证券研究报告 | 2025年6月15日 估值周观察(6月第3期) 稀土永磁表现突出 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.9-2025.6.13）海外市场整体回调，估值温和收缩。海外市场整体回调，但韩国市场持续上涨，韩国综合指数和 KOSPI50指数分别上涨2.94%和2.48%；香港市场持续回暖，恒生中型股全球领涨，上涨3.94%。美国主要指数小幅下跌1%左右；德 国DAX指数领跌，下跌3.24%。估值方面变化温和（幅度基本不超过1x）。德国DAX指数明显下跌，但PE扩张0.52x；韩国KOSPI50指 数上涨，但PE收缩0.69x，两者盈利有所修复。其余市场PE变化和指数涨跌方向保持一致。港股除恒生科技指数，其余指数的估值分 位数均在95%左右， ...

Domestic News - The State Council held a meeting to promote the replication of pilot measures from the China (Shanghai) Free Trade Zone and discussed optimizing drug and consumable procurement [2] - The People's Bank of China reported that in the first five months, RMB loans increased by 10.68 trillion yuan, with corporate loans accounting for 9.8 trillion yuan [2] - The total social financing scale increased by 18.63 trillion yuan in the first five months of 2025, which is 3.83 trillion yuan more than the same period last year [2] - The China Securities Regulatory Commission announced new regulations for program trading in the futures market, effective from October 9, 2025, to enhance oversight and ensure market order [2][3] - The Guangzhou government proposed a plan to boost consumption, including measures to cancel real estate purchase restrictions and reduce loan down payment ratios [3] Company Announcements - Huayang New Materials stated that it does not possess rare earth permanent magnet attributes [5] - Dongshan Precision plans to invest up to 5.935 billion yuan in Solstice Optoelectronics to expand its optical communication layout [5] - ST Haicheng will repurchase shares worth 30 to 50 million yuan during the delisting period [5] - Honghui Fruits and Vegetables announced a change in its controlling shareholder to Shenze Ruitai, with stock resuming trading [5] - Vision China is introducing investors to increase capital by 100 million yuan in its subsidiary to accelerate its layout in AI [5]

Group 1 - The State Council, led by Li Qiang, is focusing on constructing a new model for real estate development and promoting the construction of quality housing [1] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation with a six-month term, indicating ongoing liquidity support in the market [2] - As of the end of May, the broad money supply (M2) reached 325.78 trillion yuan, growing by 7.9% year-on-year, with significant increases in loans and social financing [3] Group 2 - Jiangsu Yancheng plans to establish a comprehensive football competition system by 2027, including the construction of 100 standardized football fields and the organization of 100 brand events [4] - Huayang New Materials, which has seen a three-day stock surge, clarified that it does not possess rare earth permanent magnet attributes [5] - Beikong Technology, experiencing a five-day stock surge, stated that its rare earth permanent magnet material business currently only has small-scale production capabilities [5] - Hars, which has seen an eight-day stock surge, announced the termination of its collaboration with Pop Mart [5]

Mergers and Acquisitions - *ST Shengxun plans to acquire 51% equity of Zhejiang Zhongchen Urban Emergency Service Management Co., Ltd. for 28.05 million yuan to strengthen its capabilities in the fire emergency sector and support its integrated safety and emergency layout [1] - Yishijing Precision intends to purchase 51% equity of Tongyihe for no more than 163 million yuan, with the cash payment approved during the board meeting on June 13 [2] - Haikou Group disclosed progress on its major asset restructuring, aiming to acquire control of Hainan Travel Investment Duty-Free Goods Co., Ltd. The company faces challenges due to intense competition in the domestic duty-free market and slowing consumer demand [3] Shareholding Changes - Jinfei Kaida's controlling shareholder has cumulatively increased its stake by 1.94%, acquiring 11.656 million shares for a total amount of 54.9819 million yuan from December 12, 2024, to June 12, 2025 [4] - Kailer Co., Ltd.'s board secretary plans to increase shareholding by no less than 1 million yuan within six months from the announcement date [5] - Huayi Technology's subsidiary plans to reduce its stake by no more than 0.83%, equivalent to 121.68 million shares, within three months following the announcement [6] Risk Matters - Fangda Special Steel received a warning letter from the Jiangxi Securities Regulatory Bureau for not prudently recognizing revenue in 2024, leading to inaccuracies in its financial reports [7] - Huayang New Materials clarified that it does not possess rare earth permanent magnet attributes, despite significant stock price increases and media reports suggesting otherwise [8] - Beikong Technology stated that its rare earth permanent magnet materials business only has small-scale production capabilities, contributing less than 1% to its revenue, with limited short-term impact on performance [9][10]

