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]

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-19-14 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 关于第一期员工持股计划股票出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 烟台正海磁性材料股份有限公司（以下简称"公司"）于 2020 年 9 月 30 日 召开四届董事会第十二次会议及 2020 年 10 月 26 日召开 2020 年第二次临时股 东大会，审议通过了《关于公司第一期员工持股计划（草案）及其摘要的议案》 《关于公司第一期员工持股计划管理办法的议案》及《关于提请股东大会授权董 事会办理公司第一期员工持股计划有关事项的议案》，具体内容详见公司分别于 2020 年 10 月 9 日和 2020 年 10 月 26 日披露于巨潮资讯网上的相关公告。 公司第一期员工持股计划所持公司股票已于近日出售完毕，根据《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《公司第一 期员工持股计划》《公司第一期员工持股计划 ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hongshang Asset on Zhenghai Magnetic Materials, emphasizing its advancements in the application of products in the fields of new energy, energy saving, and intelligence [1] - Zhenghai Magnetic Materials has made progress in humanoid robot applications, achieving small batch supply to downstream customers and being recognized as the "most valuable materials company in the humanoid robot field" [1] - The company is one of the early enterprises to obtain export licenses, with steady progress in export declaration work [1] - Zhenghai Magnetic Materials employs a strategy of production based on sales and inventory management to cope with fluctuations in rare earth prices [1] - The company maintains a leading position in the global market for new energy vehicles, with balanced development across other application areas [1] - The company has approximately 302 authorized and pending invention patents, indicating its technological strength at an internationally advanced level [1] - By 2025, Zhenghai Magnetic Materials plans to optimize its product and customer structure to enhance profit levels and drive management transformation and technological market expansion [1] Group 2 - Hongshang Asset was established in October 2013, created by a team from public funds in collaboration with Sequoia Capital, and is the only equity securities asset management platform of Sequoia Capital in China [2] - The company has received multiple industry awards, including the Golden Sunshine, Golden Changjiang, and Golden Bull awards, establishing itself as a well-known private equity fund company in China [2] - Hongshang Asset focuses on absolute return objectives in equity investment strategies, with fundamental research-driven asset management capabilities as its core competitive advantage [2] - The investment research team includes senior professionals from large fund companies, foreign investment research supervisors, and award-winning fund managers, ensuring robust investment research capabilities [2]

Product Applications - The company's high-performance NdFeB permanent magnetic materials are primarily used in high-end applications in the fields of new energy, energy saving, and intelligence, including electric vehicles, wind power, energy-efficient appliances, and smart consumer electronics [2][3]. Robotics and Technology Development - The company has made significant progress in the application of its products in humanoid robots, with nearly 20 years of experience collaborating with international clients and strong partnerships with emerging domestic leaders [3][4]. - Continuous development of heavy rare earth-free products is underway, utilizing core technologies such as "Zhenghai Oxygen-Free Process" and "Grain Optimization Technology" [4][5]. Export and Compliance - The company has been proactive in responding to export control measures related to heavy rare earths, quickly obtaining export licenses and ensuring compliance with national regulations [3][4]. Market Position and Strategy - The company maintains a leading position in the global market for new energy vehicles and electric vehicles, recognized as a national champion in manufacturing high-performance sintered NdFeB magnets for new energy vehicles [3][5]. - The 2025 operational plan focuses on quality revenue and sustainable growth, emphasizing product and customer structure optimization, and implementing a cost-leading strategy [5]. Intellectual Property - As of the end of 2024, the company holds approximately 302 authorized and pending invention patents across various regions, marking a 47% year-on-year increase, reflecting its advanced technological capabilities [5].

