Group 1 - The TMT theme ETF has seen significant capital inflow, with industry theme funds collectively rising, particularly TMT and pharmaceutical theme funds, which increased by 3.64% and 2.24% respectively [4] - The domestic new fund market is active, with a total issuance of 31.013 billion units this week [4] - Stock ETFs experienced a net outflow, with broad-based ETFs showing significant net outflows, while the capital outflow from the Sci-Tech Innovation and entrepreneurship theme ETFs was relatively small [4] Group 2 - Platinum prices have reached a new high since 2018, while tungsten prices have hit a new high since 2013 [5] - Lithium prices have fallen below 80,000 yuan per ton, with potential for accelerated capacity clearance in the future; companies with cost advantages and resource expansion in the lithium sector are recommended for attention [5] - The Democratic Republic of Congo has decided to suspend cobalt exports for four months, which may alleviate the global oversupply of cobalt [5] Group 3 - COFs (Covalent Organic Frameworks) are emerging crystalline porous polymers with a wide range of potential applications; the preparation methods include solvent thermal synthesis, ionothermal synthesis, mechanochemical synthesis, and microwave-assisted synthesis [6] - Baolidi has completed ton-level production of COFs, indicating progressive industrialization [6]

Group 1 - The core viewpoint of the article indicates that Jiangnan New Materials (603124) primarily supplies copper-based new materials to PCB manufacturers, with some customers being suppliers to Nvidia, but the company does not supply Nvidia directly [1]

Investment Rating - The report maintains a rating of "Overweight" for the non-ferrous metal sector [5] Core Insights - The report highlights that platinum prices have reached a new high since 2018, while tungsten prices have hit a new high since 2013, indicating strong market dynamics in the metal new materials sector [4] - The lithium price has dropped below 80,000 yuan per ton, suggesting potential accelerated capacity clearance in the lithium mining sector [4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and others [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 237,000 yuan per ton, down 0.4% week-on-week [10] - Carbon fiber price is stable at 83.8 yuan per kilogram, with a gross profit of -8.78 yuan per kilogram [25] - Rhenium powder price is 17,980 yuan per kilogram, with a production volume of 0.215 tons in December 2023, down 4.4% [22] New Energy Vehicle Materials - Lithium spodumene price is 535 USD per ton, down 1.83% week-on-week [28] - Battery-grade lithium hydroxide prices are 62,600 yuan per ton, down 1.9% [32] - Phosphate lithium price is 303,000 yuan per ton, down 3.81% [41] Photovoltaic New Materials - Photovoltaic-grade polysilicon price is 4.28 USD per kilogram, stable week-on-week [28] - EVA price is 10,500 yuan per ton, down 0.9% [28] Nuclear Power New Materials - Uranium price is 52.17 USD per pound, up 0.6% week-on-week [3] Consumer Electronics New Materials - Cobalt tetroxide price is 186,500 yuan per ton, down 0.27% [28] - Silicon carbide price is 5,600 yuan per ton, stable week-on-week [28] Other Materials - Rhodium price is 1,480 yuan per gram, up 1.7% week-on-week [28]

Summary of the Conference Call for Antai Technology Industry Overview - The conference call primarily discusses the rare earth permanent magnet materials and high-end powder materials industries, along with the controlled nuclear fusion sector. Key Points and Arguments Revenue and Profit Trends - Revenue from rare earth permanent magnet materials has increased, but profits are under pressure due to changes in rare earth prices and business models [2][3] - Soft magnetic amorphous materials have seen significant growth in revenue, orders, and profits, particularly benefiting from demand in the transformer sector [2][3] - The company anticipates breakthroughs in aircraft motor strip materials in the second half of 2025 and into 2026, which could become a new growth point [2][3] High-End Powder Materials - The high-end powder materials segment, including tungsten and molybdenum deep processing, has shown recovery following initial impacts from US-China trade tensions, with positive trends in revenue and orders observed in April and May [2][6] - The strategic new product, powder high-speed steel, has driven over 10% growth in revenue and over 30% growth in net profit for the high-quality steel and welding materials segment [2][6] Controlled Nuclear Fusion - Antai Technology is actively positioning itself in the controlled nuclear fusion field, focusing on experimental reactor demands and long-term market share post-commercialization [2][5] - The company produces components such as copper-tungsten divertors, capturing approximately 1.5% of the construction cost of Tokamak devices, with an estimated market size of around 1.5 billion RMB for related materials [4][10] Business Segments with Growth Potential - The company is optimistic about several business segments, including: - **Nanocrystalline materials for aircraft**: Benefiting from growth in the transformer market [2][7] - **Specialty materials for aerospace and chip cooling**: Expected to perform well due to anti-dumping investigations on chip cooling technologies from the US and India [2][7] - **Powder high-speed steel**: High order volumes and capacity release expected to drive growth [2][7] Competitive Advantages - The company’s core competencies in the refractory metals sector include technology, production scale, equipment capability, deep processing ability, brand influence, and innovation capacity [4][8] - Antai Technology has developed many domestic alternatives to imported products, particularly in tungsten and molybdenum deep processing [8][9] Future R&D and Market Outlook - The company plans to enhance R&D investments and production capabilities in the controlled nuclear fusion sector, aiming to become a key supplier of core components [16][17] - The timeline for nuclear fusion commercialization remains uncertain, with significant advancements expected between 2030 and 2040 [17][18] Challenges in Controlled Nuclear Fusion - The sector faces challenges in achieving stable power generation, requiring advanced materials and processes [18] - Stringent quality control measures are necessary, as any defect in components can lead to the entire assembly being deemed unusable [18] Additional Important Information - The company has a strong track record in supplying components for various projects, including ITER and domestic insulation engineering projects, demonstrating its capabilities in the controlled nuclear fusion field [13][14]

