证券代码：300283 证券简称：温州宏丰 温州宏丰电工合金股份有限公司 投资者关系活动记录表 编号：20250430 答：您好！"高性能 Ag/WC 复合触点材料"、电池盖板、铜箔、多 种传感器材料已实现批量或小批量销售，已获得市场认可，其他产品 处于送样验证阶段。 3、问：2024 年营业收入扣除其他业务收入后增长有限，公司未 来如何提升主营业务收入？ 答：尊敬的投资者，感谢您的提问！2024 年电接触及功能复合材 料板块实现主营业务收入 23.77 亿元，比上年同期增长 17.04%；硬质 合金板块实现主营业务收入 3.19 亿元，比上年同期增长 58.24%；铜 箔板块实现主营业务收入 1.59 亿元，比上年同期增长 119.17%；未来 公司将积极开发新产品，不断开拓新的应用领域，不断通过优化产品 和服务、拓展市场渠道、提高营销效率等方面来提高营业收入。 4、问：2023 年，公司锂电铜箔（江西宏丰铜箔）营业收入 7237 万元，2024 年公司锂电铜箔 1.58 亿元，请问江西宏丰铜箔是多少？， 已经投产的浙江铜箔是多少？2、2025 年一季度营业收入 7.566 亿元， 同比增加 39.87%， ...

在高强高韧钛合金、中强高韧钛合金、发动机专用钛合金、舰船用钛合金等多个领域，金天钛业均掌握 了多项自主可控的核心技术。 得益于深厚的技术积淀及专有的核心技术，公司钛合金棒材、锻坯产品在飞机结构件、紧固件及航空发 动机零部件等领域的渗透率稳步提升。目前，在该领域，金天钛业市占率排名第三，仅次于西部超导和 宝钛股份（600456）。 "公司积极对接国家重大型号装备需求，全方位参与航空、航天、舰船及兵器等高端装备领域型号装备 配套研制，新产品储备、产业化进程顺利。"4月30日，金天钛业(688750.SH)董事长李新罗在2024年年 度股东大会上表示。 2024年11月，金天钛业成功登陆科创板。这一年，公司聚焦"一体两翼"发展战略，在持续深耕高端航 空、航天市场基础上，通过发挥自身优势不断拓展海装市场与民用航空市场，采取各种措施提升公司经 营水平和盈利能力，交出了一份营收净利双增的成绩单。 年报显示，公司2024年实现营业收入8.08亿元，同比增长0.91%；归母净利润1.52亿元，同比增长 3.04%。 近年来，在我国"大飞机计划""空间站计划""舰船建造计划"等计划的牵引下，中高端钛材需求快速增 长。 在航空航 ...

2025 年 4 月 30 日 硅铁：黑色板块共振，硅铁低位震荡 锰硅：矿端信息扰动，锰硅低位震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2506 | 5608 | -40 | 101,408 | 140,498 | | 期货 | 硅铁2509 | 5664 | -38 | 21,833 | 102,179 | | | 锰硅2506 | 5700 | -46 | 48,234 | 45,332 | | | 锰硅2509 | 5758 | -46 | 206,305 | 405,443 | | | 项目 | | 价格 | 较前一交易日 | 单位 | | | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5550 | - | 元/吨 | | 现货 | 硅锰:FeMn65Si ...

4月，铁合金市场整体走势偏弱，煤炭板块品种价格下行及需求偏弱是其回落的主要因素。 硅铁方面，4月硅铁价格呈震荡下跌态势。基本面方面，硅铁价格走势高度依赖电价，生产一吨硅铁大 约耗电8000千瓦时，而电价又与煤电、新能源发电以及火电等需求紧密相连。今年以来煤炭价格持续下 跌，致使部分地区电价出现回落，进而带动硅铁价格下行。 从供需角度来看，硅铁市场缺乏亮点。生产端产能利用率较低，整体呈现不稳定态势，此外，除了生产 端的情况外，原料价格也对硅铁价格走势起到决定性作用。据我的钢铁网调查统计，3月全国136家硅铁 产区生产企业中，综合产能利用率为60.57%，较2月提升6.61%；全国3月硅铁产量达502,740吨，环比增 长12.26%，同比增长18.02%。不过，我的钢铁网最新数据显示，136家独立硅铁企业样本开工率（产能 利用率）为30.91%，较上期下降1.48个百分点，硅铁产量已开始明显下降。 展望5月，动力煤市场仍处于淡季，原料价格下行趋势短期内难以逆转，硅铁将继续受到煤价走势的影 响。不过，受益于4月硅铁减产，市场供需格局将得到一定改善。综合判断，5月硅铁价格将以震荡运行 为主。后续需关注夏季煤电旺季能 ...

