Core Viewpoint - The event organized by China Merchants Securities aimed to enhance investor understanding of the capital market and identify long-term investment opportunities, showcasing Ningbo Yunsheng's achievements and technological innovations in the rare earth permanent magnet materials sector [1][7]. Company Overview - Ningbo Yunsheng has been a leader in the rare earth permanent magnet industry for 30 years, establishing five differentiated advantages: stable industrial layout, technological innovation, wide product applications, excellent manufacturing capabilities, and distinct corporate culture [2]. - The company is the first private rare earth permanent magnet materials company listed in China and has played a significant role in formulating national standards for magnetic materials and permanent motors [2]. Production Process - Investors witnessed the entire production process at Ningbo Yunsheng's factory, from raw material processing to finished product delivery, highlighting advanced production techniques and strict quality control [3]. - The company has achieved significant technological breakthroughs in NdFeB permanent magnet materials, enhancing product magnetic performance and high-temperature resistance, particularly with its innovative spliced magnetic steel components [3]. Industry Interaction - Investors engaged in discussions with the management regarding the company's overseas market expansion strategies, emerging field layouts, and future development plans, gaining clearer insights into the company's operational strategies [4]. - Ningbo Yunsheng is actively pursuing international strategies, establishing a comprehensive global supply chain, with production bases in Ningbo and Baotou, and sales subsidiaries in Germany and the USA to expand its international market presence [4]. - The company has a broad overseas business layout, with clients across multiple countries, effectively managing challenges posed by geopolitical and trade policy complexities through diversified market strategies [4]. Future Developments - In the humanoid robot sector, Ningbo Yunsheng began developing relevant magnetic materials in 2023, collaborating closely with downstream customers to optimize product performance and quality [5]. - The company is also monitoring developments in the low-altitude economy, anticipating sustained demand for high-performance magnetic materials as applications for drones and general aviation expand [5]. Conclusion - The event facilitated a deep understanding of Ningbo Yunsheng's operational status and development strategies, emphasizing the company's commitment to sustainable development and the transition of the magnetic materials industry towards high-end applications and green transformation [7].

Core Insights - The Chinese government has granted general export licenses to companies including Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng, facilitating the export of rare earth permanent magnets [2] - The Ministry of Commerce stated that compliant export applications for civilian use are being approved promptly, and measures like general licenses are being utilized to promote compliant trade in dual-use items [2] - The application of general licenses is expected to simplify the export process for rare earth permanent magnet companies, accelerating delivery speeds and supporting the recovery of downstream demand in the industry [2] Company Performance - The rare earth permanent magnet sector saw a significant increase in stock prices, with Ningbo Yunsheng reaching the daily limit, Jinli Permanent Magnet rising over 10%, and other companies like Zhongke Sanhuan, Jiuling Technology, Zhongke Magnetic Industry, Guangsheng Nonferrous, and Galaxy Magnet also experiencing gains [2][4]

盘面上，截至发稿， 金力永磁涨超10%， 宁波韵升涨停， 中科三环大涨超9%，银河磁体、中科磁业 跟涨。 | 编辑 ｜ 钉钉 | | --- | 有业内人士表示，通用许可证的应用将简化稀土永磁企业出口流程，加快交付速度，利于稀土永磁行业 下游需求恢复。 据新华社此前报道，商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制 工作。只要是用于民用用途的、合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适 用通用许可等便利化措施，促进两用物项合规贸易，切实维护全球产供链安全稳定。 12月5日，据上海证券报报道，记者从知情人士处获悉，金力永磁、中科三环、宁波韵升已获得通用出 口许可证。 ...

Core Viewpoint - The A-share market has seen a significant rise in rare earth stocks, driven by the acquisition of general export licenses by key companies, which is expected to streamline export processes and boost downstream demand in the rare earth permanent magnet industry [1] Group 1: Company Performance - Jinli Permanent Magnet has surged over 14% in stock price, with a year-to-date increase of 111.17% and a total market capitalization of 514 billion [2] - Ningbo Yunsheng's stock rose by 10.03%, with a year-to-date increase of 91.54% and a market cap of 154 billion [2] - Zhongke Sanhuan's stock increased by 8.27%, with a year-to-date rise of 31.58% and a market capitalization of 166 billion [2] - Other companies such as Huicheng Environmental Protection, Jiuling Technology, and Galaxy Magnet also experienced notable gains [1] Group 2: Industry Impact - The issuance of general export licenses for Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng is expected to simplify export processes and accelerate delivery speeds, positively impacting the recovery of downstream demand in the rare earth permanent magnet sector [1]

