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 [66]. Core Insights - The non-ferrous metals industry has shown a 4.02% increase over the past two weeks, outperforming the CSI 300 index by 3 percentage points, ranking 5th among 31 industries [3][12]. - The small metals sector has surged by 14.01%, while precious metals have declined by 3.84% during the same period [18]. - The Federal Reserve's hawkish stance has led to a reduction in expectations for interest rate cuts, impacting the prices of precious and industrial metals [5][60]. Market Performance Summary - As of July 31, 2025, the LME copper price is at $9,607/ton, aluminum at $2,562.5/ton, lead at $1,969.50/ton, zinc at $2,762/ton, nickel at $14,950/ton, and tin at $32,685/ton [24][60]. - The COMEX gold price is $3,342.30/ounce, down $7.5 since early July, while silver is at $36.79/ounce, up $0.54 [35][60]. Subsector Analysis - Rare earth prices have stabilized and increased due to improved supply-demand dynamics, with the rare earth price index at 204.36, up 22.35 since early July [43][63]. - Tungsten prices are rising due to supply constraints and increased demand from the new energy and military sectors, with average tungsten concentrate prices at 192,900 yuan/ton, up 19,000 yuan [63]. Recommended Stocks - The report suggests focusing on China Rare Earth (000831) and Kinglong Permanent Magnet (300748) due to their expected profitability improvements [64]. - Xiamen Tungsten (600549) is also highlighted for its strategic value in the tungsten market [63].

Core Insights - The rare earth industry in Baotou, Inner Mongolia, is experiencing unprecedented vitality, driven by technological advancements and increased production capacity [1][2] - China is transitioning from a resource-based powerhouse to a technology-driven leader in the rare earth permanent magnet sector, with a significant increase in high-end product market share [1][2] Industry Developments - The production of high-performance NdFeB magnets at Jinli Permanent Magnet's factory is automated, with a new magnet produced every 90 seconds, showcasing advanced manufacturing capabilities [1] - The introduction of nanocrystalline boundary control technology has significantly improved the coercivity of NdFeB magnets while reducing the use of heavy rare earth elements [2] - The Baotou Rare Earth High-tech Zone has established a comprehensive innovation ecosystem, including key laboratories and numerous patent holdings, enhancing the local industry's capabilities [3] Market Trends - The market for rare earth functional materials in China is projected to exceed 200 billion yuan in 2024, with high-end applications surpassing 50% of the total market [4] - The demand for high-performance NdFeB magnets is expected to grow, particularly in the electric vehicle sector, which is projected to account for 28% of global demand in 2024, a 16 percentage point increase from 2023 [5] - The Baotou Rare Earth High-tech Zone is set to become a core supply base for key components in the global electric vehicle and wind power equipment markets, with an anticipated additional output value of 4 billion yuan by 2025 [5]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Group 1 - Leshan Electric achieved operating revenue of 1.623 billion yuan, a year-on-year increase of 1.94%, and a net profit of 7.9031 million yuan, a year-on-year decrease of 14.55% [1] - Zhimingda reported operating revenue of 295 million yuan, a year-on-year increase of 84.83%, and a net profit of 38.3 million yuan, a year-on-year increase of 2147.93% [2] - Dahu Co. reported operating revenue of 426 million yuan, a year-on-year decrease of 14.40%, and a net loss of 2.5716 million yuan, an improvement from a loss of 13.7824 million yuan in the same period last year [3] - Yubang Electric expects a net profit of 21.2 million to 25 million yuan, a year-on-year decrease of 35.47% to 45.28% [4] - Zhejiang Securities achieved operating revenue of 6.512 billion yuan, a year-on-year decrease of 18.60%, and a net profit of 1.149 billion yuan, a year-on-year increase of 46.54% [5] - Huashu Media reported operating revenue of 4.435 billion yuan, a year-on-year increase of 2.07%, and a net profit of 254 million yuan, a year-on-year increase of 4.63% [7] Group 2 - Sinopec reported oil and gas equivalent production of 262.81 million barrels, a year-on-year increase of 2%, and crude oil processing volume of 119.97 million tons, a year-on-year decrease of 5.3% [8] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS8179, aimed at reducing brain edema after stroke [8] - Hengrui Medicine's subsidiary also received approval for clinical trials of HRS-1893, intended for treating heart failure with preserved ejection fraction [8] - Wanfu Co. announced a plan to reduce its stake by up to 2% through block trading [10] - Biological Co. received a warning letter from the Inner Mongolia Securities Regulatory Bureau for inaccuracies in financial reporting [11] - Zhujiang Co. reported a signed construction area of 47.1432 million square meters across 396 projects [13] Group 3 - Watson Bio received a patent for a peptide delivery system for RNA drugs [15] - Sanwei Chemical signed 31 new contracts worth 335 million yuan in the second quarter [17] - Shenzhou Cell's SCT640C injection received approval for clinical trials for rheumatoid arthritis [18] - Xinjiang Jiaojian reported new contracts worth 1.434 billion yuan in the second quarter [19] - Lais Information plans to use 550 million yuan of idle funds for cash management [21] - Zhongqi New Materials signed a mining rights transfer contract, increasing production capacity [22] Group 4 - Hengtong Optic-Electric won multiple marine energy projects worth 1.509 billion yuan [24] - China State Construction signed new contracts totaling 2.501 trillion yuan in the first half of the year [26] - David Medical's ventilator product registration application has been accepted [28] - Tianhai Defense's subsidiary signed a construction contract worth 16.224 million yuan [29] - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder [31] - Baida Group announced a plan to reduce its stake by up to 3% [32] Group 5 - Jinli Permanent Magnet plans to issue $117.5 million in convertible bonds [34] - Haizheng Pharmaceutical's fumarate bedaquiline raw material drug application has been approved [36] - Huatai passed the advanced intelligent factory re-evaluation in Anhui Province [37] - Everbright Bank's shareholder increased its stake from 7.08% to 8% [40] - Supor reported total operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68%, and a net profit of 940 million yuan, a year-on-year decrease of 0.07% [41] - Qianjin Pharmaceutical's subsidiaries received registration certificates for two drugs [42]

