中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-042号 中矿资源集团股份有限公司 关于公司为全资子公司融资租赁业务提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、融资租赁及担保情况概述 为加快推进业务发展，拓宽融资渠道，中矿资源集团股份有限公司（以下简 称"公司"或"本公司"）之全资子公司中矿资源（江西）锂业有限公司（以下 简称"江西中矿锂业"）拟作为承租人与远东宏信（天津）融资租赁有限公司（以 下简称"远东租赁"）开展售后回租融资租赁业务，融资额度不超过人民币 22,000.00 万元。公司为江西中矿锂业向远东租赁提供不可撤销的连带责任保证 担保。 二、被担保人基本情况 1. 基本情况 | 中矿资源（江西）锂业有限公司 | | --- | | 公司名称 | 1 中矿资源集团股份有限公司 | 统一社会信用 | 91360504MA7CCKPQ29 | | | | --- | --- | --- | --- | | 代码 | | | | | 成立日期 | 2021 年 月 日 | 11 | 22 | ...

Core Insights - The global cesium and rubidium resources are rare and concentrated, with significant applications in various high-tech fields [2][3][8] - The supply of cesium and rubidium salts is rigid, with a notable market share held by Zhongjin Resources [4][5][9] Group 1: Resource Availability - As of 2020, global cesium ore reserves were approximately 220,000 tons, primarily located in Canada (120,000 tons, 55%), Zimbabwe (60,000 tons, 28%), Namibia (30,000 tons, 14%), and Australia (7,100 tons, 3%) [3] - By 2024, global cesium mineral resources are reported to be less than 200,000 tons, mainly concentrated in Australia, Canada, Namibia, and China [3] - Global rubidium reserves are highly concentrated, with 102,000 tons reported in 2020 (excluding China), primarily in Namibia (50,000 tons, 49%), Zimbabwe (30,000 tons, 29%), and Canada (12,000 tons, 12%) [3] Group 2: Market Dynamics - The global production of cesium and rubidium salts peaked in 2021 at 2,231 tons, but is projected to decline by 13.9% to 1,921 tons by 2024 [4][5] - Zhongjin Resources' production decreased from 993 tons in 2021 to 960 tons in 2024, yet its market share increased from 45% to approximately 50% [5] - The scarcity of available cesium and rubidium resources is driving a rigid supply, enhancing Zhongjin Resources' market position [5][9] Group 3: Pricing and Demand - The price of international rubidium has increased from 775 RMB per gram in 2020 to 900 RMB per gram in 2024, with a CAGR of 3.8% [6] - The average annual price increase for Zhongjin Resources' cesium and rubidium fine chemical products is projected to be 24% from 2022 to 2024 [6] - The limited supply of rubidium, which is produced as a byproduct of lithium and cesium extraction, is constraining market applications despite its similar demand profile to cesium [6][9] Group 4: Technological Advancements - Domestic companies are making progress in lithium mica cesium and rubidium extraction technologies, which is crucial for supply chain risk control and industry upgrades [7] - Jin Yinhe's low-temperature sulfuric acid method for lithium mica extraction is noted for its low energy consumption and high purity, significantly reducing extraction costs [7] - The projected annual production capacity for rubidium and cesium salts from Jin Yinhe is estimated to be 1,200-1,700 tons and 300-450 tons, respectively, enhancing the supply chain security for cesium and rubidium resources in China [7] Group 5: Future Supply Expansion - Global cesium and rubidium supply is expected to increase due to expansion plans by leading companies, with Zhongjin Resources set to boost its production capacity by 50% by 2025 [8][9] - The overall cesium supply is projected to rise from 1,881 tons in 2024 to 2,811 tons by 2027, with a CAGR of 14%, while rubidium supply is expected to grow from 40 tons to 1,740 tons in the same period [9] - The demand for cesium and rubidium is anticipated to grow due to advancements in high-tech applications and emerging needs in new energy sectors [9]

