Group 1 - The company, Tunan Co., Ltd. (300855), confirmed a good business cooperation relationship with certain subsidiaries of Shanghai Electric (601727) [1] - The main products supplied by the company are deformation-resistant high-temperature alloys, which are primarily used in gas turbine applications [1]

每经AI快讯，有投资者在投资者互动平台提问：公司的产品有应用在核聚变领域吗？ 图南股份（300855.SZ）10月13日在投资者互动平台表示，公司产品目前尚未应用在相关领域。 （记者 胡玲） ...

Core Insights - The metal new materials sector experienced a decline of 0.91% on October 10, with Tunan Co. leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Sector Performance - Notable gainers in the metal new materials sector included: - Antai Technology (Code: 000969) with a closing price of 16.41, up 9.99% and a trading volume of 1.1152 million shares [1] - Zhongzhou Special Materials (Code: 300963) closed at 23.17, up 2.93% with a trading volume of 1.1528 million shares [1] - Yunlu Co. (Code: 688190) closed at 111.19, up 2.45% with a trading volume of 15,800 shares [1] - Major decliners included: - Tunan Co. (Code: 300855) closed at 26.50, down 8.49% with a trading volume of 187,300 shares [2] - Aluminum Science and Technology New Materials (Code: 300811) closed at 77.80, down 7.95% with a trading volume of 103,600 shares [2] - Tianli Composite (Code: 920576) closed at 31.65, down 7.59% with a trading volume of 51,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 709 million yuan from institutional investors, while retail investors contributed a net inflow of 510 million yuan [2] - The sector's capital flow indicated that: - Antai Technology had a net inflow of 1.82 billion yuan from institutional investors, but a net outflow of 633.38 million yuan from retail investors [3] - Longmag Technology (Code: 300835) experienced a net inflow of 50.84 million yuan from retail investors [3]

Core Viewpoint - The company, Tuanan Co., stated that as of September 30, 2025, the number of registered shareholders is approximately 13,300 [2] Summary by Category - **Shareholder Information** - The company has approximately 13,300 registered shareholders as of September 30, 2025 [2]

Group 1 - The core point of the news is that Tunan Co., Ltd. experienced a 5.01% decline in stock price, reaching 27.51 yuan per share, with a trading volume of 218 million yuan and a turnover rate of 2.64%, resulting in a total market capitalization of 10.881 billion yuan [1] - Tunan Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels, with its main business revenue composition being: 46.24% from deformed high-temperature alloys, 28.17% from cast high-temperature alloys, 10.63% from other alloy products, 8.31% from other business income, 5.23% from special stainless steels, and 1.42% from small and medium-sized components [1] Group 2 - From the perspective of major fund holdings, one fund under Harvest Fund has a significant position in Tunan Co., Ltd. The Harvest Innovation Growth Mixed Fund (001760) increased its holdings by 172,700 shares in the second quarter, bringing the total to 331,200 shares, which accounts for 9.04% of the fund's net value, making it the fourth-largest holding [2] - The Harvest Innovation Growth Mixed Fund (001760) has a total asset size of 87.0887 million yuan and has achieved a return of 27.34% year-to-date, ranking 3970 out of 8166 in its category, with a one-year return of 24.76%, ranking 3993 out of 8014 [2]

Core Points - Tunan Co., Ltd. experienced a 5.01% decline in stock price, trading at 27.51 CNY per share with a market capitalization of 10.881 billion CNY as of October 10 [1] - The company specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steel [1] Company Overview - Tunan Co., Ltd. was established on May 28, 1991, and went public on July 23, 2020 [1] - The revenue composition of the company includes: - Deformed high-temperature alloys: 46.24% - Cast high-temperature alloys: 28.17% - Other alloy products: 10.63% - Other business income: 8.31% - Special stainless steel: 5.23% - Small and medium-sized components: 1.42% [1] Fund Holdings - Changsheng Fund has a significant holding in Tunan Co., Ltd., with its Changsheng Aerospace Marine Mixed A Fund (000535) increasing its stake by 6,700 shares in the second quarter, totaling 233,300 shares, which represents 3.11% of the fund's net value [2] - The fund has reported a floating loss of approximately 338,300 CNY as of the latest data [2] Fund Performance - The Changsheng Aerospace Marine Mixed A Fund (000535) was established on March 11, 2014, with a current asset size of 159 million CNY [2] - Year-to-date performance shows a return of 25.87%, ranking 4,123 out of 8,166 in its category; the one-year return is 24.99%, ranking 3,963 out of 8,014; and since inception, the fund has achieved a return of 181.17% [2]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

Market Performance - The metal new materials sector increased by 1.84% on September 30, with Placo New Materials leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Placo New Materials (300811) closed at 84.32, with a rise of 12.44% and a trading volume of 227,600 shares, amounting to 1.93 billion yuan [1] - Other notable performers included: - Yuenan New Materials (688786) at 28.98, up 5.84% [1] - Zhenghai Aomaterials (300224) at 16.84, up 3.95% [1] - Zhongzhou Special Materials (300963) at 18.76, up 3.82% [1] - Tunan Co., Ltd. (300855) at 29.94, up 3.74% [1] Capital Flow - The metal new materials sector experienced a net outflow of 189 million yuan from institutional investors and 83.30 million yuan from speculative funds, while retail investors saw a net inflow of 272 million yuan [2] - Specific stock capital flows included: - Zhenghai Magnetic Materials (300224) with a net inflow of 101 million yuan from institutional investors [2] - Zhongzhou Special Materials (300963) with a net inflow of 39.82 million yuan from institutional investors [2] - An Tai Technology (000969) with a net inflow of 15.40 million yuan from institutional investors [2]

Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has shown a significant increase in stock price and trading activity, indicating potential investor interest and market performance [1][2]. - As of September 30, Tunan's stock price rose by 2.04% to 29.45 CNY per share, with a total market capitalization of 11.648 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 35.90%, with a 6.20% rise over the last five trading days [1]. Group 2 - Tunan Co., Ltd. reported a revenue of 599 million CNY for the first half of 2025, reflecting an 18.16% year-on-year decrease, while net profit attributable to shareholders was 92.967 million CNY, down 51.41% year-on-year [2]. - The company has distributed a total of 368 million CNY in dividends since its A-share listing, with 287 million CNY distributed over the past three years [3]. - As of June 30, 2025, Tunan's top ten circulating shareholders included notable institutional investors, with changes in their holdings indicating shifts in investor sentiment [3].

Group 1 - The core viewpoint of the article is that Tongnan Co., Ltd. (300855) is expanding the application of its subsidiary's small and medium-sized component products from the aviation sector to other high-end equipment manufacturing fields such as gas turbines, high-speed rail, ships, and petrochemicals [1] Group 2 - The company has indicated that its products are currently primarily used in the aviation industry [1] - There is potential for the company's products to be utilized in various other high-end manufacturing sectors, indicating a strategic expansion of its market reach [1]