证券日报网讯12月11日，图南股份（300855）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司在册股东人数约1.35万户。 ...

Core Insights - The commercial aerospace market in China is poised for significant growth, driven by technological breakthroughs and policy support, with a potential market size reaching trillions [1] - The 2025 Commercial Aerospace Forum showcased advancements in various segments of the industry, including rocket launches and satellite management, indicating a robust development trajectory [1] Industry Overview - The commercial aerospace sector is experiencing a dual inflection point characterized by technological advancements and market expansion [1] - The opening of national major aerospace projects to commercial entities and the acceleration of in-orbit service capabilities are key factors contributing to this growth [1] Market Performance - As of December 4, 2025, the Zhongzheng General Aviation Theme Index (931855) rose by 1.08%, with notable increases in constituent stocks such as Plittech (up 12.17%) and Guanglian Aviation (up 9.04%) [1] - The General Aviation ETF Fund (561660) also saw a 1.10% increase, reflecting positive market sentiment towards the sector [1] Key Stocks - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, highlighting the concentration of market influence among these companies [2] - Notable stocks include Aerospace Electronics (600879) and Haige Communication (002465), which are among the top performers in the index [2][3]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a decrease in apparent steel consumption and inventory levels, with a total apparent consumption of 8.88 million tons, down 0.69% week-on-week but up 1.2% year-on-year [5][21]. - The report anticipates that the steel demand will stabilize, with a continued expectation of supply contraction. The negative impact of the real estate sector on steel demand is expected to diminish, while demand from infrastructure and manufacturing is projected to grow steadily [5][3]. Summary by Sections Steel - Steel prices have increased week-on-week, with Shanghai rebar prices rising by 30 CNY/ton to 3260 CNY/ton, a 0.93% increase. Total steel inventory decreased by 320,000 tons to 14.01 million tons [5][8]. - The operating rate of blast furnaces in 247 steel mills decreased to 81.09%, down 1.1 percentage points from the previous week [5][27]. - The average gross profit for rebar was 91 CNY/ton, up 30 CNY/ton from the previous week, while hot-rolled coil had a gross profit of -47 CNY/ton, an increase of 18.4 CNY/ton [5][36]. Raw Materials - Iron ore spot prices increased, with the price for PB powder rising by 2 CNY/ton to 793 CNY/ton, a 0.25% increase. The total inventory of iron ore at ports rose by 1% to 15.206 million tons [5][45][51]. - The total shipment volume of the four major iron ore producers decreased by 225,000 tons to 21.2 million tons [5][60]. Special Steel and New Materials - The report notes an increase in stainless steel prices and a recovery in industrial-grade and battery-grade lithium carbonate prices [5][4]. Macroeconomic Context - The crude steel production from January to October 2025 showed a year-on-year decline, with the construction and manufacturing sectors continuing to weaken [5][5.1]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688231 | 隆达股份 | 23.22 | -5.38% | 8.10万 | 1.90 Z | | 300855 | 图南股份 | 27.03 | -3.94% | 6.99万 | 1.91亿 | | 000633 | 合金投资 | 8.09 | -3.35% | 56.50万 | 4.64 Z | | 688456 | 有研粉材 | 45.59 | -3.00% | 1.44万 | 6689.16万 | | 300835 | 龙磁科技 | 62.76 | -2.91% | 7.67万 | 4.87亿 | | 301141 | 二四秒 盛 | 54.13 | -2.56% | 1.91万 | 1.04亿 | | 603978 | 深圳新星 | 32.27 | -2.51% | 27.69万 | 9.11亿 | | 300930 | 吃通新材 | 29.62 | -2.44% | 1.17万 | 3528.35万 | | 000969 | 安泰科 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Market Overview - The metal new materials sector experienced a slight decline of 0.06% on November 20, with Alloy Investment leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Alloy Investment (000633) closed at 7.98, down 6.67% with a trading volume of 701,500 shares and a transaction value of 561 million [1] - Other notable declines included: - Zhongke Magnetic (301141) down 3.44% to 55.07 with a transaction value of 220 million [1] - Bowei Taijin (601137) down 2.58% to 21.18 with a transaction value of 258 million [1] - Jinli Yongci (300748) down 2.32% to 34.50 with a transaction value of 1.22 billion [1] Capital Flow Analysis - The metal new materials sector saw a net outflow of 151 million from main funds, while retail investors contributed a net inflow of 75.99 million [1] - Specific stock capital flows included: - Shenzhen New Star (603978) with a main fund net inflow of 1.05 billion, but a net outflow from retail investors of 46.47 million [2] - Tunan Co. (300855) with a main fund net inflow of 41.86 million, but a significant retail outflow of 3.44 million [2] - Bowei Alloy (601137) recorded a main fund net inflow of 3.88 million, while retail investors saw a net outflow of 2.06 million [2]

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].