证券代码：300748 证券简称：金力永磁 公告编号：2025-047 江西金力永磁科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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 3 月 28 日 召开的第四届董事会第五次会议及第四届监事会第四次会议审议通过了《关于变 更公司注册资本及修订<公司章程>的议案》，该议案经 2025 年 5 月 28 日召开的 2024 年年度股东大会审议通过，鉴于公司实施 2020 年限制性股票激励计划以及 新增 H 股发行，于 2024 年 5 月 30 日完成回购注销部分已授予但尚未解除限售 的限制性股票 94,772 股，于 2024 年 6 月 14 日完成办理了 2020 年限制性股票激 励计划部分第二类限制性股票 560,260 股，于 2024 年 12 月 30 日完成新增 H 股 发行 26,895,200 股。公司总股本由 134,477.1235 万股增加至 137,213.1923 万股， 注册资本由 134,477.1235 ...

Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. plans to issue convertible bonds worth up to 117.5 million USD to enhance its financial strength and competitiveness, with the bonds convertible into H shares listed on the Hong Kong Stock Exchange [1][2]. Group 1: Bond Issuance Details - The bonds will have a total principal amount not exceeding 117.5 million USD and will mature in 2030 [2]. - The issuer of the bonds is Jinli Permanent Magnet Green Technology (Hong Kong) Co., Ltd. [2]. - The company will provide unconditional and irrevocable guarantees for the bond issuance [2]. - The bonds will be offered to professional investors meeting the Hong Kong Stock Exchange listing rules [2]. - The bonds will be issued in registered form, with a minimum denomination of 200,000 USD [2]. - The interest rate for the bonds will not exceed 1.75% per annum [2]. Group 2: Conversion and Redemption Terms - Bondholders can exercise their conversion rights starting from the 41st day after issuance until ten working days before maturity [3]. - If the bonds are not redeemed, converted, or repurchased, the issuer will redeem them at maturity along with any accrued interest [3]. - The issuer has the option to redeem the bonds early under certain conditions, including if the total outstanding principal falls below 10% of the initial amount [3]. Group 3: Use of Proceeds - The proceeds from the bond issuance will be used for debt repayment, repurchase of H shares, general operating funds, and payment of operational expenses [3]. Group 4: Authorization and Validity - The authorization for the bond issuance is valid for twelve months from the date of board approval [4]. - If the shareholders' meeting revokes or changes the general authorization for issuing shares or debt financing tools, the validity of this issuance resolution will cease [4]. - The board approved the bond issuance proposal with unanimous support from all attending directors [5].

