Core Viewpoint - Yongxing Materials has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit in the first half of 2025, indicating potential challenges ahead for the company [2][3]. Financial Performance - As of June 30, 2025, Yongxing Materials reported a revenue of 3.693 billion yuan, a year-on-year decrease of 17.78% [2]. - The net profit attributable to shareholders was 401 million yuan, reflecting a significant year-on-year decline of 47.84% [2]. - Cumulative cash dividends since the company's A-share listing amount to 5.662 billion yuan, with 4.362 billion yuan distributed over the past three years [3]. Stock Performance - On October 16, 2023, Yongxing Materials' stock price increased by 2.03%, reaching 38.65 yuan per share, with a trading volume of 63.6081 million yuan [1]. - The stock has seen a year-to-date increase of 3.81%, a decline of 4.00% over the last five trading days, an increase of 8.17% over the last 20 days, and a rise of 17.37% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yongxing Materials was 53,700, a decrease of 3.06% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.17% to 7,232 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings compared to the previous period [3]. Business Overview - Yongxing Materials specializes in the research, production, and sales of special metal materials, including stainless steel and special alloy materials [1]. - The company's revenue composition includes 47.71% from bars, 24.66% from wires, 20.10% from lithium carbonate, and 7.53% from other sources [1]. - The company is categorized under the non-ferrous metals sector, specifically in energy metals and lithium [1].

Group 1 - The company is progressing as planned with its lithium battery new energy business, specifically the green, intelligent, and efficient lithium extraction technology upgrade project for a 10,000-ton production line, which is expected to be operational on schedule [2]

Group 1 - The core point of the article is that Yuheng Yongxing Battery (Jiangxi) Co., Ltd. has been dissolved due to not conducting any actual business, with all shareholders agreeing to the cancellation [2] Group 2 - Yongxing Materials (002756.SZ) confirmed the dissolution on an investor interaction platform [2] - The decision to dissolve the company was made unanimously by all shareholders [2]

Core Points - Yongxing Materials announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 3.00 RMB per 10 shares to all shareholders [2] - The total number of shares eligible for the dividend is 529,868,792 after excluding 9,232,748 shares repurchased by the company [2] - The record date for the dividend is set for October 21, 2025, with the ex-dividend date on October 22, 2025 [2]

证券代码：002756 证券简称：永兴材料 公告编号：2025-042 号 永兴特种材料科技股份有限公司 2025年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 增股份上市、股权激励授予行权、可转债转股、股份回购等原因而发生变化的，将按 照分配比例不变的原则调整分配总额。具体内容详见公司于 2025 年 8 月 22 日刊登在 《证券时报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）的相关公 告。 2、本次分派方案自披露之日起至实施期间公司股本总额未发生变化。 3、本次实施的分派方案与股东大会审议通过的分派方案及其调整原则一致，按照 分配比例不变的原则实施。 4、本次实施分派方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 1、公司 2025 年半年度利润分配方案为：以公司 2025 年 6 月 30 日总股本 539,101,540 股扣除股票回购专用证券账户中回购股份 9,232,748 股后的余额 529,868,792 股为基数，拟向全体股东每 10 股派发 ...

Market Overview - The energy metals sector experienced a decline of 5.61% on October 14, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Tengyuan Diamond (301219) closed at 68.68, down 11.24% with a trading volume of 226,400 shares and a transaction value of 1.636 billion [1] - BQ Materials (605376) closed at 56.70, down 7.88% with a trading volume of 147,300 shares and a transaction value of 863 million [1] - Cold Sharp Diamond (300618) closed at 50.77, down 7.67% with a trading volume of 265,300 shares and a transaction value of 1.398 billion [1] - Huayou Cobalt (603799) closed at 65.17, down 7.53% with a trading volume of 1,571,000 shares and a transaction value of 10.657 billion [1] - Jidian Mining (600711) closed at 10.42, down 6.13% with a trading volume of 3,028,600 shares and a transaction value of 3.336 billion [1] - Tianqi Lithium (002466) closed at 46.98, down 5.61% with a trading volume of 738,800 shares and a transaction value of 3.591 billion [1] - Cangge Mining (000408) closed at 57.13, down 5.48% with a trading volume of 202,100 shares and a transaction value of 266.6 million [1] - Yongxing Materials (002756) closed at 38.14, down 4.10% with a trading volume of 179,800 shares and a transaction value of 701 million [1] - Shengxin Lithium Energy (002240) closed at 19.05, down 4.08% with a trading volume of 442,300 shares and a transaction value of 867 million [1] - Yongshan Lithium (6633399) closed at 9.84, down 3.15% with a trading volume of 144,200 shares and a transaction value of 144 million [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 3.027 billion from main funds, while retail funds had a net inflow of 2.13 billion [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2]

Core Viewpoint - Yongxing Materials experienced a stock price decline of 2.01% on October 14, with a current price of 38.97 CNY per share and a total market capitalization of 21.009 billion CNY [1] Financial Performance - For the first half of 2025, Yongxing Materials reported a revenue of 3.693 billion CNY, a year-on-year decrease of 17.78%, and a net profit attributable to shareholders of 401 million CNY, down 47.84% year-on-year [2] - Since its A-share listing, Yongxing Materials has distributed a total of 5.503 billion CNY in dividends, with 4.203 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Yongxing Materials was 53,700, a decrease of 3.06% from the previous period, with an average of 7,232 circulating shares per shareholder, an increase of 3.17% [2] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.4031 million shares, an increase of 2.6028 million shares from the previous period [3] Stock Performance - Yongxing Materials' stock price has increased by 4.67% year-to-date, with a 7.41% increase over the last five trading days, a 5.78% increase over the last 20 days, and a 14.55% increase over the last 60 days [1]