欧洲主要股指开盘普跌，截至发稿，欧洲斯托克50指数、德国DAX30指数、法国CAC40指数均跌超1%。 美股盘前交易时段，三大股指期货普遍下跌，标普500期货小型、纳斯达克100期货小型，道琼斯期货小型均跌超1%。 | < W | 纳斯达克100期货小型 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | NQ.CME | | | | | | | | 21657.25 ª€ | | | 21932.50 | 总手 | | 11.28万 | | | -275.25 | -1.25% 升益 | | 21909.00 | 现手 | | 1 | | | 最高价 | 21915.75 | 仓 持 | 26.78万 | 外 盘 | | 5.39万 | | | 最低价 | 21471.00 | 增 仓 | 2445 | 内 盘 | | 5.88万 | | | 结算价 | 21932.50 | 估结算 | | 基 差 | | 0.00 | | | 分时 | 五日 | 日K | 周Ｋ | 月Ｋ | 电子 | (0) | | | 晉加 | | | ...

Group 1 - The number of stocks with consecutive limit-up trading reached a one-month low, with only 8 stocks remaining, down from 18 in the previous trading day, indicating a significant decrease in market momentum [1] - The market's limit-up stock advancement rate was 27.78%, excluding ST and delisted stocks, reflecting a decline in investor enthusiasm [1] - The energy sector, particularly oil and gas, saw substantial gains, with WTI crude oil futures experiencing a spike of 13.00% during the day [1] Group 2 - The top-performing stocks included Keli Co., which hit a 30% limit-up, and Tongyuan Petroleum, Xinjin Power, and Deshi Co., which all reached a 20% limit-up [1] - The nuclear pollution prevention sector also performed well, with stocks like Jieqiang Equipment, Hengguang Co., and Zhongjin Irradiation achieving a 20% limit-up [1] - Notably, the Iranian Natanz nuclear facility experienced another explosion, contributing to the heightened interest in related sectors [1]

6月13日周五，A股全线低开，三大股指早盘下跌，油气和黄金股逆势上涨。港股恒指、恒科指低开，恒科指跌超1%，科网股、汽车股普跌，新 消费股走强，泡泡玛特、老铺黄金涨势居前。商品方面，国内能源期货大涨，原油主力合约涨停。债市方面，国债期货走势分化，30年期主力合 约跌0.02%。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | AVA | 3383.01 | -19.65 | -0.58% | | 399001 | 深证成指 | mary | 10149.95 | -84.38 | -0.82% | | 399006 | 创业板指 | | 2050.85 | -16.30 | -0.79% | | 000300 | 沪深300 | | 3869.31 | -22.89 | -0.59% | | 000016 | 下班50 | Vin | 2675.59 | -15.68 | -0.58% | | 000680 | 科创综指 | hour | 1178.90 | -11 ...

