智通财经APP获悉，HOME CONTROL(01747)、环球新材国际(06616)于2025年11月28日进行了最新股 东权益披露。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | HOME CONTROL(01747) | Chen Yi Chung | 好仓 | 36.00 万股 | 36.20 万股 | 0.07%(最新) 0.07%(前次) | | 环球新材国际(06616) | 王欢 | 好仓 | 4.40 亿股 | 4.40 亿股 | 35.48%(最新) | | | | | | | 35.50%(前次) | | 环球新材国际(06616) | 苏尔田 | 好仓 | 4.40 亿股 | 4.40 亿股 | 35.48%(最新) | | | | | | | 35.50%(前次) | 备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 ...

Core Viewpoint - Southbound funds reduced their holdings in Universal New Materials International (06616.HK) by 1.256 million shares on November 19, 2025, while showing a net increase in holdings over the past trading days [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds increased their holdings on four occasions, with a total net increase of 10.378 million shares [1] - Over the past 20 trading days, there were 16 days of net increases, totaling 85.9921 million shares [1] - As of now, southbound funds hold 38.7 million shares of Universal New Materials International, accounting for 31.19% of the company's issued ordinary shares [1] Group 2: Company Overview - Universal New Materials International Holdings Limited primarily engages in the production and sales of pearlescent pigment products and mica-related functional products [2] - The company's pearlescent pigment products include natural mica-based, synthetic mica-based, glass flake-based, silica-based, alumina-based, and aluminum-based pearlescent pigments [2] - The company operates in both the domestic market in China and international markets such as South Korea [2]

Core Viewpoint - Global New Materials International (06616) is experiencing a stock price increase of over 3%, currently at HKD 6.87, with a trading volume of HKD 14.8758 million. The company plans to redeem USD 40 million of convertible bonds due on November 8. [1] Company Summary - The company has purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV from July to October this year, increasing its total holdings in CQV to 5.5118 million shares, which represents approximately 50.75% of CQV's total issued shares. [1] - The company has made strategic acquisitions of CQV in South Korea and Merck's surface solutions business in Germany, positioning itself as an industry leader and entering the high-end market. [1] - Future plans include expanding domestic pearl pigment production capacity to approximately 48,700 tons, which may help the company quickly capitalize on acquisition-related demand and achieve cost reduction and efficiency improvements through cost control and economies of scale. [1] Industry Summary - The pearlescent pigment industry is considered undervalued by the market, with high growth potential, low price sensitivity, and strong brand moats, naturally leading to high valuation factors. [1] - The global market size for the pearlescent pigment industry has a CAGR of 13.99% from 2016 to 2023, with downstream demand in high-margin and high-priced sectors such as cosmetics and automotive growing even faster. [1]

Core Viewpoint - Global New Materials International (06616) is experiencing a stock price increase of over 3%, currently at HKD 6.87, with a trading volume of HKD 14.8758 million. The company plans to redeem USD 40 million of convertible bonds due on November 8. [1] Company Summary - The company has purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV from July to October this year, increasing its total holdings in CQV to 5.5118 million shares, which represents approximately 50.75% of CQV's total issued shares. [1] - The company has made strategic acquisitions of CQV in South Korea and Merck's surface solutions business in Germany, positioning itself as an industry leader and entering the high-end market. [1] - Future plans include expanding domestic production capacity of pearlescent pigments to approximately 48,700 tons, which may help the company quickly capitalize on acquisition-related demand and achieve cost reduction and efficiency improvements through cost control and economies of scale. [1] Industry Summary - The pearlescent pigment industry is considered undervalued by the market, with high growth potential, low price sensitivity, and strong brand moats, naturally leading to high valuation factors. [1] - The global market size for pearlescent pigments has a CAGR of 13.99% from 2016 to 2023, with even faster growth in downstream demand from high-margin and high-priced sectors such as cosmetics and automotive. [1]

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage due to its position as a global leader in pearlescent pigments and the potential underestimation of its performance [6][9]. Core Insights - The company has established itself as a leader in the global pearlescent pigment industry through strategic acquisitions, including the integration of Korean CQV and German Merck's surface solutions business (SUSONITY), which positions it well for future growth [8][11]. - The report highlights the high growth potential of the pearlescent pigment market, driven by increasing demand in high-end applications such as cosmetics and automotive coatings, with a projected CAGR of 13.99% from 2016 to 2023 [48][54]. - The company is expected to see significant revenue growth, with projected revenues of RMB 3.52 billion in 2025, reflecting a year-on-year growth rate of 114.85% [7][9]. Summary by Sections Company Overview - The company, originally founded as Guangxi Qise Pearlescent Effect Materials Co., Ltd. in 2011, has grown to become a global leader in pearlescent pigments, successfully listing on the Hong Kong Stock Exchange in 2021 and expanding its global footprint through acquisitions [17][24]. Financial Performance - The company has maintained a strong revenue growth trajectory, with a CAGR of 36.58% from 2017 to 2024, and an increase in gross margin from 43.99% in 2017 to 53.34% in 2024 [32][37]. - The report forecasts net profits of RMB 1.91 billion, RMB 5.29 billion, and RMB 10.05 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 41, 15, and 8 [9][10]. Market Dynamics - The pearlescent pigment industry is characterized by high growth potential, low price sensitivity, and strong brand loyalty, making it a unique investment opportunity [11][45]. - The report emphasizes the importance of synthetic mica as a superior alternative to natural mica, addressing supply chain challenges and enhancing product quality [67][74]. Growth Drivers - Key growth drivers include the successful integration of acquired brands, expansion of production capacity, and the increasing demand for high-end applications in cosmetics and automotive sectors [8][11][61]. - The company plans to expand its domestic production capacity to approximately 48,700 tons, which is expected to support revenue growth and improve operational efficiency [61][79]. Competitive Landscape - The competitive landscape is dominated by major players such as Merck and BASF, with the company positioned to capture market share through its strategic acquisitions and product innovations [54][56]. - The report notes that the high-end market for pearlescent pigments is characterized by significant barriers to entry, making it difficult for new brands to penetrate [54][56].

