Group 1: Permanent Magnetic Materials - The production of permanent magnetic materials in China reached approximately 130 million tons in 2021, including 800,000 tons of ferrite permanent magnets and 213,300 tons of rare earth permanent magnets [36][2] - Ferrite permanent magnets dominate the market due to their low cost and corrosion resistance, accounting for over 60% of global production [6][39] - Rare earth permanent magnets, particularly neodymium-iron-boron (Nd-Fe-B), are critical for high-performance applications in electric vehicles and renewable energy sectors, with demand expected to increase fivefold by 2025 compared to 2020 levels [66][65] Group 2: Market Dynamics and Trends - The demand for ferrite permanent magnets in the automotive sector is projected to reach 614,000 tons by 2025, driven by the growth of electric vehicles [45] - In the home appliance sector, the demand for ferrite permanent magnets is expected to reach 201,000 tons by 2025, with variable frequency air conditioners leading the demand [45] - The global market for soft magnetic materials is anticipated to grow from $13.2 billion in 2020 to $18.1 billion by 2025, reflecting a compound annual growth rate (CAGR) of 8% [14][32] Group 3: Technological Barriers and Challenges - High-end technologies for rare earth permanent magnets, such as grain boundary diffusion and thermal pressing, are currently monopolized by companies in the US and Japan, posing a challenge for domestic manufacturers [28][32] - The production of high-performance ferrite magnets in China is still in the developmental stage, with a significant reliance on imports for advanced products [41][46] - The industry faces challenges related to resource security, particularly concerning the price volatility of heavy rare earth elements like neodymium and dysprosium [28][32] Group 4: Future Development Directions - The focus for ferrite permanent magnets will be on developing rare earth-doped and cobalt-free technologies, aiming for thinner and higher precision products [8][46] - For rare earth permanent magnets, the goal is to achieve a domestic production rate of 70% for high-end products by 2025 and 80% by 2030 [12][71] - The industry is expected to see significant advancements in the development of high-performance magnetic materials for applications in robotics, aerospace, and electric vehicles [72][74]

8月5日主力资金净流出853.68万元，近五日主力资金累计净流出20254.36万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 宁波韵升主要从事稀土永磁材料、伺服电机等产品的研发、生产和销售。公司产品广泛应用于新能源汽 车、风力发电、工业自动化等领域。2025年8月5日，公司新增"2025中报预增"概念。 根据公司披露，预计2025年1-6月归属于上市公司股东的净利润为9000万元至13500万元，同比增长 133.55%至250.33%。 截至2025年8月5日收盘，宁波韵升股价报11.76元，较前一交易日上涨0.05元，涨幅0.43%。当日成交量 为518347手，成交金额达6.13亿元。 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-07-31 | 宁波韵升 | 600366 | 11.65 990.25 85 | 东方证券股份有限 | 浙商证券股份有限 | | | | | | 公司上海嘉定区金 | 公司杭州杭大路证 | | | | | | 1. 1. 10 3 T 4 2 = 1 . + 0 | 44 *** 11, *** | 7月31日，宁波韵升大宗交易成交85万股，成交额990.25万元，占当日总成交额的1.48%，成交价11.65元，较市场收盘价11.89元折价2.02%。 ...

本次员工持股计划拟减持公司股份，是其持有人依据《员工持股计划管理办法》的规定结合自身资金需 要提出的，员工持股计划的持有人中，公司实际控制人之子竺晓东先生将不参与本次股份减持计划，不 参与本次股份减持收益分配。 （文章来源：每日经济新闻） 宁波韵升股份有限公司—2020年员工持股计划于2025年4月29日至7月28日通过集中竞价减持100万股， 减持比例0.0910%；宁波韵升股份有限公司—2022年员工持股计划同期通过集中竞价减持134.4万股，减 持比例0.1223%。本次披露的减持时间区间届满。 宁波韵升（SH 600366，收盘价：12.78元）7月28日晚间发布公告称，本次减持计划实施前，公司持股 5%以下股东宁波韵升股份有限公司—2020年员工持股计划持有公司无限售条件流通股370万股，占公司 总股本的0.3364%；股东宁波韵升股份有限公司—2022年员工持股计划持有公司无限售条件流通股 283.81万股，占公司总股本的0.2580%。 截至本公告日，公司持股5%以下股东宁波韵升股份有限公司—2020年员工持股计划持有公司无限售条 件流通股270万股，占公司总股本的0.2457%；股东宁波韵升股 ...

