证券代码：300127 证券简称：银河磁体 公告编号：2025-042 成都银河磁体股份有限公司 关于发行股份及支付现金购买资产并募集配套资金事项的进展公告 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。 重要风险提示： 成都银河磁体股份有限公司（以下简称"上市公司"或"公司"）于2025年9月27 日披露了《成都银河磁体股份有限公司发行股份及支付现金购买资产并募集配套资金预 案》（以下简称"重组预案"）及其摘要，并对本次交易涉及的有关风险因素及尚需履 行的审批程序进行了详细说明，提请广大投资者关注后续进展公告并注意投资风险。 截至本公告披露日，本次交易相关审计、评估等工作尚在推进中，本次交易相关方 尚需就交易细节进一步沟通商讨，仍然存在不确定性。除重组预案中披露的有关风险因 素外，公司尚未发现可能导致公司董事会或者交易对方撤销、中止本次交易或者对本次 交易方案作出实质性变更的相关事项。公司将根据相关事项的进展情况及时履行信息披 露义务。 四、 必要风险提示 本次交易尚需公司董事会再次审议及公司股东会审议批准，并经相关监管机构 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Group 1 - The core point of the article is that Galaxy Magnetics (SZ 300127) announced an investor meeting on October 23, 2025, where key executives participated to address investor inquiries [1] - For the first half of 2025, Galaxy Magnetics reported that its revenue composition was entirely from rare earth permanent magnets, accounting for 100.0% [1] - As of the report date, Galaxy Magnetics has a market capitalization of 11.6 billion yuan [1] Group 2 - The article also highlights that the Chinese innovative drug sector has generated $80 billion in overseas licensing deals this year, indicating a hot secondary market for biomedicine [1] - A conversation with Lu Gang, a partner at Chuangdongfang Investment, reveals that while the secondary market is thriving, the primary market is facing challenges in fundraising [1]

Group 1: Company Overview - The main product of the company is bonded NdFeB magnets, which belong to a niche within magnetic materials. Higher performance options include sintered NdFeB, while lower performance options include ferrite [1] - The company's sustained profitability is attributed to its core competencies, including self-developed equipment, ongoing automation upgrades, and a focus on expanding raw material production [1] Group 2: Pricing and Market Dynamics - Product pricing is primarily influenced by raw material and processing costs, with raw material prices reflecting the latest prices of rare earth metals [1] - The company sources light rare earths for its magnetic powder, which is not subject to regulation. The sales revenue from samarium-cobalt magnets accounted for less than 2% in 2024, indicating minimal impact from export restrictions on samarium-cobalt [1] Group 3: Strategic Expansion and Acquisitions - The company has not engaged in acquisitions for over a decade but is considering a recent acquisition due to the rapid growth of the electric motor industry and increasing demand for permanent magnets [2] - Plans to restructure a ferrite company are in place, as its proximity and business synergy can effectively complement the company's existing operations [2] - Future expansion of production capacity is necessary to meet anticipated demand [2] Group 4: Industry Position and Technological Development - The company is actively cooperating with downstream customers in the development of humanoid robots, although specific applications remain confidential [2] - The scale of the acquisition target is smaller than the leading domestic ferrite company, but it is technologically advanced within the country [2]

Core Viewpoint - Galaxy Magnetics focuses on the research, production, and sales of bonded neodymium iron boron magnets, hot-pressed neodymium iron boron magnets, and samarium-cobalt magnets, which are essential components in the rare earth permanent magnet industry [2] Company Summary - The company specializes in various types of rare earth permanent magnets, including bonded neodymium iron boron magnets, hot-pressed neodymium iron boron magnets, and samarium-cobalt magnets [2] Industry Summary - The rare earth permanent magnet industry is characterized by the production of high-performance magnetic materials, which are critical for various applications in technology and manufacturing [2]

每经AI快讯，10月22日，稀土永磁指数盘中震荡下行，跌幅达3.02%。成分股方面，多数个股跟随指数 调整，其中铂科新材跌5.33%，金力永磁跌5.19%，银河磁体跌4.49%，盛和资源跌4.30%，北方稀土跌 4.72%。 ...