所长 早读 国泰君安期货 2025-04-30 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-04-30 所长 早读 今 日 发 现 就业数据疲弱，美国 3 月 JOLTS 职位空缺创半年新低 观点分享： 美国劳工统计局周二公布报告显示，美国 3 月 JOLTS 职位空缺 719.2 万人，预期 750 万 人，2 月前值从 756.8 万人下修至 748 万人。3 月数据低于媒体调查的所有经济学家的预测。 该指标是美联储高度关注的劳动力市场数据。自 2022 年以来，此数据基本呈下行趋势，而 此前几个月，伴随着美联储降息，JOLTS 数据一度出现反弹。特朗普就职三个月来的一系列 操作加剧了经济运行的不确定性，当前 JOLTS 职位空缺水平已接近 2020 年时的水平。特朗 普削减联邦政府规模的举措对美国劳动力市场产生了明显的影响，而在关税大战正酣之际， 企业也正在搁置支出计划，劳动力需求必然受到负面影响。在此背景下，即将发布的美国第 一季度 GDP 初值恐难以"great again"。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 集运指数（欧线） ...

4月28日，江苏天工科技股份有限公司（简称"天工股份"）在北京证券交易所启动申购，本次发行价格3.94元/ 股，对应发行市盈率14.98倍，募集资金预计为2.36亿元。 天工股份是一家专业的钛及钛合金材料制造商，在其上市之路上，因存在业绩剧烈波动、实控人签"现金对赌协 议"、客户集中度畸高、违规代持股权等问题引发市场关注和质疑。 业绩波动明显，可持续发展存疑 天工股份是一家专业的钛及钛合金材料制造商，从事钛及钛合金材料的研发、生产与销售，利用原材料海绵钛生 产钛板材、钛管材、钛线材等，已被评为国家级专精特新"小巨人"企业。 近年来，公司业绩忽高忽低，波动较大。2023年，天工股份实现营业收入10.35亿元，同比增长170.05%；归母净 利润为1.7亿元，同比增长142.57%。 然而，这一增长态势在2024年陡然停止。2024年，天工股份实现营业收入为8.01亿元，同比下降22.59%；归母净 利润为1.72亿元，同比增长1.57%。 招股书披露，天工股份2025年1-3月（未经审计）实现营业收入19230.88万元，同比微增4.35%。 当前，我国钛及钛合金材料行业存在结构性产能过剩的问题，高端产品产能不 ...

关注微信公众号 | 投资咨询业务资格:证监许可 [2011] 1292号 | 钢材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2025年4月29日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品相 | 现值 | 前值 | 涨跌 | 泉差 | 单位 | | 螺纹钢现货(华东) | 3240 | 3230 | 10 | 83 | | | 螺纹钢现货(华北) | 3220 | 3220 | O | 63 | | | 螺纹钢现货(华南) | 3300 | 3330 | -30 | 143 | | | 螺纹钢05合约 | 3060 | 3055 | 35 | 180 | | | 螺纹钢10合约 | 3129 | 3101 | 28 | 111 | | | 螺纹钢01合约 | 3157 | 3137 | 20 | 83 | | | 热卷现货(华东) | 3280 | 3300 | -20 | 22 | 元/吨 | | 热卷现货(华北) | 3240 | 3240 | 0 | -18 | | | 热卷 ...

