机构指出，当前稀土板块攻守兼备，建议积极关注。 国泰海通证券指出，供需两端强催化共振，稀土磁材板块反转有望加速。国内两新政策预期仍持续发 酵，而稀土磁材作为人形机器人核心原材料之一，需求预期有望继续提振。 中信建投认为，稀土磁材用量将远超新能源汽车需求，远景空间非常广阔。当前稀土板块攻守兼备，建 议积极关注。 | 代码 | 名称 | 涨幅 | 现价 | | --- | --- | --- | --- | | 873305 | 九菱科技 | +23.05% | 41.32 | | 836961 | 西薩科技 | +14.32% | 38.57 | | 688077 | 大地熊 | +12.00% | 24.83 | | 836807 | 奔朗新材 | +10.64% | 11.33 | | 600281 | 华阳新材 | +10.12% | 4.68 | | 806109 | 京运通 | +10.08% | 2.62 | | 600392 | 盛和资源 | +10.02% | 11.64 | | 603072 大和砂材 | | +10.00% | 53.03 | | 600259 广晟有色 | | +9.00% ...

Group 1 - The A-share market saw a strong performance on May 6, with major indices rising and rare earth permanent magnet stocks experiencing significant gains, particularly the rare earth ETF (516150) which rose over 3.5% [1] - Key component stocks such as Jingyuntong, Shenghe Resources, and Guangsheng Nonferrous reached their daily limit, while stocks like Galaxy Magnetic, China Rare Earth, San Chuan Wisdom, and Antai Technology also showed notable increases [1] - The rare earth ETF closely tracks the CSI Rare Earth Industry Index, which consists of A-share listed companies involved in the rare earth industry, with a maximum of 50 constituent stocks [1] Group 2 - According to a report, the rare earth industry is expected to see improved performance in Q1 2025, with Northern Rare Earth forecasting a net profit attributable to shareholders of 429 million to 439 million yuan, representing a year-on-year increase of 11,468.78% to 11,738.45% [1] - Guangsheng Nonferrous also reported an expected net profit of 40 million to 50 million yuan for Q1 2025, indicating a turnaround from losses [1] - An industry insider noted that the overall activity in the rare earth market has improved compared to the same period last year, driven by tighter upstream raw material supply and stimulating policies for downstream consumption [1] Group 3 - CITIC Securities projected that China will import 133,000 tons of rare earths in 2024, with 77,300 tons being rare earth metal compounds primarily sourced from Myanmar, Laos, and Malaysia, and 55,600 tons of rare earth metal ores almost entirely from the United States [2] - It is anticipated that U.S. exports of rare earth concentrates to China will stagnate by 2025, with potential tightening of supply from Southeast Asia and increased domestic production and export controls [2] - The demand for humanoid robots is expected to surge, marking a significant year for the industry, which could lead to a substantial increase in rare earth demand [2] Group 4 - Zhongtai Securities indicated that rare earth prices are currently at a cyclical low, with import ores under control, leading to a more concentrated supply structure and a potential upward shift in price levels [2] - The humanoid robot market is projected to enter mass production by 2025, with a long-term sales forecast of 100 million units, translating to a demand of approximately 200,000 to 400,000 tons of rare earths, equivalent to creating a new rare earth permanent magnet market [2] - The overall trend for the rare earth sector appears to be positive in the medium to long term [2]

Group 1 - The ChiNext Index rose over 2%, and the Shenzhen Component Index increased by 1.5%, with sectors such as controllable nuclear fusion, rare earth permanent magnets, gold, and CPO leading the gains [1] Group 2 - The North Exchange 50 Index increased by over 2%, with Huiwei Intelligent reaching the daily limit, and Jiuling Technology rising over 20%, while several stocks including Ximic Technology and Chunguang Intelligent surged over 10% [2]

5月6日，A股三大指数集体高开。截至1 0 : 0 0，创业板指涨至1 . 4 3%。市场上，4 5 8 5只个股上 涨。 本期编辑 金珊 21君荐读 关于胖东来玉石，市监通报来了！此前被网红怼"玉石获百倍暴利" 深夜，伯克希尔大跌 雷军，职务调整！ 板块方面，黄金、稀土永磁、消费电子、服务器、CPO、算力、机器人、6G、金融科技指数 等纷纷走强。 其 中 ， 稀 土 永 磁 概 念 股 震 荡 走 高 ， 盛 和 资 源 涨 停 ， 九 菱 科 技 、 大 地 熊 、 龙 磁 科 技 、 广 晟 有 色、银河磁体、中国稀土涨超5%，中科三环、天和磁材、正海磁材等跟涨。 消息面上，截至5月1日，欧洲镝价已自4月初以来上涨两倍，达到8 5 0美元/公斤；铽价从9 6 5 美元/公斤上涨至3 0 0 0美元/公斤，累计涨幅超2 1 0%。 来源 | 财联社、Wi n d、公开信息等 SFC | 上证指数 | 北证50 深证成指 | | --- | --- | | 3297.87 | 10014.66 1355.19 +18.84 +0.57% +114.83 +1.16% +24.05 +1.81% | | 科创 ...

