（文章来源：证券日报） 证券日报网讯 12月17日晚间，九菱科技发布公告称，公司2025年12月15日召开2025年第三次临时股东 会，审议《关于公司的议案》《关于公司的议案》《关于拟认定公司核心员工的议案》等多项议案。 ...

证券日报网讯12月17日晚间，九菱科技发布公告称，公司2025年12月15日召开2025年第三次临时股东 会，审议《关于公司<2025年股权激励计划(草案)>的议案》《关于公司<2025年股权激励计划实施考核 管理办法>的议案》《关于拟认定公司核心员工的议案》等多项议案。 ...

Core Viewpoint - The rare earth sector experienced a significant rally on the 30th, with notable stock price increases among various companies, indicating a potential recovery in the market despite ongoing challenges [1] Group 1: Market Performance - Jiuling Technology surged over 14%, while Zhongke Magnetic Materials and Benlang New Materials rose more than 7%, and companies like Zhongkuang Resources, Shengxin Lithium Energy, and Jinli Permanent Magnet saw increases exceeding 5% [1] - The current rare earth prices are approaching the cost lines for some enterprises, suggesting limited room for further declines, with expectations of a gradual stabilization in prices [1] Group 2: Demand and Supply Dynamics - On the demand side, the growth in production and sales of new energy vehicles is showing signs of marginal decline, while wind power installations are expected to release potential [1] - Recent air conditioning production data indicates that future growth rates will remain sluggish, and the decline in elevator production has narrowed, reflecting an overall positive trend in the industrial sector [1] - On the supply side, the industry landscape is becoming increasingly polarized, with leading companies gaining an advantage [1] Group 3: Valuation and Policy Impact - Current absolute and relative historical valuation levels are supported by loose liquidity, industrial policies, and strategic value positioning of the rare earth sector [1] - New export restrictions on rare earths highlight their strategic value, supporting high industry valuations, although uncertainties from US-China tensions and export control policies may exert downward pressure on short-term demand and valuations [1] - Continuous performance improvement is necessary for valuation digestion, with the sustainability of rare earth magnetic material prices and industry profit margins heavily reliant on supply-demand improvements [1]

Group 1 - The A-share rare earth permanent magnet sector experienced a mixed performance on October 20, with Jiuling Technology falling over 6% and Xinlaifu dropping more than 5% [1] - Other companies such as Shenghe Resources and China Rare Earth also saw declines in their stock prices [1]

Group 1 - The A-share rare earth permanent magnet sector experienced a decline at the beginning of trading on October 16, with Jiuling Technology falling over 5% [1] - Other companies such as Sanchuan Wisdom, Jinli Permanent Magnet, and Shenghe Resources also saw declines of over 4% [1] - Additional companies including China Rare Earth, Zhenghai Magnetic Materials, and Jiuwu Gaoke followed suit with declines [1]

Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]

Core Insights - Jiuling Technology (stock code: 920505) experienced a significant price increase of 26.64% on October 13, 2025, closing at 70.16 yuan [1] - The trading volume reached 9.2545 million shares, with a total transaction value of 610 million yuan [1] Trading Details - The top buying seat was CITIC Jianan Securities Co., Ltd. Anhui Branch, purchasing shares worth approximately 25.71 million yuan [2] - The top selling seat was Changjiang Securities Co., Ltd. Jingzhou Beijing West Road Securities Business Department, selling shares worth approximately 18.23 million yuan [2] - Other notable trading activities included East Asia Qianhai Securities Suzhou Branch and Dongfang Caifu Securities Lhasa East Ring Road Second Securities Business Department, with buying amounts of approximately 10.53 million yuan and 8.55 million yuan respectively [2]