Core Viewpoint - The non-ferrous metal industry index in China has shown strong performance, with significant increases in various stocks, driven by a government plan aimed at stabilizing growth in the sector and rising gold prices reaching historical highs [1][2]. Group 1: Industry Performance - As of September 29, 2025, the non-ferrous metal industry index (399395) rose by 3.10%, with notable stock increases including Vanadium Titanium Co. (000629) up 10.00%, Xingye Silver Tin (000426) up 9.11%, and Tongling Nonferrous Metals (000630) up 7.77% [1]. - The non-ferrous ETF fund (159880) also increased by 3.07%, with the latest price reported at 1.61 yuan [1]. Group 2: Government Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)" to support the sector [1]. Group 3: Commodity Insights - East Wu Securities forecasts that copper prices will remain strong due to anticipated supply contractions and potential interest rate cuts by the Federal Reserve, while aluminum prices are expected to fluctuate amid weak demand [1]. - The gold market is influenced by a shift in the Federal Reserve's stance during the global central bank conference in August, with expectations of continued inflation and declining nominal interest rates, suggesting a broad potential for precious metals [1]. Group 4: ETF Composition - The non-ferrous metal industry index includes 50 prominent securities based on size and liquidity, reflecting the overall performance of listed companies in the sector [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 50.35% of the total, including Zijin Mining (601899) and Northern Rare Earth (600111) [2].

Core Viewpoint - Zhongkuang Resources has experienced a significant stock price increase, with a 5.16% rise on September 29, reaching 46.86 CNY per share, and a total market capitalization of 33.809 billion CNY [1] Group 1: Company Overview - Zhongkuang Resources Group Co., Ltd. was established on June 2, 1999, and listed on December 30, 2014 [1] - The company is based in Fengtai District, Beijing, and its main business involves the development and utilization of rare light metal resources (lithium, cesium, rubidium), geological exploration services, mineral rights investment, international mineral product trade, and international engineering [1] - The revenue composition of the company is as follows: 71.26% from merchandise sales, 18.70% from other sources, 9.22% from operating leases, and 0.82% from services provided [1] Group 2: Fund Holdings - Huafu Fund has a significant holding in Zhongkuang Resources through its Huafu CSI Rare Metals Theme ETF (561800), which reduced its holdings by 10,600 shares in the second quarter, now holding 85,300 shares, accounting for 3.12% of the fund's net value [2] - The fund has realized a floating profit of approximately 196,100 CNY today, with a total floating profit of 329,200 CNY during the three-day stock price increase [2] - The Huafu CSI Rare Metals Theme ETF was established on August 11, 2021, with a current scale of 87.8854 million CNY, and has achieved a year-to-date return of 52.98% [2]

Group 1 - The A-share market has seen a strong performance in the non-ferrous metal sector, with stocks such as Bojian New Materials and Vanadium Titanium Co. hitting the 10% daily limit up, while others like Shengda Resources and Yinhai Magnetic Materials rose over 6% [1] - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Work Plan for Stable Growth in the Non-Ferrous Metal Industry," which includes implementing a new round of mineral exploration strategies and enhancing resource surveys for copper, aluminum, lithium, nickel, cobalt, and tin [1] - The plan aims for an average annual growth of about 5% in the value added of the non-ferrous metal industry from 2025 to 2026 [1] Group 2 - Specific stock performances include: - Bojian New Materials (code: 605376) with a market cap of 15.6 billion and a year-to-date increase of 106.32% [2] - Vanadium Titanium Co. (code: 000629) with a market cap of 28.6 billion and a year-to-date increase of 6.94% [2] - Shengda Resources (code: 000603) with a market cap of 17.2 billion and a year-to-date increase of 108.85% [2] - Yinhai Magnetic Materials (code: 300127) with a market cap of 11.1 billion and a year-to-date increase of 41.62% [2] - Other notable performers include: - Ganfeng Lithium (code: 002460) with a market cap of 116.7 billion and a year-to-date increase of 62.73% [2] - China Aluminum (code: 601600) with a market cap of 134.7 billion and a year-to-date increase of 8.68% [2]

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

Core Viewpoint - Shenwan Hongyuan Research indicates that Zhongmin Resources' business primarily includes lithium salts, minor metals, and copper, and employs a segment valuation method to analyze the company's value [1] Summary by Sections - **Profit Forecast**: The estimated net profit attributable to the parent company for 2025, 2026, and 2027 is projected to be 445 million, 1.063 billion, and 1.733 billion yuan respectively [1] - **Growth Contribution**: Starting from 2026, new projects in minor metals and copper are expected to contribute significantly to growth, with the contributions to net profit from lithium salts, minor metals, and copper in 2026 estimated at approximately 177 million, 725 million, and 161 million yuan respectively [1] - **Valuation Metrics**: The company is assigned price-to-earnings (PE) ratios of 28x for lithium salts, 41x for minor metals, and 14x for copper for the year 2026, leading to a target market value of 36.8 billion yuan for 2026 [1] - **Market Potential**: The target market value of 36.8 billion yuan represents a 17.36% upside potential compared to the current market value of 31.4 billion yuan, prompting a first-time coverage with an "overweight" rating for the company [1]

