Group 1 - The controlling shareholder and actual controller of Zhongzhou Special Materials, Mr. Feng Mingming, plans to reduce his shareholding by up to approximately 5.6 million shares, which accounts for no more than 1.22% of the company's total share capital [1] - Mr. Feng Mingming holds approximately 163 million shares, representing 35.54% of the total share capital of Zhongzhou Special Materials [1] - The reduction will occur within three months after fifteen trading days from the announcement date, using centralized bidding or block trading methods [1] Group 2 - As of the report date, Zhongzhou Special Materials has a market capitalization of 9.7 billion yuan [2] - The company's revenue composition for the first half of 2025 is entirely from the high-temperature alloy materials and products industry, accounting for 100% [2]

Core Viewpoint - The controlling shareholder and actual controller of Zhongzhou Special Materials, Feng Mingming, plans to reduce his shareholding in the company within three months, with a maximum reduction of 5,603,300 shares, accounting for 1.22% of the total share capital [1] Group 1 - Feng Mingming currently holds 162,997,128 shares, representing 35.54% of the company's total share capital [1] - The reason for the reduction is personal funding needs, and the selling price will not be lower than the stock's issuance price [1] - Any changes in share capital, such as stock dividends or capital reserve transfers, will lead to adjustments in the number of shares to be reduced [1] Group 2 - The reduction will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1]

特别提示： 证券代码：300963 证券简称：中洲特材 公告编号：2025-060 上海中洲特种合金材料股份有限公司 关于控股股东、实际控制人减持股份预披露公告 公司控股股东、实际控制人冯明明保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 持有本公司股份 162,997,128 股（占本公司总股本比例 35.54%）的控股股 东、实际控制人冯明明先生计划自本公告之日起十五个交易日后的三个月内，以 集中竞价交易或大宗交易方式减持本公司股份，减持数量不超过 5,603,300 股 （含本数），即减持比例不超过公司总股本的 1.22%。 冯明明先生采取集中竞价交易方式减持公司股份的，在任意连续九十个自然 日内，减持股份的总数不超过公司总股本的 1%；采取大宗交易方式减持公司股 份的，在任意连续九十个自然日内，减持股份的总数不超过公司总股本的 2%。 公司上市后，冯明明先生依法增持的股份不受上述约束。若此期间公司有送股、 资本公积转增股本等股份变动事项，对该股份做同等处理。 上海中洲特种合金材料股份有限公司（以下简 ...

Core Viewpoint - Zhongzhou Special Materials stated that its high-temperature alloy products have a wide range of applications, and specific details should refer to the company's publicly disclosed information [2] Group 1 - The company responded to investor inquiries on November 10 regarding the application fields of its high-temperature alloy products [2]

Market Overview - The metal new materials sector experienced a slight decline of 0.0% on November 7, with AnTai Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Shenzhen New Star (603978) saw a significant increase of 10.00%, closing at 35.21 with a trading volume of 94,300 shares and a turnover of 330 million [1] - Yunlu Co., Ltd. (061889) increased by 6.70%, closing at 125.38 with a trading volume of 21,000 shares and a turnover of 260 million [1] - AnTai Technology (000969) led the decline with a drop of 4.30%, closing at 20.26 with a trading volume of 1,006,400 shares and a turnover of 2.057 billion [2] Capital Flow - The metal new materials sector saw a net outflow of 423 million from main funds, while retail investors contributed a net inflow of 428 million [2] - The capital flow data indicates that retail investors were more active in the sector, contrasting with the outflow from institutional investors [2] Individual Stock Capital Flow - Galaxy Magnetics (300127) had a main fund net inflow of 9.88 million, while retail investors saw a net outflow of 15.46 million [3] - Sry New Materials (688102) experienced a main fund net inflow of 19.27 million, with a retail net outflow of 25.80 million [3] - Longmag Technology (300835) had a main fund net inflow of 6.38 million, while retail investors recorded a net inflow of 736,010 [3]

Core Insights - The metal new materials sector increased by 1.19% on November 6, with Longda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Sector Performance - The metal new materials sector saw a net outflow of 215 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [1] - Key stocks in the sector experienced varied performance, with Zhongzhou Special Materials down 3.36% and Antai Technology down 1.90% [1] Fund Flow Analysis - Major inflows were observed in stocks like Placo New Materials, which had a net inflow of approximately 60.80 million yuan from institutional investors [2] - Retail investors showed a significant outflow in stocks such as Placo New Materials, with a net outflow of about 55.14 million yuan [2]

Group 1 - The company stated that its high-temperature alloy products are not involved in the construction of thorium-based molten salt reactors [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

Core Insights - Zhongzhou Special Materials (300963.SZ) released its Q3 2025 report on October 28, 2025, indicating a total of 37.3 million A-shares held by three institutional investors, accounting for 8.13% of the total share capital [1] - The institutional holding ratio decreased by 1.67 percentage points compared to the previous quarter [1] - A total of 17 public funds were disclosed this period, including notable funds such as Dongfang Low Carbon Economy Mixed A and Southern CSI 2000 ETF [1] - Foreign investment sentiment showed a decrease, with Barclays Bank PLC reducing its holdings by 0.32% compared to the last quarter [1]

Group 1 - The core viewpoint of the article highlights that Zhongzhou Special Materials (300963.SZ) reported a decline in both revenue and net profit for the third quarter [1] Group 2 - The company's operating revenue for the first three quarters was 688 million yuan, representing a year-on-year decrease of 14.73% [1] - The net profit attributable to shareholders of the listed company was 53.84 million yuan, down 26.04% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 45 million yuan, reflecting a year-on-year decline of 35.71% [1]