Group 1 - The company, Galaxy Magnetics (300127.SZ), confirmed its involvement in the research, production, and sales of rare earth permanent magnet components, including bonded neodymium-iron-boron magnets, sintered neodymium-iron-boron magnets, and samarium-cobalt magnets [2]

Core Viewpoint - The metal new materials sector experienced a rise of 1.78% on October 21, with significant contributions from leading stocks like Placo New Materials [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3916.33, up 1.36% [1] - The Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 2: Individual Stock Performance - Tianhe Magnetic Materials (603072) closed at 49.36, down 1.48% with a trading volume of 39,300 lots [1] - Jinli Permanent Magnet (300748) closed at 39.91, down 1.02% with a trading volume of 603,900 lots [1] - Zhongke Magnetic Industry (301141) closed at 60.15, down 0.66% with a trading volume of 32,200 lots [1] - Zhenghai Magnetic Materials (300224) closed at 16.73, down 0.06% with a trading volume of 253,400 lots [1] - Ningbo Yunsheng (600366) closed at 14.21, up 0.28% with a trading volume of 282,500 lots [1] - Youyan Powder Materials (688456) closed at 45.55, up 0.49% with a trading volume of 11,600 lots [1] - Insite (301622) closed at 80.73, up 0.71% with a trading volume of 10,100 lots [1] - Yingyubiao (000795) closed at 10.75, up 0.75% with a trading volume of 159,100 lots [1] - Galaxy Magnetic Materials (300127) closed at 35.60, up 0.76% with a trading volume of 165,800 lots [1] - Zhongke Sanhuan (000970) closed at 13.95, up 0.94% with a trading volume of 210,500 lots [1] Group 3: Capital Flow - The metal new materials sector saw a net outflow of 5.57 million yuan from main funds, while retail investors contributed a net inflow of 20.7 million yuan [1]

Core Insights - China's new rare earth export regulations, effective from October 9, 2025, significantly impact the global supply chain, reflecting a shift in strategic resource management and the competitive landscape in technology [1][11] - The regulations introduce a comprehensive control system that includes not only the export of raw materials but also extends to products containing Chinese rare earth elements, with a threshold of 0.1% for controlled substances [3][11] Regulatory Framework - The new regulations feature a "full-chain penetration control" approach, covering all aspects of the rare earth industry from mining to recycling [3] - Key elements include a 0.1% content threshold focusing on critical applications like high-performance magnets and semiconductor materials, and a 45-day approval cycle affecting global supply chain timelines [3][11] Global Manufacturing Impact - Rare earth elements are essential in high-end manufacturing, with significant applications in products like the F-35 fighter jet and Tesla Model 3 [4] - China dominates the rare earth market, controlling 70% of global mining, 90% of separation processing, and 93% of permanent magnet manufacturing [4] Case Studies - ASML, the sole producer of advanced EUV lithography machines, faces potential production disruptions due to the new regulations, as its products contain 0.3% dysprosium, exceeding the new threshold [5] - The U.S. military and semiconductor industries are also at risk, with rising costs and potential delays in production schedules due to increased rare earth prices [5][6] Market Reactions - The stock market has reacted variably, with Chinese rare earth companies seeing price increases while U.S. firms like Applied Materials experienced declines, indicating a reassessment of the strategic value of rare earths [6][11] Strategic Responses - Countries are diversifying their supply chains in response to the new regulations, with the U.S. supporting domestic rare earth industries and forming partnerships with countries like Australia and Canada [8] - Companies are adjusting inventory and procurement strategies, with some exploring alternative technologies to reduce reliance on rare earths [8] Industry Evolution - China's rare earth industry is focusing on upgrading and transitioning towards high-end, circular, and clustered development, enhancing its competitive edge in advanced processing technologies [9] - The new regulations signify a shift in China's role in global governance, moving from rule adaptation to active participation in rule-making [11][12]

Market Overview - The metal new materials sector experienced a decline of 3.99% on October 17, with significant losses led by Bowei Alloy [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Notable performers included: - Xinlaifu (301323) with a closing price of 79.19, up 3.87% and a trading volume of 147,200 shares, totaling 1.156 billion yuan in transaction value [1] - Ni'an New Materials (688786) closed at 31.66, up 1.64% with a transaction value of 108 million yuan [1] - Conversely, Bowei Alloy (601137) led the declines with a closing price of 22.68, down 7.77%, and a trading volume of 343,900 shares, totaling 804 million yuan [2] - Other significant decliners included: - Galaxy Magnet (300127) down 7.70% to 36.56 [2] - Jiangnan New Materials (603124) down 7.58% to 76.71 [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.144 billion yuan from institutional investors, while retail investors experienced a net inflow of 1.206 billion yuan [2][3] - Key capital flows for selected stocks included: - Antai Technology (696000) with a net inflow of 19.43 million yuan from institutional investors [3] - Huada New Materials (605158) saw a net inflow of 6.57 million yuan from institutional investors [3] - However, stocks like Alloy Investment (000633) and Chitong New Materials (300930) experienced significant net outflows from institutional investors, at 6.52 million yuan and 10.42 million yuan respectively [3]