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3402.66, with a slight increase of 0.01% [3] - The Shenzhen Component Index closed at 10234.33, showing a decrease of 0.11% [3] - The ChiNext Index closed at 2067.15, reflecting an increase of 0.26% [3] - The Hang Seng Futures Index closed at 31013.11, with a decline of 1.2% [3] Macro News Summary - The central bank and foreign exchange bureau are increasing financial support for cross-strait integration development [5] - The Ministry of Industry and Information Technology supports automotive companies in adhering to a payment term of no more than 60 days [5] - The National Development and Reform Commission emphasizes the coordination of economic reforms with education, technology, and talent [5] Industry Latest Developments - A solid-state battery conference is scheduled for next week, indicating the industry is on the verge of mass production, with related stocks including Honggong Technology and Guoxuan High-Tech [6] - The biomanufacturing sector is receiving policy support for the establishment of pilot platforms, with related stocks including Huaxi Biological and Chuaning Biological [6] - The stablecoin market is experiencing rapid growth, with increasing activity in cross-border payment applications, related stocks include Newland and Dongxin Peace [6] Company Focus - Xidian Co., Ltd. is the first domestic company to achieve industrial application of 12-inch wafer probe stations [7] - Antarctic Light is currently the only LCD backlight module supplier certified by Nintendo, maintaining a stable position in the Switch 2 backlight module supply [7] - Jin Modern has adapted its low-code development platform to the DeepSeek large model [7] - Lanshi Heavy Industry's wholly-owned subsidiary plans to acquire 100% equity of Qingdao Equipment for 99.9821 million yuan, enhancing its nuclear equipment manufacturing capabilities [7] Market Review and Outlook - On June 12, the market opened slightly lower and exhibited a fluctuating pattern, with the Shanghai Composite Index briefly falling below 3400 points before recovering [8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 16.3 billion yuan from the previous trading day [8] - Sectors with notable gains included precious metals, beauty care, jewelry, diversified finance, and cultural media, while shipping ports, liquor, electronic chemicals, and coal sectors faced declines [8] - The report indicates a cautious outlook for the market, with a potential for further consolidation, while maintaining a bullish medium-term perspective [8]

Macro Dynamics - The central bank governor Pan Gongsheng held the first annual meeting with ECB president Christine Lagarde, discussing economic and financial conditions, international monetary system reform, and global financial regulation [1] - A memorandum of understanding was signed to establish an annual meeting mechanism between the two central banks, enhancing cooperation in information sharing, policy communication, and technical collaboration [1] Financial Institutions - Xinhua Insurance plans to invest no more than 15 billion yuan in a private equity fund initiated by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd., with a fund duration of 10 years focusing on large listed companies in the CSI A500 index [5] Market Data - The ChiNext Index rose by 0.26%, with the overall market showing mixed performance; the total market turnover was approximately 1.3 trillion yuan [6] - The financing balance of the two markets increased by 1.841 billion yuan, with the Shanghai Stock Exchange reporting a balance of 913.354 billion yuan and the Shenzhen Stock Exchange reporting 887.729 billion yuan [7][8] Company Dynamics - Longi Green Energy announced a record efficiency of 33% for its large-area silicon-perovskite tandem solar cells, and the efficiency of its BC battery modules has surpassed 26% [10] - Alibaba's Tongyi Qianwen and DeepSeek ranked in the top ten of the global AI open-source contribution list, with Alibaba being the highest-ranked Chinese team [11] - GAC Group launched its first mass-produced flying car, GOVY AirCab, with a planned price of no more than 1.68 million yuan, set to begin operations in the Guangdong-Hong Kong-Macao Greater Bay Area [13]

Group 1 - The core viewpoint of the article highlights a strong performance in the IP economy sector, with a notable increase in the number of stocks reaching their upper price limits, indicating a resurgence of investor interest [1] - A total of 65 stocks hit the daily limit, with 18 stocks classified as consecutive limit-up stocks, resulting in a promotion rate of 50% for these stocks [1] - The article notes that Yiming Pharmaceutical achieved a remarkable 7 consecutive limit-ups, while other stocks like Anglikang and Jinying Co. experienced a halt in their upward momentum, reflecting a lack of enthusiasm among investors for high-priced stocks [1] Group 2 - The IP economy concept has regained strength, with stocks like Yuanlong Yatu and Guangdong Media showing significant performance, achieving multiple consecutive limit-ups [1] - Specific stocks such as New Beiyang and Hars have also seen promotions, indicating a broader trend within the IP economy and related sectors [1] - The article mentions that the demand for products from Pop Mart has significantly outpaced supply chain responses, suggesting potential growth opportunities in the market [1]