September 05, 2025
Strategic Metals Industry Analysis - A Comprehensive Report on Listed Companies in Mainland China and Hong Kong
Executive Summary (TL;DR)
China’s strategic metals industry is at a critical juncture, its trajectory shaped by three core forces: first, escalating global demand driven by the green energy revolution and high-tech industries; second, severe price volatility profoundly impacting corporate profitability; and third, accelerated state-led industrial consolidation aimed at reshaping global pricing power and supply chain control. This report provides an in-depth analysis of the major listed companies operating within this complex macroeconomic landscape. It identifies key players in the rare earth sector (e.g., Northern Rare Earth), leaders in battery metals (e.g., Ganfeng Lithium, Huayou Cobalt), and giants in other strategic materials (e.g., CMOC Group), offering a comprehensive assessment of their financial health, market position, and strategic initiatives. Looking ahead, the industry’s landscape will be determined by the success of corporate vertical integration strategies, the effectiveness of China’s export control policies as a geopolitical tool, and the ability of companies to invest in next-generation material technologies while navigating cyclical price fluctuations. Companies with secure, low-cost resource access and advanced processing capabilities are best positioned for long-term value creation.
Part I: Industry Landscape and Strategic Context
This section aims to establish a theoretical foundation for the subsequent corporate analysis, providing a detailed explanation of the core market dynamics and the strategic value of the companies involved.
1.1 Defining the “Three Rares” Metals: The Cornerstone of Modern Technology
To accurately assess the companies in question, it is essential to first clearly classify their core products—the “Three Rares” metals. These classifications are not merely academic; they directly relate to a company’s strategic positioning and core competitiveness.
Rare Metals: This is a broad category encompassing metals that are scarce in the Earth’s crust or difficult to extract. Based on their physical and chemical properties, they can be further subdivided:
Rare Light Metals: Such as lithium (Li), rubidium (Rb), cesium (Cs), and beryllium (Be). Among these, lithium is the undisputed core of the new energy battery industry.¹
Rare High-Melting-Point Metals: Such as tungsten (W), molybdenum (Mo), niobium (Nb), tantalum (Ta), zirconium (Zr), and hafnium (Hf). These metals are indispensable materials for the aerospace, defense, and high-end manufacturing industries.¹
Other Key Metals: Metals like cobalt (Co) and chromium (Cr), although relatively more abundant in the Earth’s crust, are often managed as strategic rare metals due to their critical roles in specific fields (e.g., cobalt’s application in batteries and high-temperature alloys).¹
Rare Earth Metals: Rare earths are not “earths” but a group of 17 chemical elements in the periodic table, including the 15 lanthanides plus scandium (Sc) and yttrium (Y), which have similar chemical properties.¹ Rare earth elements are the “vitamins” of modern high-tech industries, with irreplaceable roles in military, electronics, and new energy sectors. Based on atomic weight and physicochemical properties, they are divided into two categories, which differ significantly in resource distribution, application, and strategic value:
Light Rare Earth Elements (LREEs): Generally refers to elements with atomic numbers from 57 (Lanthanum, La) to 63 (Europium, Eu). LREE resources are relatively abundant and are primarily used in manufacturing permanent magnets, catalysts, and polishing materials.¹
Heavy Rare Earth Elements (HREEs): Generally refers to elements with atomic numbers from 64 (Gadolinium, Gd) to 71 (Lutetium, Lu), plus yttrium (Y). HREE resources are much scarcer and more expensive, mainly used in manufacturing special permanent magnets with high-temperature resistance and high coercivity, as well as in cutting-edge materials for lasers and fiber optics.¹
Scattered/Dispersed Metals: These are elements with extremely low abundance and high dispersion in the Earth’s crust, typically not forming independent mineral deposits but existing as by-products of other major metal ores.¹ This category includes eight elements such as gallium (Ga), germanium (Ge), indium (In), tellurium (Te), rhenium (Re), and thallium (Tl).¹ They are key raw materials for semiconductors, photovoltaics, and display technologies.
1.2 Market Drivers and Strategic Applications: The Fuel of the Future
The strategic significance of these metals lies in their role as the core engine driving the global economy’s transition towards green and intelligent systems. An analysis of the demand for specific metals reveals future growth points in related industry chains.
Application Drivers for Rare Earths: The largest application market for rare earths is high-performance permanent magnets, particularly Neodymium-Iron-Boron (NdFeB) magnets. These magnets are indispensable core components in the drive motors of new energy vehicles, wind turbines, consumer electronics (like smartphones and headphones), and defense equipment.⁵ Neodymium (Nd) and praseodymium (Pr) determine the basic magnetic properties, while dysprosium (Dy) and terbium (Tb) are used to enhance performance in high-temperature environments, which is crucial for drive motors. Additionally, cerium (Ce) is a key component in automotive exhaust catalysts, while europium (Eu) and terbium (Tb) are core elements for red and green phosphors in displays and energy-saving lamps.²
Application Drivers for Rare Metals: The demand for lithium (Li) and cobalt (Co) is deeply tied to the development of the lithium-ion battery industry. From electric vehicles to energy storage systems and portable electronic devices, lithium batteries are the current mainstream energy solution.² Tungsten (W), with its extremely high hardness and melting point, is primarily used to manufacture cemented carbides (known as “industrial teeth”), cutting tools, and wear-resistant parts.¹² Molybdenum (Mo) is a key alloying element for producing high-strength and corrosion-resistant specialty steels.
