稀有小金属深度路演 摘要 钽铌金属受益于高温合金、电子元件、半导体芯片等新兴应用场景需求 增长，推动产品价格上涨，提升企业盈利能力和规模效应，形成长周期 复合增长。 国内钽铌产业已建立完整产业链，但初期依赖进口，近年来加速发展。 东方钽业等企业通过提高自给率，降低成本，增强市场竞争力。 未来 5-10 年，预计钽铌行业将保持强劲增长，产品价格稳步上涨，企 业盈利能力显著提升，吸引更多投资者关注。 提升湿法分厂自愈率显著提高企业毛利率，自愈率从 50%提升至 100% 通常可使毛利率提升 5%-10%。 钽电容在"十三五"期间下滑，但在"十四五"期间受益于军工和 AI 产 业需求增长迎来发展机遇。顺络电子等企业受益于英伟达产业链。 半导体芯片产业链核心企业包括中芯国际、台积电、英伟达等，预计其 增长速度和空间较快，复合增速预期至少在 20%-30%以上。 高温合金市场受益于海外燃机需求增长，镍基高温合金添加剂用量逐步 提升，为产业提供稳定支撑。 Q&A 为什么选择钽铌金属作为此次会议的主题？ 钽铌金属目前正经历一个重要的产业迭代趋势。历史上，钽矿和铌矿资源相对 集中且稀缺，主要分布在巴西、澳大利亚和非洲。这种资 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 主要内容： 军工材料乃是军工行业之基石 军工材料是按材料用途分类的重要应用领域。由于军工装备工作环境的苛刻性，军工材料多需要在极端条件下能够正常工作，尤其是航空航天对结构材料要求更 高，因此这些军工材料一般需要具有 高强度、耐高温、耐腐蚀、低密度等多种性能特点 。对于此类具有优异特性和功能，能满足军用高性能需求的材料，我们称 为军工材料或军工高端材料。 1、先进军工材料打造先进武器装备 "一代武器、一代材料" 。在各个时代，最先进的技术最早往往为军事用途服务。材料在国防工业中占据着举足轻重的作用，而 军工新材料是高端武器装备发展的 先决要素 。 以航空发动机为例，其性能的改进一半靠材料。据《航空发动机的发展趋势及其对材料的需求》预测， 新材料、新工艺和新结构对推重比12-15一级发动机的贡献 率将达到 50%以上，从未来发展来看，甚至可占约 2/3 。可以说 没有先进的材料和制造技术就没有更先进的航空发动机 。 因此 军工新材料是新一代武器装备的物质基础，也是当今世界军事领域的关键技术 。世界各国对军用新材料 ...

Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has shown a significant increase in stock price and trading activity, indicating potential investor interest and market performance [1][2]. - As of September 30, Tunan's stock price rose by 2.04% to 29.45 CNY per share, with a total market capitalization of 11.648 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 35.90%, with a 6.20% rise over the last five trading days [1]. Group 2 - Tunan Co., Ltd. reported a revenue of 599 million CNY for the first half of 2025, reflecting an 18.16% year-on-year decrease, while net profit attributable to shareholders was 92.967 million CNY, down 51.41% year-on-year [2]. - The company has distributed a total of 368 million CNY in dividends since its A-share listing, with 287 million CNY distributed over the past three years [3]. - As of June 30, 2025, Tunan's top ten circulating shareholders included notable institutional investors, with changes in their holdings indicating shifts in investor sentiment [3].

