Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]

Core Viewpoint - The company, Qingdao Yunlu Advanced Materials Technology Co., Ltd., announced a share buyback plan by its executives, reflecting confidence in the company's future development and long-term investment value [3][5][6]. Group 1: Shareholding Information - Executive Pang Jing plans to indirectly hold 810,000 shares, representing 0.68% of the total share capital [2]. - Executive Zeng Yuanhua plans to indirectly hold 342,000 shares, representing 0.29% of the total share capital [2]. - Executive Li Qinghua plans to indirectly hold 612,000 shares, representing 0.51% of the total share capital [4]. - Executive Shi Yan does not hold any shares directly [4]. Group 2: Buyback Plan Details - The total planned investment for the buyback is between RMB 4 million and RMB 9 million, with each executive intending to invest between RMB 1 million and RMB 3 million [3][5][6]. - The buyback will occur from June 18, 2025, to December 17, 2025, using personal or self-raised funds [5][6]. - The buyback will be conducted through methods permitted by the Shanghai Stock Exchange, including centralized bidding and block trading [5][6]. Group 3: Purpose and Commitment - The buyback aims to enhance investor confidence, protect the interests of all shareholders, and promote the company's sustainable and healthy development [5][6]. - The executives commit to not reducing their shareholdings during the buyback period and will comply with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [5][6][7].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.74%, with a transaction volume of 66.81 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 122 million yuan, ranking first among comparable funds [2] - In the last two weeks, the Rare Earth ETF's scale increased by 568 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares increased by 39.5 million in the past week, indicating substantial growth [2] - In the last five trading days, there were net inflows on three days, totaling 115 million yuan [2] - As of June 18, the net value of the Rare Earth ETF has risen by 30.55% over the past year, ranking 376 out of 2857 in the index stock fund category, placing it in the top 13.16% [2] - Since its inception, the ETF has recorded a highest monthly return of 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, the top ten weighted stocks in the China Rare Earth Industry Index account for 57.28% of the index, including Northern Rare Earth, China Rare Earth, Wolong Electric Drive, and others [2] - The Ministry of Commerce announced on June 19 that it will expedite the review of rare earth export license applications, emphasizing the importance of maintaining global supply chain stability [4] - Recent reports suggest that domestic export licenses are being gradually issued, and rising prices abroad are expected to be transmitted to the domestic market [5] - The domestic rare earth prices are currently at a cyclical low, with expectations for a continued upward adjustment in price levels [5] - Investors can consider the Rare Earth ETF Jiashi linked fund (011036) to capitalize on investment opportunities in the rare earth sector [5]

Core Viewpoint - The chairman and general manager of Qingdao Yunlu Advanced Materials Technology Co., Ltd. has been detained, causing a significant drop in the company's stock price, although the company claims this incident is unrelated to its operations [2][3]. Company Operations - The company reported that its operations remain normal and it has not been asked to assist in any investigations related to the chairman's detention [3]. - Yunlu specializes in advanced magnetic metal materials, with products used in power distribution and extending into sectors like new energy vehicles and 5G infrastructure [5]. - The company is the largest supplier of amorphous alloy thin strips in the industry, with an annual design capacity of 105,000 tons [5]. Financial Performance - In 2024, the company achieved a revenue of 1.9 billion yuan, a year-on-year increase of 7.24%, and a net profit of 361 million yuan, up 8.73% [5]. - However, in Q1 2024, the company reported a revenue of 421 million yuan, a decline of 4.87%, and a net profit of approximately 78.91 million yuan, an increase of 4.34% [6]. - The net cash flow from operating activities was -117 million yuan, a significant decrease of 969.12% year-on-year, attributed to increased cash outflows for strategic inventory [6]. Management Actions - Following the chairman's detention, the company announced that its directors and senior management would increase their shareholdings, indicating confidence in the company's future [8]. - Despite the announcement of share buybacks, the stock price continued to decline, closing at 84.26 yuan per share, down 2.56% [8].

青岛云路先进材料技术股份有限公司 关于公司董事、高级管理人员增持公司股份计划的公告 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。 重要内容提示： 证券代码：688190 证券简称：云路股份 公告编号：2025-032 | 增持主体名称 | 庞靖 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | 是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | | | 董事、监事和高级管理人员 | ☑是 | 否 | | | 其他：__________ | | | 一、增持主体的基本情况 青岛云路先进材料技术股份有限公司（以下简称"公司"）近日收到公司董 事兼副总经理庞靖先生，副总经理曾远华先生，副总经理李庆华先生，副 总经理、财务总监兼董事会秘书石岩女士的告知函，基于对公司未来持续 稳定发展的信心以及对公司股票长期投资价值的认可，拟自 2025 年 6 月 18 日起 6 个月内，使用 ...

