Core Viewpoint - Jilin Permanent Magnet (06680) is experiencing a significant stock price increase, with a rise of over 7% in the afternoon trading session, attributed to positive earnings forecasts and strategic financial maneuvers [1] Financial Performance - The company anticipates a revenue of approximately 3.5 billion yuan for the first half of 2025, representing a year-on-year growth of 4% to 5% [1] - The expected net profit attributable to shareholders is projected to be between 300 million to 335 million yuan, indicating a substantial year-on-year increase of 151% to 180% [1] Market Demand - Western Securities highlights the resilience of traditional downstream demand, alongside emerging needs from sectors such as robotics, suggesting promising growth prospects for the company [1] - The recent export controls on medium and heavy rare earth materials by China are expected to strengthen supply rigidity, potentially leading to a revaluation of the strategic metal's value [1] Financial Strategy - The company has completed the issuance of $117.5 million in convertible bonds, with a net amount of $115 million allocated for various purposes: 9% for debt repayment, 66% for repurchasing H-shares, 22% for general working capital, and 3% for operational expenses [1] - As of July 31, 2025, the company has not yet implemented any share buybacks [1]

稀土永磁板块午后持续拉升，宁波韵升此前涨停，正海磁材、奔朗新材涨超10%，龙磁科技、中科磁 业、九菱科技、三川智慧、久吾高科跟涨。 ...

Group 1 - The stock price of Dadi Bear reached 31.42 yuan as of the close on August 5, 2025, reflecting an increase of 0.19% from the previous trading day [1] - The trading volume on that day was 33,210 lots, with a total transaction amount of 1.04 billion yuan [1] - Dadi Bear is primarily engaged in the research, production, and sales of rare earth permanent magnet materials, which are widely used in electric vehicles and wind power generation [1] - The company is considered one of the key players in the rare earth permanent magnet industry [1] Group 2 - On August 5, Dadi Bear executed two block trades totaling 218,000 shares, with a transaction amount of 6.1519 million yuan and an average transaction price of 28.22 yuan, representing a discount of 10.18% compared to the closing price [1] - Over the past three months, the stock has recorded 18 block trades, with a cumulative transaction amount of 45.0097 million yuan [1]

8月5日主力资金净流出853.68万元，近五日主力资金累计净流出20254.36万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 宁波韵升主要从事稀土永磁材料、伺服电机等产品的研发、生产和销售。公司产品广泛应用于新能源汽 车、风力发电、工业自动化等领域。2025年8月5日，公司新增"2025中报预增"概念。 根据公司披露，预计2025年1-6月归属于上市公司股东的净利润为9000万元至13500万元，同比增长 133.55%至250.33%。 截至2025年8月5日收盘，宁波韵升股价报11.76元，较前一交易日上涨0.05元，涨幅0.43%。当日成交量 为518347手，成交金额达6.13亿元。 ...

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [1] Core Insights - The report indicates a cautious outlook for the basic metals sector, with copper and aluminum prices experiencing downward pressure due to macroeconomic factors and weak demand [4][10][20] - Precious metals are expected to see upward movement in gold prices driven by recession fears and adjustments in U.S. economic data [6][24] - The report highlights the stability in the rare earth sector, with expectations for improved fundamentals in the upcoming quarter [8] Summary by Sections 1. Base Metals & Precious Metals - Copper: Price has retreated to 78,170 CNY/ton, with low inventory providing some support despite seasonal demand weakness [4][13] - Aluminum: Prices have decreased, with the average price at 20,623 CNY/ton, influenced by rising social inventory and subdued market demand [5][20] - Precious Metals: Gold price averaged 767.63 CNY/gram, down 1.67%, while silver averaged 9,158 CNY/kg, down 1.44% [6][24] 2. Minor Metals - Antimony: Prices remain stable, with market dynamics showing limited supply and demand [7][40] - Lithium: Carbonate prices have dropped, reflecting a cooling market sentiment [40] - Cobalt: Prices are strong due to tight supply conditions, with cobalt intermediate prices rising [42][43] - Tin: Prices have declined, with the average price at 33,410 USD/ton, reflecting weakened macro sentiment [45] - Tungsten: Prices have increased across the board, with black tungsten concentrate averaging 195,500 CNY/ton [51] - Molybdenum: Prices have surged, with molybdenum concentrate averaging 4,315 CNY/ton, driven by strong market demand [61][62] 3. Rare Earths - Rare earth prices are stable, with light rare earth oxide prices increasing by 3.3% to 531,000 CNY/ton, indicating a potential for significant improvement in fundamentals [8]

Market Overview - A-shares experienced a pullback this week, with sectors such as innovative drugs, CRO, and film box office showing the highest gains, while small metals, coal, and rare earth permanent magnets faced the largest declines [1] - The Shanghai Composite Index fell by 1.8%, the CSI 500 Index decreased by 1.6%, the ChiNext Index dropped by 0.7%, the STAR Market 50 Index declined by 1.7%, and the Hang Seng China Enterprises Index decreased by 3.8% [1][3] Index Performance - The rolling P/E ratios for major indices are as follows: - CSI 300 Index: 13.2 times - CSI 500 Index: 15.3 times - ChiNext Index: 33.7 times - STAR Market 50 Index: 144.6 times - Hang Seng China Enterprises Index: 10.2 times [3] - The rolling P/E ratio percentiles indicate relative valuation levels, with the following percentiles: - CSI 300 Index: 52.2% - CSI 500 Index: 55.5% - ChiNext Index: 17.5% - STAR Market 50 Index: 99.3% - Hang Seng China Enterprises Index: 62.3% [3] Sector Composition - The CSI 300 Index comprises 500 large-cap, liquid securities covering 91 out of 93 three-level industries [4] - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with strategic emerging industries accounting for over 55% of the index, particularly in power equipment, pharmaceuticals, and electronics [4] - The STAR Market 50 Index includes 50 large-cap, liquid stocks, with over 50% in semiconductors and nearly 75% combined in medical devices, photovoltaic equipment, and software development [4] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks from mainland China listed in Hong Kong, with over 85% in consumer discretionary, financials, information technology, and energy sectors [4] Recent Performance Trends - Over the past month, the cumulative performance of major indices is as follows: - CSI 300 Index: +2.8% - CSI 500 Index: +3.6% - ChiNext Index: +9.4% - STAR Market 50 Index: +5.5% - Hang Seng China Enterprises Index: +0.9% [7] - Year-to-date performance shows: - CSI 300 Index: +3.1% - CSI 500 Index: +4.0% - ChiNext Index: +8.5% - STAR Market 50 Index: +4.8% - Hang Seng China Enterprises Index: +20.8% [7]

