第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 1,372,131,923 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- ...

本月底法定/註冊股本總額： RMB 1,372,131,923 第 1 頁 共 10 頁 v 1.1.1 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The A-share market has shown significant style differentiation since October, with low-priced and low-valuation stocks outperforming high-priced and high-valuation stocks, indicating a shift towards dividend-style investments and a relative weakness in growth stocks [1][2]. Group 1: Market Trends - Since October, low-priced stock indices, low P/E indices, and low P/B indices have surged over 3%, while mid to high P/E and P/B indices have dropped over 6% [1]. - The upcoming central economic work conference and potential interest rate cuts by the Federal Reserve in mid-December may trigger a cross-year market rally [1][3]. Group 2: Fund Adjustments and External Influences - Fund reallocation in Q4 is expected to have a limited impact on the technology sector [2]. - U.S. technology stocks are anticipated to continue strengthening in December, which could positively influence the A-share technology growth sector [3]. Group 3: Company Performance and Growth Potential - Among stocks with a net profit growth of over 100% year-on-year and an average ROE exceeding 5%, 30 stocks are predicted to have a net profit growth rate exceeding 20% in the next two years, with their prices having corrected over 20% from their yearly highs [3]. - Notable companies include: - Macro Technology, with a net profit increase of nearly 1700% year-on-year, leading the sector [3]. - Huafeng Technology, with a net profit growth of over 558% year-on-year, recognized as a global provider of optical connectors [3]. - Other companies like Beihua Co., Shenghong Technology, and Haili Wind Power also reported over 200% year-on-year net profit growth [3]. Group 4: Institutional Ratings and Future Growth - Companies such as Xibu Gold and Nanya New Materials are expected to see net profit growth rates exceeding 50% in the coming years, according to institutional forecasts [3]. - Shenghong Technology is highlighted as a leading AI PCB company, with 24 institutional ratings, and is expected to benefit from new capacity releases and customer expansion [4]. - Ruixinwei, a leader in the SoC industry, is also noted for its competitive advantages and market share growth in emerging applications [4].

Group 1 - The small metal sector is experiencing a rebound, with the China Rare Metals Theme Index rising by 0.20% as of 10:19 AM on December 3, 2025, driven by significant increases in stocks such as Northern Rare Earth (up 3.41%) and Tin Industry Co. (up 2.93%) [1] - There is a growing demand for strategic small metals due to their applications in high-temperature alloys, semiconductors, and permanent magnet motors, leading to a notable price elasticity despite rigid supply [1] - Limited reserves, high extraction difficulty, and insufficient supply elasticity of strategic small metals are contributing to an intensifying supply-demand conflict, with prices expected to continue rising in the future [1] Group 2 - The top ten weighted stocks in the China Rare Metals Theme Index account for 59.05% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient investment tool for investors looking to enter the rare metals sector [2] - Investors can also explore opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [2]

Industry Overview - The domestic market prices for gadolinium and europium remain stable, with gadolinium oxide priced at 185,000 yuan/ton, europium oxide at 180,000 yuan/ton, gadolinium iron alloy at 180,000 yuan/ton, and yttrium oxide at 49,000 yuan/ton [1] - The light rare earth market is experiencing price increases, but downstream demand is still in a stage of on-demand procurement, indicating that prices are likely to fluctuate in the short term [1] Global Market Dynamics - Global production of rare earth permanent magnets is still highly concentrated in China, and the release of overseas production capacity will take time. China remains the only country with a complete rare earth industrial chain [1] - The overall scale of the rare earth industry chain in the West is significantly lower than that of China, with notable shortcomings in their industrial chains [1] Supply and Demand Outlook - As of December, smelting plants may face mass shutdowns due to policy and raw material issues. In October, China's magnetic material exports increased by 16% year-on-year but decreased by 5% month-on-month [1] - Expectations for more relaxed export conditions in the future lead to a more optimistic outlook on demand. The combination of external export competition and ongoing supply-side reforms suggests a potential resonance in rare earth supply and demand, with expectations for continued valuation and performance growth in the rare earth sector [1] Company Insights - Jinli Permanent Magnet is identified as a leading supplier of high-performance rare earth permanent magnet materials [1] - Inlohua primarily engages in the production and sales of neodymium-iron-boron magnetic materials, micro-special motors, health equipment, and electronic acoustic products. Currently, the company's motors and reducers have limited applications in industrial robots [1]

12月2日，A股市场全天震荡调整，截至收盘，沪指跌0.42%，深证成指跌0.68%，创业板指跌0.69%，深 成指、创业板指一度双双跌超1%。 沪深两市成交额1.61万亿，较上一个交易日缩量2822亿。全市场超3700只个股下跌。 板块方面，锂电池 产业链 领跌，创新药、GPU、机器人、光伏、AI应用、半导体、新能源车概念股跌 幅居前。两岸融合、医药商业、消费电子题材逆势走强。 具体来看，福建板块逆势爆发，海欣食品（002702）5连板，睿能科技（603933）4连板，平潭发展 （000592）3天2板。食品概念局部走强，同庆楼（605108）、惠发食品（603536）双双涨停。商业航天 概念表现活跃，航天发展（000547）13天9板，通宇通讯（002792）4连板。下跌方面，电池板块震荡下 跌，石大胜华（603026）跌7%。航运板块表现较弱，招商轮船（601872）触及跌停。 A股算力硬件板块尾盘异动，菲菱科思（301191）20CM涨停，赛微电子（300456）涨超17%，兆龙互 连（300913）、特发信息（000070）、神宇股份（300563）、德科立等跟涨。 医药商业股持续拉升， 海王生物（0 ...