Core Insights - As of November 10, a total of 108 stocks reached their 52-week highs, with notable performers including Taijin Holdings (08321), OKURA HOLDINGS (01655), and Hejia Holdings (00704) achieving high rates of 125.00%, 84.90%, and 53.57% respectively [1] Summary by Category 52-Week Highs - Taijin Holdings (08321) closed at 0.620 with a peak price of 0.900, marking a 125.00% increase - OKURA HOLDINGS (01655) reached a closing price of 0.280 and a high of 0.355, reflecting an 84.90% rise - Hejia Holdings (00704) had a closing price of 0.345 and a peak of 0.430, showing a 53.57% increase - Other notable stocks include Sanhe Chemical (00301) with a 41.67% increase and Aide New Energy (02623) with a 36.25% rise [1] 52-Week Lows - Wangshan Wangshui-B (02630) recorded a closing price of 52.850 and a low of 51.000, resulting in a -21.84% decrease - Eight Horses Tea (06980) had a closing price of 52.850 and a low of 51.100, reflecting a -10.98% decline - New Enjoy Times (08519) reached a low of 0.270, marking a -10.00% drop - Other significant declines include Jiujiang Bank (06190) at -8.99% and Kun Group (00924) at -6.98% [3][4]

Group 1 - The core point of the article is that Global New Material International (06616.HK) experienced a significant increase in stock price, rising nearly 9% in the afternoon trading session [1] - As of the report, the stock price reached 6.52 HKD, reflecting an increase of 8.49% [1] - The trading volume for the stock amounted to 181 million HKD [1]

Core Viewpoint - Global New Materials International (06616) is experiencing a significant stock price increase, attributed to its plans for bond redemption and strategic acquisitions in the market [1] Group 1: Stock Performance - The stock of Global New Materials International rose nearly 9%, with a current increase of 8.49%, trading at HKD 6.52 and a transaction volume of HKD 181 million [1] Group 2: Corporate Actions - The company plans to redeem USD 40 million of convertible bonds that are due on November 8 [1] - From July to October, the company purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV, increasing its total holdings to 5.5118 million shares, representing approximately 50.75% of CQV's total issued shares [1] Group 3: Production Capacity and Future Plans - According to Guojin Securities, the domestic operating entity of Global New Materials has a current production capacity of 33,000 tons for pearlescent pigments, with a long-term plan to increase this capacity to 48,000 tons [1] - The CQV facility in South Korea has a combined production capacity of 2,600 tons [1] - The Tonglu factory's synthetic mica production capacity of 100,000 tons is expected to be completed and operational in the second half of 2025 [1] - The company anticipates that the expansion in Guangxi and the acquisition of CQV/Merck will provide channels for capacity digestion in synthetic mica, while the current domestic synthetic mica base cost remains higher than that of natural mica, indicating potential for cost reduction and efficiency improvements in the future [1]

Core Viewpoint - Global New Materials International (06616) is experiencing a significant stock price increase, attributed to its plans for bond redemption and strategic share acquisitions in its subsidiary CQV [1] Company Developments - The company plans to redeem $40 million convertible bonds due on November 8 [1] - From July to October, the company purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV, increasing its total holdings to 5.5118 million shares, representing approximately 50.75% of CQV's total issued shares [1] Industry Insights - According to Guojin Securities, the domestic operational entity of Global New Materials has a current production capacity of 33,000 tons for pearlescent pigments, with a long-term plan to increase this capacity to 48,000 tons [1] - The CQV facility in South Korea has a combined production capacity of 2,600 tons [1] - The Tonglu factory's synthetic mica production capacity of 100,000 tons is expected to be completed and operational by the second half of 2025, with expectations for expansion in Guangxi and acquisitions of CQV/Merck to provide channels for capacity digestion [1] - Current domestic synthetic mica production costs remain higher than those of natural mica, with expectations for cost reduction following capacity expansion [1]