证券日报网讯12月19日，金力永磁（300748）在互动平台回答投资者提问时表示，根据信息披露相关规 则，公司会在定期报告中披露法定要求的股东数量信息，敬请关注公司披露的定期报告等公告。 ...

Core Viewpoint - The company is actively developing its rare earth recycling capabilities and has established a comprehensive recycling system to meet client demands for recycled rare earth materials [1] Group 1: Company Developments - The company holds a 51% stake in Yin Hai New Materials, a firm specializing in the comprehensive recycling and utilization of rare earths, which includes products like praseodymium-neodymium oxide, dysprosium oxide, terbium oxide, and gadolinium oxide [1] - The annual production capacity of the rare earth waste comprehensive utilization project is 5,000 tons, which has received approval from relevant authorities in Inner Mongolia [1] - The company has obtained the ISO 14021 certification for recycled materials from SGS, indicating its commitment to sustainable practices [1] Group 2: Future Plans - The company plans to continue increasing the proportion of green recycled materials in its products, leveraging Yin Hai New Materials' advantages in the recycling sector [1] - There is an indication that the company may consider further acquisitions of shares in Yin Hai New Materials in the future [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否有产品应用于无人机，低空飞行装备 上？ 金力永磁（300748.SZ）12月19日在投资者互动平台表示，您好！高性能钕铁硼永磁材料是低空飞行器 关键零部件，伴随该领域的快速发展，这一领域未来有望成为高性能钕铁硼永磁材料需求的重要增长 点。目前，该领域公司已有小批量交付。谢谢！ ...

Core Viewpoint - Jinli Permanent Magnet announced its investment in Yinhai New Materials, a company specializing in the recycling and utilization of rare earth materials, which will enhance its green recycling capabilities and meet client demands for recycled rare earth raw materials [1] Group 1: Company Overview - Yinhai New Materials focuses on the production and processing of rare earth oxides, including praseodymium-neodymium oxide, dysprosium oxide, terbium oxide, and gadolinium oxide [1] - The company has an annual production capacity of 5,000 tons for its rare earth product waste recycling project, which has received approval from relevant authorities in Inner Mongolia [1] Group 2: Certifications and Partnerships - Yinhai New Materials has obtained the ISO 14021 certification for recycled materials from SGS, validating its commitment to sustainable practices [1] - Jinli Permanent Magnet holds a 51% stake in Yinhai New Materials, allowing for consolidated financial reporting and leveraging Yinhai's advantages in the recycling sector [1] Group 3: Strategic Goals - The partnership aims to increase the proportion of green recycled materials in Jinli's product offerings, aligning with client needs for recycled rare earth materials [1]

Core Viewpoint - The company, Jinli Permanent Magnet, has confirmed that its products are widely used in various sectors, including new energy vehicles, energy-saving variable frequency air conditioners, wind power generation, robotics, industrial servo motors, 3C electronics, low-altitude aircraft, and energy-saving elevators, with deliveries already made in the bicycle and two-wheeled electric vehicle markets [1]. Group 1 - The company's products are applied in new energy vehicles and automotive components [1] - The company has also delivered products for bicycles and two-wheeled electric vehicles [1] - Other applications include energy-saving variable frequency air conditioners, wind power generation, robotics, and industrial servo motors [1]

格隆汇12月19日丨金力永磁(300748.SZ)在投资者互动平台表示,公司不涉及军工业务。 ...

Group 1 - The energy metal sector is experiencing a surge in demand driven by a dual catalyst of supply restructuring and explosive demand, particularly in the context of energy storage [1][2] - Major resource countries are actively managing supply through policies such as quotas and licenses, aiming to gain control over resource pricing [1][2] - The demand for carbonated lithium in the energy storage sector is projected to reach approximately 345,000 tons by 2025 and is expected to exceed 500,000 tons by 2026, marking a tenfold increase from 2021 [2] Group 2 - In the lithium sector, the industry is undergoing a deep clearing with a slowdown in capital expenditure, indicating clear bottom signals. The sustained demand for energy storage is expected to drive a tight balance in global carbonated lithium supply and demand by 2026, making lithium prices more likely to rise [2][3] - Cobalt prices are entering an upward channel due to supply management, while nickel prices, despite being suppressed by high inventory, have dropped to deep cost curve levels, with Indonesia's supply management laying the groundwork for future price recovery [2][3] - The domestic production index control for rare earth materials is tightening supply, while resilient demand from downstream sectors such as new energy vehicles and wind power supports a strong price environment [2][3] Group 3 - Recommended companies in the lithium sector include Ganfeng Lithium, Tianqi Lithium, Zhongjin Lingnan Nonfemet Company, Yongxing Materials, and Shengxin Lithium Energy [3][4] - For cobalt and nickel, Huayou Cobalt is highlighted as a potential beneficiary due to strengthened supply-side policies and the industry being at a long-term bottom [3][4] - In the rare earth magnetic materials sector, companies such as Ningbo Yunsheng and Jieli Permanent Magnet are suggested as beneficiaries due to supply tightening and stable high-end demand [3][4]

