Summary of the Conference Call for 合锻智能 Company Overview - 合锻智能 is a leading enterprise in the high-end forming machine tool equipment industry in China, benefiting from the lightweight trend in the new energy vehicle sector, with expected growth in hot forming and composite material product orders, aiming to reverse last year's losses and achieve profitability [2][5][8]. Industry Insights - The company has formed a duopoly in the color sorting machine sector with 美亚光电, holding a global market share of approximately 20 billion RMB, with about 8 billion RMB in the domestic market [2][9]. - The company is confident in maintaining a growth rate of 10%-20% post-strategic adjustments in 2025, with a positive export trend to countries like India, Turkey, and Vietnam [2][5][10]. Key Projects and Developments - 合锻智能 has secured an order for a nuclear fusion vacuum chamber worth approximately 210 million RMB, with the first batch of gravity supports already delivered and the main body expected to be partially delivered in 2025 [2][11]. - The company has established a partnership with the Chinese Academy of Sciences to address high technical barriers in vacuum chamber manufacturing, focusing on welding deformation control as a significant challenge [4][12]. Strategic Direction - In 2025, 合锻智能 plans to expand in multiple business segments, prioritizing Southeast Asia and Central Europe through localized agents and service networks to reduce operational costs [5][8]. - The company aims to enhance brand exposure through international exhibitions and social media, providing differentiated solutions for various regions [5][8]. Research and Development - 合锻智能 has invested significantly in R&D, particularly in the nuclear fusion sector, with a focus on manufacturing processes, material selection, and structural design to meet extreme conditions [13][20]. - The company has established a strategic cooperation agreement with the Shanghai Li Zhengdao Research Institute to build a cutting-edge manufacturing laboratory, aiming to expand its potential in the nuclear energy and scientific device sectors [20][21]. Competitive Advantages - As a national-level manufacturing champion, 合锻智能 has revised multiple national and industry standards and participated in significant national science and technology projects, reinforcing its competitive edge in niche markets [6][7]. - The company’s strategic acquisitions, such as the German brand 劳法尔, are aimed at deepening its presence in the European market and enhancing its competitiveness in high-end sectors like automotive and home appliances [2][8]. Market Challenges - The company acknowledges the need to adapt to international market changes and currency fluctuations, which may impact its export business [5][10]. - The color sorting machine sector faces rapid iteration cycles, with replacement periods of 2 to 5 years, necessitating continuous innovation to stay competitive [9][10]. Conclusion - 合锻智能 is positioned to leverage its technological advancements and strategic partnerships to capitalize on growth opportunities in both domestic and international markets, particularly in the high-end manufacturing and nuclear fusion sectors [2][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a stage of slightly converging supply and relatively stable demand. It is recommended to conduct light - position short - term long trades at low prices, controlling the rhythm and trading risks [2]. - For Shanghai