Core Viewpoint - The strategic decision by Ningbo Bowei Alloy Materials Co., Ltd. to invest up to $150 million in a special alloy electronic materials production base in Morocco reflects the company's adaptation to the evolving global trade environment and its ambition to transition from traditional manufacturing to high-end intelligent manufacturing [1][4][11]. Investment Decision - The company plans to establish a production base in Nador, Morocco, with an annual capacity of 30,000 tons of special alloy electronic materials, while terminating a similar project in Vietnam [1][3]. - The investment will be executed through a newly established entity, "Bowei Alloy New Materials (Morocco) Co., Ltd." [3]. Strategic Location - The chosen site in Morocco is strategically located near the Strait of Gibraltar, only 14 kilometers from Europe, allowing for efficient logistics to key markets in Germany and France, as well as access to North America [3][4]. - Morocco's trade agreements with the EU and the US provide significant tariff advantages, enabling the company to circumvent trade barriers faced by Chinese exports [3][10]. Technological Advancements - The project is positioned as a "digital intelligent factory," leveraging six years of digitalization efforts to implement AI-driven production management systems aimed at achieving full automation and a post-tax internal rate of return of 16.72% [4][11]. Company Background - Bowei Alloy, established in 1987, has evolved from a copper processing company to an international group covering multiple industries, including new materials and renewable energy [5][6]. - The company's core business in special alloy materials is critical for high-demand applications in sectors such as 5G communications, electric vehicles, and semiconductor manufacturing [6][7]. Global Manufacturing Network - Bowei operates 15 specialized manufacturing bases globally, including locations in China, Germany, Canada, and Vietnam, enhancing its technological capabilities through acquisitions [7]. - The company's previous plan to invest in Vietnam was abandoned due to changing international trade policies and rising labor costs, highlighting the need for a more stable investment environment [9][10]. Industry Trends - The investment in Morocco illustrates a broader trend among Chinese high-end manufacturing firms to diversify their production locations in response to increasing geopolitical tensions and trade barriers [11]. - The shift from a cost-driven to a value-driven approach in international expansion emphasizes the importance of policy stability, trade facilitation, and customer collaboration in investment decisions [11].

Core Viewpoint - Bowei Alloy (601137) has experienced a stock price increase of 4.12% this week, closing at 22.77 yuan as of November 7, 2025, with a total market capitalization of 18.707 billion yuan [1] Shareholder Changes - As of October 31, 2025, the number of shareholders for Bowei Alloy reached 47,100, reflecting a growth of 3.8% compared to the previous period [1][3] - The average number of shares held per shareholder decreased from 18,100 shares to 17,400 shares, with an average market value of 381,300 yuan per shareholder [1] Company Announcements - On November 7, 2025, Bowei Alloy's board of directors approved the termination of plans to establish a wholly-owned subsidiary in Vietnam due to changes in international trade policies affecting investment returns [1] - The company had initially planned to invest 15 million USD in Vietnam for a production base, but the project was never initiated and will not significantly impact the company's financial status [1] - Bowei Alloy plans to invest up to 15 million USD to establish a wholly-owned subsidiary in Morocco for a project aimed at producing 30,000 tons of special alloy electronic material strips annually, with an expected internal rate of return of 16.72% [2][3]

Core Viewpoint - Ningbo Bowei Alloy Materials Co., Ltd. has decided to terminate its investment project in Vietnam and instead invest in Morocco to establish a wholly-owned subsidiary and production base, with an investment amount not exceeding $15 million [2][3][22]. Group 1: Investment Overview - The company approved the establishment of a wholly-owned subsidiary in Morocco named Bowei Alloy New Materials (Morocco) Co., Ltd. and plans to invest up to $15 million to build a production base for special alloy electronic material strips with an annual output of 30,000 tons [3][11][22]. - The investment aims to meet the demands of leading international clients and to establish overseas manufacturing bases, enhancing the company's international operations [7][22]. Group 2: Project Termination in Vietnam - The investment project in Vietnam was terminated due to significant changes in international trade policies that did not meet the company's investment return requirements [2][3]. - The decision to terminate the project was made during the sixth board meeting on November 7, 2025, and the subsidiary in Vietnam was never established nor the project commenced [2][27]. Group 3: Impact and Strategic Response - The termination of the Vietnam project will not have a significant impact on the company's financial status or operational results [3][22]. - The new investment in Morocco is expected to effectively respond to complex international trade policy changes and improve the company's international operational capabilities [3][22]. Group 4: Project Feasibility and Market Positioning - The project in Morocco targets markets in North America and Europe, aiming to provide products and services to Fortune 500 clients, thereby ensuring a smooth supply chain and meeting customer demands [17][20]. - The investment aligns with the company's strategy to expand its international operations and enhance its digital management capabilities, which are crucial for meeting the evolving needs of global clients [20][22].

