兴合先进制造混合发起式A（018876）基金经理为梁辰星。 截至发稿，梁辰星累计任职时间2年146天，现任基金资产总规模1.66亿元，任职期间最佳基金回报 95.27%， 任职期间最差基金回报19.38%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 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、特种不锈钢等高性能合金材料及其制品的研发、生 产和销售。主营业务收入构成为：变形高温合金46.24%，铸造高温合金28.17%，其他合金制品 10.63%，其他业务收入8.31%，特种不锈钢5.23%，中小零部件1.42%。 从基金十大重仓股角度 数据显示，兴合基金旗下1只基金重仓图南股份。兴合先进制造混合发起式A（018876）三季度持有股 数7万股，占基金净值比例为2.29%，位居第六大重仓股。根据测算，今日浮亏损失约3.36万元。 兴合先进制造混合发起式A（0188 ...

证券之星消息，12月25日金属新材料板块较上一交易日上涨2.23%，有研粉材领涨。当日上证指数报收 于3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。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) | | --- | --- | --- | --- | --- | --- | | 688456 | 有研粉材 | 71.65 | 11.71% | 17.48万 | 11.96亿 | | 920576 | 天力复合 | 86.81 | 9.06% | 12.55万 | 10.53亿 | | 301522 | 上大股份 | 38.48 | 7.46% | 43.92万 | 16.60亿 | | 688102 | 斯瑞新材 | 38.58 | 6.87% | 67.00万 | 25.37亿 | | 300855 | 图南股份 | 32.63 | 5.09% | 15.41万 | 5.01亿 | | 000970 | 中科三环 | 13.53 | 3.68% | 42.80万 | 5.73亿 | | 000633 | 台金投 ...

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]

Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has shown significant stock performance with a year-to-date increase of 46.29% and a recent 5-day increase of 5.84% [1] - As of December 25, Tunan's stock price reached 31.70 yuan per share, with a total market capitalization of 12.538 billion yuan [1] - The company specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steel [1] Group 2 - For the period from January to September 2025, Tunan reported a revenue of 859 million yuan, a year-on-year decrease of 20.46%, and a net profit attributable to shareholders of 123 million yuan, down 52.21% year-on-year [2] - The number of shareholders increased by 9.63% to 14,800, while the average circulating shares per person decreased by 8.78% to 19,794 shares [2] - Tunan has distributed a total of 368 million yuan in dividends since its A-share listing, with 287 million yuan distributed over the past three years [3]

Core Viewpoint - As of December 10, 2025, the number of registered shareholders for Tunan Co., Ltd. (300855) is approximately 13,500 households [1] Group 1 - The company has engaged with investors through an interactive platform [1] - The shareholder count indicates a growing interest in the company [1] - The specified date for the shareholder count is set for December 10, 2025, suggesting future growth expectations [1]

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].

Market Overview - The metal new materials sector experienced a decline of 1.21% on November 26, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Sry New Materials (688102) saw an increase of 2.28%, closing at 25.17 with a trading volume of 432,000 shares and a turnover of 1.061 billion [1] - Longda Co., Ltd. (688231) led the decline with a drop of 5.38%, closing at 23.22 with a trading volume of 81,000 shares and a turnover of 190 million [2] - Other notable performers include: - Tunan Co., Ltd. (300855) down 3.94% to 27.03 with a turnover of 191 million [2] - Alloy Investment (000633) down 3.35% to 8.09 with a turnover of 46.4 million [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 301 million from institutional investors, while retail investors experienced a net inflow of 392 million [2][3] - Specific stock capital flows include: - Shenzhen New Star (603978) had a net inflow of 73.61 million from institutional investors but a net outflow of 70.84 million from retail investors [3] - Tunan Co., Ltd. (300852) had a net inflow of 2.80 million from institutional investors and a net inflow of 11.93 million from retail investors [3]

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]