Group 1 - The metal new materials sector increased by 1.05% on September 25, with Zhongzhou Special Materials leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Zhongzhou Special Materials had a closing price of 19.96, with a rise of 10.09% and a trading volume of 557,100 shares [1] Group 2 - The metal new materials sector saw a net inflow of 500 million yuan from main funds, while retail investors experienced a net outflow of 350 million yuan [2] - The trading data indicates that Zhongzhou Special Materials had a net inflow of 28.48 million yuan from main funds, but a net outflow of 24.72 million yuan from retail investors [3] - The overall trading volume for the sector was significant, with Zhongzhou Special Materials contributing to a total transaction value of 1.11 billion yuan [1][2]

国泰海通证券股份有限公司 一、持续督导工作概述 | 事项 | 开展情况 | | --- | --- | | 1.审阅公司信息披露文件 | 保荐机构对天力复合报告期内的信息披露文件 | | | 及时进行了审阅，上市公司向交易所提交的信 | | | 息披露文件不存在虚假记载、误导性陈述或重 | | | 大遗漏。 | | 2.督导公司建立健全并有效执行规则制度 | 保荐机构已督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、募 | | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度）。报告期内，公司相关规章制度 | | | 有效执行。 | | 3.募集资金使用监督 | 2025 年 1-6 月，天力复合不存在使用募集资金 | | | 情况。 | | 4.督导公司规范运作 | 保荐机构审阅了公司三会相关的会议文件，督 导天力复合在财务核算、关联交易、对外担保、 | | | 对外投资、对子公司的控制等重大方面规范运 | | | 作。 | | 5.现场核查 | 年 月，保荐机构未对天力复合进行现 2025 1-6 | | | 场检查，不适用。 | | 6.发表专项意 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is actively expanding into new fields such as nuclear power, marine engineering, and environmental protection, which are expected to become significant growth drivers in the future [3] - Due to a slowdown in traditional chemical demand, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 37.39 million, 44.95 million, and 54.92 million respectively, with corresponding P/E ratios of 91, 76, and 62 [3] Financial Performance Summary - The total revenue for 2023 is projected at 740.18 million, with a decline to 523.44 million in 2024, and a slight recovery to 527.34 million in 2025 [1] - The net profit attributable to the parent company is expected to decrease from 88.85 million in 2023 to 60.71 million in 2024, and further down to 37.39 million in 2025, reflecting a year-on-year decline of 38.42% [1][3] - The latest diluted EPS is forecasted to be 0.34 yuan per share in 2025, with a P/E ratio of 91.53 [1][3] Market Data Summary - The closing price of the stock is 31.96 yuan, with a market capitalization of approximately 3.48 billion [6] - The stock has a price-to-book ratio of 7.90 and a one-year price range of 14.15 to 45.55 yuan [6] Financial Forecasts - The company anticipates total revenue growth rates of -29.28% in 2024, followed by a slight recovery of 0.74% in 2025, and growth rates of 17.25% and 12.83% in 2026 and 2027 respectively [9] - The gross profit margin is expected to decline to 16.19% in 2025, with a gradual recovery to 17.62% by 2027 [9]

证券代码：873576 证券简称：天力复合 公告编号：2025-055 西安天力金属复合材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 8 月 27 日 活动地点：进门财经电话会 参会单位及人员：会议由银河证券分析师张智浩先生主持，具体参会名单如 下： 5、开源证券 薛涛、姚金江 1、银河证券 张智浩、范想想 2、华泰证券 蒋煜卿 3、东北证券 何昊阳 4、国联证券 赵泽钰 6、华泰柏瑞基金 丁续 （以上排名不分先后） 上市公司接待人员：财务负责人：蒙歆元，董事会秘书：何波。 三、 投资者关系活动主要内容 问题 1、请简单介绍一下公司概况及爆炸焊接工艺。 回答：公司是国内层状金属复合材料龙头企业，国家级专精特新"小巨人" 企业，陕西省制造业单项冠军示范企业，建有"层状金属复合材料国家地方联 ...

