（文章来源：证券日报） 证券日报网讯 10月13日晚间，宝钛股份发布公告称，本次增持计划的实施期限于2025年10月10日届 满。增持计划实施期间，公司控股股东宝钛集团有限公司（简称"宝钛集团"）通过上海证券交易所交易 系统以集中竞价交易方式累计增持公司股份7，791，653股，占公司总股本的1.6308%，累计增持金额 238，599，087.21元（不含交易费用），已超过本次增持计划拟增持金额和比例区间的下限，本次增持 计划实施完毕。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The military industry is entering a medium to long-term layout turning point, with significant investment opportunities emerging due to international political turbulence and domestic military modernization efforts [4][5] - The recent unveiling of the J-35 aircraft production line indicates a continuous enhancement of national military strength, which is expected to lead to a rapid development phase in military trade [7] - The acceleration of satellite launches suggests that the commercial aerospace industry is poised for a new phase of rapid growth, benefiting related enterprises in the supply chain [7] Summary by Relevant Sections Recent Industry Performance - Over the past 12 months, the absolute return of the industry is 21.1%, while the relative return compared to the CSI 300 is 4.39% [3] Key Events - The "Peace and Friendship - 2025" joint military exercise between China and Malaysia is set to take place from October 15 to 23, involving over 1,000 personnel and more than 500 pieces of equipment [5] Investment Highlights - The military industry is expected to see a rebound after previous adjustments, with increasing investment value highlighted by the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [8] - The report suggests focusing on specific stocks such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others within the military sector [8]

T (86-29) 8842 2608 E guantaoxa@guantao.com www.guantao.com 陕西省西安市雁塔区团结南路35号 高新新天地广场3号楼35层3501-08 35/F, Building 3, Gaoxin Xintiandi Square, 35 Tuanjie South Road, Yanta District, Xi'an 北京观韬（西安）律师事务所 关于宝钛集团有限公司 增持宝鸡钛业股份有限公司股份 的法律意见书 观意字 2025XA000510 号 二零二五年十月 11 1 陕西省西安市雁塔区团结南路35 新新天地广场3号楼35层3501-1 /F. Building 3. Gaoxin Xintiandi Square. 35 Tuaniie South Road. Yanta District, Xi'an 北京观韬(西安)律师事务所 关于宝钛集团有限公司 增持宝鸡钛业股份有限公司股份 的法律意见书 观意字 2025XA000510 号 致:宝钛集团有限公司 北京观韬(西安)律师事务所(以下简称为"本所")接受宝钛集团有限公司 (以下简称"增持人"或"宝钛 ...

每经AI快讯，宝钛股份（SH 600456，收盘价：32.96元）10月13日晚间发布公告称，相关增持计划的实 施期限于2025年10月10日届满。增持计划实施期间，宝钛集团通过上海证券交易所交易系统以集中竞价 交易方式累计增持公司股份约779万股，占公司总股本的1.6308%，累计增持金额约2.39亿元，已超过相 关增持计划拟增持金额和比例区间的下限，相关增持计划实施完毕。公司收到宝钛集团《关于增持宝鸡 钛业股份有限公司股份计划实施完毕的告知函》，其增持计划已实施完毕。 截至发稿，宝钛股份市值为157亿元。 （记者 胡玲） 2025年1至6月份，宝钛股份的营业收入构成为：钛产品占比86.74%，其他金属产品占比8.74%，其他业 务占比4.52%。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ ...

宝鸡钛业股份有限公司 关于控股股东增持公司股份计划实施完毕 暨增持结果的公告 证券代码：600456 证券简称：宝钛股份 公告编号：2025-049 （一）增持计划的实施结果 | 增持主体名称 | 宝钛集团有限公司 | | --- | --- | | 增持计划首次披露日 | 2025 年 4 月 11 日 | | 增持计划拟实施期间 | 2025 年 4 月 11 日～2025 年 10 月 10 日 | | 增持计划拟增持金额 | 不低于 1.5 亿元且不超过 3 亿元人民币 | | 增持计划拟增持数量 | 未设置具体增持数量 | | 增持计划拟增持比例 | 增持比例不低于公司总股本的 1%且不超过公司总股本 | | | 的 2% | | 增持股份实施期间 | 2025 年 4 月 11 日～2025 年 10 月 10 日 | | 增持股份结果 | 通过上海证券交易所以集中竞价方式，累计增持公司 | | 对应方式及数量 | 7,791,653 股 A 股股份 | | 累计增持股份金额 | 238,599,087.21 元（不含交易费用） | | 累计增持股份比例 | 1.6308% | | （占总股本） ...

格隆汇10月13日丨宝钛股份(600456.SH)公布，本次增持计划的实施期限于2025年10月10日届满。增持 计划实施期间，宝钛集团通过上海证券交易所交易系统以集中竞价交易方式累计增持公司股份779.17万 股，占公司总股本的1.6308%，累计增持金额2.39亿元（不含交易费用），已超过本次增持计划拟增持 金额和比例区间的下限，本次增持计划实施完毕。 ...

