Core Viewpoint - The company emphasizes the necessity of strong R&D capabilities and digital transformation to collaborate with leading international enterprises [2] Group 1: R&D Capabilities - The company has established significant technical barriers in alloying, microstructure reconstruction, and specialized equipment through its digital R&D platform and ecosystem [2] - The ability to quickly address customer needs and material selection pain points is crucial for collaboration with international firms [2] Group 2: Digital Transformation - Traditional enterprises must undergo digital transformation to achieve a digital management model, ensuring product stability, consistency, and reliability for customers [2] - A systematic management framework is essential for international clients to choose the company and is a core competitive advantage for long-term sustainable development [2]

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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意宁波博威合金材料股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕2509 号）同意，宁波博威合金 材料股份有限公司（以下简称"公司"）向不特定对象发行面值总额 170,000.00 万元可转 换公司债券，期限 5 年，每张面值为人民币 100 元，发行数量 1,700 万张，募集资金总额 为人民币 1,700,000,000.00 元，扣除发行费用（不含税）人民币 13,249,056.60 元后，募 集资金净额为 1,686,750,943.40 元。上述募集资金到位情况业经天健会计师事务所（特殊 普通合伙）验证，并由其出具《验证报告》（天健验〔2023〕754 号）。 公司依照规定对募集资金采取了专户存储，开立了募集资金专户，并与保荐人、募 集资金专户监管银行签署了募集资金三方（四方/五方）监管协议。 | 证券代码：601137 | 证券简称：博威合金 | | 公告编号：临2025-115 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - In November, the newly installed solar power capacity increased by 75% month-on-month, indicating a significant recovery in the solar energy sector [4] - The report highlights the need for comprehensive regulation to address "involutionary" competition in key industries such as new energy vehicles, lithium batteries, and photovoltaics, aiming to enhance industry concentration and maintain fair competition [5] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2] Market Performance - The solar power industry has shown a strong performance over the past year, with a notable increase in installed capacity and a focus on improving product consistency and reducing costs in the sensor market [3][4] Price Tracking - The report provides insights into the pricing trends of key components in the solar energy supply chain, including polysilicon, silicon wafers, battery cells, and modules, indicating a mixed outlook with some price increases and stability expected in the near term [6][8][9]

Group 1 - The core viewpoint of the news is that Bowei Alloy's stock has shown a slight increase, with a current price of 21.87 CNY per share and a market capitalization of 17.968 billion CNY [1] - Bowei Alloy, established on January 22, 1994, specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy materials, solar cell components, and precision cutting wires [1] - The company's revenue composition is as follows: new material products account for 77.63%, renewable energy products for 21.23%, and other products for 1.14% [1] Group 2 - According to data, one fund under Huatai PineBridge holds a significant position in Bowei Alloy, with 143,400 shares, representing 0.39% of the fund's net value, making it the eighth-largest holding [2] - The Huatai PineBridge Guozheng 2000 Index Enhanced A fund has achieved a year-to-date return of 55.83%, ranking 449 out of 4,195 in its category [2] - The fund was established on November 7, 2023, with a current size of 672 million CNY and has a cumulative return of 74.95% since inception [2] Group 3 - The fund manager of Huatai PineBridge Guozheng 2000 Index Enhanced A is Wu Zhenxiang, who has a tenure of 15 years and 332 days, with a total asset scale of 19.781 billion CNY [3] - Wu Zhenxiang's best fund return during his tenure is 202.04%, while the worst return is -31.53% [3] - Co-manager Wang Xingxing has a tenure of 2 years and 186 days, managing assets of 2.424 billion CNY, with a best return of 74.84% and a worst return of -0.53% [3]

Core Viewpoint - The financial performance and trading activity of Bowei Alloy show mixed results, with a notable increase in financing activities and a decline in net profit year-over-year [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Bowei Alloy achieved a revenue of 15.474 billion yuan, representing a year-over-year growth of 6.07% [2]. - The net profit attributable to shareholders for the same period was 881 million yuan, which reflects a decrease of 19.76% compared to the previous year [2]. Group 2: Trading Activity - On December 29, Bowei Alloy's stock price fell by 0.69%, with a trading volume of 525 million yuan [1]. - The financing buy-in amount for Bowei Alloy on the same day was 70.2117 million yuan, while the financing repayment was 62.2483 million yuan, resulting in a net financing buy of 7.9633 million yuan [1]. - As of December 29, the total financing and securities lending balance for Bowei Alloy was 1.036 billion yuan, with the financing balance accounting for 5.81% of the circulating market value, indicating a high level compared to the past year [1]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Bowei Alloy was 46,500, an increase of 0.92% from the previous period [2]. - The average number of circulating shares per shareholder was 17,656, which decreased by 0.91% compared to the previous period [2]. Group 4: Dividend Information - Since its A-share listing, Bowei Alloy has distributed a total of 1.694 billion yuan in dividends, with 923 million yuan distributed over the past three years [3].

