Group 1: Economic Development and Investment - Changsha aims to become a high ground for reform and opening up in inland areas, with significant projects and a robust foreign trade network [1] - The city has signed major investment projects, including a $50 million chip industry cluster and a 60GWh lithium battery project, enhancing its industrial capabilities [2] - In 2025, actual foreign investment is expected to reach $400 million, a 14.4% increase year-on-year, with 230 new major projects introduced [2] Group 2: Foreign Trade and Export Growth - Changsha's electric vehicle exports have surged by 50% in 2025, with over 79,000 units exported, marking a significant milestone [4][5] - The city has seen a remarkable 86.7% growth in exports of "new three samples" products, including electric vehicles, lithium batteries, and photovoltaic products [5] - Changsha's trade with Africa is thriving, with a projected 32.5% increase in imports and exports to Africa, reaching 31.2 billion yuan [7] Group 3: Logistics and Transportation - The China-Europe Railway Express from Changsha has become a key driver for expanding the city's openness, with over 1,000 trains operating in 2025 [8] - The international airport in Changsha has expanded its reach, operating 19 international routes and increasing international passenger traffic by 49.6% [9] - The city has improved its waterway logistics, achieving a 35.6% increase in vehicle transportation through the new port [9] Group 4: Business Environment and Services - Changsha is enhancing its business environment through reforms aimed at improving service efficiency and reducing costs for enterprises [10] - Customs facilitation measures have significantly reduced logistics costs, saving companies like BYD approximately 6 million yuan [11] - The establishment of a digital map for industrial investment aims to provide comprehensive support for businesses, facilitating connections between foreign trade companies and banks [11]

核心观点 【报告导读】 1. 全球金属软磁粉芯龙头，打造软磁材料一体化布局。 2. 金属软磁粉芯：下游需求持续向好，夯实基本盘。 3. 金属软磁粉末：技术领先，产能不断扩张。 4. 芯片电感：AI服务器带动需求快速增长，未来成长可期。 全球金属软磁粉芯龙头，打造软磁材料一体化布局。公司深耕金属软磁粉芯产业链，通过多年持续的材料技术积累和应用解决方案创新，形成金属软磁 粉、金属软磁粉芯和电感元件的一体化布局，持续扩大产品在光伏储能、新能源汽车、AI算力等高景气赛道的应用空间。其中，金属软磁粉芯业务为公 司主业，夯实底座，芯片电感业务近年来快速放量，成为公司第二成长极，带动公司盈利走高；2025Q1-3公司实现营收13.01亿元，同比增长6.03%，归母 净利润2.94亿元，同比增长2.48%。 金属软磁粉芯：下游需求持续向好，夯实基本盘。金属软磁粉芯凭借其优异的综合性能，在高功率应用场景中逐步替代传统铁氧体材料，在下游光伏储 能、新能源汽车、数据中心等领域应用广泛。伴随AI的快速发展和能源转型的持续深化，QYR预测2025-2031年全球金属磁粉芯市场市场规模CAGR高达 16.8%。公司在金属软磁粉芯行业地位 ...

Core Insights - The company, Hengdian East Magnetic, has engaged in extensive communication with institutional investors regarding its market position and development plans in the magnetic materials sector, particularly in emerging applications like AI [1] - The company has established a diverse product matrix in soft magnetic materials, which includes soft ferrite, metal magnetic powder cores, nanocrystalline, and composite soft magnets, catering to various industries such as electric vehicles, data centers, and consumer electronics [1][2] - The global data center industry is valued at $242.72 billion and is expected to exceed $584 billion by 2032, presenting significant growth opportunities for the company in the soft magnetic materials and inductors market [3] Company Position and Market Share - Hengdian East Magnetic holds the leading position in soft magnetic product production, with a domestic market share exceeding 10%, and has established strong relationships with top manufacturers in the electric vehicle and consumer electronics sectors [1][4] - In the AIDC power management sector, the company's magnetic materials and inductors have seen rapid growth, with over 20% of revenue coming from data center-related businesses [2] - The company has successfully integrated its chip inductors into the supply chains of leading enterprises, benefiting from the rapid growth in AI server shipments [2] Industry Trends and Opportunities - The implementation of government policies aimed at enhancing consumer demand is expected to stimulate growth in traditional sectors like automotive and home appliances, while also boosting demand in emerging fields such as AI and data centers [3][4] - The company has a strong foothold in various core sectors, including automotive, home appliances, and medical, with a market share exceeding 20% in permanent ferrite materials [4] - The dual benefits of stable traditional demand and favorable conditions in emerging sectors position the company to capitalize on industry transformations and achieve long-term high-quality growth [4]

