报告摘要 ◆ 军工材料行情回顾: 6 份中航证券军工材料指数(+11.12%),军工(申万)指数 (+10.89%)，跑赢行业 0.23个百分点。 2025年07月11日 证券研究报告|行业研究|军工行业深度报告 国防军工 军工材料月报:半年度行情分析及展望 上证综指（+2.90%）,深证成指(+4.23%),创业板指(+8.02%); 涨跌幅前三:超卓航科（+20.41%）、佳力奇（+17.27%）、金天钛业 此外,"十四五"已经进入攻坚阶段,国务院宣布中国人民抗日战争暨 世界反法西斯战争胜利80周年纪念活动将举行包括阅兵式在内的一系列重 要活动,同时将展出新一代传统武器装备以及各类新型作战力量,也再次提 升了市场对军工行业业绩修复以及新域新质领域"十五五"高速发展的预 期，军工材料作为武器装备的物质基础同步受益。 投资评级 增持 维持评级 行业走势图 300% 20% 100% 00% 10% 20% (+15.33%); 涨跌幅后三:光启技术(-9.87%)、佳驰科技(-4.24%)、天力复合(- 4.22%)。 ◆ 本月主要观点: 1、军工材料板块行情分析: 截至目前,"十四五"最后一年已过半,复盘 ...

中国氧化物高级陶瓷市场现状调查及前景预测分析报告2025~2031年 【全新修订】：2025年7月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 【报告目录】 1 氧化物高级陶瓷市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，氧化物高级陶瓷主要可以分为如下几个类别 1.2.1 全球不同产品类型氧化物高级陶瓷销售额增长趋势2021 VS 2025 VS 2031 1.2.2 二氧化钛 1.2.3 氧化锌 1.2.4 氧化镍 1.2.5 氧化铁 1.2.6 其他 1.3 从不同应用，氧化物高级陶瓷主要包括如下几个方面 1.3.1 全球不同应用氧化物高级陶瓷销售额增长趋势2021 VS 2025 VS 2031 1.3.2 消费电子 1.3.3 汽车 1.3.4 机械与航天 1.3.5 医疗 1.3.6 其他 1.4 氧化物高级陶瓷行业背景、发展历史、现状及趋势 1.4.1 氧化物高级陶瓷行业目前现状分析 1.4.2 氧化物高级陶瓷发展趋势 2 全球氧化物高级陶瓷总体规模分析 2.1 全球氧化物高 ...

在房地产行业不景气的背景下，中润资源果断地和房地产"割袍断义"，2023年，逐渐置出淄博置业、济 南兴瑞等房地产资产，置入持有马拉维锆钛矿新金国际51%股权，业务重心转向矿业。 如今，中润资源投资股份有限公司（下称"中润资源"，000506.SZ）浑身上下已经"叠满buff"，在剥离地 产、瞄准黄金、易主国资、摘帽后谋划更名等一系列操作后，股价已经从去年的不足0.89元/股，飙升 至今年7月10日的10.81元/股。截至2025年7月10日收盘，中润资源的股价近一月上涨22.56%，近一年的 时间股价上涨970.3%，在众黄金股中一骑绝尘。 接下来中润资源成功"改嫁"国资。2024年10月份，山东招金瑞宁矿业有限公司（招金集团子公司）获取 中润资源20%股权成为其控股股东，中润资源的实际控制人变更为招远市国资。由此，中润资源通过招 金方面和矿业巨头紫金矿业搭上线，中润资源公告称，招金和紫金方面会从资金、人员、技术、信息渠 道等方面为公司提供支持。 虽然几近"脱胎换骨"，中润资源经营亏损的局面仍然有待扭转。中润资源的核心资产为斐济瓦图科拉金 矿，保有黄金资源量超过100吨。而瓦图科拉金矿目前的采矿能力为750吨 ...

