Core Insights - The company, Lingyi Zhizao, forecasts a net profit attributable to shareholders of 1.89 billion to 2.12 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34.10% to 50.42% [1] - The third quarter net profit is expected to reach 960 million to 1.2 billion yuan, with a year-on-year growth of 32.35% to 65.44% [2] Financial Performance - The company's net profit for the first three quarters, excluding stock incentives, is projected to be 2.13 billion to 2.36 billion yuan, reflecting a year-on-year increase of 48.62% to 64.67% [1] - The third quarter's net profit, excluding stock incentives, is expected to be 950 million to 1.18 billion yuan, with a year-on-year growth of 53.08% to 90.15% [2] Growth Drivers - Two main drivers for the strong performance are identified: the launch of new AI terminal products during the peak season and significant revenue growth from overseas factories, which enhances profitability through scale effects and localized operations [2] - The company’s core business revenue and profit contributions have significantly increased due to improved production line utilization and accelerated mass production of new products [2] Market Position and Future Outlook - The strong earnings growth underscores the company's core supply capabilities in the AI terminal industry and the long-term value of its global layout [1] - Continued expansion into emerging businesses such as humanoid robots, AI glasses, smart wearables, foldable screens, and server cooling and power solutions is expected to sustain profit growth [1]

Core Viewpoint - The rare earth sector has become a market focus amid escalating China-U.S. trade tensions and increased export controls on rare earths, with significant inflows into the rare earth ETF (516780) leading to record trading volumes and net inflows [1][2]. Group 1: Market Activity - On October 13, 2025, the rare earth ETF (516780) recorded a trading volume of 1.209 billion yuan, an increase of over 140% compared to the previous period, marking a new single-day trading record [1]. - The ETF saw a net inflow of 761 million yuan on the same day, setting a new record for single-day net inflows since its inception [1]. - The total size of the rare earth ETF (516780) reached 4.545 billion yuan, also a historical high, indicating strong liquidity and scale advantages [1]. Group 2: Regulatory Environment - On October 9, 2025, the Ministry of Commerce announced new export control measures on certain rare earth items, expanding the scope of controls to include technologies and equipment related to rare earth recycling, covering the entire industry chain [1][2]. - The new regulations are expected to strengthen supply rigidity in the rare earth sector, particularly in the context of ongoing U.S.-China competition [2]. Group 3: Industry Outlook - China remains the only country with the capability to produce a full range of rare earth products, holding significant advantages in both reserves and production [2]. - The industry is expected to maintain a tight supply-demand balance, supported by increasing demand driven by AI and other technologies, which may bolster product prices [2]. - The rare earth ETF (516780) closely tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, with leading constituents being Northern Rare Earth, Wolong Electric Drive, Lingyi iTech, China Rare Earth, and Shenghe Resources [2].

Group 1 - Lingyi Technology (002600) is approaching the deadline for the conversion of "Lingyi Convertible Bonds," with only half a trading day left as of the announcement date. After the market closes on October 14, unconverted bonds will be forcibly redeemed at a price of 100.181 CNY per bond, potentially leading to losses for investors [1] - Xuerong Biological (300511) is also nearing the deadline for the conversion of "Xuerong Convertible Bonds," with only half a trading day remaining. After the market closes on October 14, unconverted bonds will be forcibly redeemed at a price of 100.93 CNY per bond. There is a significant price difference between the redemption price and the market price prior to the conversion deadline, highlighting the need for bondholders to convert in time to avoid potential losses [1]

Group 1 - Lingyi Technology: As of the announcement, there is only half a trading day left until the "Lingyi Convertible Bond" stops conversion and is redeemed. After the market closes on October 14, any unconverted "Lingyi Convertible Bonds" will be forcibly redeemed at a price of 100.181 CNY per bond. Investors may face losses if forced redemption occurs [1] - Xuerong Biological: As of the announcement, there is only half a trading day left until the "Xuerong Convertible Bond" stops conversion. After the market closes on October 14, any unconverted "Xuerong Convertible Bonds" will be forcibly redeemed at a price of 100.93 CNY per bond. Due to the significant difference between the redemption price and the market price before the stop of trading and conversion, it is particularly advised for "Xuerong Convertible Bond" holders to convert within the deadline. Failure to do so may result in losses [1]

Core Points - Lingyi Technology announced that there is only half a trading day left until the "Lingyi Convertible Bonds" stop conversion and are redeemed on October 14, 2025 [1] - After the market closes on October 14, 2025, any unconverted "Lingyi Convertible Bonds" will cease to be convertible and the remaining bonds will be forcibly redeemed at a price of 100.181 yuan per bond [1] - Investors may face losses if the bonds are forcibly redeemed [1]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-160 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于"领益转债"即将停止转股暨赎回前最后半个交易日的 重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 10 月 14 日 截至本公告披露时，距离"领益转债"停止转股并赎回仅剩最后半个交易日 （即 2025 年 10 月 14 日下午交易时间段），2025 年 10 月 14 日收市后，未转股 的"领益转债"将停止转股，剩余可转债将按照 100.181 元/张的价格被强制赎回。 若被强制赎回，投资者可能面临损失。 2、投资者如未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容， 关注相关风险。 特别提示： 1、"领益转债"赎回价格：100.181 元/张（含当期应计利息，当期年利率为 0.20%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中登 ...

