证券研究报告 晨会 hyzqdatemark 2026 年 01 月 12 日 投资要点： 科创 50 1,511.84 2.43% 7.73% 北证 50 1,605.77 5.35% 9.50% 资料来源：聚源，华源证券研究所，截至2026年01月12日 华源晨会精粹 20260112 固定收益 关注边际修复行业的配置机会——信用分析周报：本周信用热点事件：（1） 交易商协会发布《关于进一步规范债务融资工具发行工作的业务提示》；（2）贵州 省人民政府印发《支持推动兴业强县富民一体发展若干政策措施》。本周不同行业 不同评级的信用利差大多有 10BP 以内的压缩幅度，非银金融 AA+信用利差大幅走 扩 20BP。城投债方面，本周不同期限的城投信用利差较上周有 1-4BP 的压缩幅度。 产业债方面，本周产业债信用利差 1Y 短端大幅走扩，1Y 以上大多有不同程度压缩。 银行资本债方面，本周银行二永债 1Y 以内短端利差小幅走扩，3Y 显著压缩，5-10Y 中长端小幅压缩。2025 年下半年以来，"反内卷"政策催化商品价格企稳回升，部 分行业基本面现修复迹象。截至 2026/1/7，有色金属行业存量债券共 290 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 江西，2026年1月12日 於本公告日期，董事會成員包括執行董事蔡報貴先生及呂鋒先生；非執行董事胡 志濱先生、李忻農先生及梁敏輝先生；及獨立非執行董事朱玉華先生、徐風先生 及曹穎女士。 JL MAG RARE-EARTH CO., LTD. 江西金力永磁科技股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：06680） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列江西金力永磁科技股份有限公司於深圳證券交易所網站( www.szse.cn )刊登 的公告如下，僅供參閱。 承董事會命 江西金力永磁科技股份有限公司 董事長 蔡報貴 证券代码：300748 证券简称：金力永磁 公告编号：2026-003 江西金力永磁科技股份有限公司 关于部分董事及高级管理人员减持计划实施完成的公告 公司高级管理人员于涵先生保证向本公司提供的信息内容真实、准确、完 ...

Group 1 - UBS increased its stake in Jinli Permanent Magnet (06680) by 212,800 shares at a price of HKD 18.3292 per share, totaling approximately HKD 3.9005 million [1] - After the increase, UBS's total shareholding in Jinli Permanent Magnet reached approximately 11.7741 million shares, representing a stake of 5.02% [1]

Group 1 - UBS increased its stake in Jinli Permanent Magnet (300748) by 212,800 shares at a price of HKD 18.3292 per share, totaling approximately HKD 3.9005 million [1] - After the increase, UBS's total shareholding in Jinli Permanent Magnet is approximately 11.7741 million shares, representing a holding percentage of 5.02% [1]

证券代码：300748 证券简称：金力永磁 公告编号：2026-003 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日对外披露了《关于部分董事及高级管理人员减持股份预披露公告》，公司董事、 高级管理人员吕锋先生，高级管理人员黄长元先生、于涵先生、鹿明先生、谢辉 女士计划自本公告发布之日起 15 个交易日后的 3 个月内（即自 2025 年 11 月 24 日至2026年2月23日），以集中竞价或大宗交易的方式合计减持不超过2,106,056 股，占公司剔除回购专用账户股份（0 股）后的总股本比例 0.15%。 2025 年 12 月 9 日，公司披露了《关于部分董事及高级管理人员减持计划实 施完成的公告》（公告编号：2025-076），吕锋先生、黄长元先生、鹿明先生、 谢辉女士减持计划已实施完成。 2026 年 1 月 12 日，公司收到于涵先生出具的《股份减持计划完成告知函》， 其减持计划已实施完成。至此，本次减持股份预披露所有人员减持计划均已实施 完成。现将具体情况公告如下： | 股东名 | 减持方式 ...

Core Viewpoint - The stock of Jinli Permanent Magnet (金力永磁) has increased by over 4%, currently trading at 22 HKD with a transaction volume of 332 million HKD, driven by positive news regarding rare earth prices and company profit forecasts [1] Group 1: Company Performance - Jinli Permanent Magnet expects to achieve a net profit attributable to shareholders of 660 million to 760 million RMB for the fiscal year ending December 31, 2025, representing a year-on-year growth of 127% to 161% [1] Group 2: Industry Trends - Northern Rare Earth (北方稀土) and Baogang Group (包钢股份) announced an adjustment in the price of rare earth concentrate to 26,834 RMB per ton (dry weight, REO=50%) for the first quarter of 2026, reflecting a 2.4% increase compared to the previous period [1] - The price of rare earth concentrate has seen six consecutive increases since the third quarter of 2024, indicating a strong upward trend in the market [1] - Strengthened export controls on rare earths are expected to support further price increases in the short term, suggesting a potential recovery in the sector [1]

Core Viewpoint - The stock of Jinli Permanent Magnet (06680) has increased by over 4%, currently trading at 22 HKD with a transaction volume of 332 million HKD, driven by positive developments in the rare earth market and the company's strong profit forecast [1] Group 1: Market Developments - On January 9, Northern Rare Earth and Baogang Group announced an adjustment in the associated transaction price for rare earth concentrate to 26,834 RMB/ton (dry weight, REO=50%), reflecting a 2.4% increase month-on-month [1] - The price of REO will increase or decrease by 536.68 RMB/ton for every 1% change in the non-tax price [1] - Starting from Q3 2024, the transaction price for rare earth concentrate will have seen six consecutive increases [1] Group 2: Company Performance - Jinli Permanent Magnet expects to achieve a net profit attributable to shareholders of 660 million to 760 million RMB for the fiscal year ending December 31, 2025, representing a year-on-year growth of 127% to 161% [1] - Xiangcai Securities indicates that strengthened export controls on rare earths will support a further strong price trend in the short term, suggesting a potential recovery in the sector [1]