一、停复牌 1、佳华科技：拟购买数盾科技90%股份，股票复牌。标的公司专注于国产密码技术研究、密码信息安 全产品研发和信息安全整体解决方案服务。 2、安妮股份：晟世天安将成为公司控股股东，股票复牌。 3、ST天瑞：终止筹划公司控制权变更事项，股票复牌。 4、古鳌科技：公司实际控制人筹划控制权变更事项，股票停牌。 二、增持回购 美利信：控股股东拟5000万元-1亿元增持公司股份。 三、投资合作、经营状况 1、上纬新材：拟2600万元购买智元创新ARM嵌入式软件及通信中间件软件代码使用权。 2、横店东磁：公司芯片电感已进入部分头部企业，出货实现了高速增长。 3、罗曼股份：控股子公司签订约4.48亿元算力设备销售及服务合同。 5、岩山科技：子公司Nullmax (Cayman)拟引入某国内头部车规级芯片公司作为战略投资者。 6、航天电器：控股子公司苏州华旃投资5725万元实施高速模组及液冷互连产品生产能力建设项目。 7、华东医药：全资子公司产品及合作产品纳入国家医保及商保创新药目录。 8、复星医药：公司多款药品新纳入国家医保目录及商保创新药目录。 9、艾力斯：创新药品纳入新版国家医保目录。 10、艾迪药业：两款抗H ...

Core Viewpoint - Hengdian East Magnetic (002056.SZ) has reported significant growth in its magnetic materials production and chip inductors, driven by the rapid increase in AI server shipments [1] Group 1: Company Production Capacity - The company has approximately 300,000 tons of magnetic materials production capacity, covering multiple series of material systems [1] - The shipments of permanent magnets and soft magnets exceed 200,000 tons [1] Group 2: Chip Inductor Growth - The company's chip inductors have entered some leading enterprises, benefiting from the rapid growth in AI server shipments [1] - The shipment of the company's chip inductors has also achieved rapid growth [1]

Core Viewpoint - Hengdian East Magnetic (002056.SZ) has approximately 300,000 tons of magnetic material production capacity, with over 200,000 tons of shipments in permanent and soft magnetic materials, benefiting from the rapid growth in AI server shipments [1] Group 1 - The company has a production capacity of around 300,000 tons of magnetic materials [1] - The product range includes multiple series of materials, with significant shipments in both permanent and soft magnetic categories exceeding 200,000 tons [1] - The company's chip inductors have entered some leading enterprises, experiencing rapid growth due to the increasing shipments of AI servers [1]

Core Insights - The company, Hengdian East Magnetic (002056), has reported that its chip inductors have entered some leading enterprises, benefiting from the rapid growth in AI server shipments [1] - The company's chip inductor shipments have also achieved rapid growth due to this trend [1] Company Summary - Hengdian East Magnetic's chip inductors are now utilized by top-tier companies, indicating a strong market position [1] - The growth in AI server shipments is a significant driver for the company's performance, highlighting the increasing demand for its products [1]