Core Viewpoint - The Chinese lithium battery industry is accelerating towards high-quality development, with significant investments and project expansions in various segments, particularly in lithium batteries and solid-state batteries, indicating a strategic shift towards advanced production capabilities and market positioning [4][7][10]. Investment and Project Expansion - From January to August 2025, the Chinese lithium battery industry chain signed and initiated 183 new projects with a total planned investment of 400 billion yuan, showcasing a trend of "accelerated high-end expansion and clearance of low-end capacity" [4][7]. - The expansion projects include 54 for lithium batteries and 23 for solid-state batteries, representing 30% and 13% of the total planned expansion projects, respectively [4]. - Major investments are led by top companies like CATL, BYD, and Enjie, focusing on traditional segments, while emerging sectors like solid-state and sodium batteries attract new capital and startups [7][10]. Regional Distribution - The expansion projects are primarily concentrated in East and Central China, with significant activities in the Yangtze River Delta and Hubei-Hunan regions, leveraging local resources and manufacturing capabilities [10]. - Internationally, projects in Malaysia, Indonesia, and Hungary are gaining traction, driven by favorable geopolitical conditions and local demand for electric vehicle components [10][11]. Specific Investment Highlights - The planned investment in the lithium battery segment exceeds 40% of the total, with solid-state batteries emerging as a new growth area with a planned investment of 35 billion yuan [7][8]. - Notable projects include a 331 billion yuan investment in Guizhou for phosphate iron and lithium production, and a 243 billion yuan investment by Qingshan Group in another Guizhou project [8][10]. - The negative electrode materials sector is also seeing significant investment, with 28.6 billion yuan planned, focusing on technology upgrades and overseas expansion [8]. Emerging Technologies and Trends - Solid-state batteries are becoming the most popular investment track, driven by technological advancements and accelerated mass production [7][8]. - The industry is witnessing a shift towards more sophisticated materials and production techniques, with companies like Dongchi New Energy planning a 5.2 billion yuan sodium battery project [7][10].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][7]. Core Views - The company is transitioning from a geological exploration firm to a comprehensive mining enterprise, focusing on lithium, minor metals, and copper [18]. - The company has significant advantages in the minor metals sector, particularly in cesium and rubidium, which are expected to contribute to stable profits [46]. - The lithium segment is positioned for cost optimization and increased competitiveness, with a focus on resource self-sufficiency [75]. - The copper segment is anticipated to become a key growth driver following the acquisition of high-quality copper mining assets [7]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 5,364 in 2024, 6,150 in 2025, 7,795 in 2026, and 10,168 in 2027, with growth rates of -10.8%, 14.7%, 26.7%, and 30.4% respectively [2]. - Net profit attributable to shareholders (in million yuan) is forecasted at 757 in 2024, 445 in 2025, 1,063 in 2026, and 1,733 in 2027, with growth rates of -65.7%, -41.3%, 139.1%, and 63.0% respectively [2]. - Earnings per share (in yuan) are expected to be 1.05 in 2024, 0.62 in 2025, 1.47 in 2026, and 2.40 in 2027 [2]. Business Segments Overview Minor Metals - The company has a strong resource advantage in cesium and rubidium, with significant pricing power due to high market concentration [46]. - The new germanium and gallium projects are expected to contribute to performance starting in 2025 [46]. Lithium - The company has been actively acquiring quality lithium mines since 2018, enhancing resource security and reducing costs [75]. - The lithium segment is expected to have a stable bottoming out of prices, with projected sales volumes of 42,000 tons in 2025, 45,000 tons in 2026, and 52,000 tons in 2027 [8]. Copper - The acquisition of the Kitumba copper mine is set to enhance the company's position in the bulk metal sector, with a planned production capacity of 60,000 tons per year starting in 2026 [7][9]. - The copper market is expected to remain tight, with prices projected to stay high due to limited new supply [7]. Valuation and Market Potential - The report estimates the company's net profit attributable to shareholders for 2025-2027 at 4.45 billion, 10.63 billion, and 17.33 billion yuan respectively [7]. - The target market capitalization for 2026 is projected to be 36.8 billion yuan, indicating a potential upside of 17.36% from the current market cap of 31.4 billion yuan [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]