Group 1 - The company, Jinli Permanent Magnet (06680), has announced the issuance of a secured convertible bond amounting to $117.5 million, maturing in 2030 [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 21.38 per share, subject to the terms and conditions outlined [1] - All conditions precedent for the subscription agreement have been fulfilled, and the issuance of the bonds was completed on August 4, 2025 [1]

关于子公司完成在境外发行 1.175 亿美元可转换为公司 H 股的公司 债券的公告 证券代码：300748 证券简称：金力永磁 公告编号：2025-049 江西金力永磁科技股份有限公司 江西金力永磁科技股份有限公司 董事会 2025 年 8 月 4 日 1 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"）境外全资子公司金力永 磁绿色科技（香港）有限公司发行并由公司无条件及不可撤销地担保的1.175亿美元 可转换为公司H股的公司债券（以下简称"可转债"）的认购协议中的所有先决条件 （具体内容详见公司于2025年7月24日发布的《关于子公司拟在境外发行1.175亿美 元可转换为公司H股的公司债券的公告》，公告编号：2025-046）均已达成，前述本 金1.175亿美元的可转债已于2025年8月4日完成发行。 预计可转债在香港联合交易所有限公司上市及交易的批准将于2025年8月5日生 效。后续公司将根据中国证券监督管理委员会的相关规定及时履行可转债发行的相 关备案程序。 特此公告。 ...

Group 1 - The company Jinli Permanent Magnet (300748)(06680) announced the issuance of a secured convertible bond amounting to $117.5 million, maturing in 2030 [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 21.38 per share under the terms and conditions specified [1] - All preconditions for the subscription agreement related to the bonds have been fulfilled, and the issuance of the total principal amount of $117.5 million was completed on August 4, 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 份 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。 本 公 告 僅 供 參 考，並 非 收 購、購 買 或 認 購 證 券 的 邀 請 或 要 約，亦 非 邀 請 訂 立 協 議進行收購、購買或認購，且不可視為邀請提出收購、購買或認購證券的建議。 本 公 告 並 非 供 於 美 國（包 括 其 領 地 及 屬 土，美 國 任 何 一 個 州 及 哥 倫 比 亞 特 區） 直 接 或 間 接 分 發。本 公 告 及 其 所 載 資 料 並 不 構 成 或 組 成 在 美 國 購 買、認 購 或 出 售 證 券 的 建 議 或 要 約。本 公 告 所 述 的 證 券 並 無 亦 不 會 根 據1933年《美 國 證 券 法》 （經 修 訂）（「證券法」）或 美 國 任 何 州 或 其 他 司 法 權 區 的 證 券 法 登 記。本 公 告 ...

Group 1 - The report analyzes the rare earth industry chain, highlighting China's dominant position in global rare earth resources, with reserves of 44 million tons, accounting for 38% of the total [1][10][12] - China is the largest supplier of rare earths, with a well-established separation industry and advanced technology. The country has set a quota of 270,000 tons for 2024, with light rare earths accounting for approximately 250,000 tons and medium-heavy rare earths for 20,000 tons [1][10][15] - Major companies in the rare earth sector include Northern Rare Earth, China Rare Earth, and Shenghe Resources, with Northern Rare Earth leading in the production of rare earth oxides, salts, and metals [1][16] Group 2 - The rare earth permanent magnet industry in China is the largest globally, with a production volume exceeding 250,000 tons in 2024. The demand for rare earth permanent magnets is driven by sectors such as automotive and consumer electronics, particularly in the context of electric vehicles and humanoid robots [2][38] - The report emphasizes the investment opportunities in the rare earth industry, driven by increasing demand and potential price rises. Key companies to watch include Northern Rare Earth, China Rare Earth, Shenghe Resources, Kinglong Magnet, and Zhenghai Magnetic Materials [1][38] Group 3 - The global supply of rare earths is increasing, with significant contributions from the United States, Australia, and Southeast Asia. The U.S. has a reserve of 19 million tons and is ramping up production, while Australia has 5.7 million tons of reserves and is expanding its processing capabilities [22][26] - China has established a complete rare earth industry chain, from raw materials to end products, and is expected to export 123,000 tons of rare earths and products in 2024, with an export value of 25.6 billion yuan, reflecting a year-on-year increase of 7.7% [21][22]

Group 1 - The company Jinli Permanent Magnet (SZ 300748) announced on August 4 that as of July 31, 2025, it has not yet implemented any share repurchase [2] - For the fiscal year 2024, the company's revenue composition is as follows: Neodymium Iron Boron magnetic steel accounts for 87.32%, while other businesses account for 12.68% [2]

