上述项目符合国家相关产业政策及行业发展趋势，项目的建设将进一步提升公司高性能稀土永磁材料产 能和稀土永磁材料设备产能。天之和研制的生产设备在满足公司使用的基础上，择机面向市场出售，其 业务范围将得到拓展，有利于进一步加强其盈利能力。上述项目的建设有利于公司完善产业布局，满足 下游市场在新能源汽车及汽车零部件、风力发电、节能家电、3C消费电子、机器人、低空经济等领域 订单需求。项目建成投产后，有助于扩大公司业务规模，进一步增强公司的整体盈利能力，提高市场竞 争能力和抗风险能力，符合公司的长远规划和战略布局。 智通财经APP讯，天和磁材(603072.SH)发布公告，积极响应国家关于全力建设"两个稀土基地"的政策， 根据公司战略发展规划，公司全资子公司包头天和新材料科技有限公司(简称"天和新材料")拟以自有资 金及/或自筹资金投资建设"高性能稀土永磁及组件、装备制造与研发项目"，项目总投资预计8.5亿元;公 司全资子公司包头市天之和磁材设备制造有限公司(简称"天之和")拟以自有资金及/或自筹资金投资建 设"高性能稀土永磁生产设备制造与研发项目"，项目总投资预计不超过5000万元。 ...

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of September 26, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.43%, Shenzhen Component Index 1.76%, CSI 300 0.95%, CSI 500 1.37%, CSI 1000 2.08%, CSI 2000 3.67%, ChiNext Index 2.60%, and STAR 50 Index 1.60% [6][24] - The sectors closest to their 250-day new highs include power equipment and new energy, non-ferrous metals, electronics, media, and machinery, while food and beverage, banking, coal, transportation, and comprehensive finance are further away [24] Group 2 - A total of 1,233 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the electronics, machinery, and basic chemicals sectors [13][24] - The highest proportion of new high stocks is found in non-ferrous metals (54.84%), electronics (37.45%), and power equipment and new energy (31.09%) [13][24] - The technology and manufacturing sectors had the most new high stocks this week, with 386 and 358 stocks respectively [15][24] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [25] - The technology sector had the most stable new high stocks, particularly in the electronics industry, while the manufacturing sector had the most in the machinery industry [20][25]

证券研究报告 | 策略点评 2025 年 09 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250926 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指跌 0.65%，收报 3828.11 点；深证成指跌 1.76%，收报 13209.00 点；科创 50 跌 1.60%，收报 1450.82 点；创业板指跌 2.60%，收报 3151.53 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 3412 只个股下跌，1801 只个股上涨，216 只个股 收平。沪深两市今日成交额合计 21469 亿元，较上个交易日缩量 2242.05 亿 元。 行业涨跌情况：今日申万一级行业涨少跌多，石油石化、环保、公用事业、 农林牧渔、房地产、钢铁等行业涨幅靠前，计算机、电子、传媒、通信、机 械设备、医药生物等行业跌幅靠前。 板块涨跌情况：今日涨幅居前概念板块为化学纤维精 ...

9月26日，电气风电跌5.23%，截至发稿，报23.54元/股，成交11.94亿元，换手率3.53%，总市值313.87 亿元。 资料显示，上海电气风电集团股份有限公司位于上海市徐汇区漕宝路115号，成立日期2006年9月7日， 上市日期2021年5月19日，公司主营业务涉及风力发电设备设计、研发、制造和销售以及后市场配套服 务。主营业务收入构成为：销售产品92.60%，提供服务5.29%，电力销售1.42%，其他(补充)0.68%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓电气风电。国泰君安上证科创板综合价格指数增强A （023889）二季度持有股数41.87万股，占基金净值比例为1.14%，位居第九大重仓股。根据测算，今日 浮亏损失约54.43万元。 国泰君安上证科创板综合价格指数增强A（023889）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间3年287天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 79.31%， 任职期间最差基金回报1.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、 ...

