莆田市模具行业协会会长、深圳京鼎工业集团董事长黄志强在致辞中表示，模具是工业之母、国之 脊梁、国之重器、制造业的中流砥柱，莆商回归莆田，迎来了最好的时代和最好的机遇，中集木兰模链 (莆田)有限公司将致力于搭建模具钢供应链发展平台，吸引国内相关企业共同参与形成合力，重塑模具 钢产业链发展模式，助力平台旗下企业不断向好发展，也为莆田打造智造产业新城贡献力量。 模具被称为"现代工业之母"，是指工业生产上用以注塑、吹塑、挤出、压铸或锻压成型、冶炼、冲 压等方法得到所需产品的各种模子和工具。包括汽车、家电、电子通讯、建材等各行业都对模具有着高 度依赖。以模具消费第一大行业---汽车行业为例，汽车生产中90%以上零件均需由模具成形，一辆普通 轿车所需模具达1500个以上。从全国看，我国模具产业规模居世界第一，规模以上企业年销售合计约 3000亿元，支撑着超过30万亿元的相关制造业。 11月30日上午，莆田市模具行业协会、深圳京鼎工业集团、中集木兰模具供应链项目筹备处等三家 单位共同入驻福建莆田世界莆商中心，莆田市市长戴龙成，副市长王洋、郭国成等参加调研。 模具的心脏是模具钢的设计制造，目前全国约70%的模具钢流通量由莆商 ...

Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]

Core Insights - The company has over 40 years of experience in the special steel industry and has successfully transformed from a cutting tool manufacturer to a leading international high-end materials enterprise covering four major segments: high-speed steel, tool steel, cutting tools, and titanium alloys [1] - The company exhibits strong profitability and effective cost management, with stable gross and net profit margins, and maintains high R&D investment to support long-term growth [1] - The tool steel segment is a cornerstone for the company, holding the largest global market share in tool steel and high-speed steel, providing stable cash flow and strong risk resistance [1] - The titanium alloy business is positioned to capture emerging demand in high-value sectors, particularly in consumer electronics, which is expected to drive future revenue growth despite short-term demand fluctuations [2] - Powder metallurgy technology is identified as a foundational capability for entering strategic new materials and high-end manufacturing sectors, potentially enhancing both performance and valuation [3] - The company is expected to achieve significant revenue and profit growth in the coming years, with projections of revenues reaching 49.41 billion, 56.99 billion, and 65.45 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.31 billion, 6.20 billion, and 8.50 billion yuan [4] Financial Performance - The company is projected to achieve revenue growth rates of 2.2%, 15.3%, and 14.8% for the years 2025, 2026, and 2027 respectively [4] - The expected net profit growth rates are 20.0%, 43.9%, and 37.2% for the same years [4] - The company’s 2026 price-to-earnings (PE) ratio is estimated at 12X, which is below the industry average PE of 37X, indicating potential undervaluation [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9]. Core Insights - The company is a leading player in the global tool steel sector, with a solid foundation for sustainable profitability. It has made breakthroughs in powder metallurgy and titanium alloy technologies, positioning itself in high-growth sectors such as integrated die-casting for electric vehicles, consumer electronics, and aerospace, establishing a clear second growth curve [6][9]. - Revenue projections for 2025, 2026, and 2027 are estimated at 49.41 billion, 56.99 billion, and 65.45 billion RMB, respectively, with year-on-year growth rates of 2.2%, 15.3%, and 14.8%. Corresponding net profits are projected at 4.31 billion, 6.20 billion, and 8.50 billion RMB, with growth rates of 20.0%, 43.9%, and 37.2% [6][9]. Summary by Sections Market Performance - As of October 28, 2025, the closing price is 3.05 HKD, with a market capitalization of 8,311.25 million HKD. The stock has seen a one-year high of 3.28 HKD and a low of 1.65 HKD [3]. Business Overview - The company has been in the special steel industry for over 40 years, evolving from a cutting tool manufacturer to a leader in high-end materials, covering high-speed steel, tool steel, cutting tools, and titanium alloys [8][18]. - The company has a concentrated and stable shareholding structure, with the Zhu family as the actual controllers, ensuring strategic execution continuity [8][17]. Financial Performance - The company reported a revenue of 5,163.31 million RMB in 2023, with a projected decline in 2024 followed by a recovery in subsequent years. The gross profit margin and net profit margin have remained stable, supported by high R&D investment [7][31]. - The first half of 2025 saw a revenue decline of 7.1% year-on-year, attributed to reduced exports and lower demand from consumer electronics. However, net profit increased by 10.4% due to favorable currency exchange rates and improved gross margins in tool steel [22][23]. Growth Drivers - The company’s core business in tool steel is expected to enter an upward cycle, driven by domestic demand recovery and import substitution in high-end materials [8][22]. - The titanium alloy business is positioned to benefit from expanding demand in consumer electronics and aerospace, with significant growth potential as the market evolves [8][37]. Technological Advancements - The company has successfully established a powder metallurgy production line, filling a domestic gap in the large-scale production of tool steel, and is expected to lead in domestic substitution efforts [15][18]. - Ongoing R&D efforts have resulted in numerous innovations, including high-nitrogen alloy materials and advanced titanium products, enhancing the company's competitive edge in high-end manufacturing [31][34].

