Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals sector, highlighting the strengthening of gold's safe-haven attributes and further management of the rare earth industry [1]. Core Views - The report emphasizes the impact of trade tariff concerns on gold's safe-haven demand, while silver prices are accelerating due to spot market shortages and warehouse squeezes [7]. - The rare earth industry is seeing enhanced management policies, ensuring the strategic security of China's rare earth industry [7]. - The cobalt market is expected to experience upward price pressure due to the announced export quotas from the Democratic Republic of Congo [7]. Industry Overview - **Industrial Metals**: The report notes that trade tariff concerns are increasing gold's safe-haven demand, with silver prices rising due to market shortages. The SPDR Gold ETF saw a decrease in holdings by 2.3 tons to 1013.44 tons, while iShares Silver ETF increased by 35.28 tons to 15443.76 tons [7]. - **Rare Earths**: Recent announcements from the Ministry of Commerce regarding export controls on rare earth materials are expected to enhance the management of the industry, ensuring strategic security [7]. - **Cobalt**: The Democratic Republic of Congo's export quota policy is likely to support cobalt prices, with the average price of electrolytic cobalt rising by 4.8% to 349,500 CNY/ton [9]. Stock Recommendations - The report recommends focusing on companies in the precious metals sector such as Zhongjin Gold, Chifeng Jilong Gold, and Shandong Gold, as well as silver companies like Xingye Silver and Shengda Resources [2]. - For cobalt, companies such as Huayou Cobalt, Luoyang Molybdenum, and Tengyuan Cobalt are highlighted as potential beneficiaries of rising cobalt prices [10].

Investment Rating - Industry rating: Recommended [3] Core Insights - The recent announcements from the Ministry of Commerce and the General Administration of Customs have implemented stricter export controls on rare earth elements, particularly affecting the semiconductor industry and potentially impacting overseas chip manufacturing processes [1][10][16] - China dominates global rare earth supply, holding approximately 48.41% of the world's rare earth reserves and producing 68.54% of the total output [12][14] - The new export controls cover all 12 types of medium and heavy rare earth elements, marking a significant expansion in the scope of regulation [2][4] Summary by Sections Export Control Measures - The recent announcements (2025 No. 56 and 57) include export controls on rare earth equipment and raw materials, specifically targeting key technologies in rare earth mining, refining, and manufacturing [1][2] - The controls also extend to any downstream products that utilize Chinese rare earth technologies, requiring export licenses for a wide range of applications [5][10] Strategic Importance of Rare Earths - Rare earth elements are critical in various industries, including defense and semiconductor manufacturing, where they enhance material properties and performance [6][7] - The military applications of rare earths are significant, with advanced weapon systems heavily reliant on these materials [6] Semiconductor Industry Impact - The new regulations are the first to explicitly cover the semiconductor sector, which may lead to increased scrutiny and delays in overseas chip production [10][11] - Rare earths are essential for high-performance materials in semiconductor manufacturing, particularly as technology advances towards smaller transistor sizes [7][10] Renewable Energy Sector - Rare earths play a crucial role in the renewable energy sector, particularly in electric vehicle motors and wind turbine generators, with rare earth permanent magnets accounting for over 80% of the electric motor market share [11][12] Global Supply Chain Dynamics - The report highlights that while the U.S. is attempting to rebuild its rare earth supply chain, China's control over the entire rare earth industry chain remains unchallenged in the short term [15][16] - The overall completeness of the rare earth supply chain in the West is still lacking, with many projects facing delays and challenges [14][15]

北京国枫律师事务所 关于宁波韵升股份有限公司 实施 2025 年员工持股计划的 法律意见书 国枫律证字[2025]AN176-1 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街26 号新闻大厦 7 层 邮编: 100005 电话(Tel): 010-66090088/88004488 传真(Fax): 010-66090016 目 录 | 一、公司实施本次员工持股计划的主体资格 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4 | | --- | | 二、本次员工持股计划的合法合规性 . | | 三、本次员工持股计划涉及的法定程序 | | 四、股东会回避表决安排的合法合规性 | | 五、本次员工持股计划在公司融资时参与方式的合法合规性 . | | 六、本次员工持股计划的信息披露 ………………………………………………………………………………… 11 | | 七、结论意见 . 11 | l 释 义 2 对于本法律意见书 ...