Core Viewpoint - Changjiang Securities research report indicates that Western Superconducting Technologies is a high-quality leader in the titanium material industry, with strong long-term realization potential and considerable profitability, driven by high-profit elasticity of high-temperature alloys and vast growth space for superconducting products [1] Group 1: Business Performance - Titanium alloy business has consistently supported the company's steady growth in performance, despite short-term fluctuations in growth rates due to downstream delivery schedules in 2023-2024 [1] - Long-term outlook for the titanium alloy business remains positive, expected to maintain stable growth and effectively support the company's performance [1] Group 2: Superconducting Products - The superconducting products business has experienced rapid development, with significant improvements in both product scale and profitability [1] - The growth potential for superconducting products is vast, and the company is expected to achieve a new level of profitability due to its first-mover advantage and technological accumulation, creating high barriers to entry [1] Group 3: Overall Company Outlook - As a leading player in the new materials sector, the company is positioned for a rapid release of performance across its three business segments, highlighting its long-term investment value [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Viewpoints - The report emphasizes the strategic development positioning of the company's three main business segments: titanium alloys, high-temperature alloys, and superconducting products. The company is recognized as a high-quality leader in the titanium materials industry, with strong long-term performance and profitability. The strong profitability elasticity of high-temperature alloys and the vast potential of superconducting products are expected to further enhance growth, collectively driving the company's long-term profitability upward [2][5][18]. Summary by Sections Titanium Alloys: Can Profitability Be Maintained Long-Term? - Titanium alloys serve as the cornerstone of the company's business, supporting steady performance growth. Although the growth rate for titanium alloy business is expected to fluctuate in the short term due to downstream delivery schedules, it is anticipated to maintain stable long-term growth. Key reasons include: 1. Long-term demand for military-grade titanium materials and broad applications in civil aviation and deep-sea sectors [6][19]. 2. The company has established a framework for the application of next-generation aircraft structural titanium alloys, solidifying its leading position [6][19]. 3. The price of sponge titanium remains low, alleviating cost pressures and allowing for profit margin expansion [6][19]. High-Temperature Alloys: How to View Future Profit Elasticity? - The high-temperature alloy business, although started later, has developed rapidly, with products gaining multiple certifications and significant improvements in capacity utilization. Despite a slight decline in profitability in 2024 due to delivery rhythm impacts, the business still has considerable profit release elasticity. Key marginal changes to focus on include: 1. Gradual ramp-up of existing high-temperature alloy capacity, with expansion projects progressing smoothly, expected to enhance profitability through scale effects [7][57]. 2. Strong demand for aerospace high-temperature alloys, leveraging the market influence of titanium alloy business and the company's technical strength [7][57]. 3. Nickel prices returning to rational levels, easing raw material cost pressures and restoring profitability [7][57]. Superconducting Products: How to Outlook Long-Term Growth Space? - The company is a leading player in superconducting products, being the only global enterprise with a full-process production capability for NbTi ingots, superconducting wires, and superconducting magnets. The business has seen rapid growth in both scale and profitability. Looking ahead, the growth potential for superconducting products is vast, with expectations for profitability to reach new heights due to: 1. Steady growth in the MRI market, with the company binding quality customers to absorb new capacity and further expand market share [8][9]. 2. Huge demand for superconducting wires for fusion projects, positioning the company as a core supplier, contributing to long-term performance [8][9]. 3. Superconducting magnet products benefiting from the semiconductor and photovoltaic sectors, with technology upgrades driving incremental demand [8][9]. Investment Outlook: Three Business Segments Driving Long-Term Value - The company is projected to achieve a net profit attributable to shareholders of 1.02 billion, 1.25 billion, and 1.51 billion from 2025 to 2027, corresponding to a current market PE of 37, 31, and 25 times. As a leader in new materials in China, the simultaneous advancement of its three business segments is expected to lead to a rapid release of performance, highlighting the company's long-term investment value [9].

