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].

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry [2] Core Views - The non-ferrous metals industry has shown a mixed performance, with the small metals sector rising by 6.58% and the industrial metals sector declining by 3.49% in the past two weeks [3][12] - The rare earth and magnetic materials sector is experiencing a significant profit increase, driven by improved supply-demand dynamics and price recovery [5][65] - Lithium prices continue to decline due to oversupply, but leading companies are expected to recover as high-cost production is phased out [66] Industry Performance Overview - As of July 17, 2025, the non-ferrous metals industry has decreased by 0.87% over the past two weeks, underperforming the CSI 300 index by 2.55 percentage points [12] - Year-to-date, the industry has increased by 20.08%, outperforming the CSI 300 index by 17.55 percentage points, ranking first among 31 industries [12] - The small metals sector has shown a year-to-date increase of 24.87%, while the industrial metals sector has increased by 16.89% [18] Price Trends - As of July 17, 2025, LME copper is priced at $9,678 per ton, LME aluminum at $2,589 per ton, and LME nickel at $15,065 per ton [24] - The rare earth price index has risen to 192.03, with significant increases in prices for praseodymium-neodymium oxide and dysprosium oxide [42][65] - Lithium carbonate prices are stabilizing, with battery-grade lithium carbonate at 64,800 yuan per ton [40][66] Company Performance Highlights - Northern Rare Earth expects a net profit increase of 1,882.54% to 2,014.71% for the first half of 2025 [56] - Ningbo Yunsheng anticipates a net profit increase of 133.55% to 250.33% for the same period [57] - Xiamen Tungsten's revenue for the first half of 2025 is projected at 19.178 billion yuan, with a net profit of 972 million yuan, a decrease of 4.41% year-on-year [52][67]

本公司董事会及全体董事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： 证券代码：600366 证券简称：宁波韵升 编号：2025—047 现金管理受托方：方正证券股份有限公司、招商银行股份有限公司； 宁波韵升股份有限公司 现金管理业务名称及金额：本金保障型收益凭证、保本浮动收益凭证、 结构性存款，合计人民币 1 亿元； 关于开立募集资金现金管理专用结算账户并使用部分 闲置募集资金进行现金管理的进展公告 履行的审议程序：宁波韵升股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第十一届董事会第六次会议、第十一届监事会第五次会议， 审议通过了《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司 使用非公开发行股份募集资金适时购买安全性高、流动性好、有保本约定的理 财产品，最高额度不超过 5.5 亿元。保荐机构对闲置募集资金进行现金管理出 具了同意的核查意见； 特别风险提示：公司拟购买的产品属于低风险投资品种，但金融市场受 宏观经济、财政及货币政策的影响较大，不排除该项投资受市场波动影响，敬 请广大投资者谨慎决策 ...

Core Viewpoint - The rare earth permanent magnet sector in the A-share market has shown strong performance, with several companies experiencing significant stock price increases and ETFs tracking rare earth indices also seeing gains [1][5]. Group 1: Market Performance - The rare earth permanent magnet sector has seen notable stock price increases, with Jiuwu Gaoke rising nearly 12%, and companies like Dongfang Zhaoye, Huahong Technology, and Zhongse Co. reaching their daily limit [1]. - Several rare earth ETFs have also performed well, with gains of 3.82% for the Guangfa Rare Metal ETF and 3.73% for the E Fund Rare Earth ETF [1][3]. Group 2: Price Expectations and Market Dynamics - Northern Rare Earth expressed optimism regarding future rare earth prices, attributing price movements to supply-demand dynamics and recent policy impacts [5]. - The rare earth sector has seen a cumulative increase of over 25% since May 28, driven by easing trade tensions between China and the U.S. and positive earnings expectations for the sector [5][6]. Group 3: Export Regulations and Price Impact - Recent developments indicate a potential easing of export controls on rare earths, with China approving export licenses for several manufacturers, which is expected to positively influence market prices [6][7]. - Analysts predict that the relaxation of export controls could lead to a significant increase in rare earth prices, benefiting companies in the sector [6][7]. Group 4: Company Performance and Projections - Northern Rare Earth anticipates a substantial increase in net profit for the first half of 2025, projecting a profit of 900 million to 960 million yuan, representing a year-on-year growth of 1882.54% to 2014.71% [6]. - Companies in the rare earth permanent magnet industry, such as Huahong Technology, are expected to report significant profit increases, with projections of up to 3722% year-on-year growth [7].

Core Viewpoint - The article highlights the recent developments in the rare earth industry, emphasizing the strategic importance of rare earth resources for national security and the potential for growth in applications such as humanoid robots and electric vehicles. Group 1: National Security and Regulation - On July 18, the National Security Department announced measures to cut off illegal export channels for rare earth items, reinforcing resource and national security [1][5][6] - The article discusses the dual-use nature of rare earth materials and the need for export controls to protect national interests from foreign espionage [5][6] Group 2: New Discoveries and Applications - A new rare earth mineral named "Neodymium Yellow River" was discovered in Inner Mongolia, which has unique neodymium enrichment characteristics, crucial for high-performance permanent magnets used in various industries [2][6] - The demand for rare earth materials is expected to surge due to the anticipated mass production of humanoid robots, with 2025 projected as a breakthrough year for the industry [3][7] Group 3: Market Trends and Price Movements - The rare earth permanent magnet sector has seen significant stock price increases, with companies like Northern Rare Earth and Baotou Steel experiencing substantial gains [4][8] - Recent trends indicate a rising trajectory in rare earth prices, supported by a favorable supply-demand dynamic and potential improvements in domestic demand [10] - The global rare earth supply chain is characterized by China's dominance, producing 70% of the world's rare earths and 90% of processing capacity, with a focus on high-end manufacturing [11]

