（文章来源：每日经济新闻） 国金证券8月20日发布研报称，给予金力永磁（300748.SZ，最新价：29.88元）买入评级。评级理由主 要包括：1）2Q2025公司业绩超预期；2）原料库存充裕，构建回收体系；3）整体费用控制良好，研发 费用保持增长；4）增产上量迅速，深化具身机器人布局；5）注重股东回报，实施高分红。风险提示： 需求不及预期；稀土价格波动；磁材供应超预期。 ...

Core Insights - The overall performance of the brokerage sector is positive, with the CSI All Share Securities Company Index rising by 0.34% as of August 20, 2025, and significant gains in individual stocks such as Guojin Securities and Zhongyin Securities [1][2] - The brokerage ETF has shown strong growth, with a net value increase of 58.44% over the past year and a notable weekly increase of 5.65% [2][1] - The ETF has seen substantial inflows, with a net inflow of 3.11 billion yuan recently, indicating strong investor interest [1][2] Performance Metrics - The brokerage ETF's recent trading volume reached 2.36 billion yuan, with an average daily trading volume of 21.88 billion yuan over the past week, ranking it among the top comparable funds [1] - The ETF's total size increased by 16.78 billion yuan in the past week, marking the highest growth among comparable funds [1] - The ETF's current share count stands at 454.50 billion, the highest in nearly a year [1] Market Dynamics - The brokerage sector's valuation and profitability are expected to improve due to increased market activity, higher trading volumes, and a growing margin financing balance [2] - The correlation between the brokerage index and market trading volume is strong, with the index rising in tandem with increased trading activity [2] - The current price-to-book (PB) ratio of the brokerage industry is at historical lows, suggesting potential for valuation recovery as trading activity picks up [2] ETF Composition - The brokerage ETF tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [4] - The ETF serves as an efficient investment tool, balancing investments in leading brokerages while also capturing the high growth potential of smaller firms [4]

Group 1 - The core viewpoint of the news is that brokerage stocks experienced a significant upward trend, with notable gains in specific companies [1] Group 2 - Harbin Investment Co., Ltd. (哈投股份) saw an increase of over 7% in its stock price [1] - Other brokerage firms such as Guojin Securities (国金证券), Bank of China Securities (中银证券), Huaxi Securities (华西证券), and Tianfeng Securities (天风证券) also experienced stock price increases [1]

Core Viewpoint - The A-share brokerage stocks experienced a general rise, with notable increases in specific companies such as Harbin Investment Group, Guojin Securities, and Bank of China Securities [1] Company Performance - Harbin Investment Group saw a rise of over 6% [1] - Guojin Securities increased by more than 4% [1] - Bank of China Securities rose by over 2% [1]

Core Viewpoint - The report from Guojin Securities indicates that the acceleration of solid-state battery industrialization will benefit upstream core materials, particularly solid electrolytes which replace liquid electrolytes and separators in traditional batteries [1] Group 1: Solid-State Battery Technology - The core change in solid-state batteries is the use of solid electrolytes, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] - Among the solid electrolyte routes, sulfide and oxide are the most mature, with sulfide electrolytes showing the highest ionic conductivity and the largest capacity layout among downstream enterprises, indicating the greatest future development potential [1] Group 2: Investment Recommendations - Companies that are early adopters in the sulfide lithium sector and possess technological advantages are recommended for investment [1] - For oxide electrolytes, which have moderate ionic conductivity but better stability, companies that have diversified their oxide electrolyte layouts and possess cost advantages in the industrial chain are also recommended for attention [1]

Core Viewpoint - The core change in solid-state batteries compared to liquid batteries lies in the use of solid electrolytes instead of liquid electrolytes and separators, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] Summary by Category Solid Electrolyte Types - The most mature industrial applications of solid electrolytes are based on sulfide and oxide routes, with sulfide electrolytes exhibiting the highest ionic conductivity and the largest capacity layout among downstream enterprises [1] - Sulfide lithium is identified as the core raw material in the sulfide route, suggesting a focus on companies that are early adopters of sulfide lithium and possess certain technological advantages [1] - Oxide electrolytes have moderate ionic conductivity but better stability, leading to accelerated industrialization progress, indicating a focus on companies that have diversified oxide electrolyte layouts and possess certain cost advantages in the supply chain [1]

Core Viewpoint - The core change in solid-state batteries compared to liquid batteries is the use of solid electrolytes instead of liquid electrolytes and separators, which directly impacts key performance indicators such as power density, energy density, and cycle life [1] Summary by Category Solid Electrolyte Types - The most mature industrial applications of solid electrolytes are the sulfide and oxide routes, with sulfide electrolytes having the highest ionic conductivity and the largest capacity layout among downstream companies [1] - Sulfide lithium is a core raw material in the sulfide route, suggesting a focus on companies that are early adopters of sulfide lithium and possess certain technological advantages [1] - Oxide electrolytes have moderate ionic conductivity but better stability, leading to accelerated industrialization progress, indicating a focus on companies that have diversified oxide electrolyte layouts and certain cost advantages in the supply chain [1]