Core Viewpoint - The rare earth permanent magnet sector in the A-share market has seen significant gains, with multiple companies experiencing substantial stock price increases, indicating a bullish trend in this industry [1][2]. Group 1: Stock Performance - Jiuling Technology surged over 24.55%, with a total market capitalization of 4.476 billion [2] - Galaxy Magnetic (300127) and Huicheng Environmental (300779) both reached a 20% increase, with market capitalizations of 12.5 billion and 33.7 billion respectively [2] - New Laifu also hit a 20% increase, with a market cap of 6.654 billion [2] - Other notable performers include Jieli Permanent Magnet (300748) up 16.73% and Benlang New Materials up 14.49% [2] - A total of 12 companies, including China Rare Earth and Northern Rare Earth, reached their daily limit [1][2]. Group 2: Industry Insights - Citigroup reports that the rare earth industry is crucial for global energy transition, advanced manufacturing, and defense strategies, currently in an early to mid-upcycle [2] - The industry benefits from China's controlled supply management and favorable policies, despite uneven downstream demand [2] - Short-term price stability is expected due to supply tightness and geopolitical risks, while mid-term price adjustments are anticipated as new capacities come online [2]. Group 3: Price Adjustments - Northern Rare Earth and Baotou Steel announced an increase in the pricing of rare earth concentrates to 26,205 yuan/ton (excluding tax) for Q4 2025, marking a 37% increase from previous prices [3] - This price adjustment reflects the highest level since Q2 2023, indicating a strong market response [3].

Core Viewpoint - Two major rare earth giants have raised prices, leading to a surge in rare earth stocks in the A-share market, with several companies hitting their daily price limits or experiencing significant gains [1][2]. Price Adjustments - Northern Rare Earth and Baotou Steel announced on October 10 that they would adjust the trading price of rare earth concentrate for the fourth quarter of 2025 to 26,205 yuan/ton (excluding tax, dry weight, REO=50%), marking a 37% increase from the previous period and the highest level since Q2 2023 [2]. Stock Performance - Notable stock performances include: - Xinlaifu (20% increase) - Huicheng Environmental Protection (15.96% increase) - Jiuling Technology (13.54% increase) - Antai Technology (9.99% increase) - Baotou Steel (8.27% increase) - Benlang New Materials (7.06% increase) - Northern Rare Earth (6.33% increase) - Other companies also saw increases ranging from 4% to 6% [1][2].

Core Viewpoint - The recent announcements from the Ministry of Commerce regarding export controls on rare earth-related items have led to a significant surge in the stock prices of companies in the rare earth sector, indicating a bullish outlook for the industry [1] Group 1: Market Reaction - On October 9, stocks such as Jiuling Technology rose over 19%, San Chuan Wisdom and Jinli Permanent Magnet increased by more than 13%, while companies like China Rare Earth and Northern Rare Earth hit the daily limit [1] - The overall rare earth sector is approaching a daily limit increase, with Zhongkuang Resources rising over 9% [1] Group 2: Regulatory Changes - The Ministry of Commerce issued two announcements to strengthen export controls on rare earth-related items, including restrictions on certain overseas rare earth items containing Chinese components and on rare earth-related technologies [1] - This announcement is seen as a further tightening of export controls initiated in April, aiming to manage the entire supply chain related to these metals, including technologies for recycling rare earth secondary resources [1] Group 3: Supply Chain Implications - According to SMM data, it is projected that by 2025, the contribution of secondary recycling to rare earth supply will reach 27%, marking a new high [1] - The new regulations have fully controlled the supply side of rare earths, making it difficult for significant unexpected increases in supply to occur without government intervention [1] Group 4: Legal Restrictions - The regulations impose strict limitations on Chinese citizens, legal entities, and non-legal entities from providing any substantial assistance or support for overseas rare earth-related activities without permission, effectively cutting off the possibility for foreign companies to rapidly expand production through Chinese technical personnel [1] Group 5: Investment Outlook - Companies in the rare earth and magnetic materials sectors are expected to benefit from the comprehensive control of the supply side due to these policies, leading to a long-term bullish outlook for the sector [1]