JLMAG (06680) once surged over 5% during trading. As of press time, the stock was up 4.87% to HK$26.72, with turnover reaching HK$264 million.

On the news front, ongoing trade frictions continue to disturb the market. The Ministry of Commerce recently issued four consecutive documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earth export restrictions, expanding export controls to cover entire industrial chain equipment, technology, and raw materials, while also implementing controls on overseas military and high-end semiconductor demand.

Shenwan Hongyuan Securities believes that the Ministry of Commerce's release of new regulations regarding rare earth export controls further strengthens export restrictions. Against the backdrop of China-US competition, the battle for pricing power will become increasingly important, highlighting the strategic value of the rare earth sector and providing upward potential for sector valuations. The firm recommends focusing on leading companies that possess both resource integration capabilities and growth flexibility.

Additionally, JLMAG recently issued a profit alert, with the group expecting net profit attributable to shareholders for the first three quarters of 2025 (January-September 2025) to reach RMB 505-550 million, representing a year-on-year increase of 157%-179%. Third quarter net profit attributable to shareholders is expected to be RMB 200-245 million, up 159%-217% year-on-year.