Investment Rating - The report indicates a positive outlook for the copper and aluminum industries, with copper showing a stable upward trend and aluminum stabilizing at the bottom [14][15][16]. Core Insights - The copper market is experiencing a slight price decline, with LME copper down 1.92% to $9,663.00 per ton, while domestic copper inventory has increased slightly [15]. - The aluminum market shows a minor price increase, with LME aluminum up 0.17% to $2,602.00 per ton, and a decrease in domestic electrolytic aluminum ingot inventory [16]. - Gold prices have increased by 0.71% to $3,370.30 per ounce, driven by geopolitical tensions and increased demand for safe-haven assets [17]. - The rare earth sector is expected to see price increases due to tightening supply and rising demand, with strategic government actions enhancing the sector's outlook [39]. - The antimony market is stabilizing, with expectations of price recovery supported by reduced domestic production and increased demand from new regulations [40]. - Molybdenum prices are rising, supported by low inventory levels and strong demand from the steel industry [41]. - Lithium prices have shown a mixed trend, with carbonate prices increasing while hydroxide prices have slightly decreased [44]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a robust upward trend, while aluminum is stabilizing at lower levels. Precious metals are accelerating due to fiscal expansion policies [14]. 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.92% to $9,663.00 per ton, with slight increases in domestic inventory and production rates expected to rise [15]. 2.2 Aluminum - LME aluminum price increased by 0.17% to $2,602.00 per ton, with a decrease in domestic inventory [16]. 2.3 Precious Metals - Gold prices increased by 0.71% to $3,370.30 per ounce, influenced by geopolitical tensions [17]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is expected to benefit from supply constraints and increasing demand, with government actions enhancing market conditions [39]. 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for rare earth elements are expected to rise due to tightening supply and strategic government actions [39]. 4.2 Antimony - Antimony prices are stabilizing, with expectations of recovery supported by reduced production and new regulations [40]. 4.3 Molybdenum - Molybdenum prices are increasing due to low inventory levels and strong demand from the steel industry [41]. 4.4 Lithium - Lithium carbonate prices increased by 2.43% to 63,200 CNY per ton, while hydroxide prices decreased slightly [44].

Investment Rating - Industry rating: Recommended [3] Core Insights - The U.S. Department of Defense (DoD) has invested billions in MP Materials to accelerate the independence of U.S. rare earth magnets, but global production remains highly concentrated in China in the short term [9][14][45] - Nickel prices have decreased due to a significant drop in demand and production halts in Indonesia, which may impact local mining operations [12][20][23] - Cobalt prices have risen due to supply tightening from the Democratic Republic of Congo, which accounts for approximately 75% of global electric vehicle battery supply [13][31] - Lithium carbonate prices have increased, but future price movements will depend on downstream demand recovery [7][38][44] - Antimony prices have remained stable, with domestic supply still tight, and production expected to decline in the coming months [32][36] Summary by Sections Rare Earth Industry - MP Materials announced a partnership with the DoD to enhance domestic production capabilities, with a new magnet manufacturing facility expected to be operational by 2028 [45][46] - The DoD has committed to a minimum price of $110 per kilogram for NdPr products, ensuring stable cash flow for MP Materials [46][47] Nickel Industry - As of July 11, LME nickel spot price was $14,955 per ton, down 1.09% from July 4, with total LME nickel inventory increasing by 1.83% [20] - Domestic NPI smelting costs remain under pressure, affecting the acceptance of high-priced raw materials [20][23] Cobalt Industry - As of July 11, cobalt prices have shown mixed trends, with electrolytic cobalt at 249,300 yuan per ton, down 0.99%, while cobalt oxide increased by 1.54% [24][31] - The extension of a temporary export ban by the Congolese government is expected to tighten global cobalt supply [31] Lithium Industry - The average price of battery-grade lithium carbonate reached 63,800 yuan per ton, up 2.36% as of July 11 [7][38] - Market sentiment is cautious, with inventory levels remaining high, limiting upward price movement [38][44] Antimony Industry - Domestic antimony ingot prices have stabilized, with supply constraints expected to support future pricing [32][36]