每经AI快讯，稀土永磁板块午后走弱，金力永磁、中国稀土跌超3%，久吾高科、广晟有色等跟跌。 ...

Group 1 - The rare metals sector experienced a downward fluctuation, with the China Rare Metals Theme Index dropping by 1.57% as of 10:44 AM on December 2, 2025 [1] - In the new energy vehicle materials sector, the price of electric carbon reached 92,100 yuan per ton, marking a 4.3% increase and the highest level in nearly 16 months. Meanwhile, the price of praseodymium and neodymium oxide was reported at 566.92 yuan per kilogram, up 3.4%, also at a 19-month high [1] - Supply constraints and recovering demand are driving the prices of key materials like lithium and rare earths, leading to a significant rebound in industry prosperity [1] Group 2 - Cobalt raw material exports from the Democratic Republic of the Congo are progressing slower than expected, maintaining a structural tightness in supply. Despite the implementation of a cobalt export quota system in October, the licensing process remains incomplete, causing delays in the shipment of intermediate products [1] - It is anticipated that domestic raw materials will not arrive until the first quarter of 2026, and the tight supply of cobalt raw materials is expected to support prices, coupled with active downstream procurement [1] - As of November 28, 2025, the top ten weighted stocks in the China Rare Metals Theme Index accounted for 59.05% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1] Group 3 - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, serving as a convenient tool for investing in the rare metals sector [2] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688231 | 隆达股份 | 24.05 | -3.57% | 6.24万 | | 1.51亿 | | 688102 | 斯瑞新材 | 23.50 | -3.49% | 37.82万 | | 9.11亿 | | 688786 | 倪安新材 | 27.41 | -2.73% | 2.44万 | | 6722.93万 | | 603978 | 深圳新星 | 32.50 | -1.87% | - 16.17万 | | 5.36亿 | | 000633 | 台金投资 | 8.45 | -1.40% | 86.13万 | | 7.39 Z | | 300835 | 龙磁科技 | 61.30 | -0.66% | 3.11万 | | 1.91亿 | | 603124 | 江南新材 | 73.49 | -0.60% | 1.18万 | | 8724.10万 | | 688190 | 云路股份 | 98.80 | -0.59% | 5446.76 ...

Group 1: Rare Earths - The supply and demand for rare earths are both weak, with neodymium oxide prices rebounding by 3.94% to 566,500 CNY/ton [1] - Dysprosium oxide prices decreased by 1.99% to 1,480,000 CNY/ton, while terbium oxide prices fell by 0.84% to 6,525,000 CNY/ton [1] - Some production companies are controlling output due to cost pressures, and the recent raw material supply tightness has eased [1] - Downstream magnetic material companies have not seen a significant increase in order volumes, maintaining low demand levels, with price fluctuations expected [1] - Recommended companies to watch include Guangsheng Nonferrous, China Rare Earth, Northern Rare Earth, Jieli Permanent Magnet, Ningbo Yunsheng, and Zhenghai Magnetic Materials [1] Group 2: Molybdenum - Molybdenum prices are experiencing fluctuations, with molybdenum concentrate prices down by 2.69% to 3,615 CNY/ton and molybdenum iron (Mo60) prices down by 1.26% to 235,500 CNY/ton [2] - Supply signals for molybdenum concentrate are showing signs of contraction, while weak terminal demand is dragging down industry profitability [2] - The industry is facing a supply-demand tug-of-war, with short-term price adjustments expected [2] - Recommended company to watch is Jintong Molybdenum [2] Group 3: Tungsten - Tungsten prices have reached historical highs due to supply contraction and price increases for long-term contracts, with black tungsten concentrate prices up by 6.96% to 338,000 CNY/ton and ammonium paratungstate prices up by 4.10% to 495,000 CNY/ton [2] - The reduction in tungsten concentrate mining quotas and slowed production rates are tightening industry circulation [2] - Domestic demand remains stable, primarily driven by essential purchases, with PCB tool demand showing positive trends [2] - Companies to watch include Zhongtung High-tech, Xiamen Tungsten, Xianglu Tungsten, and Zhangyuan Tungsten [2] Group 4: Tin - Tin prices are strengthening due to ongoing supply disruptions, with SHFE tin prices up by 4.66% to 305,000 CNY/ton and LME tin prices up by 5.97% to 39,100 USD/ton [3] - Supply-side issues include deteriorating safety conditions in major tin mining areas in the Democratic Republic of Congo and ongoing crackdowns on illegal mining in Indonesia [3] - Traditional consumer electronics demand is weak, while emerging fields like AI are performing well, leading to strong price expectations [3] - Recommended companies to watch are Tin Industry Co., Huaxi Nonferrous, and Xingye Silver Tin [3] Group 5: Antimony - Antimony prices are showing signs of bottom reversal, with antimony ingot prices up by 9.52% to 172,500 CNY/ton and antimony concentrate prices up by 10.75% to 154,500 CNY/ton [3] - Antimony ingot production has rebounded, but overall operating rates remain low due to raw material shortages [3] - Expectations for export recovery are boosting terminal purchasing confidence, with tight inventories for antimony ore and ingots [3] - Companies to watch include Huaxi Nonferrous, Hunan Gold, and Huayu Mining [3]