The rare earth industry chain continues to heat up. Amid tightening rare earth supply and demand and an overall upward trend in rare earth prices, the global leader in light rare earths saw its 2025 revenue exceed 400 billion yuan for the first time, with net profit doubling. Two major industry giants simultaneously raised their associated transaction prices for concentrate in the second quarter of 2026 by over 40%, exceeding market expectations. Boosted by this, the Rare Earth ETF Huatai-PineBridge (516780) recorded a single-day net inflow of over 57 million yuan and a turnover of 200 million yuan on April 20, 2026, with its latest scale surpassing 3.1 billion yuan, highlighting its liquidity advantage.
Specifically, the global light rare earth leader disclosed its 2025 annual report on the evening of April 17, 2026. Full-year revenue reached 42.563 billion yuan, a year-on-year increase of 29.11%, breaking the 400 billion yuan mark for the first time and setting a historical record. Net profit attributable to shareholders was 2.251 billion yuan, surging 124.17% year-on-year. The annual report indicated that the performance growth was primarily driven by rising rare earth prices and record-high production and sales volumes of key products, including smelting and separation, rare earth metals, magnetic materials, hydrogen storage materials, polishing materials, and permanent magnet motors, all of which achieved year-on-year sales growth.
Recently, two major industry giants concurrently raised their associated transaction prices for rare earth concentrate in the second quarter. One company saw a sequential price increase of 44.61%, with the adjusted price reaching 38,804 yuan per ton (dry basis, REO=50%), surpassing market expectations and providing strong cost support for praseodymium-neodymium oxide prices. According to SMM statistics, the total national production of praseodymium-neodymium oxide exceeded 9,000 tons in March, a sequential increase of approximately 6%, with an expected sequential decrease of about 2% in April. The total production of neodymium iron boron blanks was 29,986 tons in March, up 43% sequentially and 0.2% year-on-year, with an anticipated sequential increase of 4.0% in April.
A Caixiang Securities research report pointed out that rare earth supply is expected to shrink this week due to stricter market controls, leading to reduced operating rates at raw ore separation enterprises and lower output of praseodymium and neodymium. Scrap material production remains relatively stable, making it difficult to increase supply in the future, and the spot market is expected to remain tight. Demand remains relatively stable, with magnetic material companies maintaining steady long-term contract orders and stable operations. Enterprise inventories are kept low, downstream players lock in orders as needed, and procurement transactions have improved. Long-term demand expectations are increasing. Overall, rare earth prices are expected to stabilize and rise steadily in the future.
It is reported that the Rare Earth ETF Huatai-PineBridge (516780) is the market's first rare earth industry-themed ETF (launched on February 26, 2021). It closely tracks the CSI Rare Earth Industry Index, which selects listed company securities involved in rare earth mining, processing, trade, and application to reflect the overall performance of rare earth industry listed companies. Its top five constituent stocks are
The 2025 product annual report shows that as of December 31, 2025, the number of holders of the Rare Earth ETF Huatai-PineBridge (516780) reached 60,300, making it the only rare earth-themed ETF in the market with over 50,000 holders during the same period.
Huatai-PineBridge Fund, as one of China's first ETF managers, has been深耕 the index investment field for over 19 years, creating transparent, convenient, and low-cost index tools for investors such as the CSI 300 ETF Huatai-PineBridge (510300) and the A500 ETF Huatai-PineBridge (563360). As of the end of 2025, the company's ETFs had累计 generated over 164 billion yuan in profits for holders in the past two years, making it one of only four fund companies in the entire market to achieve cumulative profits exceeding 100 billion yuan during the same period. In terms of fees, 77.8% of the company's ETF scale adopts the lowest tier fee structure in the market for equity index funds (management fee of 0.15% per year + custody fee of 0.05% per year).
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