Group 1 - The small metals sector increased by 4.94% on February 3, with Dongfang Tantalum leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Notable performers in the small metals sector included Dongfang Silver Industry, which rose by 10.01% to a closing price of 43.21, and Zhong Rare Metals, which increased by 8.72% to 83.39 [1] Group 2 - The small metals sector saw a net inflow of 625 million yuan from main funds, while retail funds had a net inflow of 364 million yuan, and speculative funds experienced a net outflow of 989 million yuan [2] - The top stocks by main fund inflow included Beifang Rare Earth with a net inflow of 347 million yuan, and Dongfang Aluminum with 286 million yuan [3] - The overall trading volume for the small metals sector was significant, with stocks like Xiamen Tungsten Industry achieving a trading volume of 715,100 shares and a transaction value of 3.954 billion yuan [1][2]

Market Overview - The small metals sector experienced a decline of 6.82% on January 30, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Notable performers included: - Xibu Materials (002149) closed at 49.23, up 2.01% with a trading volume of 859,400 shares and a transaction value of 4.216 billion [1] - Haotong Technology (301026) closed at 33.65, down 11.21% with a trading volume of 213,300 shares and a transaction value of 714 million [2] - Other significant declines included: - Guoyan Platinum (600459) down 10.01% to 23.55 [2] - Jin Aluminum (601958) down 10.00% to 20.52 [2] Capital Flow Analysis - The small metals sector saw a net outflow of 5.927 billion from institutional investors, while retail investors contributed a net inflow of 4.688 billion [2] - The capital flow for individual stocks showed: - Xibu Materials had a net inflow of 18.4 million from institutional investors [3] - Haotong Technology experienced a net outflow of 64.2749 million from institutional investors [3]

Group 1 - The A-share market experienced a collective pullback in the commercial aerospace sector, with several companies hitting their daily limit down [1] - Notable declines included Beihua Co. and Torch Electronics, which both reached the daily limit down, while Hongyuan Electronics, Tongda Co., and Kunheng Shunwei fell over 8% [1] - Other companies such as Gaode Infrared and Shunhao Co. dropped more than 7%, and Jiuding New Materials, BaoTi Co., Tengjing Technology, Changying Tong, Qianzhao Optoelectronics, Changguang Huaxin, and Huafeng Technology saw declines exceeding 6% [1]

Market Overview - The small metals sector experienced a decline of 1.61% compared to the previous trading day, with China Uranium Industry leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Small Metals Sector Performance - Notable gainers in the small metals sector included: - Xianglu Tungsten Industry (002842) with a closing price of 26.22, up 6.98% and a trading volume of 713,900 shares [1] - Western Materials (002149) closed at 46.25, up 6.20% with a trading volume of 1,218,500 shares [1] - China Tungsten High-Tech (000657) closed at 50.49, up 2.06% with a trading volume of 1,463,800 shares [1] - Other companies showed minor fluctuations, with some experiencing slight declines [1] Capital Flow Analysis - The small metals sector saw a net outflow of 3.255 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.534 billion yuan [2] - The overall capital flow indicated a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Western Materials (002149) had a net inflow of 674.1 million yuan from institutional investors, but a net outflow of 469 million yuan from speculative funds [3] - Other companies like Huayang New Materials (600281) and China Rare Earth (000831) also showed significant net outflows from institutional investors, indicating a cautious approach from larger players [3]

截至2026年1月23日收盘，宝钛股份（600456）报收于41.16元，较上周的38.5元上涨6.91%。本周，宝 钛股份1月23日盘中最高价报41.39元。1月20日盘中最低价报37.81元。宝钛股份当前最新总市值196.65 亿元，在小金属板块市值排名16/24，在两市A股市值排名1114/5182。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 来自公司公告汇总：宝钛股份拟向不特定对象发行可转换公司债券，募集资金不超过35亿元。 来自公司公告汇总：西部证券完成对宝钛股份2025年度募集资金管理的现场检查，未发现违规情 形。 来自公司公告汇总：本次可转债发行尚需上交所审核及证监会注册，审批结果存在不确定性。 希格玛会计师事务所出具专项核查意见，认为宝钛股份本次募投项目包括钛资源循环利用、智能锻造产 线及近净成形生产线建设，拟募集资金不超过35亿元，募集资金用途聚焦主业，效益测算谨慎合理，融 资规模具备合理性。 宝钛股份在审核问询函回复中说明，本次发行可转换公司债券拟募集资金不超过35亿元，用于钛资源循 环利用项目 ...

