我们预测公司2025-2027 年分别实现营收13.41/22.63/29.18 亿元；归母净利润分别为1.59/4.02/5.24 亿 元。考虑到公司优秀航发供应商地位，同时开拓中小零部件业务成为公司第二成长曲线，在"两机"赛道 旺盛需求的牵引下，叠加维修后市场打开，我们审慎给予公司26年45 倍PE，目标价45.9 元，维持"买 入-A"评级。 风险提示：军品价格波动风险、原材料价格上涨风险、订单不及预期风险、技术创新不及预期风险。 深度参与"小核心，大协作"体系建设，中小零部件耗材属性凸显。公司与国内航空发动机主要生产厂商 集团A、集团B 及其下属多家企业建立起了长期稳定的合作关系，是"小核心，大协作"战略外协供应 商。相较于精密铸件，中小零部件属于耗材，将充分受益航发市场步入稳定期后维修后市场带来的巨大 增量，随着沈阳图南项目顺利推进，公司将不断夯实"材料-制造"双赛道，强化产品壁垒，进一步完善 航空产业链布局。 投资建议： 深耕高温合金领域，上游（材料）-中游（铸件）-下游（零部件）全覆盖：公司是是国内少数能同时批 量化生产变形高温合金、铸造高温合金（母合金、精密铸件）产品的企业之一，并于2024年 ...

2月10日，图南股份涨5.03%，截至发稿，报40.53元/股，成交2.13亿元，换手率1.84%，总市值160.31亿 元。 资料显示，江苏图南合金股份有限公司位于江苏省丹阳市凤林大道9号，成立日期1991年5月28日，上市 日期2020年7月23日，公司主营业务涉及高温合金、特种不锈钢等高性能合金材料及其制品的研发、生 产和销售。主营业务收入构成为：变形高温合金46.24%，铸造高温合金28.17%，其他合金制品 10.63%，其他业务收入8.31%，特种不锈钢5.23%，中小零部件1.42%。 从基金十大重仓股角度 数据显示，兴证全球基金旗下1只基金重仓图南股份。兴全全球视野股票（340006）四季度持有股数 259.48万股，占基金净值比例为5.27%，位居第三大重仓股。根据测算，今日浮盈赚取约503.39万元。 兴全全球视野股票（340006）成立日期2006年9月20日，最新规模15.91亿。今年以来收益9.41%，同类 排名1129/5569；近一年收益52.13%，同类排名752/4295；成立以来收益1209.83%。 兴全全球视野股票（340006）基金经理为余明强。 截至发稿，余明强累计 ...

淡季维持累库趋势，但库存处于历史低位 [Table_Industry] 钢铁 ——钢铁行业周度更新报告 | | | --- | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 需求有望逐步触底；供给端即便不考虑供给政策，目前行业微利时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政 策落地，行业供给的收缩速度更快，行 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301141 | 中科磁业 | 61.59 | 10.12% | 8.59万 | | 5.12亿 | | 300855 | 图南股份 | 38.52 | 8.17% | 11.87万 | | 4.50亿 | | 688231 | 隆达股份 | 30.54 | 7.16% | ● 5.68万 | | 1.71亿 | | 300127 | 银河磁体 | 35.59 | 5.42% | 15.60万 | | 5.48亿 | | 301522 | 上大股份 | 40.60 | 5.29% | 13.13万 | | 5.25亿 | | 301622 | 賀園特 | 68.15 | 5.25% | 3.26万 | | 2.19亿 | | 300748 | 金力永磁 | 36.97 | 5.03% | 48.64万 | | 17.60亿 | | 600366 | 宁波韵升 | 66'EI | 4.95% | 53.52万 | | 7.38亿 | ...

2月3日，图南股份涨5.17%，截至发稿，报37.45元/股，成交1.17亿元，换手率1.09%，总市值148.13亿 元。 资料显示，江苏图南合金股份有限公司位于江苏省丹阳市凤林大道9号，成立日期1991年5月28日，上市 日期2020年7月23日，公司主营业务涉及高温合金、特种不锈钢等高性能合金材料及其制品的研发、生 产和销售。主营业务收入构成为：变形高温合金46.24%，铸造高温合金28.17%，其他合金制品 10.63%，其他业务收入8.31%，特种不锈钢5.23%，中小零部件1.42%。 从基金十大重仓股角度 截至发稿，余明强累计任职时间357天，现任基金资产总规模15.91亿元，任职期间最佳基金回报 50.71%， 任职期间最差基金回报50.71%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，兴证全球基金旗下1只基金重仓图南股份。兴全全球视野股票（340006）四季度持有股数 259. ...

（文章来源：证券日报） 证券日报网讯 2月2日，图南股份在互动平台回答投资者提问时表示，截至2026年1月30日，公司在册股 东人数约1.34万户。 ...

（文章来源：证券日报） 证券日报网讯 2月2日，图南股份在互动平台回答投资者提问时表示，截至2026年1月20日，公司在册股 东人数约1.38万户。 ...

Core Insights - The article highlights the remarkable industrial development of Zhenjiang, a small city in Jiangsu Province, which has achieved significant technological and manufacturing milestones despite its limited size and population [2][5][12]. Group 1: Economic Performance - Zhenjiang has a GDP of 554 billion yuan in 2024, ranking 57th nationally, surpassing larger cities like Taiyuan and Urumqi [7]. - The city ranks 22nd among Chinese cities in the Global Innovation Index, indicating a high level of technological innovation relative to its economic size [8][11]. Group 2: Manufacturing Strength - Zhenjiang's manufacturing sector is robust, with a reported sales revenue of over 368.4 billion yuan in 2024, growing at a rate of 13.2%, which is above the provincial average [14][21]. - The city is home to significant manufacturing clusters, including high-end equipment and new materials, with several companies recognized as "hidden champions" in their respective fields [19][21]. Group 3: Innovation and Technology - Zhenjiang has been recognized for its innovation capabilities, ranking 41st in the National Innovation City Capability Evaluation Report, which assesses cities based on various innovation metrics [9][11]. - The city has a high number of patents, with 29.71 high-value invention patents per ten thousand people, ranking 4th in Jiangsu Province [21]. Group 4: Strategic Development Approach - Zhenjiang has adopted a focused approach to industrial development, concentrating on emerging sectors such as artificial intelligence, low-altitude economy, and new energy storage [24][29]. - The city leverages its geographical position within the Yangtze River Delta to enhance resource sharing and collaboration with larger cities like Shanghai and Nanjing [28][30].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, facilitating a quicker industry upturn [3][4]. Summary by Sections Steel Market Overview - Steel prices have decreased, with the Shanghai rebar price dropping by 20 CNY/ton to 3240 CNY/ton, a decline of 0.61%. The total inventory of steel has increased by 1.70% to 12.7851 million tons [8][12]. - Apparent consumption of five major steel products was 8.0174 million tons, down 0.96% week-on-week but up 28.96% year-on-year [21]. - The production of five major steel products was 8.2317 million tons, an increase of 0.44% week-on-week [12][37]. Supply and Demand Dynamics - Approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The construction sector's demand for steel is expected to stabilize, while demand from infrastructure and manufacturing is projected to grow steadily [4]. Profitability and Production Margins - The average gross profit for rebar was 196.9 CNY/ton, down 11.7 CNY/ton from the previous week, while hot-rolled coil profit increased by 2.3 CNY/ton to 46.9 CNY/ton [39]. - The profitability rate of 247 steel companies was 39.39%, a decrease of 1.3% from the previous week [28]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [4].

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]