Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

主业：下游汽车市场需求旺盛，公司进军高端精冲材料国产替代 精冲材料迈向高端化，开辟机器人第二增长极 行业端，随着我国汽车制造行业发展，叠加单车精冲材料用量向发达国家 靠拢，中国精密冲压特殊钢市场前景广阔，目前需求量约为 100 万吨/年。 同时，我国高端精冲材料仍有部分高度依赖进口，具备国产替代机会。 基本情况：深耕精冲特钢材料二十年，切入人形机器人领域 公司报告 | 首次覆盖报告 公司主要从事定制化精密冲压特殊钢材料的研发、生产和销售，产品主要 用于各类汽车精冲零部件，应用范围覆盖汽车发动机系统、变速器与离合 器系统、座椅系统、内饰系统等结构件及功能件。2024 年，公司开拓机器 人领域的新业务，将精冲材料创新地应用于谐波减速器、行星减速器等机 器人零部件中。 翔楼新材（301160） 证券研究报告 我们预计公司 25-27 年分别实现收入 17.8、20.9、24.6 亿元，YOY+20%、17%、 18%，实现归母净利润 2.5、3.0、3.7 亿元，YOY+18%、22%、23%。 风险提示：汽车需求不及预期、原材料价格波动超预期、人形机器人发展 不及预期、股价波动较大风险、产能扩张进度不及预期风险； ...

公司报告 | 首次覆盖报告 翔楼新材（301160） 证券研究报告 精冲材料迈向高端化，开辟机器人第二增长极 基本情况：深耕精冲特钢材料二十年，切入人形机器人领域 公司主要从事定制化精密冲压特殊钢材料的研发、生产和销售，产品主要 用于各类汽车精冲零部件，应用范围覆盖汽车发动机系统、变速器与离合 器系统、座椅系统、内饰系统等结构件及功能件。2024 年，公司开拓机器 人领域的新业务，将精冲材料创新地应用于谐波减速器、行星减速器等机 器人零部件中。 主业：下游汽车市场需求旺盛，公司进军高端精冲材料国产替代 行业端，随着我国汽车制造行业发展，叠加单车精冲材料用量向发达国家 靠拢，中国精密冲压特殊钢市场前景广阔，目前需求量约为 100 万吨/年。 同时，我国高端精冲材料仍有部分高度依赖进口，具备国产替代机会。 公司端，翔楼多年来坚持自主研发，在核心工艺环节精密冷轧和热处理领 域掌握了多项核心技术。目前，公司精冲材料在性能上已经接近国际巨头 威尔斯，并且汽车领域的产品价格能比外资竞争对手低 30%-50%。同时， 安徽新厂的建设预计能在公司原有 18 万吨产能的基础上扩张 15 万吨新产 能，并且开拓高端轴承、机器人等 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 甬金股份（603995.SH） 一季度盈利回落，规模有望持续扩张 事件：公司发布 2025 年一季报。一季度实现营业收入 93.89 亿元，同比增长 0.89%；归属 于母公司所有者的净利润 1.04 亿元，同比减少 15.41%；基本每股收益 0.28 元，同比减少 12.5%。 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 04 月 25 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 特钢Ⅱ | | 前次评级 | 买入 | | 04 月 25 日收盘价（元） | 18.06 | | 总市值（百万元） | 6,603.05 | | 总股本（百万股） | 365.62 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 4.56 | 股价走势 -20% -10% 0% 10% 20% 30% 2024-04 2024-08 2024-12 2025-04 甬金股份 沪深300 作者 一季度盈利回落，销售净利率环比略降 ...