Market Overview - The market sentiment has improved, with all three major indices rising. The Shanghai Composite Index increased by 1.09%, stabilizing above 3500 points, while the Shenzhen Component Index rose by 1.78% and the ChiNext Index by 2.36% [1] Industry Performance - Among the 31 primary industries, 27 experienced gains, with real estate, steel, and non-bank financials leading the way. Concept sectors such as rare earths, real estate developers, innovative drugs, photovoltaic glass, brokerages, and stablecoins saw significant surges [1] Institutional Research Activities - A total of 160 listed companies disclosed institutional research minutes, with around 100 stocks achieving positive returns. Notably, Lianhuan Pharmaceutical's stock surged by 38.58% during the week, and several other companies also saw gains exceeding 10% [1] Company Highlights - Lianhuan Pharmaceutical has conducted four institutional research activities in July, with a cumulative increase of 49% in stock price. The company is collaborating on the development of an SGLT2 inhibitor for diabetes treatment, expecting key data in Q1 2024 and plans to submit for market approval in 2026 [1][2] - Wantai Biological Pharmacy recently hosted 19 institutional research sessions and announced the pricing of its domestically produced nine-valent HPV vaccine at 499 yuan per dose. The company aims to enhance market penetration through a differentiated sales strategy [2] - Zhongyi Technology, while not currently involved in stablecoin business, confirmed its participation in IT infrastructure for digital currency systems, ensuring stability and security [2] - Zhenghai Magnetic Materials responded to export control measures by actively pursuing export declarations and maintaining normal production operations. The company anticipates growth in demand for neodymium-iron-boron in emerging sectors like energy-saving and new energy vehicles [3] Financial Sector Insights - Several banks, including Ningbo Bank and Suzhou Bank, received institutional attention. Suzhou Bank reported a narrower net interest margin decline compared to the industry average and plans to enhance margin management throughout the year [3]

Group 1 - The core viewpoint of the article highlights the active performance of rare earth permanent magnet concept stocks, with Benlang New Materials rising over 10% [1] - Other companies such as Zhongke Magnetic, Northern Rare Earth, Jiuling Technology, Baogang Co., Shenghe Resources, Xici Technology, and Zhenghai Magnetic Materials also saw increases of over 5% [1] - Northern Rare Earth and Baogang Co. have raised the trading prices of rare earth concentrates for the third quarter, planning to adjust the price to 19,109 yuan/ton (excluding tax) for the third quarter of 2025, reflecting a 1.5% increase compared to the previous period [1]

Group 1: Export and Licensing - The company quickly responded to export control measures and was one of the first to obtain export licenses, ensuring compliance and steady progress in export申报工作 [2] - The company maintains close communication with relevant departments to adapt to policy changes and safeguard stable operations [2] Group 2: Product Applications - The company has established strong partnerships in the humanoid robot sector, supplying core components like hollow cup motors and frameless torque motors [3] - In 2024, the company was recognized as the "Most Valuable Material Company in the Humanoid Robot Field" and has begun small-scale deliveries to downstream clients [3] Group 3: Performance in New Energy Vehicles - The company achieved full coverage with top international and domestic automotive brands, completing 58 selected projects in 2024, exceeding annual targets [3] - Product shipment volume increased by 25% year-on-year, with a total of 5.61 million sets of energy-saving and new energy vehicle motors delivered [3] Group 4: Growth Drivers for 2025 - New policies are expected to boost demand in key sectors such as energy-saving and new energy vehicles, smart consumer electronics, and humanoid robots [3] - Emerging fields are anticipated to drive long-term growth in neodymium-iron-boron demand [3] Group 5: Pricing and Production Capacity - The company adopts a cost-plus pricing model for customized non-standard products, focusing on customer needs [3] - In 2024, the Nantong base's production increased by over 150% year-on-year, with high capacity utilization expected to continue into 2025 [4] Group 6: Core Technology Applications - In 2024, the coverage of grain optimization technology (TOPS) in products reached 97%, while diffusion technology (THRED) exceeded 80% [4] - The production of non-rare earth magnets increased by 50%, with continuous growth in ultra-light rare earth magnet shipments [4] Group 7: 2025 Business Plan - The company aims for quality revenue and sustainable growth, optimizing product and customer structures [4] - The strategic focus includes cost leadership through technology and marketing, with initiatives for delivery optimization, talent development, and energy conservation [4]

