2025年，磁性材料/器件上市企业的资本动作，正在从并购、扩产的"数量叠加"，转向更具指向性的设 厂与设子公司布局。 从设厂"在哪里"，到子公司"做什么"，这些选择本身已成为观察行业走向的重要窗口。 无论是国内产能重构，还是海外工厂落子，这些看似分散的项目背后，实质上反映的是终端需求结构变 化、客户协同方式升级以及供应链安全考量的集中体现。 目前公开披露的部分磁性材料企业相关动作如下表所示： | 企业 | 投资项目 | 投资规模 | 布局区域 | 主要方向 | | --- | --- | --- | --- | --- | | 横店东磁 | | 东阳市横店东磁股 基金规模5亿元,公司 | | 以产业基金形式 | | | 权投资基金(有限 | 认缴 4.85亿元,占股 | 未披露 | 进行布局,增强产 | | | 合伙) | 97% | | 业链投资能力 | | 铂科新材 | | 总出资额 10.000万港 科麦格纳技术有限 元,其中公司全资子公 | 香港 | 磁性材料、电感及 电阻等元件研发 | | | 公司 | 司铂科控股认缴 4,900 | | 与销售 | | | | 万港元,占股 49% | | | 0 ...

Group 1 - The company, Dongmu Co., has stated that it is currently not involved in the PCB (Printed Circuit Board) sector [2] - The company's one-piece molded inductors can be applied in the semiconductor chip equipment field [2]

Core Viewpoint - Dongmu Co., Ltd. (600114.SH) has stated that it is currently not involved in the PCB sector, but its integrated molded inductors can be applied in the semiconductor chip equipment field [1] Company Summary - Dongmu Co., Ltd. has confirmed its absence in the PCB market as of now [1] - The company produces integrated molded inductors that are relevant for use in semiconductor chip equipment [1]

Group 1 - The company, Dongmu Co., Ltd. (600114.SH), has stated that it is currently not involved in the PCB (Printed Circuit Board) sector [1] - The company's one-piece molded inductors can be applied in the semiconductor chip equipment field [1]

Macro Analysis - The recent rise of the US dollar index above 100 is attributed to increased internal disagreements within the Federal Reserve regarding potential rate cuts in December, alongside rising US Treasury yields supporting the dollar's strength [2] - The dollar is expected to remain volatile around the 100 mark in Q4, influenced by potential dovish signals from the new Fed chair and ongoing uncertainties regarding tariff judicial decisions and Japan's currency management [2] Industry Research - The carbon neutrality initiatives in China and the EU are expected to enhance domestic companies' revenue sources due to high carbon prices in Europe [5] - The global shipping industry is accelerating its decarbonization efforts, with the International Maritime Organization (IMO) promoting green fuel policies, leading to sustained high prices for green methanol amid rising demand and limited supply [5] - Hydrogen and ammonia methanol are emerging as significant directions for new energy consumption and applications in non-electric sectors, likely attracting more investments and driving the development of hydrogen production equipment and biomass gasification technologies [5] Company Research - For Yutong Optical (300790.SZ), the rapid advancement of products in new consumption and automotive sectors has led to an upward revision of net profit forecasts for 2025-2026 to 263 million and 402 million yuan, respectively, with a new forecast for 2027 at 452 million yuan, maintaining a "buy" rating [8] - For Maijie Technology (300319.SZ), Q3 2025 revenue reached 1.107 billion yuan, a year-on-year increase of 18.75%, while net profit slightly decreased by 1.11% year-on-year to 96 million yuan, with a "buy" rating maintained due to strong order volumes in various product lines [9] - Qualcomm (QCOM.O) exceeded expectations for FY2025, with net profit forecasts for FY2026-2027 set at 11.5 billion and 12.5 billion USD, respectively, reflecting a year-on-year growth of 108% and maintaining a "buy" rating [10] - Shanghai Fudan (1385.HK) reported significant year-on-year growth in revenue and profit for Q3 2025, with net profit forecasts adjusted to 530 million, 976 million, and 1.191 billion yuan for 2025-2027, maintaining a "buy" rating due to recovering demand in high-reliability and storage sectors [11]

Core Viewpoint - The company, Yuean New Materials (688786.SH), is focusing on the development and production of soft magnetic powders based on carbonyl iron powder and atomized alloy powder, with a core downstream application in manufacturing integrated inductors, which are widely used in graphics cards and computing servers [1] Group 1 - The soft magnetic powders offer advantages such as miniaturization, lightweight, and low power consumption, making them suitable for various applications [1] - The demand for soft magnetic powders is expected to be positively influenced by the construction of AI computing power-related electrical facilities [1] - The company plans to leverage its fine powder advantages and implement mass production in response to market frequency increases, providing supporting services for manufacturers lacking fine powder capabilities [1]

Core Viewpoint - The company, Yuean New Materials (688786.SH), is focusing on the development and production of soft magnetic powders based on carbonyl iron powder and atomized alloy powder, with a key application in manufacturing integrated inductors, which are widely used in graphics cards and computing servers [1] Group 1 - The core downstream application of the company's soft magnetic powder is the manufacturing of integrated inductors, which offer advantages such as miniaturization, lightweight, and low power consumption [1] - The demand for the company's soft magnetic powder is expected to be positively impacted by the construction of AI computing power-related electrical facilities [1] - The company plans to leverage its fine powder advantages and implement mass production in response to market frequency increases, providing support services for manufacturers lacking fine powder capabilities [1]

Core Insights - The company, Meixin Technology (301577), has confirmed that its signal inductors, particularly chip inductors, lead the industry in production efficiency, product yield, and capacity scale [1] - The power inductors are primarily used in electric vehicles, server power supplies, and industrial power supplies, with stable shipment volumes [1] - The integrated inductors represent a new product line for the company, which is currently in the market promotion phase [1]

Core Viewpoint - Meixin Technology (301577.SZ) demonstrates strong production efficiency, product yield, and capacity scale in signal inductors, particularly in chip inductors, positioning itself at the forefront of the industry [1] Group 1: Product Performance - The company’s signal inductors, especially chip inductors, maintain leading positions in production efficiency, product yield, and capacity scale [1] - Power inductors are primarily used in electric vehicles, server power supplies, and industrial power supplies, with stable shipment volumes [1] - Integrated inductors are a new product line being promoted in the market, currently in the market introduction phase [1]

Core Viewpoint - Meixin Technology (301577.SZ) demonstrates strong production efficiency, product yield, and capacity scale in signal inductors, particularly in chip inductors, positioning itself at the forefront of the industry [1] Group 1: Product Performance - The company’s signal inductors, especially chip inductors, maintain leading positions in production efficiency, product yield, and capacity scale [1] - Power inductors are primarily used in electric vehicles, server power supplies, and industrial power supplies, with stable shipment volumes [1] - Integrated inductors represent a new product line for the company, currently in the market promotion phase [1]