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].

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 ...