Application Drivers for Scattered Metals: Gallium (Ga) and germanium (Ge) are core materials for third and fourth-generation semiconductors. Gallium arsenide (GaAs) and gallium nitride (GaN) are widely used in manufacturing high-frequency communication chips, LEDs, and lasers, forming the bedrock of the 5G communications and optoelectronics industries.² Germanium (Ge) plays an irreplaceable role in fiber optic communications and infrared optics.¹⁵
The global transition to green technology has created unprecedented demand growth for these strategic metals. Unlike traditional industrial metals (such as copper and aluminum), whose demand is primarily influenced by macroeconomic cycles, the demand growth for “green metals” like lithium, cobalt, and neodymium is additionally fueled by structural drivers from global decarbonization policies. This means that even during periods of macroeconomic weakness, as long as governments continue to advance their electric vehicle and renewable energy targets, the demand for these metals will remain strong. This policy-driven long-term demand makes the demand elasticity for these metals lower relative to their price. In other words, even if prices are high, downstream manufacturers must make purchases to meet production schedules and policy requirements. Therefore, companies that can stably control upstream low-cost “green metal” resources will have significant pricing power and a competitive advantage in the long run, despite short-term price volatility.
1.3 The Policy Supercycle: State Intervention and Geopolitical Games
In China, the development of the strategic metals industry is deeply influenced by national industrial policies and the geopolitical landscape. Investors must recognize that the operating environment for these companies is not solely determined by market forces; the will of the state plays a crucial role.
Industrial Consolidation and Increased Concentration: To solve the problem of “selling rare earths at cabbage prices” caused by past over-competition and to regain control over the global market, the Chinese government is forcefully promoting the professional integration of the rare earth industry. The establishment of the China Rare Earth Group in 2021 and its acquisition of actual control over GRINM in early 2024 signify that the state is consolidating scattered medium and heavy rare earth resources under a unified platform, aiming to form a “national team” that can rival Northern Rare Earth (which dominates light rare earths).¹⁶ This consolidation is intended to reduce internal competition and unify external pricing, thereby enhancing the entire industry’s profitability and international influence.
Geopolitical Nature of Export Controls: In recent years, China has included some strategic metals in its export control list. The implementation of export controls on gallium and germanium-related items in 2023, and the inclusion of rare earth refining, processing, and utilization technologies in the list of prohibited exports in 2025, are widely interpreted as strategic countermeasures in the global technological and geopolitical competition.¹⁷ These policies not only affect the stability of the global supply chain but also significantly enhance the strategic value of domestic production enterprises.
Domestic Demand Stimulation Policies: Simultaneously, the government continues to stimulate domestic demand for new energy vehicles through subsidy policies like “New Energy Vehicles to the Countryside”.²¹ These policies create a large and protected domestic market for battery metal and rare earth permanent magnet producers, ensuring their basic demand and reducing their dependence on overseas market fluctuations.
An in-depth analysis reveals a symbiotic relationship between national policy and corporate strategy. On one hand, leading companies like Northern Rare Earth and China Rare Earth experienced significant profit declines in 2023 due to price wars and competition for market share.¹⁷ This indicates that market mechanisms alone have failed to effectively protect the value of these national strategic assets. On the other hand, the state’s direct intervention through industry consolidation and export controls is precisely aimed at correcting market failures and creating a more favorable competitive environment for these leading enterprises, enabling them to secure higher pricing power in the global market on behalf of national interests. Therefore, investment analysis of these companies cannot be limited to traditional financial metrics. Their long-term value is largely dependent on their position within the national strategy. Investing in the China Rare Earth Group is less about investing in a company and more about betting on the success of China’s national strategy to create a “rare earth OPEC.”
Part II: In-Depth Analysis of A-Share Listed Companies
This section provides a detailed analysis of the most representative listed companies in the “Three Rares” metals sector on the Chinese A-share market. Each company profile includes a standardized data table for easy cross-comparison.
