Trump intensifies bets on rare earths! Is it a good time to position in resource stocks?

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2026 Outlook | Minerals in Focus During Trump 2.0 Era! CRML, a rare earth concept stock, has doubled in price this year—what opportunities in Hong Kong and US stock markets should investors keep an eye on?

Fellow investors, as we face a brand-new 2026, instead of anxiously chasing trends, it's better to calmly understand the direction. Stay tuned.@Niuniu Classroomto unlock your investment roadmap in real time. In the new year, let’s stay calm and patient, proceed steadily for long-term success, and slowly grow our wealth together.

Looking back at 2025, the market wasn't just about tech stocks hogging the spotlight. While the tech sector made significant strides, resource stocks emerged as another hidden mainstay, showcasing explosive momentum.

Looking ahead to 2026, against the backdrop of a restructured global geopolitical landscape, resources—especially strategic rare metals and industrial base metals—are undergoing a transformation.They are shifting from being mere cyclical commodities to becoming 'safe assets,' with their strategic value and investment logic experiencing a historic reassessment, securing a core position in the market for the foreseeable future.

Notably, at the start of 2026, $Rare Earth Stocks (LIST23700.US)$ in just four trading days, certain stocks surged collectively. Among them, $Critical Metals (CRML.US)$the stock price nearly doubled, $United States Antimony (UAMY.US)$ and $USA Rare Earth (USAR.US)$with others also showing strong performance, recording cumulative gains exceeding 56% and 44%,becoming the most eye-catching focus of the market at the beginning of the year.In terms of news, the Critical Metals board approved the construction of a pilot plant for the Greenland rare earth project.

In 2026, resource stocks are still expected to occupy the C-spot in investment. To help fellow investors seize the trend, this article will focus on dissecting the investment logic of this sector and uncovering noteworthy targets and opportunities.

Why are resource stocks still the main investment theme?

Amid a macro backdrop of shaken fiat currency credibility and high global debt, physical assets like gold, silver, and copper「hard currency」attributes have become increasingly prominent. More notably, the AI wave has pushed resource competition to new heights — copper, lithium, rare earths, and uranium are no longer just industrial raw materials but strategic chips in major power rivalries. Additionally,increased demand driven by technological progress will continue to fuel this resource boom.

According to Zhongou Fund,we are currently at the halfway point of the third supercycle of resource products in the past 60 years, and the price prosperity cycle is far from over.

Resource products mainly include industrial metals, precious metals, strategic metals, and energy metals. As commodities, they uniformly follow the most basic 'supply and demand' logic—prices rise when supply is less than demand and fall otherwise. The opportunities behind resource products are driven by both common factors and individual rising logics for specific resources.

Economic recovery and the development of emerging industries such as AI and robotics have increased the demand for resource products, while the supply of these resources has contracted to varying degrees. Widening supply-demand gaps may drive up various sub-sectors, specifically:

Precious metals (gold): De-dollarization process boosts central bank gold purchasing demand

To address the potential credit crisis of the US dollar, global central banks are choosing to increase gold reserves as part of 'de-dollarization,' providing effective support for gold prices.

Industrial metals (copper, aluminum): Global economic recovery + emerging industry development may further widen supply-demand gap

Take copper as an example: over the next decade, copper consumption for data center construction alone is expected to exceed 4.3 million tons, slightly less than the annual output of Chile, the world’s largest copper supplier. However, following a round of supply clearance, cautious capital expenditure by mining companies has led to limited new capacity and historically low inventories. As the global economy recovers, the supply gap is expected to widen further.

Energy metals (cobalt, lithium): New energy revolution drives demand; supply continues to tighten

The logic is similar to that of industrial metals, mainly driven by emerging industries such as energy storage and electric vehicles under the new energy revolution. However, the supply side is tightening due to anti-internal competition measures domestically and production cuts in overseas mines.

