证券日报网讯12月17日，红星发展（600367）在互动平台回答投资者提问时表示，截至2025年12月16 日，公司募投项目"重庆瑞得思达光电新材料项目"已经建设完成，并已经正式向政府部门报送试生产申 请，待取得批复后，正式进入试生产阶段。具体达产时间要根据试生产情况最终确定，现阶段无法准确 回复。永磁铁氧体是锶盐的主要销售渠道之一，在锶盐下游应用领域占比较大。 ...

11月19日，中科磁业涨6.26%，截至发稿，报58.87元/股，成交1.95亿元，换手率7.68%，总市值73.02亿 元。 资料显示，浙江中科磁业股份有限公司位于浙江省东阳市横店镇工业园区红兴三路9号，成立日期2010 年3月22日，上市日期2023年4月3日，公司主营业务涉及永磁材料的研发、生产和销售。主营业务收入 构成为：钕铁硼永磁材料及器件49.42%，永磁铁氧体44.68%，其他5.90%。 从中科磁业十大流通股东角度 数据显示，嘉实基金旗下1只基金位居中科磁业十大流通股东。嘉实中证稀土产业ETF（516150）三季 度增持26.58万股，持有股数51.75万股，占流通股的比例为1.16%。根据测算，今日浮盈赚取约179.57万 元。 嘉实中证稀土产业ETF（516150）成立日期2021年3月9日，最新规模76.48亿。今年以来收益68.71%， 同类排名131/4208；近一年收益61.56%，同类排名200/3956；成立以来收益73.53%。 嘉实中证稀土产业ETF（516150）基金经理为田光远。 截至发稿，田光远累计任职时间4年257天，现任基金资产总规模758.12亿元，任职期间最佳 ...

Group 1 - The core viewpoint of the news is the performance and market position of Zhejiang Zhongke Magnetic Industry Co., Ltd., which saw a stock price increase of 5.25% to 63.36 CNY per share, with a total market capitalization of 7.859 billion CNY [1] - The company specializes in the research, production, and sales of permanent magnetic materials, with its main revenue sources being neodymium-iron-boron permanent magnetic materials and devices (49.42%), ferrite permanent magnets (44.68%), and others (5.90%) [1] - The trading volume for Zhongke Magnetic reached 330 million CNY, with a turnover rate of 11.90% [1] Group 2 - Among the top circulating shareholders of Zhongke Magnetic, the Jiashi China Securities Rare Earth Industry ETF (516150) increased its holdings by 265,800 shares, bringing its total to 517,500 shares, which accounts for 1.16% of the circulating shares [2] - The Jiashi China Securities Rare Earth Industry ETF has achieved a year-to-date return of 83.26%, ranking 70 out of 4,216 in its category, and a one-year return of 84.42%, ranking 67 out of 3,885 [2] - The fund manager, Tian Guangyuan, has been in charge for 4 years and 237 days, with the fund's total asset size at 75.812 billion CNY and a best return of 152.62% during his tenure [3]

Core Insights - Hengdian East Magnetic Co., Ltd. experienced a stock price increase of 5.1%, reaching 21.42 CNY per share, with a trading volume of 1.72 billion CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 34.84 billion CNY [1] Company Overview - Hengdian East Magnetic was established on March 30, 1999, and went public on August 2, 2006. The company is located at 233 Huaxia Avenue, Hengdian, Dongyang, Zhejiang Province [1] - The company's main business includes the production and sales of permanent ferrite, soft magnetic ferrite, other magnetic materials (including permanent sintered powder and permanent bonded powder), batteries, and solar photovoltaic products [1] - The revenue composition of the company is as follows: photovoltaic products 67.47%, magnetic materials 16.24%, lithium batteries 10.77%, devices 3.62%, and others (including other business income) 1.89% [1] Shareholder Analysis - Among the top ten circulating shareholders of Hengdian East Magnetic, one fund from GF Fund Management is notable. The GF High-end Manufacturing Stock A (004997) reduced its holdings by 17.57 million shares in Q2, now holding 11.32 million shares, which represents 0.7% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 11.77 million CNY [2] Fund Performance - The GF High-end Manufacturing Stock A (004997) was established on September 1, 2017, with a current scale of 4.464 billion CNY. Year-to-date, it has achieved a return of 12.78%, ranking 3456 out of 4220 in its category. Over the past year, it has incurred a loss of 2.95%, ranking 3787 out of 3855 [2] - Since its inception, the fund has generated a return of 45.6% [2]

