Core Viewpoint - The company has successfully acquired a state-owned land use right in Baoji City for 58.49 million yuan, which will support its industrial development and align with its long-term strategic planning [1] Group 1: Acquisition Details - The company won the land use right through a bidding process, covering an area of 126,198 square meters [1] - The land is designated for secondary industrial use with a lease term of 50 years [1] - The payment for the land will be made in a lump sum within 60 days of the contract signing, using the company's own funds [1] Group 2: Strategic Implications - This land acquisition is expected to provide a foundational guarantee for the company's industrial development [1] - The move is in line with the company's medium to long-term strategic development plan [1] - It is anticipated to promote high-quality development without significantly impacting the company's financial and operational status [1]

Investment Rating - The industry investment rating is "Overweight" [44] Core Insights - The demand for titanium materials in aerospace and naval applications is expected to approach 49,000 tons by 2027, driven by military aircraft recovery, advanced fighter jets entering service, and the delivery of domestic large aircraft [3][24] - The production capacity of high-performance low-cost titanium alloys still needs improvement, as current domestic products lag behind international standards due to equipment and process limitations [4][33] - Beneficiary companies include Baotai Co., Western Superconducting Technologies, Western Materials, and Jintian Titanium Industry [5] Summary by Sections 1. Titanium Material Demand - In 2024, China's titanium material consumption is projected to be 151,000 tons, with aerospace accounting for 21.3% and the shipbuilding sector growing rapidly, with a 32% year-on-year increase [19][28] - The titanium material usage in the aerospace sector is expected to grow steadily, with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2027 [24][26] - The shipbuilding sector's titanium material consumption is expected to reach nearly 9,500 tons by 2027, driven by the development of deep-sea economy and large-scale naval equipment [28][30] 2. High-Performance Titanium Alloys - High-temperature titanium alloys are anticipated to become a new growth area in aerospace, with increasing demand for materials that can withstand extreme conditions [11][12] - The domestic production of high-performance titanium alloys is still in the early stages, with significant potential for development in underwater vehicles and other applications [16][19] 3. Beneficiary Companies - Baotai Co. is the largest specialized rare metal production and research base in China, with a production of 16,633 tons in the first half of 2025 [40] - Western Superconducting Technologies is advancing the development of new titanium alloys and low-cost preparation technologies, with a production of 8,134 tons in 2024 [40] - Western Materials has achieved breakthroughs in key technologies for aerospace applications, with a sales volume of 6,767 tons in 2024 [40] - Jintian Titanium Industry is focused on high-end titanium and titanium alloy materials, with ongoing expansion projects to increase production capacity [40]

Core Viewpoint - Baoti Group, established in 1999 and listed in 2002, is the largest titanium and titanium alloy production and research base in China, with a complete industrial chain and leading technological strength [1] Group 1: Business Performance - In Q3 2025, Baoti Group achieved a revenue of 4.44 billion yuan, ranking 5th among 15 companies in the industry [2] - The net profit for the same period was 355 million yuan, also ranking 5th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Baoti Group's debt-to-asset ratio was 48.03%, higher than the industry average of 44.55% [3] - The gross profit margin for Q3 2025 was 22.30%, exceeding the industry average of 20.16% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.61% to 56,900 [5] - The average number of circulating A-shares held per shareholder increased by 10.63% to 8,395.17 [5]

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

Market Overview - The small metals sector increased by 3.56% compared to the previous trading day, with Zhongtung High-tech leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Zhongtung High-tech (000657) closed at 24.76, up 10.00% with a trading volume of 726,000 shares and a transaction value of 1.78 billion [1] - Huaxi Nonferrous (600301) closed at 29.63, up 6.74% with a trading volume of 196,900 shares [1] - Xiamen Tungsten (600549) closed at 37.51, up 6.71% with a trading volume of 1,047,900 shares and a transaction value of 3.87 billion [1] - Other notable performers include Zhangyuan Tungsten (002378) up 5.85%, Guizhou Platinum (600459) up 5.84%, and Tin Industry Co. (000960) up 5.84% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 808 million in main funds, while speculative funds experienced a net outflow of 733 million [2] - Retail investors also saw a net outflow of 7.5 million [2] Detailed Capital Flow for Selected Stocks - North Rare Earth (600111) had a main fund net inflow of 26.66 million, while speculative funds saw a net outflow of 1.81 billion [3] - Shenghe Resources (600392) recorded a main fund net inflow of 187 million, with speculative funds experiencing a net outflow of 104 million [3] - Zhangyuan Tungsten (002378) had a main fund net inflow of 156 million, but retail investors saw a significant net outflow of 167 million [3] - Zhongtung High-tech (000657) had a main fund net inflow of 130 million, with both speculative and retail investors experiencing net outflows [3]

