Core Viewpoint - The company has approved a plan to utilize idle raised funds for cash management, aiming to enhance returns while maintaining liquidity and safety [1] Group 1: Cash Management Plan - The company will use up to 450 million yuan of idle raised funds to purchase low-risk, highly liquid principal-protected products with a maximum term of 12 months [1] - The cash management plan allows for rolling use of the funds within the approved limits and duration, with returns to be deposited back into the designated raised funds account upon maturity [1] Group 2: Historical Performance - Over the past 12 months, the company has engaged in multiple cash management activities, yielding a total return of 10.7936 million yuan [1] - Despite the low-risk nature of the products, the returns are subject to fluctuations due to macroeconomic factors [1]

Group 1: Market Performance - The metal new materials sector increased by 0.67% compared to the previous trading day, with Tianli Composite leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Group 2: Top Performers - Tianli Composite (code: 920576) closed at 94.10, up 5.02% with a trading volume of 70,800 shares and a transaction value of 672 million yuan [1] - Longmag Technology (code: 300835) closed at 69.87, up 4.16% with a trading volume of 82,800 shares and a transaction value of 571 million yuan [1] - Aluminum Science and Technology New Materials (code: 300811) closed at 80.00, up 3.76% with a trading volume of 121,100 shares and a transaction value of 953 million yuan [1] Group 3: Underperformers - Antai Technology (code: 000969) closed at 26.40, down 4.21% with a trading volume of 1,168,500 shares and a transaction value of 3.154 billion yuan [2] - Zhengke Materials (code: 600255) closed at 4.02, down 3.13% with a trading volume of 1,607,300 shares and a transaction value of 654 million yuan [2] - Zhongzhou Special Materials (code: 300963) closed at 22.00, down 2.96% with a trading volume of 249,900 shares and a transaction value of 555 million yuan [2] Group 4: Capital Flow - The metal new materials sector experienced a net outflow of 237 million yuan from institutional investors, while retail investors saw a net inflow of 225 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Group 5: Individual Stock Capital Flow - Kinglith Permanent Magnet (code: 300748) had a net inflow of 310 million yuan from institutional investors, but a net outflow of 80.215 million yuan from speculative funds [3] - Longmag Technology (code: 300835) saw a net inflow of 59.304 million yuan from institutional investors, but a net outflow of 15.656 million yuan from speculative funds [3] - Galaxy Magnet (code: 300127) had a net inflow of 29.427 million yuan from institutional investors, with a net outflow of 4.7925 million yuan from speculative funds [3]

证券代码：600366 证券简称：宁波韵升 编号：2026—001 截至本公告披露日，公司使用暂时闲置募集资金进行现金管理已全部到期 赎回，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。 特此公告。 宁波韵升股份有限公司 董 事 会 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。 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。 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 ...

Group 1 - The core viewpoint of the news is that Ningbo Yunsheng has shown a positive stock performance recently, with a 3.84% increase in stock price year-to-date and a 2.07% increase on January 7, 2025 [1] - As of January 7, 2025, the company's stock price is reported at 14.32 yuan per share, with a total market capitalization of 15.738 billion yuan [1] - The company specializes in the research, manufacturing, and sales of neodymium-iron-boron permanent magnetic materials, contributing 88.37% of its main business revenue [1] Group 2 - For the period from January to September 2025, Ningbo Yunsheng achieved an operating income of 3.91 billion yuan, representing a year-on-year growth of 7.03%, and a net profit attributable to shareholders of 276 million yuan, reflecting a significant increase of 299.04% [2] - The company has distributed a total of 1.802 billion yuan in dividends since its A-share listing, with 219 million yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 19.03% to 157,200, while the average circulating shares per person decreased by 15.99% to 6,763 shares [2][3]

Group 1 - The company completed its employee stock ownership plan in early December 2022, with non-trading transfers finalized [1] - The company does not hold rare earth minerals, which means that rising raw material prices will impact production costs [1] - The company has established a pricing adjustment mechanism with clients to mitigate the impact of raw material price increases on its performance [1]

Group 1 - The core viewpoint of the article is that Ningbo Yunsheng (600366) is focusing on expanding its market share among domestic brands in the consumer electronics sector, primarily serving overseas brands currently [1] - The company indicates that the components using neodymium iron boron permanent magnet materials in mobile phones are mainly traditional components such as vibration motors, mobile phone VCMs, and receivers, and do not involve AI-related functions [1]

Group 1 - The company, Ningbo Yunsheng (600366), is currently conducting financial accounting work [1] - Based on the accounting results, if the company needs to release an annual performance forecast, it will do so by the end of January [1]

Group 1 - Ningbo Yunsheng's stock price decreased by 1.08% to 13.76 CNY per share, with a total market capitalization of 15.123 billion CNY and a trading volume of 4.8415 million CNY [1] - The company specializes in the research, manufacturing, and sales of neodymium-iron-boron permanent magnetic materials, with 88.37% of its revenue coming from this core business [1] - The company is recognized as a leading global supplier of rare earth permanent magnet material application solutions [1] Group 2 - Qianhai Kaiyuan Fund's Q3 report shows that its fund increased its holdings in Ningbo Yunsheng by 5.6445 million shares, totaling 11.8807 million shares, representing 1.12% of the circulating shares [2] - The fund has experienced a year-to-date return of 68.07%, ranking 473 out of 8087 in its category [2] - The fund manager, Wu Guoqing, has a tenure of over 10 years, with the fund's best return during this period being 387.39% [3] Group 3 - Ningbo Yunsheng is the sixth largest holding in Qianhai Kaiyuan's fund, accounting for 7.41% of the fund's net value [4] - The estimated floating loss for the fund from its investment in Ningbo Yunsheng is approximately 1.7821 million CNY [4]

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

证券代码：600366 证券简称：宁波韵升 编号：2025—075 | 序 | | | 金额 | | 产品起 | 产品到期 | | 赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 受托机构 | 产品名称 | （万元） | 产品类型 | 息日 | 日 | 实际赎回日 | 赎回金额 （万元） | 实际收益 （万元） | | 1 | 方正证券 股份有限 | 方正证券 收益凭证 | 2,000.00 | 保本浮动收 | 2025/7/ | 2025/12/2 | 2025/12/24 | 2,000.00 | 17.52 | | | 公司 | 金添利 FD25078号 | | 益凭证 | 24 | 4 | | | | | 2 | 中国银行 鄞州分行 | 大额可转 让存单 | 10,000.00 | 保本固定收 益型 | 2025/1/ 17 | 2026/8/4 （可随时 | 2025/12/23 | 10,000.00 | 278.78 | | | | | | | | 转让） | | | | | 3 | 中国银 ...