Market Overview - The market experienced a high and then a pullback, with the ChiNext Index rising over 1%. The trading volume reached 1.28 trillion [1] - The majority of stocks saw gains, with nearly 3,500 stocks in the Shanghai, Shenzhen, and Beijing markets in the green [1] Hot Topics Rare Earth Materials - The rare earth materials sector saw significant gains, with companies like Beikong Technology and Zhongke Magnetic Industry hitting their daily price limits. Beikong Technology achieved a three-day consecutive limit up, while Zhongke Magnetic Industry had a two-day consecutive limit up [4][5] - Reports indicate that U.S. companies have only two to three months of rare earth inventory left, which could impact production if no new developments occur [4] - There are rumors that China has issued temporary export licenses to rare earth suppliers for three major U.S. automakers, with some licenses valid for at least six months [4] Automotive Parts - The automotive parts sector also performed well, with companies like Yingli Automotive and Xishanghai hitting their daily price limits [7][8] - Over ten automotive companies have announced a unified payment term of 60 days for suppliers, aimed at improving cash flow and promoting sustainable development in the automotive industry [7] - This move is expected to stabilize the supply chain and enhance the competitiveness of Chinese automakers in the global market [7] IP Economy - The IP economy continued to be active, with stocks like New Beiyang and Hars hitting their daily limits [9][10] - The Chinese trendy toy market is projected to reach a market size of 110.1 billion by 2026, with a compound annual growth rate of 20% from 2024 to 2026 [9] - The number of trendy toy consumers is expected to grow from 19 million in 2015 to 40 million by 2025, indicating strong market resilience [9] Stock Performance - Notable stock performances include: - Beikong Technology: Latest price 22.75, up 10.01%, market cap 39.97 billion [5] - Zhongke Magnetic Industry: Latest price 66.02, up 19.99%, market cap 29.39 billion [5] - Yingli Automotive: Latest price 3.96, up 10.00%, market cap 62.80 billion [8] - New Beiyang: Latest price 7.84, up 9.96%, market cap 61.74 billion [10]

一、行情回顾 市场午后集跳水，三大指数一度均跌超1%，随后跌幅有所收窄。航运板块逆势大涨，南京港、连云港、宁波海运、宁波远洋涨停。稀土磁材板块再度拉 升，中科磁业、北矿科技涨停。创新药概念反复活跃，众生药业、赛升药业、昂利康等涨停。下跌方面，军工板块走低，捷强装备跌超10%；信创、软件股 下挫，新致软件跌逾8%。个股跌多涨少，沪深京三市超4000股飘绿，今日成交1.45万亿。 | 风口板块 更多 | | | | | 涨跌幅榜 更多 | | --- | --- | --- | --- | --- | --- | | 航运 | +3.24% | 稀土磁材 | +1.95% | 医药 +0.60% | 动漫 +4.25% | | 中国和东亚输往美国西岸的货柜 | | 中国依法依规对稀土相关物项出 | | 创新药密集获批;龙头出海现成 | | | 海运费率跳涨94% | | 口许可申请进行审查 | | হুম | 」幸醇 | | | | | | | +2.39% | | 南京港 +10.02% | | 北矿科技 +10.00% | | 易明医药 +9.98% | | | | | | | | 江苏自贸区 | | | | ...

A股三大指数今日集体回调，截止收盘，沪指跌0.44%，收报3384.82点；深证成指跌0.86%，收报10162.18点；创业板指跌1.17%，收报2037.27点。 板块方面，港口航运股集体大涨；创新药概念股维持强势；美容护理、稀土永磁等板块涨幅居前，华为昇腾、军工、半导体、软件开发等板块跌幅 居前。 沪深两市全天成交额1.42万亿，较上个交易日放量1290亿。 01 中科曙光复牌一字涨停 6月10日，此前因筹划战略重组而停牌的海光信息和中科曙光复牌，中科曙光实现开盘涨停。海光信息也收涨4.4%。 截至收盘，中科曙光涨停板上 仍有50万手封盘排队等买进。 | 中科曙光 | | | ... () | | --- | --- | --- | --- | | 603019 已收盘 06-10 15:00:00 北京 | | | | | 68.09 +6.19 +10.00% | | | 36.32万人加自选 = 2 > CN 融 通 L1 | | 高 68.09 | 开 68.09 | 量 67196.00手 | 总市值 996.30亿 。 | | 低 68.09 额 4.58亿 | 换 0.46% | | 市盈 ...

