Core Viewpoint - SRE New Materials (688102.SH) has advanced technology in high-performance metal chromium powder production, enhancing its industry position and meeting high-end application demands [1] Company Summary - The company utilizes advanced low-temperature liquid nitrogen milling technology and acid-insoluble impurity treatment technology, resulting in high purity and low impurity products [1] - SRE New Materials has established an annual production capacity of 2,000 tons of chromium powder [1] - Major clients include well-known companies such as Western Superconducting, Siemens, and Plansee [1] Industry Summary - The company's technological advancements position it favorably within the high-performance materials industry, catering to stringent requirements in high-end applications [1]

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with several companies showing significant drops in their stock prices [1]. Group 1: Stock Performance - Yongding Co., Ltd. (600105) saw a decline of 6.53%, with a total market capitalization of 20.3 billion and a year-to-date increase of 182.25% [2]. - Changxin Bochuang (300548) dropped by 5.98%, with a market cap of 27.3 billion and a year-to-date increase of 102.19% [2]. - Guangku Technology (300620) fell by 5.39%, with a market cap of 24.6 billion and a year-to-date increase of 103.96% [2]. - Cambridge Technology (603083) decreased by 4.96%, with a market cap of 34.5 billion and a year-to-date increase of 147.37% [2]. - Taicheng Light (300570) declined by 4.84%, with a market cap of 20.8 billion and a year-to-date increase of 27.28% [2]. - Jepu Tech (688025) experienced a drop of 4.89%, with a market cap of 13.2 billion and a year-to-date increase of 194.80% [2]. - Tianfu Communication (300394) fell by 4.43%, with a market cap of 123 billion and a year-to-date increase of 144.51% [2]. - Sry New Materials (688102) decreased by 4.26%, with a market cap of 14.9 billion and a year-to-date increase of 120.63% [2]. - Juguang Technology (688167) saw a decline of 4.16%, with a market cap of 11.7 billion and a year-to-date increase of 103.55% [2]. - Lian Te Technology (301205) dropped by 3.71%, with a market cap of 13.6 billion and a year-to-date increase of 38.55% [2]. - Laimu Co., Ltd. (603633) decreased by 3.59%, with a market cap of 4.58 billion and a year-to-date increase of 31.69% [2]. - Zhongji Xuchuang (300308) fell by 3.47%, with a market cap of 502 billion and a year-to-date increase of 267.66% [2]. - Huilv Ecology (001267) saw a decline of 3.37%, with a market cap of 14.4 billion and a year-to-date increase of 141.49% [2].

Group 1 - CPO concept stocks experienced a surge, with KuaChuan Technology hitting the daily limit [1] - Shijia Photon increased by over 17% [1] - Other notable gainers include Robotec, SuiRui New Materials, HuiLv Ecology, and Dongshan Precision, which also saw significant increases [1]

陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688102 证券简称：斯瑞新材 陕西斯瑞新材料股份有限公司 1 陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议资料 目录 | | 2025 年第二次临时股东会会议须知 | | 3 | | --- | --- | --- | --- | | 年第二次临时股东会会议议程 | 2025 | | 5 | | 关于续聘公司 | 2025 年度审计机构的议案 | | 7 | | 关于变更公司注册资本、修订《公司章程》及办理工商变更登记的议案 | | | 8 | | 关于修订《募集资金管理制度》的议案 | | | 10 | 2 2025年第二次临时股东会 会议资料 二零二五年十一月 陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议资料 陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议 的顺利进行，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》"）、《上市公司股东会规则》以及《陕西 ...

Group 1: Banking Sector - The report indicates that since 2022, banks have been utilizing diversified methods to accelerate the write-off and transfer of retail loans, which is expected to quickly clear existing non-performing assets [1][7][8] - As of Q2 2025, the total retail loan amount of listed banks reached 63.3 trillion yuan, accounting for 34.3% of total loans, with personal housing loans being the largest component [7][8] - The retail loan non-performing rate has been on the rise, reaching 1.29% in Q2 2025, which is an increase of 13 basis points from Q4 2024, indicating ongoing pressure on asset quality [7][8][9] Group 2: Electronics Sector - Aojie Technology - Aojie Technology reported a revenue of 28.80 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.4% [11][12] - The company’s core business, cellular baseband chips, saw a revenue growth of approximately 25%, significantly improving its gross margin [11][12] - Revenue projections for 2025, 2026, and 2027 are estimated at 44.12 billion yuan, 57.70 billion yuan, and 73.34 billion yuan respectively, with a corresponding price-to-sales ratio of 8, 6, and 5 times [12][13] Group 3: Computer Sector - Jingwei Hengrun - Jingwei Hengrun achieved a revenue of 44.64 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 25.88% [15][16] - The company is expanding its smart port solutions, having successfully delivered automated driving vehicles to a significant client, indicating strong commercial traction [15][16] - Revenue forecasts for 2025, 2026, and 2027 are projected at 70.8 billion yuan, 90.9 billion yuan, and 109.1 billion yuan, with expected net profits of 0.61 billion yuan, 3.85 billion yuan, and 6.19 billion yuan respectively [15][16] Group 4: Power Equipment Sector - Terui De - Terui De reported a revenue of 98.34 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 10.53% [18][19] - The company’s net profit for the same period was 6.86 billion yuan, a significant increase of 53.55% year-on-year [18][19] - The company is expanding its overseas market presence, with a notable project completed in Saudi Arabia, enhancing its profitability [19][20] Group 5: Rare Earth Sector - Northern Rare Earth - Northern Rare Earth reported a revenue of 302.92 billion yuan for the first three quarters of 2025, a year-on-year increase of 40.50% [22][23] - The company’s net profit surged by 280.27% to 15.41 billion yuan, driven by rising rare earth prices [22][23] - The production of rare earth oxides increased by 93.45% year-on-year, indicating strong demand and operational efficiency [23][24] Group 6: Automotive Sector - BYD - BYD achieved a revenue of 566.27 billion yuan in the first three quarters of 2025, a year-on-year growth of 12.75% [25][26] - The company sold 3,260,146 vehicles in the same period, representing an 18.64% increase year-on-year [25][26] - Despite revenue growth, net profit decreased by 7.55% due to increased R&D expenses and reduced foreign exchange gains [25][26] Group 7: Non-Ferrous Metals Sector - Srey New Materials - Srey New Materials reported a revenue of 11.74 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.74% [31][32] - The company’s net profit for the same period was 1.08 billion yuan, reflecting a growth of 37.74% [31][32] - The company is expanding its product offerings to meet the growing demands in commercial aerospace and medical imaging sectors [32]

Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Insights - The company reported significant growth in its Q3 2025 performance, with revenue reaching 1.174 billion yuan, a year-on-year increase of 21.74%, and a net profit attributable to shareholders of 108 million yuan, up 37.74% year-on-year [1][4] - The company is accelerating its industrial layout to meet the rapid growth demands in various niche markets, including commercial aerospace and medical imaging [2] - The company has made important breakthroughs in high-voltage contact materials and is advancing projects to support the domestic medical imaging equipment industry [2] Financial Performance Summary - For the first three quarters of 2025, the company's revenue was 1.174 billion yuan, with a gross margin of 24.04% and a net margin of 9.58% [1][4] - The Q3 2025 revenue was 402 million yuan, representing an 18.08% year-on-year growth, while the net profit for the quarter was 33.07 million yuan, up 48.07% year-on-year [1] - The company expects EPS for 2025 to be 0.20 yuan, with projected PE ratios of 93.2, 67.4, and 53.9 for 2025, 2026, and 2027 respectively [2][3]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

Group 1 - The company holds an important position in the liquid rocket engine thrust chamber industry, with major clients including Blue Arrow Aerospace, Jiuzhou Cloud Arrow, and Deep Blue Aerospace [1] - The company provides comprehensive solutions for optical module chip bases and housings, with a focus on high-precision parts processing and automated production lines, serving clients such as Finisar, Tianfu Communication, Global Broadcasting, Solstice, and Dongguan Xuntai [1] - The company is a key player in the CT and DR tube components sector in China, offering "one-stop" technical services and partnering with major clients like Siemens Healthineers, United Imaging, Kunshan Medical Source, Maimo Vacuum, and Beijing Zhisu [1] Group 2 - The company produces high-strength, high-conductivity copper alloy materials, which are applicable in new scenarios such as shield machines and controlled nuclear fusion, although this segment currently contributes a low percentage to overall revenue [1] - The company has over 60% market share in the domestic medium and high-voltage electrical contact materials and products, recognized as a champion product by the Ministry of Industry and Information Technology, with major clients including Siemens, ABB, Schneider, Eaton, Baoguang Co., and Xuguang Electronics [1]

Market Overview - The metal new materials sector experienced a decline of 3.25% on October 31, with AnTai Technology leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Shenzhen New Star (603978) with a closing price of 26.55, up 4.53% on a trading volume of 260,000 shares and a turnover of 706 million yuan [1] - Youyan Powder Materials (688456) closed at 48.70, up 2.79% with a trading volume of 17,500 shares and a turnover of 85.36 million yuan [1] - Major decliners included: - AnTai Technology (000969) closed at 21.24, down 8.65% with a trading volume of 2,030,300 shares and a turnover of 440.3 million yuan [2] - Jinli Permanent Magnet (300748) closed at 39.18, down 6.87% with a trading volume of 792,000 shares and a turnover of 3.137 billion yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 1.629 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.477 billion yuan [2] - The capital flow for specific stocks showed mixed results, with some stocks experiencing significant outflows from institutional and speculative investors [3]

Core Points - The company will hold a performance briefing for the third quarter of 2025 on November 7, 2025, from 15:00 to 16:00 [2][5][6] - The briefing will be conducted in an online text interaction format, allowing investors to engage and ask questions [2][4][6] - Investors can submit questions before the meeting until November 6, 2025, at 17:00 [1][4] Meeting Details - The performance briefing will take place on November 7, 2025, from 15:00 to 16:00 [5][6] - The location for the meeting is "Value Online" (www.ir-online.cn) [5][6] - The company encourages broad participation from investors and will address commonly asked questions during the session [2][3][4] Participants - Key participants include the company's General Manager Zhang Hang, Independent Director Geng Yingsan, Chief Financial Officer Ren Lei, and Board Secretary Wang Lei [3]