樊科社介绍，天力复合的核心技术源于通过爆炸焊接技术生产各类层状金属复合材料，相关产品广泛应 用于核工业、化工、冶金、电力、航空航天等国民经济重要工业领域，为下游高端装备制造提供关键材 料解决方案。 展望未来，樊科社表示，天力复合将继续深耕层状金属复合材料行业，着力于拓展如核聚变装置用层状 金属复合材料等相关前沿领域的应用。同时，将持续技术创新，筑牢企业长久稳定发展的根基。 （文章来源：证券日报） 在技术创新方面，樊科社强调，爆炸焊接技术是公司的基础性门槛，为了解决相关技术难题，公司积极 与国内高校开展合作。这种产学研深度融合的模式，为公司持续创新提供了强大动力。 谈及资本市场，樊科社表示，天力复合始终坚持稳健经营，从长期发展的角度来看，企业的核心还是要 增强技术实力，通过先进的工艺技术与完善的质量控制体系，为客户提供优良的产品，来更好地服务社 会，资本回报自然会随之而来。天力复合已经建立了相对完善的回馈机制，为股东及广大投资者提供稳 定的价值回报。 11月14日，西安天力金属复合材料股份有限公司（以下简称"天力复合"）董事长樊科社在接受《证券日 报》记者采访时表示，天力复合始终坚持以科技创新为根本，通过持续的 ...

Industry Overview - Metal matrix composites (MMCs) are advanced materials formed by combining different metals or non-metals, offering superior performance compared to single components. Their core value lies in "performance designability," which meets stringent requirements for lightweight, high strength, high thermal conductivity, and corrosion resistance in downstream applications [2][4]. - The industry is experiencing unprecedented growth opportunities due to the continuous upgrades in high-end manufacturing sectors such as aerospace, military electronics, smart terminals, and semiconductor equipment [2]. Metal Matrix Composites Classification - MMCs can be categorized into metal matrix composites and layered metal composites. Metal matrix composites include continuous fiber-reinforced and discontinuous reinforced types, while layered metal composites are created through various advanced preparation techniques [4][6]. Industry Chain Analysis - The upstream of the MMC industry chain includes raw materials like aluminum, magnesium, titanium, and ceramic fibers/particles, along with auxiliary materials and production equipment [9][10]. - The midstream involves the preparation of MMCs and component manufacturing, while the downstream applications span aerospace, military electronics, smart terminals, and automotive industries [11][16]. Market Analysis - The market for metal matrix composites in China is projected to grow from CNY 26.4 billion in 2020 to CNY 42 billion by 2024, with a compound annual growth rate (CAGR) of 12.31%. By 2027, the market size is expected to reach CNY 61 billion [25]. - The market for metal matrix composites has expanded from aerospace applications to include smart terminals and new energy vehicles, driven by demand from emerging civilian industries [25]. Production Processes - The production process for metal matrix composites involves several key steps, including material mixing, hot isostatic pressing, forging, and high-temperature stamping, ensuring uniform distribution and stable performance of the composite materials [36][39]. Technological Advancements - The technology level of MMCs is characterized by complex multi-material and multi-process interactions, focusing on component design, interface control, and quality consistency. The industry is moving towards high-performance and integrated structural-functional materials [42][66]. - The future of MMCs is expected to focus on high-performance applications, with aluminum matrix composites achieving tensile strengths of 500 MPa and aiming for 600-1000 MPa [66][67]. Competitive Landscape - The global market for aluminum matrix composites is dominated by international giants, with companies like DWA Aluminium Composites and Alvant holding a combined market share of 70%. Domestic companies are rapidly catching up in specific segments [48][56]. - Key players in the Chinese market include Youyan Metal Composite Materials, Hunan Xiangtou Light Materials, and Zhongke Composite Materials, which are making significant advancements in technology and market presence [49][60]. Future Development Trends - The metal matrix composites industry is expected to achieve breakthroughs across multiple markets, driven by technological advancements and increased application levels in various sectors [64]. - The demand for MMCs is anticipated to grow as applications expand into military electronics, smart terminals, and semiconductor equipment, providing sustained momentum for market growth [69].