Group 1 - The core viewpoint is that Yunlu Co., Ltd. (688190.SH) is a leading enterprise in the domestic soft magnetic materials sector, benefiting from strong national policy support and entering a historic strategic development opportunity [2] - The management team announced a collective stock buyback, marking the first such initiative since the company's listing, aimed at enhancing investor confidence and promoting stable development [2] - The management intends to increase their holdings using personal or raised funds, with a total planned investment ranging from 4 million to 12 million yuan [2] Group 2 - Yunlu Co., Ltd. aims to position itself as a global provider of sustainable energy materials and comprehensive solutions, focusing on high-end products in the magnetic materials sector [3] - The company is projected to achieve a 7.24% increase in revenue and a 12.59% increase in net profit attributable to shareholders in 2024, driven by the new production line and growing applications in amorphous transformers and motors [3] - The company plans to deepen its "materials + equipment + applications" model, supporting industry growth through material technology innovation and expanding applications in strategic emerging fields like new energy vehicles [3] Group 3 - The company is actively developing new products in the magnetic materials field, including nanocrystalline ultra-thin strips and magnetic powders, to diversify its product structure and explore new market opportunities [4] - Since its listing in November 2021, Yunlu Co., Ltd. has maintained a cash dividend policy with a payout ratio above 30%, implementing a mid-term dividend for the first time in 2024 [4] - The company aims to continue a robust profit distribution policy to reward shareholder trust [4]

6月17日，云路股份（688190.SH）股价从前一日的大涨转为大跌。截至收盘，云路股份收跌6.92%，每股报86.47元，总市值103.76亿元。 消息面上，云路股份于6月16日晚间披露称，公司董事长兼总经理李晓雨已被吉林省吉林市监察委员留置。尽管云路股份同步撇清了关系，并安排了其 他高管代职，但二级市场似乎并未买账。 董事长突遭留置 云路股份算得上是资本市场上的新秀，该公司于2015年12月成立，2021年11月登陆上交所科创板。 云路股份主营业务是先进磁性金属材料的设计、研发、生产和销售，包括非晶合金、纳米晶合金、磁性粉末及其制品的研发、生产和销售。在核心产品 非晶合金薄带方面，云路股份常年位居全球市场占有率第一。 本次被留置的是公司创始人兼掌舵人李晓雨。 截至5月27日，中国航发资产管理有限公司为云路股份控股股东，持股比例为28.5%，穿透股权后由国务院国资委实际控制。李晓雨、郭克云为公司第 二大股东、第三大股东，持股比例分别为20.82%、17.42%。 截至目前，上述留置原因及其他情况尚未披露。而从公开履历来看，李晓雨过往工作经历与吉林省吉林市并无太多关联。 李晓雨现年55岁，历任韩国电源株式会社 ...

作 者丨见习记者李益文 编 辑丨陈思颖 公告称，公司拥有完善的治理及内部控制机制，已对相关事项做了妥善安排，公司其他董事、监事、高级管理人员目前均正常履职。 公司官网介绍，云路股份成立于2015年12月，公司自成立以来一直专注于先进磁性金属材料领域，已形成非晶合金、纳米晶合金、磁合金粉末 三大材料及其制品系列。 财报显示，云路股份2024年营收19亿元，同比增长7.24%；归母净利润3.61亿元，同比增长8.73%。20252年一季度，公司营收虽同比下滑 4.87%至4.21亿元，但归母净利润仍同比增长4.34%至0.79亿元。 6月16日晚间，云路股份（688190）发布"关于公司董事长兼总经理被留置的公告"称，公司于近日得知，公司董事长兼总经理李晓雨被吉林省 吉林市监察委员会留置。 云路股份称，该事项与本公司无关，截至公告出具日，公司未被要求协助调查，公司各项生产经营活动正常进行，不会对公司的日常运营造成 重大影响。 据2024年年报披露，李晓雨于1970年出生，系山东大学特聘教授、正高级工程师，拥有博士学位。其职业履历涵盖韩国电源株式会社多个技术 管理岗位，并曾任青岛云路聚能、青岛云路新能源等关联企业董 ...

Market Performance - On June 16, 2025, A-shares experienced a slight rebound with the Shanghai Composite Index closing at 3388.73 points, up 0.35% [1] - The Shenzhen Component Index closed at 10163.55 points, up 0.41%, while the ChiNext Index closed at 2057.32 points, up 0.66% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [1] - Hong Kong stocks opened lower but closed higher, with the Hang Seng Index rising 0.7% to 24060.99 points and a total trading volume of 229.24 billion HKD [1] - The Hang Seng China Enterprises Index increased by 0.86% to 8729.99 points, and the Hang Seng Tech Index rose by 1.15% to 5299.91 points [1] - In the US market, all three major indices closed higher, with the S&P 500 up 0.94% to 6033.11 points, the Nasdaq Composite up 1.52% to 19701.21 points, and the Dow Jones Industrial Average up 0.75% to 42515.09 points [1] Policy Update - The Ministry of Finance announced that starting from July 1, 2025, Dalian and Hubei will implement a tax refund policy for overseas travelers shopping [3] - This policy is based on various regulations and has been approved by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration [3]