Strategic metals (rare earths): Great power competition + emerging industry demand boost, driving value reassessment

The development of AI, robotics, and new energy industries cannot proceed without rare earths. In the context of great power competition, tightened export control policies will lead to pricing mechanisms reflecting scarcity and strategic importance more strongly, with values expected to be reassessed further.

Which companies in the Hong Kong and US stock markets are worth watching?

Previously,Trump Administration’s Equity Stake Becomes Profit Signal! Who Might Be the Next "Lucky One"?、Up over 360% this year! Rare earth leader MP receives increased investments from the US Department of Defense and Apple. What other investment opportunities exist in this field?Multiple articles have pointed out that, since the beginning of this year, while technology stocks have made remarkable progress,resource stocks as an investment theme have also been on a sustained upward trajectory.Moreover, there is a synchronized upward trend in resources between China and the US. Our team has also compiled a list of resource stocks currently available in the Hong Kong and US stock markets for fellow investors' reference:

Rare earths — "the vitamins of industry"

Rare earth elements, often referred to as the "vitamins of industry," play an irreplaceable and critical role in advanced manufacturing and defense technology sectors.

Humanoid robots are considered the next frontier for rare earth permanent magnet materials, with the potential to trigger a new wave of explosive demand.China holds the world's largest reserves and production capacity of rare earths, occupying a pivotal position in the global supply chain.

As trade tensions between China and the United States continue to escalate, rare earths have become a crucial bargaining chip for China in countering U.S. strategic pressures. Consequently, the rare earth concept has garnered increased attention in financial markets.

Specifically, rare earth concept stocks in the Hong Kong and US stock markets include:

$JLMAG (06680.HK)$It is a leading global manufacturer of high-performance rare earth permanent magnet materials (neodymium iron boron), primarily engaged in the research, production, and sales of these materials. In simple terms, it produces the strongest permanent magnets available today, which serve as a core power source in many high-end manufacturing and clean energy fields. Jinli Rare Earth ensures a stable and secure supply chain by establishing long-term strategic partnerships with major domestic suppliers such as China Rareearth and Northern Rare Earth Group, while also building factories in rare earth-rich regions like Jiangxi and Inner Mongolia.More reading>>A surge of over 200%! Has Jinli Rare Earth taken off?

$MP Materials (MP.US)$ MP Materials is the only U.S.-based company that has achieved scaled and vertically integrated rare earth production. Its core competitive advantage lies in its ownership and operation of the Mountain Pass mine, the world’s second-largest rare earth deposit.Read more>>Can MP Materials become the 'trump card' of the US rare earth industry chain?

$USA Rare Earth (USAR.US)$ Focused on the development of the Round Top deposit in Texas, which is rich in strategically important heavy rare earth elements. The deposit is characterized by a highly diverse combination of rare earth elements, capable of meeting specific demands for certain heavy rare earth elements, presenting unique potential for future production of high-performance permanent magnet materials. However, it is currently still in the early stages.

$Idaho Strategic Resources (IDR.US)$ Although primarily a gold producer, in recent years the company has also begun to venture into the rare earth elements sector and owns the largest rare earth element land package in the United States.

$Critical Metals (CRML.US)$ Established a partnership with U.S.-based GreenMet, a critical minerals company, to jointly develop the Tanbreez project in southern Greenland for the extraction of heavy rare earth elements.

$TEXAS MINERAL RESOURCES CORP (TMRC.US)$ A company focused on the exploration and development of rare earths and other mineral resources, actively positioning itself in various projects within the rare earths sector.The company is collaborating with USA Rare Earth to develop the Round Top mine.Holds a 20% stake and enjoys the right of first refusal.

$TMC the metals (TMC.US)$ A Canadian deep-sea mining company, previously reported to be of interest to former U.S. President Donald Trump, who intended to order the establishment of a federal-level 'strategic rare earth reserve' specifically for storing rare earth minerals extracted from the seabed.

$United States Antimony (UAMY.US)$ A company specializing in the mining, production, and sales of antimony and related products, but also involved in diversified mineral sectors such as rare earths, covering resource development and other business segments.

