Core Viewpoint - China's titanium resources are abundant, with significant reserves, particularly in Panzhihua, and the country is shifting from exporting raw materials to focusing on domestic high-end titanium alloy production to enhance value and meet military needs [1][6][35] Group 1: Resource and Industry Overview - China ranks among the top countries globally in titanium reserves, with a rich supply of vanadium-titanium magnetite [1] - Historically, China exported low-priced titanium ore and semi-finished products, leading to minimal profits, while advanced countries profited from deep processing [3][5] - The domestic demand for titanium has increased since the 1990s, particularly in military and chemical sectors, but exports remained significant until recent policy changes [5][6] Group 2: Policy Changes and Export Control - After 2010, domestic demand for titanium materials surged, with a peak in 2011, leading to increased production and the introduction of export controls for dual-use items, including titanium alloys [6][8] - New regulations effective from July 1, 2024, require export licenses for aerospace-related titanium materials, prioritizing military use and preventing sensitive technology outflow [8][10] - The export volume of titanium from China has decreased, with a rising proportion of domestic consumption [10][12] Group 3: Military Applications and Demand - The military sector, particularly advanced aircraft like the J-20, has significantly increased its titanium usage, with the J-20 utilizing 20% of its weight in titanium [16][20] - The demand for titanium in military applications is expected to grow, with the production of military aircraft accelerating due to improved domestic supply [20][24] - The transition to prioritizing military use of titanium resources has led to a more stable supply chain and reduced reliance on exports [24][26] Group 4: Technological Advancements - Continuous advancements in titanium technology have been made, including the development of titanium-aluminum single crystal alloys and titanium-based composite materials [28][30] - New manufacturing processes and equipment have improved the quality and strength of titanium alloys, enhancing their application in aerospace and military sectors [30][31] - The overall structure of the titanium industry is evolving, with a focus on high-quality development and innovation to maintain a competitive edge [33][35]

Core Viewpoint - A materials revolution driven by both policy and market forces is accelerating, with the "low-altitude economy" being highlighted in government work reports, indicating significant growth potential for aviation-grade materials [2][3][39]. Market Dynamics - The low-altitude economy is projected to consume over 1.25 million tons of aluminum by 2025, with a market size reaching 32 billion yuan and a compound annual growth rate exceeding 36% [3]. - The demand for aviation-grade aluminum is surging, with prices for aluminum ingots reaching 24,200 yuan per ton, a 23% increase from the previous year, while orders for low-altitude aircraft are rapidly increasing [5][6]. Industry Transformation - Traditional metal mining companies are facing a critical need to transform their operations to capture opportunities in the low-altitude economy, as failure to adapt could result in losing market share [4][7]. - Major metal companies are making strategic shifts, with some investing heavily in expanding aviation-grade aluminum production capacity to meet the growing demand from eVTOL and logistics drone manufacturers [8][12]. Competitive Strategies - Companies are adopting collaborative approaches, such as forming alliances for lightweight material development and engaging in joint research projects to enhance their competitive edge [13][21]. - The negotiation dynamics between material suppliers and drone manufacturers are becoming increasingly complex, focusing on both pricing and technical standards [15][20]. Technological Innovations - The materials revolution is pushing for advancements in material technology, with companies exploring the use of rare elements like scandium to enhance the performance of aluminum alloys [27]. - Innovations in titanium alloys are also being pursued to meet the high-temperature requirements of eVTOL engines, showcasing the industry's commitment to overcoming technical challenges [28]. Challenges and Barriers - The transition to aviation-grade materials is fraught with challenges, including lengthy certification processes and a shortage of skilled talent in the aerospace materials sector [30][31]. - Significant capital investments are required for transformation, with companies facing pressure to deliver returns within a short timeframe to satisfy investors [32]. Future Outlook - The industry is witnessing a shift towards integrated solutions, where companies are not only supplying materials but also providing design and operational support to clients [35][38]. - The competitive landscape is evolving, with companies aiming to position themselves as global suppliers for the low-altitude economy, indicating a broader strategic vision for future growth [36][39].