2.1 Leading Enterprises in the Rare Earth Industry
2.1.1 Northern Rare Earth (600111.SH)
Enterprise Overview: China Northern Rare Earth (Group) High-Tech Co., Ltd. is the world’s largest supplier of light rare earth products, with its production heavily reliant on the associated rare earth resources of the Bayan Obo mine in Baotou, Inner Mongolia. The company holds a dominant position in the global rare earth industry chain, especially in the supply of key raw materials for permanent magnets such as praseodymium-neodymium oxide and metal. As one of the two giants in China’s rare earth industry, Northern Rare Earth is a core executor of the national strategy for industrial consolidation and market stabilization.¹⁶
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 600111.SH | 2025-09-02 |
| Latest Price (RMB) | 56.55 | 2025-09-02 |
| Market Cap (RMB 100M) | 2044.32 | 2025-09-02 |
| P/E Ratio (Dynamic) | 109.76 | 2025-09-02 |
| P/B Ratio | 8.79 | 2025-09-02 |
| Total Shares (100M) | 36.15 | 2025-09-02 |
| Tradable Shares (100M) | 36.15 | 2025-09-02 |
100-Day Stock Performance
From late May to early September 2025, Northern Rare Earth’s stock price experienced a significant upward trend. From late May to mid-June, the price consolidated in the 23-25 yuan range. Starting in late June, as rare earth product prices recovered and market optimism for downstream demand (especially new energy vehicles and wind power) grew, the stock began to rise. In mid-to-late July, the price accelerated, breaking the 40 yuan mark and hitting a recent high of 58.83 yuan in late August. In early September, the price saw a slight pullback but remained above 55 yuan. This rally was highly correlated with the market price trends of major rare earth products like praseodymium-neodymium oxide and also reflected the market’s expectation of a strategic revaluation of the rare earth industry.25Analyst Viewpoint
Northern Rare Earth’s performance is a direct reflection of the prosperity of the global permanent magnet industry chain. The significant profit decline in 2023 highlights that despite its large scale, the company is still vulnerable to cyclical price fluctuations of its products.17 The company’s future prospects depend on whether state-led industry consolidation can effectively stabilize rare earth prices and on the success of its own transformation towards higher value-added downstream magnetic material applications. The company’s recent announcements of several investment plans for green smelting upgrades and permanent magnet projects indicate its active extension into the downstream industry chain to enhance profitability and risk resistance.28
2.1.2 China Rare Earth (000831.SZ)
Enterprise Overview: China Rare Earth Group Resources Technology Co., Ltd. is the core platform for consolidating China’s medium and heavy rare earth resources. Its strategic mission is to integrate and manage the ion-adsorption rare earth mineral resources located in southern China, which are the primary source of key heavy rare earth elements like dysprosium and terbium. Formed through large-scale, state-led mergers and acquisitions, China Rare Earth’s primary mission is to ensure national control over critical strategic resources and to play a leading role in the global heavy rare earth market.¹⁶
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 000831.SZ | 2025-09-02 |
| Latest Price (RMB) | 61.56 | 2025-09-02 |
| Market Cap (RMB 100M) | 653.15 | 2025-09-02 |
| P/E Ratio (Dynamic, ex. non-recurring) | 246.84 | 2025-09-02 |
| P/B Ratio | 13.14 | 2025-09-02 |
| Total Shares (100M) | 10.61 | 2025-09-02 |
| Tradable Shares (100M) | 10.61 | 2025-09-02 |
100-Day Stock Performance
China Rare Earth’s stock price has shown extremely high elasticity over the past 100 days. From late May to June, the price fluctuated between 30-35 yuan. In early July, stimulated by the news of China’s export controls on gallium and germanium, market expectations for similar policies on other strategic resources like rare earths heated up, and the company’s stock price began to rise rapidly. With the continuous release of positive news such as industry consolidation (e.g., the acquisition of GRINM), the stock price continued to strengthen in August and early September, reaching a high of 63.08 yuan. Its price volatility is far more correlated with macroeconomic policies and structural industry changes than with its own quarterly performance.30Analyst Viewpoint
China Rare Earth is less a traditional listed company and more a core asset embodying national strategic intent. Its valuation logic is more influenced by policy expectations than by short-term profitability. An investment in this company is essentially a long-term bet on China’s success in building a unified, controllable global rare earth supply system and mastering global pricing power. The company’s core appeal lies in its control over scarce heavy rare earth resources and its central position in the national rare earth industry strategy going forward.
2.2 Leaders in the Battery Metals Industry (Lithium & Cobalt)
2.2.1 Ganfeng Lithium (002460.SZ)
Enterprise Overview: Jiangxi Ganfeng Lithium Group Co., Ltd. is a world-leading producer of lithium products, known for its highly vertically integrated business model. The company’s operations span upstream lithium resource extraction (with diversified lithium mine and salt lake projects in Australia, Argentina, Mexico, and China), midstream production of high-purity lithium compounds (lithium carbonate, lithium hydroxide) and lithium metal, and downstream lithium battery manufacturing and recycling.³² The company is renowned for its aggressive global resource acquisition strategy and comprehensive industry chain layout.
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 002460.SZ | 2025-08-29 |
| Latest Price (RMB) | 39.34 | 2025-08-29 |
| Market Cap (RMB 100M) | 793.48 | 2025-08-29 |
| P/E Ratio (Dynamic) | N/A (Loss) | 2025-08-29 |
| P/B Ratio | 1.91 | 2025-08-29 |
| Total Shares (100M) | 20.17 | 2025-08-29 |
| Tradable Shares (100M) | 12.09 | 2025-08-29 |
100-Day Stock Performance
Ganfeng Lithium’s stock price has been closely correlated with lithium price trends over the past 100 days, showing an overall bottoming-out and rebound pattern. From late May to mid-July, affected by the continued slump in lithium prices, the stock hovered around 30 yuan. Starting in late July, as lithium prices stabilized and recovered, and with market expectations for strong new energy vehicle production and sales in the second half of the year, the stock began to rebound, once breaking through 45 yuan in late August. Its price fluctuations are influenced not only by the spot price of lithium carbonate but also by announcements on the progress of its overseas mining projects and the dynamics of major downstream customers like Tesla and BMW.33Analyst Viewpoint
The core of Ganfeng Lithium’s strategy is to establish a globalized and diversified resource supply system to hedge against geopolitical risks in any single country and to provide a stable supply of raw materials for its vast midstream processing capacity. This deep control over the supply chain is its core competitive barrier. Furthermore, the company’s investments in forward-looking technologies, such as solid-state batteries, demonstrate its ambition to maintain a leading position in the next-generation battery technology revolution. Although short-term performance is heavily affected by lithium price volatility, its complete industry chain layout and resource control provide strong long-term growth potential.