Core Insights - The article highlights the strong growth and innovation in the titanium industry in Shaanxi Province, particularly through the efforts of Baotai Group, which has become a leader in titanium production and processing [1][2][3]. Industry Overview - Shaanxi's titanium production and processing volume is expected to reach nearly 70,000 tons in 2024, with an annual output value exceeding 60 billion yuan, accounting for 65% of China's total and 33% of global production [1]. - Baotai Group has made significant advancements in smelting, processing, and manufacturing equipment, driving technological progress and high-quality development in the province's titanium industry [1]. Product Development - Baotai Group has expanded its product offerings, with over 200 types of consumer titanium products now available, and has made breakthroughs in key technologies for deep-sea submersible components [2][3]. - The company is actively developing new applications in emerging fields such as renewable energy, consumer electronics, and medical devices, enhancing its market share in high-end titanium products [3]. Technological Advancements - Baotai Group has established the first domestically designed and developed hot continuous rolling production line for titanium and titanium alloys, capable of producing high-value rod and wire products [4]. - The company has achieved significant breakthroughs in the production of Hastelloy alloy, a high-end nickel-based alloy, which has historically been reliant on imports [5]. Innovation and Efficiency - The establishment of innovation studios within Baotai Group has improved production efficiency and fostered a culture of innovation among employees, leading to substantial cost savings [6]. - The company has maintained its position as the world's largest producer of titanium products since 2021, despite facing challenges such as market adjustments and raw material price fluctuations [7]. Market Impact - Baotai Group's growth has spurred the establishment of over 600 titanium processing and trading enterprises in Baoji, producing more than 300 types and over 5,000 specifications of titanium products for various industries [7].

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential investment opportunities [1][2]. - As of October 9, Baotai's stock price rose by 2.03% to 33.19 CNY per share, with a trading volume of 4.51 billion CNY and a market capitalization of 15.857 billion CNY [1]. - Year-to-date, Baotai's stock has increased by 18.28%, with a 6.00% rise in the last five trading days, 5.26% in the last 20 days, and 10.38% in the last 60 days [1]. Group 2 - Baotai's main business involves the production, processing, and sales of titanium and titanium alloys, with revenue composition being 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1][2]. - For the first half of 2025, Baotai reported a revenue of 2.967 billion CNY, a year-on-year decrease of 20.45%, and a net profit attributable to shareholders of 205 million CNY, down 49.00% year-on-year [2]. - The company has distributed a total of 2.523 billion CNY in dividends since its A-share listing, with 569 million CNY distributed in the last three years [3]. Group 3 - As of June 30, 2025, Baotai had 63,000 shareholders, a decrease of 2.94% from the previous period, with an average of 7,588 circulating shares per shareholder, an increase of 3.03% [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 13.277 million shares, a decrease of 2.022 million shares from the previous period [3].

Core Insights - The article emphasizes the strategic importance of marine titanium in addressing corrosion and structural challenges in marine engineering, shipbuilding, and seawater utilization, highlighting its role in enhancing the reliability, durability, and economic viability of marine equipment [1][7][11]. Industry Overview - Marine titanium refers specifically to titanium and titanium alloys used in marine environments and related industries, characterized by excellent corrosion resistance, high specific strength, low density, and non-magnetic properties [2][3]. - The Chinese government has prioritized the development of marine titanium, integrating "deep-sea technology" into national strategic emerging industries by 2025, which supports the large-scale application of titanium materials in deep-sea exploration, manned submersibles, and oil and gas extraction [1][7]. Industry Chain - China's marine titanium industry chain includes upstream titanium ore mining, midstream sponge titanium smelting and processing, and downstream high-end applications, with leading companies like Baotai and Western Superconducting playing significant roles [1][7][10]. - The industry is experiencing rapid growth, with the marine engineering equipment manufacturing sector projected to have a compound annual growth rate (CAGR) of 15.54% from 2022 to 2024, indicating a significant increase in titanium demand [1][10]. Current Development Status - From 2019 to 2024, China's titanium processing output is expected to grow from 75,300 tons to 172,000 tons, with sales increasing from 68,900 tons to 151,000 tons, reflecting a CAGR of 18% and 17% respectively [9][10]. - Despite the low penetration of titanium in marine engineering, projected demand for marine engineering titanium is expected to reach approximately 2,555 tons by 2024, with further growth anticipated as deep-sea exploration and development plans advance [10][13]. Future Development Trends - The marine titanium industry is expected to evolve through strategic drivers, technological breakthroughs, and expanded applications, with a focus on high-performance and low-cost dual pathways [17][18]. - The demand for marine titanium will diversify beyond traditional applications in ships and submersibles to include emerging sectors such as offshore wind power, underwater data centers, and blue energy, promoting a shift towards integrated solutions in the industry [19].

宝鸡钛业股份有限公司 2025 年第三次临时股东大会材料 二 O 二五年十月十五日 目 录 一、会议议程 二、会议议案 | 1、关于公司取消监事会、修订《公司章程》的议案……………2 | | --- | | 2、关于修订公司相关内控制度的议案…………………………27 | 宝鸡钛业股份有限公司 2025 年第三次临时股东大会材料 宝鸡钛业股份有限公司 2025 年第三次临时股东大会议程 第一项、主持人宣布会议开始，并报告会议出席情况 第二项、选举监票人 第三项、审议会议议案： 第四项、现场股东投票表决 第九项、主持人宣布会议结束 1 1、审议《关于公司取消监事会、修订<公司章程>的议案》； 2、审议《关于修订公司相关内控制度的议案》。 第五项、由监票人清点表决票并宣布现场表决结果 第六项、主持人宣读股东大会决议 第七项、由公司聘请的法律顾问宣读见证意见 第八项、与会董事签署会议决议 宝鸡钛业股份有限公司 2025 年第三次临时股东大会材料 关于公司取消监事会、修订《公司章程》 的议案 各位股东： 为进一步规范公司运作,完善公司治理，公司根据《公司法》《证券 法》《上市公司章程指引》(2025 年修订)等相关法律 ...