证券代码：688231 证券简称：隆达股份 公告编号：2025-058 江苏隆达超合金股份有限公司 关于公司董事离任暨选举职工代表董事的公告 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。 重要内容提示： 江苏隆达超合金股份有限公司（以下简称"公司"）董事会于近日收到公司 非独立董事陈义先生递交的辞职报告，因公司治理结构的调整，陈义先生申请辞 去公司第二届董事会非独立董事职务。辞职后，陈义先生仍在公司任职。根据《中 华人民共和国公司法》《公司章程》的有关规定，陈义先生的辞职不会导致公司 董事会成员低于法定最低人数，其辞职报告自送达董事会时生效。 公司于 2025 年 11 月 13 日召开了 2025 年职工代表大会，选举浦晓中先生担 任公司第二届董事会职工代表董事，任期自本次职工代表大会选举通过之日起至 公司第二届董事会任期届满之日止。 一、董事/高级管理人员离任情况 (一) 提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履 ...

北京大成(上海)律师事务所 关于江苏隆达超合金股份有限公司 2025 年第三次临时股东大会的 法律意见书 EDENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成(上海)律师事务所 www. dacheng.com 中国上海市世纪大道 100号上海环球金融中心 9层/24层/25层(200120) 9th/24th/25th Floor, Shanghai World Financial Center, 100 Century Avenue, Shanghai 200120, P. R. China Tel: +86 21-58785888 Fax: +86 21-58786866 北京大成(上海)律师事务所 关于江苏隆达超合金股份有限公司 2025 年第三次临时股东大会的法律意见书 致:江苏隆达超合金股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")《中华人民共和国 公司法》(以下简称"《公司法》")和中国证券监督管理委员会《上市公司股东会 规则》(以下简称"《股东会规则》")等法律、法规和其他有关规范性文件的要 求,北京大成(上海 ...

证券代码：688231 证券简称：隆达股份 公告编号：2025-057 江苏隆达超合金股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 13 日 （二） 股东大会召开的地点：无锡市锡山区安镇街道翔云路 18 号，公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 本次会议由公司董事会召集，董事长、总经理浦益龙先生主持本次会议。会 议采用现场投票和网络投票相结合的表决方式。本次股东大会的召集、召开程序 及表决程序符合《公司法》《证券法》及《公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席9人； 2、 公司在任监事3人，出席3人； 3、 董事会秘书陈佳海先生出席了本次会议，部分高级管理人员列席了本次会议。 二、 议案审议情况 （一） 非累积投票议案 1、 ...

Market Overview - The metal new materials sector experienced a decline of 2.16% on November 12, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable performers in the metal new materials sector included: - Zhongke Sanhuan (Code: 000970) with a closing price of 13.79, up 1.70% and a trading volume of 313,300 shares [1] - Youyan Powder Materials (Code: 688456) closed at 47.01, up 0.99% with a trading volume of 10,800 shares [1] - Longda Co., Ltd. (Code: 688231) closed at 24.29, down 6.51% with a trading volume of 126,000 shares [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.012 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.104 billion yuan [2] - The capital flow for individual stocks showed varied trends, with Zhongke Sanhuan experiencing a net inflow of 26.0176 million yuan from institutional investors [3]

Core Viewpoint - The Shanghai Composite Index decreased by 0.21% today, with significant declines in the electric equipment sector, which saw the largest drop of 2.31% [2] Industry Performance Summary - The oil and petrochemical sector led the gains with an increase of 1.27%, followed by the banking sector at 1.10% and the comprehensive sector at 1.01% [2] - The electric equipment sector experienced the largest decline at 2.31%, followed by the defense and military industry at 1.70% and the computer sector at 1.28% [2] - A total of 1513 stocks rose, with 65 hitting the daily limit up, while 3819 stocks fell, including 10 hitting the daily limit down [2] Trading Volume and Value - The total trading volume reached 1,081 million shares, with a total transaction value of 15,923.01 billion yuan, reflecting a decrease of 1.61% compared to the previous trading day [2]