2.2.2 Tianqi Lithium (002466.SZ)
Enterprise Overview: Tianqi Lithium Corporation is one of the world’s leading suppliers of lithium products. Its core asset is a controlling stake in the world-class Greenbushes lithium spodumene mine in Western Australia. This mine is one of the largest, highest-grade, and lowest-cost operating lithium mines globally, providing Tianqi Lithium with an unparalleled resource advantage. The company focuses on producing high-quality battery-grade lithium carbonate and lithium hydroxide products.³⁶
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 002466.SZ | 2025-09-02 |
| Latest Price (RMB) | 43.10 | 2025-09-02 |
| Market Cap (RMB 100M) | 707.37 | 2025-09-02 |
| P/E Ratio (Dynamic) | N/A (Loss) | 2025-09-02 |
| P/B Ratio | 1.40 | 2025-08-31 |
| Total Shares (100M) | 16.41 | 2025-09-02 |
| Tradable Shares (100M) | 14.76 | 2025-09-02 |
100-Day Stock Performance
Tianqi Lithium’s stock price trend is similar to Ganfeng Lithium’s, also experiencing a rebound from the bottom over the past 100 days. From May to July, the price fluctuated at a low of around 30 yuan. Starting from the end of July, along with the rebound in lithium prices, the stock price recovered strongly, reaching a recent high of 47.10 yuan in mid-August. As an upstream resource-based company, its stock price is highly sensitive to the prices of spodumene concentrate and lithium carbonate, and any news about production or expansion at the Greenbushes mine directly affects its market performance.39Analyst Viewpoint
The core investment logic for Tianqi Lithium lies in its control over a top-tier global lithium resource, which gives it a significant cost advantage. Compared to the more vertically integrated Ganfeng Lithium, Tianqi’s performance is more directly correlated with lithium raw material prices, making it a purer “call option on lithium prices.” The company’s recent announcement to invest in a pilot project for lithium sulfide (a key material for solid-state batteries) is a key strategic move to move up the value chain and reduce its dependence on commodity prices, which is important for enhancing its long-term valuation.38
2.2.3 Huayou Cobalt (603799.SH)
Enterprise Overview: Zhejiang Huayou Cobalt Co., Ltd. is a leading company in the global cobalt industry, with significant cobalt mining resources and smelting bases in the Democratic Republic of Congo. In recent years, the company has successfully implemented a strategic transformation, moving from a single cobalt producer to making major inroads into the nickel and lithium battery cathode material sectors. It has formed an integrated industry chain covering the development and smelting of “nickel-cobalt-lithium” resources, as well as the manufacturing of ternary precursors and cathode materials, aiming to become a comprehensive supplier of battery materials for new energy vehicles globally.⁴²
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 603799.SH | 2025-09-03 |
| Latest Price (RMB) | 47.50 | 2025-09-03 |
| Market Cap (RMB 100M) | 808.49 | 2025-09-03 |
| P/E Ratio (Dynamic) | 15.56 | 2025-09-03 |
| P/B Ratio | 1.57 | 2025-09-03 |
| Total Shares (100M) | 17.02 | 2025-09-03 |
| Tradable Shares (100M) | 16.86 | 2025-09-03 |
100-Day Stock Performance
Huayou Cobalt’s stock price has performed strongly over the past 100 days. From late May to July, the price bottomed out in the 30-35 yuan range. In August, as cobalt and nickel prices stabilized and with optimistic market expectations for the capacity release of its Indonesian hydrometallurgy projects, the stock began to rise on increased volume, once breaking through 50 yuan in early September. Its stock performance is influenced by the dual metal price cycles of cobalt and nickel, as well as being closely related to the market demand for downstream ternary batteries and changes in technology routes (the trend towards high-nickel, low-cobalt).46Analyst Viewpoint
Huayou Cobalt’s strategic transformation is a model for responding to changes in power battery technology. As battery technology moves towards high-nickel, low-cobalt, the company has successfully captured the industry trend by heavily investing in nickel laterite hydrometallurgy (HPAL) projects in Indonesia. This transformation has shifted it from a highly cyclical cobalt producer to a comprehensive materials platform more in sync with the growth of the new energy vehicle industry. However, its heavy asset investments in Indonesia also bring significant capital expenditure and project execution risks, which will be key variables affecting the company’s future performance.
2.3 Strategic and High-Melting-Point Metals Giants
2.3.1 CMOC Group Limited (603993.SH)
Enterprise Overview: China Molybdenum Co., Ltd. (CMOC) is a highly diversified international mining giant. The company’s core assets are spread across the globe, making it a world-leading producer of cobalt, copper, molybdenum, tungsten, and niobium. Its Tenke Fungurume mine in the Democratic Republic of Congo is one of the largest and highest-grade copper-cobalt mines in the world, making it a pivotal player in the global cobalt market. Additionally, the company holds a leading market share in molybdenum and niobium.⁴⁸
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 603993.SH | 2025-09-03 |
| Latest Price (RMB) | 13.65 | 2025-09-03 |
| Market Cap (RMB 100M) | 2919.28 | 2025-09-03 |
| P/E Ratio (Dynamic) | 17.40 | 2025-09-03 |
| P/B Ratio | 3.28 | 2025-09-03 |
| Total Shares (100M) | 213.94 | 2025-09-03 |
| Tradable Shares (100M) | 174.61 | 2025-09-03 |
100-Day Stock Performance
CMOC’s stock price has shown a strong upward trend over the past 100 days. At the end of May, the price was around 7.5 yuan, and it has since been on a volatile upward path. Particularly in August, as the prices of its main products like copper and cobalt rose, the stock price accelerated, hitting a recent high of 14.10 yuan in early September. As a comprehensive producer of multiple metals, its stock performance is a composite reflection of the price trends of various commodities such as copper, cobalt, and molybdenum.52Analyst Viewpoint
CMOC’s diversified business portfolio is its core advantage, effectively hedging against the price volatility risk of a single metal. However, this also means that during a bull market for a specific metal (like lithium), its stock performance may not be as strong as that of a pure-play company focused on that sector. The company’s massive copper-cobalt assets in the DRC are the core driver of its performance, but they also expose it to high geopolitical risks. When evaluating CMOC, investors should view it as an investment target highly correlated with the global macroeconomic and major industrial metal cycles.
