截至目前，公司拥有300余项国内外专利，95%以上产品和关键技术均有专利支撑，并主导或参与制定 《钕铁硼磁铁行业数字化车间通用技术要求》《烧结钕铁硼永磁合金粉流动性测试方法》等多项行业标 准，技术实力获国家工信部"国家技术创新示范企业"，国家发改委"国家企业技术中心"等资质认证。 在新能源汽车领域，英思特产品已应用于安全控制系统、传感器等部件，量产项目覆盖雨刮电机、汽车 雷达等场景，并与国内外车企推进电机磁性器件送样测试。人形机器人领域，公司相关产品已实现小批 量交付，但由于整体规模尚小，对公司整体经营业绩影响不大。单台机器人磁材用量约3.5-4千克，随 着行业商业化进程加速，有望成为未来重要增长点。 资料显示，英思特专注于稀土永磁材料应用器件研发生产，核心产品包括磁组件（营收占比50.02%） 和单磁体应用器件（40.23%），广泛应用于笔记本电脑、智能手机、智能家居等消费电子领域。2025 年前三季度，公司实现营业收入10.27亿元，同比增长20.94%；净利润1.23亿元；毛利率维持在 25.62%，高于行业平均水平，显示出较强的盈利韧性。 科研方面，英思特深耕磁性器件精密制造领域，近三年研发费用复合增 ...

近日，由招商证券主办的"相伴成长共赢未来"走进上市公司深度调研系列活动，走进了全球领先的稀土 永磁材料制造商——宁波韵升（600366）股份有限公司(简称"宁波韵升"，600366.SH)。 此次活动通过高管访谈、业务分享及生产线参观等环节，向投资者展示了宁波韵升在稀土永磁材料领域 的卓越成就和技术创新实力，为投资者与企业搭建了深度交流的桥梁。 活动伊始，招商证券财富管理部总经理助理辛欣与宁波韵升董事会秘书赵佳凯分别发表致辞。辛欣表 示，此次活动旨在增进投资者对中国资本市场的理解，发掘具有长期投资价值的优秀企业。基于产业逻 辑的深度调研，能够帮助投资者把握更具确定性的投资机会，实现与优秀企业共同成长。她指出，宁波 韵升作为稀土永磁材料行业的标杆，其成长历程和技术创新成果值得深入探究。 赵佳凯详细介绍了宁波韵升的发展历程与企业概况。作为深耕稀土永磁行业三十载的领军企业，宁波韵 升已形成产业布局稳定、技术引领创新、产品应用广泛、制造能力卓越、企业文化鲜明五大差异化优 势。同时，公司不仅是中国首家民营稀土永磁材料行业上市公司，还是磁性材料国家标准制定的主持单 位及永磁电机国家标准制定的参与单位。在技术性能方面，宁波 ...

证 券 研 究 报 告 周期行业产业月报（2025 年 10 月） 稀土永磁体：烧/粘结钕铁硼及钐钴 ——2025 年第 2 期 邮箱：qiuhongao@hcyjs.com 执业编号：S0360524120004 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 稀土资源的战略地位持续提升，已成为大国之间资源竞争与产业博弈的重要 焦点。稀土元素具有特殊的电子层结构，展现出优异的磁性、光学和电学性能， 它们已成为现代科技与工业中不可或缺的战略性矿产资源。在新能源、新材料、 节能环保、航空航天、电子信息、国防军工等诸多高科技领域，稀土材料发挥 着不可替代的作用。牛津能源研究所预计稀土需求在 2030 年之前都将大幅增 长，主要用作电动车和风力涡轮机上的永磁部件。 全球稀土储量分布相对集中。中国以 4400 万吨（约占全球 48%）位居第一， 其后是巴西（2100 万吨，23%）和印度（690 万吨，7.6%），美国的稀土储量 仅有 190 万吨，相当于中国储量的 4.3%。在产量端，格局则更为悬殊 ，据 USGS 估计，2024 年全球约 39 万吨的稀土矿产品产量中，仅中国就生产了 ...

