Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [62]. Core Insights - The non-ferrous metals industry has seen a significant increase of 7.12% over the past two weeks, outperforming the CSI 300 index by 4.72 percentage points, ranking second among 31 industries [3][13]. - The industrial metals sector has experienced a notable rise of 9.58%, while the metal new materials sector increased by 8.71%, and precious metals by 4.87% [19][25]. - The report highlights the impact of the Federal Reserve's anticipated interest rate cuts, which have contributed to the upward trend in industrial metal prices [57]. Summary by Sections Industry Performance - As of August 14, 2025, the non-ferrous metals industry has increased by 33.79% year-to-date, outperforming the CSI 300 index by 27.74 percentage points [13]. - The industrial metals sector has shown a year-to-date increase of 30.36%, while the metal new materials sector has risen by 36.84% [19][20]. Price Analysis - Key prices as of August 14, 2025: - LME Copper: $9,777/ton - LME Aluminum: $2,624/ton - LME Lead: $1,990/ton - LME Zinc: $2,842.50/ton - LME Nickel: $15,050/ton - LME Tin: $33,435/ton [25]. - Precious metals prices include: - COMEX Gold: $3,382.30/oz, down $33.7 from early August - COMEX Silver: $38.04/oz, up $0.93 from early August [36][57]. Sector Insights - The rare earth price index has risen to 206.85, reflecting a 1.74 increase since early August, indicating a recovery in the rare earth and magnetic materials sector [43][58]. - Lithium carbonate prices have shown signs of recovery, with battery-grade lithium carbonate priced at 82,000 yuan/ton, up 10,500 yuan from the previous week [41][59]. Company Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), China Rare Earth (000831), and Jinchuan Group (300748) due to their strong performance and market positioning [58][60].

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext New Energy Index, with a notable increase of 1.22% as of August 15, 2025, and significant gains in constituent stocks such as Defu Technology (up 5.95%) and Xinyuan (up 3.46%) [1] - The China Chemical and Physical Power Industry Association has initiated a "anti-involution" action in the energy storage industry, with 152 companies responding within two days, covering various technologies including lithium-ion batteries and flow batteries [1] - CITIC Securities anticipates that the battery sector's performance may exceed expectations in the short term due to improved supply and demand dynamics, with battery prices stabilizing and upstream raw material costs decreasing [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the ChiNext New Energy Index account for 62.13% of the index, with major companies including CATL and Sungrow [2] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector on the Shenzhen Stock Exchange [2]

证券之星消息，8月13日金属新材料板块较上一交易日上涨3.07%，博威合金领涨。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。金属新材料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601137 | 博威台金 | 24.40 | 10.01% | 80.91万 | 19.25 亿 | | 600366 | 宁波韵升 | 15.74 | 9.99% | 245.78万 | 36.60亿 | | 300811 | 铝科新材 | 61.25 | 7.36% | 18.45万 | 11.00亿 | | 300835 | 龙磁科技 | 59.97 | 3.70% | 10.03万 | 6.00亿 | | 696000 | 安泰科技 | 13.81 | 3.14% | 50.37万 | 6.91亿 | | 301141 | 中科磁业 | 68.26 | 3.00% | 10.00万 | 6.76亿 | | 000970 | 中科三 ...

Core Viewpoint - Jilin Permanent Magnet (06680) experienced a decline of over 4%, currently trading at HKD 18.53 with a transaction volume of HKD 98.84 million [1] Group 1: Financial Performance - The company plans to hold a board meeting on August 19 to approve its interim results [1] - Jilin Permanent Magnet previously issued a profit warning, expecting revenue of approximately RMB 3.5 billion for the first half of 2025, representing a year-on-year growth of 4% to 5% [1] - The net profit attributable to shareholders is projected to be between RMB 300 million and RMB 335 million, indicating a year-on-year increase of 151% to 180% [1] Group 2: Market Conditions - Western Securities noted a significant increase in rare earth raw material prices in the first half of 2025, suggesting a potential revaluation of strategic metal values [1] Group 3: Financing Activities - The company announced the completion of a USD 117.5 million convertible bond issuance, with a net amount of USD 115 million [1] - The allocation of the proceeds includes 9% for debt repayment, 66% for repurchasing H-shares, 22% for general working capital, and 3% for operational expenses [1] - As of July 31, 2025, the company has not yet implemented any share buybacks [1]

