Core Viewpoint - The company has successfully applied its thermal copper powder and certain copper materials in AI computing servers, indicating a stable shipment volume and potential for profit growth due to increasing demand in the AI sector [1] Group 1: Product Innovation - The new thermal copper powder is produced using a chemical method, featuring a gradient pore structure, developed specific surface area, and low bulk density [1] - The performance of the new thermal copper powder improves heat dissipation efficiency by 10%-20% compared to traditional atomized copper powder, with a thermal end benefit of 3-5℃ [1] Group 2: Market Demand - The growing popularity of AI applications, such as deepseek, is driving higher requirements for hardware cooling and speed, which positions the company's new thermal copper powder for expanded sales [1] - The company’s innovative products are expected to create a new profit growth point as demand in the AI sector increases [1]

格隆汇7月31日丨有研粉材(688456.SH)在互动平台表示，公司的散热铜粉和部分铜粉材料已成功应用于 AI算力服务器，目前出货量稳定，新型导热铜粉使用化学法生产，具有梯度孔隙结构、比表面积发 达、松装密度低等特点，在散热效率方面较传统雾化铜粉，性能提升10%-20%，热端收益3-5℃，属于 行业内首创。随着deepseek等AI应用的普及，对硬件的散热及提速要求越来越高，公司新型导热铜粉有 望进一步扩大销售规模，形成新的利润增长点。 ...

格隆汇7月31日丨有研粉材(688456.SH)在互动平台表示，公司的散热铜粉可用于芯片堆叠和半导体封装 领域。公司的锡焊粉不直接用于芯片制造，而是通过制成锡膏后用于芯片和PCB的焊接互连。另外，公 司锡合金微球产品可用于3D封装等先进半导体封装制程，CCGA焊柱可用于高可靠芯片封装。目前均已 有相关订单。 ...

格隆汇7月31日丨有研粉材(688456.SH)在互动平台表示，目前公司的MIM材料有MIM17-4PH、MIM304 和MIM316L，现有产能约500吨/年，新基地建成后产能会有所提升。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Core Viewpoint - Company is expanding its 3D printing base in Shandong due to the surging market demand and strategic alignment with its core business direction [2][3]. Group 1: Expansion and Market Demand - The expansion of the 3D printing base is driven by a significant increase in market demand, with current orders at the subsidiary, Youyan Additive, already booked for two months ahead [2]. - The planned production capacity after expansion will reach 4,000 tons, with an estimated demand for aluminum alloy powder in the domestic 3D printing market projected to grow to 5,000 tons over the next seven years [3]. - The company has conducted detailed market research indicating that the current demand for aluminum alloy powder is approximately 500 tons, primarily for military applications, with expectations for growth in civilian sectors due to decreasing costs [3]. Group 2: Product Structure and Clientele - The product structure of the 3D printing segment consists of 40% aluminum alloy powder, 20% high-temperature alloy powder, and 40% other powders, including titanium, copper, and stainless steel powders [4]. - The primary customers for the 3D printing segment are in the aerospace sector, with ongoing efforts to engage with clients in commercial aerospace, mold manufacturing, and consumer electronics [5][6]. Group 3: Production and Development - The expansion project is expected to complete its foundational construction by October next year, with equipment installation phased according to market demand, aiming for full capacity utilization by 2032 [12]. - The company is also focusing on developing high-value products in its copper powder segment while maintaining its leading market share [13]. Group 4: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 796 million yuan, a year-on-year increase of 20.34%, and a net profit attributable to shareholders of 10.34 million yuan, up 5.71% year-on-year [15].