证券代码：873576 证券简称：天力复合 公告编号：2025-054 西安天力金属复合材料股份有限公司 第二届监事会第十七次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 1.会议召开时间：2025 年 8 月 22 日 2.会议召开地点：公司 106 会议室 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2025 年 8 月 12 日以专人送达方式发出 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：监事会主席杨建朝 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开和议案审议程序符合《公司法》《公司章程》的相关 规定。 （二）会议出席情况 公司 2025 年半年度概况，会计数据和经营情况，重大事件，股份变动和融 资，董事、监事、高级管理人员及核心员工变动情况，财务会计报告等。具体内 容详见公司于 2025 年 8 月 26 日在北京证券交易所信息披露平台（www.bse.cn） 披露的《西安天力金属复合材料股份有限公司 2025 年半年度报告》 ...

证券代码：873576 证券简称：天力复合 公告编号：2025-053 西安天力金属复合材料股份有限公司 第二届董事会第二十六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：董事长樊科社 6.会议列席人员：公司高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开和议案审议程序符合《公司法》《公司章程》的相关 规定。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 1.会议召开时间：2025 年 8 月 22 日 2.会议召开地点：公司 106 会议室 3.会议召开方式：现场会议 4.发出董事会会议通知的时间和方式：2025 年 8 月 12 日以专人送达方式发 出 本议案不涉及回避表决。 4.提交股东会表决情况： 本议案无需提交股东会审议。 三、备查文件目录 （一）审议通过《2025 年半年度报告及半年度报告摘要》 1.议案内容： 公司 2025 年半年度概况，会 ...

Core Viewpoint - The layered metal composite materials industry is expanding from military applications to various sectors such as chemicals, power, and marine engineering, with significant growth driven by the demand in new energy and aerospace sectors. The market size in China is projected to reach 31 billion yuan in 2024, with a year-on-year growth of 12.24% [1][12]. Overview - Layered metal composite materials are new materials formed by the metallurgical bonding of two or more metals using special composite techniques, enhancing overall physical, chemical, and mechanical properties compared to single metals [2]. Market Policy - The Chinese government has issued several policies to support the development of the layered metal composite materials industry, creating a favorable policy environment for growth [7][9]. Industry Chain - The industry encompasses the upstream supply of raw materials like titanium, steel, and aluminum, the midstream production of layered metal composites, and the downstream application in various fields including nuclear power, aerospace, and new energy [12]. Current Development - The market for layered metal composite materials in China is rapidly growing, with applications expanding into civilian sectors such as smart terminals and new energy vehicles, driven by the dual carbon goals and the trend towards green manufacturing [1][12]. Competitive Landscape - The industry is characterized by a mix of domestic and international players, with companies like Tianli Composite and Baotai Group gaining significant market share. International competitors such as DMC and Asahi Kasei have been in the market longer, but domestic firms are increasing their technological capabilities [14][15][17]. Representative Domestic Companies - Tianli Composite is a leading domestic company specializing in layered metal composites, with a revenue of 523 million yuan in 2024, primarily from titanium composites [17]. - Yinbang Metal Composite Materials Co., Ltd. focuses on aluminum alloy composites and achieved a revenue of 5.352 billion yuan in 2024, with 98.56% from metal composite materials [19]. Future Trends - The demand for layered metal composite materials is expected to grow in civilian applications, particularly in new energy vehicle battery boxes and 5G base station heat dissipation components, while green manufacturing processes will become increasingly important [21].

Core Insights - Tianli Composite (873576) experienced a net financing inflow of 1.21 million yuan on August 21, 2025, with a total financing balance of 24.62 million yuan, marking a continuous net inflow of 2.70 million yuan over the past three trading days [1][2]. Financing Activity Summary - On August 21, 2025, the net financing inflow was 1.21 million yuan, with a financing balance of 24.62 million yuan, representing 0.69% of the circulating market value [2]. - The previous trading days showed the following net financing inflows: - August 20: 209,300 yuan, balance 24.61 million yuan (0.68%) - August 19: 2.48 million yuan, balance 24.40 million yuan (0.68%) - August 18: 2.47 million yuan, balance 21.92 million yuan (0.61%) - August 15: -1.30 million yuan, balance 19.44 million yuan (0.57%) [2]. Margin Trading Overview - The total margin trading balance on August 21, 2025, was 24.62 million yuan, reflecting an increase of 1.21 million yuan (0.05%) from the previous day [3]. - The changes in margin trading balance over the past days were as follows: - August 20: 24.61 million yuan, increase of 209,300 yuan (0.86%) - August 19: 24.40 million yuan, increase of 2.48 million yuan (11.31%) - August 18: 21.92 million yuan, increase of 2.47 million yuan (12.72%) - August 15: 19.44 million yuan, decrease of 1.30 million yuan (-6.28%) [3].

