Market Overview - The small metals sector experienced a decline of 0.23% on September 19, with Northern Rare Earth leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - Notable gainers in the small metals sector included: - Dongfang Silver Industry (Code: 000962) with a closing price of 24.25, up 4.62% and a trading volume of 211,900 shares [1] - Baotai Co., Ltd. (Code: 600456) closed at 31.58, up 3.03% with a trading volume of 101,000 shares [1] - Shenghe Resources (Code: 600392) closed at 22.57, up 2.68% with a trading volume of 1,275,300 shares [1] - Conversely, Northern Rare Earth (Code: 600111) saw a decline of 2.18%, closing at 47.05 with a trading volume of 1,414,100 shares [2] - China Rare Earth (Code: 000831) also fell by 1.78%, closing at 51.28 with a trading volume of 428,700 shares [2] Capital Flow Analysis - The small metals sector experienced a net outflow of 893 million yuan from major funds, while retail investors saw a net inflow of 1.091 billion yuan [2][3] - Major funds showed a negative net flow in several stocks, including: - Shenghe Resources with a net outflow of 3.89 million yuan [3] - Yunnan Chuangye (Code: 002428) with a net inflow of 13.35 million yuan [3] - Retail investors contributed positively to stocks like Yunnan Chuangye, which had a net inflow of 397,840 yuan [3]

Group 1 - Baowu Magnesium Industry experienced a 5.1% decline on September 18, with a stock price of 15.62 yuan per share, a trading volume of 1.162 billion yuan, a turnover rate of 8.39%, and a total market capitalization of 15.492 billion yuan [1] - The company, established on November 30, 1993, and listed on November 13, 2007, is located in Lishui District, Nanjing, Jiangsu Province, and specializes in the production and deep processing of magnesium and aluminum alloy materials [1] - The revenue composition of Baowu Magnesium Industry includes: aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), aluminum alloy products (6.67%), and others [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Baowu Magnesium Industry, having increased its holdings by 1.1998 million shares in Q2, totaling 6.4054 million shares, which represents 0.74% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion yuan, and has achieved a year-to-date return of 28.17%, ranking 1822 out of 4222 in its category [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 317 days, with a total asset scale of 94.976 billion yuan [3]

Market Overview - On September 17, the small metals sector rose by 0.69%, with Yunnan Zhenye leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Small Metals Sector Performance - Key stocks in the small metals sector showed varied performance, with Yunnan Zhenye closing at 29.14, up 2.43%, and Shenghe Resources at 22.75, up 2.02% [1] - Other notable performers included Baowu Magnesium at 16.46, up 1.98%, and Zhongkuang Resources at 44.29, up 1.82% [1] Trading Volume and Value - Yunnan Zhenye had a trading volume of 480,300 shares, with a transaction value of 1.386 billion yuan [1] - Shenghe Resources recorded a trading volume of 763,500 shares, with a transaction value of 1.710 billion yuan [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 495 million yuan from institutional investors, while retail investors saw a net inflow of 395 million yuan [2][3] - Speculative funds had a net inflow of 101 million yuan into the sector [2] Individual Stock Capital Flow - Yunnan Zhenye had a net inflow of 12.9 million yuan from institutional investors, while it faced a net outflow of 16.33 million yuan from speculative funds [3] - Shenghe Resources saw a net inflow of 78.11 million yuan from institutional investors, but a net outflow of 4.63 million yuan from speculative funds [3]

Core Insights - Baowu Magnesium Industry experienced a 5.27% increase in stock price, reaching 16.99 CNY per share, with a trading volume of 612 million CNY and a turnover rate of 4.31%, resulting in a total market capitalization of 16.851 billion CNY [1] Company Overview - Baowu Magnesium Industry Technology Co., Ltd. is located in Lishui District, Nanjing, Jiangsu Province, established on November 30, 1993, and listed on November 13, 2007. The company specializes in the production and deep processing of magnesium and aluminum alloy materials [1] - The revenue composition of the company includes: aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), aluminum alloy products (6.67%), others (2.83%), template leasing (1.27%), mineral products (1.19%), others (1.04%), and metallic strontium (0.82%) [1] Shareholder Insights - Huaxia Fund has a presence among the top ten circulating shareholders of Baowu Magnesium Industry, with Huaxia CSI 1000 ETF (159845) newly entering the top ten in Q2, holding 3.7815 million shares, which is 0.44% of the circulating shares. The estimated floating profit today is approximately 3.2143 million CNY [2] - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, with a latest scale of 38.227 billion CNY. Year-to-date return is 26.87%, ranking 1825 out of 4222 in its category; the one-year return is 71.23%, ranking 1256 out of 3804; and since inception, the return is 27.65% [2] Fund Performance - Huaxia Fund's Huaxia Economic Driven Mixed A (017598) holds 755,600 shares of Baowu Magnesium Industry, accounting for 3.08% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit today is around 642,300 CNY [4] - The Huaxia Economic Driven Mixed A (017598) was established on February 21, 2023, with a latest scale of 259 million CNY. Year-to-date return is 32.43%, ranking 2446 out of 8172; the one-year return is 47.6%, ranking 3461 out of 7980; and since inception, the return is 5.43% [4]

