格隆汇1月28日丨宝武镁业(002182.SZ)近日接受特定对象调研时表示，锶是一种银白色带黄色光泽的碱 土金属，在自然界以化合态存在。锶可以加入到铝、镁等金属中制成合金，能提高合金的强度、硬度和 耐腐蚀性；另外，在一些金属材料的加工过程中，加入少量的锶可以起到细化晶粒的作用。目前公司拥 有3000 吨/年金属锶产能。 ...

格隆汇1月28日丨 宝武镁业(002182.SZ)近日接受特定对象调研时表示，公司镁产品主要出口到欧洲、北 美、东南亚等地区。 ...

南财智讯1月28日电，宝武镁业在投资者关系活动中表示，公司目前拥有3000吨/年金属锶产能。 ...

Group 1: Company Overview - Baowu Magnesium Industry Technology Co., Ltd. was established in 1993 and listed in 2007, evolving into a high-tech enterprise involved in mining, non-ferrous metal smelting, and recycling [1] - The company specializes in the production and deep processing of magnesium and aluminum alloy materials, with key products including magnesium alloys, aluminum extrusions, and metal strontium [1][2] Group 2: Production and Market Data - In 2025, China's total primary magnesium production is estimated at approximately 1.0421 million tons, reflecting a year-on-year growth of 1.59% [3] - Production by region includes: Shaanxi (685,200 tons, +7.57%), Shanxi (187,600 tons, -1.37%), Inner Mongolia (37,800 tons, -1.56%), and Xinjiang (58,900 tons, +11.55%) [3] Group 3: Resource and Supply Chain - The company’s subsidiary, Chaohu Baomag, has a dolomite resource reserve of 90 million tons, while another subsidiary, Wutai Baomag, holds 580 million tons [6] - Anhui Baomag, a joint venture, possesses 1.3 billion tons of dolomite resources, ensuring stable raw material supply for magnesium and magnesium alloy production [6] Group 4: Product Applications and Innovations - The company is focused on reducing magnesium production costs and enhancing competitive advantages through the establishment of technical and marketing teams across various sectors [4] - Key application areas include automotive, 3C electronics, construction templates, hydrogen storage, low-altitude economy, and robotics [4] Group 5: Export Markets - The company primarily exports magnesium products to Europe, North America, and Southeast Asia [5] Group 6: Metal Strontium Production - The company has an annual production capacity of 3,000 tons for metal strontium, which enhances the strength, hardness, and corrosion resistance of alloys [7]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 3.70% this week, with a relative increase of 4.32%, and the average daily trading volume was 365.3 billion yuan, indicating a decrease in trading volume compared to the previous week [3][11]. - The top five performing stocks this week were Beimo Gaoke, Xinwei Communication, Hangfa Power, Chaojie Co., and Baowu Magnesium, while the bottom five were Haige Communication, Shenglu Communication, Xiaopeng Motors-W, Lais Information, and Guangqi Technology [4][16]. Industry Dynamics - Blue Sky Aviation launched the world's first 800V aviation range extender, which significantly enhances the eVTOL range to over 1000 kilometers [19]. - An eVTOL test flight and operation seminar was held in Chengdu, focusing on various aspects of the eVTOL industry, including compliance verification and pilot training [19]. - A successful fire rescue test using drones was conducted in Shenzhen, demonstrating the capability to deliver water from heights exceeding 300 meters [19]. - The RX1E-A received production certification, marking the beginning of mass production for this electric light sport aircraft [20]. Policy Dynamics - The Dongguan Transportation Bureau is seeking public opinion on a draft for the development of low-altitude economic transportation infrastructure, proposing a comprehensive infrastructure system [21]. - The Shanghai Municipal Government released interim measures for the safety management of civil unmanned aerial vehicles, which will take effect on February 1 [21][22]. Company Dynamics - Eve Air Mobility completed a $150 million five-year debt financing, increasing its total funding to $1.2 billion, aimed at eVTOL technology development and FAA certification, targeting commercialization by 2028 [23].

