Core Viewpoint - A nearly decade-long overseas investment cooperation between Shenghe Resources and ETM is approaching a breakdown, as ETM unilaterally announced the termination of their strategic partnership established in 2016 [1][2]. Investment Details - In September 2016, Shenghe Resources and its subsidiary, Leshan Shenghe Rare Earth Co., signed a share subscription agreement with Greenland Minerals and Energy Ltd, agreeing to subscribe for 125 million ordinary shares at AUD 0.037 per share, totaling AUD 4.625 million (approximately CNY 23.59 million) [1]. - Following the completion of the share issuance, Leshan Shenghe held 12.5% of Greenland's total issued shares and obtained a non-executive director seat [1]. Developments and Changes - The investment received approvals from the Australian Foreign Investment Review Board in November 2016 and from Greenland's special shareholders meeting in December 2016, with the transaction completed on December 13, 2016 [2]. - Since the investment, Greenland has undergone multiple rounds of share issuance and has changed its name to Energy Transition Minerals Ltd (ETM) [2]. - As of January 2024, Shenghe exercised its anti-dilution rights to subscribe for an additional 4.367 million shares, holding a total of 129 million shares in ETM, representing approximately 6.5% ownership [2]. Current Situation - ETM recently announced the unilateral termination of the strategic partnership and claimed that Shenghe's "top-up rights" have expired, planning to formally confirm this with the Australian Stock Exchange [2]. - Shenghe does not agree with ETM's position and intends to maintain communication and potentially pursue legal action to protect its rights [2]. Financial Impact - Shenghe has assessed that the situation is not expected to have a significant impact on its operations, with a cumulative investment of CNY 24.34 million in ETM, which is classified as other equity investments [3]. - The fair value of the investment has appreciated, contributing approximately CNY 17.22 million to other comprehensive income as of September 30, 2025 [3]. - ETM's Kvanefjeld rare earth project has not yet obtained mining rights, and the company has not engaged in substantial production activities, which mitigates potential negative impacts on Shenghe's business [3]. Performance Outlook - Shenghe Resources projects a net profit attributable to shareholders for 2025 between CNY 790 million and CNY 910 million, representing a year-on-year growth of 281.28% to 339.20% [3]. - The expected net profit excluding non-recurring items is projected to be between CNY 765 million and CNY 885 million, indicating a year-on-year increase of 285.86% to 346.38% [3]. Market Reaction - On February 2, 2024, Shenghe's stock price fell by 9.91%, closing at CNY 24.35 per share, with a total market capitalization of CNY 42.681 billion [4].

2月2日， 盛和资源 （600392）股价逼近跌停，市值回退至426.81亿元。 当晚，公司就格陵兰公司单方面宣布终止战略合作，并取消公司增持权一事发布公告。 而公司实施本项目是为了拓展中国以外的稀土资源，延伸在中国以外的稀土产业链，优化公司业务区域布局。 增发完成后，乐山盛和拥有格陵兰公司全部已发行股份的12.5%，并获得一名非执行董事席位。此后，格陵兰公司先后进行了多轮股份增发并完成了公司更 名（简称"ETM公司"）。 时间来到2024年1月，盛和资源通过行使反稀释权利认购ETM公司发行普通股股份436.7276万股，并表示，截至目前，公司通过控股子公司合计持有1.29亿 股ETM公司普通股股份，持股比例约为6.5%。 公告显示，2016年，盛和资源以及控股子公司乐山盛和与格陵兰矿物能源有限公司（以下简称格陵兰公司）签署《股份认购协议》，约定乐山盛和认购格陵 兰公司增发的1.25亿股普通股，总计认购价款462.5万澳元（约人民币2250万元）。 据盛和资源彼时公告，格陵兰公司主要业务是矿产资源的勘探和开采，通过全资子公司GME拥有的位于格陵兰岛南部的科瓦内湾项目，目前已完成可行性 研究报告、社会与环境影响 ...

每经编辑｜许绍航 2月2日，盛和资源（600392）股价逼近跌停，市值回退至426.81亿元。 当晚，公司就格陵兰公司单方面宣布终止战略合作，并取消公司增持权一事发布公告。 增发完成后，乐山盛和拥有格陵兰公司全部已发行股份的12.5%，并获得一名非执行董事席位。此后，格陵兰公司先后进行了多轮股份增发并完成了公司 更名（简称"ETM公司"）。 公告显示，2016年，盛和资源以及控股子公司乐山盛和与格陵兰矿物能源有限公司（以下简称格陵兰公司）签署《股份认购协议》，约定乐山盛和认购格 陵兰公司增发的1.25亿股普通股，总计认购价款462.5万澳元（约人民币2250万元）。 据盛和资源彼时公告，格陵兰公司主要业务是矿产资源的勘探和开采，通过全资子公司GME拥有的位于格陵兰岛南部的科瓦内湾项目，目前已完成可行 性研究报告、社会与环境影响评估，递交了采矿证申请。 | 边界品位 | 资源量 | 矿石重 | TREO 品位(%) | U:Os 品位 | TREO 息量 | U2Ox息量 | | --- | --- | --- | --- | --- | --- | --- | | (U3Os) (自万吨) | 类别 | | ...