Core Viewpoint - The metal composite materials industry is experiencing unprecedented growth opportunities due to advancements in high-end manufacturing sectors such as aerospace, military electronics, smart terminals, and semiconductor equipment. The report aims to provide a comprehensive analysis of the technology classification, industry chain structure, market size, competitive landscape, and core enterprises in the metal composite materials sector, with a special focus on diamond-copper composite materials [2]. Industry Overview - Metal composite materials are new materials formed by combining two or more different metals or metal and non-metal materials through physical, chemical, or mechanical methods. They exhibit superior performance due to the synergistic effects of their components, meeting specific performance requirements in various applications [4]. - Metal composite materials can be categorized into metal matrix composites and layered metal composites. Metal matrix composites include continuous fiber-reinforced and discontinuous reinforced types, while layered metal composites are created through advanced manufacturing techniques such as explosive bonding and rolling [4][6]. Industry Chain Analysis - The upstream of the metal matrix composite materials industry chain includes metals and alloys such as aluminum, magnesium, and titanium, as well as ceramic fibers/particles and auxiliary materials [9][10]. - The midstream involves the preparation of metal matrix composites and component manufacturing [10]. - The downstream applications are widespread, including aerospace, military electronics, smart terminals, and automotive industries [11][16]. Market Analysis - The market for metal composite materials in China is projected to grow from 26.4 billion yuan in 2020 to 42 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.31%. By 2027, the market size is expected to reach 61 billion yuan [25]. - The market for metal matrix composites is expected to increase from 7 billion yuan in 2020 to 11 billion yuan in 2024, with a CAGR of 11.94%, reaching 21.2 billion yuan by 2027 [27]. - The layered metal composite materials market is anticipated to grow from 19.43 billion yuan in 2020 to 31 billion yuan in 2024, with a CAGR of 12.40%, reaching 39.8 billion yuan by 2027 [29]. Production Processes - The production process for metal matrix composites involves several key steps, including mixing, hot isostatic pressing, forging, and high-temperature stamping, which ensure the uniform distribution of components and enhance material properties [36][39]. Technical Level and Characteristics - Metal matrix composites are characterized by their complex multi-material and multi-process nature, requiring advanced technologies for component design, interface control, and quality consistency. The performance metrics include mechanical properties such as strength and fatigue resistance, as well as physical properties like thermal conductivity [43]. - The domestic supply of raw materials for metal matrix composites has largely achieved self-sufficiency, with significant advancements in the purity and distribution of high-end materials [44]. Competitive Landscape - The global market for aluminum matrix composites is dominated by international giants, with companies like DWA Aluminium Composites and Alvant holding a combined market share of 70%. Domestic players are rapidly catching up, with companies such as Yuyuan Metal Composite Materials and Zhongke Composite Materials making significant strides [48][49]. - The layered metal composite materials market is primarily led by international firms like DMC and Asahi Kasei, but domestic companies are increasing their market share through technological advancements and product development [51][52]. Future Development Trends - The metal composite materials industry is expected to achieve breakthroughs in multiple markets, driven by technological advancements and policy support. The focus will be on high-performance and integrated structural-functional materials to meet the evolving demands of various applications [64][66]. - The market demand for metal composite materials is anticipated to expand as applications diversify into military electronics, smart terminals, and semiconductor equipment, providing sustained growth momentum [69].

Group 1 - The Ministry of Industry and Information Technology announced the 2025 list of characteristic industrial clusters for small and medium-sized enterprises (SMEs), with two clusters from the province selected: the metal composite materials cluster in Shenyang's Sujiatun District and the major equipment bearing cluster in Dalian's Wafangdian City [1] - The Shenyang metal composite materials cluster includes 122 enterprises along the industrial chain, covering technology research and development, deep processing, and comprehensive applications, with products widely used in automotive parts, aerospace, and electrical power sectors. The cluster's total output value reached 9.45 billion yuan in 2024, with 25 specialized and innovative SMEs and 5 "little giant" enterprises [1] - The Dalian major equipment bearing cluster has developed a well-structured bearing industry system with collaboration among large, medium, and small enterprises. The cluster's main products include bearings for large wind turbines and metallurgical rolling mills, with a total output value of 13.852 billion yuan in 2024, comprising 208 SMEs, 14 specialized and innovative SMEs, 5 "little giant" enterprises, and 1 national-level manufacturing single champion enterprise [1] Group 2 - The provincial industrial and information technology department is implementing multiple measures to promote the development of characteristic industrial clusters for SMEs, guiding various cities to formulate special support policies and creating a demonstration effect [2] - The department encourages enterprises to focus on key links and segments of the industrial chain, using innovation to enhance the overall competitiveness of the clusters. A monitoring system has been established to dynamically track the development status and challenges faced by enterprises [2] - Currently, the province has cultivated a total of 5 national-level characteristic industrial clusters for SMEs, including the two newly added ones, along with three others: the electrolyte and diaphragm materials cluster in Fushun's Dongzhou District, the ultra-high voltage electrical equipment cluster in Shenyang's Tiexi District, and the special alloy cluster in Jinzhou's Taihe District [2]

