Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

| | | 10月24日A股投资避雷针 | | --- | --- | --- | | 类别 | 公司 | 主要内容 | | | 沪硅产业 | 大基金拟减持不超2%公司股份 | | | 力芯微 | 控股股东亿晶投资拟减持不超3.00%股份 | | | 云路股份 | 郭克云拟减持不超3%股份 | | | 力量钻石 | 股东李爱真拟减持不超3%股份 | | | 国新能源 | 宏展房产拟减持不超2.07%股份 | | | 乐山电力 | 渤海信息产业基金合计减持0.8590%股份 | | 股东减持 | 宁波韵升 | 朱世东拟合计减持不超过11.18万股的股份 | | | 科威尔 | 合涂投资、京坤投资合计减持62.03万股股份 | | | 万华化学 | 合成国际减持合计1646.96万股股份 | | | 威尔药业 | 舜泰宗华已减持1%公司股份 | | | 复洁环保 | 隽洁投资减持合计281.33万股公司股份 | | | 华夏幸福 | 平安人寿及其一致行动人累计减持0.20%股份 | | | 星湖科技 | 股东铁小荣合计减持1912万股公司股份 | | 其他 | 甲投能源 | 独立董事韩放无法取得联系 | | | ...

Core Viewpoint - Ningbo Yunsheng (600366.SH) announced that due to its own funding needs, the company's director and deputy general manager, Mr. Zhu Shidong, plans to reduce his holdings by up to 25% of his shares within three months after 15 trading days from the announcement date, totaling no more than 111,800 shares, which accounts for 0.0102% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Plan** - Mr. Zhu Shidong intends to reduce his holdings by a maximum of 111,800 shares [1] - The reduction will occur within three months after 15 trading days from the announcement date [1] - The reduction represents up to 25% of his total shareholdings [1] - **Market Impact** - The reduction price will be determined based on the secondary market price at the time of the reduction [1]

Core Viewpoint - Ningbo Yunsheng (SH 600366) announced a planned share reduction by its Vice President Zhu Shidong, who holds approximately 450,000 shares, representing 0.0407% of the total share capital [1] Group 1: Share Reduction Plan - Zhu Shidong plans to reduce his holdings by up to 25% of his shares within three months after the announcement, which amounts to a maximum of approximately 110,000 shares, or 0.0102% of the total share capital [1] - The reduction price will be determined based on the market price at the time of the sale [1] Group 2: Company Financials - For the year 2024, Ningbo Yunsheng's revenue composition is projected to be 90.37% from neodymium-iron-boron and 9.63% from other businesses [1] - As of the announcement, Ningbo Yunsheng's market capitalization is 15.2 billion yuan [1]

证券代码：600366 证券简称：宁波韵升 公告编号：2025-067 宁波韵升股份有限公司 关于部分董事及高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 上述股东不存在《上市公司股东减持股份管理暂行办法》《上海证券交易所 上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法 律法规规定的不得减持的情形。 三、减持计划相关风险提示 | 股东名称 | 朱世东 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他： | | | | 持股数量 | 447,300股 | | | | 持股比例 | 0.0407% | | | | 当前持股股份来源 | 股权激励取得：447,300股 | | | 一、减持主体的基本情况 上述减持主体无一致行动人。 1 董监 ...

Core Viewpoint - Ningbo Yunsheng (600366.SH) announced that its director and deputy general manager, Zhu Shidong, plans to reduce his holdings by no more than 111,800 shares through centralized bidding, which represents no more than 0.0102% of the company's total share capital [1] Summary by Category - **Company Announcement** - The company disclosed the intention of Zhu Shidong to sell shares due to personal funding needs [1] - The planned reduction in shareholding is limited to a maximum of 111,800 shares [1] - This reduction accounts for a small fraction of the total share capital, specifically 0.0102% [1]