Core Viewpoint - The steel industry is expected to gradually bottom out in demand, with supply-side market clearing beginning to appear, leading to a potential recovery in the industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, facilitating quicker industry recovery [1]. Demand and Supply Analysis - Steel consumption for the week of October 6-10, 2025, was 7.5143 million tons, a decrease of 1.5339 million tons week-on-week. Construction steel consumption was 2.2262 million tons, down 1.0846 million tons, while plate steel consumption was 5.2881 million tons, down 0.4493 million tons. Steel production was 8.6331 million tons, a decrease of 0.0376 million tons, and total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces at 247 steel mills was 84.27%, down 0.02 percentage points week-on-week, while electric furnace operating rates were 60.26%, down 1.28 percentage points. Despite a marginal decline in demand due to the National Day holiday, the industry remains in a traditional peak season, with expectations for gradual recovery in steel demand and inventory reduction [2]. Profitability Trends - The average gross profit per ton for rebar was 167.1 CNY, an increase of 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, up 29.3 CNY. The profitability rate for 247 steel companies was 56.28%, a decrease of 0.43% [3]. - The expectation is for iron ore production to accelerate while demand remains limited, leading to a gradual easing of iron ore prices and improvement in cost constraints for the steel industry, with a potential recovery in profitability levels [3]. Future Outlook - The negative impact of the real estate sector on steel demand is expected to diminish, with stable growth anticipated in demand from infrastructure and manufacturing sectors. Steel exports maintained a year-on-year increase from January to August [4]. - Over 40% of steel companies are currently experiencing losses, but market clearing is beginning to occur. Recent policies aim to reduce production and promote a balance between supply and demand, supporting the expectation of supply contraction and gradual recovery in the steel industry's fundamentals [4]. Recommended Companies - Key recommendations include Baosteel (600019) for its technological and product structure leadership, Hualing Steel (000932) for its product structure upgrades, and Fangda Special Steel (600507) for its low-cost advantages. Other recommendations include CITIC Special Steel (000708) for its competitive advantages and high dividend yield, as well as upstream resource companies like Hebei Steel Resources (000923) and Dazhong Mining (001203) due to their long-term growth potential [5].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting strong performance and favorable market conditions [8]. Core Views - The report emphasizes that the recent increase in gold prices is driven by heightened risk aversion due to renewed US-China trade tensions and expectations of interest rate cuts by the Federal Reserve [4][8]. - Industrial metals are expected to continue strengthening due to supply disruptions and robust demand, particularly in copper and aluminum [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage markets [3]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index rose by 1.80%, while the SW Non-ferrous Index increased by 11.89% during the reporting period [1]. - Precious metals, including gold and silver, saw significant price increases of 6.48% and 2.48%, respectively [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes that aluminum prices are supported by a seasonal increase in demand and controlled inventory levels, with a current price of 20,950 RMB/ton [27]. - Copper prices are influenced by supply disruptions and a favorable macroeconomic environment, with a recent price of 10,374 USD/ton [12][41]. 2.2 Industrial Metals - The report highlights that aluminum production is expected to remain low due to increased direct supply ratios and seasonal demand, which supports price stability [25][26]. - Copper supply is under pressure from production cuts by major mining companies, which is expected to sustain higher prices [2][41]. 2.3 Lead, Tin, and Nickel - Lead prices have shown resilience due to tight supply conditions, with recent prices around 20,026 USD/ton [58]. - Nickel prices are fluctuating due to regulatory changes in Indonesia and supply concerns, currently priced at 122,180 RMB/ton [60]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices have surged due to strong safe-haven demand, with a recent price of 4,035.50 USD/oz, reflecting a 6.48% increase [14][74]. - Silver prices are also rising, driven by industrial demand and investment interest, currently at 47.52 USD/oz [14][74]. 3.2 Energy Metals - Lithium demand remains robust, with prices supported by strong consumption in electric vehicles and energy storage, with industrial-grade lithium carbonate priced at 71,300 RMB/ton [14][3]. - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, with current prices around 331,500 RMB/ton [3][14]. 4. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, citing strong earnings forecasts and favorable market conditions [4][8].

Market Overview - In Q2 2025, lithium resource clearing was below expectations, with lithium prices continuing to decline to 60,000 yuan/ton [2] - The growth rate of lithium salt production in China slowed down in Q2 2025 [2] - Due to weak demand, social inventory of lithium salt remained high at over 150,000 tons [2] Company Performance - In Q2 2025, listed companies increased revenue by 3% year-on-year by compensating volume for price [3] - Net profit attributable to shareholders decreased by 9% year-on-year due to reduced gross profit and inventory impairment losses [3] - Gross and net profit margins were reported at 22.36% and 9.13%, respectively, indicating a reversal trend [3] - Financial expenses decreased in 2024, while management and sales expenses have limited room for reduction [3] - Capital expenditures remained at a cyclical low [3] - Debt repayment capability remained stable and within a reasonable range [3] Industry Changes - Chinese companies showed a very low willingness to reduce production, with lithium prices dropping from 74,000 yuan/ton to 60,000 yuan/ton, further compressing profit margins [4] - Some companies reported net losses, such as Shengxin Lithium Energy with a net loss of 165 million yuan and Zhongmin (Hong Kong) with a net loss of 210 million yuan in H1 2025 [4] - Despite some companies experiencing losses, their debt repayment capabilities remained relatively stable, with overall leverage still in a safe zone [4] - Capital expenditures have slowed down, with total capital expenditure for sample companies at 4.1 billion yuan, a year-on-year decrease of 8.0%, indicating that the lithium cycle turning point is approaching [5]