公 司 报 告 有色金属 2025 年 4 月 30 日 金力永磁（300748.SZ） 磁材产销回升，产能扩张推进 推荐（维持） 现价：20.28 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.jlmag.com.cn | | 大股东/持股 | 江西瑞德创业投资有限公司 | | | /28.21% | | 实际控制人 | 蔡报贵；胡志滨；李忻农 | | 总股本(百万股) | 1372 | | 流通 A 股(百万股) | 1134 | | 流通 B/H 股(百万股) | 228 | | 总市值（亿元） | 260 | | 流通 A 股市值(亿元) | 230 | | 每股净资产(元) | 5.23 | | 资产负债率(%) | 47.19 | 行情走势图 -40% -20% 0% 20% 40% 60% 80% 2024/06/24 2024/08/23 2024/10/22 2024/12/21 2025/02/19 2025/04/20 金力永磁 沪深300 相关研究报告 《金力永磁(300748.SZ)：业绩环比提升，稳 健成 长可 期》2024-10- ...

Core Viewpoint - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, but a net profit attributable to shareholders of 291 million yuan, a year-on-year decrease of 48.37% [1] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares (tax included) for 2024 [1] Financial Performance - In Q1 2025, the company achieved a revenue of 1.754 billion yuan, a year-on-year increase of 14.19%, and a net profit attributable to shareholders of 161 million yuan, a year-on-year increase of 57.85% [2] - For 2024, the company's net profit excluding non-recurring items was 170 million yuan, a year-on-year decrease of 65.49% [1] Production and Sales - The production of high-performance magnetic materials increased significantly in 2024, with a total production of approximately 29,300 tons, a year-on-year increase of 39.48%, and sales of approximately 20,900 tons, a year-on-year increase of 37.88% [3] - In Q1 2025, the company’s production capacity utilization exceeded 90%, with a production of approximately 8,770 tons of magnetic material blanks and 6,600 tons of finished magnetic materials, both showing over 40% growth compared to the same period last year [3] Pricing and Profitability - The average price of praseodymium-neodymium metal in 2024 was 490,000 yuan per ton, a year-on-year decrease of about 25%, leading to a reduction in gross margin by 4.94 percentage points to 11.13% [3] - In Q1 2025, the average price of praseodymium-neodymium metal rose to 528,000 yuan per ton, a year-on-year increase of 2.7% and a quarter-on-quarter increase of 11.5%, resulting in an increase in sales gross margin to 15.7% [3] Capacity Expansion - The company plans to invest in a new project to produce 20,000 tons of high-performance rare earth permanent magnet materials, with a construction period of 2 years, which will increase its annual production capacity to 60,000 tons [4] - A new production line in Mexico for 1 million sets of magnetic components is also progressing steadily, enhancing the company's product delivery capability to meet growing market demand [4] Investment Outlook - The company anticipates continued growth in performance due to the rapid increase in demand for rare earth permanent magnets and the successful implementation of new projects [4] - The net profit forecasts for 2025-2027 have been adjusted to 633 million, 802 million, and 987 million yuan, respectively, reflecting the company's leading technology and market share in high-end products [4]

人形机器人快速发展，稀土永磁材料需求或将快速增长。 因为 稀土资源作为重要战略资源，国内供给指 标趋严，叠加下游需求持续增长，行业供需改善，产业链长期价格和盈利中枢有望上移。 近期，中国对稀土实施出口限制，作为对美国关税的全面回应，限制了用于制造武器、电子产品和一系 列消费品的矿物供应。出口商现在必须向商务部申请许可证，这个过程可能需要六七周到几个月的时 间。 特斯拉首席执行官埃隆马斯克周二 表示，其擎天柱人形机器人的生产受到了中国稀土磁体出口限制的影 响。 他说，中国希望保证其稀土磁体不会用于军事用途，其尝试正在与中国相关方沟通，以获得使用稀 土磁体的出口许可证。 在特斯拉 2025 年第一季度更新报告中，公司刚刚首次向外界展示了 Optimus 人形机器人试生产线。 特斯拉表示，Optimus 的生产时间表保持不变，公司正朝着尽快生产出能够完成有用工作的首批人形机 器人的目标迈进。 ▍ 稀土永磁对人形机器人的意义 稀土永磁是由稀土元素制成的永磁材料，以其强大的磁性能在 电子、通信 、汽车、医疗和航空航天等领 域得到广泛应用。 这类材料通过将稀土金属（如钐、钕）与过渡金属（如铁、钴）混合，采用粉末冶金 方法 ...