策略研究 | 证券研究报告 — 总量周报 2025 年 4 月 29 日 策略周报 AI 产业链有望重回主线 政治局会议延续基调，地产、消费政策进一步发力或仍需等待二季度经济数 据验证， "人工智能+"表述有所强化有机会重回主线。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 政策预期阶段性落地，短期震荡不改中期向好，科技产业具备长期趋 势。周五政治局会议召开，市场政策预期阶段性落地。总体来看，本次 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The static fundamentals of steel are good, with strong export demand for steel and billets. Despite high supply and good profits for steel mills, inventory depletion is smooth. With the approaching May Day holiday, downstream replenishment demand provides significant short - term support for steel prices. Rumors of 5000 - million - ton crude steel production cuts have strengthened the upward price expectation, but the impact is hard to predict. Production cuts may change the strength relationship between steel and raw materials, but may not drive a significant increase in steel prices [3]. - Iron Ore: The iron ore market maintains a situation of strong current reality and weak future expectations until mid - May. Although demand is strong, the market is trading on weak future expectations, especially the possible sharp decline in orders in mid - May [21]. - Coal and Coke: Affected by the news of crude steel production cuts, the profit of steel mills on the futures market has expanded rapidly. In the short term, the supply and demand of coal and coke are both strong, and prices have some support at the bottom. In the long term, if the production - cut policy is not implemented immediately, a new round of negative feedback may occur in the black market after the real demand weakens in late May [37]. - Ferroalloys: The fundamentals of ferroalloys continue the trend of pricing based on production cuts. Although the pressure of high supply has eased, the supply is still in excess compared to weak downstream demand, and high - inventory pressure remains [56]. - Soda Ash: Starting from May, expected maintenance will increase supply disturbances. The market is in a long - term oversupply situation with high inventory. Although the rigid demand has slightly improved, the photovoltaic industry may return to an oversupply situation. The decline in soda ash prices is driven by inventory accumulation and price - cutting actions of alkali plants, and supply disturbances may increase market volatility [71][72]. - Glass: Driven by weak demand and pessimistic expectations, along with high inventory pressure in the mid - and upstream, glass prices have dropped significantly. In the future, glass will continue to face oversupply pressure. Variables to consider include the postponement of ignition and new cold - repairs, as well as the improvement of demand. Short - term price fluctuations may increase [96]. 3. Summaries by Relevant Catalogs Steel - **Futures Prices**: On April 28, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3157, 3060, and 3129 respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3258, 3209, and 3237 respectively [4]. - **Spot Prices**: On April 28, 2025, the aggregated rebar price in China was 3374 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3280 yuan/ton [8]. - **Basis and Spread**: On April 28, 2025, the 01 rebar basis in Shanghai was 83 yuan/ton, and the 01 hot - rolled coil basis in Shanghai was 22 yuan/ton. The 01 roll - rebar spread was 101 yuan/ton [8][15]. Iron Ore - **Futures Prices**: On April 28, 2025, the closing prices of 01, 05, and 09 contracts were 684, 763, and 710.5 respectively [22]. - **Spot Prices**: On April 28, 2025, the price of Rizhao PB powder was 763 yuan/ton [22]. - **Fundamentals**: As of April 25, 2025, the daily average pig iron output was 244.35 million tons, and the 45 - port inventory was 14261 million tons [31]. Coal and Coke - **Futures Prices**: On April 25, 2025, the coking coal warehouse - receipt cost (Tangshan Meng 5) was 983 yuan/ton, and the coke warehouse - receipt cost (Rizhao Port) was 1487 yuan/ton [38]. - **Spot Prices**: On April 28, 2025, the ex - factory price of Anze low - sulfur main coking coal was 1300 yuan/ton, and the ex - warehouse price of Rizhao quasi - first - grade coke was 1350 yuan/ton [38]. - **Profit and Ratio**: On April 25, 2025, the on - disk coking profit was 108 yuan/ton, and the main ore - coke ratio was 0.453 [38]. Ferroalloys - **Silicon Iron**: On April 28, 2025, the silicon iron basis in Ningxia was 260 yuan/ton, and the silicon iron spot price in Ningxia was 5650 yuan/ton [59]. - **Silicon Manganese**: On April 28, 2025, the silicon manganese basis in Inner Mongolia was 254 yuan/ton, and the silicon manganese spot price in Inner Mongolia was 5680 yuan/ton [59]. Soda Ash - **Futures Prices**: On April 28, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1319, 1364, and 1368 respectively [73]. - **Spot Prices**: On April 28, 2025, the market price of heavy soda ash in North China was 1500 yuan/ton [74]. - **Market Situation**: Starting from May, expected maintenance will increase supply disturbances. The market is in long - term oversupply with high inventory, and demand has slightly improved [71]. Glass - **Futures Prices**: On April 28, 2025, the closing prices of glass 05, 09, and 01 contracts were 1078, 1122, and 1172 respectively [97]. - **Spot Prices**: On April 28, 2025, the 05 - contract basis in Shahe was 158 yuan/ton [97]. - **Market Situation**: Driven by weak demand and high inventory, glass prices have dropped significantly. Future prices depend on ignition postponement, new cold - repairs, and demand improvement [96].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a revenue of 3.524 billion yuan in 2024, representing a year-on-year growth of 3.4%. However, the net profit attributable to shareholders decreased by 22.08% to 249 million yuan [3][5]. - The company benefits from the domestic high-end and new high-temperature alloy production scale, with significant growth in overseas markets, particularly in sectors related to the Belt and Road Initiative, where revenue growth reached 54.08% [5][6]. - The industry outlook is positive, with a strong upward trend in demand for military and civil aviation engines, supported by a 7.2% increase in national defense spending in 2025 [5][6]. Financial Performance Summary - Revenue for 2024 was 3.524 billion yuan, with a growth rate of 3.4%. The forecast for 2025 is 3.824 billion yuan, reflecting an expected growth rate of 8.51% [7]. - The net profit for 2024 was 249 million yuan, with projections of 288 million yuan for 2025, indicating a recovery with a growth rate of 15.93% [7]. - The company's gross margin is expected to improve, with a forecasted gross margin of 30.40% in 2025 [10]. Market and Product Insights - The company focuses over 60% of its products on the aerospace sector, which is expected to see robust growth in both military and civil aviation engine demands [5][6]. - The company is actively expanding its domestic and international markets, with significant potential in low-altitude economy and gas turbine sectors [5][6]. - The product structure is anticipated to optimize further, enhancing overall profitability and net profit margins in the coming years [5][6].