关于回购公司 A 股股份的进展公告 证券代码：300748 证券简称：金力永磁 公告编号：2025-048 江西金力永磁科技股份有限公司 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 10,000 万元（含），不超 过人民币 20,000 万元（含），回购价格不超过人民币 31.18 元/股（含），本次回 购的股份将依法全部用于注销并减少注册资本。具体内容详见公司分别于 2025 年 4 月 28 日、2025 年 5 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于回购公司 A 股股份 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend in demand, with a focus on observing global inventory levels and U.S. demand recovery [13] - The aluminum sector is stabilizing at the bottom, facing seasonal pressures and production adjustments [15] - Precious metals, particularly gold, are gaining attractiveness as a safe haven due to geopolitical tensions and economic uncertainties [16] - The rare earth sector is expected to see price increases due to supply constraints and policy changes, benefiting leading state-owned enterprises [32] - The antimony market is stabilizing with expectations of price recovery driven by export improvements and domestic production cuts [34] - Molybdenum prices are on the rise due to supply disruptions and increasing demand from the steel industry [35] - Tin prices are under slight pressure but supported by strong inventory levels and demand recovery in related sectors [36] Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased by 1.66% to $9,633.00 per ton on LME, with domestic inventory down 0.1 thousand tons to 11.93 thousand tons [1] - Aluminum prices fell by 2.26% to $2,571.50 per ton on LME, with domestic electrolytic aluminum inventory increasing [2] - Gold prices increased by 3.08% to $3,416.00 per ounce, driven by geopolitical tensions and economic concerns [3] 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index rose to -$42.09 per ton, with downstream demand showing weakness [1] 2.2 Aluminum - Domestic aluminum processing rates slightly decreased, with expectations of continued weak performance [2] 2.3 Precious Metals - Gold's appeal as a safe haven is increasing amid global trade tensions and geopolitical conflicts [3] 3. Minor Metals and Rare Earth Market Overview - Rare earth prices are expected to rise due to supply constraints and policy changes, with strategic resources needing re-evaluation [32] - Antimony prices are anticipated to recover due to improved export expectations and domestic production cuts [34] - Molybdenum prices are increasing due to supply disruptions and strong demand from the steel sector [35] 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Prices for praseodymium-neodymium oxide rose by 7.23% to 513,200 yuan per ton, with supply tightening expected [33] 4.2 Antimony - Antimony ingot prices remain stable, with expectations of recovery driven by export improvements [34] 4.3 Molybdenum - Molybdenum prices increased by 8.02% to 4,310 yuan per ton, with supply disruptions impacting the market [35] 4.4 Tin - Tin prices decreased by 2.69% to 264,100 yuan per ton, but strong inventory levels provide support [36]

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

Investment Rating - The report maintains a positive outlook on the rare earth industry, highlighting investment opportunities driven by demand growth and price increases [4]. Core Insights - China holds the largest rare earth reserves globally, with 44 million tons, accounting for 38% of the world's total [4][16]. - The demand for high-performance rare earth permanent magnets is expected to grow significantly, particularly in the automotive and consumer electronics sectors [4]. - The report emphasizes the leading position of Chinese companies in the rare earth permanent magnet industry, with a focus on companies like Northern Rare Earth, China Rare Earth, and Shenghe Resources [4]. Summary by Sections 1. Global Supply of Rare Earth Resources - China is the largest supplier of rare earths, with a well-established separation industry and significant technological advantages [27]. - The report outlines the increasing production and export quotas for rare earths in China, with a total quota of 270,000 tons for 2024, including 250,000 tons of light rare earths [27]. 2. Definition and Global Distribution of Rare Earths - Rare earths consist of 17 elements, including 15 lanthanides, yttrium, and scandium, with significant reserves found in China, Brazil, and the USA [16][20]. 3. Production and Export of Rare Earths in China - Major companies in China include Northern Rare Earth and Shenghe Resources, with production figures for 2024 indicating substantial output in various rare earth products [30][37]. - China exported 123,000 tons of rare earth products in 2024, with a total export value of 25.6 billion yuan, reflecting a 7.7% year-on-year increase [37]. 4. Overseas Supply of Rare Earths - The report discusses the increasing production of rare earths in the USA and Australia, with significant developments in the Mountain Pass mine and Lynas Corporation's operations [40][48]. 5. Rare Earth Prices - Current prices for key rare earth products are reported to be reasonable, with potential for further increases, particularly for praseodymium-neodymium oxide and dysprosium oxide [64]. 6. Rare Earth Permanent Magnet Industry - The report highlights the growing demand for rare earth permanent magnets in various applications, including electric vehicles and consumer electronics, with production expected to exceed 250,000 tons in 2024 [88]. 7. Key Companies in the Rare Earth Sector - Northern Rare Earth is identified as a leading player with significant production capacity and a focus on high-end magnetic materials [123]. - China Rare Earth is noted for its comprehensive industry chain, covering resource development to deep processing [127]. - Shenghe Resources is recognized for its overseas resource layout and strategic partnerships [138].