这场材料战争才刚刚开始，而胜利者将赢得未来的发展权。一 场由政策与市场双轮驱动的材料革命正在加速——2024年"低 空经济"首次写入政府工作报告，2025年政府工作报告进一步 明确"培育壮大"这一新兴产业，政策红利的持续释放，叠加 eVTOL（电动垂直起降飞行器）、物流无人机等终端产品的 量产破局，正将航空级材料推向市场热潮。 作者： 王雅洁 封图：图虫创意 清晨6点，河北涿州一家龙头矿业制造基地的熔铸车间已是一片炽热。 3米高的熔炉喷吐着蓝色火焰，铝水在900摄氏度的高温中沸腾，工人们正将闪烁着银光的航空铝锭打包发 运。 在和车间张主任微信视频连线时，经济观察报记者看到他的平板电脑上，一条加粗的红色订单格外醒目 ——"EH216-S型飞行器主梁框架，7系铝合金，15日内交付。" 张主任说："这是今年我们接到的第37个低空飞行器订单。去年这个时候，我们还在为传统工业铝材的订 单发愁。" 而此刻，一场由政策与市场双轮驱动的材料革命正在加速——2024年"低空经济"首次写入政府工作报告， 2025年政府工作报告进一步明确"培育壮大"这一新兴产业，政策红利的持续释放，叠加eVTOL（电动垂 直起降飞行器）、物流无人 ...

陶春燕聊城报道 近年来,聊城市有色金属及深加工产业链紧扣绿色低碳高质量发展,大力推进延链强链补链,现代产业体系 结构持续优化、链条日益完善、集聚效应显著增强。10月11日,聊城市政府新闻办召开"产业链上的山东 好品牌"企业家现场记者见面会,市工业行业服务中心党委委员、副主任李刚介绍了全市有色金属及深加 工产业链的发展情况。 有色金属及深加工产业是聊城市传统优势主导产业,市工业和信息化局将紧紧围绕企业发展需求,聚焦高 端化、智能化、绿色化发展方向,全力推动全市有色金属及深加工产业迈向更高层级。 链群协同构筑产业新高地。发挥有色金属原材料产业优势,围绕"新三样"开展延链补链强链。做优做强 聊城市绿色低碳有色金属材料集群,突破高强高导铜合金材料等关键技术,发展泡沫铝等铝基轻质功能材 料产品。 绿色低碳开辟产业新路径。积极稳妥推动有色金属行业碳达峰,加快布局再生铝、再生铜,提高再生有色 金属产量比例。推广先进适用绿色低碳新技术,推进清洁能源替代,提高风能、太阳能发电应用比重,提升 有色金属生产过程余热回收水平,推动单位产品碳排放持续下降。 数智赋能提升产业新优势。持续推动工业互联网、大数据等新一代信息技术与有色金属融 ...

Market Overview - The small metal sector experienced a decline of 1.67% on October 15, with Northern Rare Earth leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Shenghe Resources (600392) saw a closing price of 26.26, with an increase of 5.04% and a trading volume of 3.19 million shares, amounting to a transaction value of 8.597 billion [1] - Anning Co. (002978) closed at 33.85, up 2.05%, with a trading volume of 68,400 shares and a transaction value of 231 million [1] - Northern Rare Earth (600111) closed at 54.50, down 4.05%, with a trading volume of 3.03 million shares and a transaction value of 1.6617 billion [2] Capital Flow Analysis - The small metal sector experienced a net outflow of 2.092 billion from main funds, while retail investors saw a net inflow of 2.265 billion [2] - The main funds showed a significant outflow in several stocks, including Baotai Co. (600456) with a net outflow of 27.17 million [3] - Retail investors contributed positively to stocks like Shenghe Resources (600392) with a net inflow of 65.96 million [3]

Core Viewpoint - Baowu Magnesium Industry clarified the relationship between magnesium-based light alloys and magnesium alloys, stating that magnesium alloys are a subset of magnesium-based light alloys [2] Group 1 - Magnesium-based light alloys encompass all lightweight alloy materials with magnesium as the base [2] - Magnesium alloys are the most common type of magnesium-based light alloys [2]

Group 1 - The company has confirmed its collaboration with Chongqing 601127 Sairus, providing magnesium alloy products for Sairus's vehicles [1] - The current usage of magnesium per vehicle has exceeded 20 kg, with potential to reach 50-100 kg as larger magnesium die-cast components are integrated into vehicles [1]