$NioCorp Developments (NB.US)$ A mineral exploration and development company focused on critical minerals, with rare earths being one of its key business areas.Previously, the U.S. Department of Defense provided up to $10 million in funding to Elk Creek Resources, a subsidiary of NioCorp Developments Ltd.To advance its niobium-scandium project in Nebraska and establish a domestic supply chain from scandium mining to manufacturing.

Traditional uranium miners $Energy Fuels (UUUU.US)$ have successfully transformed into diversified critical minerals companies, currently developing domestic rare earth resources at the White Mesa Mill in Utah, collaborating with Astron in Australia on the Donald rare earth sands project, and strategically acquiring heavy mineral sands (HMS) globally.

$American Resources (AREC.US)$ is a raw materials and processing company focused on the infrastructure market, specializing in rare earths, critical minerals, metallurgical carbon, and recycled metals. Its subsidiary, ReElement Technologies, specializes in rare earth extraction and separation, producing high-purity rare earths from domestic mining waste, recycled magnets, and industrial byproducts.The Noblesville commercial-grade rare earth separation plant in Indiana promotes diversification and circular economy within the US supply chain.

$Perpetua Resources (PPTA.US)$ The core business focuses on the development of the Stibnite gold-antimony mine in Idaho, with rare earth concentrates as a byproduct.

$IperionX (IPX.US)$ is a technology-oriented company specializing in the research, development, and production of strategic materials. Its Titan project holds one of the largest JORC-compliant deposits of titanium, rare earths, and zircon sands in the United States.

Lithium — 'White Petroleum'

As the lightest metal in nature, lithium has become a core material in fields such as new energy, aerospace, and nuclear industries due to its unique physicochemical properties, earning it the nickname 'White Petroleum of the 21st Century'.

Specifically, lithium concept stocks in the Hong Kong and US stock markets include:

$TIANQI LITHIUM (09696.HK)$、 $GANFENGLITHIUM (01772.HK)$Known as the twin giants of the Hong Kong stock lithium industry, if lithium is considered 'white petroleum,' then Tianqi Lithium is sitting on the richest oil field.It pursues an extreme「resource monopoly」strategy, with its core competitive moat beingownership of two of the highest-quality assets globally— the Talison Lithium Mine in Australia (the world’s highest-grade and lowest-cost spodumene lithium mine) and a stake in Chile’s SQM (the largest lithium extraction company from salt lakes globally). This means Tianqi enjoys extremely highself-sufficiency in resources and highly competitive cost advantages.

Compared to Tianqi's「home-field advantage with abundant mineral resources,」Different,Ganfeng Lithium is more akin to an all-around 'alchemist.'It creates a vertically integrated ecosystem spanning upstream mining, midstream processing, and downstream battery manufacturing and recycling.vertically integrated ecosystem. Ganfeng's advantage lies inthe breadth of its technology and the resilience of its supply chain, being the world’s only professional producer with capabilities in lithium extraction from spodumene, salar brines, lepidolite, clay, and recycled materials. This gives it greater risk resistance against disruptions in any single resource. Additionally, Ganfeng is actively expanding into downstream applications like solid-state batteries to smooth out cyclical volatility.

$Lithium Americas (LAC.US)$ A mining company focused on the development of lithium resources in North America, with its core asset being the Thacker Pass lithium clay project located in Nevada, USA. This project is expected to become a significant domestic source of lithium for the United States, which currently produces only a small amount of this battery metal domestically. Therefore, in early October, the U.S. government announced it would acquire a 5% stake in Lithium Americas and hold a 5% commercial interest in its Nevada Thacker Pass project. The company’s operations span the entire lithium industry chain, including lithium mining and lithium compound production.

$Sociedad Quimica Y Minera De Chile (SQM.US)$ The world's second-largest lithium producer, characterized by low mining costs and strong profitability.

