Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

截至2025年7月30日 10:33，中证稀土产业指数下跌0.32%。成分股方面涨跌互现，包钢股份领涨9.43%，金风科技上涨2.34%，英思特上涨1.98%；科恒股份 领跌，盛和资源、华宏科技跟跌。稀土ETF嘉实(516150)下修调整。拉长时间看，截至2025年7月29日，稀土ETF嘉实近1周累计上涨6.88%。 流动性方面，稀土ETF嘉实盘中换手7.32%，成交3.07亿元。拉长时间看，截至7月29日，稀土ETF嘉实近1周日均成交4.11亿元，排名可比基金第一。 截至7月29日，稀土ETF嘉实近1年净值上涨77.69%，指数股票型基金排名103/2939，居于前3.50%。从收益能力看，截至2025年7月29日，稀土ETF嘉实自成 立以来，最高单月回报为41.25%，最长连涨月数为4个月，最长连涨涨幅为83.89%，上涨月份平均收益率为9.69%。 数据显示，截至2025年6月30日，中证稀土产业指数前十大权重股分别为北方稀土、中国稀土、中国铝业、格林美、领益智造、包钢股份、卧龙电驱、金风 科技、厦门钨业、盛和资源，前十大权重股合计占比55.58%。 中航证券指出，由于我国稀土冶炼分离产量占到全球份额的 ...

Core Insights - The A-share rare earth permanent magnet sector has shown renewed activity, with significant market interest in related products, particularly the rare earth ETF (516780) which recorded a trading volume of 253 million yuan on July 28, marking seven consecutive trading days with over 200 million yuan in daily trading volume, indicating strong capital inflow [1] - The rare earth ETF has seen a net inflow of 127 million yuan over the past five trading days, with its total scale reaching 1.731 billion yuan as of July 28, the highest in nearly four years [1] - The price of praseodymium has increased, reflecting the strategic value of rare earth resources amid the global energy revolution and geopolitical tensions [1] Industry Analysis - A recent report from Founder Securities indicates that the rare earth magnetic materials sector is experiencing tightening supply expectations due to the ban on rare earth mining in Myanmar's Kachin region by the end of 2025 and the zero imports of rare earth metals by the U.S. in June, leading to a price surge for praseodymium and neodymium oxide, which has surpassed 500,000 yuan per ton [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 the top five constituent stocks being Northern Rare Earth, China Rare Earth, China Aluminum, Greeenmei, and Lingyi Technology, all of which are competitive leaders in the industry [2] - The management of the rare earth ETF, Huatai-PB Fund, has over 18 years of ETF operation experience and has created several benchmark ETFs, with its total ETF scale exceeding 520 billion yuan as of July 28, placing it in the top tier of the industry [2] Market Outlook - With improving demand and expectations of tightening rare earth supply, prices in the rare earth industry are likely to be supported, presenting potential investment opportunities in the rare earth sector, particularly in the rare earth ETF (516780) and its linked funds [3]

Group 1 - The China Rare Earth Industry Index decreased by 0.66% as of July 29, 2025, with mixed performance among constituent stocks, where Baotou Steel led with a rise of 3.57% [1] - The rare earth ETF managed by Harvest (516150) underwent a downward adjustment, but over the past week, it has accumulated a rise of 7.47% [1] - The liquidity of the Harvest Rare Earth ETF showed a turnover of 6.73% and a transaction volume of 268 million yuan, ranking first among comparable funds [4] Group 2 - As of July 28, 2025, the Harvest Rare Earth ETF reached a new high in scale at 4.01 billion yuan and a new high in shares at 2.735 billion, also ranking first among comparable funds [4] - The ETF has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 151 million yuan, totaling 675 million yuan [4] - The net asset value of the Harvest Rare Earth ETF increased by 78.52% over the past year, ranking 87th out of 2938 index equity funds, placing it in the top 2.96% [4] Group 3 - Light rare earth prices continue to rise due to marginal improvements in supply and demand, with a 28.32% month-on-month decline in imports in June due to the rainy season in Southeast Asia [5] - Exports of rare earth permanent magnet products reached 3187 tons in June, a significant increase of 157.5% compared to May, with exports to the U.S. rising by 660% [5] - The current state of light rare earths shows improved supply-demand dynamics, with expectations for future demand driven by humanoid robots [5] Group 4 - The top ten weighted stocks in the China Rare Earth Industry Index as of June 30, 2025, include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4][7]

| 证券代码:002600 | 证券简称:领益智造 | 上市地点:深圳证券交易所 | | --- | --- | --- | | 债券代码:127107 | 债券简称:领益转债 | 上市地点:深圳证券交易所 | 分有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金报告书(草案) | 项目 交易对方/发行对象 | | --- | | 发行可转换公司债券及支 常州优融、上海迈环、万里扬管理、芜湖华安、常州青枫、 | | 付现金购买资产 常州星远、常州超领、江苏信保等 8 名江苏科达股东 | | 募集配套资金 不超过 35 名符合中国证监会规定的特定投资者 | 独立财务顾问 国泰海通证券股份有限公司 GUOTAI HAITONG SECURITIES CO., LTD. 中国(上海)自由贸易试验区商城路 618号 二〇二五年七月 上市公司声明 本公司及全体董事、高级管理人员保证本报告书内容的真实、准确、完整， 对报告书的虚假记载、误导性陈述或重大遗漏负相应的法律责任。 本公司控股股东、实际控制人、全体董事、高级管理人员承诺：如本次交易 所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立 ...