Group 1 - The company has research projects related to titanium alloy new materials but currently lacks market applications [2] - The inquiry from investors highlights the growing interest in the aerospace sector and the potential for titanium alloys [2] - The company is positioned to participate in the expanding aerospace industry through its research initiatives [2]

Core Viewpoint - The commercial aerospace sector is gaining significant attention, highlighted by the recent launch of the Long March 12A rocket, marking China's entry into reusable rocket technology [1][2]. Group 1: Market Reaction - On December 23, several companies in the commercial aerospace sector saw their stock prices surge, including Zhongguang Fanglei, Shenjian Co., Jiuding New Materials, Dongcai Technology, Chuangyuan Technology, and Taijia Co., all hitting the daily limit [1]. - Other companies such as Huafeng Technology, Robotec, and Bowei Alloy also experienced notable increases in their stock prices [1]. Group 2: Technological Developments - The Long March 12A rocket, designed for "first-stage reuse," successfully completed its mission, although the first stage was not recovered [1][2]. - The launch provided critical engineering data for future missions and the recovery of rocket stages, laying a foundation for subsequent launches and recovery efforts [2]. Group 3: Industry Insights - The involvement of the "national team" in the aerospace sector is expected to set technical benchmarks and promote resource integration across the industry, fostering a competitive environment [2]. - Reusable rocket technology is viewed as a key cost-reduction strategy in the commercial aerospace industry, with the cost of new rockets estimated at $50 million, while reusable rockets can reduce costs to $15 million [2]. - Achieving successful recovery of rocket stages is just the first step; further engineering validation and the establishment of a stable, efficient reuse system are essential for realizing the commercial value of reusable technology [2].

Market Performance - A-shares market showed overall positive performance in the morning, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [1][3] Sector Highlights - The non-ferrous metals sector led the market, with a rise of over 2%. Notable stocks included Zhangyuan Tungsten (002378) and Xianglu Tungsten (002842), which hit the daily limit up [2][3] - Other stocks in the non-ferrous metals sector that followed suit included Shenzhen New Star (603978), Bowei Alloy (601137), Shandong Gold (600547), Zhongtung High-tech (000657), Haotong Technology (301026), and Yunnan Zhiye (002428) [3] Precious Metals Surge - Precious metals prices experienced a significant surge, with domestic futures showing widespread increases. Platinum futures reached a new high of 619.95 CNY per gram, while palladium futures also hit a new high of 555.15 CNY per gram. Silver and gold futures also broke previous records [5] Other Sector Performances - Other sectors such as building materials, electrical equipment, and electronics also showed strong performance [6] - The non-bank financial sector performed well, with China Ping An breaking through the 70 CNY mark, reaching a four-year high [7] New Stock Listings - Three new stocks listed on the A-shares market all saw significant gains in the morning. Notably, Nabai Chuan (301667) surged over 240%, focusing on thermal management products for electric vehicles [10][11] - Xihua Technology (603248) saw a rise of over 180%, specializing in high-end equipment components for wind power and injection molding [12] - Tian Su Measurement (301449) increased by over 150%, providing measurement calibration and testing services across various industries [13]

Core Viewpoint - A-shares market shows strong performance with major indices rising, particularly the metals sector driven by surging precious metal prices [1][4][6] Group 1: Market Performance - Major indices in the A-shares market performed well, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [1][4] - The non-ferrous metals sector led the gains, with the sector's index rising over 2% during the session [4] Group 2: Sector Highlights - The surge in precious metal prices has significantly boosted the non-ferrous metals sector, making it one of the main highlights of the market [2][3] - Specific stocks such as Zhangyuan Tungsten Industry and Xianglu Tungsten Industry hit the daily limit up, while others like Shenzhen New Star and Shandong Gold also saw substantial gains [4] Group 3: Precious Metals - Precious metals prices continued to rise sharply, with domestic futures for platinum and palladium hitting their daily limits and reaching new highs [6] - The main platinum futures contract peaked at 619.95 yuan per gram, while palladium reached 555.15 yuan per gram, both marking new records since their listings [6] Group 4: New Stocks Performance - Three new stocks listed on the A-shares market all experienced significant increases, with Nanbaichuan seeing a rise of over 240% [11][12] - Other new listings like Xihua Technology and Tiansu Measurement also reported impressive gains of over 180% and 150%, respectively [13][14]

Group 1 - The A-share market saw a rise in several commercial aerospace concept stocks, indicating positive market sentiment in this sector [1] - Zhongguang Fanglong experienced a 20% limit-up, reflecting strong investor interest and confidence [1] - Shenjian Co. also hit a 10% limit-up, showcasing its robust performance in the market [1] Group 2 - Jiuding New Materials surged to a 10% limit-up, further contributing to the overall positive trend in the commercial aerospace sector [1] - Other companies such as Huaguang New Materials, China National Materials, and Bowei Alloys also experienced gains, indicating a broader rally in this industry [1]