第三届中国国际供应链促进博览会开幕。 本届链博会有来自75个国家和地区的651家企业和机构参展，境外参展商占比从上届的32%上升到本届的35%，连同参展商带来的500多家产业链上下游的 合作伙伴，实际参展商达到1200家，170多个境外团组前来观展洽谈。对比前两届数据来看，境外参展商占比逐年提升，国际化水平更高。 7月16日，第三届中国国际供应链促进博览会（下称"链博会"）如期开幕，"六链一展区"人潮如织，充分展现了全球工商界的活力与创造力，也体现了在 当前环境下，产业链上下游企业在"链"上找朋友、找伙伴、找应用场景、找解决方案的殷切期待。 国际范更足：境外参展商占比逐届提升 "链博会也更加注重帮助企业找朋友、找伙伴、找应用场景、找解决方案。"中国贸促会会长任鸿斌表示，本届展会首次成立各链条展商联盟，让产业链供 应链合作更加可感可及。 证券时报记者在现场看到，企业展台人头攒动，采购团与参展企业火热交流寻求合作机会。不仅如此，参展企业间的互动亦能激荡出合作火花。 "链博会给我们搭建起了业务交流的平台，稍微转转就能看到我们大量的客户和供应商。和旁边展台南京钢铁的负责人简单交流，我们就发现两家企业可 以进一步合作的 ...

Core Viewpoint - The third China International Supply Chain Promotion Expo (Chain Expo) showcases the vitality and creativity of the global business community, emphasizing the urgent need for companies in the supply chain to find partners, application scenarios, and solutions in the current environment [1]. Group 1: International Participation - This year's Chain Expo features 651 enterprises and institutions from 75 countries and regions, with the proportion of foreign exhibitors increasing from 32% in the previous year to 35% this year [4]. - The actual number of exhibitors reached 1,200, including over 500 partners from the upstream and downstream of the supply chain, highlighting the growing internationalization of the event [4]. - The establishment of various supply chain exhibitor alliances at this year's expo aims to facilitate more tangible cooperation among supply chain participants [4]. Group 2: Foreign Enterprises' Commitment - Many foreign enterprises have been deeply engaged in the Chinese market for decades, with Honeywell having established a complete localized value chain in China over its 90 years of presence [7]. - Airbus has been collaborating with the Chinese aviation industry for 40 years, making China its largest single-country market for civil aircraft [7]. - The participation of Airbus and its Chinese supply chain partners at the expo underscores the integration of capable Chinese companies into Airbus's global supply chain [7]. Group 3: Apple's Engagement - Apple has participated in the expo for the third time, emphasizing its ongoing investment and collaboration with Chinese suppliers, with over 80% of its 200 major global suppliers having factories in China [8]. - The global supply chain index matrix released at the event indicates a stable overall development of global supply chains, with improvements in the indices of promotion, connection, innovation, and resilience from 2018 to 2024 [8]. Group 4: Global Cooperation and Initiatives - The opening ceremony featured the reading of the "Beijing Initiative," which calls for global business communities to practice true multilateralism and promote a fair, open, and predictable market environment [10]. - The initiative emphasizes the importance of maintaining the resilience and stability of global supply chains as a crucial factor in driving world economic development [10]. - Representatives from various countries highlighted the need for continued cooperation in supply chain management to ensure future prosperity and sustainable development [10].

Core Viewpoint - China's largest titanium producer, BaoTi Co., is accelerating its capacity expansion by acquiring a controlling stake in a loss-making company, WanHao Titanium, for 287 million yuan, aiming to enhance its production capabilities and market competitiveness [2][9]. Group 1: Acquisition Details - BaoTi Co. announced on June 24 that it will acquire 51% of WanHao Titanium through a capital increase of 287 million yuan [3]. - The transaction structure involves 52.04 million yuan being added to registered capital, while the remaining 235 million yuan will be allocated to capital reserves [6][7]. - The capital increase will be paid in four installments over three years, with the first payment of 52.04 million yuan due within three months after the registration change [7][9]. Group 2: Financial Overview of WanHao Titanium - WanHao Titanium, established in 2020, reported a revenue of 93.29 million yuan and a net loss of 11.33 million yuan for 2024 [7][9]. - As of March 2025, WanHao Titanium had total assets of 792 million yuan and net assets of 288 million yuan [8]. Group 3: Strategic Rationale - The acquisition is seen as a strategic move to quickly add 25,000 to 28,000 tons of annual smelting capacity, addressing production needs and enhancing market competitiveness [9][11]. - BaoTi Co. aims to reach a target of 90,000 tons of annual capacity by the end of the 14th Five-Year Plan, with current production at 33,600 tons [9][10]. - The acquisition also provides access to WanHao Titanium's advanced manufacturing technology and facilities, which are crucial for improving production efficiency and reducing raw material costs [11][12].

证券研究报告 | 2025年06月04日 北交所 2025 年 5 月月报 优于大市 北证 50 月内创历史新高，机构对北交所关注度持续提升 本月北交所股票成交额活跃度保持在较高水平。 本月北交所新增上市公司 1 家，为天工股份（920068.BJ）。北交所上 市公司总数为 266 家，总市值为 7956.22 亿元，流通市值为 4781.19 亿 元，环比分别上升 7.8%和 8.2%。 流动性和市场成交活跃度方面，本月北交所股票成交活跃度比上月微 跌，单月成交数量和成交金额为 284.81 亿股和 6049.99 亿元，环比分 别下降 8.0%和 4.1%。两融方面，北交所 5 月两融余额日均值达到 53.67 亿元，与上月相仿，处在历史较高水平。 估值方面，截至 5 月 31 日，北证 50 指数市盈率（PE-TTM）为 47.71 倍， 处于近两年 98.14%的分位数水平，市净率（PB-MRQ）为 9.15 倍，处于 近两年 95.46%的分位数水平。股息率为 0.62 倍，处于近两年 0.83%的 分位数水平。按行业来看，以各行业的市盈率中位数排序（剔除负数） 计算机市盈率最高，为 134 倍，其 ...