aluminum, the fundamentals may be in a stage of relatively stable supply and slightly reduced demand. It is recommended to conduct light - position oscillating trades, controlling the rhythm and trading risks [2]. - For cast aluminum, it is currently in a situation of stable supply growth and positive demand expectations. It is recommended to mainly observe cautiously, controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract was 20,395 yuan/ton, up 145 yuan; the closing price of the alumina futures main contract was 2,895 yuan/ton, unchanged. The LME electrolytic aluminum three - month quotation was 2,516.50 US dollars/ton, up 22.50 US dollars [2]. - The LME aluminum注销仓单 was 35,800 tons, down 2,300 tons; the LME aluminum inventory was 357,600 tons, down 2,300 tons. The Shanghai aluminum previous 20 - name net position was - 3,283 hands, up 4,308 hands [2]. 3.2 Spot Market - The Shanghai Non - ferrous Network A00 aluminum price was 20,650 yuan/ton, up 250 yuan; the alumina spot price in Shanghai Non - ferrous was 3,255 yuan/ton, down 5 yuan [2]. - The average price of ADC12 aluminum alloy ingots nationwide was 20,000 yuan/ton, and the basis of cast aluminum alloy was 540 yuan, up 100 yuan [2]. 3.3 Upstream Situation - The alumina production in May was 732.30 million tons, down 15.22%; the demand for alumina (electrolytic aluminum part) was 693.70 million tons, down 30.02 million tons [2]. - The average price of broken raw aluminum in Foshan metal scrap was 16,500 yuan/ton, up 100 yuan; the average price of broken raw aluminum in Shandong metal scrap was 16,000 yuan/ton, up 50 yuan [2]. 3.4 Industry Situation - The import quantity of primary aluminum was 250,476.81 tons, up 28,656.52 tons; the export quantity of primary aluminum was 13,672.79 tons, up 4,972.94 tons [2]. - The electrolytic aluminum total production capacity was 4,520.20 million tons, up 2.00 million tons; the electrolytic aluminum start - up rate was 97.65%, up 0.05% [2]. 3.5 Downstream and Application - The aluminum product production was 576.40 million tons, down 21.77 million tons; the export quantity of unwrought aluminum and aluminum products was 54.70 million tons, up 2.70 million tons [2]. - The production of recycled aluminum alloy ingots was 61.60 million tons, up 3.37 million tons; the export quantity of aluminum alloy was 1.66 million tons, down 0.16 million tons [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum was 9.40%, down 0.83%; the 40 - day historical volatility of Shanghai aluminum was 10.51%, up 0.01% [2]. - The implied volatility of the Shanghai aluminum main contract at - the - money was 10.11%, up 0.0065; the call - put ratio of Shanghai aluminum options was 0.78, up 0.0703 [2]. 3.7 Industry News - From June 9th to 10th, the first meeting of the China - US economic and trade consultation mechanism was held in London. Both sides reached a principle agreement on measures to implement the important consensus of the two heads of state's phone call on June 5th [2]. - In May, China's automobile production and sales continued to grow. The production and sales of new energy vehicles increased significantly, and the export of automobiles also increased [2]. - The latest inflation data in the United States remained moderate. After the CPI data was released, Trump called on the Fed to cut interest rates by one percentage point [2]. - The World Bank lowered the global economic growth forecast for this year from 2.7% to 2.3% [2].