Core Viewpoint - Ningbo Yunsheng is planning to issue H-shares in Hong Kong to advance its international strategy, enhance brand image, and build a diversified capital platform [1][3]. Group 1: Financial Performance - For the first three quarters of 2025, Ningbo Yunsheng reported a net profit attributable to shareholders of 276 million yuan, a year-on-year increase of 299.04%, and a net profit excluding non-recurring items of 251 million yuan, up 302.29% [2][3]. - The company's total revenue for the same period reached 3.91 billion yuan, reflecting a year-on-year growth of 7.03% [2]. - As of the end of the first half of 2025, total assets increased to 10.302 billion yuan, a rise of 14.17% compared to the end of 2024, while equity attributable to shareholders grew to 6.121 billion yuan, up 3.84% [2]. Group 2: Business Operations - Ningbo Yunsheng specializes in the research, manufacturing, and sales of rare earth permanent magnet materials since 1995, with major production bases in Ningbo and Baotou [2]. - The company has an annual production capacity of 26,000 tons of high-performance neodymium-iron-boron magnets [2]. - The company has established strong partnerships in various sectors, including new energy vehicles and consumer electronics, supplying major brands and manufacturers [5][6]. Group 3: Research and Development - In the first three quarters of 2025, Ningbo Yunsheng's R&D expenses amounted to 214 million yuan, representing a year-on-year increase of 61.29%, with an R&D expense ratio of 5.47%, up 1.84 percentage points from the same period in 2024 [4][5]. - The company has developed a core technology system with proprietary breakthroughs in various areas, including rare earth product formulation and automation technology [5]. Group 4: Investment Activities - On November 24, 2025, Ningbo Yunsheng announced plans to invest 20 million yuan in the Lingzhi New Venture Capital Partnership, focusing on innovative companies in the embodied intelligence industry [1][6]. - The investment aims to leverage professional investment resources and experience to identify quality targets and reduce investment risks, aligning with the company's strategic development needs [7].

Group 1 - The core point of the article is that Ningbo Yunsheng (600366.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its international strategy and enhance its brand image [1] - The company has authorized its management to initiate preliminary preparations for the H-share listing [1] - Specific details regarding the H-share listing are yet to be determined, and the company will discuss the progress with relevant intermediaries [1] Group 2 - Ningbo Yunsheng has been engaged in the research, manufacturing, and sales of rare earth permanent magnet materials since 1995 and is recognized as a national high-tech enterprise [1] - The company has production bases in Ningbo and Baotou, with an annual production capacity of 26,000 tons of raw materials, making it one of the largest manufacturers of rare earth permanent magnet materials globally [1] - As of November 25, 2025, the company's total market capitalization is approximately 14.54 billion RMB [1]

在打造交易型券商方面，申港证券自主研发"1+N"固收综合运营平台，2025年引入Deep Seek等AI 工具，推动交易模式向"算力驱动"升级——以每年超10万亿元的交易数据作为核心驱动要素，以与4000 多家中小金融机构的业务交流为触角，形成销售交易、对外赋能、数据中台、做市策略平台、内控及风 控等五大板块。 11月12日，记者从申港证券获悉，该公司正聚焦金融"五篇大文章"持续发力，不断提升服务实体经 济的能力和水平。 科技金融领域，一批标志性、引领性项目已密集落地。今年1月，申港证券助力天和磁材首发上 市，成为2025年上交所主板上市第一股，募集资金逾8亿元。天和磁材是国内稀土永磁材料龙头，产品 广泛应用于新能源汽车、风力发电、消费电子等战略性新兴产业。 7月，申港证券获准设立私募基金子公司，聚焦国家战略性新兴产业，帮助解决困扰行业中的"卡脖 子"难题，已储备符合国家战略发展方向的优质项目超过50多个，重点涵盖先进制造、人工智能、医疗 健康、新能源和新材料等领域。 绿色金融领域，申港证券2024年承销绿色债券19.81亿元，排名行业第16位；承销低碳转型债券1.53 亿元，排名行业第17位，为经济社会低碳 ...

Core Viewpoint - Recently, Hefei Steel Research Rare Earth Permanent Magnet Materials Research Institute Co., Ltd. underwent a business change, adding new shareholders and increasing registered capital, indicating potential growth and investment interest in the rare earth materials sector [1] Group 1: Company Changes - The company has added Antai Technology and the Steel Research Institute Co., Ltd. as shareholders [1] - The registered capital has increased from 2 million RMB to 5 million RMB [1] - Changes have also occurred in the legal representative and senior management [1] Group 2: Company Background - Hefei Steel Research Rare Earth Permanent Magnet Materials Research Institute was established in September 2023 [1] - The company's business scope includes research and development of new materials technology, electronic special materials, and promotion services for new materials technology [1] - The original shareholder, Dadi Xiong, currently holds a 40% stake in the company [1]