Core Insights - Shenzhen Securities Regulatory Bureau has recognized 11 typical cases of mergers and acquisitions, with Zhongjin Lingnan's acquisition of Foshan Precision being highlighted as a successful example, reflecting the regulatory body's high regard for the quality and effectiveness of Zhongjin Lingnan's M&A activities [1] - Zhongjin Lingnan, under the control of Guangsheng Holdings Group, has been implementing the Guangdong provincial government's "1310" initiative and focusing on developing new productive forces, particularly in enhancing mineral resource reserves and upgrading traditional mining and smelting enterprises [1] - The acquisition of Foshan Precision, the largest producer of bimetallic materials in China, marks a significant leap into the new materials sector, allowing Zhongjin Lingnan to complement its existing production capacity and become a leading enterprise in the high-end metal composite materials industry [1] Financial Performance - Following the acquisition, Zhongjin Lingnan has transitioned from traditional mineral extraction to high-end new materials manufacturing, establishing a full industry chain layout from mining to smelting to new materials [2] - The market share and competitiveness in the metal composite materials segment have significantly increased, with the company achieving the number one position in the domestic market for bimetallic materials and enhancing its global competitiveness [2] - For the fiscal year 2023-2024, Zhongjin Technology's revenue is projected to rise from 1.077 billion to 2.042 billion yuan, representing a year-on-year growth of 89.60%, while net profit is expected to increase from 46 million to 80 million yuan, marking a growth rate of 73.91% [2] Strategic Focus - Zhongjin Lingnan will continue to adhere to the FAITH management philosophy, emphasizing the importance of the real economy and manufacturing, while focusing on upstream and downstream mergers and acquisitions in mineral resources and new materials [2] - The company aims to cultivate and strengthen new productive forces, accelerating the development of a modern industrial system that is self-controlled, safe, reliable, and competitive, contributing to Guangsheng Holdings Group's vision of becoming a world-class enterprise with dreams, responsibilities, and contributions [2]

Core Insights - Silver Bond Co., Ltd. experienced a slight decline of 0.48% in stock price on October 15, with a trading volume of 137 million yuan [1] - The company reported a financing net purchase of 2.39 million yuan on the same day, with a total financing and securities balance of 420 million yuan [1][2] - For the first half of 2025, the company achieved a revenue of 2.864 billion yuan, marking a year-on-year growth of 14.21%, while the net profit attributable to shareholders decreased by 45.40% to 45.385 million yuan [2] Financing and Securities - On October 15, the financing buy amount for Silver Bond was 14.9581 million yuan, with a financing balance of 420 million yuan, representing 4.95% of the circulating market value [1] - The financing balance is below the 20th percentile level over the past year, indicating a low position [1] - The short selling data shows that on October 15, there were no shares repaid, but 900 shares were sold short, with a total short selling amount of 9,288 yuan [1] Shareholder Structure - As of October 10, the number of shareholders for Silver Bond was 56,500, a decrease of 0.59% from the previous period, while the average circulating shares per person increased by 0.60% to 14,545 shares [2] - By June 30, 2025, new institutional shareholders included Southern CSI 1000 ETF, holding 4.5724 million shares, and Huaxia CSI 1000 ETF, holding 2.6840 million shares [3] - Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3]