Group 1 - The rare earth permanent magnet sector showed significant activity, with the sector index rising by 5.64% and several stocks, including Northern Rare Earth (600111) and China Rare Earth (000831), hitting the daily limit [1] - Northern Rare Earth announced a projected net profit increase of 1882.54% to 2014.71 million by the first half of 2025, driven by market stabilization, increased production and sales, and cost reduction efforts [1] - The global market size for rare earth permanent magnets is expected to reach approximately $17 billion in 2024 and $27 billion in 2025, indicating substantial growth potential for the industry [1] Group 2 - Northern Rare Earth is the largest supplier of light rare earth products in China and globally, focusing on rare earth raw materials, functional materials, and some end-use products [2] - China Rare Earth primarily engages in the production and operation of rare earth oxides and offers technology research and consulting services [3] - Shenghe Resources has a diverse range of rare earth products, including both light and heavy rare earths [4] - Jiuwu Hi-Tech specializes in the development of membrane separation technology for ion-type rare earth mining and the research of rare earth leachate pretreatment processes [4] - Baotou Steel's main products include rare earth concentrates and fluorite [5] - Jinchuan Magnetics is a leading supplier of high-performance rare earth permanent magnet materials in the new energy and energy-saving sectors [6] - Guangsheng Nonferrous Metals focuses on rare earth mining, smelting separation, deep processing, and non-ferrous metal trading [7] - China Nonferrous Metal Industry's Technology is a leader in lead-zinc smelting and rare earth separation technologies in China [8]

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

Core Viewpoint - The rare earth industry is experiencing substantial positive developments, with North Rare Earth announcing a significant profit increase for the first half of 2025, indicating a recovery in the sector driven by policy guidance, tightening imports, and improving demand expectations [2][4]. Summary by Sections Company Performance - North Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [2][4]. - The company anticipates a net profit excluding non-recurring gains and losses of 880 million to 940 million yuan, marking an increase of 5538.33% to 5922.76% compared to the previous year [4]. Factors Driving Growth - The profit increase is attributed to enhanced production management, optimized raw material and product structures, and increased sales across key products such as rare earth metals and permanent magnets [6]. - The company is also focusing on project construction, technological innovation, and deepening marketing strategies to ensure supply and meet market demand [6]. Market Outlook - Analysts predict that with the upcoming replenishment demand overseas and the peak season for domestic electric vehicles, rare earth prices are likely to continue rising, benefiting domestic rare earth magnetic material companies [3][10]. - The rare earth market is currently in a phase of cautious optimism, with expectations of price stability and potential upward movement as market conditions improve [9][10]. Industry Trends - The rare earth sector is seen as transitioning into a phase where resource integration and margin improvement could enhance long-term investment value, particularly by 2025 [11]. - The overall sentiment in the rare earth market is positive, with expectations of a price and valuation boost for leading companies in the sector as demand continues to grow [10][11].