Core Viewpoint - The company, Lingyi Zhizao, is expected to report a significant increase in net profit for the first three quarters of 2025, driven by strong performance in the AI terminal supply chain and global expansion efforts [1][2] Financial Performance - The projected net profit for the first three quarters is between 1.89 billion to 2.12 billion yuan, representing a year-on-year increase of 34.10% to 50.42% [1] - The net profit for the third quarter is expected to reach between 960 million to 1.2 billion yuan, showing a year-on-year growth of 32.35% to 65.44% [1][2] - The adjusted net profit, excluding stock incentive effects, for the first three quarters is projected to be between 2.13 billion to 2.36 billion yuan, with a year-on-year increase of 48.62% to 64.67% [1] - The third quarter adjusted net profit is expected to be between 950 million to 1.18 billion yuan, reflecting a year-on-year growth of 53.08% to 90.15% [1][2] Growth Drivers - The company identifies two main drivers for the substantial profit growth: the launch of new AI terminal products and increased production capacity, leading to higher revenue and profit contributions [2] - The overseas factory revenue has significantly increased, benefiting from scale effects and localized operations, which enhance cost optimization and efficiency [2] Business Outlook - The company’s strong profit growth is expected to continue, supported by emerging businesses such as humanoid robots, AI glasses, smart wearable devices, foldable screens, and server cooling and power components [1] - The ongoing expansion into overseas markets is anticipated to further sustain profit growth [1]

Group 1: ETF Performance and Liquidity - The rare earth ETF managed by Jiashi has a turnover rate of 4.05% and a transaction volume of 369 million yuan [3] - The latest scale of the Jiashi rare earth ETF reached 8.907 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - In the past two weeks, the Jiashi rare earth ETF saw a significant increase of 248 million shares [3] - The latest net inflow of funds into the Jiashi rare earth ETF is 613 million yuan [3] - As of October 13, the Jiashi rare earth ETF has achieved a net value increase of 106.16% over the past year, ranking 4th out of 3066 index equity funds, placing it in the top 0.13% [3] - Since its inception, the Jiashi rare earth ETF recorded a highest monthly return of 41.25%, with the longest consecutive monthly increase lasting 4 months and a maximum increase of 83.89% [3] Group 2: Industry Insights and Demand Trends - The demand for rare earth elements is expected to benefit from the growth of industries such as new energy vehicles, wind power, and energy-saving motors, aligning with low-carbon and environmental policies [4] - The traditional peak demand season has arrived, and the supply-demand dynamics are likely to remain favorable, with rare earth prices expected to steadily improve [4] - It is anticipated that the performance of the rare earth industry chain will improve quarter by quarter in the third and fourth quarters of this year, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Key Stocks in the Rare Earth Sector - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - Notable stock performances include Northern Rare Earth with a 2.72% increase and China Aluminum with a 4.08% increase [6]

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.69% during the session, driven by strong performances in sectors such as engineering machinery, precious metals, and motorcycles, while banking and water utilities lagged behind [1] - The Consumer Electronics ETF (159732) rose by 1.80%, with significant gains from constituent stocks such as Sanhuan Group (up 14.37%), Baiwei Storage (up 9.75%), Lingyi Technology (up 4.05%), Shunluo Electronics (up 3.38%), and Zhaoyi Innovation (up 3.11%) [1] Group 2 - Meta's CTO announced that the Meta Ray-Ban Display smart glasses are sold out in retail stores nationwide, with trial appointments fully booked before November, indicating high demand in the smart glasses sector [3] - Galaxy Securities expressed optimism about the smart glasses industry, highlighting the supply-demand imbalance for Meta's glasses and identifying investment opportunities in the related supply chain, as well as in Apple's supply chain, which is expected to exceed shipment forecasts [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing and optical optoelectronics sectors [3]

Market Overview - The three major indices opened higher, with the Shanghai Composite Index at 3910.78 points, up 0.55%, the Shenzhen Component Index at 13369.56 points, up 1.04%, and the ChiNext Index at 3121.00 points, up 1.37% [1] Industry News - The Ministry of Transport announced a special port fee for U.S. vessels starting October 14, 2025, with a base fee of 400 RMB per net ton, increasing annually [1] - The Ministry of Industry and Information Technology is seeking opinions on new admission requirements for vehicle manufacturers, aiming to enhance the standards for smart and connected vehicle capabilities [1] - The Passenger Car Association reported that retail sales of passenger cars reached a historical peak in September, with expectations for stable growth in the fourth quarter due to policy guidance [1] Company Announcements - Morgan Stanley announced plans to provide up to $1.5 trillion in financing and project support for key industries in the U.S., including rare earths, AI, energy, and robotics over the next decade [3] - Asia-Pacific Pharmaceutical plans to raise no more than 700 million RMB through a private placement for new drug research [3] - Salt Lake Potash expects a 97%-141% year-on-year increase in net profit for the third quarter [3] - Several companies, including Sanmei Co. and Yicheng Technology, reported significant year-on-year increases in net profit for the first three quarters, with increases ranging from 34% to 2243% [3] Economic Indicators - Domestic gasoline and diesel prices were reduced by 70 RMB and 75 RMB per ton, respectively, effective from October 13 [2] - The U.S. Bank raised its gold price forecast for next year to $5000 per ounce and silver to $65 per ounce [6] - COMEX gold futures rose by 3.24% to $4130 per ounce, while silver futures increased by 7.47% to $50.775 per ounce [7]