证券日报网讯 1月22日，图南股份在互动平台回答投资者提问时表示，截至2026年1月20日，公司在册 股东人数约1.38万户。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry, as well as for the steel sector [5]. Core Insights - The rapid development of commercial aerospace is driving demand for aerospace stainless steel and high-temperature alloys, which are becoming the new material system for rockets [1][4]. - Stainless steel is increasingly being adopted for rocket structures due to its cost-effectiveness, high-temperature resistance, and ease of processing, while high-temperature alloys are essential for engine components [1][3][4]. - The transition from aluminum alloys to a combination of stainless steel and high-temperature alloys is a significant trend in rocket material evolution, driven by the need for cost reduction and performance enhancement [9][10]. Summary by Sections Historical Context - Historically, aluminum alloys dominated rocket materials, with limited use of stainless steel and high-temperature alloys [1][2]. Current Status - The current rocket material landscape is transitioning from aluminum dominance to the integration of stainless steel and high-temperature alloys, particularly in reusable rocket designs [2][3]. Future Outlook - The future of rocket technology is expected to favor stainless steel and high-temperature alloys due to their superior properties, which are essential for the evolving demands of rocket design and operation [3][4]. Investment Conclusion - The report suggests focusing on companies involved in the supply of stainless steel for rocket tanks and components, as well as leading enterprises in high-temperature alloy production [4][19]. - Key companies identified include Fushun Special Steel, Aerospace Materials, and others that have established a strong foothold in the aerospace materials supply chain [4][19]. Demand Analysis - The demand for rockets is anticipated to surge due to the rapid growth of low Earth orbit satellite constellations, which will drive the need for increased launch frequency and scale [4][45]. Supply Analysis - The supply side of aerospace stainless steel is characterized by high customization and segmentation, with early movers likely to benefit from structural growth opportunities [4][19]. - High-temperature alloy suppliers face significant barriers to entry, indicating a favorable competitive landscape for established players [4][19].

格隆汇1月22日丨图南股份(300855.SZ)在互动平台表示，目前，公司高温合金、特种不锈钢等高性能合 金材料及其制品主要应用于航空发动机、燃气轮机、石油化工等领域，并以航空领域应用居多。公司部 分高温合金、特种不锈钢产品应用于火电及核电领域。 ...

证券日报网讯1月21日，图南股份（300855）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司在册股东人数约1.27万户。 ...

Summary of the Conference Call Industry Overview - The focus is on the military industry, particularly in the context of China's military modernization and export potential, with two key areas of interest: domestic large aircraft and high-end military trade [2][3][4] Key Points and Arguments Domestic Large Aircraft - The domestic large aircraft, specifically the C919, is highlighted as a significant player in the market, aiming to compete with Airbus and Boeing [5][6] - The C919 has completed the third phase of certification for the European market, with expectations to finalize all certifications by mid-2027 [6][7] - The aircraft has already achieved over 4 million safe flights domestically, indicating operational success [7][8] - Future production targets for the C919 are projected to reach 200 to 400 units by 2030 to 2035, supported by a robust supply chain [8][9] - The development of derivative models, such as high-altitude and extended-range versions, is underway to meet diverse customer needs [9][10] Military Trade - The export of advanced military aircraft, such as the FC-1 (also known as the JF-17 or Thunder), is seen as a catalyst for expanding China's military trade [13][19] - The demand for the FC-1 from countries like Pakistan is expected to enhance China's military supply chain and promote further exports of advanced military equipment [13][19] - Upcoming defense exhibitions in Saudi Arabia and Singapore are anticipated to serve as platforms for showcasing China's military capabilities and fostering international military trade relationships [20][21] Investment Strategy - The investment strategy emphasizes a focus on companies that can create long-term value, particularly those involved in the second growth curve, which includes new business areas like commercial aerospace and military exports [4][5] - The military industry is characterized by a shift towards bottom-up stock selection, with a focus on individual companies that demonstrate potential for growth and profitability [4][5] Additional Important Content - The military industry is experiencing structural changes, with three main segments identified: military trade, military-to-civilian transitions, and domestic military equipment construction [3][4] - The military trade sector is expected to benefit from increased global military spending, particularly as geopolitical tensions rise [16][17] - The U.S. defense budget is projected to increase significantly, which may further stimulate global military trade dynamics [16][17] - The conference also discussed the importance of technological advancements in military equipment and the need for a comprehensive military industrial base to support these developments [17][18] Company-Specific Insights - Torch Electronics is highlighted for its growth potential in specialized electronic components and new materials, with a focus on military applications [23][24] - The company is recognized as a leading supplier of multilayer ceramic capacitors (MLCC) in the military sector, with plans for expansion into new materials for aerospace and missile applications [25][26] - Torch Electronics has implemented multiple employee stock incentive plans to align the interests of management and employees, which is expected to support long-term growth [26][27] This summary encapsulates the key insights from the conference call, focusing on the military industry, investment strategies, and specific company developments.