Core Viewpoint - Jinli Permanent Magnet (300748) (06680) experienced a decline of over 4%, currently trading at HKD 18.53 with a transaction volume of HKD 98.83 million [1] Financial Performance - The company plans to hold a board meeting on August 19 to approve its mid-term performance [1] - Jinli Permanent Magnet previously issued a profit warning, expecting revenue of approximately RMB 3.5 billion for the first half of 2025, representing a year-on-year growth of 4% to 5% [1] - The net profit attributable to shareholders is projected to be between RMB 300 million and RMB 335 million, indicating a year-on-year increase of 151% to 180% [1] Market Conditions - Western Securities (002673) noted a significant increase in rare earth raw material prices in the first half of 2025, suggesting a potential revaluation of strategic metal values [1] Financing Activities - Jinli Permanent Magnet announced the completion of a USD 117.5 million convertible bond issuance [1] - The net proceeds from this issuance amount to USD 115 million, with 9% allocated for debt repayment, 66% for repurchasing H-shares, 22% for general working capital, and 3% for operational expenses [1] - As of July 31, 2025, the company has not yet implemented any share repurchase [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the lithium, cobalt, and rare earth sectors, highlighting current market conditions and future expectations for these industries. Key Points on Lithium Market - The lithium carbonate market is experiencing short-term supply-demand tightness, with battery cell production increasing by 5% month-on-month in July and August, leading to an expected production of approximately 70,000 tons in August against a demand of 96,000 tons per month. Current visible inventory can only sustain demand for about one and a half months [1][3] - Short-term lithium carbonate prices may surge to 100,000 yuan per ton, while long-term prices are expected to fluctuate between 90,000 and 100,000 yuan per ton, with a potential low of 60,000 yuan per ton depending on the resumption of overseas mining operations [1][3] Key Points on Cobalt Market - The cobalt industry is significantly impacted by the Democratic Republic of Congo's (DRC) ban, leading to a noticeable contraction in supply. The DRC government aims to raise the cobalt price center through a quota system, with a potential reduction of over 70,000 tons in supply by 2026, maintaining a tight market balance [1][4] - The current spot price of electrolytic cobalt has risen from 160,000 yuan to 260,000 yuan, with futures prices reaching 280,000 yuan. There is an anticipated further increase of 15%-20% in prices, indicating a high safety margin for both stock and commodity sectors until prices reach 300,000 yuan [1][5] Key Points on Rare Earth Market - The rare earth sector is influenced by the Trump administration's tariff policies, leading to increased capital inflow, although the fundamental supply-demand dynamics remain largely unchanged. The market is driven more by sentiment and policy expectations than by significant fundamental changes [1][6] - Inventory levels in the rare earth industry have improved since early July but remain at mid-to-low levels. The price of neodymium oxide has increased from 440,000 yuan to 530,000 yuan, with futures prices reaching 540,000 yuan. It is expected that prices will not face significant pressure before reaching 600,000 yuan [1][7] - The market anticipates a decline in the growth rate of new energy vehicles in the second half of the year, but recent data from July and August shows good order conditions, indicating no immediate pressure on demand [2][9] Investment Recommendations - Companies to watch in the cobalt sector include Luoyang Muyu, Huayou Cobalt, Tengyuan Resources, and Liqin Resources, which possess cobalt mines or inventories and are expected to benefit from rising cobalt prices [1][5] - In the rare earth sector, recommended companies include Shenghe Resources and Northern Rare Earth for light rare earth smelting, and for magnetic material companies, Jinli Permanent Magnet, Ningbo Yunsheng, Zhenghai Magnetic Materials, Zhongke Sanhuan, and Chengdu Galaxy Magnetics are highlighted. These companies are expected to benefit from price increases and future orders in robotics, enhancing their performance and valuation [2][10]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The current period is seen as an investment opportunity for the gold sector, driven by expectations of a potential interest rate cut by the Federal Reserve [8][12][13] - Economic indicators suggest that maintaining high growth is challenging, leading to increased expectations for interest rate cuts [14] - The impact of tariffs is becoming evident, with expectations of rising inflation due to the depletion of low-cost inventories [15] Summary by Sections Gold Sector - The gold sector is viewed as a timely investment opportunity, with recent employment data indicating a shift towards lower growth expectations, enhancing the likelihood of interest rate cuts [13][14] - The average tariff rate in the U.S. has reached 20.1%, which is expected to further influence inflation in the coming quarters [15] Steel Sector - The steel industry is experiencing short-term profit fluctuations but is expected to stabilize and recover in the medium term due to the "anti-involution" policy [16] - Steel consumption has increased by 3.63% week-on-week, while production has shown a mixed trend with a notable rise in rebar production [21][18] - Overall steel inventory has risen, but structural improvements in demand are anticipated [23] - The cost of steel production is expected to stabilize, with short-term cost reduction potential diminishing [27] - Steel prices are projected to continue rising, supported by the "anti-involution" policy [36] New Energy Metals - The production of lithium carbonate in June 2025 saw a significant year-on-year increase of 20.95%, indicating strong supply dynamics [41] - The demand for new energy vehicles remains robust, with production and sales showing substantial growth [45] - Prices for lithium, cobalt, and nickel have generally increased, reflecting strong market conditions [50]

Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][9]. Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 CNY/ton (+55.43%) - Tungsten oxide: 317,500 CNY/ton (+32.02%) - Antimony ingot: 186,500 CNY/ton (+33.21%) - Molybdenum bar: 490 CNY/kg (+4.48%) - Bismuth: 118,500 CNY/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 CNY/ton (+31.03%) - Dysprosium oxide: 1,615,000 CNY/ton (+0.13%) - Terbium oxide: 7,020,000 CNY/ton (+25.13%) [2]. Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the sector increasing by 8.0% and 65.1% year-on-year in Q1 2025, respectively. Nearly 70% of listed companies in this sector have positive earnings forecasts for the first half of 2025 [3][4]. - Notable companies include: - Northern Rare Earth: Expected net profit growth of over 2000% year-on-year - Shenghe Resources: Expected net profit growth of over 600% year-on-year [3]. Market Performance - The non-ferrous metal sector has outperformed the broader market, with a cumulative increase of 32% this year, compared to the Shanghai Composite Index's 8.45% increase [4]. - Key stocks include Shenghe Resources and Guangsheng Nonferrous, both up over 120%, and several others showing significant gains [4]. Supply and Demand Dynamics - Changes in supply dynamics have been noted, particularly with cobalt, where the Democratic Republic of Congo has extended its export ban, leading to a significant decrease in imports of cobalt intermediate products in China [5][6]. - The global rare earth reserves are dominated by China, which holds 44 million tons, accounting for 40% of the total [6]. Future Demand Projections - The demand for rare earth materials, particularly neodymium-iron-boron magnets, is expected to grow significantly due to the rise of electric vehicles and renewable energy technologies. By 2026, the demand for high-performance neodymium-iron-boron materials is projected to reach 21.1 million tons, with a compound annual growth rate of approximately 14% [8][10]. - The commercialization of humanoid robots is anticipated to further increase demand for neodymium, with projections suggesting a growth rate of 75% from 2024 to 2035 [8]. Price Outlook - Analysts expect the upward price trend for minor metals to continue, driven by persistent demand expansion and supply disruptions. The price of antimony and cobalt is projected to rise due to supply constraints and increasing demand from sectors like electric vehicles [9][10].

Core Viewpoint - Pacific Securities issued a report on August 8, giving a "Buy" rating to Jinli Permanent Magnet (300748.SZ, latest price: 28.16 yuan) based on several positive factors in the rare earth permanent magnet industry [2] Group 1: Company Analysis - Jinli Permanent Magnet holds the largest production capacity in the rare earth permanent magnet sector in China, with continuous growth in output [2] - The demand for rare earth permanent magnets is on the rise, indicating a strong market potential for Jinli Permanent Magnet [2] - The increase in rare earth prices is beneficial for the development of the industry chain, positively impacting Jinli Permanent Magnet's business prospects [2] Group 2: Industry Overview - The rare earth permanent magnet industry is experiencing sustained growth in both production and demand, positioning it as a key sector within the broader market [2] - The industry faces risks related to the concentration of rare earth resource supply and significant influence from local policies [2] - The application fields for rare earth permanent magnets are diverse, making the industry sensitive to macroeconomic conditions and global trade relations [2]

格隆汇8月7日丨金力永磁(06680.HK)公告，公司于2025年8月7日召开第三届职工代表大会临时会议，经 职工代表大会民主选举，吕锋获选为公司第四届董事会职工董事，任期至第四届董事会任期届满日。 ...