Core Points - The Shanghai Composite Index closed at 3376.20 points, above the six-month moving average, with a gain of 0.42% [1] - Total trading volume in A-shares reached 11,774.13 billion yuan, indicating active market participation [1] - A total of 211 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Key stocks with high deviation rates include: - Keheng Co., Ltd. (科恒股份) with a deviation rate of 15.26% and a daily increase of 20.02% [1] - Chongqing Construction (重庆建工) with a deviation rate of 9.13% and a daily increase of 10.00% [1] - Wanli Stone (万里石) with a deviation rate of 7.59% and a daily increase of 10.02% [1] - Other stocks with lower deviation rates that just crossed the six-month line include: - Lianying Laser (联赢激光) and Shunyu Co., Ltd. (舜禹股份) [1] Trading Activity - The trading turnover rate for notable stocks includes: - Keheng Co., Ltd. at 15.50% [1] - Chongqing Construction at 2.67% [1] - Wanli Stone at 10.43% [1] - The overall market shows a healthy turnover, reflecting investor interest and engagement [1]

Market Overview - A-shares showed positive performance with the Shanghai Composite Index up by 0.43% to 3376.58, Shenzhen Component Index up by 0.91% to 10148.98, and ChiNext Index up by 1.22% to 2027.16 [2][4] - The total trading volume in the market was 742.5 billion yuan, slightly lower than the previous day [4] Sector Performance - The communication, non-ferrous metals, and textile sectors experienced gains, while sectors like aviation transport and smart logistics struggled [4] - The rare earth permanent magnet concept stocks were notably active, with Kexin Co., Ltd. hitting the 20% daily limit up [10][12] Notable Stocks - Kexin Co., Ltd. rose by 20.02% to 11.75 yuan, while Guangsheng Nonferrous gained 10.00% to 52.03 yuan [11] - In the beverage sector, Xiangpiaopiao reached the daily limit up, and Pinwo Foods surged over 13% [14][15] - The tourism sector saw Emei Mountain A stock hitting the daily limit up, with Changbai Mountain and Dalian Shengya also showing significant gains [16][17] Financial Sector - The financial sector showed strength, with Nanhua Futures gaining 9.99% to 15.74 yuan and Everbright Securities up by 8.33% to 18.20 yuan [19][20]

Core Viewpoint - The A-share market showed overall strength on June 4, with the rare earth permanent magnet concept leading the gains [1][5][6]. A-share Market Performance - The A-share market experienced a significant rise, with the Shanghai Composite Index up by 0.43%, the Shenzhen Component Index up by 0.91%, and the ChiNext Index up by 1.22% at midday [5]. - Nearly 4,000 stocks in the market saw an increase [5]. - Key sectors such as comprehensive, communication, non-ferrous metals, and social services all recorded gains exceeding 1% [6]. Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector was notably strong, with companies like Keheng Co. hitting the daily limit with a 20.02% increase, and Jiuling Technology seeing a peak increase of over 11% [6][7]. - Other companies in this sector, such as Guangsheng Nonferrous and Zhongke Magnetic, also experienced significant gains [6]. Hong Kong Market Performance - The Hong Kong market also showed strength, with the Hang Seng Index constituents like CSPC Pharmaceutical Group and China Biologic Products leading with gains exceeding 5% [2][14]. - China General Nuclear Power Corporation saw a dramatic rise, with its stock price increasing by over 30% during trading [3][15]. Market Volatility and Stock Movements - Several stocks in the A-share market experienced consecutive trading halts, indicating high volatility [9]. - Companies like Gongchuang Turf and Zhongheng Design reported significant price fluctuations, with Gongchuang Turf's stock price deviating by 20% over two consecutive trading days [10][11]. International Context - Concerns were raised regarding China's rare earth exports potentially causing shortages in the automotive industry in Europe, the U.S., and India, prompting questions about possible export policy adjustments [8].

Meeting Overview - The company held its shareholder meeting on May 16, 2025, with both in-person and online voting options available [1] - A total of 60 shareholders participated, representing 86,119,522 shares, which is 69.4330% of the total voting shares [1] Attendance Details - Among the attendees, 57 were small shareholders, representing 6,599,522 shares, or 5.3208% of the total voting shares [2] - Company directors, supervisors, and senior management attended the meeting, with some participating via telecommunication [2] Voting Results Annual Report - The proposal for the 2024 Annual Report was approved with 86,108,222 votes in favor, accounting for 99.9869% of the valid votes [2] Board Work Report - The 2024 Board Work Report was approved with 86,107,922 votes in favor, representing 99.9865% of the valid votes [3] Supervisory Board Work Report - The 2024 Supervisory Board Work Report received 86,107,222 votes in favor, which is 99.9857% of the valid votes [4] Financial Settlement Report - The 2024 Financial Settlement Report was approved with 86,104,922 votes in favor, making up 99.9830% of the valid votes [5] Profit Distribution Plan - The proposal for the 2024 Profit Distribution Plan was approved with 86,107,122 votes in favor, representing 99.9856% of the valid votes [6] Audit Firm Appointment - The proposal to reappoint the audit firm for 2025 was approved with 86,107,322 votes in favor, accounting for 99.9858% of the valid votes [7] Bank Credit Application - The proposal for a comprehensive credit limit application to the bank for 2025 was approved with 86,107,922 votes in favor, representing 99.9865% of the valid votes [8] Director Compensation Plan - The 2025 Director Compensation Plan was approved with 2,460,365 votes in favor, which is 99.3499% of the valid votes [9] Supervisor Compensation Plan - The 2025 Supervisor Compensation Plan received 86,103,422 votes in favor, accounting for 99.9813% of the valid votes [10] Accounting Firm Selection Revision - The proposal to revise the accounting firm selection system was approved with 86,107,322 votes in favor, representing 99.9858% of the valid votes [10] Independent Director Election - The proposal for the election of an independent director was approved with 86,107,322 votes in favor, accounting for 99.9858% of the valid votes [11] Legal Opinion - The legal representatives confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were deemed valid [11]

