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 ...

Market Overview - The small metals sector experienced a slight decline of 0.08% on December 25, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Performance of Small Metals Stocks - Notable gainers included: - Xibu Materials (002149) with a closing price of 46.20, up 10.00% [1] - Baotai Co. (600456) closed at 36.79, up 2.37% [1] - Yunnan Pig Industry (002428) at 30.95, up 1.98% [1] - Other stocks with positive performance included China Rare Earth (000831), Jintian Titanium Industry (688750), and Tiangong Co. (920068) [1] Decliners in Small Metals Stocks - Haotong Technology (301026) saw a significant drop of 6.77%, closing at 30.44 [2] - Other notable decliners included: - Guiyan Platinum (600459) down 4.88% [2] - Zhangyuan Tungsten (002378) down 4.07% [2] - The overall trend showed several stocks in the small metals sector experiencing declines [2] Capital Flow Analysis - The small metals sector saw a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 604 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among different stocks, with China Rare Earth (000831) showing a net outflow from main funds [3] Individual Stock Capital Flow - China Rare Earth (000831) had a main fund net inflow of 1.39 billion yuan, but a net outflow from retail investors [3] - Xibu Materials (002149) experienced a net inflow from retail investors despite a net outflow from main funds [3] - Other stocks like Yunnan Resources (002428) and Guangsheng Nonferrous (600259) showed mixed capital flow patterns [3]

Core Insights - The company successfully passed the occupational health, safety, and environmental management system supervision audit, which took place from December 9 to 19, involving six experts over eleven days [3][8] - The audit confirmed the company's capability to operate within the defined business scope and provided valuable suggestions for continuous improvement [4][9] Group 1 - The first phase of the audit focused on top-level design and systematic planning, reviewing certification scope, organizational structure, responsibilities, and risk opportunity identification [3][8] - The second phase involved in-depth examination of key operational processes and site inspections, assessing the execution of operational control procedures and emergency preparedness [3][8] - The expert group unanimously recognized that the company's management system is clear, standardized, and effective, meeting certification standards and ensuring compliance with safety, health, and environmental regulations [4][9] Group 2 - The successful completion of the audit signifies the company's ongoing commitment to maintaining a standardized and effective operational mechanism in occupational health and safety management [4][9] - The expert group provided recommendations for continuous improvement and detail enhancement, which will aid in further optimizing management practices [4][9] - The company aims to use this audit as a new starting point to deepen system construction and enhance operational effectiveness, thereby strengthening the safety and environmental protection framework for high-quality development [4][9]

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].

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. experienced a stock price increase of 5.31%, reaching 36.66 yuan per share, with a trading volume of 1.55 billion yuan and a turnover rate of 9.09%, resulting in a total market capitalization of 17.515 billion yuan [1] - Baotai Co., Ltd. is located in Baoji City, Shaanxi Province, and was established on July 21, 1999, with its listing date on April 12, 2002. The company primarily engages in the production, processing, and sales of titanium and titanium alloys [1] - The revenue composition of Baotai Co., Ltd. includes titanium products at 86.74%, other metal products at 8.74%, and other supplementary products at 4.52% [1] Group 2 - From the perspective of the top ten circulating shareholders of Baotai Co., Ltd., a fund under Guotai Fund ranks among the top shareholders. The Guotai Zhongzheng Military Industry ETF (512660) reduced its holdings by 569,300 shares in the third quarter, holding a total of 2.7753 million shares, which accounts for 0.58% of the circulating shares [2] - The Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a latest scale of 14.109 billion yuan. Year-to-date returns are 19.02%, ranking 2592 out of 4197 in its category; the one-year return is 18.32%, ranking 2501 out of 4147; and since inception, the return is 23.98% [2] - The fund manager of Guotai Zhongzheng Military Industry ETF (512660) is Ai Xiaojun, who has a cumulative tenure of 11 years and 344 days, managing total fund assets of 169.029 billion yuan, with the best fund return during his tenure being 274.94% and the worst being -46.54% [2]

据天眼查APP显示，宝鸡钛业股份有限公司成立于1999年07月21日，注册资本47777.7539万人民币。 （数据宝） （文章来源：证券时报网） 数据宝统计，截至11:19，宝钛股份成交额10.22亿元，创2025年3月27日以来新高。最新股价上涨 8.96%，换手率6.23%。上一交易日该股全天成交额为3.31亿元。 ...

Group 1 - The core point of the news is that Baotai Co., Ltd. experienced a stock price increase of 5.24%, reaching 33.96 yuan per share, with a trading volume of 442 million yuan and a turnover rate of 2.76%, resulting in a total market capitalization of 16.225 billion yuan [1] - Baotai Co., Ltd. is located in Baoji City, Shaanxi Province, and was established on July 21, 1999, with its listing date on April 12, 2002. The company primarily engages in the production, processing, and sales of titanium and titanium alloys [1] - The revenue composition of Baotai Co., Ltd. includes titanium products at 86.74%, other metal products at 8.74%, and other supplementary products at 4.52% [1] Group 2 - Among the top ten circulating shareholders of Baotai Co., Ltd., one fund under Huaxia Fund holds a position. The Huaxia CSI 1000 ETF (159845) reduced its holdings by 3,900 shares in the third quarter, now holding 1.558 million shares, which accounts for 0.33% of the circulating shares [2] - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, with a latest scale of 45.469 billion yuan. Year-to-date returns are 23.82%, ranking 2081 out of 4197 in its category; the one-year return is 20.07%, ranking 2420 out of 4143; and since inception, the return is 24.58% [2] - The fund manager of Huaxia CSI 1000 ETF (159845) is Zhao Zongting, who has a cumulative tenure of 8 years and 248 days, with a total fund asset scale of 355.865 billion yuan. The best fund return during his tenure is 120.53%, while the worst is -32.63% [2]

