Group 1: Infrastructure Development - The Huai'an Port Phase III project has initiated automated terminal joint debugging, marking a significant progress in construction and enhancing Huai'an's status as a national inland shipping center [1] - Huai'an's GDP grew by 7% in Q1, leading the province, supported by hub economy and major projects [1] - A series of major transportation projects are underway, including the expansion of Huai'an Lianshui International Airport and the construction of a modern transportation network [3][4] Group 2: Economic Growth and Investment - Huai'an plans to invest 9 billion yuan in 29 transportation projects by 2025, with a total investment of approximately 100 billion yuan by 2035 to support the development of a modern transportation network [4] - The city has seen a doubling of cargo throughput at the Yangzhuang ship lock, from 12 million tons to over 24 million tons since the completion of the second lock [2] - Huai'an's industrial investment has maintained double-digit growth for over 40 months, with significant projects in advanced manufacturing and new materials [6] Group 3: Business Environment and Reforms - Huai'an has established a full-chain service mechanism for major industrial projects, achieving a parallel approval rate of 46.4% for construction projects [7] - The city has implemented measures to optimize the business environment, leading to increased satisfaction among private enterprises and recognition of over 30 reform experiences by national ministries [8] - Logistics costs have been significantly reduced for key enterprises through efficient multi-modal transport solutions, saving approximately 300 million yuan annually [8]

持续巩固经济稳中向好态势，辽阳全市上下将继续保持"不服输、勇争先"的斗志，全力冲刺"双过 半"，为决胜全年奠定坚实基础。 以优化营商环境推动振兴，厚植企业成长沃土，实有各类经营主体增幅名列全省前茅；持续巩 固"一单一仓一罐"制度型开放成果，外贸进出口总额增幅名列全省前茅……6月12日，在省政府新闻办 召开的"振兴新突破决胜勇争先"主题系列新闻发布会上，辽阳市政府相关负责人介绍全市奋力打好打赢 决胜之年决胜之战的重要部署、重点任务、具体举措及阶段性成效等有关情况。 辽阳市锚定地区生产总值突破千亿元目标，以决战决胜姿态全力冲锋，加快做大经济总量，提升发 展质量。一季度，全市地区生产总值增长5.2%，连续4个季度与全省保持同步；规上工业增加值、社会 消费品零售总额、外贸进出口总额等指标增幅均高于全省，拼出了首季"开门红"。 辽阳市将狠抓有效投资，全力开展"抓招商、推项目、促落地"行动，深入开展以商招商、产业链招 商、商会招商，力争实际到位资金增长10%，复制推广鸿昊、立邦项目"百天审批建成"模式，加快推进 尼龙66、华信镁建材等一批重大项目建设，增强经济发展后劲。 以营商"变量"提升经济发展"增量"，辽阳市将聚焦提 ...

本报告导读： 受外部环境及有效需求不足影响公司短期业绩波动，高端钛材领军企业加工产业链完善，重点经营项目 进展顺利，持续夯实市场地位，业绩有望持续改善。 投资要点： 公司加工产业链完整，重点项目推进顺利，持续夯实市场地位。1）公司深耕高性能金属材料领域，产 品服务于航空航天、兵器等战略新兴产业，持续为重大装备国产化提供关键材料支撑，是国内稀有金属 材料加工领域核心供应商；2）公司拥有完整的加工制造产业链，熔炼、锻造、轧制、精整、复合及后 处理、深加工等核心工序均已实现自主可控，装备建设有望带动公司营收持续增长；3）公司完成"海洋 工程用大规格低成本钛合金生产线技改项目"建设和"清洁能源用金属复合材料升级及产业化项目"建 设，启动了"航天及核用高性能难熔金属材料产业化项目"建设，进一步巩固公司在相关优势领域的产业 地位，增强核心竞争力；4）公司组建军工市场委员会等部门，发挥公司整体优势，强化资源共享，系 统开发新产品，拓展新领域，抢占新市场，24 年新增客户68 家，新产品新领域订货额突破6 亿元。 催化剂：钛材下游特种领域装备建设及核电项目建设提速。 维持目标价 23.69 元，维持"增持"评级。公司短期业绩 ...