Core Conclusions - The small metal sector is expected to benefit from the rising demand in the AI industry, presenting new investment opportunities [6] - The report maintains an "overweight" rating for the small metal sector, indicating a positive outlook for the industry [7] Industry Overview - The small metal sector significantly outperformed the market in 2025, with an annual cumulative return of 83.54%, surpassing the cumulative return of the Shenwan Nonferrous Metals Index (82.05%) and the CSI 300 Index (20%) [10][13] - The rare earth sector is projected to maintain an upward trend in 2026 due to strong demand recovery and supply-side policy constraints, indicating that the industry cycle is not yet over [10] - The tungsten market is entering a new price cycle driven by supply constraints and emerging demand, suggesting a strategic value for investors [10] - The antimony market is experiencing a new phase characterized by supply rigidities and policy relaxations, with potential price increases anticipated in 2026 [10] - The tin market is also entering a new phase with supply constraints and demand upgrades, indicating a resilient supply-demand balance [10] - The demand for new metal materials is expected to grow alongside the rapid development of the AI industry, particularly for permanent magnetic materials and high-end copper alloys [10] Investment Recommendations - Recommended stocks in the rare earth sector include Northern Rare Earth, Zhenghai Magnetic Materials, and Jinli Permanent Magnet, with a focus on China Rare Earth and Shenghe Resources [6] - For tungsten, attention is drawn to Zhongtung High-tech and Xiamen Tungsten [6] - In the antimony sector, recommended stocks include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [6] - For tin, focus on Tin Industry Co. and Huaxi Nonferrous [6] - In the new materials sector, recommended stocks include Bowei Alloy and Srey New Materials [6] Supply and Demand Dynamics - The rare earth industry is experiencing a strong price increase driven by supply-side constraints and a recovery in export demand, with the price of praseodymium-neodymium oxide increasing by 45.49% in 2025 [31] - The global rare earth production is expected to grow moderately, with China's production leading the market, indicating a dominant position in both production and reserves [41] - Domestic supply indicators for light rare earths are showing a significant slowdown in growth, with the supply structure increasingly dominated by major players [48]

资金流向方面，主力资金净流出7226.86万元，特大单买入2092.32万元，占比3.16%，卖出4986.85万 元，占比7.53%；大单买入1.30亿元，占比19.64%，卖出1.73亿元，占比26.18%。 12月18日，金力永磁盘中下跌2.03%，截至14:26，报32.38元/股，成交6.62亿元，换手率1.78%，总市值 445.42亿元。 截至9月30日，金力永磁股东户数13.40万，较上期增加35.31%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，金力永磁实现营业收入53.73亿元，同比增长7.16%；归母净利润5.15亿元，同比增长 161.81%。 分红方面，金力永磁A股上市后累计派现14.71亿元。近三年，累计派现10.84亿元。 机构持仓方面，截止2025年9月30日，金力永磁十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4770.56万股，相比上期增加4140.24万股。易方达创业板ETF（159915）位居第六大流通 股东，持股1275.10万股，相比上期减少222.13万股。南方中证500ETF（510500）位居第八大流通股 东，持股1000 ...

Core Insights - The establishment of the "Rare Earth NATO" alliance aims to reduce reliance on China for rare earth materials, with representatives from eight countries, including Japan, South Korea, and Australia, signing the agreement [1] - China's strategic move to issue general export licenses to companies like Jinko Solar and Ningbo Yunsheng is seen as a tactical response to the geopolitical landscape, highlighting the potential risks for the U.S. defense industry if it loses access to Chinese magnetic materials [3] - The U.S. Department of Defense is facing significant costs in its efforts to develop a domestic rare earth supply chain, with a guaranteed purchase price of $110 per ton, which is 2.3 times the international market price [3] - Investment banks like JPMorgan and Goldman Sachs are betting on government subsidies to support domestic mining operations, indicating a lack of market competitiveness for U.S. mining companies reliant on government backing [3] - Lynas's operations in Malaysia are significantly more expensive than Chinese counterparts, with capital expenditures 3 to 5 times higher and an additional 50% premium due to environmental compliance costs, suggesting that the push for a de-China supply chain may lead to inflationary pressures [4] - The U.S. is incurring five times the cost to rebuild a mature industry that China has already mastered, raising concerns about the long-term viability of U.S. efforts to establish a competitive rare earth supply chain [6] - The potential establishment of an exclusive certification system by the U.S. and Europe could undermine China's cost advantages in the rare earth sector, posing risks to its market share and leading to overcapacity issues [6] - The geopolitical strategy of the U.S. aims to drive global inflation to 600% to sever supply chains, raising questions about the effectiveness of permits held by companies as either a weapon against competitors or a safeguard for their own interests [7]