Industry Overview - The rare earth industry in China is experiencing a simultaneous increase in both volume and price, with exports reaching 5,493.9 tons in November 2025, a 24.4% year-on-year increase from 4,416 tons in November 2024 [1] - Cumulative exports from January to November 2025 totaled 58,193.1 tons, up 11.7% from 52,105 tons in the same period of 2024 [1] - The average export price for rare earths in November was $0.90 per ton, compared to $0.83 per ton in November of the previous year, indicating a significant increase [1] - Supply-side management measures for rare earth mining and separation have been implemented, ensuring long-term supply stability, while demand is driven by industries such as robotics, low-altitude economy, and military applications [1] Company Profile: Jintian Co., Ltd. - Jintian Co., Ltd. has over 20 years of experience in the magnetic materials business and has recently obtained a general export license for rare earth permanent magnets [2] - The company focuses on non-ferrous metal processing and has developed a diverse product matrix centered on copper and rare earth permanent magnet materials, making it one of the largest producers in China [2] - Jintian's subsidiary, Kedian Magnetics, is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, with an annual production capacity of 9,000 tons for rare earth permanent magnet materials [2] - The company is expanding its international presence through a newly established subsidiary in Germany to enhance its market share [2] Market Dynamics - The Chinese rare earth industry is entering a full-chain control era with the implementation of export controls on rare earth-related technologies [3] - Key companies such as Jintian, Jinli Permanent Magnet, and others have received approval for general export licenses for rare earth permanent magnets [3] - The combination of advanced copper materials and rare earth permanent magnets creates a unique industrial synergy, essential for high-efficiency applications in electric motors, wind power, and low-altitude economy sectors [4] Future Trends - The demand for high-end copper materials and rare earth magnetic materials is expected to grow significantly in emerging sectors such as humanoid robots and AI computing [5] - Jintian has successfully partnered with a leading domestic liquid cooling component manufacturer, indicating its proactive approach to emerging industry needs [5] - The company's comprehensive product structure and complete industrial chain allow it to provide critical material support across various high-tech sectors [6] - Jintian's competitive advantage lies in the deep synergy between advanced copper processing and rare earth permanent magnet materials, enabling efficient fulfillment of diverse customer needs [6]

Investment Rating - The investment rating for the small metals sector is "Positive" (maintained) [5] Core Insights - The supply-demand tension in the small metals sector is intensifying, with tungsten prices breaking through 480,000 CNY/ton, setting a new historical high [4] - The report highlights the price movements of various small metals, indicating a general upward trend in prices due to supply constraints and stable demand from downstream industries [5] Summary by Category Rare Earths - The supply-demand situation is weak, with prices for praseodymium-neodymium oxide rising by 5.31% to 624,500 CNY/ton, dysprosium oxide increasing by 8.27% to 1,440,000 CNY/ton, and terbium oxide up by 3.41% to 6,225,000 CNY/ton [6][11] - Recommendations include focusing on companies such as Guangsheng Youse, China Rare Earth, and Northern Rare Earth [6] Molybdenum - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 11.07% to 4,115 CNY/ton and molybdenum iron (Mo60) prices rising by 8.21% to 263,500 CNY/ton [20] - Suggested focus on Jinmoly Co., Ltd. [20] Tungsten - Tungsten prices continue to reach historical highs, with black tungsten concentrate prices rising by 5.02% to 481,000 CNY/ton and ammonium paratungstate prices increasing by 4.44% to 705,000 CNY/ton [26] - Recommended companies include Zhongtung High-tech, Xiamen Tungsten, and Xianglu Tungsten [26] Tin - Tin prices are showing strength, with SHFE tin prices increasing by 4.13% to 352,500 CNY/ton and LME tin prices rising by 3.17% to 44,525 USD/ton [29] - Companies to watch include Tin Industry Co., Ltd. and Huaxi Youse [29] Antimony - Antimony prices are experiencing fluctuations, with antimony ingot prices decreasing by 1.25% to 158,500 CNY/ton and antimony concentrate prices down by 1.40% to 140,500 CNY/ton [38] - Focus on companies like Huaxi Youse and Hunan Gold [38]

87家公司公布了全年业绩预告，业绩预增公司有62家，占比71.26%。 证券时报·数据宝统计显示，截至1月12日，已经有87家公司公布了2025年度业绩预告。业绩预告类型显 示，预增公司62家、预盈5家，合计报喜公司比例为77.01%；业绩预降、预亏公司分别有10家、4家。 | 600983 | 惠而浦 | 2026.01.06 | 150.00 | 10.29 | 7.64 | 家用电 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 器 | | 300748 | 金力永 | 2026.01.08 | 144.00 | 37.80 | 10.82 | 有色金 | | | 磁 | | | | | 属 | | 002925 | 盈趣科 技 | 2026.01.09 | 138.55 | 20.70 | 22.20 | 电子 | | 300389 | 艾比森 | 2026.01.08 | 126.71 | 17.51 | 7.89 | 电子 | | 002258 | 利尔化 | 2026.01.07 | 122.91 | 13.92 | 6.6 ...