Core Viewpoint - The article discusses the potential for "ten-bagger" stocks in the A-share market, particularly within the non-ferrous metals industry, highlighting companies that may see significant price increases by 2026 [2][4]. Group 1: Characteristics of Ten-Bagger Stocks - Ten-bagger stocks are characterized by being small in market capitalization, low in price, fast-growing, and possessing strong capabilities [4]. - The focus is on lesser-known metals rather than traditional ones like copper, aluminum, zinc, lead, and tin [4]. Group 2: Key Areas of Investment - Rare earth permanent magnet materials, essential for electric vehicles and drones, are highlighted as strategic high-tech materials, with China controlling 90% of global processing capacity [6]. - Semiconductor target materials, including high-purity aluminum, titanium, and copper, are crucial for chip production, with a purity requirement of over 99.999% [8]. - Lithium battery recycling and new energy storage materials are emerging opportunities, especially with the anticipated influx of used electric vehicle batteries [8]. Group 3: Specific Companies with Potential - Guiyan Platinum Industry is noted for its hydrogen energy catalyst, with a projected profit growth of 50% by 2025 and a market cap of over 6 billion [10]. - Dongfang Tantalum Industry is recognized for its tantalum production, essential for 6G communication filters, with a projected profit doubling by 2025 and a PE ratio of 20 [12]. - Yunhai Metal specializes in magnesium-lithium alloys, crucial for lightweight electric aircraft, with a market cap under 5 billion and a projected profit increase of 65% by 2025 [12]. - Jiangfeng Electronics is a leading domestic supplier of high-purity metal targets, with a projected profit growth of over 80% by 2025 and a PE ratio of 22 [14]. Group 4: Market Dynamics and Trends - There is a strong demand for domestic materials from major tech manufacturers like Ningde Times and Huawei, indicating a shift towards local sourcing [17]. - Institutional investors are increasingly buying shares in Guiyan Platinum Industry, Dongfang Tantalum Industry, and Yunhai Metal, with net purchases exceeding 200 million [17]. - The article warns of potential price volatility in rare earths and other minor metals, suggesting caution in trading strategies [19]. Group 5: Investment Strategy - The article emphasizes the importance of identifying companies with a market cap below 8 billion, a PE ratio under 25, and profit growth exceeding 40% [21]. - The focus for 2026 is on sectors like chips, batteries, drones, and AI servers, rather than traditional metals [21].

Core Viewpoint - Baowu Magnesium Industry reported a decline in the export of various magnesium products in 2025, according to customs statistics, indicating potential challenges in the industry [1] Group 1: Export Data - In 2025, China exported a total of 447,600 tons of various magnesium products, representing a year-on-year decrease of 2.65% [1] - The export of magnesium ingots reached 251,300 tons, showing a year-on-year decline of 5.53% [1] - The export of magnesium alloys amounted to 99,600 tons, which is a year-on-year increase of 4.51% [1] - The export of magnesium powder was 73,600 tons, reflecting a year-on-year decrease of 10.79% [1]

Production and Export Data - In 2025, China's total magnesium production reached approximately 1.0421 million tons, a year-on-year increase of 1.59% [1] - Production by region: - Shaanxi: 685,200 tons (+7.57%) - Shanxi: 187,600 tons (-1.37%) - Inner Mongolia: 37,800 tons (-1.56%) - Xinjiang: 58,900 tons (+11.55%) - Other regions: 72,700 tons [1] - Total magnesium product exports in 2025 were 447,600 tons, a decrease of 2.65% year-on-year [2] - Magnesium ingots: 251,300 tons (-5.53%) - Magnesium alloys: 99,600 tons (+4.51%) - Magnesium powder: 73,600 tons (-10.79%) [2] Market Trends and Demand - The global aluminum price has been steadily rising, while magnesium alloy prices remain low, enhancing their cost-effectiveness [3] - Since October, magnesium alloy sales have increased by approximately 10%, reaching a historical high, driven by the demand from the electric vehicle sector [3] - The usage of magnesium in electric two-wheelers is expected to continue rising during the 14th Five-Year Plan period [3] Technological Advantages - The company has developed mature process control solutions for semi-solid magnesium alloy processing, particularly for thin-walled components [4] - Unique temperature control module designs and differentiated temperature management in key areas effectively address casting defects [4] Comprehensive Design Solutions - The company provides a full suite of design solutions for lightweight automotive components, adapting materials based on performance requirements: magnesium alloys for internal structures, aluminum for high-strength needs, and steel for load-bearing parts [4] - This approach promotes collaboration across the group to meet the lightweight demands of the automotive industry [4] Compliance and Communication - The company ensured accurate and timely information disclosure during investor communications, adhering to regulatory requirements [5]