2.3.2 Xiamen Tungsten (600549.SH)
Enterprise Overview: Xiamen Tungsten Co., Ltd. is a comprehensive enterprise with a unique business structure, boasting three core and powerful business segments: a world-leading tungsten and molybdenum business, a sizable rare earth business, and a rapidly growing new energy battery materials business. This “three-horse carriage” model is unique in China’s strategic metals industry.¹²
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 600549.SH | 2025-09-03 |
| Latest Price (RMB) | 30.60 | 2025-09-03 |
| Market Cap (RMB 100M) | 485.93 | 2025-09-03 |
| P/E Ratio (Dynamic) | 28.86 | 2025-09-03 |
| P/B Ratio | 1.96 | 2025-09-03 |
| Total Shares (100M) | 15.88 | 2025-09-03 |
| Tradable Shares (100M) | 15.54 | 2025-09-03 |
100-Day Stock Performance
Xiamen Tungsten’s stock price has steadily risen over the past 100 days. From late May to June, the price consolidated around 20 yuan. Starting in July, driven by both rising tungsten prices and a general recovery in the new energy sector, the stock began to climb, reaching a high of over 33 yuan in late August and early September. Its stock performance is a composite reflection of the cycles in three different industries—tungsten, rare earths, and battery materials—and thus may be less volatile than pure-play lithium or rare earth companies.57Analyst Viewpoint
Xiamen Tungsten’s diversified business structure provides a natural internal hedging mechanism. In its 2024 financial report, it was observed that profit growth in the traditional tungsten and molybdenum business effectively offset the revenue decline in the rare earth and battery materials businesses caused by falling prices, thus maintaining the overall stability of the company’s profitability.56 This robust business model makes it a relatively conservative investment choice in the strategic metals sector. The company’s long-term value depends on its ability to successfully seize the growth opportunities in the new energy materials market while maintaining its advantages in the traditional tungsten and molybdenum business.
2.4 Representative Enterprise in the Scattered Metals Sector
2.4.1 Yunnan Germanium (002428.SZ)
Enterprise Overview: Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. is one of the leading companies in China’s germanium industry chain, possessing a complete industrial chain from germanium ore mining and deep processing to the production of high-purity downstream materials. The company’s main products include zone-refined germanium ingots, infrared-grade germanium single crystals, and fiber-optic grade germanium tetrachloride, which are widely used in high-tech fields such as infrared optics, fiber optic communications, and solar cells.¹⁴
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 002428.SZ | 2023-07-04 |
| Latest Price (RMB) | Limit Up | 2023-07-04 |
| Market Cap (RMB 100M) | N/A | N/A |
| P/E Ratio (Dynamic) | N/A | N/A |
| P/B Ratio | N/A | N/A |
| Total Shares (100M) | N/A | N/A |
| Tradable Shares (100M) | N/A | N/A |
100-Day Stock Performance
Yunnan Germanium’s stock price has shown extremely high policy sensitivity over the past 100 days. For most of the period, its stock performance was lackluster. However, in early July 2023, after the Chinese Ministry of Commerce announced export controls on gallium and germanium-related items, the company’s stock price hit the daily limit for several consecutive days, with huge short-term gains.18 This event clearly demonstrates that its market value is closely linked to national strategic policies.Analyst Viewpoint
Yunnan Germanium is a typical niche market player whose investment value has been dramatically amplified by geopolitical events. The export control policy has elevated the company from an ordinary material supplier to a strategically significant asset. However, this policy-driven revaluation also brings great uncertainty. Future stock performance will be highly dependent on the enforcement, duration, and international market reaction to the export control policy.
Part III: In-Depth Analysis of Hong Kong Listed Companies
This section focuses on companies listed on the Hong Kong Stock Exchange, which provide an important channel for international investors to access China’s strategic metals industry.
3.1 A+H Dual-Listed Giants
3.1.1 CMOC Group Limited (3993.HK)
Enterprise Overview: This is the same operating entity as the A-share listed company (603993.SH). Its listing in Hong Kong provides international capital with a direct opportunity to invest in this global mining giant. The trading dynamics and valuation levels of its H-shares reflect the combined judgment of international investors on the global commodity cycle, the Chinese economy, and geopolitical risks.