网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 BAH A 2025年6月10日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 中国5月 CPI 同比下降0.1% 每日晨报 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:核心 CPI 延续改善,PPI 同比降幅走阔 -- 5 月物价数据解读。CPI 低 位运行,PPI 仍将承压:年内 CPI 将呈现"V"型走势,预计全年 CPI 同比增 速持平,二、三、四季度增速分别为 0、-0.2%和 0.4%。年内 PPI 改善程度或 有限,PPI同比无法转正,预计全年 PPI 同比-2.3%,二、三、四季度增速分 别为-3.1%、-2.5%和-1.4%。 新能源智造:加大财税政策支持,大模型加速在制造业落地——具身智能产业 ● 链跟踪(3)。最新观点:1)主机:新参与者持续涌入,基于场景应用的新品 比例提升。中短期我们看好具备细分场景快速落地能力的主机厂，长期看好: 1综合技术积累深厚、产品生态格局好的龙头企业;② ...

Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Group 1: Market Performance - Rare earth magnetic material stocks, including Longmag Technology, saw significant gains, with increases exceeding 10% for several companies [1] - Key performers included: - Jinli Permanent Magnet (300748.SZ) with a price of 22.57, up 7.17%, and a market cap of 256 billion [1] - Keheng Co., Ltd. (300340.SZ) at 12.55, up 6.81%, with a market cap of 26.4 billion [1] - Longmag Technology (300835.SZ) at 36.48, up 6.67%, with a market cap of 29.9 billion [1] - Guangsheng Nonferrous (600259.SS) at 54.78, up 5.29%, with a market cap of 184.3 billion [1] Group 2: Industry Developments - China has implemented export controls in the rare earth sector, causing global automotive manufacturers to express concerns and consider relocating some production to China [2] - The introduction of a tracking system for the rare earth magnet industry indicates that export controls may become a long-term policy [2] Group 3: Price Trends and Demand - Since 2024, rare earth prices have been low, but the introduction of export controls has led to a significant price increase for overseas medium and heavy rare earths, stimulating demand for inventory replenishment [3] - The humanoid robot market is projected to create a demand equivalent to a new rare earth permanent magnet market, with potential sales of 10 million units translating to 20-40 thousand tons of rare earth materials [3] - The primary export markets for rare earth products are Europe, Southeast Asia, Japan, and South Korea, with ongoing approval processes for export licenses [3] Group 4: Future Outlook - The global electric vehicle market is expected to grow significantly, with sales projected to reach 18.236 million units in 2024, a 24.4% increase year-on-year, with China contributing 70.5% of the total sales [4] - Continued policy support and increasing consumer acceptance are expected to drive sustained growth in the electric vehicle market, thereby increasing demand for rare earth magnetic materials [4]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the non-ferrous metals sector, particularly focusing on copper and aluminum prices, as well as investment opportunities in the sector [1][2][3]. Core Insights and Arguments - **Copper Price Recovery**: Since early April, copper prices have significantly rebounded from a low of $8,100/ton to over $9,600/ton, driven by a declining US dollar index and fluctuating tariff policies [2][3]. - **Investment Opportunities**: Three main investment opportunities in the non-ferrous metals sector are identified: gold, rare earth magnets, and mergers & acquisitions (M&A) [1][3]. - **Gold**: The rise in gold prices is attributed to the collapse of US dollar credit, with expectations of significant bond issuance following the maturity of US debt in June [3]. - **Rare Earth Magnets**: A forecasted annual reversal in 2025 is anticipated for this segment [1]. - **M&A Activity**: Strong performance in M&A within the non-ferrous sector, with notable transactions such as Yunnan Copper Group acquiring a stake in Liangshan Mining [1][6]. Important Data and Trends - **Copper Fundamentals**: Global visible copper inventories have decreased by nearly 20,000 tons, with LME stocks down by 15,000 tons, providing price support [5]. - **Production Growth**: Companies expected to show significant production growth in 2025 include Zijin Mining (8%), Tongling Nonferrous Metals (26%), and China Gold International (40%) [9]. - **Valuation Metrics**: Current equity valuations are at low levels, with mainstream targets around 10-11 times earnings, indicating potential for significant rebounds if macroeconomic conditions improve [8][11]. Additional Noteworthy Content - **M&A Developments**: The rapid progress in M&A within the steel and non-ferrous sectors is highlighted, with specific examples of companies like Maanshan Iron & Steel and China National Gold making strategic moves [6][7]. - **Market Sentiment**: The overall market sentiment reflects a cautious outlook due to potential macroeconomic recession risks, but there is optimism for recovery driven by industry catalysts and policy changes [8][11]. - **Long-term Outlook**: The long-term view remains positive for the non-ferrous metals industry, with expectations of tightening supply and demand dynamics leading to higher price levels [11].