| 证券代码：002600 | 证券简称：领益智造 | 上市地点：深圳证券交易所 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | 上市地点：深圳证券交易所 | 广东领益智造股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金报告书（草案）摘要 | 项目 | 交易对方/发行对象 | | --- | --- | | 发行可转换公司债券及支 | 常州优融、上海迈环、万里扬管理、芜湖华安、常州青枫、常 | | 付现金购买资产 | 州星远、常州超领、江苏信保 | | 募集配套资金 | 不超过 35 名符合中国证监会规定的特定投资者 | 独立财务顾问 中国（上海）自由贸易试验区商城路 618 号 二〇二五年七月 上市公司声明 本重组报告书摘要的目的仅为向公众提供有关本次重组的简要情况，并不包 括重组报告书全文的各部分内容。本重组报告书全文同时刊载于深圳证券交易所 网站。 本公司及全体董事、高级管理人员保重组报告书及其摘要内容的真实、准确、 完整，对报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的法律责任。 本公司控股股东、实际控制人、全体董事、高级管 ...

广东领益智造股份有限公司 关于 股票简称：领益智造 股票代码：002600 深圳证券交易所 《关于广东领益智造股份有限公司发行可 转换公司债券购买资产并募集配套资金申 请的审核问询函》之 深圳证券交易所： 根据深圳证券交易所 2025 年 6 月 12 日出具的《关于广东领益智造股份有限 公司发行可转换公司债券购买资产并募集配套资金申请的审核问询函》（审核函 〔2025〕130005 号）（以下简称"问询函"）的要求，广东领益智造股份有限 公司（以下简称"领益智造"、"上市公司"或"公司"）已会同国泰海通证券 股份有限公司（以下简称"独立财务顾问"或"国泰海通"）、北京市君合律师 事务所（以下简称"君合律师"或"君合"）、容诚会计师事务所（特殊普通合 伙）（以下简称"容诚会计师"或"容诚"）以及金证（上海）资产评估有限公 司（以下简称"金证评估"）等中介机构本着勤勉尽责、诚实守信的原则，对问 询函所提出的问题进行了逐项落实，并按照要求在《广东领益智造股份有限公司 发行可转换公司债券及支付现金购买资产并募集配套资金报告书（草案）》（以 下简称"重组报告书"）中进行了相应的修订和补充披露，现将有关事项回复如 下， ...

金证（上海）资产评估有限公司关于深圳证券交易所 《关于广东领益智造股份有限公司发行可转换公司债券购 买资产并募集配套资金申请的审核问询函》（审核函 ﹝2025﹞第 130005 号）中资产评估相关问题 之回复 二〇二五年七月 深圳证券交易所： 广东领益智造股份有限公司（以下简称"领益智造"或"上市公司"）于 2025 年 6 月 12 日收到贵所下发的《关于广东领益智造股份有限公司发行可转换公司 债券购买资产并募集配套资金申请的审核问询函》（审核函﹝2025﹞第 130005 号）（以下简称"问询函"）。金证（上海）资产评估有限公司对问询函有关问题 进行了逐项核查并书面回复如下，请予审核。 说明： 除非文义另有所指，本回复中的简称或名词释义与重组报告书具有相同含 义。 本回复报告的字体代表以下含义： | 黑体（加粗） | 关注问题所列问题 | | --- | --- | | 宋体 | 对关注问题所列问题的回复 | 本回复报告中部分合计数与各加数直接相加之和在尾数上有差异，系由四舍五入造成。 上海市徐汇区龙兰路 277 号东航滨江中心 T3 栋 7F | 021-63081130 | https://www.j ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于广东领益智造股份有限公司 发行可转换公司债券及支付现金购买资产并募集配套资金 之 补充法律意见书（一） 二零二五年七月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 ...

《关于广东领益智造股份有限公司 发行可转换公司债券购买资产并募集配套资金申请的 审核问询函》之回复 容诚专字[2025]518Z0709 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 《关于广东领益智造股份有限公司 发行可转换公司债券购买资产并募集配套资金申请的 审核问询函》之回复 容诚专字[2025]518Z0709 号 深圳证券交易所： 根据深圳证券交易所出具的《关于广东领益智造股份有限公司发行可转换公 司债券购买资产并募集配套资金申请的审核问询函》（以下简称"问询函"）的要 求，容诚会计师事务所（特殊普通合伙）（以下简称"会计师"或"容诚"）本着 勤勉尽责、诚实守信的原则，对问询函所提出的问题进行了逐项落实，现将有关 事项回复如下，请予以审核。 说明： 除非文义另有所指，本回 ...