Core Viewpoint - The Tieshan Port area in Beihai, Guangxi has transformed from a traditional agricultural region into a modern industrial powerhouse with an output value exceeding 100 billion RMB, driven by diverse industrial clusters including green chemicals, new materials, and renewable energy [1][3]. Economic Growth - The GDP of Tieshan Port area has increased from 760 million RMB at its establishment to 60.266 billion RMB in 2024, representing a growth of 78 times [3]. - The port's cargo throughput has surged from 5.6 million tons to 44.7492 million tons, an increase of over 800 times since its inception [3]. - The industrial output value has escalated from 134 million RMB to 177.321 billion RMB, marking a growth of over 1,000 times [3]. Infrastructure Development - Tieshan Port has become a key industrial zone in Beihai and one of the three major industrial areas in the Guangxi Beibu Gulf Economic Zone [3]. - Recent infrastructure projects include the completion of dedicated railway lines and the construction of a 200,000-ton navigation channel, enhancing shipping capacity [4]. - The port currently has 24 productive berths and 9 open berths, with ongoing efforts to improve multi-modal transport systems [4]. Strategic Initiatives - The area is actively participating in the "Belt and Road" initiative and supporting national strategies such as the Western Land-Sea New Corridor and the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - Tieshan Port is positioned as an international gateway connecting southwestern China with southern and central regions, facilitating international trade [3][4]. - The region is also focusing on attracting eastern industry transfers and fostering international cooperation in supply chains, particularly in new materials and food processing [5].

Core Points - The company has completed the listing and circulation of all shares from its initial strategic placement [1] - The company will distribute a cash dividend of 0.25 RMB per share (including tax) and will increase capital by 0.2 shares for each share held [1][3] - The total cash dividend distribution amounts to 29,958,334 RMB (including tax), and the capital increase will result in 23,966,667 new shares being issued [3][7] Dividend and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on May 16, 2025 [3] - The total share capital before the distribution was 119,833,336 shares, which will increase to 143,800,003 shares after the capital increase [7] - The cash dividend will be distributed to shareholders registered by the close of trading on the stock exchange on the record date [3][4] Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.25 RMB per share [4][5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon sale of the shares [5][6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax on dividends, resulting in a net distribution of 0.225 RMB per share [6][7] Share Structure Changes - The company confirms that all strategic placement shares have been fully listed and are circulating [7] - The share structure will change from 119,833,336 shares to 143,800,003 shares after the capital increase [7] - The diluted earnings per share for the fiscal year 2024 is projected to be 0.49 RMB [7]

