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.

Group 1 - The stock experienced a significant increase of 17.08% in price, with a turnover rate of 9.36% and a total transaction amount of 1.035 billion yuan, showing a volatility of 20.66% [2] - Institutional investors net bought 17.0584 million yuan, while the Shenzhen Stock Connect saw a net sell of 5.2004 million yuan, indicating mixed investor sentiment [2] - The top five trading departments accounted for a total transaction of 482 million yuan, with a net buying amount of 50.5404 million yuan, reflecting strong trading activity [2] Group 2 - The latest margin trading data shows a total balance of 344 million yuan, with a financing balance of 343 million yuan and a securities lending balance of 0.7282 million yuan, indicating a decrease in margin trading activity [3] - Over the past five days, the financing balance decreased by 73.2835 million yuan, representing a decline of 17.59%, while the securities lending balance dropped by 1.7484 million yuan, a significant decrease of 70.60% [3] - Specific trading details reveal that the top buying and selling departments included major institutional players, with notable transactions from the Shenzhen Stock Connect and various securities firms [3]

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].

Market Performance - The metal new materials sector increased by 1.87% on January 19, with Tunan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Top Gainers - Tunan Co., Ltd. (300855) closed at 39.20, up 17.08% with a trading volume of 274,200 shares [1] - Longda Co., Ltd. (688231) closed at 29.68, up 6.42% with a trading volume of 88,200 shares [1] - Longmag Technology (300835) closed at 74.30, up 6.34% with a trading volume of 104,200 shares [1] - Srey New Materials (688102) closed at 46.00, up 5.63% with a trading volume of 430,400 shares [1] Market Capital Flow - The metal new materials sector saw a net inflow of 64.70 million yuan from institutional investors, while retail investors experienced a net outflow of 46.57 million yuan [2] - The top stocks by net inflow from institutional investors included Srey New Materials (688102) with 145 million yuan and Longmag Technology (300835) with 76.97 million yuan [3] Individual Stock Performance - Srey New Materials (688102) had a net inflow of 145 million yuan from institutional investors, but a net outflow of 64.72 million yuan from retail investors [3] - Longmag Technology (300835) had a net inflow of 76.97 million yuan from institutional investors, with a significant net outflow of 85.29 million yuan from retail investors [3] - Tunan Co., Ltd. (300855) experienced a net inflow of 35.39 million yuan from institutional investors, but a net outflow of 39.06 million yuan from retail investors [3]

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]

Core Viewpoint - The company, Tunan Co., Ltd. (300855), has confirmed that it is not currently involved in the development of supporting technologies for reusable rockets in the national space program [1] Group 1: Company Operations - The company's products are primarily used in the fields of aviation engines, gas turbines, and petrochemicals, with a significant focus on aviation applications [1]

Group 1 - The company, Tunan Co., Ltd. (300855.SZ), has stated that it is not currently involved in the development of supporting technologies for reusable rockets in the national sector [1] - The company's products are primarily used in the fields of aviation engines, gas turbines, and petrochemicals, with a significant focus on aviation applications [1]