Core Viewpoint - The medical titanium alloy industry is experiencing significant growth driven by an aging population and increasing chronic disease rates, leading to higher demand for medical devices and implants. The market size for medical titanium alloys in China is projected to reach 4.32 billion yuan in 2024, reflecting a 9% year-on-year increase [1][6]. Group 1: Industry Overview - Medical titanium alloys are specialized biocompatible materials used for manufacturing human implants, characterized by excellent biocompatibility, high specific strength (over 300 MPa·cm³/g), and moderate elastic modulus (approximately 110 GPa) [3]. - The development of medical titanium alloys has progressed through three generations, with the latest generation focusing on reducing toxicity and improving compatibility with human bone [3][4]. Group 2: Market Size and Growth - The market for medical titanium alloys is expected to continue growing, with the orthopedic implant sector (including artificial joints and spinal correction devices) holding the largest market share at 50%, projected to reach 2.16 billion yuan in 2024 [6]. - Factors driving demand in the orthopedic implant sector include an aging population (over 300 million people aged 60 and above in China), advancements in medical technology, and supportive policies [6]. Group 3: Competitive Landscape - The medical titanium alloy industry features a concentrated head with leading companies like Baotai Co., West Superconductor, and Xiangtou Jintian dominating the mid-to-high-end market, while smaller firms focus on niche segments to avoid direct competition [7]. - Key players in the industry include Jiangsu Tiangong Technology Co., Baotai Co., and others, with a focus on R&D and production of titanium and titanium alloy materials [7][8]. Group 4: Industry Trends - The industry is moving towards functional upgrades of materials to meet diverse clinical needs, emphasizing the development of new alloys that are aluminum and vanadium-free for enhanced biocompatibility [9]. - Integration of smart technologies into titanium alloy products is becoming a significant innovation direction, with the incorporation of micro-sensors for real-time monitoring of implant conditions [10]. - The industry is accelerating its green and low-carbon transformation, focusing on energy-efficient production processes and recycling systems for titanium alloy materials to reduce waste and production costs [11].

股票简称：宝钛股份 股票代码：600456 Baoji Titanium Industry Co.,Ltd. （陕西省宝鸡市高新开发区高新大道 88 号） 关于宝鸡钛业股份有限公司向不特 定对象发行可转换公司债券 审核问询函的回复 保荐人（主承销商） （陕西省西安市新城区东新街 319 号 8 幢 10000 室） 二〇二六年一月 上海证券交易所： 贵所《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文 件的审核问询函》（上证上审（再融资）〔2025〕412 号）（以下简称"问询函"） 已收悉。宝鸡钛业股份有限公司（以下简称"宝钛股份""发行人""申请人" 或"公司"）会同西部证券股份有限公司（以下简称"西部证券"或"保荐人"）、 申报会计师希格玛会计师事务所（特殊普通合伙）（以下简称"发行人会计师"）、 发行人律师北京观韬律师事务所（以下简称"发行人律师"）就问询函所提问题 逐条进行了认真分析及讨论，针对问询函中的问题进行了核查，对问询函中所有 提到的问题逐项予以落实并进行了书面说明，同时按照要求对《宝鸡钛业股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明书"） 进行 ...

《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》的回复 希格玛会计师事务所（特殊普通合伙） 《关于宝鸡钛业股份有限公司向不特定对象发行可 转换公司债券申请文件的审核问询函》的回复 上海证券交易所： 贵所2025年12月18日《关于宝鸡钛业股份有限公司向不特定对象发行可转换 公司债券申请文件的审核问询函》（上证上审（再融资）[2025]412号）收悉， 我所对反馈意见所涉及的问题进行了逐项核查和落实，现根据贵所的反馈意见回 复如下。 问题 1：关于本次募投项目 根据申报材料，1）本次拟募集资金不超过 350,000.00 万元，拟投入"钛 资源循环利用暨熔铸提质扩能项目""宇航级钛及钛合金智能锻造产线及供应 链协同建设项目""钛及钛合金近净成形生产线建设项目"及补充流动资金。 2）前次募投项目"宇航级宽幅钛合金板材、带箔材建设项目"未实现预计效 益。 请发行人说明：（1）本次募投项目的具体建设内容，与前次募投项目、 现有业务的区别与联系，是否涉及新产品、新技术，本募产品与公司现有产 品在技术路线、产品性能、应用领域、客户群体等方面的具体差异，募集资 金是否主要投向主业；（2）结合行 ...

宝鸡钛业股份有限公司 关于向不特定对象发行可转换公司债券 申请文件审核问询函回复的提示性公告 证券代码：600456 证券简称：宝钛股份 编号：2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宝鸡钛业股份有限公司（以下简称 "公司 "）于 2025 年 12 月 18 日收到上 海证券交易所（以下简称 "上交所 "）出具的《关于宝鸡钛业股份有限公司向 不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资） 〔2025〕412 号）（以下简称 "《审核问询函》"），上交所审核机构对公司向不特 定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披 露的《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券审核问询函 的回复》等相关文件。 特此公告。 宝鸡钛业股份 ...

宝钛股份公告称，公司此前收到上交所出具的《审核问询函》，对其向不特定对象发行可转换公司债券 申请文件提出首轮问询问题。公司会同相关中介机构对问题进行研究落实，现公开披露《审核问询函》 的回复。本次发行可转债事项尚需通过上交所审核并获证监会同意注册后方可实施，最终结果及时间尚 不确定，公司将依规披露进展。 ...