Core Viewpoint - The company plans to invest 200 million yuan to establish a metal powder material production base in Binzhou, Shandong, with an annual production capacity of 4,580 tons, addressing operational challenges and capitalizing on market demand growth in sectors like aerospace and new energy [3][6][8]. Group 1: Capacity Expansion - The project will have an 18-month construction period, covering 60 acres, with over 20,000 square meters of new production facilities and the addition of 200 new equipment units [4]. - The company aims to resolve operational issues such as insufficient production equipment and limited space, which have hindered capacity expansion and increased management costs [5]. Group 2: Market Demand - The investment is likely driven by anticipated growth in demand for metal 3D printing in various sectors, including aerospace, low-altitude economy, new energy, and high-end industrial molds [6][8]. - The project is expected to enhance production efficiency and capabilities through facility upgrades and automation, which will lower labor costs and safety risks [8]. Group 3: Business Synergy - The expansion will support the industrialization and scaling of the additive manufacturing and special powder materials segment, which previously lacked sufficient support for large-scale development [9]. Group 4: Shareholding Structure Adjustment - The investment will lead to a significant adjustment in the shareholding structure, increasing the company's stake in Youyan Additive from 60% to 80%, while the previous shareholder, Kangpu Xiwai, will exit completely [10][11]. Group 5: Technical Strength - Youyan Additive has a solid technical foundation, being one of the earliest entities in China to research and industrialize atomization powdering technology, and has received national awards for its achievements [12][14]. Group 6: Financial Data - Financial projections indicate that Youyan Additive expects revenue of 105 million yuan and a net profit of 10.16 million yuan for 2024, with a net profit margin of approximately 9.7% [15][17]. Group 7: Regional Business Logic - The choice of Binzhou for the project is strategic, as Shandong is a manufacturing powerhouse with a well-established supply chain for metal materials, offering advantages in raw material supply and cost efficiency compared to Beijing [18].

Core Viewpoint - The A-share market has seen a significant rise in military stocks, with multiple companies reaching their daily limit up, indicating strong investor interest and potential growth in the defense sector [1][2]. Group 1: Stock Performance - Companies such as Youyan Powder Materials, Changchun Yidong, Xuguang Electronics, and Julisi have all hit the daily limit up, showcasing a robust performance in the military sector [1]. - Notable stock increases include: - Youyan Powder Materials: up 10.10%, market cap of 4.146 billion [2] - Changchun Yidong: up 10.02%, market cap of 3.544 billion [2] - Xuguang Electronics: up 9.99%, market cap of 11.5 billion [2] - Julisi: up 9.99%, market cap of 7.718 billion [2] - Other companies like Jialiqi and Jingpin Special Equipment also saw increases exceeding 9% [1]. Group 2: Market Context - There are reports of discussions between some countries and China regarding weapon procurement plans, including the J-10 fighter jet, which may further stimulate the military stock market [2]. - The Ministry of Defense has expressed a cautious and responsible attitude towards military exports, indicating a willingness to share China's defense technology with friendly nations [2].

Group 1 - The non-ferrous metal sector opened with significant gains, with Jingyi Co., Ltd. rising over 7% [1] - Other stocks such as Yuyuan Powder Materials, Electric Alloy, Northern Copper Industry, and Yunnan Copper also experienced increases [1] - The market reaction is influenced by Trump's announcement that copper tariffs will reach 50% [1]

证券代码：688456 证券简称：有研粉材 公告编号：2025-032 有研粉末新材料股份有限公司 关于投资新建增材制造金属粉体材料产业基地项目的进展 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。 重要内容提示： 投资标的名称：增材制造金属粉体材料产业基地建设项目。 投资规模及金额：本项目规划新建总产能为 4580 吨/年，投资总金额 2 亿元人民币，有研粉末新材料股份有限公司（以下简称有研粉材或公司）控股子 公司有研增材技术有限公司（以下简称有研增材）新设的全资子公司有研增材技 术（山东）有限公司（以下简称有研增材山东）将根据项目进展情况按需投入。 项目建设周期：18 个月，最终以实际开展情况为准。 此次投资金额未达到提交股东会审议标准，公司董事会已通过项目可行 性研究报告。 本次投资不构成关联交易，亦不构成重大资产重组。 相关风险提示： 1.公司通过外购设备快速扩张产能，虽能提升规模效应，但需直面市场竞争 和新增产能消化风险，且公司部分产品的下游客户以军工企业为主，认证周期长， 客户集中度高，公司需承担更大的回 ...