2、公司主要从事稀土氧化物、稀土金属、稀土深加工产品经营及贸易，以及稀土技术研发、咨询服 务。公司主导产品包括高纯的单一稀土氧化物及稀土共沉物产品，其中80%以上的产品纯度大于 99.99%，高纯氧化镧、高纯氧化钇等部分稀土氧化物纯度可达99.9999%以上。 3、公司最终控制人为国务院国有资产监督管理委员会 4、公司为中字头股票，公司实控人为国资委或中央国有企业或中央国家机关。 来源：新浪证券-红岸工作室 12月4日，中国稀土跌2.30%，成交额11.99亿元，换手率2.46%，总市值486.99亿元。 异动分析 稀土永磁+小金属概念+央企国企改革+中字头股票+国企改革 1、公司主要从事稀土氧化物等产品的生产运营，以及稀土技术研发、咨询服务。 主力没有控盘，筹码分布非常分散，主力成交额5.17亿，占总成交额的9.06%。 技术面：筹码平均交易成本为51.38元 该股筹码平均交易成本为51.38元，近期筹码关注程度减弱；目前股价靠近支撑位45.88，注意支撑位处 反弹，若跌破支撑位则可能会开启一波下跌行情。 公司简介 资料显示，中国稀土集团资源科技股份有限公司位于江西省赣州市章贡区章江南大道18号豪德银座A栋 ...

来源：新浪证券-红岸工作室 12月3日，中国稀土涨0.60%，成交额12.54亿元，换手率2.50%，总市值498.46亿元。 异动分析 稀土永磁+小金属概念+央企国企改革+中字头股票+国企改革 1、公司主要从事稀土氧化物等产品的生产运营，以及稀土技术研发、咨询服务。 2、公司主要从事稀土氧化物、稀土金属、稀土深加工产品经营及贸易，以及稀土技术研发、咨询服 务。公司主导产品包括高纯的单一稀土氧化物及稀土共沉物产品，其中80%以上的产品纯度大于 99.99%，高纯氧化镧、高纯氧化钇等部分稀土氧化物纯度可达99.9999%以上。 3、公司最终控制人为国务院国有资产监督管理委员会 4、公司为中字头股票，公司实控人为国资委或中央国有企业或中央国家机关。 今日主力净流入6814.57万，占比0.06%，行业排名6/25，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入34.28亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入6526.49万2340.75万3567.47万-2.44亿-5.33亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3.86亿，占总 ...

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down by 0.55%, the Shenzhen Component Index down by 0.77%, and the ChiNext Index down by 0.88% [1] - The trading volume in the Shanghai and Shenzhen markets reached 10,560 billion yuan, a decrease of 1,807 billion yuan compared to the previous day [1] - Over 3,900 stocks in the market experienced declines [1] Sector Performance - The sectors that saw gains included pharmaceutical commerce, Fujian, Hainan Free Trade Zone, tourism and hotels, AI mobile phones, real estate, and coal mining and processing [1] - Conversely, sectors that weakened included lithium battery electrolyte, CRO, GPU, rare earth permanent magnets, superhard materials, servers, robotics, and photolithography concept stocks [1] ETF Performance - The Invesco Great Wall Fund S&P Consumer ETF rose by 1.59%, driven by strong U.S. Black Friday consumer data [1] - Hong Kong dividend stocks performed well, with the China Merchants Fund Hong Kong Dividend Low Volatility ETF, Huatai-PB Fund Hong Kong Dividend Low Volatility ETF, and E Fund Hang Seng Dividend Low Volatility ETF increasing by 1.46%, 1.36%, and 1.22% respectively [1] - The S&P Biotechnology ETF fell by 2.2%, while the rare earth sector ETFs, including the Harvest Rare Earth ETF, also declined by 2% [1] - The robotics sector ETFs, including the Invesco Robotics ETF and E Fund Robotics ETF, decreased by 1.97% and 1.94% respectively [1]