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 3993.HK | 2025-08-21 |
| Latest Price (HKD) | 10.62 | 2025-08-21 |
| Market Cap (HKD 100M) | 2272.58 | 2025-08-21 |
| P/E Ratio (TTM) | 17.41 | 2025-08-21 |
| P/B Ratio | 2.86 | 2025-08-21 |
| Total Shares (100M) | 213.94 | 2025-08-21 |
| H-Shares (100M) | 39.33 | 2025-08-21 |
- 100-Day Stock Performance
The stock price trend of CMOC’s H-shares is largely synchronized with its A-shares, having also experienced a strong rally over the past 100 days, rising from about 6 HKD in late May to over 12 HKD in early September. However, a comparison of the A-share and H-share prices reveals a persistent price gap (A/H premium). Analyzing the changes in this gap can provide insights into the differing expectations of mainland and international investors regarding the company’s future.61
3.1.2 Ganfeng Lithium (1772.HK)
Enterprise Overview: This is the same operating entity as the A-share listed company (002460.SZ). As a global leader in the lithium industry, its H-shares are an important target for international investors looking to allocate capital to global lithium resources and the new energy vehicle industry chain. Its valuation in the Hong Kong market is often benchmarked against international lithium giants like Albemarle and SQM.
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 1772.HK | 2025-08-21 |
| Latest Price (HKD) | 31.36 | 2025-08-21 |
| Market Cap (HKD 100M) | 632.18 | 2025-08-21 |
| P/E Ratio (TTM) | -28.32 (Loss) | 2025-08-21 |
| P/B Ratio | 1.43 | 2025-08-21 |
| Total Shares (100M) | 20.17 | 2025-08-21 |
| H-Shares (100M) | 4.04 | 2025-08-21 |
- 100-Day Stock Performance
Ganfeng Lithium’s H-share price has also bottomed out and rebounded with lithium prices over the past 100 days, rising from about 20 HKD in late May to over 32 HKD by the end of August. Its stock performance is not only influenced by new energy vehicle market data from mainland China but is also more sensitive to electric vehicle sales data and policy changes globally, especially in Europe and North America.62
3.2 Other Major Hong Kong Listed Companies
3.2.1 China Daye Nonferrous Metals Mining (0661.HK)
Enterprise Overview: China Daye Nonferrous Metals Mining Limited is a company primarily engaged in the mining and sale of traditional non-ferrous metals, with its core products being cathode copper, gold, and silver. Although not directly involved in the “Three Rares” sector, as a mainland Chinese mining company listed in Hong Kong, its business model and valuation provide a valuable reference for analyzing diversified mining companies like CMOC.⁶⁶
Core Financial Data
| Metric | Value | As of Date |
|---|---|---|
| Stock Code | 0661.HK | 2025-09-03 |
| Latest Price (HKD) | 0.062 | 2025-09-03 |
| Market Cap (HKD 100M) | 1.13 | 2025-09-03 |
| P/E Ratio (TTM) | N/A (Loss) | 2025-09-03 |
| EPS | -0.000 | 2025-09-03 |
100-Day Stock Performance
Over the past 100 days, China Daye’s stock price has fluctuated within a narrow range of 0.04 to 0.07 HKD, showing relatively flat performance. Its price is mainly influenced by international copper and gold prices and has a low correlation with new energy or high-tech themes.67Analyst Viewpoint
Comparing China Daye with companies like CMOC clearly shows the market’s valuation preference. Despite both being mining companies, the market gives a significant valuation premium to companies with exposure to “new economy” metals like lithium, cobalt, and rare earths. Traditional base metal producers like China Daye are valued more as cyclical indicators of the macroeconomy rather than as long-term structural growth stories.
Part IV: Related Exchange-Traded Funds (ETFs)
For investors looking to make diversified investments in the strategic metals industry, Exchange-Traded Funds (ETFs) offer a convenient tool. These funds hold a basket of stocks of related companies, effectively diversifying the non-systemic risk of individual stocks. Currently, thematic ETFs for this sector are mainly concentrated in the A-share market of mainland China.