Core Viewpoint - Ningbo Yunsheng Co., Ltd. has approved the use of temporarily idle raised funds for cash management, with a maximum amount not exceeding 550 million yuan [1] Group 1: Cash Management Announcement - The company held its 11th Board of Directors' sixth meeting and the 11th Supervisory Board's fifth meeting on January 15, 2025, where the proposal for cash management was approved [1] - The company plans to invest in safe, liquid financial products with capital protection agreements [1] - The underwriter has provided a clear verification opinion on the cash management of idle raised funds [1] Group 2: Redemption Details - The company redeemed a structured deposit product with Ningbo Bank Hudong Branch, with a subscription amount of 50 million yuan and a redemption amount of 50 million yuan [2] - The product had an expected annualized return rate of 1-2.15%, and the actual income from the investment was 381,700 yuan [2] - As of the announcement date, the redeemed funds, including principal and interest, have been returned to the special account for raised funds, with no significant difference from expected returns [2] Group 3: Remaining Funds - The remaining amount of temporarily idle raised funds for cash management is 380 million yuan, and the highest daily balance and usage period have not exceeded the authorization range set by the Board of Directors [2]

截至本公告披露日，以上产品已全部赎回，并已将本金及收到的利息收入 归还至募集资金专户，与预期收益不存在重大差异。除上述情况外，公司使用 暂时闲置募集资金进行现金管理尚未到期的金额为人民币3.8亿元，公司使用闲 置募集资金进行现金管理的单日最高余额及使用期限均未超过公司董事会授权 范围。 宁波韵升股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 十一届董事会第六次会议、第十一届监事会第五次会议，审议通过了《关于使 用暂时闲置的募集资金进行现金管理的议案》，同意公司使用非公开发行股份募 集资金适时购买安全性高、流动性好、有保本约定的理财产品，最高额度不超 过 5.5 亿元。保荐机构对闲置募集资金进行现金管理出具了明确的核查意见。 保荐机构对闲置募集资金进行现金管理出具了同意的核查意见。具体内容详见 公司于 2025 年 1 月 16 日在上海证券交易所网站及指定信息披露媒体披露的 《关于使用暂时闲置募集资金进行现金管理的公告》（公告编号：2025-006）。 公司于 2025 年 1 月 18 日披露了《关于使用暂时闲置募集资金进行现金管 理的进展公告》（公告编号：2025-007）。 本 ...

Market Overview - The Shanghai Composite Index fell by 0.03% on July 16, with 14 industries experiencing gains, led by social services and automotive sectors, which rose by 1.13% and 1.07% respectively. The steel and banking sectors saw the largest declines, down by 1.28% and 0.74% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 14.265 billion yuan, with 12 industries seeing net inflows. The public utilities sector had the highest net inflow of 2.823 billion yuan despite a decline of 0.20%, followed by the pharmaceutical and biotechnology sector, which rose by 0.95% with a net inflow of 2.095 billion yuan [1] Nonferrous Metals Sector Performance - The nonferrous metals sector declined by 0.45% with a total net outflow of 2.084 billion yuan. Out of 137 stocks in this sector, 45 stocks rose, including one that hit the daily limit, while 86 stocks fell. Notably, 40 stocks had net inflows, with Shenghe Resources leading at a net inflow of 143 million yuan, followed by Xiamen Tungsten and Haixing Co., with net inflows of 35.2538 million yuan and 31.9872 million yuan respectively [2] Nonferrous Metals Sector Outflow - The top outflow stocks in the nonferrous metals sector included Ningbo Yunsheng, which saw a decline of 7.24% with a net outflow of 387.71 million yuan, followed by Northern Rare Earth and Northern Copper, with net outflows of 276.81 million yuan and 137.34 million yuan respectively. Other notable outflow stocks included Yongshan Lithium and Tianqi Lithium, with outflows of 123.26 million yuan and 110.95 million yuan respectively [3]

Market Performance - The rare earth permanent magnet sector declined by 0.85%, ranking among the top declines in concept sectors as of July 16 [1] - Notable decliners in the sector included Ningbo Yunsheng, Huicheng Environmental Protection, and Jingyuntong, while Huahong Technology, Longci Technology, and Shenghe Resources saw increases of 10.04%, 5.64%, and 4.71% respectively [1] Capital Flow - The rare earth permanent magnet sector experienced a net outflow of 2.043 billion yuan, with 45 stocks seeing net outflows and 5 stocks exceeding 100 million yuan in outflows [2] - Ningbo Yunsheng led the outflow with 388 million yuan, followed by Huicheng Environmental Protection, Northern Rare Earth, and Hengdian East Magnet with outflows of 361 million yuan, 277 million yuan, and 196 million yuan respectively [2] Top Gainers and Losers - The top gainers in the rare earth permanent magnet sector included Shenghe Resources, Xiamen Tungsten, and China Rare Earth, with net inflows of 143 million yuan, 35.25 million yuan, and 23.11 million yuan respectively [2][4] - The outflow leaderboard featured Ningbo Yunsheng with a decline of 7.24%, Huicheng Environmental Protection down 7.20%, and Northern Rare Earth with a slight increase of 0.14% [2][3]

Group 1 - The A-share rare earth permanent magnet sector is experiencing a downturn, with significant declines in stock prices [1] - Jingyuntong is approaching the daily limit down, indicating severe market pressure [1] - Other companies such as Huicheng Environmental Protection, Sanchuan Wisdom, Ningbo Yunsheng, Jintian Co., Jiuwu Gaoke, and Huaxin Environmental Protection are also seeing declines in their stock prices [1]