Group 1 - The core viewpoint of the news highlights the significant rise in the non-ferrous metal sector, with the index and various stocks experiencing notable gains, particularly in silver and copper prices reaching historical highs [1][2]. - The non-ferrous metal industry index (399395) increased by 0.56%, with key stocks such as Silver Holdings (601212) up by 10.05% and Jiangxi Copper (600362) up by 4.68% [1]. - The surge in precious metals, especially silver, is attributed to lower-than-expected inflation data, which has fueled expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [2]. Group 2 - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, with major players including Zijin Mining (601899) and China Aluminum (601600) [3]. - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and includes 50 prominent securities from the sector, reflecting the overall performance of listed companies in the non-ferrous metal industry [2][4].

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. has experienced a significant stock price increase, with a 5.23% rise on December 29, reaching 39.87 yuan per share, and a total market capitalization of 19.049 billion yuan [1] - Baotai Co., Ltd. specializes in the production, processing, and sales of titanium and titanium alloys, with its main business revenue composition being 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1] - The stock has seen a cumulative increase of 6.43% over the past four days, indicating strong market performance [1] Group 2 - The top circulating shareholder of Baotai Co., Ltd. is the Fortune China Securities Military Industry Leader ETF (512710), which increased its holdings by 948,500 shares, totaling 6.4589 million shares, representing 1.35% of the circulating shares [2] - The ETF has generated a floating profit of approximately 12.7886 million yuan today and a total of 14.7909 million yuan during the four-day increase [2] - The ETF was established on July 23, 2019, with a current scale of 14.69 billion yuan and has achieved a year-to-date return of 20.67% [2]

Core Viewpoint - Baoti shares have shown significant price increases throughout the year, with a notable rise of 38.74% year-to-date and 9.35% over the last five trading days, indicating strong market interest and potential growth in the company [1]. Financial Performance - For the period from January to September 2025, Baoti achieved operating revenue of 4.44 billion yuan, a year-on-year decrease of 19.40%, and a net profit attributable to shareholders of 288 million yuan, down 44.34% compared to the previous year [2]. - The company has distributed a total of 2.523 billion yuan in dividends since its A-share listing, with 569 million yuan distributed over the last three years [3]. Stock Market Activity - As of December 29, Baoti's stock price reached 38.93 yuan per share, with a market capitalization of 18.6 billion yuan and a trading volume of 214 million yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with a net buy of -105 million yuan on March 13 [1]. Shareholder Structure - As of September 30, 2025, Baoti had 56,900 shareholders, a decrease of 9.61% from the previous period, with an average of 8,395 circulating shares per shareholder, an increase of 10.63% [2]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs focused on military and defense sectors, indicating institutional interest in the company [3].

报告发布方：中金企信国际咨询 1）探索起步阶段（20世纪50至60年代）：特种中间合金行业是伴随着世界钛合金工业逐步发展而来的。钛合金是以钛元素为基体，加入其他金属元素形成 的合金材料，其在20世纪30年代问世后，在全球引发了研发热潮。1954年，美国成功研制出首个实用化的钛合金--TC4，这种钛合金凭借出色的轻质性、高 强度、可塑性、高韧性和耐蚀性等优点，在航空发动机、机体结构件等尖端领域展现了广阔的应用前景，推动了钛合金的工业化，TC4至今仍是钛合金应用 占比最大的牌号。 TC4钛合金的名义成分为Ti-6Al-4V，即向钛基体中添加约6wt%的铝和4wt%的钒。铝是一种低熔点轻量金属，可显著降低合金材料的密度，并有助于钛合金 熔化，而钒的熔点约1910℃，如果加入钒单质，则需更高的热量和更繁琐的条件控制，增加钛合金锭熔炼的复杂性，也难以得到均匀、稳定的合金熔体。此 外，钒单质在空气中易氧化，形成的氧化物会成为钛合金的杂质，导致钛合金产生氧化物夹杂等冶金缺陷，影响钛合金的力学、耐腐蚀等性能。在此背景 下，将钒和铝先通过一定工艺加工为中间合金，使钒、铝元素以最优的方式加入钛合金中，成为中间合金行业发展的起源。 ...

Group 1 - The small metals sector increased by 2.12% on December 26, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Zhongkuang Resources saw a closing price of 80.22, with a rise of 8.04% and a trading volume of 305,400 shares, amounting to a transaction value of 2.404 billion yuan [1] Group 2 - The small metals sector experienced a net outflow of 601 million yuan from main funds, while retail investors saw a net inflow of 698 million yuan [2] - The trading data indicates that the main funds had a net inflow of 208 million yuan into China Uranium Industry, while other companies like Xianglu Tungsten and Zhongkuang Resources had varying net inflows and outflows [3] - The overall trading volume and transaction values for various small metal stocks reflect significant activity, with companies like Xiyang Materials and China Rare Earth showing positive movements [2][3]

来源：上海证券报·中国证券网 上证报中国证券网讯 12月26日早盘，有色金属板块震荡走高。截至9时40分，永兴材料、宝钛股份涨超 7%，湖南白银、国城矿业、白银有色涨逾5%。 | 4-CRT | 名称 | | | 新疆% J | | | --- | --- | --- | --- | --- | --- | | 002756 永兴材料 | | | 54.32 | 7.65 | 3.86 | | 600456 | 宝钛股份 | 1 | 39.47 | 7.28 | 2.68 | | 002716 | 湖南白银 | 章 | 6.84 | 5.56 | 0.36 | | 000688 | 国城矿业 | 1 | 27.94 | 5.51 | 1.46 | | 601212 白银有色 | | 1 | 5.90 | 5.17 | 0.29 | | 002466 天齐键业 | | I | 58.20 | 4.81 | 2.67 | | 002738 | 中矿资源 | | 77.69 | 4.63 | 3.44 | | 600362 江西铜水 | | 1 | 45.91 | 4.53 | 1.99 | 数据来源：choice ...