Core Viewpoint - The rare earth permanent magnet sector is experiencing a significant upward trend, driven by macroeconomic factors and policy support, indicating a potential new growth cycle for the industry in 2025 [1]. Group 1: Market Performance - As of December 1, 2025, the China Securities Rare Earth Industry Index rose by 2.31%, with key stocks such as Northern Rare Earth increasing by 4.80%, and others like Jinchao Wanfang and China Aluminum also showing strong gains [1]. - The overall market sentiment is optimistic due to anticipated interest rate cuts by the Federal Reserve in 2024 and domestic policies aimed at stabilizing growth, which are expected to boost the non-ferrous metals industry [1]. Group 2: Industry Outlook - Analysts predict that the rare earth sector will benefit from a recovery in macroeconomic expectations post-Geneva Agreement in 2025, alongside supply chain disruptions and liquidity easing, leading to improved metal prices and corporate profitability [1]. - The demand for rare earths is expected to remain stable due to traditional applications, while new demands from humanoid robots and low-altitude economies are anticipated to emerge [1]. Group 3: Policy and Supply Dynamics - Domestic supply control measures are being strengthened, which is likely to enhance industry concentration and solidify China's global monopoly in the rare earth supply chain [1]. - The strategic value of rare earths is increasing, which is expected to elevate industry valuations and improve the profitability of rare earth magnetic material companies [1]. Group 4: Investment Tools - The Jiashi Rare Earth ETF (516150) closely tracks the China Securities Rare Earth Industry Index, providing a convenient investment tool for exposure to the domestic rare earth industry [2]. - Investors can also access rare earth investment opportunities through the Jiashi Rare Earth ETF Connect Fund (011036) [2].

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., is experiencing growth in revenue and profit, driven by its operations in gold and non-ferrous metal mining, alongside benefits from the depreciation of the RMB [9][4]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. is located in Inner Mongolia and was established on June 22, 1998. It was listed on April 14, 2004. The main business involves gold and non-ferrous metal mining and resource recycling [8]. - The company's revenue composition includes 90.03% from gold, 3.76% from electrolytic copper, and smaller percentages from other products such as zinc concentrate and rare earth products [8]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 8.644 billion yuan, representing a year-on-year increase of 38.91%. The net profit attributable to shareholders was 2.058 billion yuan, up 86.21% year-on-year [9]. - The company has distributed a total of 387 million yuan in dividends since its A-share listing, with the same amount distributed over the past three years [10]. Market Activity - On November 26, the stock price of Chifeng Gold increased by 0.20%, with a trading volume of 897 million yuan and a turnover rate of 1.75%. The total market capitalization stands at 58.4 billion yuan [1]. - The company has seen a net inflow of 6.0247 million yuan from main funds today, indicating a slight increase in investment interest [5][6]. Operational Highlights - The company operates the Tianbaoshan zinc-lead-copper-molybdenum polymetallic mine, with products priced based on market rates for metals like zinc and lead [2]. - The overseas revenue accounts for 69.11% of total revenue, benefiting from the depreciation of the RMB [4]. Strategic Developments - The company is collaborating with Xiamen Tungsten Co., Ltd. to develop rare earth resources in Laos, with a project that estimates a resource volume of approximately 101 million tons of ore and 25,500 tons of rare earth oxides [4].

Core Viewpoint - Dadi Bear's stock price has shown a significant increase of 52.77% year-to-date, despite recent declines in the short term, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of November 25, Dadi Bear's stock price rose by 2.01% to 31.42 CNY per share, with a total market capitalization of 3.597 billion CNY [1]. - Year-to-date, Dadi Bear's stock has increased by 52.77%, but it has experienced a slight decline of 0.19% over the last five trading days, 9.14% over the last 20 days, and 17.90% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Dadi Bear achieved a revenue of 1.186 billion CNY, representing a year-on-year growth of 21.99%, and a net profit attributable to shareholders of 43.1814 million CNY, up 51.85% year-on-year [2]. - Since its A-share listing, Dadi Bear has distributed a total of 173 million CNY in dividends, with 90.5285 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Dadi Bear had 11,000 shareholders, a decrease of 8.99% from the previous period, with an average of 10,401 circulating shares per shareholder, an increase of 9.88% [2]. - The ninth largest circulating shareholder is the Jiashi Zhongzheng Rare Earth Industry ETF, which holds 755,900 shares as a new shareholder [3]. Group 4: Business Overview - Dadi Bear, established on November 4, 2003, and listed on July 22, 2020, specializes in the research, production, and sales of sintered neodymium-iron-boron rare earth permanent magnet materials, with 81.34% of its revenue coming from this segment [2]. - The company operates within the non-ferrous metals sector, specifically in the metal new materials and magnetic materials sub-industry, and is associated with concepts such as humanoid robots and rare earth permanent magnets [2].