（记者 王晓波） 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 每经AI快讯，英思特（SZ 301622，收盘价：69.74元）发布公告称，2025年11月20日，英思特接受中邮 证券有限责任公司、金鹰基金管理有限公司调研，公司董事会秘书范立忠、证券事务代表雷永龙、IR及 综合专员吕淑诣参与接待，并回答了投资者提出的问题。 2025年1至6月份，英思特的营业收入构成为：稀土永磁元器件占比90.25%，其他业务占比9.75%。 ...

下游需求的旺盛为业绩增长提供了坚实支撑。金力永磁在新能源汽车、风力发电、变频节能空调三大核 心应用领域市占率均位居全球第一，其中新能源汽车领域磁材可装配550万辆电动车，全球市占率超 30%。2024年公司高性能磁材产销量同比增长约40%，产能利用率始终保持在90%以上，充足的在手订 单为营收增长奠定基础。同时，公司积极布局人形机器人用磁体及磁组件等新兴领域，这些新赛道毛利 率可达28%，成为未来利润增长的潜在爆发点。 值得关注的是，公司毛利率已呈现持续改善态势。从2024年底的11.1279%，到2025年一季度 15.6981%、二季度16.3898%，再到三季度25.31%，近四个季度毛利率实现阶梯式攀升，彰显出公司盈 利能力的持续增强。中航证券等机构给予公司"买入"评级，认为其"技术降本+订单放量+赛道扩容"的三 重合力将持续推动业绩增长。 作为全球稀土永磁材料产销量冠军，金力永磁2025年整体业绩表现强劲。前三季度公司实现营业收入 53.73亿元，同比增长7.16%；归母净利润5.16亿元，同比激增161.81%，扣非后归母净利润更是大涨 381.94%，基本每股收益0.38元。其中第三季度表现尤为 ...

11月17日，天和磁材涨0.21%，成交额6315.87万元。两融数据显示，当日天和磁材获融资买入额287.61 万元，融资偿还466.95万元，融资净买入-179.34万元。截至11月17日，天和磁材融资融券余额合计1.93 亿元。 融资方面，天和磁材当日融资买入287.61万元。当前融资余额1.93亿元，占流通市值的6.26%。 机构持仓方面，截止2025年9月30日，天和磁材十大流通股东中，嘉实中证稀土产业ETF（516150）位 居第一大流通股东，持股85.05万股，相比上期增加44.68万股。南方中证1000ETF（512100）位居第二 大流通股东，持股72.33万股，相比上期减少1.19万股。华夏中证1000ETF（159845）位居第四大流通股 东，持股43.10万股，相比上期增加1626.00股。稀土ETF（516780）位居第五大流通股东，持股36.53万 股，相比上期增加17.97万股。广发中证1000ETF（560010）位居第七大流通股东，持股33.21万股，相 比上期减少1.59万股。 责任编辑：小浪快报 资料显示，包头天和磁材科技股份有限公司位于内蒙古自治区包头稀土高新区稀土应用 ...

11月17日，英思特涨0.15%，成交额4249.81万元。两融数据显示，当日英思特获融资买入额420.80万 元，融资偿还633.94万元，融资净买入-213.14万元。截至11月17日，英思特融资融券余额合计1.66亿 元。 截至10月31日，英思特股东户数1.57万，较上期减少2.50%；人均流通股1841股，较上期增加2.56%。 2025年1月-9月，英思特实现营业收入10.27亿元，同比增长20.94%；归母净利润1.23亿元，同比减少 10.90%。 分红方面，英思特A股上市后累计派现4637.28万元。 机构持仓方面，截止2025年9月30日，英思特十大流通股东中，嘉实中证稀土产业ETF（516150）位居 第一大流通股东，持股38.28万股，相比上期增加20.45万股。香港中央结算有限公司位居第二大流通股 东，持股32.03万股，为新进股东。南方中证1000ETF（512100）位居第三大流通股东，持股32.00万 股，相比上期减少3300.00股。华夏中证1000ETF（159845）位居第七大流通股东，持股18.89万股，相 比上期减少1900.00股。广发中证1000ETF（56001 ...

Market Outlook - The recent surge in the A-share market, with the Shanghai Composite Index surpassing 3600 points and a cumulative increase of over 18% in three months, is seen as a new starting point for a slow bull market, but caution is advised [3] - The core support for this market rally is attributed to the influx of long-term capital, including increased holdings by central financial institutions, insurance funds, bank wealth management reallocating to equity assets, and foreign capital returning to the market [3] Sector Rotation - The rapid switching of A-share hotspots this year, from financial sectors to technology and new concepts, is interpreted as a reflection of policy-driven market adjustments rather than random fluctuations [4] - The government aims to promote a healthy and stable rise in indices, avoiding excessive concentration of funds that could lead to bubbles and subsequent sharp corrections, thus maintaining market resilience through structural opportunities [4] Characteristics of Slow Bull Market - The current "slow bull" market in A-shares shares commonalities with historical trends but also exhibits significant differences, particularly in four dimensions: institutional transformation of investor structure, precision expansion of policy tools, generational leap in industrial technology, and the formation of a domestic circulation-led global context [5] - These factors are reshaping stock valuation systems, market risk mitigation mechanisms, and the pathways for external shocks, necessitating a contemporary understanding of market dynamics rather than relying solely on historical comparisons [5] Investment Strategy - The investment approach focuses on major themes such as the US-China competition, with tracking and positioning in sectors like computing power, rare earth permanent magnets, nuclear fusion, shipping, and military drones [7] - The strategy framework combines subjective analysis with quantitative support, emphasizing respect for market rules and integrating thorough research and micro insights to capture trading opportunities in strong sectors during market rotations [7]