Group 1 - The core point of the article highlights the recent performance of Hengdian East Magnetic, which saw a 5.1% increase in stock price, reaching 21.42 CNY per share, with a trading volume of 1.722 billion CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 34.844 billion CNY [1] - Hengdian Group East Magnetic Co., Ltd. specializes in the production and sales of permanent ferrite, soft ferrite, and other magnetic materials, as well as batteries and solar photovoltaic products. The revenue composition is as follows: photovoltaic products 67.47%, magnetic materials 16.24%, lithium batteries 10.77%, devices 3.62%, and others 1.89% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huatai-PB Fund has a fund that ranks among the top shareholders of Hengdian East Magnetic. The Guangfu ETF (515790) reduced its holdings by 39,800 shares in the second quarter, now holding 9.4812 million shares, which accounts for 0.58% of the circulating shares. The estimated floating profit today is approximately 9.8605 million CNY [2] - The Guangfu ETF (515790) was established on December 7, 2020, with a current scale of 9.984 billion CNY. Year-to-date returns are 23.88%, ranking 2368 out of 4220 in its category; the one-year return is 15.57%, ranking 2773 out of 3855; and since inception, it has a loss of 6.09% [2] Group 3 - The fund managers of Guangfu ETF (515790) are Li Qian and Li Mu Yang. As of the report, Li Qian has a cumulative tenure of 5 years and 345 days, with a total fund asset size of 39.351 billion CNY, achieving a best fund return of 89.32% and a worst return of -18.35% during her tenure. Li Mu Yang has a cumulative tenure of 4 years and 282 days, managing a total fund asset size of 21.273 billion CNY, with a best fund return of 137.86% and a worst return of -42.62% during his tenure [3]

Core Viewpoint - Zhongke Magnetic Industry Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and potential growth in the rare earth materials sector [1][2]. Company Overview - Zhongke Magnetic Industry, established on March 22, 2010, and listed on April 3, 2023, specializes in the research, production, and sales of permanent magnetic materials [1]. - The company's main revenue sources are: NdFeB permanent magnetic materials and devices (49.42%), permanent ferrite (44.68%), and other products (5.90%) [1]. Stock Performance - As of October 9, the stock price rose by 5.25% to 63.78 CNY per share, with a trading volume of 268 million CNY and a turnover rate of 9.58%, resulting in a total market capitalization of 7.911 billion CNY [1]. Shareholder Insights - The top circulating shareholder includes the Jiashi Fund, which has recently entered the top ten shareholders with its Jiashi CSI Rare Earth Industry ETF (516150), holding 251,700 shares, representing 0.57% of circulating shares [2]. - The Jiashi CSI Rare Earth Industry ETF has achieved a year-to-date return of 70.81% and a one-year return of 76.96%, ranking 144 out of 4221 and 207 out of 3848 in its category, respectively [2]. Fund Management - The fund manager of Jiashi CSI Rare Earth Industry ETF is Tian Guangyuan, who has been in the position for 4 years and 216 days, overseeing a total fund size of 44.323 billion CNY [3]. - During his tenure, the best fund return was 157.04%, while the worst was -46.65% [3].

Company Overview - Hengdian East Magnetic Co., Ltd. is located in Dongyang, Zhejiang Province, established on March 30, 1999, and listed on August 2, 2006 [1] - The company specializes in the production and sales of permanent ferrite, soft ferrite, other magnetic materials, batteries, and solar photovoltaic products [1] - The revenue composition is as follows: photovoltaic products 67.47%, magnetic materials 16.24%, lithium batteries 10.77%, devices 3.62%, and others 1.89% [1] Stock Performance - On September 26, Hengdian East Magnetic's stock rose by 5.19%, reaching a price of 19.46 yuan per share, with a trading volume of 830 million yuan and a turnover rate of 2.71% [1] - The total market capitalization of the company is 31.656 billion yuan [1] Shareholder Information - Among the top ten circulating shareholders, one fund from GF Fund is notable: GF High-end Manufacturing Stock A (004997) [2] - In the second quarter, GF High-end Manufacturing Stock A reduced its holdings by 17.5656 million shares, retaining 11.3201 million shares, which accounts for 0.7% of the circulating shares [2] - The estimated floating profit from this transaction is approximately 10.8673 million yuan [2] Fund Performance - GF High-end Manufacturing Stock A was established on September 1, 2017, with a current scale of 4.464 billion yuan [2] - Year-to-date return is 11.05%, ranking 3494 out of 4220 in its category; the one-year return is 19.26%, ranking 3379 out of 3824; and since inception, the return is 43.37% [2]

