（编辑 任世碧） 证券日报网讯 2月24日，通裕重工在互动平台回答投资者提问时表示，公司全资子公司济南冶科所主要 从事硬质合金及相关产品的研制、生产和销售，生产包括金刚石压机用顶锤、棒材、盾构刀具、数控金 属切削工具等。 ...

Core Viewpoint - The company, Jiuli Special Materials, is focused on providing high-performance materials for industries such as oil and gas, power generation, and high-end equipment manufacturing, particularly in the context of increasing demand for renewable energy and new materials [2]. Group 1: Company Overview - Jiuli Special Materials specializes in industrial stainless steel pipes, special alloy pipes, fittings, bars, wires, and prefabricated pipe components [2]. - The company has a long-standing commitment to the oil and gas, power, and high-end equipment manufacturing sectors, offering a diverse range of product specifications [2]. Group 2: Industry Trends - There is a growing demand for high-performance materials in the renewable energy and new materials industries, driven by national initiatives promoting energy transition [2]. - The company is actively monitoring emerging technologies and is taking a pragmatic approach to understand and explore these developments [2]. Group 3: Product Focus - In the field of solar thermal energy, the company's products are primarily used for heat collector pipes and transport pipes [2]. - The company is cautiously planning its technological reserves and product research and development in line with industry advancements [2].

Core Viewpoint - The company, Innovation New Materials (600361), is enhancing the economic value of recycled aluminum through technological research and application, enabling its use in various sectors such as 3C consumer electronics, automotive lightweighting, and renewable energy [1] Group 1 - The company recycles aluminum and outputs products such as bars, profiles, and structural components through processes including melting, extrusion, and finishing [1] - The application of recycled aluminum is being accelerated, promoting its circulation in multiple industries [1] - The focus on technological development aims to increase the economic value of recycled aluminum [1]

Core Viewpoint - The company emphasizes a dual approach of product structure adjustment and quality enhancement to drive high-quality development during the "14th Five-Year Plan" period [1] Group 1: Strategic Focus - The company identifies mergers and acquisitions as a core strategy for improving industry chain layout and achieving leapfrog development, focusing on high-quality targets in core business areas [1] - The company is simultaneously advancing its capability upgrades, accelerating smart manufacturing and digital transformation [1] Group 2: Market Positioning - The company is deepening its layout in deep processing fields such as plates, wires, and bars, prioritizing high value-added business segments to fully promote the self-control of high-end materials [1]