内容概要：汽车零部件产业作为汽车产业链的上游，是其重要的组成部分，在整条价值链上占据了庞大 比重，随着我国汽车市场规模扩大和全球化采购迅速增长，我国汽车零部件产业供应体系逐步完善，形 成了全球规模最大、品类齐全、配套完整的产业体系，而作为汽车零部件重要细分市场之一汽车流体管 路，也随着汽车零部件行业迅猛发展而繁荣，据统计，2024年我国汽车流体管路行业市场规模达158.63 亿元，同比增长15.08%，其中，新能源汽车流体管路占比超60%，主要是由于新能源汽车的单车管路系 统的价值远高于传统燃油车所致。 上市企业：溯联股份（301397）、中鼎股份（000887）、三祥科技（831195）、腾龙股份（603158）、 美晨科技（300237）、凌云股份（600480）、标榜股份（301181）、川环科技（300547）、鹏翎股份 （300375）、比亚迪（002594）、上汽集团（600104）、一汽解放（000800）、长安汽车（000625）、 吉利汽车（00175.HK）、东风股份（600006）、广汽集团（601238）、长城汽车（601633）、江淮汽 车（600418）、中国重汽（000951） ...

在天津津南小站工业区，一台模具的合模精度正被钳工陈亚平反复校准。他的双手在金属表面游走，每一次锉削、每一次抛光都精准如机械。二十年的经验 积累，让他仅凭触感就能将模具误差控制在0.001毫米误差以内，可以做到"连一张纸都插不进去"。这不仅是技艺的极致展现，更是天津世亚模具股份有限 公司（以下简称"世亚模具"）对"严丝合缝"的极致追求，更是中国汽车安全结构件领域技术突破的微观缩影。 自2007年成立以来，世亚模具从仅有20人的小厂起步，凭借对冷冲压技术的深耕与创新，逐步成长为国家级高新技术企业、天津市专精特新企业，其超高强 度钢板冷冲压模具技术填补国内外空白，市场占有率超20%，服务奔驰、宝马、丰田、华为、小米等国内外知名车企。而这一切的起点，竟源于创始人林世 大的一场生死攸关的车祸启示。 一、自动化升级，百亿巨头缘何押注一家小厂 1994年，华北水利水电大学机械专业的毕业生林世大正以工程师身份在一家国有企业开启职业生涯。上世纪九十年代末，中国尚未叩开世界贸易组织的大 门。国企正处于计划经济向市场经济转型的阵痛期，而外企则以世界500强的姿态展现着先进管理范式。怀揣着"见世面、长本事"的想法，这个"不安分"的 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 铝类产业日报 2025/6/10 | 项目类别 | 数据指标 环比 数据指标 最新 环比 | 最新 | | | | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力合约持仓量:沪铝(日,手) | 19,980.00 184,305.00 | -45.00↓ 氧化铝期货主力合约收盘价(日,元/吨) +2633.00↑ 主力合约持仓量:氧化铝(日,手) | 2,886.00 294,852.00 | -6.00↓ -6191.00↓ | | | 本月-下月合约价差:沪铝(日,元/吨) | 100.00 | +5.00↑ 本月-下月合约价差:氧化铝(日,元/吨) | 112.00 | +34.00↑ | | | LME电解铝三个月报价（日，美元/吨） | 2,483.00 | +31 ...

市场快讯-铝合金上市策略推荐 | 市日期 | 到期日 | 挂牌价 | | --- | --- | --- | | 20250610 | 20251117 | 18365 | | 20250610 | 20251215 | 18365 | | 20250610 | 20260115 | 18365 | | 20250610 | 20250216 | 18365 | | 20250610 | 20260316 | 18365 | | 20250610 | 20260415 | 18365 | | 20250610 | 20260515 | 18365 | > 铸造铝合金期货上市挂牌价 铸造铝合金期货上市挂牌价为18365元/吨。 AD2512 > 供需格局 AD2601 AD2602 供应端:再生铝行业产能扩张较快,或维持百万吨以上产能增长,持续拉大废铝产需 AD2603 缺口,这将使得废铝回收环节定价偏强。 AD2604 需求端:汽车轻量化打开压铸铝合金需求空间,使得汽车用铝合金增速高于汽车行业 AD2605 产销增速。 综合来看:供需双增下,原料端矛盾或进一步凸显,废铝价格从成本逻辑支撑铸造铝 合金,铝合金价 ...

来源：三立期货 期货合约概述： 铸造铝合金期货即将于上海期货交易所上市，交易代码为"AD"，交易单位为10吨/手，最小变动单位为 5元/吨，交割月份涨停板幅度为上一个交易日结算价的3%，最低交易保证金为合约价值的5%。铸造铝 合金期货采用三阶段限仓。 上期所已发布公告，铸造铝合金期货自2025年6月10日（周二）起上市交易，铸造铝合金期权自2025年6 月10日（周二）晚上21:00起上市交易。 交割要点： 铸造铝合金期货合约交割品为ADC12。铸造铝合金期货合约采取品牌交割制度和实物交割制度。生产 日期在180天内进入交割仓库的铸造铝合金可制成标准仓单，有效期为该批次产品最早生产日期起360天 以内。铸造铝合金期货合约的交割单位为30吨，交割日期为最后交易日后连续二个工作日，交割结算的 基准价为该期货合约最后交易日的结算价。 具体交割细则： 铸造铝合金期货合约交割品为 ADC12。根据《征求意见稿》，铸造铝合金的交割品为化学成分应当符 合 GB/T 8733-2016 中 383Y.3 或者 JIS H 2118：2006 中 AD12.1 的规定，且符合以下规定： 研究员：刘双双 从业资格证号：F3076 ...