4.1 Rare Metals Themed ETFs
4.1.1 Jia Shi CSI Rare Metals Thematic ETF (562800.SH)
ETF Overview: For investors seeking diversified exposure to the strategic metals sector, the Jia Shi CSI Rare Metals Thematic ETF is one of the largest and most liquid options in the A-share market. This fund closely tracks the CSI Rare Metals Thematic Index, which covers leading companies in lithium, cobalt, rare earths, tungsten, and molybdenum. Its holdings are highly concentrated in the industry leaders analyzed in this report, such as Northern Rare Earth, CMOC, and Ganfeng Lithium, providing investors with an effective tool for one-click exposure to the entire strategic metals industry chain.⁷⁰
Core Data
| Metric | Value | As of Date |
|---|---|---|
| ETF Code | 562800.SH | 2025-09-03 |
| Latest NAV (RMB) | 0.6965 | 2025-08-21 |
| AUM (RMB 100M) | >22 | 2025-09-02 |
| Fund Manager | Harvest Fund | 2025-09-03 |
| Inception Date | 2021-09-15 | 2025-09-03 |
- 100-Day Performance
The ETF’s performance over the past 100 days has been closely tied to the strong rebound of its underlying rare metal stocks. From late May to mid-July, its net asset value hovered at a low level. Starting from late July and throughout August, driven by the recovery in lithium and rare earth prices and positive policy expectations, the ETF experienced a significant rally. This upward trend was accompanied by substantial net fund inflows, pushing its total assets under management to a new high, reflecting strong market confidence in the sector’s recovery.72
4.2 Rare Earth Industry Themed ETFs
4.2.1 Jia Shi CSI Rare Earth Industry ETF (516150.SH)
ETF Overview: For investors wishing to focus more specifically on the rare earth industry chain, the Jia Shi CSI Rare Earth Industry ETF offers a precise investment vehicle. This fund tracks the CSI Rare Earth Industry Index, focusing on companies engaged in rare earth mining, smelting, separation, and downstream applications, particularly in the permanent magnet materials segment. Its main holdings include industry giants Northern Rare Earth and China Rare Earth, while also allocating to downstream application companies, thereby providing comprehensive coverage of the entire rare earth value chain.⁷⁵
Core Data
| Metric | Value | As of Date |
|---|---|---|
| ETF Code | 516150.SH | 2025-09-03 |
| Latest NAV (RMB) | 1.7401 | 2025-09-02 |
| AUM (RMB 100M) | >85 | 2025-09-02 |
| Fund Manager | Harvest Fund | 2025-09-03 |
| Inception Date | 2021-03-09 | 2025-09-03 |
- 100-Day Performance
Over the past 100 days, the price of the Rare Earth ETF has shown high elasticity, closely correlated with the policy-driven sentiment of the rare earth sector. After a period of consolidation in May and June, the ETF entered a sharp upward channel starting in July, reinforced by positive news regarding export controls on other strategic metals. The rally continued throughout August and early September with ongoing positive news about industry consolidation. During this period, the ETF attracted significant net fund inflows, and its assets under management reached a record high, indicating strong investor interest in the strategic value of the rare earth industry.78
4.3 Hong Kong and Overseas Markets
Currently, the Hong Kong Stock Exchange does not have ETFs specifically dedicated to rare metals or rare earth themes. International investors looking to invest in this sector via ETFs typically opt for those listed in the United States, such as the VanEck Rare Earth/Strategic Metals ETF (ticker: REMX). This fund invests in rare earth and strategic metals companies globally, including several of the Chinese A-share companies analyzed in this report.⁸²
Part V: Comparative Analysis and Strategic Outlook
This section will synthesize the preceding analysis, revealing relative values within the industry through data comparison, and provide a forward-looking judgment on the future trends of the entire strategic metals sector.
5.1 Valuation and Performance Matrix
Table 1: Comparison of Major A-Share Strategic Metals Companies
| Company Name | Stock Code | Market Cap (RMB 100M) | P/E Ratio (Dynamic) | P/B Ratio | Net Profit Margin (%) | 100-Day Return (%) |
|---|---|---|---|---|---|---|
| Rare Earths | ||||||
| Northern Rare Earth | 600111.SH | 2044.32 | 109.76 | 8.79 | 10.3% | +141.5% |
| China Rare Earth | 000831.SZ | 653.15 | 246.84 | 13.14 | 5.2% | +98.6% |
| Battery Metals | ||||||
| Ganfeng Lithium | 002460.SZ | 793.48 | N/A | 1.91 | -6.3% | +31.1% |
| Tianqi Lithium | 002466.SZ | 707.37 | N/A | 1.40 | 1.7% | +45.7% |
| Huayou Cobalt | 603799.SH | 808.49 | 15.56 | 1.57 | 6.8% | +58.3% |
| Diversified/Other | ||||||
| CMOC Group | 603993.SH | 2919.28 | 17.40 | 3.28 | 9.2% | +82.0% |
| Xiamen Tungsten | 600549.SH | 485.93 | 28.86 | 1.96 | 4.9% | +56.4% |
Note: Data as of circa September 3, 2025. Net profit margin is TTM data. Stock returns are estimated.
This table visually demonstrates the valuation differences between various sub-sectors and companies. The rare earth sector, especially China Rare Earth as a core national strategic asset, enjoys an extremely high P/E valuation, reflecting the market’s pricing of its policy value. In the battery metals sector, although Ganfeng and Tianqi are experiencing short-term losses due to the decline in lithium prices, their P/B ratios remain at high levels, indicating market recognition of their resource value. Huayou Cobalt and CMOC, with their more diversified businesses and stable profitability, have P/E ratios in a relatively reasonable range.
Table 2: A-Share vs. H-Share Valuation Comparison
| Company Name | A-Share Code | H-Share Code | A-Share Price (CNY) | H-Share Price (HKD) | H-Share Price (CNY Equiv.) | A/H Premium |
|---|---|---|---|---|---|---|
| CMOC Group | 603993.SH | 3993.HK | 13.65 | 12.69 | 11.62 | +17.5% |
| Ganfeng Lithium | 002460.SZ | 1772.HK | 39.34 | 30.44 | 27.85 | +41.2% |
Note: Data as of circa September 3, 2025. Exchange rate calculated at 1 HKD = 0.915 CNY.
This table reveals the significant valuation differences between the mainland and Hong Kong markets for the same company. The A-share market typically assigns higher valuations to these strategic assets, which may stem from mainland investors’ stronger confidence in national policy support and the relatively closed market environment. For international investors, H-shares offer an opportunity to invest in these industry leaders at a lower valuation.
