编号：2026-001 | 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 东方宝莲资产管理(北京)有限责任公司：杨荣培；北京现实元素信息科技有限公司： | | 人员姓名 | 姜隆；中国农业银行：郭彦刚；中积兴业建设集团有限公司：杜天柱；国都证券：杨 | | | 东雄；北京中金国联投资管理有限公司：时运文；首建投投资管理有限公司：谭健； | | | 平安银行北京分行：蒯媛 | | 时间 | 2026 年 1 月 8 日 | | 地点 | 北京 | | 上市公司接待人 | 田文斌、王依涵 | | 员姓名 | | | | 1、 公司如何判断未来稀土原材料价格走势？ | | | 答：稀土价格走势受供需情况、相关政策及行业发展等诸多因素影响。公司希望其在 | | | 合理价格保持相对稳定。 | | | 2、公司的生产基地有哪些？ | | | 答：目前公司的主要生产基地分别位于宁波、天津、赣州、上海和北京。 | ...

2025年12月30日稀土价格一览 2025年12月30日稀土价格一览 | | | 中钨在线稀土产品报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2025年12月30日 | | | | | 产品名称 | | 规格/含量/牌号 | 中钨在线报价 | 涨跌 | 車位 | | | 氧化铜 | La2O3/TREO 99.5-99.9% | 4,400.00 | 1 | 元/吨 | | | 氧化镇 | Eu2O3/TREO 99.95-99.99% | 170.00 | 1 | 元/千克 | | 轻 | 氧化墙 | Pr6011/TREO 99.0-99.9% | 616,000.00 | 1 6,000 | 元/吨 | | 稀 + | 氧化铵 | Nd2O3/TREO 99.0-99.9% | 613,000.00 | 1 8,000 | 元/吨 | | | 氧化错致 | (Nd2O2+PrcO11)/TREO≥75.0% | 610,000.00 | ↑ 16,000 | 元/吨 | | | 错纹变量 | Pr/TREM 20-25% | 740. ...

2025年12月17日稀土价格一览 | | | 中钨在线稀土产品报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2025年12月17日 | | | | | 产品名称 | | 规格/含量/牌号 | 中钨在线报价 | 涨跌 | 車位 | | | 氧化铜 | La2O3/TREO 99.5-99.9% | 4.400.00 | 1 | 元/吨 | | | 氧化镇 | Eu2O3/TREO 99.95-99.99% | 170.00 | - | 元/千克 | | 轻 稀 | 氧化错 | Pr6011/TREO 99.0-99.9% | 595,000.00 | 2,000 | 元/吨 | | t | 氧化紋 | Nd2O3/TREO 99.0-99.9% | 592,000.00 | 1,000 | 元/吨 | | | 氧化错效 | (Nd2O3+Pr6O11)/TREO≥75.0% | 579.000.00 | ¥ 1,000 | 元/吨 | | | 错钩变属 | Pr/TREM 20-25% Nd/TREM75-80% TREM298.5% | 70 ...

2025年12月10日稀土市场行情： 根据包头稀土产品交易所显示，今日稀土主流产品价格走势分化。氧化镨钕均价57.91万元/吨，下跌 0.26万元/吨；金属镨钕均价70.56万元/吨，下跌0.61万元/吨；氧化镝均价136.40万元/吨，上涨0.07万元/ 吨；氧化铽均价633.25万元/吨，下跌0.92万元/吨。今日询价氧化钕、氧化镨、氧化镧铈、氧化铕、氧 化钇等产品成交信息较少，请慎重参考。目前，镨钕市场延续弱稳走势，贸易商维持出货，下游维持低 价采购，同时上游现货供应偏紧，实际成交一般，商家议价僵持。中重稀土市场活跃度依旧偏低，下游 询价有限，价格保持弱稳。整体来看，稀土市场活跃度偏低，部分企业将工作重心向年末收尾转移，近 期稀土价格或保持弱稳走势。 A股市场部分稀土永磁概念股行情表现（2025年12月10日） 代码名称最新价（元）涨跌幅（%）成交额688456有研粉材51.475.362.38亿元002497雅化集团 21.974.1210.16亿元300706阿石创37.643.724.81亿元300835龙磁科技64.52.412.49亿元002738中矿资源 65.382.3815.07亿元 本 ...