Core Viewpoint - Longmag Technology (300835) is focusing on expanding its production capacity and enhancing its product offerings in the permanent magnet ferrite market, while also making significant strides in chip inductors to meet growing demand in various applications. Group 1: Permanent Magnet Ferrite Market - The competition in the permanent magnet ferrite market is characterized by multi-level differentiation and regional concentration, with Japan's TDK and Hitachi Metals focusing on high-end markets while China remains the largest producer [2] - Longmag aims to enhance its permanent magnet capacity to 60,000 tons through domestic upgrades and overseas expansion, particularly targeting automotive and variable frequency home appliance applications [2] Group 2: Vietnam Production Base - The Vietnam permanent magnet factory has completed upgrades, increasing its capacity to 12,000 tons, and is experiencing high demand due to supply constraints from rare earth policies [3] - The Vietnam base is expected to be a significant contributor to the company's revenue growth moving forward [3] Group 3: Chip Inductor Development - Chip inductors are positioned to benefit from the increasing demand for computing power, with significant technical barriers in product testing and supply chain management [4] - The company is focusing on product development and customer expansion, with new projects expected to launch next year as market demand grows [4][5] Group 4: Value Contribution of Chip Inductors - Chip inductors currently account for approximately 20% of the value in power modules, with expectations to rise to around 30% as power requirements increase [5] - The company is investing in TLVR inductors, which offer higher performance and profitability compared to traditional inductors, with strong customer demand anticipated [6] Group 5: Financial Performance - Longmag reported a revenue of 591 million yuan for the first half of 2025, a year-on-year increase of 6.36%, with a net profit of 85.25 million yuan, up 31.82% [7] - The company’s second-quarter performance showed a revenue of 335 million yuan, a 10.69% increase year-on-year, and a net profit of 56.78 million yuan, reflecting a 67.53% increase [7]

Group 1: Market Overview and Production Capacity - The competition in the permanent magnet ferrite market is characterized by multi-level differentiation, regional concentration, and technology-driven dynamics. Japan's TDK and Hitachi Metals focus on the high-end market with limited capacity utilization, while China is the largest producer, with concentrated capacities in Anhui and Zhejiang, forming an industrial cluster [1] - The company aims to enhance its permanent magnet capacity to 60,000 tons, focusing on applications in automotive and variable frequency home appliances, while upgrading domestic production capabilities [1] Group 2: Vietnam Base and Performance Outlook - The Vietnam permanent magnet factory has completed technical upgrades and expansions, reaching a capacity of 12,000 tons. Due to rare earth control policies and trade regulations, overseas permanent magnet supply is tight, leading to increased demand from customers for the Vietnam base [2] Group 3: Chip Inductor Development - The chip inductor aligns with the growing demand for AI computing power and represents a high-end level of inductor technology. The product testing phase involves over 20 core parameter tests, with a typical testing cycle exceeding three months [3] - This year marks a pivotal year for customer development and validation for chip inductors, with recent small orders from a well-known international semiconductor power supplier and multiple products in the testing phase [3] Group 4: Value Contribution of Chip Inductors - The average value contribution of chip inductors in AI power modules is approximately 20%. This is expected to rise to around 30% as AI technology advances and higher power chips require better performance inductors [4] Group 5: TLVR Inductor Focus - TLVR inductors are designed for low voltage and high current environments, reducing the need for capacitors and lowering system costs. They are expected to see broader applications in AI and renewable energy sectors [5] - TLVR inductors have a value that is 2-3 times higher than traditional NON-TLVR inductors, leading to greater profit margins, prompting the company to invest more in TLVR development [5] Group 6: Vertical Power Supply Solutions - The company’s high-end molded inductors are used in vertical power supply modules, which offer advantages in power path, space utilization, heat dissipation, and integration compared to traditional planar solutions. Customer feedback indicates lower costs and energy consumption, enhancing acceptance of the company's products [6][7]

Company Overview - Galaxy Magnetics (300127.SZ) has announced its first acquisition plan in 15 years to expand its business scale by purchasing 100% equity of Sichuan Kyoto Longtai Technology Co., Ltd. [1] - The acquisition will be financed through a combination of issuing shares and cash payments, with the transaction price yet to be determined [1][2]. - The company has signed a letter of intent with 14 shareholders of Kyoto Longtai, but a formal agreement has not yet been established, indicating significant uncertainty [1]. Acquisition Rationale - The acquisition aims to diversify Galaxy Magnetics' business portfolio, as both companies operate in the magnetic materials sector [2]. - The company sees growth potential in Kyoto Longtai's permanent ferrite business, especially given the limitations of the bonded neodymium iron boron magnet industry, which has led to slow revenue growth for Galaxy Magnetics [2]. Kyoto Longtai Profile - Kyoto Longtai, established in December 2011, is a national high-tech enterprise specializing in the research, development, production, and sales of permanent ferrite materials [2]. - The company has received multiple rounds of financing since 2017, including a notable 40 million yuan investment in 2018 [2]. Market Outlook - The global bonded neodymium iron boron magnet market is projected to reach $726 million by 2025 and $1.066 billion by 2032, with a CAGR of 5.64% from 2025 to 2032 [3]. - The high-performance rare earth permanent magnet market is expected to achieve sales of $8.215 billion in 2024, growing to $14.52 billion by 2031, with a CAGR of 8.6% from 2025 to 2031 [3]. Financial Performance - In the first half of the year, Galaxy Magnetics reported revenue of 389 million yuan, a year-on-year decrease of 2.01%, while net profit attributable to shareholders increased by 7.26% to 84.248 million yuan [3].