Market Overview - The Shanghai Composite Index rose by 0.04% on September 16, with 21 out of the 28 sectors experiencing gains. The top-performing sectors were Comprehensive and Machinery Equipment, with increases of 3.62% and 2.06% respectively. Conversely, the Agriculture, Forestry, Animal Husbandry, and Fishery sector and the Banking sector saw declines of 1.29% and 1.15% respectively [2]. Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 37.426 billion yuan. Among the sectors, 11 saw net inflows, with the Machinery Equipment sector leading with a net inflow of 5.508 billion yuan, while the Computer sector also saw a rise of 2.06% with a net inflow of 4.945 billion yuan [2]. - The sectors with the largest net outflows included the Non-ferrous Metals sector, which had a net outflow of 10.335 billion yuan, followed by the Power Equipment sector with an outflow of 8.913 billion yuan. Other sectors with significant outflows included Banking, Non-bank Financials, and Pharmaceutical & Biological sectors [2]. Non-ferrous Metals Sector Performance - The Non-ferrous Metals sector declined by 0.99%, with a total net outflow of 10.335 billion yuan. Out of 137 stocks in this sector, 41 stocks rose while 92 stocks fell. Notably, 26 stocks experienced net inflows, with 12 stocks seeing inflows exceeding 10 million yuan. The top stock for net inflow was Baowu Magnesium Industry, with an inflow of 90.8021 million yuan [3]. - The stocks with the largest net outflows included Northern Rare Earth, Zijin Mining, and China Rare Earth, with outflows of 1.9335 billion yuan, 1.304 billion yuan, and 705.1 million yuan respectively [3][5]. Top Gainers in Non-ferrous Metals - The top gainers in the Non-ferrous Metals sector included: - Baowu Magnesium Industry: +3.99%, 9.28% turnover, 90.8021 million yuan inflow - Xiaocheng Technology: +5.61%, 31.89% turnover, 38.4626 million yuan inflow - Xingye Silver Tin: +2.30%, 3.97% turnover, 28.5589 million yuan inflow [4]. Top Losers in Non-ferrous Metals - The stocks with the largest losses in the Non-ferrous Metals sector included: - Northern Rare Earth: -4.02%, 6.63% turnover, -1.932887 billion yuan outflow - Zijin Mining: -0.71%, 1.52% turnover, -1.3037478 billion yuan outflow - China Rare Earth: -3.70%, 8.13% turnover, -705.4113 million yuan outflow [5][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is gaining momentum with significant policy support and market developments, including the issuance of the first overseas pilot license for a manned aircraft by Xiaopeng Huaitian and a procurement agreement for 350 eVTOLs with Autocraft [17][25] - The average stock performance in the low-altitude economy sector increased by 2.3% from September 8 to September 12, with notable gains from companies like Wolong Electric Drive (+19.9%) and Changyuan Donggu (+18.4%) [4][10] Summary by Sections Industry Dynamics - On September 6, Wenchang City released a draft for the low-altitude economy industry development plan, focusing on aerospace equipment and general aviation, aiming to create a composite industry system integrating low-altitude economy, aerospace, and cultural tourism [22] - Sichuan Province announced a smart agriculture plan on September 9, targeting the establishment of 20 agricultural low-altitude demonstration sites by 2025 and 100 by 2028, with a goal of having over 15,000 agricultural drones [23] Individual Company Developments - Xiaopeng Huaitian's "Land Aircraft" received the first overseas pilot license for a Chinese enterprise, marking a breakthrough in the Middle East market for eVTOLs [25] - Ping An Property & Casualty disclosed that it has insured over 150,000 drones, providing risk coverage exceeding 90 billion yuan, and has established a new risk research institute for the low-altitude economy [26] - Chengdu Iron Tower proposed the creation of a "three-network" system for the low-altitude economy, covering eight application scenarios, leveraging its extensive site resources [27]