Core Viewpoint - The Ministry of Industry and Information Technology, along with other departments, has released a plan for the steel industry aimed at achieving an average annual growth of around 4% in value-added from 2025 to 2026, focusing on governance, supply optimization, transformation promotion, consumption expansion, and cooperation enhancement [1][2]. Group 1: Industry Challenges - The steel industry is facing significant downward pressure, with steel consumption peaking and demand continuously declining, leading to a micro-profit state and increasing operational pressures for enterprises [1][2]. - The current imbalance between excessive supply and insufficient effective demand is identified as the main contradiction affecting the quality and efficiency of industry development [1][2]. Group 2: Proposed Measures - The plan outlines 10 specific measures across five areas, including precise control of production capacity and output, enhancing industry management, and promoting dynamic balance between supply and demand [2][3]. - Emphasis is placed on improving supply quality through technological innovation, enhancing the supply capacity of high-end products, and stabilizing raw material supply [2][3]. Group 3: Consumption and Internationalization - The plan aims to stimulate effective consumption by exploring steel application demands and promoting collaboration in key steel usage sectors such as shipbuilding [3]. - It also includes measures for updating processes and equipment, accelerating digital transformation, and enhancing international development levels through improved export management [3]. Group 4: Supportive Policies - The plan specifies various supportive measures, including the use of special loans for technological innovation and transformation, as well as a capacity warning mechanism to guide market expectations [3].

Core Viewpoint - The steel industry is set to benefit from a significant policy initiative aimed at stabilizing growth and promoting high-quality development, with a target of approximately 4% annual growth in value added over the next two years [1][2]. Group 1: Policy Framework - The "Steel Industry Stabilization Growth Work Plan (2025-2026)" was jointly issued by five government departments, focusing on structural adjustments and high-quality development [2][3]. - The plan emphasizes a problem-oriented and goal-oriented approach, proposing 10 specific measures across five key areas [2][3]. Group 2: Key Measures - The plan includes precise control of production capacity and output, with a focus on supporting advanced enterprises and phasing out inefficient capacity [2][3]. - It promotes the development of low-carbon steelmaking processes, such as electric arc furnaces and hydrogen metallurgy, through differentiated support for capacity replacement [2][3]. - The plan mandates that by the end of 2025, over 80% of steel production capacity must complete ultra-low emission transformations [6]. Group 3: Industry Management and Innovation - Steel enterprises will be classified and managed in tiers, encouraging resource allocation towards leading companies [3]. - The plan aims to enhance the supply of high-end products by fostering collaboration among steel companies, upstream and downstream enterprises, and research institutions [3][4]. Group 4: Investment and Digital Transformation - The plan calls for the modernization of equipment and the promotion of digital transformation within the industry, including the establishment of evaluation standards for digitalization [4][7]. - It encourages the adoption of advanced technologies and the development of intelligent manufacturing processes [4][7]. Group 5: Monitoring and Support - The plan outlines organizational, policy, and operational support measures to ensure the effective implementation of the growth strategy [7]. - Continuous monitoring and capacity warning mechanisms will be established to maintain industry stability [7]. Group 6: Market Outlook - Analysts predict a gradual recovery in steel demand as seasonal changes occur, with a potential reduction in inventory levels [7]. - The industry is expected to enter a performance cycle focused on profitability, driven by increased production restrictions and a shift towards high-quality development [7].

Core Viewpoint - The "Steel Industry Stabilization and Growth Work Plan (2025-2026)" aims for an average annual growth target of around 4% in the steel industry's added value, focusing on stabilizing growth and preventing excessive competition while guiding resources towards advantageous enterprises and expanding consumer demand [1][3]. Group 1: Growth Targets and Industry Balance - The plan sets a target of approximately 4% average annual growth in added value for the steel industry from 2025 to 2026, aiming for economic stability and improved market supply-demand balance [3][4]. - The primary challenge facing the industry is the imbalance between excessive supply and insufficient effective demand, which affects the quality and efficiency of industry development [3][4]. - The plan emphasizes resource allocation towards superior enterprises and advocates for production control to promote a competitive environment, achieving dynamic supply-demand balance [3][4]. Group 2: Capacity Control and Technological Upgrades - The plan prohibits the addition of new production capacity and promotes precise control of capacity and output, supporting low-carbon steelmaking processes and high-end special steel projects [4][5]. - It encourages the development of advanced equipment and technologies, such as electric furnaces and special smelting, while enhancing the supply capacity of high-end products [4][5]. - The plan also includes measures for digital transformation and the establishment of digital carbon management centers within the steel industry [6]. Group 3: Consumer Demand and Market Expansion - The plan aims to enhance the quality of bulk products and expand applications in construction and transportation sectors, focusing on upgrading product quality and application standards [7]. - It promotes long-term cooperation agreements between steel producers and key downstream industries to stabilize the supply chain [7]. - The plan emphasizes the importance of international cooperation and optimizing the export structure of steel products to enhance global competitiveness [7][8]. Group 4: Policy Support and Financial Measures - The plan highlights the need for strong policy support, utilizing special loans and long-term bonds to fund pollution reduction, digital transformation, and resource utilization in the steel industry [8]. - It encourages financial institutions to provide tailored financial services to steel enterprises, ensuring a market-oriented and law-based approach [8]. - The overarching strategy combines strict capacity control, expansion of high-end supply, promotion of steel structures, and deepening international cooperation to address the challenges of low profitability and overcapacity in the steel industry [8].

