盘面上，截至发稿， 金力永磁涨超10%， 宁波韵升涨停， 中科三环大涨超9%，银河磁体、中科磁业 跟涨。 | 编辑 ｜ 钉钉 | | --- | 有业内人士表示，通用许可证的应用将简化稀土永磁企业出口流程，加快交付速度，利于稀土永磁行业 下游需求恢复。 据新华社此前报道，商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制 工作。只要是用于民用用途的、合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适 用通用许可等便利化措施，促进两用物项合规贸易，切实维护全球产供链安全稳定。 12月5日，据上海证券报报道，记者从知情人士处获悉，金力永磁、中科三环、宁波韵升已获得通用出 口许可证。 ...

Core Viewpoint - Jinli Permanent Magnet (金力永磁) shares rose over 10%, currently up 9.69% at HKD 20.72, with a trading volume of HKD 411 million, following the news that it and two other rare earth permanent magnet companies have obtained general export licenses [1] Group 1: Company Impact - Jinli Permanent Magnet and two other rare earth permanent magnet companies have received general export licenses, which is expected to simplify their export processes and accelerate delivery times [1] - The application of general licenses is anticipated to benefit the downstream demand recovery in the rare earth permanent magnet industry [1] Group 2: Industry Context - The Chinese government is conducting rare earth export control in accordance with laws and regulations, ensuring timely approval for compliant export applications intended for civilian use [1] - The government is actively utilizing general licenses and other facilitation measures to promote compliant trade of dual-use items, thereby maintaining the stability of global supply chains [1]

Core Viewpoint - The A-share market has seen a significant rise in rare earth stocks, driven by the acquisition of general export licenses by key companies, which is expected to streamline export processes and boost downstream demand in the rare earth permanent magnet industry [1] Group 1: Company Performance - Jinli Permanent Magnet has surged over 14% in stock price, with a year-to-date increase of 111.17% and a total market capitalization of 514 billion [2] - Ningbo Yunsheng's stock rose by 10.03%, with a year-to-date increase of 91.54% and a market cap of 154 billion [2] - Zhongke Sanhuan's stock increased by 8.27%, with a year-to-date rise of 31.58% and a market capitalization of 166 billion [2] - Other companies such as Huicheng Environmental Protection, Jiuling Technology, and Galaxy Magnet also experienced notable gains [1] Group 2: Industry Impact - The issuance of general export licenses for Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng is expected to simplify export processes and accelerate delivery speeds, positively impacting the recovery of downstream demand in the rare earth permanent magnet sector [1]

Group 1 - Companies including Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng have obtained general export licenses [1] - The application of general export licenses will simplify the export process for rare earth permanent magnet companies [1] - This development is expected to accelerate delivery speeds and benefit the recovery of downstream demand in the rare earth permanent magnet industry [1]

Core Viewpoint - The robotics sector is experiencing a significant surge, driven by potential government initiatives and increasing orders from domestic manufacturers, indicating a positive outlook for the industry [1] Group 1: Market Performance - Companies such as 越疆 (02432) saw a rise of 4.69%, trading at 41.1 HKD, while 三花智控 (002050) increased by 3.6% to 36.22 HKD [1] - 优必选 (09880) and 金力永磁 (300748) also reported gains of 2.56% and 2.49%, trading at 116.2 HKD and 19.36 HKD respectively [1] Group 2: Government Initiatives - The Trump administration is reportedly considering an executive order related to robotics technology for the upcoming year, which could further stimulate the industry [1] Group 3: Industry Developments - Recent advancements in the robotics field include Tesla's release of a video showcasing its "Optimus" robot, and Figure's founder sharing footage of the F.03 humanoid robot running [1] - Domestic humanoid robot manufacturers like 优必选 are receiving substantial new orders, reflecting growing demand [1] Group 4: Investment Sentiment - UBS Securities highlighted that positive signals for mass production of robots by 2026 are becoming evident, with capacity plans from companies like Tesla and 越疆 being implemented [1] - There is a noticeable increase in interest from European investors, alongside a rise in orders and application scenarios for embodied intelligence, injecting new vitality into the industry [1]

Core Viewpoint - In October, China's exports of rare earth magnets to the U.S. surged by 56% month-on-month, coupled with a relaxation of export controls in November, leading to accelerated global inventory replenishment. The leading company in rare earth permanent magnets, Jinli Permanent Magnet (300748.SZ), is positioned as a key beneficiary of these developments [1]. Group 1: Export Performance - In the first three quarters, Jinli Permanent Magnet's export revenue to the U.S. reached 354 million yuan, marking a year-on-year increase of 43.92% [1]. - The company's production base in Mexico continues to ramp up supply of magnetic components for Tesla [1]. Group 2: Market Demand and Orders - Following the policy relaxation in November, customers in Europe and Southeast Asia are actively replenishing their inventories, with the company's order schedule extending to the second quarter of 2026 [1]. - The utilization rate of the company's 40,000-ton capacity at its Baotou factory remains high [1]. Group 3: Competitive Position - The company maintains a strong market share in key sectors such as new energy vehicles and wind power, supported by deep partnerships with the world's top ten new energy vehicle manufacturers and four major wind turbine manufacturers [1]. - Cost advantages derived from crystal boundary penetration technology further bolster the company's competitive position [1].

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 1,372,131,923 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- ...

本月底法定/註冊股本總額： RMB 1,372,131,923 第 1 頁 共 10 頁 v 1.1.1 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- ...

Industry Overview - The domestic market prices for gadolinium and europium remain stable, with gadolinium oxide priced at 185,000 yuan/ton, europium oxide at 180,000 yuan/ton, gadolinium iron alloy at 180,000 yuan/ton, and yttrium oxide at 49,000 yuan/ton [1] - The light rare earth market is experiencing price increases, but downstream demand is still in a stage of on-demand procurement, indicating that prices are likely to fluctuate in the short term [1] Global Market Dynamics - Global production of rare earth permanent magnets is still highly concentrated in China, and the release of overseas production capacity will take time. China remains the only country with a complete rare earth industrial chain [1] - The overall scale of the rare earth industry chain in the West is significantly lower than that of China, with notable shortcomings in their industrial chains [1] Supply and Demand Outlook - As of December, smelting plants may face mass shutdowns due to policy and raw material issues. In October, China's magnetic material exports increased by 16% year-on-year but decreased by 5% month-on-month [1] - Expectations for more relaxed export conditions in the future lead to a more optimistic outlook on demand. The combination of external export competition and ongoing supply-side reforms suggests a potential resonance in rare earth supply and demand, with expectations for continued valuation and performance growth in the rare earth sector [1] Company Insights - Jinli Permanent Magnet is identified as a leading supplier of high-performance rare earth permanent magnet materials [1] - Inlohua primarily engages in the production and sales of neodymium-iron-boron magnetic materials, micro-special motors, health equipment, and electronic acoustic products. Currently, the company's motors and reducers have limited applications in industrial robots [1]