$Rio Tinto (RIO.US)$ The world's third-largest lithium miner, which last year announced a $6.7 billion acquisition of U.S.-based lithium company Arcadium. Through this acquisition, Rio Tinto will gain access to lithium mines in Argentina and Australia, as well as secure customers such as Tesla, BMW, and General Motors.

$Sigma Lithium (SGML.US)$ A lithium exploration and development company incorporated in Canada, with its primary assets located in Brazil. The company holds multiple lithium deposits within its Brazilian mining rights areas and focuses on extracting lithium mica ore and processing it into battery-grade lithium concentrate.

$Atlas Lithium (ATLX.US)$ An American mineral exploration and mining company that owns one of the largest lithium and other battery mineral exploration projects in Brazil, focusing specifically on lithium exploration.

$Ioneer Ltd (INR.AU)$ The Rhyolite Ridge lithium-boron deposit in Nevada is the only commercial-grade lithium-boron deposit in North America. It has secured a $190 million loan from the Department of Energy, with provisions allowing for 'loan-to-equity conversion.'

$Standard Lithium (SLI.US)$ A leading pre-commercial lithium development company focused on sustainably developing large-scale, high-grade lithium brine resources in the United States. The company's flagship projects are located in the Smackover Formation in Arkansas and Texas, which represents a world-class lithium brine asset.

Uranium – 'The food for nuclear power plants'

Mineral resources are an essential material foundation for human society's survival and development. Due to its significance, uranium resources are often metaphorically referred to as the food for nuclear power plants. In today's era of rapid nuclear power expansion, the importance of uranium resources continues to grow.

Compared to traditional fossil fuels, nuclear power generation can provide more efficient, cheaper, and cleaner electricity, making it one of the main energy sources for many countries.

Uranium-related stocks in the Hong Kong and US markets include:

CGN Mining: A leading subsidiary of CGN Group, China’s largest and the world’s third-largest nuclear power group. It serves as CGN’s exclusive investment and financing platform for overseas uranium resource development and is East Asia’s sole pure-play uranium company. Its core business involves the development and trade of natural uranium resources. The key investment rationale stems from its highly cost-competitive quality mineral assets, holding a 49% stake and product off-take rights in Kazakhstan’s Semizbay and Ortalyk uranium mines. Additionally, it has made strategic investments in Canada’s Fission Uranium Corp to develop high-grade projects.

$Centrus Energy (LEU.US)$ The sole uranium enrichment producer in the United States, this company is among the few globally capable of commercially producing High-Assay Low-Enriched Uranium (HALEU). HALEU is a key fuel for powering next-generation advanced reactors, including many small modular reactors (SMRs), and the global supply currently depends heavily on it. Its monopolistic position makes it a critical bottleneck and cornerstone in advancing nuclear power technology.

$Energy Fuels (UUUU.US)$ A leading critical minerals company headquartered in the United States, its operations have successfully expanded from traditional uranium mining into rare earth elements (REE) and heavy mineral sands (HMS). With its unique vertical integration capabilities, the strategically important White Mesa plant in Utah, and a diversified product portfolio, the company holds a favorable market position amid the current 'nuclear renaissance' and the broader context of global supply chain restructuring.

$Cameco (CCJ.US)$ The world's largest publicly listed uranium mining company, headquartered in Canada, primarily engages in the exploration, extraction, milling, and trading of uranium. The company owns world-class uranium assets and serves as a key supplier of uranium within the United States.

$Uranium Energy (UEC.US)$ A uranium mining company focused on the exploration, extraction, and processing of uranium and titanium concentrates.

In addition, uranium stocks also include $Anfield Energy (AEC.US)$ 、 $Uranium Royalty (UROY.US)$ 、 $Ur-Energy (URG.US)$ 、 $Denison Mines (DNN.US)$ 、 $IsoEnergy (ISOU.US)$ 、 $NexGen Energy (NXE.US)$ 、 $Encore Energy (EU.US)$ 。

Copper — “The New Oil of the AI Era”

Copper, known as 'the lifeblood of the economy,' is used in key sectors such as electric vehicles, data centers, residential construction, and power grid infrastructure. Its skyrocketing price not only impacts the raw materials market but could also cascade into manufacturing costs, housing prices, and inflation.