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. experienced a stock price increase of 5.24%, reaching 33.96 yuan per share, with a trading volume of 441 million yuan and a turnover rate of 2.76%, resulting in a total market capitalization of 16.225 billion yuan [1] - Baotai Co., Ltd. is located in Baoji City, Shaanxi Province, and was established on July 21, 1999, with its listing date on April 12, 2002. The company primarily engages in the production, processing, and sales of titanium and titanium alloys [1] - The main business revenue composition of Baotai Co., Ltd. includes titanium products at 86.74%, other metal products at 8.74%, and other supplementary products at 4.52% [1] Group 2 - Among the top ten circulating shareholders of Baotai Co., Ltd., a fund under Penghua Fund ranks first. The National Defense ETF (512670) increased its holdings by 266,700 shares in the third quarter, holding a total of 2.2051 million shares, which accounts for 0.46% of the circulating shares [2] - The National Defense ETF (512670) was established on July 5, 2019, with a latest scale of 6.985 billion yuan. It has achieved a year-to-date return of 17.24%, ranking 2870 out of 4197 in its category, and a one-year return of 17.18%, ranking 2806 out of 4143 [2] - The fund manager of the National Defense ETF (512670) is Chen Long, who has a cumulative tenure of 10 years and 112 days, with the fund's total asset scale at 16.073 billion yuan. The best fund return during his tenure is 189.66%, while the worst is -48.59% [2]

Group 1 - The core breakthrough of the peace agreement involves a shift from territorial deadlock to security guarantees, with key terms revised to focus on practical aspects like ceasefire and prisoner exchanges while postponing core disputes over territory and NATO membership [2][21] - Ukraine has accepted a collective defense commitment similar to NATO's Article 5 from the US and Europe, while excluding direct NATO membership, and the limit on the Ukrainian military size has been increased from 600,000 to 800,000, maintaining defense autonomy [2][21] Group 2 - The US is leading a transactional diplomacy approach, exchanging security guarantees for Ukrainian concessions, particularly targeting the development rights of Ukrainian mineral resources, with 50% of the reconstruction fund's revenue allocated to the US [3][22] - Europe is participating passively, with Germany, France, and the UK proposing a modified peace plan emphasizing that territorial issues should be decided by a national referendum in Ukraine, attempting to weaken US unilateral dominance [3][22] Group 3 - Ukraine's compromise is driven by dual pressures of military and economic exhaustion, with Russia controlling 120,000 square kilometers of Ukrainian territory (20% of the country), highlighting vulnerabilities in Ukraine's defense system [4][24] - The infrastructure in Ukraine has suffered systemic damage, necessitating a comprehensive ceasefire to ensure wartime elections, forcing Ukraine to trade resources for security [5][25] Group 4 - The US has a strategic interest in key minerals, with Ukraine's lithium and titanium reserves ranking among the top globally, and the mineral agreement stipulates that 50% of future mineral revenues will fund the US-led reconstruction efforts to offset military aid costs [6][26] Group 5 - The geopolitical landscape is shifting towards a tripartite balance among the US, Russia, and Europe, with the US prioritizing resource control through security agreements that bind Ukraine's mineral development rights, thereby diminishing Europe's economic influence in Ukraine [7][27] - There is a tacit agreement between the US and Russia, allowing Russia to maintain control over eastern Ukraine in exchange for halting further advances, which reduces US strategic investments [8][28] Group 6 - Europe faces a dilemma of marginalization, losing security discourse power, as Germany and France push for the "Eastern Sentinel" initiative to strengthen eastern defense but cannot prevent direct negotiations between the US and Russia [9][29] - The competition for resources is intensifying, with the EU submitting a mineral cooperation agreement to compete with the US for dominance over Ukrainian lithium and titanium [10][30] Group 7 - Investment opportunities arise from the urgent need for reconstruction in Ukraine's energy and transportation infrastructure, with international engineering firms like China Power Construction (601669) and China Communications Construction (601800) likely to secure contracts [11][31] - The repair of the electrical grid and construction of natural gas pipelines will drive equipment exports from companies like XJ Electric (000400) and Beiken Energy (002828) [12][32] Group 8 - The development of lithium mines in Ukraine will benefit battery manufacturers like CATL (300750) and Huayou Cobalt (603799) as they diversify their supply chains, while titanium processing will attract attention to Baotai Co. (600456) [13][33] - The restoration of the Black Sea grain corridor will benefit agricultural trade, reducing import costs for companies like COFCO Corporation (600737) and Suqian Agricultural Development (601952) [14][34] Group 9 - The peace agreement signals the start of a post-war reconstruction cycle, presenting structural opportunities in infrastructure, minerals, and agriculture, with investors needing to monitor the progress of the agreement and the dynamics of US-European resource competition [20][38]