Group 1 - The stock price of Electric Wind Power has increased by 5.23% as of September 25, reaching 25.35 CNY per share, with a trading volume of 915 million CNY and a turnover rate of 2.80%, resulting in a total market capitalization of 33.8 billion CNY [1] - The stock has experienced a continuous rise for four days, accumulating a total increase of 24.88% during this period [1] - Shanghai Electric Wind Power Group Co., Ltd. was established on September 7, 2006, and went public on May 19, 2021, focusing on the design, research and development, manufacturing, and sales of wind power generation equipment, as well as providing aftermarket services [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Guotai Haitong Asset Management has a significant holding in Electric Wind Power [2] - The Guotai Junan SSE STAR Market Composite Price Index Enhanced A (023889) held 418,700 shares in the second quarter, accounting for 1.14% of the fund's net value, ranking as the ninth largest heavy stock [2] - The fund has generated an estimated floating profit of approximately 527,600 CNY today and a total floating profit of 2,009,800 CNY during the four-day increase [2]

Group 1 - The core viewpoint of the news is that沃尔核材 has experienced a significant stock price increase, with a 3-day cumulative rise of 18.97% and a current price of 31.79 yuan per share [1] - As of the report, the total market capitalization of沃尔核材 is 400.52 billion yuan, with a trading volume of 75.93 billion yuan and a turnover rate of 21.52% [1] - The company specializes in the research, development, manufacturing, and sales of high polymer radiation-modified new materials and various electronic, power, and wire products, with a revenue composition of 33.79% from electronic materials, 31.58% from communication cables, 18.06% from new energy vehicle products, 12.34% from power products, and 2.22% from others [1] Group 2 - 华安基金 has a significant holding in沃尔核材, with华安智联混合(LOF)A holding 188,900 shares, representing 2.31% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated a floating profit of approximately 95.77 thousand yuan during the 3-day stock price increase, with a current floating profit of about 8.31 thousand yuan [2] - The华安智联混合(LOF)A fund has achieved a year-to-date return of 38.74% and a one-year return of 62.02%, ranking 1884 out of 8173 and 2205 out of 7996 respectively [2]

Core Viewpoint - Guang'an Aizhong plans to acquire 90% of Qitai County Hengtuo New Energy Power Co., Ltd. for 0 yuan to expand its wind power business and increase its green energy industry scale [1][3] Group 1: Acquisition Details - The acquisition will allow Qitai Hengtuo's wholly-owned subsidiary, Qitai Henzhong, to continue investing, constructing, and operating a 400MW wind power project [1] - Guang'an Aizhong and another shareholder, Ruineng Power Co., Ltd., will jointly increase capital in Qitai Hengtuo by 445 million yuan, raising its registered capital to 450 million yuan [1] - Qitai Hengtuo was established in 2023 and primarily engages in power generation, with its main asset being the 400MW wind power project [1][2] Group 2: Financial Performance - As of December 31, 2024, Qitai Henzhong had total assets of 15.8 million yuan and a net asset of -11,900 yuan, with no revenue and a net profit of 680 yuan [2] - By June 30, 2025, total assets surged to 817 million yuan, with net assets of 4.9867 million yuan, while revenue remained at 0 yuan and net profit was -1,300 yuan [2] Group 3: Project Overview - The 400MW wind power project includes the installation of 52 wind turbines, with a total investment capped at 1.62 billion yuan [2] - As of August 2025, significant progress has been made on the project, including 100% completion of access roads and 96% completion of turbine foundations [2] Group 4: Strategic Implications - The acquisition will integrate Qitai Hengtuo into Guang'an Aizhong's consolidated financial statements, enhancing its wind power business and aligning with its long-term strategic direction towards comprehensive energy service transformation [3]

Core Viewpoint - Northern Rare Earth has seen a significant stock price increase of 5% on August 28, bringing its market capitalization back to 200 billion yuan, approaching its historical high from September 2021, driven by the company's mid-year performance report which indicates a return to growth after two consecutive years of decline [2][3] Financial Performance - The company's net profit attributable to shareholders and net profit after deducting non-recurring gains and losses showed exaggerated growth rates of 1951.52% and 5644.93% respectively, influenced by a low base from the previous year and an increase in both volume and price of main products [2][8] - Northern Rare Earth achieved a net profit of 930 million yuan in the first half of the year, with sell-side institutions raising their full-year profit expectations to between 2.4 billion and 3 billion yuan [3][9] Market Dynamics - The recent release of the "Interim Measures for Total Quantity Control of Rare Earth Mining and Separation" by the Ministry of Industry and Information Technology is expected to optimize the supply side of the industry [3][10] - Demand from emerging sectors such as wind power, new energy vehicles, and humanoid robots continues to grow, contributing to an improved supply-demand relationship in the rare earth market [3][10] Price Trends - The average price of key products like lanthanum oxide and neodymium oxide has seen increases, with neodymium oxide rising from 405,000 yuan per ton at the end of last year to 443,000 yuan per ton by March this year [7][8] - The average price of neodymium oxide in the first half of the year reached 421,000 yuan per ton, a 13.1% increase year-on-year, while the price of cerium oxide surged by 57.2% [7][8] Sales Performance - The sales volume of rare earth products has significantly increased, with the sales of rare earth metals rising by 32.33% and functional materials by 17.93% year-on-year [8] - The company has ended its two-year decline in revenue and profit, marking a turning point in its performance [8] Future Outlook - The company is expected to continue seeing profit growth in the second half of the year, although the rate of increase may not match the first half's extraordinary figures due to anticipated price recovery in the rare earth market [9] - Projections suggest that profit growth for 2025 could remain between 140% and 210%, contingent on market conditions [9] Industry Valuation - The magnetic materials index has surpassed its 2015 peak, with the price-to-earnings ratio reaching around 80 times [12] - Northern Rare Earth's stock price has risen to 56.14 yuan, nearing its previous high of 60.58 yuan, with a year-to-date increase of 164.89% [12]