Group 1 - The stock price of Jiugang Hongxing increased by 7.45% on January 23, reaching 2.02 CNY per share, with a trading volume of 220 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 12.652 billion CNY [1] - Jiugang Hongxing has experienced a continuous increase in stock price for three consecutive days, with a cumulative increase of 7.43% during this period [1] - The company, established on April 21, 1999, and listed on December 20, 2000, is primarily engaged in the production and sales of steel and iron smelting and its rolling products, with main products including high-speed wire, bars, and medium-thick plates [1] Group 2 - Jiugang Hongxing's main business revenue composition includes: bars (31.86%), coils (26.12%), stainless steel (14.22%), wire (11.69%), plates (6.28%), and others (6.03%), with minor contributions from chemical products (2.30%), power (1.42%), and coke (0.03%) [1] - Among the top ten circulating shareholders of Jiugang Hongxing, a fund under Guotai Fund has increased its holdings in the Jiugang Zhongzheng Steel ETF (515210) by 19.4971 million shares in the third quarter, holding a total of 31.236 million shares, which represents 0.5% of the circulating shares [2] - The Jiugang Zhongzheng Steel ETF (515210) has a current scale of 3.98 billion CNY, with a year-to-date return of 5.83% and a one-year return of 41.47%, ranking 1840 out of 4261 in its category [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Since achieving a net steel export in 2006, China's steel product export volume as a proportion of the global total has been on an upward trend. In recent years, due to tariff disturbances, the domestic steel export market has been expanding, with the export scale increasing year by year. The export volume exceeded 100 million tons in 2024 and reached a new high in 2025 [5][9]. - In 2025, steel exports showed several characteristics: a shift in the export variety structure with the increase coming from long - products, diversification of export countries with an increasing share of emerging markets, and a situation of increasing volume but decreasing price, indicating that the strong steel export was mainly supported by low - price advantages [5][12][16]. - Currently, the domestic price advantage remains, and there is an increase in overseas demand, so the resilience of steel exports still exists. However, there are also more challenges in the future, such as intensified trade frictions, domestic policy adjustments, the EU carbon tariff policy, the recovery of overseas supply, and the pressure of RMB appreciation [5][23][26]. - In summary, weak domestic demand forced steel mills to increase exports, and with good price advantages, steel exports in 2025 were strong, alleviating domestic pressure. However, with the increase of challenges, the resilience of steel exports will be impacted, and the direct export volume may decline from its peak [5][44][47]. 3. Summary by Directory 3.1 2025 Steel Exports Reached a New High - China is the world's largest steel producer, and its steel export pattern affects the global steel product trade pattern. In 2025, despite trade barriers, the steel export volume continued to grow. The cumulative export volume of steel products in 2025 was 119.02 million tons, a year - on - year increase of 830,000 tons or 7.50%. Meanwhile, steel imports remained sluggish, with an import volume of only 6.06 million tons in 2025, a year - on - year decrease of 75,000 tons or 11%. The export of steel billets also performed well in 2025, with the cumulative export volume from January to November reaching 1.33801 million tons, a year - on - year increase of 782,000 tons or 140.64%. The combined export increase of steel and steel billets was 1.7 million tons, effectively alleviating the weak domestic demand pressure [9]. - In 2025, steel exports had the following characteristics: - **Shift in export variety structure**: The export increase came from long - products. Due to the downturn in the real estate market, the surplus of domestic construction steel (long - products) increased, and exports became an important factor in adjusting domestic supply - demand balance. From January to November, the cumulative export volumes of bars, sections, and wire rods increased by 527,000 tons, 183,000 tons, and 29,000 tons respectively, with year - on - year growth rates of 43.95%, 34.33%, and 12.13%. In contrast, the export growth rate of plates slowed down, and the export of ordinary plates such as hot - rolled coils and cold - rolled coils was directly affected by anti - dumping measures [12]. - **Diversification of export countries**: Traditional markets were under pressure due to anti - dumping policies, but emerging markets were rising. Southeast Asian countries, the Middle East, Africa, and South America all showed an increase in steel imports from China [16]. - **Increasing volume but decreasing price**: In 2025, the total steel export volume was 119 million tons, a year - on - year increase of 7.50%, while the export value was 82.578 billion US dollars, a year - on - year decrease of 1.26%, indicating that the strong steel export was mainly supported by low - price advantages [19]. 3.2 Steel Exports Face More Challenges - **Reasons for the high - growth of steel exports in 2025**: On the one hand, the intensification of domestic supply - demand contradictions forced steel mills to increase exports. On the other hand, there was a significant cost advantage, and the price difference between domestic and overseas markets was the core driving force for steel exports. Currently, the resilience of steel exports still exists because the domestic price advantage remains, and there is an increase in overseas steel demand. The World Steel Association estimates that global steel demand will rebound moderately by 1.3% in 2026, reaching 1.773 billion tons [23]. - **Challenges in 2026**: - **Intensified trade frictions**: In recent years, the EU, South Korea, Vietnam and other countries have frequently launched "double - anti" investigations and imposed high tariffs on Chinese steel products, resulting in a decline in China's export share in these markets. In 2024, there were 33 original investigations on trade remedies for Chinese steel products, and in 2025, there were more than 150 investigations or arbitrations. In 2026, as the anti - dumping cases from 2024 - 2025 enter the final ruling stage, China's steel exports will face more extensive trade resistance [26]. - **Domestic export policy adjustment**: On December 12, 2025, the Ministry of Commerce and the General Administration of Customs decided to adjust the "Catalogue of Goods Subject to Export License Administration (2025)", including some steel products with 300 customs commodity codes in the catalogue. It is difficult to assess the actual impact of this policy on exports for now. If strictly implemented, large steel enterprises may be less affected, while small and medium - sized enterprises may face restrictions [29]. - **EU carbon tariff policy**: The EU carbon tariff (CBAM) officially started to be levied on January 1, 2026. Once the free quota is completely removed, the CBAM cost of exporting one ton of steel to the EU will increase by 140 - 160 euros, eroding the profit space of enterprises. The implementation of CBAM will significantly weaken China's price advantage in steel exports, and Chinese steel products will face a competitive situation of "being attacked from both inside and outside" in the EU market. In addition, the compliance threshold has been greatly increased, and the short - term export process will be blocked [31]. - **Recovery of overseas supply**: From January to November 2025, the crude steel output of overseas countries (excluding China) was 766.888 million tons, a year - on - year increase of 1.798 million tons or 0.24%. The emerging markets of India and Southeast Asia maintained high - growth, and the production capacities of Turkey and Iran were recovering. In addition, the weakening of the US dollar credit and the pressure of RMB appreciation will also suppress domestic steel exports [35]. 3.3 Conclusion - China's steel exports have been increasing year by year. In 2025, steel exports reached a new high, showing characteristics such as a shift in the export variety structure, diversification of export countries, and increasing volume but decreasing price. Currently, the resilience of steel exports still exists, but in the future, there will be more challenges, and the direct export volume may decline from its peak [45][47].