Core Viewpoint - Baowu Magnesium Industry experienced a 5.25% increase in stock price, reaching 19.65 CNY per share, with a trading volume of 448 million CNY and a turnover rate of 2.73%, resulting in a total market capitalization of 19.489 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 main business 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 Information - According to data, a fund under Jiao Yin Schroder Fund ranks among the top ten circulating shareholders of Baowu Magnesium Industry. The Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A Fund (519756) entered the top ten in the third quarter, holding 4.3606 million shares, which accounts for 0.5% of circulating shares. The estimated floating profit today is approximately 4.2734 million CNY [2] - The Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A Fund was established on June 10, 2015, with a latest scale of 1.833 billion CNY. Year-to-date returns are 9.39%, ranking 1102 out of 8844 in its category; the one-year return is 28.62%, ranking 4221 out of 8091; and since inception, the return is 150.64% [2] Fund Manager Information - The fund manager of Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A Fund is Shen Nan. As of the report date, Shen Nan has a cumulative tenure of 10 years and 265 days, with the fund's total asset scale at 1.86 billion CNY. The best fund return during the tenure is 219.07%, while the worst return is 5.67% [3] Fund Holdings - The Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A Fund has a significant holding in Baowu Magnesium Industry, with 4.3606 million shares, representing 3.7% of the fund's net value, making it the seventh-largest holding. The estimated floating profit today is approximately 4.2734 million CNY [4]

Group 1 - Company X is a core supplier in Apple's supply chain, focusing on RF components and electromagnetic shielding products, deeply integrated with Apple's antenna and wireless charging module needs [1] - The company is actively expanding into automotive electronics, developing in-vehicle wireless charging and communication modules to smooth out fluctuations in the consumer electronics cycle [1] - As Apple increases its demand for intelligent and integrated terminal devices, the company's technological accumulation in the RF field is expected to translate into order advantages [1] Group 2 - Company Y indirectly enters Apple's supply chain through subsidiaries, primarily providing display modules and power management components for smart TVs [2] - The company is accelerating its "home appliance + IoT" strategy, creating multi-scenario smart terminal collaborative solutions around the Apple ecosystem [2] - The trend of integration between consumer electronics and home appliances provides new business extension opportunities for the company [2] Group 3 - Company Z focuses on the development and manufacturing of automated testing equipment, covering performance testing for core components like Apple chips and camera modules [3] - The company's equipment has achieved industry-leading precision and stability, enabling rapid response to Apple's new product testing needs [3] - The company is actively expanding into the semiconductor testing equipment field to break through the limitations of the single consumer electronics market [3] Group 4 - Company A specializes in precision screen printing equipment, providing production equipment for circuit board printing and component packaging for Apple [4] - The company's equipment meets Apple's stringent manufacturing requirements in terms of precision, efficiency, and stability [4] - As the Apple supply chain upgrades to high-end manufacturing, the company is expected to benefit from equipment renewal demands [4] Group 5 - Company B provides high-performance copper foil materials for Apple's circuit boards and battery current collectors, leveraging a complete copper processing industry chain [5] - The company is increasing R&D investment in ultra-thin copper foil to meet Apple's material upgrade needs amid the trend of lightweight consumer electronics [5] - The growing demand for copper foil in the electric vehicle sector also brings new revenue growth for the company [5] Group 6 - Company C is a long-standing supplier in Apple's supply chain, focusing on diodes and other semiconductor discrete devices widely used in Apple's power management and signal transmission modules [6] - The company is expanding its automotive-grade device business to enhance its risk resistance amid industry cycle fluctuations [6] - Investment in the R&D of third-generation semiconductor devices is expected to open up long-term growth opportunities for the company [6] Group 7 - Company D specializes in functional structural components for consumer electronics, providing battery protection boards and heat dissipation modules for Apple [7] - The company's products meet Apple's design requirements for lightweight and integrated solutions through precision stamping and injection molding technology [7] - The company is positioning itself in the wearable devices and smart home sectors to seize growth opportunities in niche markets [7] Group 8 - Company E provides high-performance aluminum alloy materials for Apple's terminal devices, achieving industry-leading strength and lightweight standards [9] - The company continuously optimizes product competitiveness through technological iterations to meet Apple's increasing material performance requirements [9] - The demand for aluminum alloy materials in the electric vehicle sector also presents new growth opportunities for the company [9] Group 9 - Company F focuses on magnesium alloy materials, providing lightweight structural solutions for Apple [10] - The company leverages its R&D and large-scale production capabilities in magnesium alloys to gain more market share in Apple's supply chain [10] - The company is also accelerating its layout in the electric vehicle sector for magnesium alloy applications, creating a second growth curve [10] Group 10 - Company G, as a core authorized distributor for Apple, utilizes a nationwide offline channel network for the distribution and retail of Apple products [11] - The company is promoting a new retail model that integrates online and offline channels to enhance user experience and operational efficiency [11] - Its deep cooperative relationship with Apple serves as a core barrier in the competitive landscape [11] Group 11 - Company H provides chip packaging and testing services for Apple, covering core components like RF chips and storage chips [12] - The company maintains a significant position in Apple's supply chain due to its advanced packaging technology and large-scale manufacturing capabilities [12] - The company is accelerating its layout in automotive-grade chip packaging to adapt to industry structural changes [12] Group 12 - Company I participates in Apple's supply chain through air logistics services, ensuring efficient and safe delivery of core components globally [13] - The company has a robust air freight network and customized logistics solutions to support Apple's supply chain resilience [13] - The company is also expanding its cross-border e-commerce logistics business to enhance business diversification [13] Group 13 - Company J provides brand marketing services for Apple, focusing on offline event planning and content dissemination [14] - The company leverages its marketing experience and creativity to effectively communicate Apple's brand value [14] - The trend of content and scenario-based marketing in consumer electronics allows the company to create immersive marketing experiences for Apple [14] Group 14 - Company K offers communication network optimization services for Apple, ensuring stable network operations for Apple stores and data centers [15] - The company can quickly respond to Apple's network needs, supporting user experience upgrades [15] - The company is enhancing its service capabilities through technological upgrades in the context of 5G and IoT technology proliferation [15] Group 15 - Company L provides acoustic components for Apple, primarily used in audio output modules for devices like iPhones and headphones [16] - The company continuously optimizes its acoustic solutions through R&D investments to enhance product value [16] - The company is expanding into smart speakers and automotive acoustic businesses to unlock new growth opportunities [16] Group 16 - Company M specializes in precision metal structural components for Apple, providing essential parts like frames and brackets [18] - The company achieves industry-leading precision and consistency through advanced processing technology and large-scale manufacturing capabilities [18] - The company is also expanding into the electric vehicle structural component business to mitigate fluctuations in the consumer electronics cycle [18] Group 17 - Company N provides market research and data analysis services to support Apple's decision-making, focusing on user behavior research and product experience optimization [19] - The company utilizes a professional research team and big data technology to provide precise market insights for Apple [19] - In the context of intensified competition in the consumer electronics market, the company helps Apple enhance user stickiness and market share through in-depth data analysis [19] Group 18 - Company O supplies acoustic terminal products like headphones to Apple, meeting the ecological standards for sound quality and wearing experience [20] - The company continuously optimizes product performance through technological upgrades to expand application scenarios within Apple's ecosystem [20] - The company is also developing acoustic solutions for smart wearable devices to create long-term growth momentum [20] Group 19 - Company P provides deep processing glass technology for Apple, supplying display and structural glass for terminal devices [21] - The company's products achieve industry-leading strength and optical performance, aligning with Apple's requirements for product appearance and durability [21] - The trend of upgrading consumer electronics glass to larger sizes and higher transparency drives the company to continuously enhance its competitiveness [21] Group 20 - Company Q offers vacuum coating equipment for Apple, primarily used for surface treatment of screens and structural components [22] - The company's equipment meets Apple's manufacturing needs in terms of coating precision and stability [22] - The company helps Apple achieve differentiated competition through equipment technology iterations amid trends of upgrading appearance and performance in consumer electronics [22] Group 21 - Company R provides communication chips and modules for Apple, mainly used in smart home devices for connectivity [23] - The company's products meet Apple's ecological standards in terms of stability and compatibility [23] - The company is also expanding into automotive-grade communication chip business to unlock new growth opportunities [23] Group 22 - Company S specializes in machine vision inspection equipment for Apple, providing solutions for appearance and performance testing of terminal devices [24] - The company's equipment achieves industry-leading precision and efficiency through advanced visual algorithms and optical technology [24] - The company continuously enhances its inspection capabilities through equipment iterations, deeply participating in Apple's quality control system [24] Group 23 - Company T supplies environmentally friendly synthetic leather materials for Apple, used in accessories and smart device exterior components [25] - The company's products meet Apple's design requirements in terms of environmental friendliness and texture [25] - The trend of green and low-carbon transformation in consumer electronics drives the company to continuously optimize product performance through material innovation [25] Group 24 - Company U provides offline home furnishing showrooms for Apple, showcasing and selling smart home products [26] - The company