证券代码：600366 证券简称：宁波韵升 公告编号：2025-048 宁波韵升股份有限公司 员工持股计划减持股份结果公告 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。 本次减持计划实施前，宁波韵升股份有限公司（以下简称"公司"）持股 5%以下股东宁波韵升股份有限公司—2020 年员工持股计划持有公司无限售条件 流通股 3,700,000 股，占公司总股本的 0.3364%；股东宁波韵升股份有限公司— 2022 年员工持股计划持有公司无限售条件流通股 2,838,061 股，占公司总股本 的 0.2580%。 公司实际控制人之子不参与本次减持： 本次员工持股计划拟减持公司股份，是其持有人依据《员工持股计划管理 办法》的规定结合自身资金需要提出的，员工持股计划的持有人中，公司实际控 制人之子竺晓东先生将不参与本次股份减持计划,不参与本次股份减持收益分配。 减持计划的实施结果情况： 截至本公告日，公司持股 5%以下股东宁波韵升股份有限公司—2020 年员工 持股计划持有公司无限售条件流通股 2,700,000 股，占公 ...

宁波韵升（600366）公告，2020年员工持股计划于2025年4月29日至7月28日集中竞价减持100万股，减 持比例0.0910%，套现1039.31万元；2022年员工持股计划同期集中竞价减持134.4万股，减持比例 0.1223%，套现1301.51万元。减持完成后，两计划分别持股270万股和149.41万股，占总股本0.2457%和 0.1359%。 ...

Core Viewpoint - The rare earth permanent magnet sector is experiencing a strong market performance, driven by favorable policies, supply-demand dynamics, and new resource discoveries, indicating significant growth potential for related companies and the industry as a whole [1][3][4]. Policy Support - The Chinese government continues to enhance support for the rare earth sector, with the implementation of the "Rare Earth Management Regulations" in October 2024, prohibiting illegal activities related to rare earth products [3]. - The "Rare Earth Industry Development Plan (2025-2030)" aims to optimize resource allocation and promote high-end applications, reinforcing market expectations for regulated industry growth [3]. - Recent statements from the Ministry of State Security emphasize the need for improved management of strategic mineral resources, further solidifying the regulatory framework for the rare earth industry [3]. Market Dynamics - According to a report by China International Capital Corporation, the global supply-demand gap for praseodymium and neodymium oxide is projected to be 28 tons, 1,525 tons, and 1,018 tons from 2025 to 2027, indicating a sustained tight supply and potential for moderate price increases [1]. - The rare earth permanent magnet market is expected to exceed $24.95 billion by 2025, with China dominating over 90% of global production, highlighting its strategic importance in high-end manufacturing sectors [4]. New Resource Discoveries - A recent discovery of a new rare earth mineral, "Neodymium Huanghe Mine," in Inner Mongolia is expected to enhance China's position in the global rare earth supply chain, particularly for neodymium, which is crucial for high-performance permanent magnets [5][6]. Industry Performance - Preliminary half-year reports from rare earth companies indicate strong performance, attributed to rising rare earth prices, growing demand in the renewable energy sector, and benefits from increased industry concentration [7]. - Analysts suggest that domestic rare earth pricing remains relatively low, with potential for price increases supported by government policies, which could further enhance company performance in the sector [7].

