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]

Core Insights - Tunan Co., Ltd. experienced a stock price increase of 2.10% on November 20, reaching 26.73 CNY per share, with a total market capitalization of 10.573 billion CNY [1] - The company reported a year-to-date stock price increase of 23.35%, but has seen declines of 7.95% over the last five trading days, 3.99% over the last 20 days, and 12.10% over the last 60 days [1] - For the period from January to September 2025, Tunan Co., Ltd. achieved a revenue of 859 million CNY, a year-on-year decrease of 20.46%, and a net profit attributable to shareholders of 123 million CNY, down 52.21% year-on-year [2] Financial Performance - 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 November 10, the number of shareholders decreased by 2.90% to 13,400, while the average number of tradable shares per shareholder increased by 2.98% to 21,862 shares [2] Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder is E Fund Defense Industry Mixed A, holding 12.6168 million shares, an increase of 3.3774 million shares from the previous period [3] - The fifth largest circulating shareholder is Zhonggeng Value Pioneer Stock, holding 10.9114 million shares, which is a decrease of 3.8555 million shares from the previous period [3] Business Overview - Tunan Co., Ltd. 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 the company includes 46.24% from deformed high-temperature alloys, 28.17% from cast high-temperature alloys, and 10.63% from other alloy products [1]

Core Viewpoint - Tunan Co., Ltd. (300855) has shown a positive trend in financing activities, with a net financing inflow of 47.7 million yuan on November 19, 2025, and a cumulative net inflow of 172.14 million yuan over the last three trading days [1][2]. Financing Activities - On November 19, 2025, Tunan Co. had a financing buy-in of 9.57 million yuan and a financing repayment of 9.09 million yuan, resulting in a financing balance of 198 million yuan [1]. - In the last 20 trading days, there were 13 days with net financing inflows, indicating sustained investor interest [1]. - The financing balance on November 19 represented 2.58% of the circulating market value [2]. Margin Trading - On the same day, Tunan Co. experienced a margin sell-out of 200 shares and a margin repayment of 4,500 shares, leading to a net margin inflow of 4,300 shares, with a remaining margin of 37,000 shares [3]. - The margin balance on November 19 was 968,700 yuan [3]. Overall Margin Balance - The total margin balance reached 1.99 billion yuan on November 19, reflecting a 0.17% increase from the previous day [4]. - The margin balance had increased by 10.07 million yuan on November 18, 2025, indicating a significant rise in market activity [4].

Core Viewpoint - Tunan Co., Ltd. experienced a 2.00% decline in stock price on November 17, with a current price of 27.43 CNY per share and a market capitalization of 10.849 billion CNY [1] Group 1: Stock Performance - Tunan's stock price has increased by 26.58% year-to-date, but has seen a decline of 8.20% over the last five trading days, 0.54% over the last 20 days, and 10.48% over the last 60 days [2] - As of November 10, the number of shareholders for Tunan is 13,400, a decrease of 2.90% from the previous period, with an average of 21,862 circulating shares per shareholder, an increase of 2.98% [2] Group 2: Financial Performance - For the period from January to September 2025, Tunan reported a revenue of 859 million CNY, a year-on-year decrease of 20.46%, and a net profit attributable to shareholders of 123 million CNY, down 52.21% year-on-year [2] - Tunan 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] Group 3: Business Overview - Tunan Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels [2] - The revenue composition of Tunan's main business 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 steel, and 1.42% from small components [2] - Tunan is classified under the Shenwan industry as non-ferrous metals - new metal materials - other new metal materials, and is associated with concepts such as margin trading, mid-cap stocks, specialized and innovative enterprises, new materials, and high dividend transfers [2] Group 4: Institutional Holdings - As of September 30, 2025, Tunan's fourth-largest circulating shareholder is E Fund Defense Industry Mixed A, holding 12.6168 million shares, an increase of 3.3774 million shares from the previous period [3] - The fifth-largest circulating shareholder is Zhonggeng Value Pioneer Stock, holding 10.9114 million shares, a decrease of 3.8555 million shares from the previous period [3]