Ac t i o n | 29 Jan 2026 12:25:37 ET │ 18 pages JL MAG (300748.SZ/6680.HK) Rerating on Rare Earth Upcycle and Improving Long-term Demand Visibility; Upgrade JL Mag-A to Buy CITI'S TAKE We upgrade JL Mag-A to Buy (from Neutral) and raise our target price to Rmb48/Hkd35 for A/H shares, applying 38.2x P/E for A-sh and 25.9x for H- sh, historical averages since listed. We believe the company is entering a more favorable earnings phase driven by the upcycle in rare-earth prices, stable export operations, and imp ...

Core Viewpoint - The metal new materials sector experienced a slight increase of 0.42% on January 29, with notable gains from specific companies, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4157.98, up 0.16% [1] - The Shenzhen Component Index closed at 14300.08, down 0.3% [1] - The metal new materials sector saw a net inflow of 6.09 billion yuan from institutional investors, while retail investors experienced a net outflow of 7.45 billion yuan [2][3] Group 2: Individual Stock Performance - Ni'an New Materials (688786) led the sector with a closing price of 33.19, up 6.17% with a trading volume of 61,700 shares and a transaction value of 201 million yuan [1] - Jinli Permanent Magnet (300748) followed with a closing price of 41.16, up 5.67%, with a trading volume of 1.5032 million shares and a transaction value of 6.13 billion yuan [1] - Galaxy Magnetic Materials (300127) closed at 38.39, up 4.66%, with a trading volume of 421,800 shares and a transaction value of 1.602 billion yuan [1] Group 3: Fund Flow Analysis - Jinli Permanent Magnet (300748) had a net inflow of 4.20 billion yuan from institutional investors, while retail investors saw a net outflow of 3.12 billion yuan [3] - Ningbo Yunsheng (600366) recorded a net inflow of 2.07 billion yuan from institutional investors, with a net outflow of 2.53 billion yuan from retail investors [3] - The overall fund flow indicates a strong preference for institutional investment in the metal new materials sector despite retail investor withdrawals [2][3]

（文章来源：每日经济新闻） 业内机构指出：供给端，行业整合加速叠加《稀土管理条例》出台，稀土供给已进入加速优化；需求 端，新能源汽车、电力电网投资、机器人等行业发展推动稀土需求持续增长。稀土产品价格的上行或将 持续提振行业盈利能力及估值水平。 对稀土产业链长期布局机遇感兴趣的投资者，可关注富国基金旗下的稀土ETF（159713），其紧密跟踪 中证稀土产业指数（930598.CSI），重点覆盖稀土资源开采、冶炼分离及下游高性能永磁材料制造等关 键环节。 1月29日午后，稀土永磁板块突发异动，稀土ETF（159713）一度走高至3.63%。标的指数成分股中，盛 和资源10CM涨停，三川智慧、九菱科技涨超10%，金力永磁、银河磁体涨幅超9%，多只个股飘红，带 动标的指数上行。 供应链上，地缘避险情绪与美元信用担忧共振，驱动有色金属价格上涨；消息面上，近期美国政府宣布 拟向美国稀土公司注资16亿美元，此举虽不直接影响中国稀土市场，但显著强化了全球对稀土战略资源 稀缺性的预期，提振投资者风险偏好，间接推动A股稀土板块估值修复。 ...

Group 1 - The industrial non-ferrous metal sector is experiencing significant gains, with the CSI Industrial Non-Ferrous Metal Theme Index (H11059) rising by 3.28% as of January 29, 2026, and individual stocks like Shenghe Resources and Yunnan Copper seeing substantial increases [1] - The Industrial Non-Ferrous ETF Wan Jia (560860) has reached a new high in scale at 16.478 billion yuan and a total of 7.784 billion shares, with a recent net inflow of 696 million yuan over the past five days [1] - Tight copper supply and declining processing fees for copper concentrate, combined with strong long-term demand from AI and power grid construction, are expected to support copper prices, with the State Grid's fixed asset investment projected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [1] Group 2 - The global base metals market is undergoing a structural reshaping due to strong demand from green industries such as electric vehicles, photovoltaics, and wind power, while supply is constrained by insufficient long-term investment and declining resource grades [2] - Despite the strong performance of the non-ferrous sector reflecting high growth over the past two years, core non-ferrous metal varieties have not seen significant valuation premiums, indicating potential for future price increases as domestic fundamentals may experience mild recovery [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Industrial Non-Ferrous Metal Theme Index (H11059) account for 56.18% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