helps Apple reach a broader family user base through its nationwide channel network [26] - The acceleration of the smart home ecosystem's implementation allows the company to enhance market penetration for Apple's smart home products [26] Group 25 - Company V offers supply chain logistics services for Apple, primarily handling warehousing and distribution of components [27] - The company ensures efficient operation of Apple's supply chain through intelligent logistics systems and customized solutions [27] - The company enhances logistics resilience to help Apple cope with uncertainties amid global supply chain restructuring [27] Group 26 - Company W provides display testing equipment for Apple, focusing on performance and defect detection of terminal screens [28] - The company's equipment meets Apple's high standards in precision and stability through advanced testing technology and algorithm capabilities [28] - The company continuously enhances its testing capabilities through equipment iterations, deeply participating in Apple's product quality control [28] Group 27 - Company X provides semiconductor packaging and module manufacturing services for Apple, covering core components like RF chips and power management chips [29] - The company maintains a significant position in Apple's supply chain due to its advanced manufacturing technology and large-scale capacity [29] - The company is accelerating its layout in automotive-grade chip business to adapt to industry structural changes [29] Group 28 - Company Y provides automated assembly equipment for Apple, primarily used in the precision assembly of terminal devices [30] - The company's equipment meets Apple's manufacturing needs in terms of efficiency and stability through advanced automation technology [30] - The company continuously enhances its assembly capabilities through equipment iterations, deeply participating in Apple's production system [30] Group 29 - Company Z provides functional testing fixtures and automation equipment for Apple, focusing on performance testing and validation of terminal devices [31] - The company's products meet Apple's high standards in precision and reliability through a professional R&D team and manufacturing capabilities [31] - The company supports Apple's efficient product launches by quickly responding to customer needs amid the accelerated pace of consumer electronics iteration [31] Group 30 - Company A provides precision functional structural components for Apple, primarily used in internal components of devices like iPhones and iPads [32] - The company's products meet Apple's design requirements in terms of stability and integration through mature manufacturing processes and quality control [32] - The company is also expanding into the electric vehicle structural component business to unlock new growth opportunities [32] Group 31 - Company B supplies rare earth permanent magnet materials for Apple, used in components like vibration motors and sensors [33] - The company's materials meet Apple's technical requirements in terms of magnetic performance and stability through advanced rare earth processing technology [33] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance through material innovation [33] Group 32 - Company C provides quartz crystal components for Apple, primarily used in clock and frequency control modules of terminal devices [34] - The company's products meet Apple's high standards in precision and stability through mature crystal manufacturing technology [34] - The trend of high-frequency and high-speed upgrades in consumer electronics drives the company to continuously optimize product performance [34] Group 33 - Company D provides display touch modules for Apple, primarily used in screen components of iPhones and iPads [35] - The company's products meet Apple's ecological standards in terms of touch sensitivity and display quality through advanced display technology and manufacturing capabilities [35] - The trend of flexible and high-refresh-rate upgrades in display technology drives the company to continuously enhance module performance [35] Group 34 - Company E, as a core strategic supplier for Apple, specializes in precision connectors and modules widely used in devices like iPhones and headphones [37] - The company occupies a core position in Apple's supply chain due to its full industry chain layout and large-scale manufacturing capabilities [37] - The company is accelerating its layout in automotive electronics to create a long-term growth engine [37] Group 35 - Company F provides rare earth permanent magnet materials for Apple, used in components like motors and sensors [38] - The company's materials meet Apple's high standards in terms of performance and consistency through advanced rare earth permanent magnet technology [38] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [38] Group 36 - Company G provides display solutions for Apple, primarily used in brand display and interactive experience scenarios in Apple stores [39] - The company leverages advanced display technology and creativity to create immersive brand communication scenarios for Apple [39] - The trend of scenario-based marketing in consumer electronics allows the company to continuously enhance its service capabilities and strengthen its partnership with Apple [39] Group 37 - Company H provides functional film materials and automation equipment for Apple, primarily used in screen protection and assembly processes [40] - The company's products meet Apple's design requirements in terms of protection performance and fitting precision through advanced film material R&D and manufacturing capabilities [40] - The trend of lightweight upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [40]