表示，公司产品以国内销售为 主；在严格遵守国家法律法规及产业政策的前提下，近两年公司有部分产品销往欧盟国家，该部分业务 的销售方式以直接对外出口为主。 ...

证券日报网讯2月3日，盛和资源（600392）在互动平台回答投资者提问时表示，截至2026年1月20日公 司股东人数为179868户。 ...

Core Viewpoint - Shenghe Resources (600392.SH) is facing a unilateral termination of its strategic partnership with Energy Transition Minerals Ltd (ETM), which is planning to restart its rare earth project in Greenland [1][2]. Group 1: Investment and Shareholding - In 2016, Shenghe Resources and its subsidiary Leshan Shenghe signed an agreement with Greenland Minerals Energy Ltd (the predecessor of ETM) to participate in a capital increase, acquiring 12.5% of the company and a non-executive director seat [1]. - As of now, Shenghe Resources holds approximately 129 million shares of ETM, representing about 6.5% of the company [1]. Group 2: Legal and Strategic Response - ETM has announced the termination of the strategic relationship and claims that Shenghe's "increased shareholding rights" have expired, which Shenghe disputes and plans to protect its legal rights through communication and legal measures [2]. Group 3: Business Operations and Market Context - Shenghe Resources operates in the rare earth and zircon-titanium sectors, with a complete industrial chain from mining to deep processing, and has established a dual layout in both domestic and international markets [2]. - The application of rare earths is expanding in various fields such as new energy, new materials, aerospace, and electronics, with specific uses in permanent magnets, catalysts, and precision ceramics [2]. Group 4: Financial Performance - In the first three quarters of 2025, Shenghe Resources achieved a revenue of 10.456 billion yuan, a year-on-year increase of 26.87%, and a net profit attributable to shareholders of 788 million yuan, a significant increase of 748.07% [3]. - Shenghe completed the acquisition of 100% of Peak Rare Earths in September 2025, with the core asset being the Ngualla rare earth project in Tanzania, expected to produce 18,000 tons of rare earth concentrate annually starting in 2026 [3]. Group 5: ETM Company Overview - ETM is an Australian mining exploration and development company, primarily engaged in the exploration and development of rare earth elements, lithium, and other strategic metals, with its flagship project located in Greenland [3]. - The Kvanefjeld project has faced delays due to new legislation in Greenland, leading ETM to seek international arbitration for its project rights [3]. Group 6: Recent Developments - In early 2026, ETM announced plans to restart the Kvanefjeld project, having raised 24.7 million AUD through a private placement to fund exploration activities and infrastructure development [4].

Core Insights - The U.S. and Japan are actively seeking to reduce their dependence on rare earth elements, with Japan conducting successful trials for rare earth mud extraction in the Pacific Ocean [1] - Japan currently relies on China for over 70% of its rare earth imports, prompting increased focus on domestic development following China's export restrictions [1] - The U.S. plans to initiate a critical mineral reserve program with an initial funding of $12 billion to decrease reliance on China for rare earth resources [1] - China maintains a dominant position in rare earth resources, extraction technology, and downstream applications, making it challenging for other countries to rebuild their rare earth supply chains [1] Industry Performance - The A-share rare earth sector showed strong performance, with the sector rising by 3.80%, led by companies like Longhua Technology, which increased by 11.46% [3] - Analysts highlight a supply-demand resonance in the rare earth market, with increasing supply concentration and growing demand from sectors like new energy and high-end manufacturing [3] - The strategic value of rare earth resources is becoming more pronounced globally, with many countries emphasizing the importance of critical mineral reserves [3] Company Highlights - Shenghe Resources is a significant player in the domestic rare earth industry, involved in mining, refining, and recycling, with projected earnings growth exceeding 339% by 2025 [5] - Northern Rare Earth is one of the largest rare earth production and processing bases in China, benefiting from resource advantages and stable product supply [5] - Jieneng Permanent Magnet is a high-tech enterprise specializing in rare earth permanent magnet materials, positioned to benefit from the growing demand in sectors like electric vehicles and wind power [5]