Core Viewpoint - The company, Jinli Permanent Magnet, has indicated that the prices of major rare earth raw materials are on an upward trend compared to the same period last year, and it is actively managing these price fluctuations to ensure operational stability and sustainability [1] Group 1: Market Trends - The prices of major rare earth raw materials are expected to rise in the first three quarters of 2025 compared to the same period last year [1] - The company is adapting its raw material inventory strategy to respond to price volatility in the rare earth market [1] Group 2: Operational Strategies - The company is implementing measures such as advance procurement of rare earth materials based on existing orders and establishing price adjustment mechanisms with key customers [1] - The company is also focusing on optimizing formulations and improving processes to mitigate the adverse effects of raw material price fluctuations on its operational performance [1]

Group 1 - The rare earth permanent magnet index increased by 2.01% during the trading session, indicating a positive trend in the sector [1] - Most component stocks showed strength, with Shengxin Lithium Energy hitting the daily limit, suggesting strong investor interest [1] - Other notable gainers included China Steel Tianyuan, Shenghe Resources, Xiamen Tungsten, and Keheng Co., which experienced significant price increases [1]

11月12日，英思特跌3.18%，成交额1.05亿元。两融数据显示，当日英思特获融资买入额871.57万元， 融资偿还1810.34万元，融资净买入-938.77万元。截至11月12日，英思特融资融券余额合计1.72亿元。 融资方面，英思特当日融资买入871.57万元。当前融资余额1.72亿元，占流通市值的8.27%。 融券方面，英思特11月12日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量4600.00股，融券余额33.02万元。 资料显示，包头市英思特稀磁新材料股份有限公司位于内蒙古自治区包头市稀土高新区瑞成道2号英思 特稀磁产业园，成立日期2011年6月28日，上市日期2024年12月4日，公司主营业务涉及稀土永磁材料应 用器件研发、生产和销售。主营业务收入构成为：磁组件应用器件50.02%，单磁体应用器件40.23%， 其他(补充)9.75%。 截至10月31日，英思特股东户数1.57万，较上期减少2.50%；人均流通股1841股，较上期增加2.56%。 2025年1月-9月，英思特实现营业收入10.27亿元，同比增长20.94%；归母净利润1.23亿元 ...

责任编辑：小浪快报 资料显示，包头天和磁材科技股份有限公司位于内蒙古自治区包头稀土高新区稀土应用产业园区稀土大 街8-17号，成立日期2008年5月22日，上市日期2025年1月3日，公司主营业务涉及烧结钕铁硼、烧结钐 钴等高性能稀土永磁材料研发、生产、销售。主营业务收入构成为：烧结钕铁硼46.99%，烧结钕铁硼: 成品36.59%，烧结钕铁硼:毛坯10.39%，其他5.02%，烧结钐钴0.51%，烧结钐钴:毛坯0.27%，烧结钐钴: 成品0.23%。 截至9月30日，天和磁材股东户数3.97万，较上期减少27.77%；人均流通股1662股，较上期增加 41.29%。2025年1月-9月，天和磁材实现营业收入16.10亿元，同比减少16.86%；归母净利润1.20亿元， 同比增长12.46%。 分红方面，天和磁材A股上市后累计派现3964.20万元。 机构持仓方面，截止2025年9月30日，天和磁材十大流通股东中，嘉实中证稀土产业ETF（516150）位 居第一大流通股东，持股85.05万股，相比上期增加44.68万股。南方中证1000ETF（512100）位居第二 大流通股东，持股72.33万股，相比上期减 ...

Core Insights - The global storage chip market is experiencing unprecedented price surges, with DRAM prices increasing by 171.8% year-on-year and NAND Flash prices rising by 98.5% [2][3] - The price hikes are driven by a structural transformation in demand due to the explosion of generative AI, which requires significantly more storage capacity compared to traditional servers [2][3] - The supply side is also adjusting, with major manufacturers like Samsung and SK Hynix shifting production from traditional DRAM to AI-compatible memory types [2][3] Demand Dynamics - The demand for storage chips has escalated dramatically, with AI servers requiring 8 times more DRAM and 3 times more NAND than standard servers [2] - Training large language models necessitates 3-5TB of storage, highlighting the increased storage requirements for AI applications [2][3] - The demand surge has led to panic buying among cloud service providers, exacerbating the supply-demand imbalance [3] Supply Constraints - From Q3 2023, major storage chip manufacturers began reducing traditional DRAM production in favor of HBM and DDR5, leading to a significant supply crunch [2][3] - The discontinuation of older products like DDR4 and LPDDR4X has further tightened market supply [3] - The supply shortage is expected to persist until mid-2026, with price volatility becoming the norm [3][12] Impact on Industries - The price increases are affecting various sectors, including smartphones, personal computers, and servers, with AI server delivery times extending from 3-4 weeks to 12-16 weeks [3][12] - Manufacturers are reevaluating pricing strategies due to rising costs and market pressures [3] Role of Rare Earth Elements - Rare earth metals are becoming critical resources in the storage chip industry, transitioning from auxiliary materials to strategic resources [5][7] - China's dominance in the rare earth supply chain, holding 36% of global reserves and over 80% of production, positions it as a key player in the semiconductor industry [7][8] - The recent export controls on rare earth materials by China are expected to further impact global semiconductor production capabilities [5][7] Future Outlook - The demand for rare earth elements is projected to increase by 3-7 times by 2030, while the construction of new mining projects typically takes 10-15 years, creating a potential supply bottleneck [8] - The ongoing transformation in the storage chip market is expected to permanently alter the value chain and positioning of storage technologies within the semiconductor industry [4][12]