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].

Core Viewpoint - The article highlights the significant role of China's rare earth industry, particularly focusing on the achievements of Jinli Permanent Magnet, a leading company in the rare earth permanent magnet materials sector, which has recently obtained a general export license, indicating its strong market position and growth potential [1][6]. Group 1: Industry Overview - China holds the largest reserves and production of rare earth elements globally, providing it with a competitive edge in the industry [1]. - The global consumption of high-performance rare earth permanent magnet materials has increased from 47,500 tons in 2018 to 102,500 tons in 2023, with a compound annual growth rate of 16.6%, and is expected to reach 227,100 tons by 2028 [1]. Group 2: Company Performance - Jinli Permanent Magnet's revenue grew from 2.4 billion to 6.7 billion from 2020 to 2024, with a compound annual growth rate of 29.33%, and achieved a revenue of 5.373 billion in the first three quarters of 2025, reflecting a year-on-year growth of 7.16% [6]. - The company's net profit fluctuated significantly, peaking at 700 million in 2022 before dropping to 290 million in 2024, a decrease of 48.37%, but rebounded to 516 million in the first three quarters of 2025, a year-on-year increase of 161.81% [6][12]. Group 3: Raw Material Pricing and Cost Management - The price of praseodymium-neodymium metal, essential for producing neodymium-iron-boron magnets, has shown significant volatility, rising from under 400,000 yuan per ton in 2020 to nearly 1.3 million yuan per ton in early 2022, before dropping back to around 400,000 yuan per ton by April 2024 [5]. - Jinli Permanent Magnet's strategy of "production based on sales" allows it to purchase raw materials in advance, leading to a significant increase in raw material inventory from 559 million yuan at the end of 2024 to 1.158 billion yuan in mid-2025, a growth of 107% [10][11]. Group 4: Competitive Advantage - Jinli Permanent Magnet has a strong competitive edge due to its advanced production technology and high-performance products, achieving a gross margin of 19.49% in the first three quarters of 2025, surpassing competitors like Ningbo Yunsheng and Zhenghai Magnetic Materials [12][14]. - The company has established deep ties with upstream raw material suppliers and downstream customers, enhancing its market position and ensuring stable sales [21][22]. Group 5: Future Outlook - Jinli Permanent Magnet aims to expand its production capacity to 60,000 tons of high-performance rare earth permanent magnet materials by 2027, indicating a strong growth trajectory [18]. - The increasing demand for rare earth permanent magnet materials is expected to drive the company's order growth, positioning it for continued success in the global market [23].

（文章来源：证券日报） 证券日报网讯 12月22日晚间，金力永磁发布公告称，控股股东一致行动人赣州格硕投资管理中心（有 限合伙）于2025年12月19日解除质押200万股，占其所持股份23.25%，占公司总股本0.15%，质权人为 中信银行股份有限公司赣州分行。 ...

金力永磁（300748）(06680)发布公告，公司于2025年12月22日接到公司控股股东一致行动人赣州格硕 投资管理中心(有限合伙)(赣州格硕)通知，获悉赣州格硕所持有公司的部分A股解除质押，本次解除质 押200万股。 ...

Core Viewpoint - The company, Jinli Permanent Magnet (06680), announced that its controlling shareholder's action partner, Ganzhou Geshuo Investment Management Center (Limited Partnership), has released part of its pledged A-shares, specifically 2 million shares, as of December 22, 2025 [1] Group 1 - The release of the pledge involves 2 million A-shares [1] - The notification regarding the pledge release was received from Ganzhou Geshuo, the company's controlling shareholder [1] - The date of the notification is specified as December 22, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 公 告 控股股東部分股份解除質押 江 西 金 力 永 磁 科 技 股 份 有 限 公 司（「公 司」或「本公司」）於2025年12月22日接到本 公 司 控 股 股 東 一 致 行 動 人 贛 州 格 碩 投 資 管 理 中 心（有 限 合 夥）（「贛州格碩」）通 知，獲 悉 贛 州 格 碩 所 持 有 本 公 司 的 部 分A股 解 除 質 押，具 體 情 況 如 下： 一、本次股東股份解除質押的基本情況 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 截 至 本 公 告 披 露 日，本 公 司 控 股 股 ...

金力永磁公告，控股股东一致行动人赣州格硕投资管理中心（有限合伙）解除质押的股份为200万股， 占其所持股份比例的23.25%，占公司总股本的0.15%。本次解除质押股份的质权人为中信银行股份有限 公司赣州分行，质押起始日为2025年4月15日，质押到期日为2025年12月19日。截至公告披露日，赣州 格硕累计质押股份数量为180万股，占其所持股份比例的20.92%，占公司总股本的0.13%。 ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-077 江西金力永磁科技股份有限公司 关于控股股东一致行动人部分股份解除质押的公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 22 日接到控股股东一致行动人赣州格硕投资管理中心（有限合伙）（以 下简称"赣州格硕"）通知，获悉赣州格硕所持有本公司的部分股份解除质押， 具体情况如下： 一、本次股东股份解除质押的基本情况 | 股东名称 | 是否为控股股东或第一 | 本次解除质押股份 | | 占其所持股份 | 占公司总 | 质押起始日 | | 质押到期日 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其一致行动人 | 数量（万股） | | 比例 | 股本比例 | | | | | | | 赣州格硕 | 是 | | 200.00 | 23.25% | 0.15% | 2025 年 4 | 月 ...

Core Viewpoint - The company Jinli Permanent Magnet has received approval for general licenses from the Ministry of Commerce, which is expected to impact its export operations positively [1] Group 1: Company Performance - For the first three quarters of 2025, the company achieved overseas sales revenue of 942 million yuan, remaining stable compared to the same period last year [1] - The sales revenue from exports to the United States reached 354 million yuan, representing a year-on-year increase of 43.92% [1] Group 2: Regulatory Developments - The company noted that it and two other enterprises have obtained the first batch of general licenses, although it refrained from commenting further and advised stakeholders to refer to official announcements [1]

Group 1 - The core viewpoint of the article highlights that high-performance neodymium-iron-boron permanent magnet materials are critical components for low-altitude flying vehicles, indicating a significant growth opportunity in this sector [1] - The company, Jinli Permanent Magnet (300748), has already begun small-scale deliveries in this emerging field, suggesting an active engagement in meeting the demand [1]