Group 1 - The company expects a significant loss in the first half of 2025, with total profit estimated to be a loss of 190 million to 230 million yuan, compared to a profit of 168.53 million yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be a loss of 180 million to 220 million yuan, down from a profit of 137.31 million yuan in the previous year [1] - The operating revenue is expected to be between 4.13 billion and 4.20 billion yuan, a decrease from 7.16 billion yuan in the same period last year [1] Group 2 - The decline in revenue and profit is primarily attributed to a decrease in the prices of vanadium and titanium products compared to the previous year, with a net profit decrease of approximately 317 million to 357 million yuan [1] - The company is actively responding to market changes by adjusting its product mix to mitigate the impact of falling prices [1]

Group 1 - Han Gao Group has officially launched its IPO on July 11, aiming to issue up to 40.01 million new shares to raise approximately 420 million yuan, with the goal of overcoming production capacity bottlenecks and enhancing R&D and smart manufacturing capabilities [1] - The company focuses on the R&D, design, production, and sales of home hardware and outdoor furniture products, integrating diverse original design concepts with high-quality manufacturing [1] - Han Gao Group's revenue has shown significant growth, with projected revenue increasing from 1.62 billion yuan in 2022 to 2.86 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.78% [2] Group 2 - The home hardware industry in China is experiencing structural opportunities, with the market size expected to grow from 226.11 billion yuan in 2023 to 324.45 billion yuan by 2028, at a CAGR of 7.6% [3] - The company plans to invest the raised funds into three main projects: an automated manufacturing base for smart home hardware (37 million yuan), a R&D center (3 million yuan), and information technology construction (2 million yuan) [3][4] - The implementation of these projects aims to enhance R&D design capabilities, strengthen production automation and intelligence, and ultimately drive the company's operational performance to new heights [4]

抚顺特钢（600399）7月11日晚公告，经财务部门初步测算，预计2025年半年度实现净利润为-3亿元 至-2.6亿元，同比减少214.06%至231.60%。预计2025年半年度实现扣非净利润为-3亿元至-2.6亿元，同 比减少217.24%至235.27%。上年同期实现净利润2.28亿元，扣非净利润2.22亿元。 谈及本期业绩预亏的主要原因时，抚顺特钢表示，受市场需求影响，本期公司部分产品订单及价格较上 期均有所下降；公司新建项目陆续转固投产，但受钢铁行业市场环境的影响，新建项目实际产量低于预 期，导致单位产品分摊的固定成本上升；为了应对整体行业的质量再提升和发展需求，本期公司相应提 升了产品质量管控和要求，导致质量成本升高。 抚顺特钢以特殊钢和合金材料的研发制造为主营业务，主要产品为高温合金、超高强度钢、不锈钢、工 模具钢、汽车钢、钛合金、高档机械用钢、轴承钢等。产品广泛应用于航空航天、能源电力、石油化 工、交通运输、机械机电、环保节能等领域。公司经营模式为传统的特殊钢和合金材料研发、制造和销 售模式。 2024年，公司实现钢产量60.39万吨，同比减少10.91%；钢材产量44.05万吨,同比减少13 ...

Core Insights - The research team at Changchun Institute of Applied Chemistry has made significant advancements in the design of self-assembled organic molecules for use in perovskite solar cells, leading to improved efficiency and stability [1][4] Group 1: Research Developments - The innovative dual-radical self-assembly molecular design strategy enhances charge transport capabilities and stability, achieving a spin strength nearly three orders of magnitude higher than traditional self-assembled molecules [2] - The new molecules exhibit a carrier transport rate over twice that of conventional materials, demonstrating high stability under simulated working conditions [3] Group 2: Performance Metrics - Small-area devices utilizing the new materials achieved a power conversion efficiency of 26.3%, while micro-modules reached 23.6% efficiency, with significantly reduced efficiency decay upon scaling [3] - The combination of new materials with silicon solar cells resulted in a perovskite-silicon tandem device efficiency of 34.2%, certified by the U.S. National Renewable Energy Laboratory [3] Group 3: Industry Implications - This research provides a new molecular design paradigm to address conductivity, stability, and large-area processing challenges in perovskite solar cells, potentially driving the commercialization of next-generation high-efficiency solar modules [4]

