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]

Group 1 - The core viewpoint of the article highlights the financing trends and investment activities within China's powder metallurgy industry, focusing on the purpose of financing and the nature of external investments by representative companies [1][2][10]. - Financing activities of listed companies in the powder metallurgy sector are primarily aimed at expanding production lines and supplementing working capital, with most financing conducted through private placements [1][10]. - Significant financing events include Tianxuan New Materials raising 22.97 million RMB for high-performance carbon-ceramic brake disc projects and Shandong Weida raising 1.55 million RMB for expanding automated assembly workshops for new energy storage [1][10]. Group 2 - Representative companies in the powder metallurgy industry are actively engaging in external investments, primarily for extending their industrial chain by establishing subsidiaries [2][9]. - Notable external investments include Anhui Hengjun Powder Metallurgy investing 3 million RMB in Wuhu Junzhuo New Energy Materials Co., focusing on new material technology research and metal material manufacturing [3][9]. - Other investments involve companies like Antai Technology and Mingyang Technology, which are diversifying their business operations and enhancing their technological capabilities through strategic investments [9][10]. Group 3 - The overall investment and financing events in the powder metallurgy industry are characterized as strategic financing, with a relatively low frequency of transactions [10][11]. - As of June 2025, the financing events include various rounds, with angel/seed rounds accounting for 29%, A rounds approximately 24%, and strategic financing making up about 41% of the total [12][10]. - The industry has seen limited merger and acquisition activities, primarily involving larger listed companies acquiring medium-sized powder metallurgy firms [15][10].

长江证券承销保荐有限公司 关于荆州九菱科技股份有限公司的 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，长江证券承销保荐有限公司（下文简称 "保荐机构"）作为荆州九菱科技股份有限公司（下文简称"公司""九菱科技"）的 保荐机构，负责荆州九菱科技股份有限公司的持续督导工作，并出具 2025 年半 年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文 | | | 件。 | | 2、督导公司建立健全并有效执行规则制度的情况 | 保荐机构督导公司建立健全规则制度 | | | （包括但不限于根据新《公司法》及《上 | | | 市规则》的规定），修改完善公司治理 | | | 制度，本督导期内，九菱科技有效执行 | | | 了规则制度。 | | 3、募集资金监督情况 | 保荐机构定期查阅公司募集资金账户 | | | 对账单，核查公司募集资金使用情况； | | | 前往公司现场核查募集资金使用情况。 | | | 本督导期内，九菱科技募集资金 ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-089 荆州九菱科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 荆州九菱科技股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日收到持 股 5%以上股东许文怀出具的《股份减持进展告知函》，许文怀于 2025 年 8 月 27 日至 9 月 3 日通过集中竞价累计减持公司股份 165,250 股，占公司总股本的 0.2547%。 | | | 动前持有股 | 比例(%) | 动后持有股 | 比例(%) | | --- | --- | --- | --- | --- | --- | | | | 份（股） | | 份（股） | | | 许文怀 | 持有股份 其中：无限 | 5,294,421 | 8.1619 | 5,129,171 | 7.9071 | | | 售条件股份 | 1,323,605 | 2.0405 | 1,158,355 | 1.7857 | ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-088 荆州九菱科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 荆州九菱科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日收到持 股 5%以上股东张青出具的《股份减持进展告知函》，张青于 2025 年 8 月 27 日 通过集中竞价累计减持公司股份 115,000 股，占公司总股本的 0.1773%。 上述股份减持导致张青持有公司股份比例从 8.1596%减少至 7.9824%，权益 变动触及 1%的整数倍。现将其权益变动有关情况公告如下： 一、本次权益变动的基本情况 （一）信息披露义务人基本情况 | 股东名称 | 股份性质 | 本次权益变 | 占总股本 | 本次权益 变 | 占总股本 | | --- | --- | --- | --- | --- | --- | | | | 动前持有股 | 比例(%) | 动后持有 股 | 比例(%) | | ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-087 荆州九菱科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况 的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况 荆州九菱科技股份有限公司（以下简称"公司"或"九菱科技"）于 2022 年 11 月 23 日收到中国证券监督管理委员会下发的《关于同意荆州九菱科技股份 有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可〔2022〕2964 号），同意公司向不特定合格投资者公开发行股票的注册申请。公司本次发行价 格为 11.72 元/股，发行股数为 1,120.00 万股，募集资金总额为人民币 131,264,000.00 元，扣除与发行有关的费用（不含税）人民币 14,952,425.90 元，实际募集资金净额为人民币 116,311,574.10 元。截至 2022 年 12 月 14 日， 上述募集资金已全部到账，并由中喜会计师事务所（特殊普通合伙）出具了《验 资报告》（中喜 ...

第三届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 证券代码：873305 证券简称：九菱科技 公告编号：2025-084 荆州九菱科技股份有限公司 3.会议召开方式：现场加视频通讯 4.发出董事会会议通知的时间和方式：2025 年 8 月 15 日以书面方式发出 5.会议主持人：徐洪林先生 6.会议列席人员：公司总经理、副总经理、董事会秘书、财务负责人等高管。 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等方面符合《中华人民共和国公司法》 和《荆州九菱科技股份有限公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 董事江明炎因工作原因缺席，委托董事刘君武代为表决。 董事郑婵娟因工作原因以通讯方式参与表决。 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司新材料研发中心大楼三楼会议室 （二）审议通过《关于 2025 年半年度募集资金存 ...