Company Overview - Jiangxi Naipu Mining Machinery Co., Ltd. is a specialized manufacturer of heavy mining equipment and wear-resistant parts, integrating R&D, production, sales, and services [1][2] - The company focuses on high-performance rubber wear-resistant materials and composite materials to enhance the performance and reliability of heavy mining equipment [2][3] Main Business Activities - The company provides optimization of heavy mining equipment, design, consulting, and optimization of mineral processing workflows as value-added services [2] - Its wear-resistant new materials have been applied in several large domestic non-ferrous and ferrous metal mines and exported to countries including Mongolia, Chile, Mexico, Ecuador, Peru, Kazakhstan, Australia, and Russia [2][5] Core Technologies and R&D - The company has accumulated rich industry experience and possesses 107 domestic patents, with several core technologies at advanced levels [2][3] - Key technologies include the development of high-efficiency heavy-duty slurry pumps, composite lining boards, and rubber hoses with significantly improved durability and reliability [3][4] Financial Data - As of the latest reporting period, total assets amounted to 277.93 billion yuan, with total liabilities at 100.26 billion yuan and total equity at 177.67 billion yuan [4] - The company reported a net profit of 5.38 million yuan for the year 2022, with a significant drop in net profit in the first quarter of 2025 compared to the previous year [4][12] Market Position and Competition - The company has established stable partnerships with well-known mining companies such as Erdenet Mining Corporation and Zijin Mining Group, contributing to its market position [2][5] - The mining equipment manufacturing market is characterized by intense competition, with both domestic and international players vying for market share [15][16] Risks and Challenges - The company faces risks related to overseas operations, customer concentration, and technological innovation, which could impact its business performance [5][6] - Fluctuations in raw material prices, particularly steel and rubber, pose a significant risk to production costs and profit margins [7][8] - The company has a high dependency on a few major clients, with the top five clients accounting for 68.42% of total revenue, indicating a concentration risk [5][6] Investment and Growth Prospects - The company plans to raise funds through the issuance of convertible bonds to support its investment projects, including a new production base in Peru with an expected annual capacity of 12,000 tons of new wear-resistant materials [17][18] - The company aims to increase its market share in Latin America, where its current market penetration is approximately 1.5%, indicating significant growth potential [18][19]

Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. is planning to issue convertible bonds to unspecified investors, with the aim of raising funds for a new materials manufacturing project in Peru and to supplement working capital. The issuance is supported by Guojin Securities as the lead underwriter, and the company has undergone necessary due diligence and internal reviews to ensure compliance with relevant regulations [1][6][17]. Group 1: Company Overview - Jiangxi Naipu Mining Machinery Co., Ltd. was established on October 14, 2005, with a registered capital of 168.77 million RMB [2]. - The company specializes in manufacturing mining machinery and related products, including research and development, sales, and engineering design services [2][9]. - The company has established stable partnerships with well-known mining companies both domestically and internationally, enhancing its market presence [9]. Group 2: Bond Issuance Details - The total amount to be raised through the bond issuance is capped at 450 million RMB, which will be allocated to the Peru project and working capital [13][17]. - The funds will not be used for loss compensation or non-productive expenditures, ensuring compliance with regulatory requirements [14][24]. - The issuance has been approved by the company's board and shareholders, pending final approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [7][17]. Group 3: Financial Performance - The company reported net profits of 134.32 million RMB, 80.07 million RMB, and 116.47 million RMB for the years 2022, 2023, and 2024, respectively, indicating a stable financial performance [9][10]. - The average distributable profit over the last three years is sufficient to cover the interest on the proposed bonds, demonstrating financial viability [15]. Group 4: Compliance and Risk Management - Guojin Securities has conducted thorough due diligence and internal reviews, confirming that the application documents meet legal requirements and do not contain false statements or omissions [4][6]. - The company has established a robust internal control system and governance structure, ensuring compliance with relevant laws and regulations [11][12]. - The company has no significant financial investments or debts that would hinder its ability to issue new bonds [10][21].

Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. plans to issue convertible bonds to raise up to 450 million yuan for a new materials mining wear parts manufacturing project in Peru and to supplement working capital [2][9]. Group 1: Financing Necessity - The company has a projected funding gap of 767.41 million yuan over the next three years, making the issuance of 450 million yuan in convertible bonds necessary to alleviate financial pressure and support project development [9][10]. - The financing will help the company maintain a reasonable debt level and reduce operational and financial risks, as the debt ratio is expected to rise significantly if the funding gap is covered solely through bank loans [9][10]. Group 2: Project Details - The new manufacturing project in Peru aims to produce 12,000 tons of new materials mining wear parts annually, leveraging Peru's geographical advantages to serve markets in Chile, Mexico, Colombia, and Ecuador [2][12]. - The project will be executed by Naipu Peru Mining Machinery Co., Ltd., a wholly-owned subsidiary, and is expected to generate sales revenue of 505.55 million yuan in 2024 with a gross margin of 40.67% [2][12]. Group 3: Product and Market Analysis - The fundraising will not introduce new products but will expand the existing range of rubber wear parts for mining equipment, which includes components for various mining processes [11][13]. - The company has established a solid technical and personnel foundation to support the production of these products, ensuring the project's successful implementation [11][12]. Group 4: Regulatory and Approval Process - The company has completed the necessary land acquisition for the project, purchasing 72,301.30 square meters of land in Peru, with prior investments made before the board's approval of the bond issuance [13][14]. - The project is subject to various regulatory approvals, and the company is actively managing these processes to mitigate potential delays [12][14].