Core Viewpoint - The company plans to invest up to $150 million in Morocco to establish a production base for special alloy electronic materials, with an expected annual output of 30,000 tons. The project aims to meet the growing international demand from its top-tier clients and enhance its global operational capabilities [2][3]. Investment Details - The project is expected to commence in October 2026, with a construction period of 36 months and an anticipated return on investment of 16.72% [2]. - The investment requires approvals from both domestic authorities and relevant Moroccan departments [2]. Market Context - The decision to invest in Morocco comes after the company previously planned a similar investment in Vietnam, which was terminated due to unfavorable changes in international trade policies that affected the project's profitability [3]. - The primary target markets for the new production base are North America and Europe, where the company aims to capitalize on lower tariffs compared to other regions [3]. Competitive Advantage - Morocco's favorable trade agreements, including a free trade agreement with the U.S., position it as a strategic location for manufacturing, minimizing tariff impacts compared to Vietnam and other countries [3]. - Other companies, such as Reddick and Haomei New Materials, are also investing in Morocco, indicating a trend of increasing foreign investment in the region to enhance supply chain resilience [3]. Operational Considerations - The company acknowledges the differences in legal, commercial, and cultural environments between Morocco and China, which may pose risks related to regulatory changes and unforeseen circumstances [4]. - The company will closely monitor the investment approval process and implement strategies to mitigate operational risks [4].

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 47% equity in SMIC North, with due diligence and evaluation processes still ongoing [1][2] - Zhuhai Gree Supply Chain intends to convert a debt of 200 million yuan into equity to increase capital for Shenzhen Haoneng Technology, changing its status from a wholly-owned subsidiary to a controlling subsidiary [3] - China Huadian Corporation is set to invest 12.043 billion yuan in a combined heat and power generation project integrated with renewable energy in Heilongjiang [4] Group 2 - Yong'an Pharmaceutical announces that some directors and senior management plan to reduce their holdings by up to 0.0799% of the total shares [5] - Lihua Co. reports a 11.44% year-on-year increase in chicken sales revenue for October, totaling 1.461 billion yuan [6] - Degu Technology intends to terminate the acquisition of 100% equity in Haowei Technology due to difficulties in meeting the demands of all parties involved [7] Group 3 - Guocheng Mining plans to pay 3.168 billion yuan in cash to acquire 60% equity in Guocheng Industrial [8] - Yingtang Intelligent Control intends to acquire 100% equity in Guanglong Integration and 80% equity in Aojian Microelectronics, with stock resuming trading on November 10 [9] - Shanshan Holdings announces that its actual controller and major shareholder have divorced, resulting in a change in control [10] Group 4 - Nutaige plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics and related components [11] - Chengxing Co. reports that its Jiangyin factory is currently under temporary shutdown for rectification due to a raw material leak [12] - Xindong Holdings announces that its shareholder Hainan Zhuhua plans to reduce its stake by up to 3% [13] Group 5 - Yonghui Supermarket's vice president has completed a share reduction of 0.0012% [14] - Xi'an Tourism plans to issue A-shares to raise no more than 300 million yuan for working capital and bank loan repayment [15] - Xiaogoods City has successfully acquired land use rights for a commercial site in Yiwu for 3.223 billion yuan [16][17] Group 6 - Tongda Chuangzhi announces a cash dividend of 6 yuan per 10 shares for the 2025 interim period [18] - Shen Nan Electric A received a government subsidy of 8.0518 million yuan, accounting for 36.75% of its last fiscal year's net profit [19] - Founder Technology's subsidiary plans to invest 1.364 billion yuan in an AI expansion project in Chongqing [20] Group 7 - Hezhong China reports significant stock trading fluctuations, indicating a "hot potato" effect [21] - Hengrui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection for late-stage solid tumors [22] - Sihua Holdings announces the termination of a restructuring investment agreement and continues to seek potential investors [23] Group 8 - Yingwei Technology's subsidiary has won a 27.78% share of a project from China Mobile [24] - Dabeinong reports a 45.20% year-on-year increase in pig sales for October, totaling 5.79 billion yuan [25] - Meihua Biotech's major shareholder has been sentenced for market manipulation, but it does not affect the company's operations [26] Group 9 - Zhongyi Da plans to terminate the issuance of A-shares to specific investors [27] - Zhongji Oil and Gas has received a notice of investigation from the China Securities Regulatory Commission regarding trading violations [28] - China International Trade Corporation announces the resignation of its chairman due to work reasons [29] Group 10 - GAC Group reports a decline in October vehicle sales by 8.10% [30] - Dameng Data has invested 100 million yuan to establish an investment fund focused on the database industry [31] - Zhengbang Technology reports a 78.08% year-on-year increase in pig sales revenue for the first ten months [32] Group 11 - Shanghai Xiba has announced that its directors are under investigation for suspected short-term trading [33] - Changgao Electric New has won a bid for a project from the State Grid worth 246 million yuan [34] - Jianghuai Automobile reports a 5.49% increase in October sales [35] Group 12 - Xintian Green Energy reports a 20.97% year-on-year decrease in power generation for October [36] - Luokang Pharmaceutical's products have been selected in the national centralized procurement [37] - Zhongyuan Home intends to invest 16 million USD in a self-built production base in Vietnam [38] Group 13 - Changcheng Technology has terminated plans for a control change and will resume trading on November 10 [39] - Poly Development reports a significant decrease in signed sales area and amount for October [40] - Wanhua Chemical's MDI phase II facility will undergo maintenance starting November 15 [41]