自上述投资达成至今，格陵兰公司先后进行了多轮股份增发并完成了公司更 名（更改后的公司名称为 Energy Transition Minerals Ltd，以下简称"ETM 公司"）。2024 年 1 月，公司通过行使反稀释权利认购 ETM 公司发行普通股股份 436.7276 万股，截止目前公司通过控股子公司合计持有 1.29 亿股 ETM 公司普通 股股份，持股比例约为 6.5%。 近日，ETM 公司发布公告单方面宣布其与公司于 2016 年建立的战略合作关 系已实质终止，认为公司享有的"增持权"已失效，并计划向澳交所申请正式确 认该战略关系终止及增持权失效。 证券代码：600392 证券简称：盛和资源 公告编号：临2026-003 盛和资源控股股份有限公司 关于对外投资事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 盛和资源控股股份有限公司（以下简称"公司"）于 2016 年 9 月 23 日发布 公告：本公司以及控股子公司乐山盛和稀土股份有限公司（以下简称"乐山盛和"） 与格陵兰矿物能源有限公司（以 ...

格隆汇2月2日｜盛和资源(600392.SH)公告称，2016年，公司以及控股子公司乐山盛和与格陵兰签署 《股份认购协议》，协议约定乐山盛和认购格陵兰公司增发的1.25亿股普通股，总计认购价款462.5万澳 元。增发完成后乐山盛和拥有格陵兰公司全部已发行股份的12.5%，并获得一名非执行董事席位。自上 述投资达成至今，格陵兰公司先后进行了多轮股份增发并完成了公司更名（简称"ETM公司"）。2024年 1月，公司通过行使反稀释权利认购ETM公司发行普通股股份436.7276万股，截止目前公司通过控股子 公司合计持有1.29亿股ETM公司普通股股份，持股比例约为6.5%。近日，ETM公司发布公告单方面宣 布其与公司于2016年建立的战略合作关系已实质终止，认为公司享有的"增持权"已失效，并计划向澳交 所申请正式确认该战略关系终止及增持权失效。公司对ETM的上述观点不予认可。下一步，公司将积 极与ETM公司保持沟通交流，采取法律手段全力维护自身合法权益。经初步评估，上述事项预计不会 对公司产生重大影响。 ...

每经AI快讯，2月2日，盛和资源（600392）公告称，2016年，公司以及控股子公司乐山盛和与格陵兰 签署《股份认购协议》，约定乐山盛和认购格陵兰公司增发的1.25亿股普通股，总计认购价款462.5万澳 元。增发完成后乐山盛和拥有格陵兰公司全部已发行股份的12.5%，并获得一名非执行董事席位。自上 述投资达成至今，格陵兰公司先后进行了多轮股份增发并完成了公司更名(简称"ETM公司")。2024年1 月，公司通过行使反稀释权利认购ETM公司发行普通股股份436.7276万股，截止目前公司通过控股子公 司合计持有1.29亿股ETM公司普通股股份，持股比例约为6.5%。近日，ETM公司发布公告单方面宣布 其与公司于2016年建立的战略合作关系已实质终止，认为公司享有的"增持权"已失效，并计划向澳交所 申请正式确认该战略关系终止及增持权失效。公司对ETM的上述观点不予认可。下一步，公司将积极 与ETM公司保持沟通交流，采取法律手段全力维护自身合法权益。经初步评估，上述事项预计不会对 公司产生重大影响。 ...

2月2日，盛和资源大宗交易成交83万股，成交额2019.39万元，占当日总成交额的0.51%，成交价24.33 元，较市场收盘价24.35元折价0.08%。 | 19, 224, 2002 7000 11:11 1474 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 026-02-02 | 盛和资源 | 600392 | 24.33 2019.39 | 83 | 公營運營業貸款 | 交通管理局局管理 | KO | ...

易方达中证稀土产业ETF（159715）基金经理为刘文魁。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓盛和资源。易方达中证稀土产业ETF（159715）四季度减持 10.35万股，持有股数106.24万股，占基金净值比例为4.23%，位居第十大重仓股。根据测算，今日浮亏 损失约156.17万元。 易方达中证稀土产业ETF（159715）成立日期2021年9月1日，最新规模5.4亿。今年以来收益11.2%，同 类排名914/5579；近一年收益99.64%，同类排名121/4285；成立以来收益33.92%。 2月2日，盛和资源跌5.44%，截至发稿，报25.56元/股，成交1.28亿元，换手率0.29%，总市值448.02亿 元。 资料显示，盛和资源控股股份有限公司位于四川省成都市双流区怡腾路399号，成立日期1998年7月1 日，上市日期2003年5月29日，公司主营业务涉及稀土冶炼分离与深加工及稀土贸易业务。锆钛选矿及 加工业务。 截至发稿，刘文魁累计任职时间2年148天，现任基金资产总规模49.2亿元，任职期间最佳基金回报 115.29%， 任职期间最差基金回报-0.33%。 责任编辑： ...

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]