从资金流向上来看，当日小金属板块主力资金净流出6.22亿元，游资资金净流入1709.28万元，散户资金 净流入6.04亿元。小金属板块个股资金流向见下表： 证券之星消息，12月25日小金属板块较上一交易日下跌0.08%，浩通科技领跌。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002149 | 西部材料 | 46.20 | 10.00% | 126.90万 | 56.25 Z | | 600456 | 宝钛股份 | 36.79 | 2.37% | 31.93万 | 11.72亿 | | 002428 | 云南猪业 | 30.95 | 1.98% | 52.93万 | 16.32亿 | | 000831 | 中国稀土 | 46.48 | 1.84% | 1 26.70万 | 12.32亿 | | 688750 | 金天钛业 | 19.55 | 1.61% | 9.04 ...

（来源：宝钛启明星） 12月9日至19日，经过6名专家为期十一天的评审，集团顺利通过职业健康安全环境管理体系监督审核，并同步完成集团及宝钛股份、特种金属公司等9家 单位的主证与子证取证审核工作。 审核第一阶段重点关注体系顶层设计与系统性策划，围绕认证范围、组织架构、职责目标及风险机遇识别等展开系统审查。在第一阶段末次会议上，审核 组通报了初步审核情况，确认集团具备相应业务范围的体系运行能力，并就认证范围与相关单位进行了沟通确认，优化了后续审核安排。审核第二阶段则 深入体系运行的关键环节与重点现场，通过管理层访谈、资料查阅和现场检查等方式，对各项运行控制程序、应急准备与响应机制的执行情况进行了全面 检验。集团副总经理陶海林在第二阶段首次会议上代表管理层对审核组的专业指导表示感谢，并强调要以"归零心态"迎接深入审核，以"真实状态"展现运 行实效，以"协同状态"保障审核高效。 经过全面细致的评审，专家组一致认为：宝钛集团职业健康安全环境管理体系方针明确、程序规范、运行有效，符合认证标准要求，具备持续保障业务安 全、健康、环保合规运行的能力。 此次监督审核的顺利通过，标志着集团在职业健康安全与环境管理方面持续保持规范 ...

宝鸡钛业股份有限公司 2025 年第四次临时股东会材料 二 O 二五年十二月三十日 目 录 一、会议议程 二、会议议案 1.关于聘请公司 2025 年度审计及内部控制审计机构的议案…2 宝鸡钛业股份有限公司 2025 年第四次临时股东会材料 宝鸡钛业股份有限公司 2025 年第四次临时股东会议程 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： 审议《关于聘请公司 2025 年度审计及内部控制审计机构的议案》； 第五项、由监票人清点表决票并宣布现场表决结果 1 第六项、主持人宣读股东会决议 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 第九项、主持人宣布会议结束 宝鸡钛业股份有限公司 2025 年第四次临时股东会材料 关于聘请公司 2025 年度审计及内部控制 审计机构的议案 各位股东： 公司原聘任的希格玛会计师事务所（特殊普通合伙）与公司服务合 同已到期，鉴于其已连续 8 年为公司提供审计服务，为确保公司审计工 作的独立性和客观性，并结合公司的实际业务需要，经综合评估，现提 议聘请立信会计师事务所（特殊普通合伙）（以下简称"立信所"）为本 ...

Core Insights - The article discusses the development status and investment strategies of China's deep-sea technology industry, highlighting the competitive landscape and key players in the sector [1][6]. Company Overview - Major listed companies in the deep-sea technology sector include China Shipbuilding (600150.SH), China National Offshore Oil Corporation (601808.SH), and Zhenhua Heavy Industries (600320.SH), among others [1][2]. - These companies cover a wide range of areas including high-end equipment manufacturing, oil and gas exploration services, and underwater communication and detection [1][6]. Financial Performance - In the first three quarters of 2025, China Shipbuilding led the sector with over 100 billion RMB in revenue, although it faced low overall gross margins of 12.6% [5][13]. - Companies like China Haifang and ShenKai Co. demonstrated high gross margins exceeding 35%, indicating strong technical barriers in their niche markets [5][13]. - The financial metrics reveal that many companies have ROE (Return on Equity) concentrated around 3%-4%, while some, like Juyi Rigging and China Haifang, reported ROE below 2% [10][13]. Business Strategies - Companies are focusing on integrating advanced technologies such as AI, big data, and smart manufacturing into their operations [15][17]. - Leading firms are accelerating the intelligent upgrade and green transformation of deep-sea equipment, while smaller companies are innovating in underwater robotics and new marine materials [15][17]. Regional and Global Expansion - Most companies are strategically positioned along China's coast and are expanding their reach globally, particularly in Southeast Asia, Europe, and the Americas [6][7]. - This regional layout aligns with national strategies for marine power and international industrial development [6][7]. Future Development Plans - Companies are planning to invest in new technologies and expand their product lines, focusing on sustainable practices and international market penetration [16][17]. - For instance, China Shipbuilding aims to enhance its market share through mergers and acquisitions, while Zhongtian Technology is expanding its global footprint in submarine cable and marine communication systems [16][17].