Core Viewpoint - The company, Bowei Alloy, is shifting its overseas investment strategy from Vietnam to Morocco, planning to invest up to $150 million to establish a production base for special alloy electronic materials, with an expected return on investment of 16.72% [1][2]. Group 1: Investment Details - Bowei Alloy plans to invest no more than $150 million in Morocco to build a production base with an annual capacity of 30,000 tons of special alloy electronic materials [1]. - The project is expected to commence in October 2026, with a construction period of 36 months [1]. - The investment is aimed at meeting the growing overseas demand from Bowei Alloy's global clients, particularly in North America and Europe [2]. Group 2: Strategic Shift - The original plan was to invest the same amount in Vietnam, but this was terminated due to significant changes in international trade policies that affected the project's feasibility [2]. - Morocco is favored due to its lower tariffs on goods exported to the U.S., making it a strategic location for manufacturing [2]. Group 3: Market Demand - The key products from this project will include various connector and semiconductor lead frame materials, which are essential components for smart interconnected equipment, smart terminal devices, new energy vehicles, and semiconductors [1]. - The demand in the downstream market is expected to continue growing, surpassing the new production capacity from the overseas manufacturing base [1]. Group 4: Competitive Landscape - Other companies are also investing in Morocco, such as Redick, which plans to invest $30 million in an automotive bearing production base, and Haomei New Materials, which is collaborating with Lingyun Co. to establish a joint venture for new energy battery casings and structural components [2].

Group 1 - The company, Bowei Alloy (601137.SH), plans to invest up to $15 million to establish a wholly-owned subsidiary in Morocco named Bowei Alloy New Materials (Morocco) Co., Ltd [1] - The investment will be used to construct a project with an annual production capacity of 30,000 tons of special alloy electronic material strips [1] - The investment amount includes expenses related to setting up the subsidiary, purchasing land, and constructing fixed assets and supporting facilities [1] Group 2 - The construction of the Moroccan production base will be implemented in phases based on business progress and specific circumstances [1] - This external investment does not require approval from the company's shareholders meeting but must complete relevant approvals and filings with domestic authorities such as commerce, development and reform, and foreign exchange management [1] - Local approvals and registrations from relevant Moroccan authorities are also required for the investment [1]

Group 1 - The core point of the article is that Bowei Alloy announced the establishment of a wholly-owned subsidiary in Morocco and plans to invest in a production base [1] - The company's revenue composition for the year 2024 is as follows: copper alloys account for 74.62%, new energy accounts for 24.36%, and other businesses account for 1.02% [1] - As of the report date, Bowei Alloy has a market capitalization of 18.7 billion yuan [1]

| 证券代码：601137 | 证券简称：博威合金 | | 公告编号：临 | 2025-102 | | --- | --- | --- | --- | --- | | 债券代码：113069 | 债券简称：博 转债 | 23 | | | 宁波博威合金材料股份有限公司关于 在摩洛哥设立全资子公司并投资建设生产基地的公告 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： 投资标的名称 设立全资子公司名称：博威合金新材料（摩洛哥）有限公司（暂定名，具体 以当地登记机关登记为准） 建设新项目名称：年产 3 万吨特殊合金电子材料带材建设项目 投资金额：不超过 15,000 万美元（折合人民币金额约 107,648 万元） 交易实施尚需履行的审批及其他相关程序 本次交易未达到股东会审议标准。 本次摩洛哥投资项目，尚需完成商务、发改、外汇管理等境内主管部门 的相关核准及备案手续；还需经过摩洛哥本地相关部门的审批及登记。 其它需要提醒投资者重点关注的风险事项 1、本次交易概况 根据公司战略规划，进一步加快国际化进程，满足国际行业 ...

| 证券代码：601137 | 证券简称：博威合金 | | 公告编号：临 | 2025-101 | | --- | --- | --- | --- | --- | | 债券代码：113069 | 债券简称：博 转债 | 23 | | | 宁波博威合金材料股份有限公司关于终止 二、本次对外投资终止情况 由于项目在推进期间国际贸易政策发生较大变化，该项目无法满足公司投资 收益要求，根据公司战略发展规划，公司于 2025 年 11 月 7 日召开第六届董事会 第十九次会议审议通过《关于终止在越南设立全资子公司并投资建设生产基地的 议案》，决定终止该项目的实施建设。截至目前，该子公司尚未设立，该项目未 开工建设。 三、对公司的影响及拟采取的应对措施 本次终止在越南的投资项目符合上市公司利益，不会对公司财务状况及经营 成果产生重大影响。 在越南设立全资子公司并投资建设生产基地的公告 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： | 投资标的名称 | 博威合金板带（越南）有限公司 | | | --- | --- | -- ...