Key Points - The article discusses the recent price trends of various materials in different sectors, highlighting both increases and decreases in prices across the board [2][3][4][5][6][7]. Group 1: Military Industry New Materials - Electrolytic cobalt price is at 238,000 CNY/ton, down 0.8% week-on-week. The ratio of electrolytic cobalt to cobalt powder is 0.93, down 0.7% [2]. - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of 9.28 CNY/kg [2]. - Beryllium price remains unchanged [2]. Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 560 USD/ton, down 20.90% week-on-week [3]. - Prices for battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 64,500 CNY/ton, 62,700 CNY/ton, and 65,200 CNY/ton, down 1.3%, 1.53%, and 1.1% respectively [3]. - Cobalt sulfate price is at 47,800 CNY/ton, down 1.14% [3]. - Prices for lithium iron phosphate and 523-type cathode materials are stable at 31,500 CNY/ton and 105,900 CNY/ton respectively [3]. - Neodymium oxide price is at 429.33 CNY/kg, down 1.0% [3]. Group 3: Photovoltaic New Materials - Photovoltaic-grade polysilicon price is at 4.29 USD/kg, down 0.2% [4]. - EVA price is at 10,900 CNY/ton, down 1.8%, maintaining a high level since 2013 [4]. - The price of 3.2mm photovoltaic glass coating remains stable at 24.0 CNY/sqm [4]. Group 4: Nuclear Power New Materials - Prices for zirconium-related materials (zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand) remain unchanged [5]. - Uranium price is at 52.17 USD/lb, up 0.6% [5]. Group 5: Consumer Electronics New Materials - The price of high-purity gallium is at 1,875.00 CNY/kg, down 1.3% [6]. - Prices for germanium dioxide and lithium cobalt oxide remain stable at 9,900 CNY/kg and 175.0 CNY/kg respectively [6]. - Silicon carbide price remains stable at 5,600.00 CNY/ton [6]. Group 6: Other Materials - Platinum price is at 262.00 CNY/g, up 7.8%, while rhodium price is at 1,365.00 CNY/g, down 6.8% [7].

Group 1 - The overall quality of companies waiting for listing on the Beijing Stock Exchange (BSE) is high, with an average net profit of 89.67 million yuan for 94 companies, significantly higher than the average of 42.11 million yuan for 266 listed companies [3][15][17] - The average subscription rate for companies that raised over 200 million yuan is 0.14%, compared to 0.06% for those that raised less than 200 million yuan, indicating a correlation between fundraising size and subscription success [14][21] - The expected new stock subscription yield for 2025 is estimated to be between 4.8% and 10.80%, based on various assumptions regarding market conditions and investor participation [20][21] Group 2 - The BSE 50 index experienced a decline of 3.68% this week, closing at 1370.04 points, following a previous high of 1500 points, indicating potential volatility in the market [4][25][29] - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased to 48.45X, with 53.79% of companies having a PE ratio exceeding 45X, suggesting a high valuation environment [22][26][27] - The five major industries on the BSE, including high-end equipment and information technology, have varying PE ratios, with information technology at 92.82X, indicating sector-specific valuation disparities [32][34] Group 3 - The average first-day price increase for newly listed companies from January 1, 2024, to May 23, 2025, is 303.91%, with the highest recorded increase being 731.41% for Tongguan Mining [44] - The IPO review process is active, with two companies awaiting approval and two newly accepted for review, reflecting ongoing market activity [5][42] - The report highlights the importance of focusing on companies with stable performance and reasonable valuations, particularly those classified as "little giants" in their respective sectors [39][41]

Core Viewpoint - The controlling shareholder's action to reduce its stake in the company indicates a strategic financial decision driven by funding needs [1] Group 1 - The controlling shareholder, Youyan Dingsheng Investment Development Co., Ltd., plans to reduce its holdings by up to 1.03 million shares, representing 1% of the company's total share capital [1] - Youyan Dingsheng currently holds 1.56% of the company's shares, all of which are unrestricted and were acquired prior to the company's initial public offering [1] - The reason for the reduction is attributed to the funding requirements for Youyan Dingsheng's own strategic development [1]

一、对外投资情况概述 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 广东嘉元科技股份有限公司（以下简称"公司"）于2023年7月24日召开了第五届董事会第七次会议以及 第五届监事会第六次会议，审议通过了《关于公司对外投资设立全资孙公司暨开展新业务的议案》，拟 由公司全资子公司嘉元（深圳）科技创新有限公司（以下简称"嘉元科创公司"）投资设立"深圳嘉元新 材料科技创新有限公司"（以下简称"嘉元新材料"），具体内容详见公司于2023年7月25日在上海证券交 易所网站（www.sse.com.cn）披露的《广东嘉元科技股份有限公司关于对外投资设立全资孙公司暨开展 新业务的公告》（公告编号：2023-050）。 嘉元新材料自成立以后，围绕铜、黄金等金属新材料以及其他新型材料，开展研发、设计、生产、销售 工作，同时将在其他金基材料、铜基材料方向开展相关研发、科技成果转化、项目孵化和产业服务等业 务。鉴于嘉元新材料的黄金业务未能达到预期，公司此前已将嘉元新材料为主体开展的黄金相关新材料 业务暂停。为优化公司管理结构，提升运营效率，公司 ...