Core Viewpoint - The stock of JINLI Permanent Magnet (06680) has seen a significant increase, rising by 4.29% to HKD 23.8, with a trading volume of HKD 203 million, driven by rising rare earth prices and positive profit forecasts for 2025 [1][1]. Group 1: Rare Earth Prices - Since January, rare earth prices have been on the rise, with notable increases in yttrium oxide, praseodymium oxide, and neodymium oxide, where both praseodymium and neodymium prices have increased by over HKD 120,000 per ton [1]. - As of January 28, the average price of yttrium oxide was HKD 77,000 per ton, up 33.46% from the end of last year; neodymium oxide averaged HKD 732,500 per ton, up 20.08%; and praseodymium oxide averaged HKD 733,300 per ton, up 19.92% [1][1][1]. Group 2: Company Performance - JINLI Permanent Magnet has issued a profit warning, projecting a net profit attributable to shareholders for the full year 2025 to be between HKD 660 million and HKD 760 million, representing a year-on-year growth of 127% to 161% [1][1]. - The company has reported record high production and sales volumes, further solidifying its position as a leader in the global rare earth permanent magnet industry [1]. - For the fiscal year 2025, the company has already made small batch deliveries of products related to robotic motor rotors and magnetic materials, as well as products in the low-altitude aircraft sector [1].

每经AI快讯，金力永磁(06680.HK)涨超4%，截至发稿，涨4.29%，报23.8港元，成交额2.03亿港元。 ...

Core Viewpoint - The stock of Jinli Permanent Magnet (金力永磁) has increased by over 4%, reaching HKD 23.8, driven by rising rare earth prices and positive profit forecasts for 2025 [1] Group 1: Rare Earth Prices - Since January, rare earth prices have been on the rise, with significant increases in prices for yttrium oxide, praseodymium oxide, and neodymium oxide [1] - As of January 28, the average price of yttrium oxide was HKD 77,000 per ton, up 33.46% from the end of last year [1] - The average price of neodymium oxide reached HKD 732,500 per ton, reflecting a 20.08% increase year-on-year [1] - The average price of praseodymium oxide was HKD 733,300 per ton, showing a cumulative increase of 19.92% compared to the end of last year [1] Group 2: Company Performance - Jinli Permanent Magnet has issued a profit warning, projecting a net profit attributable to shareholders of between HKD 660 million and HKD 760 million for the full year of 2025, representing a growth of 127% to 161% year-on-year [1] - The company reported record high production and sales volumes, further solidifying its position as a leader in the global rare earth permanent magnet industry [1] - For the 2025 fiscal year, the company has already made small batch deliveries of products related to robotic motor rotors and magnetic materials, as well as products in the low-altitude aircraft sector [1]

Group 1 - The core viewpoint of the article highlights the significant rise in rare earth prices since January, particularly for yttrium oxide, praseodymium oxide, and neodymium oxide, with notable increases in their prices [1] - As of January 28, the average price of yttrium oxide reached 77,000 CNY per ton, marking a 33.46% increase compared to the end of last year; neodymium oxide averaged 732,500 CNY per ton, up 20.08%; and praseodymium oxide averaged 733,300 CNY per ton, with a cumulative increase of 19.92% [1] - Jinli Permanent Magnet (06680) saw its stock price rise over 4%, currently at 23.8 HKD, with a trading volume of 203 million HKD [1] Group 2 - Jinli Permanent Magnet has issued a profit warning, projecting a net profit attributable to shareholders of 660 million to 760 million CNY for the full year of 2025, representing a growth of 127% to 161% year-on-year [1] - The company reported record high production and sales volumes, further solidifying its position as a leader in the global rare earth permanent magnet industry [1] - For the fiscal year 2025, the company has already made small batch deliveries of its robotic motor rotors and magnetic materials, as well as products in the low-altitude aircraft sector [1]

如何看待近期印尼镍政策的变化 20260128 的祥路物业和张园物业也值得关注。 对于镍市场有什么看法？有哪些投资建议？ 镍市场存在较大预期差，目前印尼镍配额收紧确定性高，这将推动镍价上涨。 在政策初期可能矫枉过正情况下，我们认为短期镍价脉冲水平会超过指引区间。 因此，无论是镍还是镍期货，都处于相对底部，是较好的投资选择。推荐公司 包括华友钴业、立勤股份及转型中的中伟新材。 摘要 全球宏观不确定性增加，美国情况变化加剧恐慌情绪，黄金作为对冲资 产具备上涨动能，建议关注中金黄金、中国黄金国际、紫金矿业及山东 黄金。 铝市场淡季不淡，需求端韧性较强，铝价上涨获公募基金和险资认可， 推荐天山铝业、宏创控股及中孚实业。 钨市场下游对高钨价接受度高，加工端利润扩张，产业链健康良性，推 荐中钨高新、厦门钨业及嘉鑫国际资源，关注祥路物业和张园物业。 印尼镍配额收紧确定性高，推动镍价上涨，短期镍价脉冲水平或超指引 区间，镍及镍期货是较好投资选择，推荐华友钴业、立勤股份及转型中 的中伟新材。 稀土市场涨幅相对落后但战略属性强，边际追赶动能较强，看好中国稀 土、中重稀土为主的中国稀土，以及磁材企业如金力永磁。 煤炭价格低于发改委 ...