Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The deep-sea industry is a crucial pillar for energy security, with significant potential for investment in marine information technology and equipment [2][9] - The development and utilization of deep-sea resources are essential, particularly in the context of national deep-sea strategies and defense manufacturing [3][9] - The urgency for deep-sea information infrastructure is increasing, with a focus on enhancing sensor demand and accelerating domestic replacements [9] Summary by Relevant Sections Investment Recommendations and Targets - Key investment opportunities in deep-sea information technology include companies such as China Marine Defense (600764), Zhongke Haixun (300810), and Changying Tong (688143) [3] - In deep-sea equipment manufacturing, notable companies include China Shipbuilding (600150), China Power (600482), and Zhongchuan Defense (600685) [3] Industry Overview - The deep-sea sector is expected to accelerate the development of marine resources, particularly oil and gas, with China's total marine oil reserves estimated at approximately 392 billion tons and natural gas at about 53 billion cubic meters [9] - The deep-sea industry is positioned to mitigate reliance on foreign resources and enhance energy security through the development of critical metals [9] - The demand for underwater robots and unmanned submersibles is increasing, driven by the need for efficient and safe deep-sea operations [9]

证券代码：600456 证券简称：宝钛股份 编号：2026-004 宝鸡钛业股份有限公司 关于向不特定对象发行可转换公司债券 申请获得上海证券交易所上市审核委员会 审核通过的公告 上海证券交易所上市审核委员会于 2026 年 3 月 20 日召开 2026 年第 11 次审 议会议（以下简称"会议"），对宝鸡钛业股份有限公司（以下简称"公司"）向 不特定对象发行可转换公司债券的申请进行了审议。根据会议审议结果，公司本 次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披露 要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施。公司本 次发行最终能否获得中国证监会同意注册的决定及其时间尚存在不确定性。公司 将根据该事项的进展情况，严格按照有关法律法规的规定和要求及时履行信息披 露义务，敬请广大投资者注意投资风险。 特此公告。 宝鸡钛业股份有限公司董事会 2026年3月21日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 ...

定对象发行可转换公司债券 审核问询函的回复 （修订稿） 保荐人（主承销商） 股票简称：宝钛股份 股票代码：600456 Baoji Titanium Industry Co.,Ltd. （陕西省宝鸡市高新开发区高新大道 88 号） 关于宝鸡钛业股份有限公司向不特 （陕西省西安市新城区东新街 319 号 8 幢 10000 室） 二〇二六年三月 上海证券交易所： 贵所《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文 件的审核问询函》（上证上审（再融资）〔2025〕412 号）（以下简称"问询函"） 已收悉。宝鸡钛业股份有限公司（以下简称"宝钛股份""发行人""申请人" 或"公司"）会同西部证券股份有限公司（以下简称"西部证券"或"保荐人"）、 申报会计师希格玛会计师事务所（特殊普通合伙）（以下简称"发行人会计师"）、 发行人律师北京观韬律师事务所（以下简称"发行人律师"）就问询函所提问题 逐条进行了认真分析及讨论，针对问询函中的问题进行了核查，对问询函中所有 提到的问题逐项予以落实并进行了书面说明，同时按照要求对《宝鸡钛业股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明 ...

《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》的回复 希格玛会计师事务所（特殊普通合伙） 《关于宝鸡钛业股份有限公司向不特定对象发行可 转换公司债券申请文件的审核问询函》的回复 上海证券交易所： 贵所2025年12月18日《关于宝鸡钛业股份有限公司向不特定对象发行可转换 公司债券申请文件的审核问询函》（上证上审（再融资）[2025]412号）收悉， 我所对反馈意见所涉及的问题进行了逐项核查和落实，现根据贵所的反馈意见回 复如下。 问题 1：关于本次募投项目 根据申报材料，1）本次拟募集资金不超过 350,000.00 万元，拟投入"钛 资源循环利用暨熔铸提质扩能项目""宇航级钛及钛合金智能锻造产线及供应 链协同建设项目""钛及钛合金近净成形生产线建设项目"及补充流动资金。 2）前次募投项目"宇航级宽幅钛合金板材、带箔材建设项目"未实现预计效 益。 请发行人说明：（1）本次募投项目的具体建设内容，与前次募投项目、 现有业务的区别与联系，是否涉及新产品、新技术，本募产品与公司现有产 品在技术路线、产品性能、应用领域、客户群体等方面的具体差异，募集资 金是否主要投向主业；（2）结合行 ...