Brain-Computer Interface (BCI) - The Beijing Tiantan Hospital has established a clinical and translational ward for brain-computer interface technology, marking the first clinical application of BCI in China. The ward will conduct clinical trials and promote the transformation of scientific research into practical applications [1] - BCI technology is recognized as a key core technology for human-machine interaction and is being developed in various fields including bionics, medical diagnosis, and consumer electronics. The Ministry of Industry and Information Technology has outlined plans to advance BCI technology and products [1] - McKinsey predicts that the global BCI industry could generate up to $200 billion in economic value over the next 10-20 years [1] IPv6 - The Chinese government has set goals for IPv6 deployment by the end of 2025, aiming for 850 million active users and 1.1 billion IoT IPv6 connections. The share of IPv6 traffic in fixed networks is expected to reach 27%, while mobile networks will exceed 70% [2] - The IPv6 market is expected to grow rapidly, driven by policies, technology, and demand, with significant investment opportunities across the industry chain [3] - By 2025, the global number of IPv6 device connections is projected to exceed 7.5 billion, with China's IPv6+ IoT market expected to surpass 250 billion yuan [3] Genetically Modified Organisms (GMO) - The Beijing Tongzhou International Seed Industry Science and Technology Park will hold a launch event for the "Jingbanxin 1.0" project, focusing on tomato breeding using solid-phase gene chip technology, which has been dominated by foreign companies [3] - The project aims to enhance China's self-sufficiency in seed technology and reduce reliance on foreign technology, addressing high research costs and technological constraints [4] - The gene chip market is in a growth phase, with China expected to become the second-largest market globally by 2030, supported by technological breakthroughs and favorable policies [4] Macro and Industry News - China dominates the global shipping industry, with eight of the top ten ports for cargo and six for container throughput located in the country [5] - Government bond issuance is accelerating, with a 17.7% year-on-year increase in national government fund budget expenditures from January to April [6] - A new high-proportion renewable energy grid control system has been developed in China, addressing the challenge of integrating large-scale renewable energy into the grid [7] - The National Development and Reform Commission plans to enhance policies for consumer goods replacement and large-scale equipment updates, with a focus on fixed asset investment projects in energy and high-tech sectors [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an operating revenue of 35.196 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to the parent company was 1.728 billion yuan, an increase of 7.88% year-on-year [2][4]. - In Q1 2025, the company reported an operating revenue of 8.376 billion yuan, a quarter-on-quarter decrease of 5.11%, but the net profit attributable to the parent company increased by 20.10% to 391 million yuan [2][4]. - The company continues to optimize operations, with significant contributions to profits from the tungsten and molybdenum, as well as rare earth segments, while the impact of real estate disposals on investment income has diminished [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.196 billion yuan, with a gross profit margin of 18% [17]. - The net profit attributable to the parent company was 1.728 billion yuan, with a profit margin of 4.9% [17]. - For Q1 2025, the company achieved a revenue of 8.376 billion yuan, with a net profit of 391 million yuan [2][4]. Business Segments - **Tungsten and Molybdenum**: In 2024, this segment generated revenue of 17.414 billion yuan, a year-on-year increase of 5.78%, with a profit of 2.525 billion yuan, up 7.55% [10]. - **Energy New Materials**: This segment saw a revenue of 13.297 billion yuan in 2024, a decrease of 23.19%, but the output of positive materials increased significantly [10]. - **Rare Earth Materials**: Revenue was 4.435 billion yuan, down 19.21%, but profits increased by 67.44% [10]. - **Real Estate**: The real estate segment generated revenue of 51 million yuan, a decrease of 62.41%, but the loss was reduced by 1.03 billion yuan [10]. Future Outlook - The company plans to achieve a revenue of 40.078 billion yuan in 2025, aiming for a year-on-year profit growth [11]. - The company is recognized as a leader in tungsten resources and deep processing, with ongoing investments in R&D, which amounted to 1.456 billion yuan in 2024 [11].

一、行情回顾 市场全天高开高走，沪指涨超1%重返3300点。可控核聚变概念集体走强，久盛电气、合锻智能、兰石重装、海陆重工等涨停。机器人概念股反复活跃，尤 夫股份、龙溪股份、日盈电子、福达股份等封板。鸿蒙概念股全线走高，常山北明、九联科技、天源迪科、狄耐克等多股涨停。个股呈现普涨态势，沪深京 三市近5000股飘红，今日成交1.36万亿。 二、当日热点 1.核聚变 核聚变板块再度大涨，合锻智能、久盛电气、兰石重装等多股涨停。 催化上，据新华社报道，国际热核聚变实验堆（ITER）组织官网4月30日宣布，其已完成全球最大、最强的脉冲超导电磁体系统的所有组件制造，这是聚变 能源领域的一项里程碑式成就。 此外，5月1日，合肥紧凑型聚变能实验装置（BEST）项目工程总装工作比原计划提前两个月，在聚变堆主机关键系统综合研究设施园区正式启动。 | 司 ITER宣布完成反应堆"电磁心脏"——世界最大、最强的脉冲超导电磁体系统的全部组 | | --- | | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | - ...