甬金股份（603995.SH）1月9日在投资者互动平台表示，公司的钛材业务目前已经顺利投产并进入市场 流通，钛材凭借其高强度、低密度、耐腐蚀、耐高温等优异性能，在航空航天、医疗、化工等领域被广 泛应用，目前中源钛业项目已基本满产。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问子公司中源钛业的产品可用于商业航天领域吗？ 目前产能怎样？ ...

Group 1 - The core viewpoint of the articles highlights the significant progress made by Shaanxi in addressing climate change through policy development, carbon market construction, and carbon footprint management since the beginning of the 14th Five-Year Plan [1][2] Group 2 - Shaanxi has established a preliminary carbon footprint management system focusing on key industries such as energy chemicals, new energy vehicles, and specialty agriculture, conducting carbon footprint accounting studies for products like coal-based olefins and apples [1] - The province has been recognized with several accolades, including the selection of Xixian New Area, Shangluo City, and Tongchuan City as national climate-adaptive cities, and Xi'an as a national pilot city for pollution reduction and carbon reduction collaboration [1] - Financial support for green development has been emphasized, with Xixian New Area providing 12.7 billion yuan in financing to enterprises and facilitating carbon emission rights collateral loans to enhance corporate engagement in energy-saving and carbon reduction [2] - The province is advancing the control of non-CO2 greenhouse gas emissions, particularly methane, and is supporting demonstration projects for methane utilization in coal mines [2] - Future initiatives for the 15th Five-Year Plan will focus on high-quality participation in the national carbon market, promoting pollution reduction and carbon reduction efforts, and enhancing product carbon footprint management [2]

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）钛材行业基本概述：钛材即钛加工材，是指海绵钛（或海绵钛加合金元素）经熔炼形成钛铸锭，再经锻造、轧制、挤压等塑性加工方法将钛铸锭加工 成钛材，钛材按照不同的标准可分类如下： | 分类标准 | 分类结果 | | --- | --- | | 按是否添加合金元素 | 纯钛材和钛合金 | | 按牌号(即组织结构和合金成分)分类 | TA/TB/TC+阿拉伯数字 | | 按形态分 | 棒材、丝材、管材、板材、异型材等 | | 按用途分 | 航空、航天、舰船、兵器、化工用钛材等 | | 按是否涉及军工 | 军用钛材和民用钛材 | 由于钛及钛合金涉及的熔炼及加工技术复杂、技术含量高，目前世界上仅有美国、俄罗斯、日本、中国四个国家 ...

大会发布四川省钒钛产品供需清单和攀枝花市钒钛技术供需清单。今后，四川将以清单为纽带， 打造从资源开发到高端应用的全链条协同体系；聚焦钒电池、储能、航空航天碳、钛材、医疗器 械等前沿领域，推动钒钛产业向绿色化高端化智能化转型。 近年来，攀枝花市聚焦"资源安全可控、材料高端突破"两大任务，发起成立国家钒钛产业联盟， 建设天府金江实验室，集聚58个国省级科创平台，高端钛合金稳定供货于航空、航天、航海、核 工程等前沿领域，钒钛产业产值连续保持年均两位数增长，今年预计突破590亿元，具备培育千亿 级产业集群的扎实基础。 本次大会以"聚势钒钛，链接未来"为主题，采用"行业交流+行业对接+招商推介+集中签约"等形 式，签约供需及智改数转等22个项目、总金额85亿元，推动构建更具竞争力的中国钒钛产业生态 圈，推动钛金属产业"建圈强链"。 本报讯（四川日报全媒体记者张红霞）12月25日，钛金属新材料现代产业链共链行动大会暨四川 省先进钒钛材料产业建圈强链供需对接大会在成都举办。省政协副主席林书成出席大会。 ...

四川在线记者 张红霞 12月25日，钛金属新材料现代产业链共链行动大会暨四川省先进钒钛材料产业建圈强链供需对接大会在 成都举办。省政协副主席林书成出席大会。 本次大会以"聚势钒钛、链接未来"为主题，采用"行业交流+行业对接+招商推介+集中签约"等形式，签 约供需及智改数转等22个项目、总金额85亿元，推动构建更具竞争力的中国钒钛产业生态圈，推动钛金 属产业"建圈强链"。 大会发布了四川省钒钛产品供需清单和攀枝花市钒钛技术供需清单。今后，四川将以清单为纽带，打造 从资源开发到高端应用的全链条协同体系；聚焦钒电池、航空航天钛、钛材、医疗器械等前沿领域，推 动钒钛产业向绿色化高端化智能化转型。 攀枝花市钒、钛资源储量分居世界第三和第一。近年来，该市聚焦"资源安全可控、材料高端突破"两大 任务，发起成立国家钒钛产业联盟，建设天府金江实验室，集聚58个国省级科创平台，高端钛合金稳定 供货于航空、航天、航海、核工程等前沿领域，钒钛产业产值连续保持年均两位数增长，今年预计突破 590亿元，具备培育千亿级产业集群的扎实基础。 ...