Core Viewpoint - The article discusses the "Steel Industry Stabilization and Growth Work Plan (2025-2026)" issued by multiple government departments, aiming to enhance the steel industry's growth, optimize its structure, and promote green and digital transformation [3][10]. Summary by Sections Overall Requirements - The plan emphasizes the importance of quality and efficiency, focusing on technological and industrial innovation, and aims to balance supply and demand while preventing new capacity increases [11]. Main Goals - The steel industry is expected to achieve an average annual growth of around 4% in value added from 2025 to 2026, with improved economic benefits and a more balanced market supply and demand [13]. Key Measures - **Strengthening Industry Management**: Implement precise capacity and production controls, support low-carbon steel production methods, and promote the exit of inefficient capacities [14]. - **Enhancing Technological Innovation**: Focus on high-end product supply capabilities and improve the quality of bulk products to meet the demands of key industries [15]. - **Expanding Effective Investment**: Promote equipment upgrades and digital transformation, and support the transition to electric furnace processes [17][18]. - **Expanding Consumption Demand**: Explore steel application needs and promote the use of steel structures in various construction projects [20]. - **Deepening Open Cooperation**: Improve international development levels and strengthen export management to enhance competitiveness [21]. Safeguard Measures - **Organizational Support**: Local governments are encouraged to prioritize the steel industry's growth and implement detailed measures [22]. - **Policy Support**: Utilize financial tools to support the industry's transformation and innovation efforts [23]. - **Monitoring and Scheduling**: Conduct regular monitoring of industry operations to identify and address potential issues [23].

Core Viewpoint - The "Steel Industry Growth Stabilization Work Plan (2025-2026)" aims for an average annual growth of around 4% in the steel industry's added value, focusing on balancing supply and demand, optimizing industrial structure, and enhancing green, low-carbon, and digital development levels [1][2] Group 1: Industry Management and Capacity Control - The plan emphasizes strengthening industry management and promoting survival of the fittest through precise capacity and output regulation [2] - It includes revising the capacity replacement implementation measures and increasing support for low-carbon steelmaking projects [2] - The plan aims to implement annual output control tasks to promote dynamic balance between supply and demand [2] Group 2: Technological Innovation and Supply Capability - The plan highlights the need to enhance the supply capacity of high-end products by focusing on key steel materials required in high-end equipment and core components [3] - It encourages collaboration among steel enterprises, upstream and downstream companies, and research institutions for industrial chain innovation [3] - The plan also aims to stabilize raw material supply and support compliant mining enterprises to avoid blanket industry regulations [3] Group 3: Investment and Upgrading - The plan calls for expanding effective investment and promoting transformation and upgrading of the industry [3] - It emphasizes the need for equipment updates and digital transformation, particularly in integrating artificial intelligence with the steel industry [3] - The plan sets a target for completing ultra-low emission transformation by the end of 2025 [3] Group 4: Demand Expansion and International Cooperation - The plan seeks to stimulate market consumption potential by exploring steel application demands and enhancing cooperation in key steel usage sectors [4] - It promotes the application of steel structures in various construction areas and supports the establishment of a full industry chain cooperation mechanism [4] - The plan also focuses on strengthening export management and optimizing the structure of steel export products [4]