為士、锂电池等出回營制，商务 e 54 MAX 2） 对重点领域比如军事、杀伤性武器及其运载工具、恐怖主义目的等原则上不予许 可。 3） 特别提及芯片和人工智能领域出口。最终用途为研发、生产14纳米及以下逻辑芯片 或者256层及以上存储芯片,以及制造上述制程半导体的生产设备、测试设备和材料, 或者研发具有潜在军事用途的人工智能的出口申请，逐案审批。 2、 明确对稀土相关技术实施出口管制。从管控分离和磁材技术本身延伸到【载体及其 相关生产线装配、调试、维护、维修、升级等技术 】,明确以下物项未经许可不得出 2025-10-09 17:14 星期四 财联社 官方经济政策 ①商务部、海关总署于2025年10月9日连发4则公告，对超硬材料、部分稀土设备和原辅料、洁 土、锂电池和人造石墨负极材料等相关物项实施出口管制。 ②管制物项包括人造金刚石微粉、稀土生产加工设备、稀土原辅料、中重稀土相关物项、锂电 负极材料等。 财联社10月9日讯，商务部、海关总署连发4则公告，对超硬材料、部分稀土设备和原辅料、部分 池和人造石墨负极材料等相关物项实施出口管制。 几个核心点: 1、 管制范围拓宽。从4.4日的中重稀土管控→境外相关稀 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300855 | 图南股份 | 28.96 | -3.27% | 12.98万 | 3.79亿 | | 061889 | 云路股份 | 108.53 | -0.36% | 1.16万 | 1.26亿 | | 300811 | 铂科新材 | 84.52 | 0.24% | 14.61万 | 12.36亿 | | 603045 | 福达合金 | 20.36 | 0.34% | 7.54万 | 1.54亿 | | 688231 | 隆达股份 | 20.51 | 1.53% | 3.44万 | 7024.56万 | | 688456 | 有研粉材 | 51.58 | 2.12% | 3.28万 | 1.69亿 | | 605158 | 华达新材 | 8.55 | 2.15% | 5.22万 | 4422.80万 | | 600255 | 整科材料 | 4.27 | 2.15% | 136.40万 | 5.81亿 | | 601137 | 博威合金 | 26 ...

Core Insights - Hydrogen storage alloys are critical materials in the hydrogen energy industry due to their high safety, volumetric hydrogen density, and long-cycle stability [1][2] - China has established a complete hydrogen storage alloy industry chain driven by rare earth resources and strong policies, featuring upstream resource monopolization, midstream technological iteration, and downstream diverse applications [1][8] - The global hydrogen storage alloy market is dominated by rare earth-based alloys, with rapid iterations of magnesium-based, titanium-based, and solid-state materials [1][9] Industry Overview - Hydrogen storage alloys (HSA) are special functional materials capable of reversible absorption and release of hydrogen under normal conditions, forming metal hydrides for safe and efficient hydrogen storage [2][3] - The main hydrogen storage methods include high-pressure gas storage, low-temperature liquid storage, and solid-state storage using hydrogen alloys, each with its advantages and disadvantages [5][6] Technological Development - Current mainstream hydrogen storage methods are compared, highlighting solid-state hydrogen storage alloys as the leading technology due to their safety and volumetric density [5][6] - The preparation methods for hydrogen storage alloys significantly influence their microstructure and hydrogen absorption performance, with various techniques available [7] China's Industry Background - Hydrogen is a key carrier for building a new energy system and achieving carbon neutrality, with hydrogen storage alloys being essential materials supported by national strategies and policies [8] - The Chinese government has implemented comprehensive policies to promote the hydrogen energy industry, including standards for solid-state hydrogen storage alloys [8] Industry Chain Structure - The Chinese hydrogen storage alloy industry chain features upstream resource monopolization, midstream technological advancements, and diverse downstream applications, with companies like Xiamen Tungsten and China Rare Earth Group leading the midstream [8][9] - The industry is characterized by close cooperation among upstream, midstream, and downstream enterprises, forming a collaborative innovation model [8] Global and Domestic Market Analysis - The global hydrogen storage alloy industry is at a critical juncture of technological breakthroughs and large-scale applications, with a projected market size of $440 million by 2030 [9] - China's hydrogen storage alloy sector has seen significant advancements in technology and enterprise layout, focusing on high capacity, low working temperature, and long cycle life [9][10] Future Trends - The future of China's hydrogen storage alloy industry will focus on technological innovation, industry integration, and international competition [11][12][14] - Technological innovation will lead to performance upgrades, with a focus on developing new multi-component alloy systems and optimizing kinetic performance [11] - Industry integration will involve increased mergers and acquisitions, creating industry leaders and enhancing overall competitiveness [12] - In international competition, Chinese enterprises will leverage their scale and resource advantages while addressing high-end technology gaps through increased R&D investment [14]