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

Group 1 - The stock price of Zhongke Sanhuan closed at 13.09 yuan on August 1, down by 0.13 yuan, a decrease of 0.98% compared to the previous trading day [1] - The trading volume on that day was 335,786 hands, with a total transaction amount of 440 million yuan [1] - Zhongke Sanhuan primarily engages in the research, development, production, and sales of rare earth permanent magnet materials and their application products, which are widely used in new energy vehicles, energy-saving home appliances, and industrial motors [1] Group 2 - As of July 31, the number of shareholders of Zhongke Sanhuan increased by 5,680 to 111,600, representing a growth rate of 5.36% [1] - The latest total share capital of the company is 1.216 billion shares, all of which are circulating shares, with the average number of circulating shares held per shareholder decreasing from 11,500 to 10,900 [1] - On August 1, the net inflow of main funds was 34.9682 million yuan, accounting for 0.22% of the circulating market value, while the net outflow of main funds over the past five days was 403.08 million yuan, representing 2.53% of the circulating market value [1]

每经记者|李娜 每经编辑|彭水萍 近期A股市场持续走强，沪指站上3600点后维持高位震荡，AI、创新药、机器人等主题板块成为资金追 逐焦点。针对当前市场表现及未来走势，华安证券首席策略分析师刘超认为，本轮牛市是"共识最广 泛、条件最成熟的一次"，并建议投资者采取"哑铃策略"平衡收益与风险。 刘超指出，当前A股已经进入到内生驱动的良性循环，市场放大利好、钝化利空的运行特征明显。潜在 风险因素存在两种可能：一是出现巨大黑天鹅事件强行扭转市场预期。二是积累较高涨幅或遭遇一些较 为重大的不利因素时，牛市会进入到阶段性整固夯实期，这会影响牛市节奏但不会终结牛市。 不过刘超也提醒，当前市场需要关注两大潜在风险：从短期来看，最重要的事件于8月底面临中报业绩 考验，若中报不及预期，市场可能会进入阶段性震荡整固行情。若中报符合甚至超预期，本轮牛市基础 将进一步强化，牛市逻辑也将更加顺利和行稳致远。 当下的A股，在部分投资人士眼中，是长短结合的阶段，既能发现长期机会，又能叠加当下资金的涌 动。 后市的投资策略方面，刘超建议从收益弹性与风险稳健的适配角度考虑，建议采取"哑铃策略"应对。其 中一端配置弹性资产来放大收益，如创业板、成 ...

Group 1 - The rare earth permanent magnet sector in the A-share market has weakened, with Baotou Steel falling nearly 8% and Northern Rare Earth and Huicheng Environmental Protection dropping over 5% [1] - Other companies such as Zhongmin Resources, Yahua Group, and Ashi Chuang experienced declines of over 4%, while Dadi Bear, China Aluminum, Jiuling Technology, Benlang New Materials, and Zhongse Co. fell over 3% [1] Group 2 - Baotou Steel's market capitalization is 121.8 billion, with a year-to-date increase of 44.62% despite a recent drop of 7.88% [2] - Northern Rare Earth has a market capitalization of 135.3 billion, with a year-to-date increase of 76.66% and a recent decline of 5.43% [2] - Huicheng Environmental Protection's market capitalization is 33.3 billion, with a year-to-date increase of 74.35% and a recent drop of 5.30% [2] - Zhongmin Resources has a market capitalization of 26 billion, with a year-to-date increase of 3.01% and a recent decline of 4.96% [2] - Yahua Group's market capitalization is 16.1 billion, with a year-to-date increase of 19.91% and a recent drop of 4.51% [2] - Ashi Chuang has a market capitalization of 5.672 billion, with a year-to-date increase of 53.93% and a recent decline of 4.09% [2] - Dadi Bear's market capitalization is 3.610 billion, with a year-to-date increase of 52.97% and a recent drop of 3.84% [2] - China Aluminum has a market capitalization of 127.6 billion, with a year-to-date increase of 1.22% and a recent decline of 3.75% [2] - Jiuling Technology has a market capitalization of 4.16 billion, with a year-to-date increase of 243.03% and a recent drop of 3.67% [2] - Benlang New Materials has a market capitalization of 3.361 billion, with a year-to-date increase of 135.93% and a recent decline of 3.65% [2] - Zhongse Co. has a market capitalization of 11.8 billion, with a year-to-date increase of 20.63% and a recent drop of 3.59% [2] - Xiamen Aluminum has a market capitalization of 36.7 billion, with a year-to-date increase of 22.51% and a recent decline of 3.50% [2]