Core Insights - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and overseas mergers and acquisitions, and capital market activities [1][2] - The company is a leading producer of high-speed tool steel, mold steel, and titanium materials, having been listed on the Hong Kong Stock Exchange since 2007 [1] - Tian Gong International has established a strong global market position, particularly in high-end materials, and is actively expanding into advanced fields such as humanoid robotics and nuclear fusion [1] Company Developments - Mr. Yin brings over 20 years of investment banking experience, having worked with major firms like Citibank, JPMorgan, and Royal Bank of Scotland [1] - The company aims to enhance communication with global investors, improving transparency and attractiveness in the capital market [2] - Tian Gong International is involved in the supply chain for Apple, providing titanium alloy materials for foldable iPhones [1]

Core Viewpoint - The company, Guangda Special Materials, is currently facing scrutiny as its chairman and general manager, Xu Weiming, has been placed under detention by the Suzhou Wuzhong District Supervisory Committee, although the company's operations remain normal and stable [1]. Company Overview - Xu Weiming, born in 1968, is a Chinese national with a background in business management and extensive experience in the refractory materials industry, having held various managerial positions since 1986 [2]. - As of June 17, 2025, Xu Weiming holds 12.65 million shares of Guangda Special Materials, representing 5.7% of the company's total equity, making him one of the top ten unrestricted shareholders [3]. Financial Performance - In 2024, Guangda Special Materials reported a total operating revenue of 4.003 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% from the previous year [3]. - The company's cash flow from operating activities was negative 261 million yuan, an improvement from negative 795 million yuan in the previous year [3]. - For the first half of 2025, the company achieved an operating revenue of 2.534 billion yuan, a significant year-on-year increase of 34.74%, and a net profit of 185 million yuan, which represents a staggering growth of 332.67% [3]. - A voluntary disclosure on October 9, 2025, indicated that the company expects to achieve approximately 3.7 billion yuan in operating revenue for the first three quarters of 2025, reflecting a year-on-year increase of about 25.04% [4]. - The projected net profit for the same period is around 248 million yuan, which would be an increase of approximately 213.92% compared to the previous year [4].

Core Viewpoint - The company, Guangda Special Materials, has recently faced a significant event involving the detention of its chairman and general manager, Xu Weiming, which raises concerns about corporate governance and potential impacts on operations [1][3]. Group 1: Company Governance and Management - The company has a well-established corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, with other directors and senior management continuing their duties normally [3]. - As of the announcement date, the company's control has not changed, and it remains unaware of the developments and conclusions regarding the detention of Xu Weiming [3]. Group 2: Business Operations and Financial Performance - Guangda Special Materials specializes in the R&D, production, and sales of high-end steel materials and components, with key products including gear steel, tool steel, high-temperature alloys, and special stainless steel [5]. - The company has reported a positive trend in its business operations, with a focus on enhancing profitability and optimizing product structure through vertical and horizontal integration of its supply chain [5]. - The company is actively responding to national debt reduction policies by improving receivables collection and establishing a dedicated team to ensure efficient financial processes [5]. Group 3: Project Involvement and Future Prospects - The company is involved in significant projects such as the Yaxia Hydropower Station and controlled nuclear fusion projects, which are expected to positively contribute to its performance growth [6].