Core Insights - Fujian Zijin Huanye Metal Composite Materials Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The company is involved in the processing of non-ferrous metal rolling, sales of metal matrix composites and ceramic matrix composites, and new material technology research and development [1] - The company is jointly held by Zijin Mining (601899), Fujian Zijin Copper Industry Co., Ltd., Hangzhou Gaoqi Enterprise Management Partnership (Limited Partnership), and Huanye (Zhejiang) Metal Composite Materials Co., Ltd. [1]

Core Insights - Fujian Zijin Huanye Metal Composite Materials Co., Ltd. has been established with a registered capital of 100 million RMB [1] - The company is involved in the processing of non-ferrous metal rolling, sales of metal matrix composites and ceramic matrix composites, and new material technology research and development [1] - The company is jointly owned by Zijin Mining (601899), Fujian Zijin Copper Co., Ltd., Hangzhou Gaoqi Enterprise Management Partnership (Limited Partnership), and Huanye (Zhejiang) Metal Composite Materials Co., Ltd. [1] Company Overview - The legal representative of the newly established company is Zhou Jianhui [1] - The establishment of this company indicates a strategic move into the metal composite materials sector, which is expected to grow due to increasing demand for advanced materials [1]

Core Insights - The event highlighted the achievements of Chinese scientists in overcoming technological challenges and contributing to green development in various industries [1][2][3] Group 1: Steel Industry - The chief expert from Shougang Group, Qinggele Jirigele, shared her journey in low-carbon ironmaking, leading her team through over 500 experiments to improve the quality and structure of iron ore, which has become a significant example for green development in the steel industry [1] - The team received two national awards for metallurgical science and technology, showcasing the importance of innovation in traditional industries [1] Group 2: Advanced Materials - The R&D director of Yuyuan Metal Composite Materials, Nie Junhui, discussed the breakthrough in domestic microcrystalline silicon aluminum, which was previously reliant on imports and restricted for military use. After over 300 experiments, the team developed a product that is one-third the price of foreign alternatives and has a supply cycle of just two months [2] - This material is now widely used in critical applications such as remote sensing cameras and advanced military aircraft, demonstrating the potential for domestic innovation in high-tech fields [2] Group 3: Environmental Innovation - The deputy general manager of Beijing Municipal Road and Bridge, Cui Li, presented a project that transforms daily sewage into materials for road construction. After facing numerous challenges, including over 130 failures and 200 adjustments, the team successfully created an odorless dried sewage road [2] - This initiative reflects the commitment to sustainable practices and innovation in urban infrastructure development [2] Group 4: Educational Impact - The event served as an inspiration for students, emphasizing the importance of aligning academic research with industry needs to enhance future contributions to the field [3] - Young researchers were encouraged to focus on national and industry demands in their work, reinforcing the role of education in fostering innovation [3]

Core Viewpoint - The 2025 World Manufacturing Conference in Hefei, Anhui, highlighted ten internationally leading technologies and products in the manufacturing sector, with Wanyu Technology's Solid Phase Composite (SCP) technology being a focal point due to its innovative nature and broad application prospects [1][8]. Group 1: SCP Technology Overview - SCP technology is referred to as the "metal weaving machine" in the solid phase composite field, enabling the bonding of different metals without melting them, thus overcoming traditional metal joining process limitations [4]. - The technology allows for the seamless integration of aluminum, copper, titanium, and steel at the microscopic level, creating high-strength composite materials in both 2D and 3D structures [4]. Group 2: Key Advantages of SCP Technology - Superior Performance: SCP technology eliminates defects such as pores and cracks found in traditional casting and rolling processes, achieving complete densification [4]. - High Efficiency and Low Carbon Footprint: The solid-state processing method reduces energy consumption by 30%-50% compared to molten additive manufacturing, making it significantly more energy-efficient for lightweight alloys [5]. - Wide Application: SCP has been successfully applied in aerospace, new energy vehicles, electronic power, and 3C industries, contributing to the lightweight and reliability upgrades of high-end equipment [6]. Group 3: Implications for the Industry - The breakthrough of SCP technology sets a new benchmark for the global metal composite materials industry and showcases China's independent innovation capabilities in key core technology areas [8]. - Anhui will continue to build international cooperation platforms to accelerate the transformation of scientific and technological achievements, supporting the high-quality development of the global manufacturing industry [8].