Group 1 - The stock of Shangda Co., Ltd. closed up by 1.15% at a price of 35.20 yuan on November 10 [1] - A block trade occurred with a total volume of 720,000 shares and a transaction amount of 24.96 million yuan, with a premium rate of -1.51% [1] - The buyer was an institutional proprietary trading department, while the seller was Guotou Securities Co., Ltd. Jiangsu Branch [1] Group 2 - In the past three months, Shangda Co., Ltd. has recorded a total of four block trades, amounting to 33.41 million yuan [1] - Over the last five trading days, the stock has increased by 3.83%, but there has been a net outflow of 37.58 million yuan in principal funds [1]

Core Viewpoint - The company has signed a framework agreement with Siemens Energy and is actively involved in supplying high-temperature alloy materials for gas turbine projects, with a focus on both domestic and international markets [2]. Group 1: Company Developments - The company confirmed that some of its high-temperature alloy materials have received approval from Siemens Energy and will play a positive role in related business cooperation [2]. - The company has obtained certifications from major international firms such as GE Energy, Baker Hughes, and Caterpillar for its high-temperature alloys and related products, with some products already in mass production and supply [2]. - Domestically, the company is a key supplier for major entities under China Shipbuilding Industry Corporation, including Harbin Turbine Factory and Dongfang Turbine Factory, and has significant involvement in the gas turbine sector of the aviation engine group [2].

Core Viewpoint - On November 6, Shangda Co., Ltd. experienced a stock price increase of 5.05%, reaching 35.75 CNY per share, with a trading volume of 657 million CNY and a turnover rate of 6.82%, resulting in a total market capitalization of 13.294 billion CNY [1] Company Overview - Shangda Co., Ltd., officially known as AVIC Shangda High-Temperature Alloy Materials Co., Ltd., is located at No. 16, Huigong Avenue, Qinghe County, Hebei Province. The company was established on August 23, 2007, and went public on October 16, 2024. Its main business involves the research, production, and sales of high-temperature and high-performance alloys, as well as high-quality special stainless steel [1] - The revenue composition of the company is as follows: high-temperature and high-performance alloys account for 52.58%, high-quality special stainless steel for 44.22%, other products for 2.02%, and additional items for 1.17% [1] Shareholder Information - Among the top ten circulating shareholders of Shangda Co., Ltd., a fund under Guotai Fund holds a position. The Guotai CSI Military Industry ETF (512660) reduced its holdings by 115,300 shares in the third quarter, now holding 735,400 shares, which represents 0.99% of the circulating shares. The estimated floating profit today is approximately 1.2649 million CNY [2] - The Guotai CSI Military Industry ETF (512660) was established on July 26, 2016, with a current scale of 14.109 billion CNY. Year-to-date returns are 14.4%, ranking 3251 out of 4216 in its category; the one-year return is 4.07%, ranking 3532 out of 3909; and since inception, the return is 19.17% [2]

Core Insights - On November 5, the stock of Shangda Co., Ltd. increased by 1.58%, with a trading volume of 492 million yuan [1] - The company reported a financing buy-in of 53.84 million yuan and a net buy of 10.11 million yuan on the same day [1] - As of November 5, the total financing and securities lending balance for Shangda Co. reached 223 million yuan, indicating a high level of activity [1] Financing Summary - On November 5, Shangda Co. had a financing buy-in of 53.84 million yuan, with a current financing balance of 222 million yuan, representing 2.32% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] Securities Lending Summary - On November 5, there were no shares repaid in securities lending, with 200 shares sold, amounting to 6,806 yuan at the closing price [1] - The securities lending balance stood at 350,500 yuan, also above the 90th percentile of the past year [1] Company Overview - Shangda Co., Ltd. specializes in the research, production, and sales of high-temperature and high-performance alloys, as well as high-quality special stainless steel [1] - The company's revenue composition includes 52.58% from high-temperature and high-performance alloys, 44.22% from high-quality special stainless steel, and 2.02% from other products [1] Financial Performance - For the period from January to September 2025, Shangda Co. reported a revenue of 1.805 billion yuan, a year-on-year decrease of 4.10% [2] - The net profit attributable to shareholders was 76.58 million yuan, reflecting a significant year-on-year decline of 38.60% [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Shangda Co. was 25,500, a decrease of 1.12% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.13% to 2,914 shares [2] Dividend Information - Since its A-share listing, Shangda Co. has distributed a total of 43.51 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was the Guotai Zhongzheng Military Industry ETF, holding 735,400 shares, a decrease of 115,300 shares from the previous period [3] - Other notable institutional shareholders include the Southern Zhongzheng 1000 ETF and the Huaxia Zhongzheng 1000 ETF, with varying changes in their holdings [3]