Core Viewpoint - The company, Zhuzhou Oke Yi Precision Tool Co., Ltd. (Oke Yi), is expected to see significant profit growth in 2025, driven by industry trends and its strategic positioning in the high-end manufacturing sector [1][2]. Group 1: Financial Performance - Oke Yi forecasts a net profit attributable to shareholders of between 96 million to 110 million yuan for 2025, representing a year-on-year increase of 67.53% to 91.96% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 62 million to 75 million yuan, showing a year-on-year growth of 135.83% to 185.28% [1]. Group 2: Industry Context - The demand for CNC tools, referred to as the "teeth of industry," has been robust due to the accelerated transformation of the manufacturing sector towards high-end and intelligent production [1]. - The price of key raw materials, such as tungsten carbide and cobalt powder, has significantly increased, leading to a rise in product prices across the industry [1]. Group 3: Company Strategy and Development - Oke Yi has optimized its product structure, increasing the proportion of high-value-added products, and maintained high capacity utilization for CNC blades in the second half of the year [1]. - The company is experiencing faster-than-expected capacity release from its CNC tool industrial park project, which is contributing to rapid growth in overall carbide tool and bar capacity [1]. - The company plans to focus on high-end markets, increasing R&D investment, and upgrading products towards deep processing and system integration to solidify its industry-leading position [3]. Group 4: Management Confidence - The company’s board secretary, Han Hongtao, plans to increase his shareholding by 10 million to 20 million yuan, reflecting confidence in the company's long-term investment value and future development [2]. - Oke Yi has been deeply involved in the carbide tool sector for 30 years, holding 166 patents and achieving international advanced levels in several products, which can replace imports [2].

Core Viewpoint - Yongxing Materials has experienced a decline in stock price and financial performance, with significant decreases in revenue and net profit year-on-year, indicating potential challenges in the market [1][2]. Financial Performance - As of September 30, 2025, Yongxing Materials reported a revenue of 5.547 billion yuan, a year-on-year decrease of 10.98% [2]. - The net profit attributable to shareholders was 532 million yuan, reflecting a significant year-on-year decline of 45.25% [2]. - Cumulative cash dividends since the A-share listing amount to 5.662 billion yuan, with 4.362 billion yuan distributed over the past three years [3]. Stock Market Activity - On January 16, Yongxing Materials' stock price fell by 2.00%, trading at 52.43 yuan per share, with a total market capitalization of 28.265 billion yuan [1]. - The stock has decreased by 3.35% year-to-date, with a 2.60% decline over the past five trading days, but has increased by 8.84% over the last 20 days and 38.81% over the last 60 days [1]. - The net outflow of main funds was 19.81 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 52,500, a reduction of 2.28% [2]. - The average number of circulating shares per shareholder increased by 2.33% to 7,401 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 31.3495 million shares, an increase of 25.9464 million shares from the previous period [3].

Core Viewpoint - Innovation New Materials has shown a positive stock performance with a year-to-date increase of 7.31% and a recent trading volume indicating strong investor interest [2] Group 1: Stock Performance - As of January 15, the stock price increased by 2.02%, reaching 4.55 CNY per share, with a trading volume of 1.02 billion CNY and a turnover rate of 0.60% [1] - The stock has experienced a 3.88% increase over the last five trading days, an 8.59% increase over the last 20 days, and a 4.36% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 587.16 billion CNY, reflecting a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 7.09 billion CNY, down 10.28% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 17.96 billion CNY, with 8.31 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of December 31, the number of shareholders increased to 63,700, a rise of 0.44%, while the average circulating shares per person decreased by 0.44% to 58,986 shares [2] - The top ten circulating shareholders include the Southern CSI 500 ETF, which holds 22.73 million shares as a new shareholder [3] Group 4: Business Overview - Innovation New Materials, established on June 7, 1996, and listed on November 29, 2001, specializes in the research, development, and production of aluminum alloys and related products [2] - The company's revenue composition includes 61.01% from bars, 23.66% from aluminum rods and cables, 7.18% from sheets and foils, 5.82% from profiles, and 2.16% from other sources [2]

Group 1 - The stock price of Jiugang Hongxing has increased by 5.35% to 1.97 CNY per share, with a trading volume of 211 million CNY and a turnover rate of 1.75%, resulting in a total market capitalization of 12.339 billion CNY [1] - Jiugang Hongxing's stock has risen for seven consecutive days, with a cumulative increase of 13.33% during this period [1] - The company, established on April 21, 1999, and listed on December 20, 2000, primarily engages in the production and sale of steel and iron smelting and rolling products, including high-speed wire rods, bars, and medium-thick plates [1] Group 2 - The main business revenue composition of Jiugang Hongxing includes: bars (31.86%), coils (26.12%), stainless steel (14.22%), wire rods (11.69%), plates (6.28%), and others (6.03%) [1] - Guotai Fund's ETF, Guotai Zhongzheng Steel ETF (515210), has increased its holdings in Jiugang Hongxing by 19.4971 million shares, now holding a total of 31.236 million shares, representing 0.5% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF has achieved a year-to-date return of 3.3% and a one-year return of 40.53%, ranking 2172 out of 4203 in its category [2]