Core Viewpoint - The announcement from Ningbo Yunsheng indicates that the director and deputy general manager, Zhu Shidong, plans to reduce his shareholding due to personal financial needs, which may impact investor sentiment and stock performance [1] Summary by Relevant Sections Shareholding Details - Zhu Shidong holds 447,300 shares of the company, accounting for 0.0407% of the total share capital [1] - He intends to reduce his holdings by up to 111,800 shares, representing 0.0102% of the total share capital [1] Reduction Plan - The planned reduction will occur within three months following the announcement, starting 15 trading days after the disclosure [1] - The selling price will be determined based on the market price at the time of the reduction [1]

宁波韵升10月23日晚间公告，公司董事、副总经理朱世东基于自身资金需求，计划自公告披露之日起15 个交易日后的3个月内，通过集中竞价方式减持公司股份不超过11.18万股，即不超过公司总股本的 0.0102%。减持价格将根据减持时的二级市场价格确定。截止本公告披露之日，朱世东持有公司股份共 计44.73万股，占本公司总股本比例0.0407%。 ...

Market Overview - The metal new materials sector experienced a decline of 1.41% on October 23, with Xinlaifu leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Zhongzhou Special Materials (300963) with a closing price of 23.14, up 3.21% and a trading volume of 604,700 shares, totaling 1.361 billion yuan [1] - Tianli Composite (920576) closed at 30.51, up 0.93% with a trading volume of 25,900 shares [1] - Platinum New Materials (300811) closed at 72.51, up 0.92% with a trading volume of 85,100 shares [1] - Major decliners included: - Xinlaifu (301323) closed at 64.22, down 6.95% with a trading volume of 86,100 shares [2] - Antai Technology (000969) closed at 20.18, down 5.39% with a trading volume of 2,151,700 shares, totaling 4.403 billion yuan [2] - Ni'an New Materials (688786) closed at 29.69, down 3.13% with a trading volume of 25,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 690 million yuan from institutional investors, while retail investors contributed a net inflow of 668 million yuan [2] - The capital flow for specific stocks showed: - Zhongzhou Special Materials had a net outflow of 31.87 million yuan from institutional investors [3] - Platinum New Materials experienced a net inflow of 31.67 million yuan from institutional investors [3] - Other stocks like Jiangnan New Materials (603124) and Huada New Materials (605158) also showed varied capital flows with net inflows and outflows from different investor types [3]

Core Viewpoint - The metal new materials sector experienced a rise of 1.78% on October 21, with significant contributions from leading stocks like Placo New Materials [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3916.33, up 1.36% [1] - The Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 2: Individual Stock Performance - Tianhe Magnetic Materials (603072) closed at 49.36, down 1.48% with a trading volume of 39,300 lots [1] - Jinli Permanent Magnet (300748) closed at 39.91, down 1.02% with a trading volume of 603,900 lots [1] - Zhongke Magnetic Industry (301141) closed at 60.15, down 0.66% with a trading volume of 32,200 lots [1] - Zhenghai Magnetic Materials (300224) closed at 16.73, down 0.06% with a trading volume of 253,400 lots [1] - Ningbo Yunsheng (600366) closed at 14.21, up 0.28% with a trading volume of 282,500 lots [1] - Youyan Powder Materials (688456) closed at 45.55, up 0.49% with a trading volume of 11,600 lots [1] - Insite (301622) closed at 80.73, up 0.71% with a trading volume of 10,100 lots [1] - Yingyubiao (000795) closed at 10.75, up 0.75% with a trading volume of 159,100 lots [1] - Galaxy Magnetic Materials (300127) closed at 35.60, up 0.76% with a trading volume of 165,800 lots [1] - Zhongke Sanhuan (000970) closed at 13.95, up 0.94% with a trading volume of 210,500 lots [1] Group 3: Capital Flow - The metal new materials sector saw a net outflow of 5.57 million yuan from main funds, while retail investors contributed a net inflow of 20.7 million yuan [1]