Core Viewpoint - The domestic special steel market shows a slight upward trend, with improved market sentiment reflected in price increases across various regions [3][4]. Price Movements - On the 16th, the average price of 45 carbon structural steel (85mm) in key domestic cities was reported at 3636 yuan, an increase of 14 yuan from the previous trading day; the average price of 40Cr alloy structural steel (85mm) was 3801 yuan, also up by 14 yuan [3]. - Key cities' prices include: Hangzhou 3580 yuan, Changzhou 3510 yuan, Chongqing 3730 yuan, and Tianjin 3390 yuan, all showing a rise of 20 yuan compared to the previous day [3]. Steel Mill Pricing - The price of 45 carbon structural steel at Changzhou Dongfang Special Steel remained stable at 3650 yuan; Hangzhou Steel's price was 3570 yuan; Linyi Steel's price was 3470 yuan; and Tianjin Steel increased its price by 30 yuan to 3380 yuan, all prices inclusive of tax [3]. Market Dynamics - The futures market for raw materials showed a positive trend, which has bolstered market sentiment for special steel, leading to price increases and improved transaction volumes [4]. - In East China, carbon alloy structural steel prices rose by 20-30 yuan, with some specific grades seeing price adjustments of around 10 yuan [4]. - In North and Central China, the market stabilized after initial price increases, with carbon alloy structural steel prices up by 20 yuan and bearing steel and tool steel prices rising by 10-30 yuan [4].

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a mixed trend in product sales and profitability, with a focus on high-end product development and future growth potential in titanium alloy and powder metallurgy sectors [1][2][3] Financial Performance - Revenue for 1H25 was 2.343 billion yuan, a year-on-year decrease of 7.3%, while net profit attributable to shareholders was 204 million yuan, an increase of 6.8%, meeting expectations [1] - Product sales showed slight declines: high-speed steel, mold steel, and cutting tools saw decreases of 10.4%, 5.2%, and 20.4% respectively, while titanium alloy sales increased by 65.2% [1] - The gross margin for high-speed steel and mold steel improved due to rising raw material prices, with high-speed steel's price and margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively [1] Product Trends - Titanium alloy prices and gross margins decreased by 45.1% and 14.8 percentage points to 76,716 yuan and 24.2% respectively, attributed to adjustments in 3C product order structures [2] - The company is advancing its high-end transformation strategy, expecting significant profit contributions from titanium alloy business post-2024, with enhanced melting technology and increased competitiveness [2] - Powder metallurgy products are anticipated to see continued growth, with the company being a leading supplier in this sector, leveraging its manufacturing capabilities and exploring new applications [2] Profit Forecast and Valuation - Due to uncertainties in export business for 2H25, the company's 2025 net profit forecast has been reduced by 24.3% to 366 million yuan, while a new forecast for 2026 is introduced at 538 million yuan [3] - The current stock price corresponds to 17.0x and 11.4x P/E for 2025 and 2026 estimates respectively, with a target price increase of 20% to 3.01 yuan, implying a 20.8% upside potential [3]

Company Overview - Chuangcai Deep Learning (Suzhou) Technology Co., Ltd. focuses on "AI + new material solutions" and was established in 2021, comprising experts from materials science, artificial intelligence, and mechanical engineering [3] - The company has developed a high-throughput R&D platform and intelligent computing engine to accelerate the development and application of new materials [3] Recent Financing - The company recently completed several million yuan in Series A financing, led by Heshijia Capital and Chenhui Capital [2] - The funds will be used for new material R&D iteration, high-throughput automated laboratory upgrades, AI model development, and large-scale applications in vertical industry scenarios [2] Product Development - Chuangcai Deep Learning has developed three new materials in just six months, showcasing its rapid innovation capabilities [2] - The company plans to launch its self-developed integrated hardware and software material intelligence platform (DM Agent) at the TCT Shenzhen Exhibition on September 10 [2] Material Offerings - The company offers 3D printing metal powder materials, high-throughput R&D equipment, and high-end metal material R&D services [5] - Notable products include: - Medium and high-strength aluminum alloys with excellent performance and cost-efficiency - Nickel-based high-temperature alloys that prevent cracking during printing and heat treatment - Tool steels with high toughness and excellent thermal conductivity [5] AI-Driven R&D - The company employs an AI-driven approach to accelerate the development of advanced materials in key sectors such as aerospace and mold manufacturing [6] - Utilizing AI for Science's fifth paradigm in materials informatics, the company innovates a "AI + metal materials" R&D model, leveraging material computation, machine learning, and deep neural networks [7] High-Throughput R&D System - Chuangcai Deep Learning has established a comprehensive high-throughput R&D system that collects vast amounts of diverse material data quickly and cost-effectively [9] - The company provides a one-stop service covering product R&D, sample design, metal powder, production processing, quality testing, and performance analysis [9] Investment Insights - Heshijia Capital recognizes the company's ability to integrate AI with digital manufacturing, viewing the DM Agent platform as a potential game-changer in low-cost material research and application innovation [9] - Chenhui Capital sees significant potential in the company's disruptive "AI + new materials" model, which transforms traditional trial-and-error R&D into predictive R&D, addressing long development cycles and high costs [10]