行业研究 稀土磁材行业周报 镨钕受供给收紧支撑价格上行，中重稀土价格跌势延续 相关研究： | 《本周轻稀土链价格延续回升，中重稀土价 | | --- | | 格仍疲软》 20251130 | | 《本周行业延续跌势，轻稀土链价格回升》 | | 20251123 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2 -9 47 绝对收益 -3 -6 64 注：相对收益与沪深 300 相比 证券研究报告 2025 年 12 月 07 日 湘财证券研究所 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：本周稀土磁材行业上涨 3.47%，跑赢基准 2.19 pct 据 Wind 数据，本周1稀土磁材行业上涨 3.47%，跑赢基准（沪深 300）2.19 pct。行业估值（市盈率 TTM）回升 2.37x 至 74.16x，当前处于 87.3%2历 史分位。 ❑ 本周稀土精矿价格延续 ...

Core Insights - The rare earth market is experiencing a mixed price trend for mainstream products, with prices for praseodymium and neodymium oxide averaging 595,000 CNY/ton, down 1,200 CNY/ton, and praseodymium and neodymium metal averaging 721,300 CNY/ton, down 1,600 CNY/ton [1][1][1] - The overall supply of rare earths remains tight, leading to a stalemate in market transactions despite a decline in downstream purchasing volumes [1][1][1] - The A-share market shows positive performance for some rare earth permanent magnet concept stocks, with notable increases in stock prices and trading volumes [1][1][1] Price Trends - Praseodymium and neodymium oxide: 595,000 CNY/ton, down 1,200 CNY/ton - Praseodymium and neodymium metal: 721,300 CNY/ton, down 1,600 CNY/ton - Dysprosium oxide: 1,462,100 CNY/ton, down 7,500 CNY/ton - Terbium oxide: 6,456,400 CNY/ton, down 18,600 CNY/ton [1][1][1] Market Activity - Downstream acceptance of current prices is low, leading to reduced purchasing activity [1][1][1] - The mid-heavy rare earth market is underperforming with low activity levels and stable prices [1][1][1] - Recent rapid price increases for praseodymium and neodymium products have made merchants cautious about purchasing high-priced goods [1][1][1] A-share Market Performance - 华新环保 (Hua Xin Environmental Protection): Latest price 12.91 CNY, increase 6.78%, trading volume 285 million CNY - 彤程新材 (Tong Cheng New Materials): Latest price 45.35 CNY, increase 6.31%, trading volume 2.47 billion CNY - 金风科技 (Goldwind Technology): Latest price 15.67 CNY, increase 4.19%, trading volume 2.1 billion CNY - 德宏股份 (Dehong Co.): Latest price 18.5 CNY, increase 3.64%, trading volume 87.16 million CNY - 卧龙新能 (Wolong New Energy): Latest price 8.12 CNY, increase 2.92%, trading volume 399 million CNY [1][1][1]

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周轻稀土链价格延续回升，中重稀土价格仍疲软 相关研究： | 《本周行业延续跌势，轻稀土链价格回升》 | | | --- | --- | | 20251123 | | | 《本周行业继续调整，产业链价格短期转 | | | 弱》 | 20251116 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -8 -18 50 绝对收益 -11 -17 67 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 ◆ 基本面变化。稀土环节，供应端总体呈现偏紧态势，部分分离企业因 检修或原料问题开工率有所下降，导致氧化物现货供应偏紧；金属厂 整体生产稳定，但头部企业散单流出减少，多以长协订单为主，金属 端现货仍有一定支撑。需求端，磁材企业保持较高开工率，国内订单 稳定，同时海外市场需求正逐步恢复， ...