Core Viewpoint - Baowu Magnesium Industry's stock price has experienced fluctuations, with a recent decline of 3.80%, while the company has shown significant growth in stock price year-to-date and over various trading periods [1][2]. Company Overview - Baowu Magnesium Industry Co., Ltd. is located in Nanjing, Jiangsu Province, established on November 30, 1993, and listed on November 13, 2007. The company specializes in the production and deep processing of magnesium and aluminum alloy materials [1]. - The main business revenue composition includes: aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), aluminum alloy products (6.67%), and others [1]. Financial Performance - For the first half of 2025, Baowu Magnesium Industry achieved operating revenue of 4.352 billion yuan, a year-on-year increase of 6.78%. However, the net profit attributable to shareholders decreased by 46.47% to 64.1242 million yuan [2]. - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 206 million yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 60,500, with an average of 14,307 circulating shares per person, a decrease of 5.95% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 12.2277 million shares, and Southern CSI 1000 ETF, which holds 6.4054 million shares, both showing increases in holdings [3].

Summary of Baowu Magnesium Industry Conference Call Industry and Company Overview - **Company**: Baowu Magnesium Industry - **Industry**: Magnesium alloy applications in robotics, particularly humanoid robots Key Points and Arguments 1. **Application of Magnesium Alloys**: Baowu Magnesium is actively promoting the use of magnesium alloys in humanoid robots, particularly in collaboration with UBTECH to replace aluminum alloys. The humanoid robot is priced at approximately 290,000 yuan on JD.com [2][3] 2. **Material Selection Criteria**: Customers prioritize cost and lightweight properties when selecting materials for robots. Magnesium alloys can replace aluminum with minor modifications to existing molds, reducing costs while offering superior lightweight performance [2][3] 3. **Usage in Humanoid Robots**: Each humanoid robot can use up to 5 kilograms of magnesium alloy, primarily in the chest, back cover, and joints of arms and legs. The processing costs for humanoid robots are higher than for automotive parts due to thinner wall thickness [2][7] 4. **Production Timeline**: From design freeze to mass production, the timeline is approximately 45 to 60 days, contingent on completing preliminary R&D and technical exchanges [12] 5. **Competitive Advantage of Magnesium**: Magnesium has a density of about 1.8 grams per cubic centimeter, making it a cost-effective choice due to its lightweight and good processing adaptability. The price of magnesium is expected to remain competitive compared to aluminum [5][6] 6. **Market Potential**: There is significant potential for expanding the use of magnesium alloys in humanoid robots, with successful applications in certain parts likely to be replicated in others [9] 7. **Collaboration with Other Companies**: Baowu Magnesium is the first company to replace aluminum with die-cast magnesium alloy components in humanoid robots. Other companies, like Ningbo Top and Tesla, are also exploring applications but are using forging instead of die-casting [11] 8. **Profitability and Market Conditions**: Recent magnesium price increases to around 17,000 yuan per ton are attributed to industry resistance to price competition and production halts by some companies. Baowu Magnesium's facilities, except for Qingyang, are profitable under current conditions [21] 9. **Financial Performance**: The company reported a net profit of over 60 million yuan in the first half of 2025, with magnesium and aluminum businesses contributing similarly to profits [25] 10. **Future Projections**: The expected shipment volume for Yuanmei and Baiyun Stone is around 1.1 million tons for 2025, but profitability remains low. The company anticipates a separate guidance for the new Qingyang plant to ensure production targets are met [22][21] Additional Important Insights - **Corrosion Resistance**: Surface treatment can effectively address corrosion issues, making magnesium suitable for export to regions with strict carbon emission standards [4] - **Challenges in Automotive Industry**: The automotive sector faces challenges in promoting magnesium alloys due to concerns over corrosion resistance, mechanical properties, and cost, but major manufacturers are increasingly recognizing the benefits of magnesium [18] - **Price Comparison**: Magnesium alloy prices are currently lower than aluminum, and while processing costs are similar, magnesium's lightweight nature offers additional benefits [19]

证券日报网讯宝武镁业（002182）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司的股东户数为60494户。 ...

Group 1 - Baowu Magnesium Industry's stock rose by 5.33% to 15.62 CNY per share, with a trading volume of 935 million CNY and a turnover rate of 7.27%, resulting in a total market capitalization of 15.492 billion CNY [1] - The company, established on November 30, 1993, and listed on November 13, 2007, is located in Lishui District, Nanjing, Jiangsu Province, and specializes in the production and deep processing of magnesium and aluminum alloy materials [1] - The revenue composition of Baowu Magnesium Industry includes: aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), aluminum alloy products (6.67%), and others [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Baowu Magnesium Industry, having increased its holdings by 1.1998 million shares in Q2, totaling 6.4054 million shares, which represents 0.74% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY, achieving a year-to-date return of 22.64% and a one-year return of 62.7% [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 310 days, with a total asset scale of 94.976 billion CNY [3]