证券之星消息，11月20日金属新材料板块较上一交易日下跌0.06%，合金投资领跌。当日上证指数报收 于3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。金属新材料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000633 | 合金投资 | 7.98 | -6.67% | 70.15万 | | 5.61亿 | | 301141 | 中科磁业 | 55.07 | -3.44% | 3.92万 | | 2.20亿 | | 601137 | 博威台金 | 21.18 | -2.58% | 12.03万 | | 2.58亿 | | 300748 | 金力永磁 | 34.50 | -2.32% | - 34.75万 | | 12.20亿 | | 300963 | 中洲特材 | 18.73 | -2.30% | 10.36万 | | 1.96 Z | | 688077 | 大地熊 | 31.13 | -2.11% | 1.76万 | | 55 ...

11月20日，图南股份盘中上涨2.10%，截至13:18，报26.73元/股，成交9054.21万元，换手率1.17%，总 市值105.73亿元。 资金流向方面，主力资金净流入175.89万元，特大单买入120.81万元，占比1.33%，卖出512.97万元，占 比5.67%；大单买入2061.75万元，占比22.77%，卖出1493.70万元，占比16.50%。 截至11月10日，图南股份股东户数1.34万，较上期减少2.90%；人均流通股21862股，较上期增加 2.98%。2025年1月-9月，图南股份实现营业收入8.59亿元，同比减少20.46%；归母净利润1.23亿元，同 比减少52.21%。 分红方面，图南股份A股上市后累计派现3.68亿元。近三年，累计派现2.87亿元。 机构持仓方面，截止2025年9月30日，图南股份十大流通股东中，易方达国防军工混合A（001475）位 居第四大流通股东，持股1261.68万股，相比上期增加337.74万股。中庚价值先锋股票（012930）位居第 五大流通股东，持股1091.14万股，相比上期减少385.55万股。 责任编辑：小浪快报 图南股份今年以来股价涨2 ...

证券之星消息，11月19日，图南股份（300855）融资买入957.15万元，融资偿还909.44万元，融资净买 入47.7万元，融资余额1.98亿元，近3个交易日已连续净买入累计1721.39万元，近20个交易日中有13个 交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-19 | 47.70万 | 1.98亿 | 2.58% | | 2025-11-18 | 1012.64万 | 1.98亿 | 2.51% | | 2025-11-17 | 661.05万 | 1.87亿 | 2.34% | | 2025-11-14 | -1.75万 | 1.81亿 | 2.21% | | 2025-11-13 | 57.61万 | 1.81亿 | 2.13% | | 交易日 | 融券冷卖出(股) | | 融券余量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-11-19 | | -4300.0 | 3.70万 | 96.87万 | | 2 ...

截至11月10日，图南股份股东户数1.34万，较上期减少2.90%；人均流通股21862股，较上期增加 2.98%。2025年1月-9月，图南股份实现营业收入8.59亿元，同比减少20.46%；归母净利润1.23亿元，同 比减少52.21%。 分红方面，图南股份A股上市后累计派现3.68亿元。近三年，累计派现2.87亿元。 机构持仓方面，截止2025年9月30日，图南股份十大流通股东中，易方达国防军工混合A（001475）位 居第四大流通股东，持股1261.68万股，相比上期增加337.74万股。中庚价值先锋股票（012930）位居第 五大流通股东，持股1091.14万股，相比上期减少385.55万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出241.77万元，大单买入249.18万元，占比7.85%，卖出490.95万元，占比 15.47%。 图南股份今年以来股价涨26.58%，近5个交易日跌8.20%，近20日跌0.54%，近60日跌10.48%。 资料显示，江苏图南合金股份有限公司位于江苏省丹阳市凤林大道9号，成立日期1991年5月28日，上市 日期2020年7月23日，公司主营业务涉及高温合金 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Market Overview - The metal new materials sector experienced a decline of 2.16% on November 12, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable performers in the metal new materials sector included: - Zhongke Sanhuan (Code: 000970) with a closing price of 13.79, up 1.70% and a trading volume of 313,300 shares [1] - Youyan Powder Materials (Code: 688456) closed at 47.01, up 0.99% with a trading volume of 10,800 shares [1] - Longda Co., Ltd. (Code: 688231) closed at 24.29, down 6.51% with a trading volume of 126,000 shares [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.012 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.104 billion yuan [2] - The capital flow for individual stocks showed varied trends, with Zhongke Sanhuan experiencing a net inflow of 26.0176 million yuan from institutional investors [3]

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].

Group 1 - The gas turbine concept saw significant activity in the morning session on November 6, with Triangular Defense hitting a 20% limit up [1] - Longda Co., Ltd. experienced an increase of over 10% [1] - Other companies such as Weichai Heavy Machinery, Wanze Shares, Parker New Materials, Xin Chai Shares, and Tunan Shares also saw gains [1]

Market Overview - The metal new materials sector experienced a decline of 3.25% on October 31, with AnTai Technology leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Shenzhen New Star (603978) with a closing price of 26.55, up 4.53% on a trading volume of 260,000 shares and a turnover of 706 million yuan [1] - Youyan Powder Materials (688456) closed at 48.70, up 2.79% with a trading volume of 17,500 shares and a turnover of 85.36 million yuan [1] - Major decliners included: - AnTai Technology (000969) closed at 21.24, down 8.65% with a trading volume of 2,030,300 shares and a turnover of 440.3 million yuan [2] - Jinli Permanent Magnet (300748) closed at 39.18, down 6.87% with a trading volume of 792,000 shares and a turnover of 3.137 billion yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 1.629 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.477 billion yuan [2] - The capital flow for specific stocks showed mixed results, with some stocks experiencing significant outflows from institutional and speculative investors [3]

Core Viewpoint - Tunan Co., Ltd. (300855.SZ) is currently focusing on high-temperature alloy materials for shipbuilding, with relevant product orders and revenue to be disclosed in future periodic reports [1] Group 1 - The company specializes in high-temperature alloy materials used in the shipbuilding sector [1] - Future disclosures regarding product orders and revenue will be made in the company's periodic reports [1]