深交所公开信息显示，当日该股因日收盘价涨幅达17.08%上榜，机构专用席位净买入1705.84万元，深 股通净卖出520.04万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.82亿元，其中，买入成交额为2.66亿 元，卖出成交额为2.16亿元，合计净买入5054.04万元。 具体来看，今日上榜的营业部中，共有5家机构专用席位现身，即买三、买四、买五、卖二、卖五，合 计买入金额9975.92万元，卖出金额8270.09万元，合计净买入1705.84万元，深股通为第一大买入营业部 及第一大卖出营业部，买入金额为9280.85万元，卖出金额为9800.89万元，合计净卖出520.04万元。 融资融券数据显示，该股最新（1月16日）两融余额为3.44亿元，其中，融资余额为3.43亿元，融券余额 为72.82万元。近5日融资余额合计减少7328.35万元，降幅为17.59%，融券余额合计减少174.84万元，降 幅70.60%。（数据宝） 今日上涨17.08%，全天换手率9.36%，成交额10.35亿元，振幅20.66%。龙虎榜数据显示，机构净买入 1705.84万元，深股通净卖出520.04万元， ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, and if supply policies are implemented, the pace of supply contraction may accelerate [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of the five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6]. - The total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6]. Production and Capacity Utilization - The production of five major steel products was 8.192 million tons, a slight increase of 0.08% week-on-week [6]. - The operating rate of blast furnaces in 247 steel mills was 78.84%, down 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. Raw Material Prices - Iron ore spot prices remained unchanged, while futures prices decreased by 0.31% to 812 CNY/ton [48]. - The port inventory of iron ore rose to 165.55 million tons, an increase of 1.72% [52]. - The total shipment volume from major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [53][61]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hesteel, as well as those with competitive advantages like CITIC Special Steel and Yongjin Materials [6].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [3][4]. - The report highlights that despite a long period of micro-profitability in the industry, market-driven supply adjustments have begun, which could accelerate the industry's upward progress if supply policies are implemented [3][4]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products was 8.2612 million tons, a decrease of 1.77% week-on-week but an increase of 4.33% year-on-year [6][20]. - Total steel inventory was 12.47 million tons, down 0.55% week-on-week, maintaining a low level [6][12]. - The average profit margin for rebar was 199.4 CNY/ton, down 15.2 CNY/ton from the previous week [6][41]. Production and Capacity Utilization - The operating rate of blast furnaces in 247 steel mills was 78.84%, a decrease of 0.47 percentage points from the previous week [6][29]. - The capacity utilization rate for these mills was 85.48%, down 0.56 percentage points week-on-week [6][29]. - The total steel production was 8.1921 million tons, a slight increase of 0.08% week-on-week [6][40]. Raw Materials - Iron ore inventory at ports reached 165.55 million tons, an increase of 1.72% week-on-week, marking a historical high [6][52]. - The spot price of iron ore remained unchanged, while futures prices decreased slightly [6][48]. - The total shipment volume of the four major iron ore producers decreased, with Brazil's shipments down 7.37% and Australia's down 2.29% [6][53][61]. 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 firms like Fangda Special Steel and New Steel [6]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [6].

证券之星消息，1月19日金属新材料板块较上一交易日上涨1.87%，图南股份领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 300855 | 图南股份 | 39.20 | 17.08% | 27.42万 | | 10.35 Z | | 688231 | 隆达股份 | 29.68 | 6.42% | 8.82万 | | 2.58亿 | | 300835 | 龙磁科技 | 74.30 | 6.34% | C 10.42万 | | 7.64亿 | | 688102 | 斯瑞新材 | 46.00 | 5.63% | 43.04万 | | 19.62亿 | | 920576 | 天力复合 | 99.36 | 5.59% | 7.80万 | | 7.68亿 | | 603978 | 深圳新星 | 28.06 | 3.12% | 13.40万 | | 3.74亿 ...

Group 1 - The core point of the article highlights that Tunan Co., Ltd. has achieved a significant trading volume of 1.006 billion RMB, marking the highest level since August 17, 2020 [2] - The latest stock price of Tunan Co., Ltd. has increased by 18.01%, with a turnover rate of 9.11% [2] - The previous trading day saw a total trading volume of 212 million RMB for the stock [2] Group 2 - Tunan Co., Ltd. was established on May 27, 1991, with a registered capital of 395.5315 million RMB [2]