一、现场会议时间：2025 年 10 月 13 日 14 点 00 分 二、现场会议地点：浙江省宁波市鄞州区扬帆路 1 号 总部大楼 210 会议室 三、主 持 人：董事长 竺晓东先生 | 现场会议议程 | 发言人 | | 页码 | | --- | --- | --- | --- | | 一、主持人宣布现场会议开始 | 竺晓东 | | | | 二、审议议案 | | | | | 非累积投票议案 | | | | | 1、关于《宁波韵升股份有限公司 2025 年员工持股计划（草案 | 赵佳凯 | | 3 | | 修订稿）》及其摘要的议案 | | | | | 2、关于《宁波韵升股份有限公司 2025 年员工持股计划管理办 | 赵佳凯 | | 31 | | 法（修订稿）》的议案 | | | | | 3、关于提请股东会授权董事会办理公司 2025 年员工持股计划 | 赵佳凯 | | 47 | | 相关事宜的议案 | | | | | 四、参会股东及股东代理人发言及提问 | 股 东 | | | | 年第二次临时股东会审议表决办法》 五、审议《2025 | 竺晓东 | | | | 六、以举手表决方式选举计票人、监票人 | 竺晓 ...

Market Performance - The metal new materials sector increased by 1.84% on September 30, with Placo New Materials leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Placo New Materials (300811) closed at 84.32, with a rise of 12.44% and a trading volume of 227,600 shares, amounting to 1.93 billion yuan [1] - Other notable performers included: - Yuenan New Materials (688786) at 28.98, up 5.84% [1] - Zhenghai Aomaterials (300224) at 16.84, up 3.95% [1] - Zhongzhou Special Materials (300963) at 18.76, up 3.82% [1] - Tunan Co., Ltd. (300855) at 29.94, up 3.74% [1] Capital Flow - The metal new materials sector experienced a net outflow of 189 million yuan from institutional investors and 83.30 million yuan from speculative funds, while retail investors saw a net inflow of 272 million yuan [2] - Specific stock capital flows included: - Zhenghai Magnetic Materials (300224) with a net inflow of 101 million yuan from institutional investors [2] - Zhongzhou Special Materials (300963) with a net inflow of 39.82 million yuan from institutional investors [2] - An Tai Technology (000969) with a net inflow of 15.40 million yuan from institutional investors [2]

Group 1 - The company is holding a second extraordinary general meeting of shareholders on October 13, 2025, to discuss the revised employee stock ownership plan [1][2] - The original proposals regarding the employee stock ownership plan have been replaced with revised drafts approved in a board meeting on September 28, 2025 [2][9] - The meeting will take place at the company's headquarters in Ningbo, Zhejiang Province, starting at 14:00 [2][3] Group 2 - The employee stock ownership plan aims to enhance the company's long-term incentive mechanisms, improve employee cohesion, and promote sustainable development [9][22] - The total amount of funds raised for the employee stock ownership plan will not exceed 829.28 million yuan, with a maximum of 82.928 million shares to be issued [16][36] - The plan includes a lock-up period for the shares, with a total duration of 60 months, and shares will be unlocked in phases based on performance assessments [18][37] Group 3 - The stock to be used in the employee stock ownership plan will come from shares repurchased by the company, with specific details on the repurchase amounts and prices outlined [17][34] - The plan stipulates that the purchase price for the shares will be set at 7.03 yuan per share, based on market conditions [35] - The plan will involve a performance assessment for both company-level and individual-level evaluations, determining the unlocking of shares based on achieved targets [40][41]

宁波韵升股份有限公司 2025 年员工持股计划管理办法（修订稿） 宁波韵升股份有限公司 2025 年员工持股计划管理办法（修订稿） 第一章 总则 第一条 为规范宁波韵升股份有限公司（以下简称"宁波韵升"或"公司"） 2025 年员工持股计划（以下简称"员工持股计划"）的实施，依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、中国证监会《关于上市公司实施员工持股计划试点的 指导意见》（以下简称"《指导意见》"）、《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》（以下简称"《1 号自律监管指引》"）等有关法 律、行政法规、规章、规范性文件、《宁波韵升股份有限公司章程》（以下简称 "《公司章程》"）的规定及根据《宁波韵升股份有限公司 2025 年员工持股计 划（草案修订稿）》（以下简称"《员工持股计划》"），特制定《宁波韵升股 份有限公司 2025 年员工持股计划管理办法（修订稿）》（以下简称"《管理办 法》"）。 第二章 员工持股计划的制定 第二条 员工持股计划的基本原则 （一）依法合规原则 公司实施本计划将严格执行国家相关法律、法规、部 ...