Core Viewpoint - The rare earth permanent magnet sector is experiencing a strong market performance, driven by favorable policies, supply-demand dynamics, and new resource discoveries, indicating significant growth potential for related companies and the industry as a whole [1][3][4]. Policy Support - The Chinese government continues to enhance support for the rare earth sector, with the implementation of the "Rare Earth Management Regulations" in October 2024, prohibiting illegal activities related to rare earth products [3]. - The "Rare Earth Industry Development Plan (2025-2030)" aims to optimize resource allocation and promote high-end applications, reinforcing market expectations for regulated industry growth [3]. - Recent statements from the Ministry of State Security emphasize the need for improved management of strategic mineral resources, further solidifying the regulatory framework for the rare earth industry [3]. Market Dynamics - According to a report by China International Capital Corporation, the global supply-demand gap for praseodymium and neodymium oxide is projected to be 28 tons, 1,525 tons, and 1,018 tons from 2025 to 2027, indicating a sustained tight supply and potential for moderate price increases [1]. - The rare earth permanent magnet market is expected to exceed $24.95 billion by 2025, with China dominating over 90% of global production, highlighting its strategic importance in high-end manufacturing sectors [4]. New Resource Discoveries - A recent discovery of a new rare earth mineral, "Neodymium Huanghe Mine," in Inner Mongolia is expected to enhance China's position in the global rare earth supply chain, particularly for neodymium, which is crucial for high-performance permanent magnets [5][6]. Industry Performance - Preliminary half-year reports from rare earth companies indicate strong performance, attributed to rising rare earth prices, growing demand in the renewable energy sector, and benefits from increased industry concentration [7]. - Analysts suggest that domestic rare earth pricing remains relatively low, with potential for price increases supported by government policies, which could further enhance company performance in the sector [7].

Market Performance - A-shares experienced a slight increase, with the Shanghai Composite Index up 0.01% to 3582.3 points, while the Shenzhen Component fell by 0.37%[1] - The Hong Kong Hang Seng Index closed up 1.62% at 25538.07 points, with the Hang Seng Tech Index rising 2.48% and the Hang Seng China Enterprises Index increasing by 1.82%[1] - The total trading volume in Hong Kong surged to 3330.666 million HKD[1] Trade and Tariff Developments - Trump indicated that the reciprocal tariff rates would range from 15% to 50%, with most EU products expected to have a tariff rate set at 15%[1][15] - The EU and the US are reportedly moving towards a trade agreement, with a proposed 15% tariff on most products[15] Corporate Earnings and Forecasts - Tesla reported a 12% decline in revenue to 22.5 billion USD, marking the largest quarterly drop in at least a decade, with adjusted earnings per share at 0.40 USD, slightly below analyst expectations[15] - Tesla's gross margin remains above average expectations, indicating resilience in profitability despite revenue challenges[15] International Relations - Xi Jinping is scheduled to meet with EU leaders in Beijing, with discussions expected to focus on climate cooperation, although no joint statement is planned[15] - The meeting highlights ongoing tensions and divisions between China and the EU, despite previous signs of thawing relations[15]

证券代码：300748 证券简称：金力永磁 公告编号：2025-046 江西金力永磁科技股份有限公司 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 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。 2025年7月23日（收市时间后），江西金力永磁科技股份有限公司（以下简称 "本公司"、"公司"）拟根据债务融资工具一般性授权及发行股份一般性授权，通过 境外全资子公司金力永磁绿色科技（香港）有限公司（以下简称"债券发行人"或"绿 色科技"）在香港联合交易所有限公司发行1.175亿美元有担保的可转换为公司H股的 公司债券（以下简称"本次发行"），本公司将为全资境外子公司发行可转债提供担 保。 可转换债券 指 债券发行人拟于香港联合交易所有限公司发行的1.175亿 美元有担保的可转换为公司H股的公司债券 A股 指 公司股本中每股面值人民币1.00元的普通内资股，于深圳 证券交易所创业板上市及以人民币买卖 年度股东大会 指 公司于2025年5月28日举行之2024年年度股东大会 中国 指 中华人民共和国 中国证监会 指 中国证券监督管理 ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-045 江西金力永磁科技股份有限公司 第四届董事会第八次会议决议公告 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 7 月 18 日 以电话、邮件、书面方式通知各位董事，公司第四届董事会第八次会议于 2025 年 7 月 23 日（星期三）以通讯表决方式召开。会议由董事长蔡报贵先生召集并 主持，会议应出席董事 9 名，实际出席董事 9 名。会议的召集召开和表决程序符 合《中华人民共和国公司法》及《公司章程》的有关规定。会议经表决，审议通 过如下议案： 一、逐项审议通过《关于子公司发行可转换为公司 H 股的公司债券的议案》 为本公司长期稳定发展，增强资金实力，提升公司综合竞争力，本公司境外 全资子公司金力永磁绿色科技（香港）有限公司（以下简称"绿色科技"或"发 行人"）拟发行不超过 1.175 亿美元（含本数）有担保的可转换为公司 H 股的可 转换公司债券（以下简称"可转换债券"或"债券"）并在香港联合交易所有限 公司（以下简称"香 ...