JLMAG (06680) surged more than 4%. As of the time of writing, the stock was up 4.27%, trading at HK$22, with a turnover of HK$332 million.

On the news front, after the market close on January 9, China Northern Rare Earth and Baotou Steel announced plans to adjust the associated transaction price for rare earth concentrate in the first quarter of 2026 to 26,834 yuan per ton (dry basis, REO=50%), excluding tax, representing a sequential increase of 2.4%.

The price will be adjusted by 536.68 yuan per ton (excluding tax) for every 1% change in REO (Rare Earth Oxides) content.

This marks the sixth consecutive price increase for rare earth concentrate transactions since the third quarter of 2024.

Furthermore, JLMAG recently issued an announcement forecasting that the group expects to achieve an annual net profit attributable to shareholders of the listed company in the range of 660 million yuan to 760 million yuan for the year ending December 31, 2025, representing a year-on-year increase of 127% to 161%.

Xiangcai Securities pointed out that strengthened rare earth export controls are supporting further short-term price strength, and the sector's performance is expected to continue its recovery.