Summary of Key Points from the Energy Metals Industry Mid-Year Strategy Report 2025 Industry Overview - The report focuses on the energy metals industry, particularly strategic metals such as rare earths, tungsten, cobalt, and nickel, highlighting the impact of geopolitical factors and supply chain dynamics on these markets [1][2]. Core Insights and Arguments - **Supply Constraints**: China's export controls on rare earths and tungsten, along with the Democratic Republic of Congo's (DRC) cobalt export ban, have led to a tightening of global strategic metal supplies, prompting a reevaluation of their value [1][2]. - **Rare Earths Demand**: The demand for rare earths is expected to remain strong due to growth in humanoid robots and overseas air conditioning needs, leading to a long-term supply-demand imbalance and potential price increases [1][6]. - **Tungsten Market Dynamics**: The tungsten industry is experiencing supply tightness due to a decrease in mining permits and declining ore grades, resulting in record-high tungsten prices despite weak downstream demand [1][8]. - **Cobalt Supply Shortages**: The DRC's export ban aims to improve mining profitability and government revenue, with expectations of a significant supply shortage as inventories are depleted, likely driving cobalt prices higher [1][10]. - **Nickel Market Positioning**: Indonesian policies have enhanced nickel's profitability within the industry, with prices fluctuating between $15,000 and $17,000. Companies are shifting focus to electric motors and plating to maximize profits amid weak stainless steel and ternary demand [1][12][14]. Additional Important Insights - **Investment Strategy**: The core investment strategy for 2025 centers on the revaluation of strategic metals, with a focus on supply-side dynamics due to a lack of significant demand catalysts [2][18]. - **Rare Earths Pricing Trends**: The rare earths market is influenced by U.S.-China trade tensions, with export controls affecting pricing and demand dynamics, particularly in high-end magnetic materials [3][5]. - **Consolidation in Rare Earths**: The integration of major rare earth groups has strengthened state control over smelting and separation assets, which is expected to enhance price stability and growth in the long term [4][6]. - **Tungsten Price Outlook**: Despite a lack of robust demand in core sectors, tungsten prices are expected to continue rising due to supply-side constraints, with potential growth in sectors like construction and aerospace [8][9]. - **Cobalt Market Dynamics**: The DRC's export ban is anticipated to create a significant supply gap, benefiting companies with nickel production capabilities unaffected by the ban [10][11]. - **Nickel's Role in the Market**: Nickel's price is closely tied to macroeconomic recovery and demand from stainless steel and battery sectors, with companies adapting to maximize profitability in a challenging environment [12][13][15]. Conclusion - The energy metals industry is poised for significant changes driven by geopolitical factors, supply constraints, and evolving demand dynamics. Investors are advised to focus on strategic metals with strong pricing power and to monitor developments in supply chains and market conditions closely [2][18].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西金力永磁科技股份有限公司 呈交日期: 2025年7月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06680 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,745,600 | RMB | | 1 | RMB | | 200,745,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 200,745,600 | RMB | | | 1 RMB | | 200,745,600 | | 2. 股份分類 | ...

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Core Viewpoint - Since 2020, the demand for new energy vehicles has become the core driving force for rare earth downstream, with terminal growth closely related to rare earth prices [1] Supply Side - Domestic integration of rare earth resources is ongoing, forming two major groups and optimizing the supply structure [2] - The import of rare earth ore from Myanmar is expected to marginally decrease due to inventory consumption and seasonal factors [2] Demand Side - The demand for rare earth magnetic materials from new energy vehicles and wind power is projected to reach 6.3 million tons in 2024, accounting for 24% of total domestic demand [3] - By 2025-2026, the demand for magnetic materials from new energy vehicles and wind power is expected to rise to 6.9/8.5 million tons and 1.1/1.5 million tons respectively, reaching 28%/31% of total demand [3] - Humanoid robots are anticipated to become a significant demand driver, with a potential requirement of 20,000 tons of neodymium-iron-boron for 5 million units [3] Market Transition - The rare earth sector is transitioning from the second phase (excess profit digestion) to the third phase (explosive growth in prosperity) [4] - The overall rare earth prices have seen slow upward movement since February 2025, with expectations of further increases due to overseas replenishment demand and the peak season for domestic new energy vehicles [4] - Recommended stocks include Northern Rare Earth, China Rare Earth, Guangsheng Nonferrous, Shenghe Resources, and Jieli Permanent Magnet, with related stocks being Ningbo Yunsheng and Zhenghai Magnetic Materials [4]

证券代码：300748 证券简称：金力永磁 公告编号：2025-040 江西金力永磁科技股份有限公司 根据相关规定，公司已完成证券公司资金账户开立、银行第三方资金存管等 回购前相关手续的办理。 截至 2025 年 6 月 30 日，公司暂未实施股份回购。 二、其他说明 公司后续将在回购期限内，根据市场情况择机实施股份回购，并依照法律法 规的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告 江西金力永磁科技股份有限公司 关于回购公司 A 股股份的进展公告 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"）于 2025 年 4 月 25 日 召开第四届董事会第六次会议及第四届监事会第五次会议，并于 2025 年 5 月 28 日召开了 2024 年年度股东大会，审议通过《关于<回购公司股份方案>的议案》： 同意公司使用公司自有资金或自筹资金（股票回购专项贷款等）以集中竞价交易 方式回购公司 A 股股份，其中自筹资金（股票回购专项贷款等）占回购资金总额 比例不超过 90%，回购股份的资金总额不低于人民币 ...