Summary of Key Points Core Viewpoint - The National Market Regulation Administration has approved a series of important national standards aimed at enhancing quality of life, ensuring safety, and promoting sustainable development across various sectors. Emerging Fields - A total of 167 national standards have been released for new materials such as rare earth permanent magnet materials, fine ceramics, and carbon fiber composites, facilitating technology iteration and industry standardization [1] - Four national standards related to intelligent computing have been established, focusing on terminology, reference architecture, and testing methods to support AI-driven industrial upgrades [1] - Fourteen national standards concerning semiconductor equipment and materials have been introduced, which include electronic components and integrated circuit packaging testing, promoting healthy development in the semiconductor industry [1] Transportation and Green Low-Carbon - Three national standards for urban rail transit vehicles have been published to enhance public transportation safety [2] - Thirty national standards have been released for unmanned aerial vehicles, road traffic signs, and gas vehicles, contributing to the safety of transportation systems [2] - Twenty-two national standards related to waste treatment and greenhouse gas management have been established to improve the green low-carbon standard system [2] - A total of 199 national standards for high-end equipment technology upgrades have been introduced, promoting sustainable development in manufacturing [2] Safety Production - Twenty-two national standards for gas distribution equipment and pressure pipelines have been published to ensure the safety and stability of infrastructure [2] - Mandatory national standards for fireworks safety and quality have been established to enhance product safety requirements [2] - Eleven mandatory national standards for key fire safety products have been updated to improve performance and reliability in fire prevention [2] Economic and Trade Services - Three national standards for cross-border e-commerce and transaction information have been released to guide risk prevention and management for e-commerce platforms [3] - Five logistics and multimodal transport national standards have been introduced to enhance the standardization of logistics documentation and service contracts [3] - National standards for the Chinese translation of geographical names from Nordic and ASEAN countries have been published to support economic and cultural exchanges [3] Agriculture and Rural Development - Thirty national standards for feed, pesticides, and animal health have been established to ensure agricultural production safety [3] - Forty-six national standards for grain, tobacco, and biomass materials have been released to support high-quality agricultural product supply [3] - Seven national standards related to water conservation and agricultural trade have been introduced to enhance standardization in agriculture [3] Daily Life - Ten national standards for smart home appliances have been published to promote the intelligence, greenness, and safety of household products [3] - Thirteen national standards for textiles and footwear have been established to guide production and enhance consumer experience [3] - Six national standards related to health care, including iodine deficiency elimination, have been released to strengthen medical service guarantees [3] Additional Standards - The National Market Regulation Administration has also published standards related to smart manufacturing, semiconductor equipment, and enterprise safety management [4]

Group 1 - The company has completed an investment in Hefei Steel Research Rare Earth Permanent Magnet Materials Research Institute, increasing its registered capital from 2 million to 5 million yuan [2][3] - The company holds a 10% stake in Hefei Steel Research after investing 500,000 yuan, while its controlling shareholder, Steel Research Institute, holds a 50% stake with an investment of 2.5 million yuan [2][3] - The investment aims to enhance the company's access to cutting-edge technologies in the rare earth permanent magnet field and participate in national key projects, thereby improving its technological leadership in the magnetic materials industry [3][4] Group 2 - The new business license for Hefei Steel Research was issued on September 28, 2023, confirming its establishment and operational scope, which includes research and development in new materials and technology services [3][4] - The investment is expected to promote technological advancements in the rare earth permanent magnet industry and contribute to the high-quality development of both the company and the industry [4]

Core Viewpoint - Antai Technology announced a capital increase in Hefei Steel Research Rare Earth Permanent Magnet Materials Research Institute, indicating a strategic investment in the rare earth materials sector [1] Group 1: Investment Details - The company will jointly invest with Steel Research Institute Co., Ltd. in Hefei Steel Research, contributing a total of 3 million yuan to subscribe for the new registered capital [1] - After the capital increase, Hefei Steel Research's registered capital will rise from 2 million yuan to 5 million yuan [1] - Antai Technology will invest 500,000 yuan, holding a 10% stake, while Steel Research Institute will invest 2.5 million yuan for a 50% stake [1] Group 2: Regulatory Compliance - The company has completed its investment in Hefei Steel Research and received a new business license from the Market Supervision Administration of Luyang District, Hefei City [1]