Group 1 - The core viewpoint of the news highlights the rapid progress and effective support for major project construction in Shaanxi province, showcasing a strong commitment to economic development and project implementation [2][6][14] - The Zhongmo Green Ecological Intelligent Textile Technology Park project in Meixian was initiated just nine months after signing, reflecting confidence in future development [1] - Since the beginning of the 14th Five-Year Plan, Shaanxi has launched over 2,100 major engineering projects with a total investment of 3.05 trillion yuan, significantly enhancing corporate confidence [2] Group 2 - The service teams for projects have been proactive from the initial agreement stage, ensuring comprehensive support throughout the project lifecycle [3][5] - The Coca-Cola Shaanxi Company project completed construction and began production in just 13 months, setting a record for factory construction speed in China, aided by a full-cycle service guarantee [5] - Various service initiatives, such as the "one project, one special class" system and "friendly and clear" liaison officers, have been established to address enterprise needs effectively [5] Group 3 - The tax service contact card initiative by the Yan'an County Tax Bureau has been tailored to support the construction of the Yan-Yu High-speed Railway, providing essential tax information to project teams [8][10] - By the end of the third quarter, Shaanxi had completed investments of 962.9 billion yuan during the 14th Five-Year Plan, with 1,426 major projects operational, contributing to a robust asset base [11] - The province has implemented a comprehensive leadership support mechanism to address project approval, land use, and funding challenges, enhancing project execution speed [11][14] Group 4 - Baoji city has reported significant progress in key project construction, with the highest opening and completion rates in the province for the first ten months of the year [12] - New projects in Baoji, such as the Jucheng Titanium Industry and other related ventures, are contributing to the local titanium processing industry and expanding into high-end applications [12][13] - Shaanxi's focus on high-quality project construction is seen as a vital strategy for economic stability and growth, with a goal to elevate the provincial economy to a total of 3.5 trillion yuan [14]

Core Viewpoint - Yunnan's Chuxiong Yi Autonomous Prefecture is committed to the "big focus on industry, main attack on manufacturing" development philosophy, driving industrial upgrades and project construction to implement the strategy of becoming an industrial powerhouse, with steady progress in industrial development [1][2]. Industrial Growth - From 2021 to 2024, the annual average growth rate of industrial added value in Chuxiong Prefecture is projected to be 6.2%, ranking among the top in the province, with the industrial sector accounting for 26% of GDP, serving as a core engine for economic growth [2]. Diverse Industrial Development - Chuxiong Prefecture has established a new industrial system focusing on green silicon, green titanium, green copper, green vanadium-titanium, and advanced equipment manufacturing, creating a multi-polar support and collaborative development model [3]. - The green silicon industry has developed a complete industrial chain from monocrystalline silicon pulling rods to slices and battery cells; the green titanium industry has established a comprehensive chain from titanium ore mining to processing; and the green copper industry has formed a collaborative development pattern in mining, smelting, and processing [3]. Industrial Park Development - The Yunnan Desheng Vanadium-Titanium Metal Ecological Industrial Park has been established in Lufeng City, filling a gap in the vanadium industry chain in Chuxiong Prefecture [5]. - Chuxiong Prefecture has built a "1 national high-tech zone + 9 provincial parks + 2 chemical parks" development pattern, achieving full coverage of provincial industrial parks [5][8]. Project Investment - Chuxiong Prefecture adheres to the "project-oriented" philosophy, with an average annual industrial investment growth rate exceeding 20% during the 14th Five-Year Plan period, and a year-on-year increase of 5.5% in industrial investment from January to August 2025 [9]. - Key projects in the silicon, titanium, and copper industries have been completed, laying a solid foundation for industrial economic growth [11]. Innovation and Digital Transformation - Chuxiong Prefecture promotes industrial economic development through digital transformation, green development, and enterprise cultivation, with 9,430 5G base stations established to support digital initiatives [14]. - A collaboration between China Mobile and Huaneng New Energy has led to the development of a 5G-enabled smart factory project at Asia's largest mountain photovoltaic power plant, enhancing operational efficiency through advanced technologies [15]. Green Manufacturing - Chuxiong Prefecture is implementing green manufacturing initiatives, with 6 national-level green factories and 1 national-level green supply chain enterprise, indicating a growing green manufacturing system [15]. - The region has also fostered a matrix of large enterprises leading and small and medium-sized enterprises collaborating, with 418 industrial enterprises above designated size as of September 2025, an increase of 73 from the end of the 13th Five-Year Plan [15].