Copper-related stocks in the Hong Kong and US markets include:

$JIANGXI COPPER (00358.HK)$ : China’s largest integrated copper producer and the absolute leader in the domestic copper industry. It owns China’s largest open-pit copper mine (Dexing Copper Mine) and operates across the entireindustry chain。

$MMG (01208.HK)$ It is the core overseas mineral resources operation platform of Minmetals Group, focusing on the upstream mining of basic metals such as copper and zinc. It operates three copper mines and two zinc mines in Peru, the Democratic Republic of Congo (DRC), Botswana, and Australia. The jewel in its crown is located in Peru.Las Bambas Copper Mine, one of the top ten copper mines in the world.

$CMOC (03993.HK)$ It is a leading global international mining giant,and currently the world's largest cobalt producer and one of the key copper producers.Its focus areas are the DRC, Brazil, and China, where it owns world-class high-quality mineral resources such as copper, cobalt, molybdenum, tungsten, and niobium. In particular, with the capacity explosion of TFM and KFM mines in the DRC, the company has successfully established a global leadership position in new energy metals (copper, cobalt). Additionally, through its wholly-owned subsidiary IXM, the company has a robust global metal trading network, forming a highly competitive 'mine + trade' integrated operation model.

$CHINAGOLDINTL (02099.HK)$ The only overseas flagship platform of China National Gold Group, with a unique asset structure that combines 'gold + copper' operations.

$CHINFMINING (01258.HK)$ ：It is the core overseas resource development platform under China Nonferrous Metal Mining (Group) Co., Ltd.,and also one of the few companies overseas that ownsa complete copper smelter.Chinese companies

$Southern Copper (SCCO.US)$ : A global leading integrated copper producer with businesses covering the exploration, mining, smelting, and sales of metals such as copper, molybdenum, silver, and zinc, focusing its core operations on a full-process layout across the copper industry chain;

$Freeport-McMoRan (FCX.US)$ : A global leading mining company primarily engaged in the mining, processing, and sales of copper, gold, and molybdenum. It is the world's largest publicly traded copper producer and the largest molybdenum producer in the United States;

In addition, copper-related stocks also include $Taseko Mines (TGB.US)$ 、 $Hudbay Minerals (HBM.US)$ 、 $Ivanhoe Electric (IE.US)$ 、 $Ero Copper (ERO.US)$ 。

Graphite – 'Black Gold'

Graphite is a naturally occurring mineral composed of carbon elements and serves as a foundational mineral material for various industries. Known as the 'industrial seasoning' and 'black gold,' it is widely used in metallurgical chemicals, machinery equipment, new energy vehicles, nuclear power, aerospace, and defense sectors, making it an important strategic mineral resource.

Specifically, graphite-related stocks in the US market include:

$NOVONIX (NVX.US)$ is an Australian battery technology company focused on developing and supplying high-performance materials, equipment, and services for the global lithium-ion battery industry. Its core businesses include manufacturing battery testing equipment and producing synthetic graphite anode materials for electric vehicles and energy storage.

$Nouveau Monde Graphite (NMG.US)$ is a Canadian graphite mining company primarily engaged in mineral exploration, development, and the production of battery-grade anode materials based on natural graphite. The company focuses on graphite projects in Quebec and is advancing its operations through the Matawinie mine project and battery materials plant project.

$Westwater Resources (WWR.US)$ It is an energy technology company focused on developing battery-grade natural graphite materials. The company's main project is the construction of the Kellyton Graphite Processing Plant in central-east Alabama, and it also owns other development assets, such as the Kusagrande Graphite Project.