Group 1 - The rapid development of the robotics industry has increased market attention on the rare earth permanent magnet industry, which serves as upstream raw materials [1] - The company has extensive experience collaborating with international clients for nearly two decades and has established close partnerships with emerging domestic industry leaders [1] - The company’s main product, high-performance neodymium-iron-boron permanent magnets, is widely used in new energy, energy-saving, and intelligent fields, making it an ideal material for motors in humanoid robots [1][2] Group 2 - The company achieved full coverage of the top 10 international automotive brands, top 5 domestic automotive brands, and top 5 new car-making forces in the energy-saving and new energy vehicle sectors [2] - The company’s product shipment volume increased by 25% year-on-year, with a total of 5.61 million sets of energy-saving and new energy vehicle motors delivered [2] - The company’s core technology, grain optimization technology (TOPS), reached a product coverage rate of 97% in 2024, while diffusion technology (THRED) exceeded 80% [2] Group 3 - The company’s Nantong base is expected to achieve over 150% year-on-year growth in production in 2024, complementing the strategic capacity of the Yantai base [3] - The company has responded quickly to export control measures for medium and heavy rare earth items, actively promoting export declaration work and obtaining export licenses [3] - The company will maintain close communication with relevant departments to ensure compliance in export operations and safeguard stable business operations [3]

Group 1: Export and Licensing - The company has quickly responded to export control measures related to rare earth materials and is one of the early enterprises to obtain export licenses, ensuring compliance and steady operations [2] - New export licenses are being approved, and the company maintains close communication with relevant departments to adapt to policy changes [2] Group 2: Product Applications and Collaborations - The company has extensive experience in collaborating with international clients for nearly 20 years and has established close partnerships with emerging domestic industry leaders [3] - In 2024, the company was recognized as the "Most Valuable Material Company in the Humanoid Robot Field" and has begun small-scale deliveries to downstream customers [3] Group 3: Performance in New Energy Vehicles - The company has achieved full coverage with the top 10 international automotive brands and the top 5 domestic brands in the energy-saving and new energy vehicle sector [3] - In 2024, the company completed 58 selected automotive projects, exceeding annual targets, with a 25% year-on-year increase in product shipments, totaling 5.61 million sets of energy-saving and new energy vehicle motors [3] Group 4: Future Growth and Market Trends - The new policies in 2025 are expected to boost demand in key sectors such as energy-saving and new energy vehicles, variable frequency air conditioning, and smart consumer electronics [3] - Emerging fields like humanoid robots and low-altitude economy are anticipated to drive future growth in neodymium-iron-boron demand [3] Group 5: Pricing and Production Capacity - The company adopts a cost-plus pricing model for customized non-standard products, focusing on customer needs and product complexity [4] - In 2024, the Nantong base significantly increased production capacity, achieving over 150% year-on-year growth, with high capacity utilization expected to continue in 2025 [4] Group 6: Core Technology and Innovations - In 2024, the coverage of grain optimization technology (TOPS) in the company's products reached 97%, while diffusion technology (THRED) exceeded 80% [4] - The production of non-heavy rare earth magnets increased by 50% year-on-year, with continuous growth in ultra-light rare earth magnet shipments [4] Group 7: Strategic Goals for 2025 - The company aims for quality revenue and sustainable growth in 2025, focusing on optimizing product and customer structures [4] - The strategic approach includes a dual focus on technology and marketing, supported by pillars of quality, management, supply chain, and digital intelligence to enhance profit levels [4]

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-10-01 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 关于全资子公司完成工商变更登记并换发营业执照的公告 南通正海磁材有限公司《营业执照》。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 烟台正海磁性材料股份有限公司（以下简称"公司"）全资子公司南通正海 磁材有限公司（以下简称"南通正海磁材"）根据实际情况，对注册地址进行了 变更。近日，南通正海磁材完成了相关工商变更备案登记手续，并取得了如皋市 数据局换发的《营业执照》。相关信息如下： 一、本次变更事项 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 住所 | 如皋市城南街道新源北路 8 | 号 江苏省南通市如皋市城南街道 | | | 沪如产业园 815 号 | 旺园路 1 号 | 二、本次变更后的工商登记基本信息 销售（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动） 1 1、名称：南通正海磁材有限公司 2、统一 ...