Core Viewpoint - The company has received notifications regarding share reduction plans from major shareholders, indicating potential changes in ownership structure and market sentiment [1] Shareholder Reduction Plans - Guotou Mining plans to reduce its holdings by up to 3.5 million shares, representing approximately 0.94% of the company's total share capital [1] - Yao Xinchun intends to reduce his holdings by up to 3.4 million shares, which accounts for about 0.91% of the company's total share capital [1] - Zhanpei Asset Management plans to reduce its holdings by up to 7.6285 million shares, equivalent to around 2.05% of the company's total share capital [1]

Core Viewpoint - The company, Zhidao Co., Ltd. (301522.SZ), has announced that its shareholders, Guotou Mining, Yao Xinchun, and Zhanpei Asset Management, have plans to reduce their shareholdings in the company [1] Summary by Categories - **Shareholder Reduction Plans** - Guotou Mining intends to reduce its holdings by up to 3.5 million shares, which represents no more than 0.94% of the company's total share capital [1] - Yao Xinchun plans to reduce his holdings by up to 3.4 million shares, accounting for no more than 0.91% of the company's total share capital [1] - Zhanpei Asset Management plans to reduce its holdings by up to 7.6285 million shares, which is no more than 2.05% of the company's total share capital [1]

Core Viewpoint - The announcement indicates significant shareholder intentions to reduce their stakes in the company, which may impact stock performance and investor sentiment [1] Shareholder Reduction Plans - Guotou Mining Investment Co., Ltd., holding 13.45% of the shares, plans to reduce its holdings by up to 3.5 million shares, representing 0.94% of the total share capital [1] - Specific shareholder Yao Xinchun, holding 4.03%, intends to reduce his stake by up to 3.4 million shares, accounting for 0.91% of the total share capital [1] - Zhongjin Company, holding 2.5% through a strategic placement asset management plan, plans to reduce its holdings by up to 7.6285 million shares, which is 2.05% of the total share capital [1]

Core Viewpoint - The announcement from the company indicates significant planned share reductions by major shareholders, which may impact stock performance and investor sentiment [1] Shareholder Reductions - Major shareholder Guotou Mining holds 50 million shares, accounting for 13.45% of total shares, and plans to reduce holdings by up to 3.5 million shares, representing 0.94% [1] - Specific shareholder Yao Xinchun holds 15 million shares, or 4.03%, and intends to reduce holdings by up to 3.4 million shares, which is 0.91% [1] - The strategic investment management plan holds 9.2967 million shares, or 2.50%, with a planned reduction of up to 7.6285 million shares, equating to 2.05% [1]

证券代码：301522 证券简称：上大股份 公告编号：2025-042 中航上大高温合金材料股份有限公司 关于持股5%以上股东、特定股东及员工战略配售资管计划 减持股份的预披露公告 持股 5%以上股东国投矿业投资有限公司、特定股东姚新春及中金公司－中 国银行－中金上大股份 1 号员工参与战略配售集合资产管理计划保证向本公司 提供的信息披露内容真实、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。 特别提示： 中航上大高温合金材料股份有限公司（以下简称"公司"或"本公司"或"发 行人"）持股 5%以上股东国投矿业投资有限公司（以下简称"国投矿业"）持 有公司 50,000,000 股（占公司总股本的 13.45%），计划自本公告披露之日起 15 个交易日后的3个月内以集中竞价交易方式减持公司股份不超过3,500,000股（占 公司总股本的 0.94%）。 公司特定股东姚新春持有公司 15,000,000 股（占公司总股本的 4.03%），计 划自本公告披露之日起 15 个交易日后的 3 个月内以大宗交易或集中竞价交易方 式减持公司股份不超过 3 ...

Core Insights - The company has successfully developed and delivered high-temperature alloys such as GH3535 and Inconel 718 for nuclear engineering applications, which are being used in domestic third and fourth-generation nuclear projects [2] - The company has a long-term research and technology accumulation, with some products already applied in advanced nuclear technologies like controlled nuclear fusion and thorium molten salt reactors [2] - The company plans to increase its research efforts in high-temperature alloys for nuclear applications and continue to expand its product applications in the nuclear power market [2]