Group 1: Company Overview and Market Position - The company is a leading player in the ferrite magnetic materials market, with a strong competitive edge in technology, scale, and customer base, serving numerous global top 500 enterprises [2][3] - The company has a production capacity of approximately 300,000 tons of magnetic materials, with over 200,000 tons shipped in both permanent and soft magnetic categories [4] Group 2: Product Applications and Market Share - The company's permanent ferrite materials are widely used in automotive, home appliances, industrial, and medical fields, holding over 20% market share in domestic shipments [3] - The soft magnetic product series, including soft ferrite and metal magnetic powder cores, has a domestic market share exceeding 10%, with applications in new energy vehicles and consumer electronics [3] Group 3: AI and Data Center Market - The company's magnetic materials and inductors have significant applications in AIDC power management, with over 20% of revenue coming from data center support [5] - The demand for chip inductors has surged due to the rapid growth of AI server shipments, with high-performance inductors becoming increasingly necessary [6][7] Group 4: Manufacturing Advantages - The company boasts an independent material R&D team and comprehensive manufacturing capabilities, ensuring high-performance products through custom-designed equipment [8] Group 5: Future Growth and Strategic Plans - The company anticipates maintaining reasonable profitability in the photovoltaic industry with an expected increase in shipments in Q4 2025 [9] - For lithium battery products, the company aims to exceed its target of over 600 million units shipped in 2024, with continued growth expected into 2026 [10] - The company is expanding into energy storage products and collaborating with third parties to explore commercial and large-scale storage markets [11]

Core Viewpoint - Long Magnetic Technology (300835.SZ) reports positive progress in its chip inductor business, with new product development gaining customer recognition and expected batch deliveries starting in Q1 next year [1] Group 1: Chip Inductor Business - The company has successfully developed new products in its chip inductor segment, which have been recognized by customers [1] - Some products are anticipated to begin gradual mass delivery in the first quarter of next year [1] - The TLVR inductor has passed customer performance testing, and small batch orders have been received for certain products [1] Group 2: Magnetic Material Business - The company's gross margin in the magnetic material sector is at a favorable level within the industry [1] - Future strategies include optimizing product structure, controlling costs, and upgrading customers to maintain or enhance gross margins [1] - The company plans to add 10,000 tons of permanent magnet product capacity and achieve localized raw material supply [1] Group 3: Expansion and Focus Areas - Upon completion of the expansion at the Vietnam base, the total domestic and overseas permanent magnet capacity will reach 60,000 tons [1] - The company will focus on the incremental fields of new energy vehicles, industrial motors, and green energy in the ferrite permanent magnet materials sector [1]

Group 1: Chip Inductor Business Development - The company has developed a significant amount of R&D results focused on high power density, high frequency, and customized chip inductors, which are essential for AI servers, data centers, and intelligent driving applications. The demand from downstream customers is strong [1] - Several new chip inductor products are currently undergoing client testing, with expectations for some to begin mass delivery in Q1 of next year, depending on customer project lifecycles [1] Group 2: TLVR Inductor Certification and Demand - TLVR inductors, designed for low voltage and high current environments, have seen increased demand from major semiconductor manufacturers for power module development. The company has received small batch orders for several TLVR inductor products that have passed customer performance tests [2] Group 3: Magnetic Material Profitability and Trends - The company's magnetic material products maintain a strong gross margin due to technological advantages, cost control, and a focus on high-end clients such as Bosch and Valeo. Future strategies include product structure optimization and customer upgrades to sustain or improve gross margins [3] Group 4: Permanent Magnet Capacity and Global Expansion - The company aims to achieve a permanent magnet ferrite production capacity of 60,000 tons, with plans to add another 10,000 tons and localize raw material supply. The overseas production line established since 2016 has become a significant growth point for the company [4] Group 5: Technical Progress in Ferrite Permanent Magnet Materials - Continuous advancements in R&D, process innovation, and smart manufacturing are driving the company towards high-end value chain upgrades. Ferrite permanent magnet materials are being applied in various sectors, including automotive and green energy, with a focus on new applications in electric vehicles [6]