Summary of Key Points from Conference Call Records Industry Overview: Gas Turbine Market - The gas turbine market is experiencing rapid growth driven by the surge in electricity demand from data centers, with an annual electricity shortfall of 20-30GW expected, leading to a 75% demand for capacity expansion in the supply chain [1][3][10] - Major growth regions for the gas turbine market include the Middle East and North America, with new orders in the Middle East expected to increase by 807% to 13.6GW in 2024, and North America by 356% to 11.4GW [1][4][5] - Europe is growing at a slower pace, but some countries still show demand due to insufficient power supply [1][5] Technology and Market Dynamics - Gas turbine technology is categorized into heavy-duty and light-duty turbines, with heavy-duty turbines being more efficient but limited in capacity. Major manufacturers like Siemens and GEV have orders booked until 2028 [1][6] - Siemens and GEV dominate the market, holding over 80% of the total order volume, while Mitsubishi Heavy Industries has seen a slight decline in market share due to slower growth in the Asia-Pacific region [1][6][9] - Global gas turbine delivery is projected at approximately 40GW in 2024, with orders totaling 57GW, and expected deliveries of 45-46GW in 2025, indicating a persistent supply-demand imbalance [1][9] Regional Fuel Dependency and Market Trends - Different regions exhibit varying levels of dependency on natural gas for power generation, with the Middle East relying heavily on natural gas (60-70%) due to abundant oil and gas resources, while North America also shows significant usage (43%) [3][7] - Emerging economies like Ireland and Singapore are increasingly investing in gas turbines to meet the energy needs of self-built data centers, driving demand for efficient small or light-duty turbine systems [7] Company-Specific Insights: Longda Co., Ltd. - Longda Co., Ltd. benefits from the high demand in the gas turbine and aerospace engine sectors, with revenue in the first three quarters of 2025 nearing the total for the previous year, indicating a turning point in performance [2][17] - The company is actively pursuing overseas certifications and expanding its international presence, including a 2000-ton casting high-alloy base in Malaysia [15][16] - Longda's financial performance is strong, with projected profits of 100 million and 160 million yuan for 2025 and 2026, respectively, reflecting robust growth momentum [17][18] Future Outlook and Expansion Plans - Major companies are planning significant capacity expansions to meet rising demand, with Mitsubishi Heavy Industries aiming to double its capacity within two years, GE planning a 30% increase, and Siemens expecting to increase production from 50 to 80 units (60% increase) [11] - Chinese companies are playing a crucial role in the global gas turbine supply chain, taking on overflow orders from Western and Japanese firms, with partnerships established between companies like Triangular Defense and Siemens [12][13] Investment Opportunities - Investors are encouraged to focus on two types of companies: those with high technical barriers in the aerospace sector, such as Triangular Defense and Hangyang, and those in the engineering machinery sector with core capabilities in gas turbine manufacturing [13]

