Core Viewpoint - Jiuling Technology announced the appointment of a new auditor for its 2025 financial statements and internal control audit, changing the signing auditor from Wu Danjiang to Lai Qiujie due to work adjustments [2]. Group 1 - Jiuling Technology has appointed Zhongxi Accounting Firm as the auditor for its 2025 financial statements and internal control [2]. - The signing auditors for the company are now Huang Changwen and Lai Qiujie following the change [2].

证券日报网讯 1月9日，九菱科技发布公告称，公司第三届董事会第十二次会议审议通过《关于预计 2026年日常性关联交易的议案》《关于使用部分闲置自有资金进行现金管理的议案》。 （文章来源：证券日报） ...

Core Viewpoint - The rare earth sector experienced a strong rally, with significant price increases in various companies, indicating a potential recovery in the market driven by supply and demand dynamics [1] Supply and Demand Dynamics - After the New Year, the supply side of rare earths is gradually recovering, although metal supply remains under pressure due to limited market circulation of oxides [1] - Downstream demand remains stable, with expectations for inventory accumulation before the Spring Festival, leading to a forecast of weak stability in rare earth prices [1] Market Trends - The demand for new energy vehicles is showing marginal decline, while wind power installations are expected to release demand [1] - Air conditioning production data remains weak, but the decline in elevator production is narrowing, indicating an overall positive trend in the industrial sector [1] Industry Structure - The industry landscape is becoming differentiated, with leading companies gaining an advantage [1] - High valuation pressures have eased, and market risk appetite is expected to recover post-holiday, which may support valuation strength [1] Price Resilience - The resilience of prices in the supply chain is maintained due to policy constraints limiting significant supply increases [1] - The expectation of inventory replenishment before the Spring Festival is likely to support stable demand growth [1] Investment Focus - Continued attention is recommended on upstream rare earth resource companies, which may benefit from valuation premiums and stable profits due to recovering market risk appetite and strategic value positioning [1] - As the trend of rising rare earth prices continues, downstream magnetic material companies are expected to see ongoing profit recovery [1]

（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。 ...

Core Viewpoint - Jiuling Technology announced the convening of the third extraordinary shareholders' meeting on December 15, 2025, to review multiple proposals including the draft of the 2025 equity incentive plan and the management measures for its implementation [1] Group 1 - The company will discuss the proposal regarding the 2025 equity incentive plan draft [1] - The meeting will also address the proposal for the management measures for the implementation of the 2025 equity incentive plan [1] - Additionally, the company plans to consider a proposal to identify core employees [1]

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]