上海市通力律师事务所 关于浙江中科磁业股份有限公司 2024 年年度股东大会的法律意见书 致: 浙江中科磁业股份有限公司 上海市通力律师事务所(以下简称"本所")接受浙江中科磁业股份有限公司(以下简称 "公司")的委托, 指派本所陈杨律师、俞挺律师(以下简称"本所律师")根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范性文件(以 下统称"法律法规")及《浙江中科磁业股份有限公司章程》(以下简称"公司章程")的规定 就公司 2024 年年度股东大会(以下简称"本次股东大会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并 不对本次 ...

证券代码：301141 证券简称：中科磁业 公告编号：2025- 016 浙江中科磁业股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1.本次股东大会不存在否决议案的情形； 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月16日 （星期五）的交易时间，即9:15-9:25、9:30-11:30和13:00-15:00；通过深圳证券交 易所互联网投票系统进行投票的具体时间为：2025年5月16日（星期五）9:15-15:00 。 2、现场会议召开地点：浙江省东阳市横店镇工业园区红兴三路9号浙江中科 磁业股份有限公司（以下简称"公司"）二楼会议室。 3、会议召开方式：本次股东大会采取现场表决与网络投票相结合的方式召 开。 4、会议召集人：公司董事会。 5、会议主持人：董事长吴中平先生主持。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议的召开情况 1、会议召开时间： 现场会议召开时间：2025年5月16日（星期五）14:00。 网络投票时间：202 ...

Group 1: Liquidity and Scale of Rare Metal ETF - The rare metal ETF has a turnover rate of 2.71% during trading, with a transaction volume of 24.43 million yuan [2] - Over the past year, the average daily transaction volume of the rare metal ETF is 35.94 million yuan, ranking first among comparable funds [2] - In the last two weeks, the rare metal ETF has seen a scale increase of 9.40 million yuan, also ranking first among comparable funds [2] - The ETF's share has increased by 13.7 million shares in the past six months, marking significant growth and ranking first among comparable funds [2] Group 2: Leverage and Valuation - The latest financing buy-in amount for the rare metal ETF is 1.33 million yuan, with a financing balance of 31.49 million yuan [2] - The index tracked by the ETF, the CSI Rare Metal Theme Index, is currently at a historical low valuation, with a price-to-book ratio (PB) of 2.26, lower than 82.93% of the time over the past three years, indicating strong valuation attractiveness [2] Group 3: Market Outlook and Demand - According to Huafu Securities, the terminal demand for rare earths in Q1 2025 is acceptable, with rare earth prices showing a strong fluctuation [2] - The supply side is expected to increase, but the increment is limited, with a cautious market atmosphere and expectations of a potential price increase in rare earths in Q2 [2] - For antimony, the import from mines has tightened from January to March, with overseas antimony ingot prices remaining firm, indicating a stabilization in prices despite weak demand [2] Group 4: Tungsten Market Insights - Huayuan Securities notes that the application fields for tungsten wire are expanding, particularly in the photovoltaic sector for cutting silicon wafers and in humanoid robots, which may open up new demand growth opportunities for tungsten [3] - As of April 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, collectively accounting for 54.89% of the index [3] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [3]

Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]

Core Insights - The metal soft magnetic powder core is a high-performance soft magnetic material with significant market potential, particularly in the context of the new energy industry, including applications in photovoltaic power generation, electric vehicles, and data centers [1][19]. Industry Overview - Soft magnetic materials are characterized by low coercivity and high permeability, making them suitable for various energy conversion devices. They can be categorized into metal soft magnetic materials, ferrite soft magnetic materials, and other types [3][6]. - The demand for metal soft magnetic powder cores in China was 82,000 tons in 2019, with a market size of 2.72 billion yuan. This is expected to grow to 201,000 tons and approximately 7.52 billion yuan by 2025 [1][19]. Market Dynamics - The global soft magnetic materials market is projected to grow from $51.4 billion in 2019 to $79.4 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [14]. - The Asia-Pacific region holds the largest market share for soft magnetic materials, accounting for over 50%, followed by North America at around 24% [13]. Key Applications - Metal soft magnetic powder cores are crucial in electric vehicles, where they are used in drive motors, onboard chargers, and DC/DC converters, enhancing efficiency and power density [10][17]. - The increasing production of new energy vehicles in China, which is expected to rise from 340,500 units in 2015 to 12.89 million units by 2024, is driving demand for soft magnetic materials [10]. Industry Structure - The soft magnetic materials industry has a clear supply chain, with upstream raw materials sourced from the steel and chemical industries, midstream production of soft magnetic materials, and downstream applications in power, communication, and consumer electronics [6][9]. - Major companies in the Chinese soft magnetic materials sector include Hengdian Group Dong Magnetic, Tiantong Holdings, and Zhongke Magnetic, among others [24][26]. Future Trends - The industry is moving towards high-performance and high-value-added products, driven by rapid advancements in new energy, electric vehicles, and 5G communication technologies [30]. - The push for green and low-carbon technologies is leading to an increase in the use of high-performance silicon steel and low-loss amorphous alloys in various applications [31]. - Domestic companies are accelerating the localization of key soft magnetic materials, reducing reliance on imports and enhancing the competitiveness of the industry [32].

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].