Investment Rating - The report maintains a positive investment rating for the metal industry, emphasizing a strong buying opportunity for various metals including copper, aluminum, and rare earth elements [1][2]. Core Insights - The macroeconomic sentiment has improved, leading to stronger downstream consumption in the metal sector, particularly in energy metals, which are showing robust demand [1]. - Supply disruptions are providing significant momentum to the sector, with a focus on metals such as copper, silver, aluminum, rare earths, tungsten, lithium, cobalt, uranium, and antimony [1]. - The report highlights the importance of technology-driven growth in new materials as a key area of investment [1]. Industry Overview - The metal industry consists of 235 listed companies with a total market capitalization of CNY 619 billion, representing 5.8% of the overall market [2]. - The industry index performance shows a 1-month increase of 8.6%, a 6-month increase of 52.4%, and a 12-month increase of 51.7% [3]. Metal Price Trends - Copper inventory has increased to 203,300 tons, marking a 2.07 million ton rise from the previous week, indicating a continuous accumulation trend [3]. - Aluminum inventories are reported at 622,000 tons, with a slight increase, while the government has announced a suspension of tariffs on aluminum imports from the US, potentially boosting exports [4]. - Tungsten prices have risen by 6.75% due to supply constraints from environmental policies and reduced mining quotas [3][4]. Specific Metal Insights - For copper, the report suggests a long-term bullish outlook due to supply tightness and increasing demand from the electric construction sector [3]. - Aluminum is expected to maintain strong pricing in the short term, supported by favorable supply-demand dynamics [4]. - Lithium and cobalt markets are experiencing tight supply conditions, with lithium prices showing resilience despite slight declines [4]. Rare Earth and New Materials - The report notes a positive outlook for rare earth prices, particularly for praseodymium and neodymium, driven by demand recovery and inventory replenishment [4]. - Uranium prices have increased to USD 85 per pound, reflecting a steady rise in demand amid a recovering nuclear power sector [5]. Conclusion - The overall sentiment in the metal industry is optimistic, with various metals poised for growth due to strong demand and supply constraints, making it a favorable investment landscape [1][2][3].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **gas turbine** and **solid oxide fuel cell (SOFC)** industries, highlighting the significant demand increase driven by the surge in AIDC (Artificial Intelligence Data Center) requirements in the U.S. [1][3][4] Core Insights and Arguments - **Gas Turbine Demand Surge**: The demand for gas turbines has surged due to the reliance on natural gas for power generation in AIDC, with companies like GE, Siemens Energy, and Mitsubishi Heavy Industries facing delivery delays until 2030. GE's new order volume reached **20 GW** last year, with a backlog of **62 GW** as of Q3 this year [3][4] - **Investment Initiatives**: The U.S. government and Japan are investing **$550 billion** to address energy challenges, with **$25 billion** allocated specifically for gas turbines, steam turbines, generators, and grid issues [4] - **SOFC as a Solution**: SOFC technology, with an efficiency of **95%**, is positioned as a promising energy solution, potentially transforming fossil fuels into electricity more effectively than gas turbines, which have an efficiency of around **30%** [4][7] - **Metal Chromium Demand**: The demand for metal chromium, essential for high-temperature alloys, is expected to increase significantly, with SOFC requiring over **15 times** the amount needed for gas turbines. A supply gap of **340,000 tons** is anticipated by 2028 [6][8] Emerging Opportunities - **Chinese Companies' Role**: Chinese firms like Yingliu Co. and Longda Co. are poised to benefit from the supply chain opportunities as overseas gas turbine manufacturers face integration and installation challenges [4][5] - **North American Power Equipment Market**: The North American power equipment market is expected to see significant growth driven by new energy installations, industrial resurgence, and the replacement of aging grid infrastructure [10][11] - **Transformer Industry Outlook**: The transformer industry is experiencing a supply-demand gap, providing opportunities for domestic companies to expand their market presence [11][12] Additional Insights - **Data Center Construction Impact**: The construction of data centers is increasing demand for advanced power distribution solutions, transitioning from UPS systems to **800V HVDC** and **SST solid-state transformers**, which enhance power conversion efficiency to **98.5%** [13][14] - **Storage Systems Role**: Energy storage systems are crucial for balancing load fluctuations and enhancing gas turbine responsiveness, with global demand for storage expected to reach **300 GWh** by 2030 [14] - **Future Prospects for Weichai Power**: Weichai Power is expected to benefit from both AIDC backup power engines and SOFC technology, with projected revenues from new business lines reaching **3 billion yuan** and total market capitalization potentially reaching **210 billion yuan** by 2027 [16][18] Companies to Watch - **Key Players**: Companies such as Yingliu Co., Wanzhou Co., Longda Co., and Zhihua Co. are highlighted for their potential gains in the component and material sectors due to increased demand [8][9] - **Liquid Cooling Market**: Companies like Yinlun Co., Top Group, and Feilong Co. are noted for their active involvement in the liquid cooling sector for data centers, which is expected to contribute positively to their performance [19]

Core Insights - The metal new materials sector increased by 1.19% on November 6, with Longda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Sector Performance - The metal new materials sector saw a net outflow of 215 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [1] - Key stocks in the sector experienced varied performance, with Zhongzhou Special Materials down 3.36% and Antai Technology down 1.90% [1] Fund Flow Analysis - Major inflows were observed in stocks like Placo New Materials, which had a net inflow of approximately 60.80 million yuan from institutional investors [2] - Retail investors showed a significant outflow in stocks such as Placo New Materials, with a net outflow of about 55.14 million yuan [2]

Group 1 - Parker New Materials and Triangle Defense reached the daily limit increase, while Longda Co., Ltd. rose over 14% [1] - Northern Long Dragon, Aerospace Technology, AVIC Heavy Machinery, Aero Engine Corporation of China, and Steel Research High Nano also experienced gains [1]