Antimony — 'The Jack of All Trades' in Industry

Antimony is a very rare metalloid element, primarily found in the sulfide mineral stibnite in nature. Its abundance in the Earth’s crust is only 0.0001%, making it non-renewable and difficult to recycle. Known for its unique 'thermal contraction and expansion' property, antimony is widely used in industrial and military fields and is referred to as 'the jack of all trades' in industry.

Antimony is extensively utilized in defense and high-tech sectors, including ammunition, batteries, flame retardants, and special military alloys. U.S. defense officials have identified it as a major vulnerability within the industrial system. Currently, over 90% of America's antimony raw material supply relies on imports.

Specifically, antimony-related stocks in the U.S. market include:

$United States Antimony (UAMY.US)$The sole antimony smelter in the United States,Operates the only two antimony smelters in North America, with long-term expertise in metal processing. It previously secured an exclusive five-year contract from the U.S. Defense Logistics Agency, worth up to $245 million, to supply antimony metal ingots for national defense reserves.

$Nova Minerals (NVA.US)$ A company focused on advancing the exploration and development of gold, antimony, and critical minerals at the Estelle project. The company recently announced that it has obtained land use permits for its proposed antimony refinery in Alaska, bringing it one step closer to becoming a key supplier of critical minerals in the United States.

Cobalt — 'Barometer' of New Energy Vehicles

Cobalt is an extremely scarce minor metal resource and an important strategic asset for nations. Cobalt salts and intermediates are mainly used in the production of hard alloys, high-temperature alloys, cobalt catalysts, and more. Applications span across power vehicles, electric vehicles, and 3C products, playing a crucial role in industries such as electronics, telecommunications, and renewable energy.

Specifically, cobalt-related stocks in the U.S. market include:

$GLENCORE PLC (GLNCY.US)$ ：One of the largest cobalt producers globally,with substantial cobalt mineral resources and mining operations in the Democratic Republic of the Congo (DRC).

$Electra Battery Materials (ELBM.US)$ ：The only large-scale battery-grade cobalt refining plant in North America,Its cobalt sulfate refining plant is the first of its kind in North America for both cobalt sulfate and nickel sulfate. It aims to supply critical minerals such as lithium, nickel, cobalt, manganese, graphite, and copper to the North American electric vehicle (EV) battery supply chain through battery recycling and black mass processing.

$Trilogy Metals (TMQ.US)$ A mining company primarily engaged in resource exploration and development in the Upper Kobuk region of northern Alaska. Its project, UKMP, focuses on mining rare metals such as copper, zinc, gold, silver, and cobalt.

Beryllium – 'The King of Materials'

Beryllium, as a strategic rare metal and a key material in cutting-edge fields, is known as 'The King of Materials.' With its unique physical and chemical properties, beryllium plays an irreplaceable role in advanced sectors such as aerospace, nuclear energy, electronics, and defense.

$Materion (MTRN.US)$ As the world's largest beryllium supplier, it holds a 70% share of the global market and supplies all Western countries. The company’s products span multiple end markets, including semiconductors, industrial applications, aerospace and defense, automotive, energy, consumer electronics, as well as telecommunications and data centers.

Summary

Overall,In the investment landscape of 2026, resource stocks are no longer just a 'supporting role' to tech stocks but have become a 'leading player' that thrives symbiotically with them. Driven by the dual forces of 'exploding AI computing power demand' and 'geopolitical security competition,' strategic resources such as copper, uranium, and rare earths are undergoing a revaluation from mere 'cyclical commodities' to 'core strategic assets.'

For investors, while embracing the technological future, allocating upstream resources not only captures excess returns from supply shortages but also adds a 'hard asset ballast' to their portfolios to hedge against macroeconomic volatility.

However, although resource stocks possess high explosive potential, they also come withhigh volatilityInvestors should be wary ofmacroeconomic fluctuations and sharp swings in commodity pricesandgeopolitical risksimpacting stock prices. Additionally, uncertainties from new technological advancements and mine operations could affect expected returns.

Fellow investors may also refer to previous articles in the 2026 outlook series.

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