证券代码：600456 证券简称：宝钛股份 编号：2026-003 宝鸡钛业股份有限公司 关于向不特定对象发行可转换公司债券 申请文件审核问询函回复（修订稿） 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 公司按照审核问询函要求，会同相关中介机构对《审核问询函》所列问题进 行了逐项落实并作出回复，具体回复内容详见公司于 2026 年 1 月 23 日在上交所 网站（www.see.com.cn）披露的《关于宝鸡钛业股份有限公司向不特定对象发 行可转换公司债券审核问询函的回复》及其他相关文件。 近日，公司根据上交所进一步的审核意见，会同相关中介机构对部分回复内 容进行了补充与修订，具体内容详见公司同日在上交所网站（www.see.com.cn） 上披露的《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券审核问 询函的回复（修订稿）》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后 方可实施，最终能否通过上 ...

Group 1: Gas Turbine Sector - The gas turbine sector is emphasized due to deep penetration into overseas supply chains and the dual logic of domestic aviation reform, which is expected to resonate positively[3] - The North American AIDC demand expansion, coupled with aging power grids, is leading to a structural power supply gap that is continuously increasing[6] - The global gas turbine market is highly concentrated, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries collectively holding about 85% market share[32] Group 2: Commercial Aerospace - The commercial aerospace sector is expected to see a new round of catalysts with the successful testing of reusable rocket technology, enhancing the prospects for commercial space ventures[38] - China's G60 satellite constellation plans to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, indicating a significant demand for satellite launches[51] - The application end of the aerospace sector is focusing on core components such as communication terminal basebands, RF chips, and phased array antennas, which are expected to see stable or increasing value under cost reduction trends[55] Group 3: 3D Printing - The industrial-grade 3D printing sector is poised for a breakthrough due to material cost reductions and equipment efficiency improvements, marking a significant turning point for mass adoption[58] - The consumer-grade 3D printing market is accelerating towards a creative era, driven by AI empowerment, ecosystem strengthening, and supply chain cost reductions[68] - In 2025, the export value of 3D printers from China is projected to reach 11.355 billion yuan, reflecting a year-on-year growth of 39.1%[73] Group 4: Tungsten Market - The price of tungsten has surged significantly, with 65% black tungsten concentrate reaching 800,000 yuan per ton, up 73.91% since the beginning of 2026[80] - The increase in tungsten prices is driven by tightened supply and strategic pricing, with China's export controls on tungsten and other strategic metals contributing to this trend[79] - Companies with mining assets or expectations of asset injections, such as Zhongtung High-tech and Xiamen Tungsten, are expected to benefit directly from rising tungsten prices[81]

Core Insights - The recent automation upgrade of the 7000-ton production line's raw material system marks significant progress in digital transformation and the assurance of key materials for the nation [2][7]. Automation Upgrade - The new automated raw material system represents a fundamental shift from manual control to intelligent control, optimizing core equipment and operational modes [2][7]. - The system is equipped with smart identification chips, enabling full traceability of the material preparation process and ensuring precise and controllable production data [2][7]. Operational Efficiency - The automation overhaul allows for seamless integration of automatic feeding, precise material preparation, and automatic transportation, replacing high-intensity manual operations such as crane lifting and manual bucket pouring [2][7]. - The optimization of equipment operation logic significantly enhances operational safety and liberates frontline workers from repetitive tasks, achieving an upgrade in human-machine collaboration efficiency [2][7]. Cost Reduction and Efficiency Improvement - The upgraded system shows remarkable improvements in operational stability, smoother production rhythms, and significantly enhanced overall operational efficiency [2][7]. - The comprehensive application of automated equipment meets the goal of reducing personnel while increasing efficiency, effectively lowering long-term operational costs and personnel operation risks, thereby maximizing the core advantages of intelligent equipment [2][7]. Strategic Alignment - The successful implementation of this project is a vivid practice of the company's active response to the national strategy of promoting high-end, intelligent, and green development in manufacturing [2][7]. - It also serves as a milestone for the factory in deepening intelligent manufacturing and solidifying the foundation for high-quality development [2][7].

