新疆众和所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：新疆振兴、稀缺资源、一带一 路、新材料、有色铝等。 截至6月30日，新疆众和股东户数6.09万，较上期减少2.33%；人均流通股23060股，较上期增加4.43%。 2025年1月-6月，新疆众和实现营业收入40.03亿元，同比增长10.95%；归母净利润3.91亿元，同比减少 38.89%。 分红方面，新疆众和A股上市后累计派现18.28亿元。近三年，累计派现10.17亿元。 机构持仓方面，截止2025年6月30日，新疆众和十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1248.88万股，相比上期减少141.28万股。南方中证1000ETF（512100）位居第五大流通股 东，持股777.71万股，相比上期增加158.78万股。华夏中证1000ETF（159845）位居第八大流通股东， 持股458.29万股，为新进股东。广发中证1000ETF（560010）位居第十大流通股东，持股366.45万股， 为新进股东。渤海证券股份有限公司退出十大流通股东之列。 10月17日，新疆众和盘中下跌2.07%，截至13:19，报8.05元/ ...

格隆汇10月14日丨新疆众和(600888.SH)在投资者互动平台表示，公司未开展铝离子电池相关材料的研 发。 ...

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the "Zhonghe Convertible Bonds" into shares of Xinjiang Zhonghe Co., Ltd. for the third quarter of 2025, highlighting the total amount converted and the remaining unconverted bonds. Group 1: Cumulative Conversion Status - As of September 30, 2025, a total of 380,611,000 yuan of "Zhonghe Convertible Bonds" has been converted into 54,533,156 shares, representing 4.04% of the total shares outstanding before conversion as of December 31, 2023 [2][6]. Group 2: Unconverted Bonds - As of September 30, 2025, the amount of unconverted "Zhonghe Convertible Bonds" stands at 994,340,000 yuan, which accounts for 72.32% of the total issued convertible bonds [3][7]. Group 3: Quarterly Conversion Activity - From July 1, 2025, to September 30, 2025, only 5,000 yuan of "Zhonghe Convertible Bonds" was converted into 750 shares, which is negligible at 0.00% of the total shares outstanding before conversion as of December 31, 2023 [4][6]. Group 4: Convertible Bond Issuance Overview - The company issued 13.75 million convertible bonds on July 18, 2023, with a total value of 137,500,000 yuan, and these bonds began trading on August 14, 2023. The conversion period for these bonds is from January 24, 2024, to July 17, 2029 [5]. Group 5: Stock Option Plan Update - For the third quarter of 2025, there were no shares exercised under the 2021 stock option plan, with a total of 0 shares exercised, representing 0% of the total options available [12][15].

| 证券代码：600888 | 证券简称：新疆众和 | 编号：临 | 2025-073 号 | | --- | --- | --- | --- | | 债券代码：110094 | 债券简称：众和转债 | | | 新疆众和股份有限公司关于 2025 年第三季度可转债 转股结果暨股份变动的公告 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： 累计转股情况： 截至 2025 年 9 月 30 日，累计共有 380,611,000 元"众和转债"转换为 新疆众和股份有限公司（以下简称"公司"）股票，累计因转股形成的股份 数量为 54,533,156 股，占"众和转债"转股前（2023 年 12 月 31 日）公司 已发行股份总额的 4.04%。 未转股可转债情况： 截至 2025 年 9 月 30 日，尚未转股的"众和转债"金额为 994,340,000 元，占公司可转债发行总额的 72.32%。 根据有关规定和《新疆众和股份有限公司向不特定对象发行可转换公司债券 募集说明书》的约定，公司本次发行的"众和转债"转股期为 ...

| 证券代码：600888 | 证券简称：新疆众和 | 编号：临 | 号 2025-074 | | --- | --- | --- | --- | | 债券代码：110094 | 债券简称：众和转债 | | | 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： 一、本次股票期权行权的决策程序及相关信息披露 1、2021 年 9 月 10 日，公司召开了第八届董事会 2021 年第四次临时会议、 第八届监事会 2021 年第三次临时会议，审议通过了《公司 2021 年限制性股票与 股票期权激励计划（草案）》及其摘要（以下简称"《激励计划（草案）》"）、 《公司 2021 年限制性股票与股票期权激励计划实施考核管理办法》（以下简称 "《考核办法》"）、《关于提请股东大会授权董事会办理公司 2021 年限制性 股票与股票期权激励计划相关事宜的议案》及《关于核实<公司 2021 年限制性股 票与股票期权激励计划激励对象名单>的议案》等有关事项。2021 年 9 月 28 日， 公司 2021 年第四次临时股东大会审议通过 ...