5.2 ETF Comparison and Investment Strategy Analysis
Table 3: Comparison of Major Industry ETFs
| ETF Name | ETF Code | AUM (RMB 100M) | Investment Focus | 100-Day Performance Summary |
|---|---|---|---|---|
| Rare Metals ETF | 562800.SH | >22 | Broad coverage of strategic metals like lithium, cobalt, rare earths, etc. | Strong rebound since late July with the overall sector; significant fund inflows ⁶¹ |
| Jia Shi Rare Earth ETF | 516150.SH | >85 | Focused on the rare earth mining, smelting, and downstream permanent magnet industry chain ⁶² | Entered a sharp upward channel in July, showing high policy sensitivity and elasticity ⁵³ |
Note: Data as of circa September 3, 2025.
ETFs provide investors with convenient industry exposure, but their investment logic differs from that of individual stocks.
Diversification vs. Specialization: The Rare Metals ETF (562800.SH) offers a broad bet on the entire strategic metals sector, with its performance being a composite reflection of the prosperity of multiple sub-industries like lithium, cobalt, and rare earths. In contrast, the Jia Shi Rare Earth ETF (516150.SH) is a purer investment tool focused on the rare earth industry chain. Its performance is more highly correlated with rare earth prices and related industrial policies, and thus may exhibit greater volatility.
Amplifier of Market Sentiment: The performance of these ETFs largely reflects the market’s macroeconomic judgment of the entire industry. The recent strong performance and significant net inflows into both ETFs highlight a strong investor consensus on the long-term value of strategic metals. For investors, the choice between these ETFs depends on their investment strategy: whether they wish to benefit broadly from the entire green energy transition (Rare Metals ETF) or are more bullish on China’s dominant position and strategic maneuvering in the global rare earth market (Jia Shi Rare Earth ETF).
5.3 Industry Risks and Opportunities
Risk Factors:
Geopolitical Risk: Over-reliance on resources from specific countries (e.g., cobalt from the DRC) and China’s dominant position in global processing make the entire industry chain vulnerable to geopolitical friction. China’s export controls could trigger retaliatory tariffs from trading partners, exacerbating supply chain uncertainty.
Price Volatility Risk: The prices of products like rare earths and lithium exhibit typical commodity cyclicality. Drastic price fluctuations can directly impact companies’ profitability and cash flow, making long-term capital expenditure decisions difficult.
ESG (Environmental, Social, and Governance) Scrutiny: Global standards for the environmental impact and social responsibility of mining and metal smelting are becoming increasingly stringent. Companies face higher environmental compliance costs, stricter labor standards reviews, and potential reputational risks.
Opportunity Outlook:
Demand Supercycle: Long-term structural growth trends in fields like electric vehicles, renewable energy (wind, solar), artificial intelligence, and robotics provide strong and sustained demand support for strategic metals.
Technological Innovation: The emergence of new application scenarios, such as solid-state batteries (requiring metallic lithium and sulfides) and magnetic refrigeration technology (requiring special rare earth alloys), is expected to open up new market spaces for these metals.
Value of Vertical Integration: Companies that can successfully integrate the entire industry chain from mine to end-material can not only lock in more profits but also ensure raw material security during times of supply tightness, thereby building a strong competitive moat.
5.4 Conclusion and Outlook
We are transitioning from an era of mere resource extraction to one centered on strategic supply chain control. The balance of value is shifting from companies that simply dig ore out of the ground to those that can stably process raw materials into the high-purity specifications required by cutting-edge industries.
For strategic metal companies listed in China, national industrial policy will continue to be a core variable driving their valuation and strategy for the foreseeable future. When analyzing these companies, investors must place the interpretation of the government’s five-year plans and industrial policy documents on par with the analysis of financial statements.
Looking ahead, the companies that will stand out in the fierce competition will possess three core characteristics:
Resource Security: Ensuring supply chain resilience through a diversified, low-cost portfolio of upstream assets globally.
Technological Leadership: Maintaining a leading position in metal purification, material processing, and the R&D of next-generation products (such as solid-state battery materials).
Strategic Alignment: The company’s development direction is highly consistent with the nation’s core industrial strategy, enabling it to benefit from long-term policy support.
Based on the comprehensive analysis in this report, companies like Ganfeng Lithium (with its global integrated layout and technological foresight) and Xiamen Tungsten (with its operational stability derived from a diversified business) represent strategic investment directions with strong long-term value in this indispensable industry.
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近8天获得连续资金净流入，稀土ETF嘉实(516150)规模突破85亿元创新高！ - AASTOCKS.com， http://www.aastocks.com/sc/cnhk/news/china-hot-topic-content.aspx?id=YLC6042421N&catg=4&source=YOULIAN
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VanEck稀土與戰略金屬ETF-REMX-ETF淨值表格- MoneyDJ理財網， https://www.moneydj.com/etf/ea/et010001.djhtm?etfid=REMX
赣锋锂业39.88(-1.94%)_板块信息_新浪财经_新浪网， https://vip.stock.finance.sina.com.cn/corp/go.php/vCI_CorpOtherInfo/stockid/002460.phtml
华友钴业(603799)关键财务指标_财务状况分析 - 富途牛牛， https://www.futunn.com/stock/603799-SH/financials-key-indicators
加拿大要求剥离在加锂矿资产三家涉事上市公司回应 - 证券日报， http://www.zqrb.cn/gscy/gongsi/2022-11-03/A1667471847258.html
天齐锂业(002466) 最新新闻 - 富途牛牛， https://www.futunn.com/stock/002466-SZ/news
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天齊鋰業(002466) 股價、新聞、報價和圖表 - 富途牛牛， https://www.futunn.com/hk/stock/002466-SZ