Investment Rating - The industry rating is maintained at "Overweight" [3][10][44] Core Views - The rare earth magnetic materials industry experienced a decline of 10.58% this week, underperforming the benchmark (CSI 300) by 9.77 percentage points. The industry valuation (TTM P/E) decreased by 12.95 to 92.24x, currently at 95.8% of its historical percentile [5][12] - Light rare earth prices continued to decline, while medium and heavy rare earth prices remained strong. Prices for praseodymium and neodymium continued to fall, while dysprosium and terbium prices increased. The price of sintered neodymium-iron-boron blanks rose initially and then stabilized [6][9][39] - Supply tightness in the rare earth sector persists, with expectations of continued supply contraction due to total quantity control measures and restrictions on imports from Myanmar and the U.S. Demand is gradually being released, with good order volumes for magnetic material companies in August and September [10][43] Summary by Sections Industry Performance - The rare earth magnetic materials industry saw a relative return of 15% over one month, 49% over three months, and 119% over twelve months. Absolute returns were 24%, 64%, and 156% respectively [4] Price Trends - Light rare earth ore prices fell by 2.44% to 40,000 CNY/ton, while medium and heavy rare earth ore prices showed resilience, with medium yttrium-rich europium ore prices rising by 1.83% to 223,000 CNY/ton [9][14] - Praseodymium and neodymium prices fell by 2.93% and 2.29% respectively, while dysprosium and terbium prices increased by 1.24% and 3.61% respectively [19][23] Investment Recommendations - The report suggests focusing on upstream rare earth resource companies due to expectations of supply contraction and potential demand increases from relaxed export controls. It is recommended to pay attention to downstream magnetic material companies with good customer structures and full capacity utilization, such as Jinli Permanent Magnet [10][44][45]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.01%, the Shenzhen Component Index down 0.06%, and the ChiNext Index down 0.37% [1] - The pet economy and China Shipbuilding Industry Group sectors saw significant gains, while sectors like fiberglass, securities IT, and computing power chips experienced declines [1] Index Performance - Shanghai Composite Index: 3728.49, up 0.01%, with a trading volume of 99.26 billion [2] - Shenzhen Component Index: 11827.90, down 0.06%, with a trading volume of 130.86 billion [2] - ChiNext Index: 2596.58, down 0.37%, with a trading volume of 57.34 billion [2] - Northbound 50 Index: 1587.33, up 0.68%, with a trading volume of 5.06 billion [2] External Market - US stock indices closed nearly flat, with the Dow Jones down 34.30 points (0.08%), the Nasdaq up 6.80 points (0.03%), and the S&P 500 down 0.65 points (0.01%) [3] - Investors are awaiting earnings reports from major retailers and the upcoming Jackson Hole global central bank conference [3] - The Nasdaq Golden Dragon China Index rose 0.12%, with mixed performance among popular Chinese concept stocks [3] Institutional Insights - CICC reports that A-shares are currently reasonably valued, with the CSI 300 dynamic P/E ratio around 12.2 times, indicating no significant overvaluation [4] - The total market capitalization of A-shares is approximately 100 trillion yuan, with a GDP ratio that remains relatively low compared to major global markets [4] - Huatai Securities highlights that the brokerage sector is undervalued and expects a value reassessment as market conditions improve [5] - Galaxy Securities anticipates that rare earth magnetic materials will see performance improvements in Q3 due to rising demand and supply constraints [6][7] Sector Opportunities - Open Source Securities notes that strong automotive manufacturers and high-growth robotics component companies are likely to benefit significantly from the commercialization of intelligent driving [9]

Core Viewpoint - The company expresses a positive outlook on future rare earth prices, influenced by supply-demand dynamics and government policies [1] Group 1: Market Dynamics - Since the beginning of the first quarter, the rare earth market has shown better activity compared to the same period last year, driven by tighter upstream raw material supply and stimulating consumption policies [1] - In April and May, rare earth prices experienced a brief decline due to international environmental factors, but the clarity of national policies has increased attention on the rare earth industry, leading to a rise in product prices [1] Group 2: Company Performance - The company's subsidiary, Inner Mongolia Northern Rare Earth Magnetic Materials Co., Ltd., currently has a relatively full order book, indicating strong demand for its products [1]