Core Viewpoint - The rare earth sector is experiencing significant growth, driven by increased demand and rising prices, particularly for key products like praseodymium and neodymium, amidst geopolitical tensions and regulatory changes in China [2][11]. Financial Performance - Northern Rare Earth reported a staggering net profit increase of nearly 20 times year-on-year, reaching 931.31 million yuan in the first half of the year [4][5]. - Revenue for the same period was 18.87 billion yuan, reflecting a year-on-year growth of 45.24% [4][5]. - The company's cash flow from operating activities surged by 1251.81% to 925.39 million yuan [4][5]. Market Dynamics - The prices of rare earth products have soared, with praseodymium oxide and neodymium oxide seeing year-to-date increases of over 58% and 62.95%, respectively [11]. - The overall activity in the rare earth market is better than the same period last year, with a continuous recovery in orders from production enterprises driving prices upward [7][9]. Supply and Demand Factors - The demand for rare earth materials is robust, particularly from emerging sectors such as electric vehicles, wind power, and robotics [6]. - The Chinese government has implemented export controls on certain rare earth items, leading to a decrease in imports by 20.63% year-on-year, while exports increased by 11.94% [9][10]. Regulatory Environment - New regulations regarding rare earth mining and separation have been introduced, indicating a tightening of supply expectations [11]. - The recent policy changes are expected to create dual pressures of "mineral shortage" and "quota shortage," potentially driving up the price levels of rare earths [11].

Core Viewpoint - The rare earth industry is experiencing a dual boost from favorable policies and increasing demand, leading to a significant surge in Northern Rare Earth's performance in the first half of the year, with revenue increasing by 45% and net profit soaring over 19 times [1][3]. Financial Performance - Revenue for the first half of the year reached 18.866 billion yuan, a year-on-year increase of 45.24% [1][5]. - Total profit amounted to 1.533 billion yuan, reflecting a 359.28% increase compared to the same period last year [1][5]. - Net profit attributable to shareholders was 931 million yuan, a staggering increase of 1,951.52% year-on-year [1][5]. - The net profit after deducting non-recurring gains and losses was 897 million yuan, up 5,644.93% year-on-year [1][5]. - Operating cash flow reached 925 million yuan, a year-on-year increase of 1,251.81% [1][5]. Key Product Lines - The company reported record-high production and sales across its three core product lines: rare earth smelting and separation products, rare earth metals, and rare earth functional materials, with production increases of 28.10% and 16.65% respectively [4][5]. Market Dynamics - The growth in revenue and profit is attributed to increased sales volume and a rebound in prices of rare earth products [3][5]. - Emerging applications in sectors such as electric vehicles, wind power, humanoid robots, and low-altitude economy are continuously injecting new momentum into rare earth demand [6]. Financial Structure - The financial condition has improved, with net cash flow from operating activities reaching 925 million yuan, a significant increase of 1,251.81% [7]. - The asset-liability ratio stands at 38.07%, remaining stable compared to the beginning of the year, indicating a solid financial structure [7]. - Inventory turnover is a point of concern, with ending inventory at 15.958 billion yuan, slightly down from the beginning of the year, but still substantial [7]. Investment Projects - The company is actively investing in key projects, with a net cash outflow from investing activities of 620 million yuan primarily for project construction [10]. - Significant projects include the new generation of rare earth green mining and smelting upgrades, with phase one nearing completion and phase two underway [10]. - The establishment of Northern Jinlong (Baotou) Rare Earth Co., Ltd. aims to enhance the company's supply chain stability and high-quality raw material provision for downstream industries [10].