Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

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： | 回购方案首次披露日 | 2025/1/2 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 20,000万元~40,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 14,183,797股 | | 累计已回购股数占总股本比例 | 6.6204% | | 累计已回购金额 | 294,493,384.32元 | | 实际回购价格区间 | 16.48元/股~26.03元/股 | 一、 回购股份的基本情况 张家港广大特材股份有限公司 | 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 关于以集中竞价交易方式回购股份的进展公告 根据《上市公司股 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

国元证券股份有限公司 关于张家港广大特材股份有限公司 2024 年度持续督导跟踪报告 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为张家 港广大特材股份有限公司（以下简称"广大特材"或"公司"）持续督导阶段的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作（2023 年 12 月修订）》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》等相关规定，负责广大特材的持续督导工作，并出具本持续督导跟 踪报告。 一、持续督导工作情况 （一）核心竞争力风险 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行了持 | | | 针对具体的持续督导工作制定相应的工作计 | 续督导制度，并制定了相应的工作计 | | | 划。 根据中国证监会相关规定，在持续督导工作 | 划。 | | 2 | 开始前，与上市公司签署持续督导协议，明 | 保荐机构已与公司签订保荐协议，明确 | | | ...

国元证券股份有限公司 关于张家港广大特材股份有限公司 2024 年度持续督导现场检查报告 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为张家 港广大特材股份有限公司（以下简称"广大特材"或"公司"）持续督导阶段的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关法律、法规要求，于 2025 年 4 月 10 日、2025 年 4 月 14 日至 2025 年 4 月 16 日，对公司 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐机构 国元证券股份有限公司 （二）保荐代表人 束学岭、孙彬 （三）现场检查时间 （四）现场检查人员 束学岭、杨宇霆 （五）现场检查内容 公司治理、内部控制、信息披露、独立性及与控股股东及其他关联方资金往 来情况、关联交易、募集资金使用、对外担保、重大对外投资、公司经营状况以 及承诺履行情况等。 （六）现场检查手段 1 1、与公司相关负责人员访谈沟通； 2、查看公司主要生产经营场所； 2025 年 4 ...

张家港广大特材股份有限公司 2024 年年度股东大会 证券代码：688186 证券简称：广大特材 张家港广大特材股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 张家港广大特材股份有限公司 2024 年年度股东大会 目录 | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议须知 1 | | --- | --- | | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议议程 4 | | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议议案 6 | | 议案一：关于公司 2024 | 年年度报告全文及其摘要的议案 6 | | 议案二：关于公司 2024 | 年度董事会工作报告的议案 7 | | 议案三：关于公司 2024 | 年度监事会工作报告的议案 8 | | 议案四：关于公司 2024 | 年度财务决算报告的议案 9 | | 议案五：关于公司 2024 | 年度利润分配方案的议案 10 | | 议案六：关于公司董事 | 2025 年度薪酬的议案 12 | | 议案七：关于公司监事 | 2025 年度薪酬的议案 13 | | 议案八：关于公司续聘 | 2 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Views - The company is experiencing a recovery in its casting and gearbox businesses after a period of heavy asset investment, with expectations for improved performance in the coming years [1][3]. - The wind power industry is witnessing a simultaneous increase in both onshore and offshore installations, with significant growth projected for 2025 [2][43]. - The company has successfully optimized its product structure and is focusing on high-margin products, which is expected to enhance profitability [26][30]. Summary by Sections Company Overview - Established in 2006, the company specializes in special steel materials and has expanded into the wind power sector since 2008, producing components such as main shafts, castings, and gearboxes [1][8]. - The company has invested over 5 billion yuan in capacity expansion for wind power castings and gearbox components since 2019, which has put pressure on its financial performance [1][33]. Financial Projections - The company is projected to achieve net profits of 337 million yuan, 405 million yuan, and 464 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 194%, 20%, and 15% [3][4]. - Revenue is expected to grow significantly, with a forecast of 5.83 billion yuan in 2025, representing a 45.6% increase from the previous year [4]. Market Trends - The domestic wind power market is expected to see a substantial increase in new installations, with onshore capacity projected to reach 100 GW in 2025 [2][43]. - The report highlights a recovery in wind power casting prices, which had been under pressure for several years, with expectations for a rebound in 2025 [2][88]. Business Segments - The casting business is anticipated to turn profitable in the second half of 2024, driven by price recovery and structural optimization [30][41]. - The gearbox components segment is also expected to enter a growth phase starting in 2025, with advancements in technology and production processes [3][42]. Valuation - The estimated fair value of the company's stock is between 30.56 and 32.47 yuan, indicating a potential upside of 18% to 25% compared to the current share price of 26.00 yuan [3][5].

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于2024年年度股东大会增加临时提案暨补充通知 的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 张家港广大特材股份有限公司（以下简称"公司"）已于2025 年 4 月 22 日 2. 股东大会召开日期：2025 年 5 月 12 日 3. 股东大会股权登记日： 1. 提案人：张家港广大投资控股集团有限公司 2. 提案程序说明 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688186 | 广大特材 | 2025/5/6 | 二、 增加临时提案的情况说明 公告了 2024 年年度股东大会召开通知，单独持有20.91%股份的股东张家港广 大投资控股 ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 第三届监事会第九次会议决议公告 （一）审议通过《关于变更部分回购股份用途并注销的议案》 公司本次变更部分回购股份用途并注销暨减少注册资本事项符合《中华人民 共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等法律法规的有 关规定及公司实际情况，决策程序合法合规，不会对公司的财务状况和经营成果 产生重大影响，也不存在损害公司及全体股东利益的情形，不会影响公司的上市 地位。因此，公司监事会同意本次变更部分回购股份用途并注销的事项。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 具体内容详见公司 2025 年 4 月 26 日披露于上海证券交易所网站 （www.sse.com.cn）的《关于变更部分回购股份用途并注销暨减少注册资本的公 告》（公告编号：2025 ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于变更部分回购股份用途并注销暨减少注册资本 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、准确性和完整性依法承担法律责任。 公司于 2025 年 4 月 25 日召开第三届董事会第十七次会议、第三届监事会第 九次会议审议通过了《关于变更部分回购股份用途并注销的议案》，同意对将回 购股份用途由"在未来适宜时机用于股权激励及/或员工持股计划，或用于转换 上市公司发行的可转换为股票的公司债券"变更为"在未来适宜时机用于股权激 励及/或员工持股计划，或用于注销并相应减少注册资本"，并将已回购的股份 8,000,000 股进行注销并相应减少注册资本。本议案尚需提交公司 2024 年年度 股东大会审议，现将本次具体情况公告如下： 一、回购股份的具体情况 公司于 2025 年 1 月 1 日召开第三届董事会第十二次会议、第三届监事会第 六次会议， ...