Summary of Key Points from Conference Call Records Industry Overview - **Lithium and Rare Earth Industry**: The conference call primarily discusses the lithium and rare earth sectors, focusing on supply dynamics, pricing trends, and government regulations affecting these industries [1][3][6]. Core Insights and Arguments - **Supply Tightening in Lithium**: The verification report for lithium reserves in Yichun, Jiangxi Province, may lead to some companies being unable to renew mining licenses on time, potentially affecting lithium carbonate production by approximately 20,000 tons per month, which could drive prices up [1][4]. - **Impact of Qinghai Salt Lake Production**: Companies in Qinghai are less affected by the recent regulatory changes, but there are concerns about overproduction and illegal mining practices that could pose risks to lithium supply [1][5]. - **Government Regulation Intent**: The government aims to optimize the lithium industry by eliminating loss-making capacities and better understanding national strategic metal reserves, which has contributed to a rebound in lithium prices from low levels [1][6]. - **Rare Earth Supply-Demand Shift**: Initially, there was an oversupply of rare earths in May, but a shift to a supply deficit is expected in Q3, which is likely to significantly boost prices, with prices for products like gadolinium oxide nearing 500,000 yuan per ton [1][9]. - **Geopolitical Factors Enhancing Rare Earth Value**: The U.S.-China trade tensions have led to a reassessment of the strategic value of rare earths, with China limiting exports and the U.S. supporting local industries, thus enhancing the valuation of the rare earth sector [1][10]. - **Market Sentiment in Rare Earths**: The auction of gadolinium and niobium metals on the Baotou exchange has led to a price increase, reflecting heightened market activity and confidence, with bullish sentiment prevailing [1][12]. Additional Important Content - **Current Lithium Companies to Watch**: Companies such as Zhongmin Resources, Shengxing Lithium Energy, Tianqi Lithium, Ganfeng Lithium, and Yongxing Materials are highlighted for their stable stock performance and future growth potential [1][7]. - **Rare Earth Market Trends**: The rare earth market has shown significant improvement, with a tightening supply situation compared to the previous year, leading to a positive price outlook [1][9][13]. - **Investment Opportunities in Rare Earths**: The rare earth magnetic materials sector is recommended for investment, with companies like Northern Rare Earth and China Rare Earth being noted for their potential [1][15][17]. - **Precious Metals Market Outlook**: The precious metals market, particularly silver and gold, is viewed optimistically due to expectations of Federal Reserve interest rate cuts, with silver showing strong performance due to its dual financial and industrial attributes [2][16][18]. This summary encapsulates the key points discussed in the conference call, providing insights into the lithium and rare earth industries, market dynamics, and investment opportunities.

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management, aiming to enhance fund efficiency and generate additional value for shareholders while ensuring that the normal operation of fundraising projects is not affected [2][4][13]. Group 1: Cash Management Overview - Cash management entrusted parties include Founder Securities Co., Ltd. and China Merchants Bank Co., Ltd. [2] - The total amount for cash management products is 100 million RMB, which includes principal-protected income certificates, floating income certificates, and structured deposits [2][4]. - The company has opened dedicated settlement accounts for cash management at Founder Securities and China Merchants Bank [3]. Group 2: Purpose and Amount of Cash Management - The purpose of cash management is to maximize shareholder interests by improving the efficiency of idle raised funds and reducing financial costs [4]. - The amount of idle raised funds to be used for cash management is 100 million RMB [4]. Group 3: Fund Source and Basic Situation - The source of funds is part of the idle raised funds from a non-public offering completed on November 23, 2022, which raised a total of approximately 1.045 billion RMB [6]. - The net amount raised after deducting issuance costs is approximately 1.033 billion RMB [6]. Group 4: Investment Products and Risk Management - The investment products for cash management are low-risk, including principal-protected income certificates and structured deposits, ensuring high safety and liquidity [7][10]. - The company has conducted strict pre-investment risk assessments and has established internal control measures to manage investment risks [10][11]. Group 5: Approval Process and Opinions - The cash management plan was approved during the 6th meeting of the 11th Board of Directors and the 5th meeting of the 11th Supervisory Board on January 15, 2025 [9]. - The Supervisory Board and the sponsor institution have expressed their support for the cash management plan, stating it aligns with regulatory requirements and benefits shareholders [13][14].