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with production figures showing a notable increase in recent years, indicating a positive market outlook for the sector [1]. Industry Summary - As of August 2025, China's aluminum alloy production reached 1.64 million tons, reflecting a year-on-year growth of 15.2% [1]. - Cumulatively, from January to August 2025, the total aluminum alloy production in China amounted to 12.324 million tons, with a cumulative growth rate of 15.3% [1]. - The data indicates a robust upward trend in production, suggesting strong demand and potential investment opportunities within the industry [1]. Company Summary - Key listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), and Ming Tai Aluminum (601677), among others [1]. - These companies are positioned to benefit from the growing market dynamics and increasing production capacities in the aluminum alloy industry [1].

Group 1 - The domestic sputtering target market has at least ten times the potential for import substitution, as sputtering targets are key materials in semiconductors and display panels, with a global market size of approximately $16 billion in 2019, and domestic demand accounting for over 30% [9][41] - The global sputtering target market is estimated to reach approximately $19.6 billion in 2020, with a compound annual growth rate (CAGR) of 14% [56] - The domestic sputtering target market is projected to be around 33.7 billion yuan in 2020, with a CAGR of 18% [41] Group 2 - The top four global suppliers, JX Nippon Mining & Metals, Honeywell, Tosoh, and Praxair, dominate 80% of the high-end sputtering target market and 90% of the global wafer manufacturing target market [9][42] - JX Nippon Mining & Metals holds a 30% share of the global semiconductor target market, making it the largest player [9][42] - Domestic manufacturers currently supply about 30% of the domestic market, primarily in low-end products, while high-end targets are mainly imported from the US, Japan, and South Korea [9][41] Group 3 - The flat panel display sector is the largest application area for sputtering targets, with a global market size of approximately $5.2 billion and a CAGR of about 8% [9][41] - The domestic market for flat panel display targets is around 16.59 billion yuan, with a CAGR of approximately 20% [9][41] - The trend in the flat panel display industry is towards higher purity, larger sizes, and precise control of grain orientation [9][41] Group 4 - The semiconductor target market reached approximately $1.567 billion globally in 2020, with China's semiconductor target market size around 2.986 billion yuan [9][41] - The semiconductor sector is characterized by high purity requirements, with targets needing to meet 5N purity levels or higher [9][41] - The competition in the semiconductor target market is shifting from high concentration to policy-supported breakthroughs [9][41] Group 5 - ITO (Indium Tin Oxide) targets account for nearly 50% of the display target market, with major suppliers from Japan dominating the high-end TFT-LCD ITO target market [9][41] - The market for ITO targets is driven by demand from LCD, OLED, and heterojunction photovoltaic technologies [9][41] - Domestic companies are gradually overcoming key technical challenges in ITO target production, supported by national policies [9][41] Group 6 - High-purity metals are essential raw materials for sputtering targets, with most high-purity metal production concentrated in the US and Japan [9][41] - Domestic production of high-purity aluminum is led by Hydro, which is the largest producer of 5N5 grade high-purity aluminum [9][41] - The majority of high-purity raw materials for domestic sputtering targets are still imported, with only a small portion of copper and iron being self-sufficient [9][41] Group 7 - Recommended stocks in the sputtering target sector include Jiangfeng Electronics, Longhua Technology, Aishi Chuang, and Xinjiang Zhonghe [9][41] - Domestic leading companies in the sputtering target market have total revenues in the range of 3 to 4 billion yuan, accounting for about 10% of domestic demand [9][41] - The trend towards domestic substitution in the sputtering target market is becoming increasingly evident [9][41]

Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [5][15] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs, with projections indicating the global AI ASIC market could reach $125 billion by 2028 [6][15] - The report emphasizes the importance of ASIC design service providers, noting that companies like Broadcom and Marvell hold significant market shares and are crucial for the successful deployment of ASIC technology [6][15] Summary by Sections Computer Industry Deep Dive - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose [5][15] - ASICs demonstrate superior energy efficiency, with Google's TPU v5 showing 1.46 times the efficiency of NVIDIA's H200, and Amazon's Trainium2 reducing training costs by 40% compared to GPU solutions [5][15] - The demand for inference capabilities is expected to grow significantly, driven by applications like ChatGPT, which reached 700 million weekly active users by July 2025 [6][15] Market Trends - The report forecasts that the AI ASIC market will see substantial growth, with Broadcom estimating a serviceable market for large clients of $60-90 billion by 2027 [6][15] - Domestic cloud providers are increasingly investing in self-developed ASICs, with companies like Baidu and Alibaba making significant advancements in their chip development [15][16] - The report identifies two core trends in the development of domestic ASICs: PD separation and super nodes, which enhance performance and adaptability to diverse industry needs [15][16] Investment Recommendations - The report suggests focusing on companies with strong self-developed technology platforms in the small nucleic acid drug sector, highlighting firms like Rebio and Hengrui Medicine as potential investment opportunities [17] - It also recommends monitoring the performance of companies involved in the aluminum electronic materials sector, particularly Xinjiang Zhonghe, which is expected to benefit from its integrated supply chain and new alumina projects [18][20] - The report indicates that the data center industry, particularly companies like GDS Holdings, is poised for growth due to increasing demand for AI infrastructure and cloud services [21][23]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [8][9]. Core Insights - The company has a complete aluminum electronic materials industry chain, covering energy, electrolytic aluminum, high-purity aluminum, electronic aluminum foil, and electrode foil. The integration allows for stable raw material quality and cost control [8][19]. - The new alumina project, with an annual capacity of 2.4 million tons, is expected to enhance profits significantly upon its launch in the first half of 2026. The project's location near a deep-water port reduces transportation costs for imported bauxite [8][9]. - The domestic electrolytic aluminum capacity is nearing its ceiling, leading to a supply-demand imbalance that is likely to support aluminum prices in the long term [8][67]. Financial Data and Profit Forecast - Total revenue is projected to reach 73.21 billion yuan in 2024, with a year-on-year growth of 12.0%. The net profit attributable to shareholders is expected to be 12.03 billion yuan, down 22.9% year-on-year [2]. - For 2025, the company anticipates a total revenue of 77.77 billion yuan, with a net profit of 8.01 billion yuan, reflecting a decline of 33.4% year-on-year [2][9]. - The earnings per share (EPS) for 2025 is estimated at 0.57 yuan, with a projected price-to-earnings (PE) ratio of 14 times [2][9]. Company Overview - The company, Xinjiang Zhonghe, specializes in aluminum-based new materials and has a fully integrated industry chain. It has an electrolytic aluminum production capacity of 180,000 tons and a high-purity aluminum capacity of 78,000 tons [19]. - The company has invested in a 2×150 MW cogeneration power plant, achieving a power self-sufficiency rate of approximately 50% [19]. Industry Analysis - The alumina market is currently experiencing a surplus, but long-term uncertainties in bauxite supply may stabilize prices [47][58]. - The electrolytic aluminum industry is expected to maintain high profitability due to the constraints on new capacity and increasing demand from sectors like electric vehicles [67][74].

Group 1 - The industrial metal sector increased by 1.17% on September 19, with Hongchuang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the industrial metal sector showed various performance, with Hongchuang Holdings rising by 4.97% and closing at 17.33 [1] Group 2 - Major stocks that declined included Liyuan Co., down 6.05% to 2.64, and Beifang Copper, down 5.12% to 13.71 [2] - The industrial metal sector experienced a net outflow of 838 million yuan from main funds, while retail investors saw a net inflow of 804 million yuan [2][3] - The stock with the highest net inflow from main funds was China Aluminum, with 79.77 million yuan, while Xinjiang Zhonghe had a net outflow of 5.73 million yuan from retail investors [3]