Industry Overview - The stainless steel composite plate is formed by metallurgical bonding of carbon steel base and stainless steel cladding, combining the mechanical strength of carbon steel and the corrosion resistance of stainless steel, widely used in petroleum, chemical, coking, and power equipment manufacturing [3][11] - The industry has seen significant growth, with the market size in China expected to increase from 9.5 billion yuan in 2019 to 17.95 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 13.57% [17][20] Industry Development History - The development of the stainless steel composite plate industry in China began in the 1960s, initially dominated by explosive composite technology, with production scale and application range limited by technology and equipment conditions [8] - The industry entered a rapid development phase after 2015, with over 40 domestic companies capable of production, and products widely used in chemical, energy, and marine engineering sectors [8][20] Industry Chain - The upstream of the stainless steel composite plate industry includes raw materials and equipment, such as carbon steel and stainless steel, while the midstream involves the production and manufacturing processes [10] - The downstream applications encompass various sectors, including petroleum and chemical, food processing, construction, and transportation [10] Market Demand and Supply - The demand for stainless steel composite plates in China is projected to grow from 520,000 tons in 2019 to 840,000 tons in 2024, with a CAGR of 10.07% [16] - The stainless steel crude steel output in China is expected to reach 39.44 million tons in 2024, a year-on-year increase of 7.54% [11][14] Key Companies - Major players in the industry include Nanjing Steel, Taiyuan Iron and Steel, and specialized companies like Tianli Composite and Baotai Group, which focus on high-end applications and technological innovation [20][21][24] - The competitive landscape is characterized by a mix of large state-owned enterprises and specialized composite material companies, with a focus on technology and product differentiation [20] Industry Trends - The industry is moving towards high performance, with advancements in material composition and composite technology to meet the stringent demands of high-end manufacturing [26] - Efficiency improvements are a core focus, with the adoption of advanced processes like continuous rolling and automated production lines to reduce costs and production cycles [27] - Environmental trends are pushing the industry towards green manufacturing, with a shift to low-energy consumption processes and recyclable materials [28]

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable growth and reasonable valuations, particularly in the North Exchange sector for 2025 [6][12]. Core Insights - The North Exchange 50 Index has shown significant growth, with a 116.41% increase over the past year, indicating strong market performance compared to other indices [2][12]. - The report highlights the performance of various sectors, with the computer, basic chemicals, electronics, automotive, and social services sectors leading in growth, while beauty care, defense, construction, agriculture, and textiles lagged behind [17][20]. - New listings and upcoming IPOs are noted, including the recent listing of Zhigao Machinery, which specializes in rock drilling equipment and air compressors, indicating ongoing market activity [25][31]. Summary by Sections North Exchange Market Overview - As of August 15, 2025, the North Exchange comprises 271 A-share stocks with an average market capitalization of 3.183 billion [12]. - The North Exchange 50 Index increased by 2.40% during the week of August 11-15, 2025, closing at 1476.33 points, outperforming the Shanghai and Shenzhen indices [12][16]. Stock and Sector Performance - During the same week, 99 stocks rose, while 170 fell, resulting in a 36.53% increase in the number of rising stocks, a decrease of 15.69 percentage points from the previous week [16]. - The top five performing sectors were computer (21.19%), basic chemicals (8.65%), electronics (6.72%), automotive (3.45%), and social services (2.49%) [17][20]. New Stock Updates - Zhigao Machinery was listed on August 14, 2025, focusing on energy-efficient and environmentally friendly drilling and air compressor solutions, with a diverse product range [25][31]. - Upcoming IPOs include the subscription of Nengzhiguang and the listing of Hongyuan Shares, indicating continued interest in the North Exchange [31]. Key Companies and Earnings Forecast - Key companies highlighted include Tongli Co., Wuxin Tunnel Equipment, and Kaide Quartz, with earnings per share (EPS) forecasts showing growth from 2024 to 2026 [7]. - The report suggests a "Buy" rating for Tongli Co. and Wuxin Tunnel Equipment, while recommending "Hold" for Kaide Quartz and Hualing Co. [7].