Group 1: Rare Earth and Tungsten Industry - The company is one of the six major rare earth groups in the country, having completed the integration of rare earth resources in Fujian Province [2] - The company possesses a complete tungsten industry chain, with significant competitive advantages in tungsten mining, smelting, powder, wire materials, and hard alloy deep processing [2] - The company is the first in China to develop and produce ITER filter tungsten probe components for nuclear fusion devices, capable of precision machining large-sized ITER-grade tungsten materials [2] Group 2: Data Center and AI Computing - The company is planning to acquire a stake in Xiantian Computing and aims to leverage it to acquire control of Zhengzhou Heying, which focuses on third-party large-scale data center operations [3] - The company is collaborating with Alibaba Cloud to jointly invest 15.8 billion yuan in building a cloud computing data center in Zhejiang [3] - The company has established a large data center in Xinjiang Hami, with a total computing power exceeding 80,000 P [3] Group 3: Power and Energy Sector - The company has acquired Honghe Power, a major thermal power plant in southern Yunnan, with a certified installed capacity of 1,300 MW [5] - The company is a leading player in the composite insulator market for high-voltage transmission lines, with a net profit growth of 177.52% year-on-year [5] - The company is expected to achieve a profit of 300 million to 360 million yuan by 2025, marking a turnaround from previous losses [5] Group 4: Semiconductor and AI Technology - The company has developed a low-code platform that integrates AI capabilities and has been applied in various sectors including power, aerospace, and manufacturing [4] - The company is a leading domestic player in crystal oscillators, with products applicable in optical communication and navigation systems [4] - The company has launched a series of AI products and is involved in the construction of AI computing centers across the country [4] Group 5: Renewable Energy and Materials - The company is a leader in the photovoltaic aluminum frame market, with a global market share exceeding 18% [5] - The company is investing 600 million yuan to build a project for producing 10,000 tons of iron phosphate battery precursor materials annually [8] - The company has established a comprehensive lithium battery supply chain, including mining, selection, and processing of lithium carbonate [8]

Core Viewpoint - The rare resources sector has shown strong performance, with several companies reaching their daily price limit increase [1] Group 1: Company Performance - Xiamen Tungsten Industry, Guizhou Research Institute of Nonferrous Metals, Zhong Rare Metals, Zhangyuan Tungsten Industry, Mindong Electric Power, and Yasheng Group all hit the daily limit increase [1] - Jinmoly Co., Xiyang Co., Baotai Co., and Yunnan Zinc Industry also experienced significant price increases [1]

Market Overview - The A-share market experienced a collective pullback on February 27, with the Shanghai Composite Index closing at 4139.53 points, down 0.17% [2][3] - The semiconductor, communication equipment, electronic components, soft drinks, and building materials sectors saw the largest declines, while the non-ferrous metals sector showed strong gains, particularly tungsten concept stocks [2][3] Sector Performance - The non-ferrous metals sector surged, with rare metals leading the charge and tungsten concept stocks experiencing significant increases [5][6] - The Hang Seng Technology Index rose over 1%, driven by strong performances in the cloud computing sector and tech stocks like SenseTime and Bilibili [4][5] Notable Stocks - Several stocks in the non-ferrous metals sector hit the daily limit, including Dongfang Zirconium, Xianglu Tungsten, and Zhong Rare Metals, all recording gains of 10% [6][7] - Capital Online saw a rise of over 15%, while other companies in the computing power leasing sector also performed well, with Qingyun Technology-U and Xinjun Network both increasing by over 10% [10][11] Price Movements - The domestic light rare earth market saw price increases, with praseodymium and neodymium metal prices rising to 1.08 million CNY/ton and 1.125 million CNY/ton, respectively [9] - The computing power leasing sector continued to rise, reflecting strong demand and growth potential in the AI model API market, where Chinese models surpassed U.S. models in usage [10][11] Industry Insights - Analysts suggest that the increase in domestic AI model usage and monetization expectations may accelerate growth in the data calling volume and model performance, benefiting the domestic computing power industry chain [11] - The software development sector is also experiencing upward momentum, with new AI programming solutions being launched by major cloud service providers [11]