北京观韬（西安）律师事务所 关于宝鸡钛业股份有限公司 2025 年第三次临时股东大会的法律意见书 观意字 2025XA000512 号 致：宝鸡钛业股份有限公司 北京观韬（西安）律师事务所（以下简称"本所"）受宝鸡钛业股份有限公 司（以下简称"公司"）之委托，指派律师出席 2025 年 10 月 15 日召开的公司 2025 年第三次临时股东大会（以下简称"本次股东大会"），并根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）等相关法律、行政法规、《上市公司股东会规则（2025 修订）》（以下简称"《规则》"）以及公司现行有效的《公司章程》的有关规 定，就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查询了公司在信息披露媒体上刊登的相关公 告，核查了公司提供的有关本次股东大会的文件，听取了公司就有关事实的陈述 和说明，列席了本次股东大会。公司已经向本所律师提供了本所律师认为出具本 法律意见书所必需的、真实、准确、完整的原始书面材料、副本材料或者口头证 言，并无任何隐瞒、虚假、误导或重大遗漏之处；公司保证提供的正本与副本一 致、原 ...

证券代码：600456 证券简称：宝钛股份 公告编号：2025-050 宝鸡钛业股份有限公司 2025年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 452 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 251,372,547 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） | 52.6129 | 注：本公告中涉及的股份比例数值均保留四位小数，若有尾差为四舍五入原因。 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采用现场投票和网络投票相结合的方式召开，会议由公 司董事长王俭先生主持。会议召集、召开及表决方式等事宜符合《公司法》和《公 司章程》等法律法规及规范性文件的规定。 一、 会议召开和出席情况 (一)股东大会召开的时间 ...

Market Overview - The small metal sector experienced a decline of 1.67% on October 15, with Northern Rare Earth leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Shenghe Resources (600392) saw a closing price of 26.26, with an increase of 5.04% and a trading volume of 3.19 million shares, amounting to a transaction value of 8.597 billion [1] - Anning Co. (002978) closed at 33.85, up 2.05%, with a trading volume of 68,400 shares and a transaction value of 231 million [1] - Northern Rare Earth (600111) closed at 54.50, down 4.05%, with a trading volume of 3.03 million shares and a transaction value of 1.6617 billion [2] Capital Flow Analysis - The small metal sector experienced a net outflow of 2.092 billion from main funds, while retail investors saw a net inflow of 2.265 billion [2] - The main funds showed a significant outflow in several stocks, including Baotai Co. (600456) with a net outflow of 27.17 million [3] - Retail investors contributed positively to stocks like Shenghe Resources (600392) with a net inflow of 65.96 million [3]

Core Points - The announcement from Baotai Co., Ltd. indicates that the share buyback plan will be completed by October 10, 2025 [2] - During the implementation period, the controlling shareholder, Baotai Group, has increased its stake by 7,791,653 shares, representing 1.6308% of the total share capital [2] - The total amount spent on the share buyback reached 238,599,087.21 yuan, exceeding the lower limit of the planned buyback amount and percentage range [2]

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 ...

Core Viewpoint - Baoti Group has completed its share buyback plan, acquiring approximately 7.79 million shares of Baoti Co., accounting for 1.6308% of the total share capital, with a total investment of about 239 million yuan, exceeding the lower limit of the planned buyback amount and proportion [1] Group 1: Share Buyback Plan - The implementation period of the share buyback plan will expire on October 10, 2025 [1] - Baoti Group executed the buyback through the Shanghai Stock Exchange's centralized bidding system [1] - The total amount spent on the buyback was approximately 239 million yuan [1] Group 2: Company Financials - For the first half of 2025, Baoti Co.'s revenue composition was as follows: titanium products accounted for 86.74%, other metal products for 8.74%, and other businesses for 4.52% [1] - As of the report date, Baoti Co. has a market capitalization of 15.7 billion yuan [1]

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） ...