据介绍，该项目总投资约为3亿元，重点布局光敏聚酰亚胺材料（PSPI材料）、薄膜封装材料、低 温彩色光刻胶、有机发光材料等关键品类，项目占地13.6万平方米，规划产能达千吨级，将分批 分期投资建设。该项目达产首年预计可实现营业收入3.83亿元、净利润5,750.75万元。 7月10日，吉林奥来德长新材料科技有限公司（奥来德全资子公司）OLED显示用关键功能材料研 发及产业化建设项目开工。 图片来源：奥来德 奥来德此前公告指出，随着国内6代产线陆续建成并实现稳定出货，在核心技术和核心材料加速国 产替代的行业背景下，国内显示面板企业对国产PSPI材料的需求持续增长。 与此同时，国内OLED正处于向高世代产线升级的关键阶段，京东方、维信诺等厂商加速推进8.6 代AMOLED产线建设。由于单片面板的PSPI材料用量较6代线显著提升，相关产线建成达产后， 市场对PSPI材料的需求将进一步增加。 奥来德表示，该项目的 实施有助于 公司 充分把握下游OLED行业快速发展、PSPI材料进口替代所 带来的发展机遇，通过提升规模化量产能力与快速响应能力，公司可加速抢占市场份额，进一步巩 固并强化在OLED核心显示材料领域的竞争优势 ...

淮北矿业 20250709 Q&A 淮北矿业近期的生产经营情况如何？ 淮北矿业在 2025 年第一季度的产量约为 430 万吨，因地质条件复杂和生产阶 段影响，产量未达预期。第二季度有所改善，环比增加约 20 万吨。煤炭价格 在第二季度较第一季度下降了约 200 元/吨，导致煤炭板块利润收缩。然而， 煤化工和森林矿山板块表现较好。煤化工板块焦化业务从第一季度亏损 2.15 亿元到第二季度实现盈利，减亏超过 2 亿元。钛锌板块提纯项目也从第一季度 亏损 6,000 万元到第二季度实现盈利。森林矿山板块受季节性因素影响，一季 度盈利 4,000 万元，二季度环比增加数千万元。 淮北矿业第三季度焦煤长协价格及其对盈利的影响如何？ 第三季度淮北矿业的长协价较第二季度主焦煤下降约 100 元，目前主焦煤价格 为 1,300 多元至接近 1,400 元，其余选出的主焦煤价格在 1,330 元左右，肥 煤大约 1,200 元，一三焦大约 1,100 元。整体平均降幅为 100 至 130 元/吨。 这导致公司目前基本处于盈亏平衡状态。 在当前市场环境下，公司是否有减产计划？ 淮北矿业目前没有减产计划。在生产经营不佳时，更需 ...

Core Viewpoint - The "anti-involution" movement is a significant transformation aimed at promoting high-quality development in major industries by restructuring competition rules and breaking path dependence, shifting competition from "low-level internal consumption" to "high-quality co-creation" [1][2][4] Group 1: Industry Context - The "anti-involution" movement is not merely a cooling of industries but a necessary step to address the detrimental effects of "involution-style" competition, which has trapped companies in a cycle of low prices and low quality [2][3] - Historical competition in China was characterized by scale expansion and price competition, which has now become outdated and counterproductive in the current economic environment [1][2] Group 2: Governance Changes - The governance logic is shifting from "administrative dominance" to "rule of law," with the revision of the Anti-Unfair Competition Law targeting practices like "forced low-price sales" and "platform choice," thereby protecting normal pricing rights while curbing malicious competition [3] - The focus of governance is moving from merely monitoring production capacity to facilitating the free flow of resources across the national market, allowing companies to collaborate with leading technology partners rather than being restricted by local procurement policies [3] Group 3: Long-term Goals - The objective of the "anti-involution" movement is to foster long-term growth by encouraging innovation and providing tax incentives for R&D investments, steering resources towards technological advancements rather than price wars [3][4] - This approach aims to guide companies to compete based on quality and innovation rather than price, promoting a rational competitive environment where collaboration and technological upgrades are prioritized [3][4]