Core Viewpoint - The surge in rare earth permanent magnet stocks is primarily driven by Tesla CEO Elon Musk's comments regarding the impact of China's export restrictions on rare earth magnets for the production of humanoid robots [1][2]. Group 1: Market Reaction - Rare earth permanent magnet stocks experienced a sharp increase, with Jinli Permanent Magnet rising over 10%, and other companies like Longmag Technology and Zhenghai Magnetic Materials also seeing gains of over 5% [1][2]. - The robotics sector also saw significant gains, with stocks like Yujian and Horizon Robotics increasing by over 13% and 14% respectively, indicating a strong market correlation between robotics and rare earth magnets [2]. Group 2: Supply Chain and Export Restrictions - China's recent export restrictions on rare earth materials are a response to U.S. tariffs, affecting the supply of minerals used in weapons, electronics, and consumer goods [2][4]. - Exporters now need to apply for licenses from the Chinese Ministry of Commerce, a process that could take several weeks to months, potentially impacting production timelines for companies reliant on these materials [2][4]. Group 3: Demand Forecast - Goldman Sachs predicts that humanoid robot shipments could reach 890,000 units by 2030, with a compound annual growth rate of 53% from 2025 to 2030 [3]. - The demand for rare earth permanent magnets in humanoid robots is estimated to be around 3.5 kg per robot, leading to a projected total demand of 3,115 tons by 2030 if the shipment target is met [4]. Group 4: Industry Dynamics - The use of rare earth permanent magnets in servo motors is crucial for the precise movement of humanoid robots, enhancing motor efficiency and control precision [4]. - China controls over 85% of global rare earth refining capacity, with the U.S. relying on China for 80% of its rare earth imports, highlighting the geopolitical implications of supply chain dependencies [4].

格隆汇4月23日｜A股市场稀土永磁板块拉升，其中，金力永磁(300748)涨超12%，龙磁科技涨超8%， 宜安科技(300328)涨7%，银河磁体(300127)、大地熊、正海磁材(300224)涨超5%，德宏股份(603701)、 九菱科技、宁波韵升(600366)、中科三环(000970)、中科磁业、英洛华(000795)涨超4%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 特斯拉马斯克22日表示，其"擎天柱"人形机器人的生产受到了中国对稀土磁体出口限制的影响。马斯克 说，中国希望保证其稀土磁体不用于军事目的。他补充说，特斯拉正在与北京方面合作，以获得使用稀 土磁体的出口许可证。 (责任编辑：宋政 HN002) | 代码 | 名称 | | 涨幅% ↓ | 总市值 | | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | 1 | 12.24 | 299 ...

Core Viewpoint - New Lai Fu is planning a significant acquisition by issuing shares and paying cash to acquire 100% equity of Jin Nan Magnetic Materials, which constitutes a related party transaction due to both companies being controlled by the same individual [2][4][6]. Company Overview - New Lai Fu, established in 1998, is a globally recognized supplier of electronic components for micro motors, with a strong market presence in flexible magnetic materials and ring-shaped varistor products [6]. - Jin Nan Magnetic Materials, founded in 2009, specializes in the production of magnetic materials and semiconductor discrete devices, with business operations similar to those of New Lai Fu [5][6]. Financial Performance - In 2023, New Lai Fu reported a revenue of 771 million yuan, a year-on-year increase of 7.88%, and a net profit of 138 million yuan, up 7.96% [8]. - For the first three quarters of 2024, the company achieved a revenue of 653 million yuan, reflecting a 15.75% year-on-year growth, and a net profit of 102 million yuan, which is a 5.26% increase [8]. Market Context - The rare earth permanent magnet sector, which includes New Lai Fu, has faced challenges, with a notable decline in profits reported by companies like Northern Rare Earth, indicating a broader market weakness [7]. - The recent trade tensions and export controls on rare earth materials may impact the performance of companies in this sector, including New Lai Fu [7]. Transaction Details - The acquisition of Jin Nan Magnetic Materials is expected to be a major asset restructuring, with New Lai Fu planning to raise matching funds for the transaction [4][6]. - The transaction has not yet disclosed specific details, but initial agreements have been signed with all shareholders of Jin Nan Magnetic Materials [4].