Core Viewpoint - The company has announced several key updates regarding its financial performance, audit changes, and ongoing projects, including the extension of a fundraising project and the appointment of a new auditing firm [15][68][80]. Financial Performance - The company reported a total of 180,522,517.02 yuan in asset impairment provisions for the first three quarters of 2025, which includes credit impairment losses of 53,196,947.43 yuan and inventory impairment losses of 127,325,569.59 yuan [82][83][84]. Audit Changes - The company plans to change its auditing firm from Sigma to Lixin, citing the need for independence after eight years of service from Sigma. The proposed audit fees are 600,000 yuan for annual audit and 250,000 yuan for internal control audit [15][16][27][31]. Project Updates - The company has decided to extend the timeline for the "Titanium Alloy 3D Printing Pilot Line Construction Project" to June 2026 due to technical challenges and construction difficulties [68][69][71]. Related Party Transactions - The company is set to renew daily related party transaction agreements with its controlling shareholder, BaoTi Group, and its subsidiary, covering security, archive management, and logistical support services, with a total transaction amount of 42,103,200 yuan [34][35][63].

Core Viewpoint - Baotai Co., Ltd. (600456.SH) reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 4.44 billion yuan, representing a year-on-year decrease of 19.4% [1] - The net profit attributable to shareholders was 288 million yuan, down 44.34% year-on-year [1] - The basic earnings per share stood at 0.6018 yuan [1]

募集资金投资项目延期的核查意见 西部证券股份有限公司（以下简称"西部证券"或"保荐人"）作为宝鸡钛 业股份有限公司（以下简称"宝钛股份"或"公司"）2019 年非公开发行 A 股 股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对宝 钛股份募集资金投资项目延期事项进行了审慎核查，核查情况及核查意见如下： 西部证券股份有限公司 关于宝鸡钛业股份有限公司 注：补充流动资金项目募集资金计划投入 51,500 万元，扣除发行费用后实际投入 47,624.08 万元； 截至 2025 年 9 月 30 日，公司已累计使用募集资金 179,489.84 万元，募集资 金余额为 17,134.24 万元，募集资金专户余额为 21,057.75 万元（包括累计收到的 银行存款利息扣除银行手续费等的净额）。 三、本次募集资金投资项目延期的原因及具体情况 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准宝鸡钛业股份有限公司非公开发行股 票的批复》（证监 ...

证券代码：600456 证券简称：宝钛股份 编号：2025－055 宝鸡钛业股份有限公司 宝鸡钛业股份有限公司（以下简称"公司")基于实际经营情况及行业 市场变化等因素的影响，根据《企业会计准则第 8 号—资产减值》及公司 会计政策相关规定，公司对合并报表范围内各类资产进行了全面清查和减值 测试，对截至 2025 年前三季度存在减值迹象的相关资产计提相应的减值准 备。具体情况如下： 二、2025 年前三季度计提资产减值准备事项的具体说明 （一）信用减值损失 公司考虑合理且有依据的信息，包括前瞻性信息，以单项或组合的方 式对应收票据、应收账款及其他应收款等的预期信用损失进行测试和估计。 经测试，2025年前三季度需计提信用减值损失金额53,196,947.43元。 （二）资产减值损失 公司对存货采用成本与可变现净值孰低方法进行减值测试，资产负债表 日公司综合评估存货可变现净值，对成本高于可变现净值的存货计提存货跌 1 单 位： 元 币 别： 人 民币 项目 期初余额 本期计提数 本期转销数 本期减少 期末余额 坏账准备 210,321,534.24 53,196,947.43 263,518,481.67 存货 ...

●交易内容：鉴于宝鸡钛业股份有限公司（以下简称"公司""宝钛股份"） 与宝钛集团有限公司（以下简称"宝钛集团"）、宝钛集团有限公司综合服务管理 分公司（以下简称"综合服务公司"）签署的《安全保障服务协议》、《档案管理 协议》、《后勤保障协议》已期满，公司拟与宝钛集团、综合服务公司续签该等日 常关联交易协议。本次该等日常关联交易协议的签订，不存在交易风险。 ●宝钛集团是公司控股股东，综合服务公司是宝钛集团的分公司，上述事项 构成了关联交易。上述该等关联交易不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 ●本次关联交易经公司第八届董事会独立董事专门会议 2025 年第四 次会议、第八届董事会第十二次会议审议通过，非关联董事一致同意该事 项，关联董事回避表决。 ●上述日常关联交易协议金额合计 4210.32 万元（本公告中金额均由 元换算成万元，四舍五入保留两位小数），低于公司最近一期经审计净资 产的 5%，在董事会审议权限以内，无需提交公司股东会审议批准（已经公 司股东会审批的日常关联交易事项不纳入本次累计计算范围）。 证券代码：600456 证券简称：宝钛股份 编号：2025－053 宝鸡钛业股份 ...