Core Insights - Hydrogen storage alloys are critical materials in the hydrogen energy industry due to their high safety, volumetric hydrogen density, and long-cycle stability [1][2] - China has established a complete hydrogen storage alloy industry chain driven by rare earth resources and strong policies, featuring upstream resource monopolization, midstream technological iteration, and downstream diverse applications [1][8] - The global hydrogen storage alloy market is dominated by rare earth-based alloys, with rapid iterations of magnesium-based, titanium-based, and solid-state materials [1][9] Industry Overview - Hydrogen storage alloys (HSA) are special functional materials capable of reversible absorption and release of hydrogen under normal conditions, forming metal hydrides for safe and efficient hydrogen storage [2][3] - The main hydrogen storage methods include high-pressure gas storage, low-temperature liquid storage, and solid-state storage using hydrogen alloys, each with its advantages and disadvantages [5][6] Technological Development - Current mainstream hydrogen storage methods are compared, highlighting solid-state hydrogen storage alloys as the leading technology due to their safety and volumetric density [5][6] - The preparation methods for hydrogen storage alloys significantly influence their microstructure and hydrogen absorption performance, with various techniques available [7] China's Industry Background - Hydrogen is a key carrier for building a new energy system and achieving carbon neutrality, with hydrogen storage alloys being essential materials supported by national strategies and policies [8] - The Chinese government has implemented comprehensive policies to promote the hydrogen energy industry, including standards for solid-state hydrogen storage alloys [8] Industry Chain Structure - The Chinese hydrogen storage alloy industry chain features upstream resource monopolization, midstream technological advancements, and diverse downstream applications, with companies like Xiamen Tungsten and China Rare Earth Group leading the midstream [8][9] - The industry is characterized by close cooperation among upstream, midstream, and downstream enterprises, forming a collaborative innovation model [8] Global and Domestic Market Analysis - The global hydrogen storage alloy industry is at a critical juncture of technological breakthroughs and large-scale applications, with a projected market size of $440 million by 2030 [9] - China's hydrogen storage alloy sector has seen significant advancements in technology and enterprise layout, focusing on high capacity, low working temperature, and long cycle life [9][10] Future Trends - The future of China's hydrogen storage alloy industry will focus on technological innovation, industry integration, and international competition [11][12][14] - Technological innovation will lead to performance upgrades, with a focus on developing new multi-component alloy systems and optimizing kinetic performance [11] - Industry integration will involve increased mergers and acquisitions, creating industry leaders and enhancing overall competitiveness [12] - In international competition, Chinese enterprises will leverage their scale and resource advantages while addressing high-end technology gaps through increased R&D investment [14]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.2 yuan based on a 35 times price-to-earnings ratio for 2026 [3][6]. Core Views - The company is expected to see a significant increase in net profit from 317 million yuan in 2025 to 767 million yuan in 2027, reflecting a growth rate of 98.6% and 63.7% respectively [3]. - The report highlights the rapid release of production capacity and the overall advancement of the magnesium industry chain, indicating a positive outlook for the company's future performance [2]. Financial Performance Summary - The company's revenue is projected to grow from 7,652 million yuan in 2023 to 13,621 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [5]. - Operating profit is expected to increase from 368 million yuan in 2023 to 875 million yuan in 2027, with a notable growth of 49.2% in 2027 [5]. - The net profit attributable to the parent company is forecasted to rise from 306 million yuan in 2023 to 781 million yuan in 2027, with a significant recovery expected in 2025 [5]. Market and Industry Insights - The report notes that the price of magnesium is becoming more competitive, which is likely to accelerate market penetration [9]. - The company is positioned to benefit from the rising demand for magnesium alloys in electric bicycles, driven by new regulations that impose stricter weight limits [9]. - Breakthroughs in die-casting technology are expected to enhance the company's magnesium alloy deep processing business, leading to increased demand for magnesium components in the automotive sector [9].

Group 1 - Baowu Magnesium Industry (SZ 002182) announced that on September 26, 2025, it accepted an investor survey conducted by Galaxy Fund, with participation from Chairman Kong Xianghong and other executives [1] - For the first half of 2025, Baowu Magnesium's revenue composition was 97.17% from non-ferrous metal smelting and rolling processing, while other businesses accounted for 2.83% [1] Group 2 - The competition between Nongfu Spring and Yibao has intensified, with Nongfu Spring's green bottle launch leading to a significant market share decline for Yibao, dropping nearly 5 percentage points [1]

Resource Overview - The company has significant white marble resources: 0.9 billion tons at Chaohu Baomei and 5.8 billion tons at Wutai Baomei, with an additional 1.3 billion tons held by Anhui Baomei, which is not yet operational [3][4]. Magnesium Production Advantages - The company utilizes vertical furnace magnesium smelting technology, recognized in the national "14th Five-Year Plan" for its low energy consumption, high production efficiency, small footprint, low labor costs, and high automation [3][4]. Market Applications - Following the new national standards in 2024, the electric bicycle industry is rapidly adopting magnesium alloys to replace plastic components, with significant growth expected during the "15th Five-Year Plan" period [3][4]. - Major electric vehicle manufacturers are already using magnesium alloy components, leading to weight reduction, improved range, and enhanced shock absorption [3][4]. Future Plans - Over the next 3 to 5 years, the company aims to expand its scale and accelerate production across multiple bases, focusing on magnesium materials, particularly in the automotive sector [3][4]. - The company plans to increase the penetration of magnesium metal materials in various automotive components, including steering wheels and instrument panel supports [3][4]. Market Conditions - Magnesium prices have remained below aluminum prices, presenting unprecedented growth opportunities for magnesium alloy die-casting components [4]. Investor Relations Compliance - The company ensures compliance with information disclosure regulations, maintaining transparency and accuracy in communications with investors [4].

9月24日晚间，宝武镁业（002182）披露关于高级管理人员减持股份预披露公告。 因个人资金需求，公司董事会秘书吴剑飞计划以集中竞价交易方式或大宗交易方式减持其持有的公司股 份不超过700,000股（占公司总股本的0.07%，不超过其持有公司股份总数的25%），减持期间为公告披 露之日起15个交易日后的三个月内。 目前，吴剑飞女士持有公司股份3,353,571股（占公司总股本的0.34%）。 截至9月24日收盘，宝武镁业股价为15.64元/股，以此简单计算，吴剑飞如果按照披露的上限减持，预 计将套现超过千万。 宝武镁业成立于1993年11月30日，2007年11月13日，宝武镁业在深交所挂牌上市。 公司此前的名称是"云海金属"，后来宝钢入主之后，公司名称改为"宝武镁业"。 公司上市之初，吴剑飞持有宝武镁业134.4420万股，算是公司的原始股东。 根据公司招股书，最迟在2005年时，吴剑飞就在宝武镁业前身云海有限的职工持股会持有公司股份。职 工持股会解散后，其作为会员直接持有云海有限1.5%的股份。 | 序号 | 持股会会员 | 出资额(万元) | 持股比例(%) | | --- | --- | --- | ...