Core Viewpoint - Dongfang Securities' report indicates that Yongjin Co., Ltd. has experienced a decline in net profit for the first three quarters of 2025, but there is optimism regarding future performance due to demand recovery and new material developments [1] Financial Performance - For the first three quarters of 2025, Yongjin Co., Ltd. achieved a net profit attributable to shareholders of approximately 450 million yuan, representing a year-on-year decrease of 27.98% [1] - In Q3 2025 alone, the company reported a net profit of about 147 million yuan, which is a year-on-year decline of 6.01% and a quarter-on-quarter decline of 26.5% [1] Future Outlook - The company is expected to benefit from the recovery in demand for its products, particularly in the home appliance and daily necessities sectors, driven by the ongoing "old-for-new" policy [1] - The orderly advancement of the new materials sector, including titanium materials and cylindrical battery shells, is anticipated to provide new profit growth points for the company [1] - The company has maintained a mid-year dividend, indicating a commitment to returning value to the market, and is expected to stabilize its mid-term performance and continue generating stable profits [1] Valuation - Based on comparable companies' 2026 PE valuation of 13X, the target price for Yongjin Co., Ltd. is set at 26.26 yuan, with a maintained "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.26 CNY, based on a PE valuation of 13X for comparable companies in 2026 [3][5]. Core Insights - The company's profitability is under pressure due to declining demand and falling steel prices, with a reported net profit of approximately 450 million CNY for the first three quarters of 2025, a year-on-year decrease of 27.98% [9]. - Despite short-term challenges, the new materials segment is expected to provide a new growth point for profits, with ongoing projects in high-quality stainless steel and titanium materials [9]. - The company has a consistent dividend policy, distributing 3 CNY per 10 shares, which reflects a commitment to returning value to shareholders [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 43,389 million CNY, 46,695 million CNY, and 50,804 million CNY, respectively, with year-on-year growth rates of 3.7%, 7.6%, and 8.8% [4]. - The net profit attributable to the parent company is forecasted to be 664 million CNY, 738 million CNY, and 855 million CNY for 2025-2027, with corresponding year-on-year growth rates of -17.6%, 11.1%, and 15.9% [4]. - The company's gross margin is expected to stabilize around 5.6% to 5.7% over the forecast period, while the net margin is projected to improve slightly from 1.5% in 2025 to 1.7% in 2027 [4].

Core Viewpoint - The upstream titanium concentrate supply-demand gap is expected to continue narrowing in the medium term, leading to a more relaxed raw material supply, which may reduce costs for titanium processing companies and enhance their profit margins [1] Supply - Titanium concentrate production has been declining in recent years, with global reserves expected to decrease by 25.3% year-on-year in 2024 due to the closure of old mines in Australia and slow exploration of new mines [2] - It is projected that titanium concentrate supply will increase to 9.84 million tons, 10.27 million tons, and 10.71 million tons from 2025 to 2027, with year-on-year growth rates of 4.7%, 4.4%, and 4.3% respectively [2] Demand - The demand for titanium concentrate may slow down in the medium term as the expansion rate of midstream smelting products, such as titanium dioxide and sponge titanium, is expected to decelerate [3] - Although domestic production of titanium dioxide and sponge titanium has been expanding, overall global production capacity growth is expected to decline, particularly in overseas markets [3] Price - The supply of titanium concentrate is anticipated to become more relaxed, with prices expected to decline, which will likely benefit downstream titanium material companies by lowering production costs and enhancing profit margins [4] - From 2025 to 2027, the growth rate of titanium concentrate demand is expected to be lower than that of supply, indicating a continued narrowing of the supply-demand gap and further price reduction potential [4]