Group 1: Hubei Yihua (000422.SZ) - Hubei Yihua is a diversified large chemical enterprise with upstream resource advantages and production base layout [5][6] - The company operates in multiple sectors including coal chemical, chlor-alkali chemical, phosphate and fluorine chemical, and fine chemicals. In 2024, revenue from chemical fertilizers, PVC, chlor-alkali products, and other fine chemical products is projected to be 7.65 billion, 4.13 billion, 1.53 billion, and 1.81 billion CNY respectively, accounting for 45.1%, 24.4%, 9.0%, and 10.7% of total revenue [7] - The company ranks third in national fertilizer capacity, fifth in PVC capacity, and second globally in pentanediol capacity [7] - The acquisition of Xinfa Investment will increase the company's coal resource ownership and production capacity, adding 600,000 tons/year of urea, 300,000 tons/year of PVC, and 3 million tons/year of coal [7] - The company expects net profits of 940 million, 1.18 billion, and 1.24 billion CNY for 2025-2027, with corresponding PE ratios of 14.3, 11.3, and 10.8 times [7] Group 2: Shenghong Technology (300476.SZ) - Shenghong Technology is a leading high-end PCB manufacturer with advanced multilayer and HDI board technologies, having established a "soft and hard" product layout through acquisitions [8] - The company has long-term partnerships with major brands such as Nvidia, Tesla, AMD, and Microsoft, which enhances its competitive edge in the PCB market [8] - The PCB industry is expected to grow rapidly due to the explosion in computing power demand and the electrification and intelligence of automobiles, with a projected CAGR of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [8] - The company anticipates net profits of 4.65 billion, 6.58 billion, and 8.15 billion CNY for 2025-2027, with corresponding EPS of 5.39, 7.63, and 9.45 CNY, and PE ratios of 18.6, 13.1, and 10.6 times [8]

要应用于对零部件机械性能和安全性能要求较高的汽车动力系 统、传动系统、转向系统以及悬挂支撑等系统。 公司自成立以来，不断开发锻造及机加工工艺。在研发创新、 生产管理、质量控制等方面陆续受到了国内外知名零部件供应商 的高度认可，建立了长期稳定的合作关系。公司依托锻造方面的 优势，近几年积极开发布局锻造零部件在新能源汽车中的应用， 参与多家知名整车厂新能源汽车零部件的开发。 公司的终端客户为奔驰、宝马、奥迪、大众、通用、特斯拉、 比亚迪、小鹏、理想和蔚来等企业。直接客户主要以世界零部件 百强企业为主，其中博世、采埃孚和麦格纳位列前五名。 二、互动交流 证券代码：001282 证券简称：三联锻造 芜湖三联锻造股份有限公司 投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 类别  | 现场参观 | | | 其他（通讯会议） | | | 董事会秘书、财务总监：杨成 | | | 证券事务代表：钱慧 | | | 华泰证券：刘浩、吴艳茹、张晓龙 | | | 林锐 ...

作者 | 周智宇 渠道轻量化破局 6月5日，苏州正田林肯用户中心正式启幕。这是林肯首家由网外投资人独立运营的标杆门店。 编辑 | 张晓玲 当价格战的硝烟从入门级市场弥漫至豪华腹地，整个行业都陷入了一场前所未有的"体系化"生存竞赛。 这不再是单一产品、单点技术的较量，而是涵盖了品牌、技术、资本、供应链乃至组织韧性的全方位战 争。 在这场残酷的马拉松中，渠道网络，这一曾被视为品牌"护城河"的重资产，如今正经历着冰与火的考 验。收缩、关停、转型……一幕幕壮士断腕的剧情轮番上演。然而，作为百年美式豪华品牌的林肯，却 在此时选择了一条看似"逆流而上"的道路。 今年2月14日，林肯在中国发布了名为"星火燎原"的渠道轻量化计划。以最低150万元的投入门槛，向更 广阔的市场发出加盟邀请。随后在6月初，林肯首家网外独立运营的标杆门店在苏州开业。 从传统的"重资产、高投入"模式，迈向"轻量化、高效率"的全新路径。林肯这次渠道战略上的变革，也 是对当前车市竞争白热化的思考。 林肯中国总裁贾鸣镝对华尔街见闻表示，"星火燎原"的核心是通过"动态调整网络"，在精简中实现优化 扩张。 在当前存量搏杀的竞争格局下，车企与经销商这对"命运共同 ...