Group 1 - The core point of the news is that Tunan Co., Ltd. experienced a decline of 5.03% in its stock price, reaching 34.75 yuan per share, with a trading volume of 1.08 billion yuan and a turnover rate of 1.04%, resulting in a total market capitalization of 13.745 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 revenues, 5.23% from special stainless steels, and 1.42% from small and medium-sized components [1] Group 2 - Longsheng Fund has a significant holding in Tunan Co., Ltd., with its Longsheng Aerospace Marine Mixed A Fund (000535) increasing its stake by 143,000 shares in the third quarter, bringing the total to 376,300 shares, which accounts for 4.48% of the fund's net value, making it the fourth-largest holding [2] - The Longsheng Aerospace Marine Mixed A Fund (000535) has a current scale of 155 million yuan and has achieved a return of 16.08% this year, ranking 225 out of 8,836 in its category, while its one-year return is 70.95%, ranking 923 out of 8,091 [2]

Group 1 - The core point of the article is that Tunan Co., Ltd. reported approximately 12,700 registered shareholders as of January 9, 2026 [2]

Market Performance - The metal new materials sector increased by 1.04% on January 6, with Tianli Composite leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Stock Performance - Tianli Composite (code: 920576) closed at 87.77, with a significant increase of 29.99% and a trading volume of 144,100 shares, amounting to a transaction value of 1.11 billion [1] - Other notable performers included: - Tunan Co. (code: 300855) with a closing price of 33.90, up by 4.99% [1] - Jiangnan New Materials (code: 603124) closed at 86.73, up by 4.02% [1] - Huaitong New Materials (code: 920751) increased by 3.63% to close at 21.99 [1] Capital Flow - The metal new materials sector saw a net inflow of 186 million from institutional investors, while retail investors experienced a net outflow of 289 million [2] - The main capital inflow was led by Tianli Composite, which had a net inflow of 247 million [3] - Other stocks with significant net inflows included: - Jinli Permanent Magnet (code: 300748) with a net inflow of 65.81 million [3] - Tunan Co. (code: 300855) with a net inflow of 61.57 million [3]

证券日报网讯 1月5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31 日，公司在册股东人数约1.39万户。 ...

Core Viewpoint - The report highlights a decline in the number of shareholders for 29 companies listed on the ChiNext board as of December 31, with 9 companies experiencing a decrease, and 3 of them seeing a drop of over 5% compared to the previous period [1][2]. Group 1: Shareholder Changes - Among the 29 ChiNext stocks, 9 reported a decrease in shareholder numbers, with 3 companies showing a decline exceeding 5% [1]. - The company with the largest decline in shareholder numbers is Jiuzhiyang, which had 33,407 shareholders, a decrease of 14.81% from December 20, while its stock price increased by 7.82% during the same period [1]. - Yidian Tianxia reported 66,508 shareholders, down 11.87%, with a stock price increase of 21.18% [1]. - Tunan Co., Ltd. had 13,900 shareholders, a decrease of 6.08%, and its stock price rose by 8.90% [1]. Group 2: Continuous Shareholder Concentration - Three companies have shown a continuous decrease in shareholder numbers for more than three periods: Caixun Co. (43,620 shareholders, down 5.28%), China Shipbuilding Han Guang (27,592 shareholders, down 11.94%), and Chen An Technology (15,244 shareholders, down 16.71%) [2]. - The average stock price increase for concentrated shares since December 21 is 5.73%, with notable increases from Yidian Tianxia, Tunan Co., and Jiuzhiyang [2]. - In terms of industry concentration, the computer sector has the highest representation among concentrated stocks, with three companies listed [2]. Group 3: Funding Trends - As of December 31, five concentrated stocks have attracted leveraged funds, with notable increases in financing balances for Yidian Tianxia (up 22.42%), Tunan Co. (up 9.66%), and Tianhe Defense (up 6.20%) [2].

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

Core Viewpoint - The company primarily generates its revenue from the domestic market, with a small portion of export sales contributing to its overall performance [2]. Group 1: Company Revenue Sources - The company's main business revenue is mainly derived from the domestic market [2]. - In the past two years, export sales accounted for approximately 10% of the company's main business revenue, which includes exports to European markets [2]. - The export business currently does not have a significant impact on the company's overall operating performance [2]. Group 2: Future Outlook - The company plans to solidify its core business while steadily expanding its overseas market development opportunities [2].

Group 1 - Tunan Co., Ltd. experienced a decline of 1.45% in stock price, trading at 32.52 yuan per share, with a total market capitalization of 12.863 billion yuan [1] - The company specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels [1] - The revenue composition of Tunan includes: 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 - Xinhui Fund holds a significant position in Tunan Co., with its Advanced Manufacturing Mixed Fund A (018876) owning 70,000 shares, representing 2.29% of the fund's net value [2] - The fund has reported a year-to-date return of 61.94% and a one-year return of 58.02%, ranking 655 out of 8087 and 663 out of 8085 respectively in its category [2] - The fund was established on August 8, 2023, with a total scale of 65.5621 million yuan and has achieved a cumulative return of 95.75% since inception [2]

Group 1 - The metal new materials sector increased by 2.23% on December 25, with Youyan Powder Materials leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the metal new materials sector showed significant price increases, with Youyan Powder Materials rising by 11.71% to a closing price of 71.65 [1] Group 2 - The sector saw a net inflow of 3.23 billion yuan from institutional investors, while retail investors experienced a net outflow of 3.43 billion yuan [2] - Major stocks like Zhongke Sanhuan and Sry New Materials had varying levels of net inflow and outflow, indicating mixed investor sentiment [3] - The trading volume for Youyan Powder Materials reached 174,800 hands, with a transaction value of 1.196 billion yuan [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the aerospace power industry [5] Core Insights - The aerospace power industry is approaching a strategic layout timing, with a focus on downstream sectors such as aerospace power and control systems, benefiting from the iteration and release of new aircraft models [1][2] - The maintenance aftermarket is expected to become a second growth curve, with significant revenue generated from maintenance services [2] - The "14th Five-Year Plan" has seen key models of large engines entering a stock market phase, while medium engines are experiencing a recovery in growth [1][16] - The supply chain has matured, with a stable supplier landscape and reduced disturbances from new entrants [2][24] Summary by Sections Industry Overview - The large engine industry has entered a stock market phase, with the maintenance aftermarket opening up; medium engine growth is recovering [16] - The small thrust and turboshaft engine sectors are experiencing further contraction [18] - Key upstream suppliers in the aerospace power system have seen growth rates narrow, indicating a transition to a stable phase [20] - New suppliers have reached considerable capacity during the "14th Five-Year Plan" [21] Main Engine Manufacturers - Major manufacturers include the Dawn Company, West Aviation Group, Guizhou Liyang, and Southern Company, which form a comprehensive platform for the development and production of all types of aircraft engines [31] Supply Chain - The "small core, big collaboration" system has matured, with significant growth in strategic external suppliers while some internal suppliers face declining revenues [24] - The report highlights the importance of the maintenance aftermarket and military trade as potential growth areas [30] Future Outlook - The report suggests that the aerospace power industry will see structural growth driven by the maintenance aftermarket and military exports, particularly in light of geopolitical factors [2][30]