化工板块今日（9月19日）震荡走高！反映化工板块整体走势的化工ETF（516020）全天多数时间红盘 震荡，截至发稿，场内价格涨0.41%。 展望后市，国海证券表示，反内卷有望重估中国化工行业，后续措施有望使全球化工行业产能扩张大幅 放缓。中国化工行业具有充沛的经营活动现金流量净额，一旦扩张放缓，潜在股息率将大幅提升，有望 实现从吞金兽到摇钱树的转变；同时，供给端的改变将带来景气度的止跌回升，化工标的有望兼具高弹 性和高股息的优势。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF （516020）跟踪中证细分化工产业主题指数，全面覆盖化工各个细分领域。其中近5成仓位集中于大市 值龙头股，包括万华化学、盐湖股份等，分享强者恒强投资机遇；其余5成仓位兼顾布局磷肥及磷化 工、氟化工、氮肥等细分领域龙头股，全面把握化工板块投资机会。场外投资者亦可通过化工ETF联接 基金（A类012537/C类012538）布局化工板块。 图片及数据来源：沪深交易所等，截至2025年9月19日。风险提示：化工ETF被动跟踪中证细分化工产 业主题指数，该指数基日为2004.12.31，发 ...

Group 1 - The agricultural chemical sector increased by 0.43% on September 12, with Yangmei Chemical leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Yangmei Chemical's stock price rose by 9.96% to 2.98, with a trading volume of 1,001,700 shares and a transaction value of 289 million [1] Group 2 - The agricultural chemical sector experienced a net outflow of 12.76 million from main funds, while retail funds saw a net outflow of 126 million [2] - The sector attracted a net inflow of 139 million from speculative funds [2] - The stock of Yangmei Chemical had a main fund net inflow of 70.51 million, but retail funds saw a net outflow of 43.75 million [3]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-081 四川宏达股份有限公司 关于向参股公司西藏宏达多龙矿业有限公司 阶段性投资暨关联交易的补充公告 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。 四川宏达股份有限公司（以下简称"公司"或"宏达股份"）于 2025 年 9 月 10 日披露了《关于向参股公司西藏宏达多龙矿业有限公司阶段性投资暨关联 交易的公告》（临 2025-079），现对有关情况补充公告如下： 一、关于向参股公司阶段性投资的有关情况 本次公司与关联方四川宏达（集团）有限公司（以下简称"宏达集团"）共 同投资事项旨在履行 2011 年《联合勘查开发西藏阿里地区改则县多龙铜矿合作 合同》（以下简称"《合作合同》"）和 2012 年《合作投资协议》中多龙矿业 达产 10 万吨铜金属量规模前的所有投入（含注册资本）由宏达方（宏达集团和 宏达股份）承担的约定，公司与宏达集团对多龙矿业的相关投入和持股比例严格 按照前期协议执行，多龙矿业股权结构不发生改变。具体情况如下： （一）前期合作协议主要内容 2 ...

四川宏达股份发布向参股公司西藏宏达多龙矿业阶段性投资暨关联交易补充公告。此次与关联方宏达集 团共同投资是履行前期协议约定，多龙矿业股权结构不变。2014年多龙矿业成立，现股权结构为宏达集 团40%、宏达股份30%、盛源矿业30%。多龙矿业拥有2宗探矿权，多龙铜矿设计年产铜约30万吨。目 前，多龙铜矿正推进探转采申请报送，多项前期工作稳步开展；多不杂西铜矿2025年加大探矿投入，力 争年底完成详查报告编制及评审备案。宏达股份和宏达集团将按进度分批次投资。 ...

Core Viewpoint - The formal development of the world-class Duolong copper mine in Tibet is approaching, with Hongda Co., Ltd. planning to increase investment in its subsidiary, Duolong Mining Co., Ltd. [1] Group 1: Investment and Ownership Structure - Hongda Co., Ltd. and its controlling shareholder, Sichuan Hongda Group, will jointly invest in Duolong Mining, with Hongda contributing 159 million yuan [3] - After the investment, the shareholding structure remains unchanged: Hongda Co., Ltd. holds 30%, Sichuan Hongda Group holds 40%, and Xizang Shengyuan Mining Group holds 30% [3] Group 2: Resource and Production Capacity - The Duolong copper mine is recognized as one of the most valuable copper mines globally, with proven copper reserves of 20 million tons and an ore resource of 1.44 billion tons, averaging 0.48% copper grade [4] - The designed mining scale is 7.5 million tons per year, with an estimated annual copper production of approximately 360,000 tons [4] Group 3: Historical Context and Development Challenges - Duolong Mining was established in September 2014, but development has been delayed due to challenging high-altitude conditions, significant upfront investment, and previous legal issues that led to the freezing of Hongda's shares [5] - The legal issues have been resolved, allowing Hongda to proceed with the development of the Duolong copper mine [5] Group 4: Future Plans and Funding - Hongda Co., Ltd. plans to raise funds through shareholder investments and external financing to support the large-scale and long-term development of the Duolong copper mine [6]

天眼查资料显示，宏达股份成立于1994年06月30日，注册资本203200万人民币，法定代表人乔胜俊，注册地址为四川省德阳市什邡市师古镇九里埂村；备案 经营场所：四川省什邡市洛水镇南元村。主营业务为有色金属锌冶炼和销售，以及磷化工产品生产和销售。 目前，公司董事长为乔胜俊，董秘为王延俊，员工人数为2551人，实际控制人为四川省政府国有资产监督管理委员会。 公司参股公司8家，包括四川宏达钼铜有限公司、四川绵竹川润化工有限公司、四川宏达金桥大酒店有限公司、香港宏达国际贸易有限公司、四川华宏国际 经济技术投资有限公司等。 雷达财经 文|冯秀语 编|李亦辉 9月10日，宏达股份(600331)公告，公司与关联方四川宏达（集团）有限公司拟共同向参股公司西藏宏达多龙矿业有限公司进行阶段性投资，以加快多龙矿 区的矿产勘查开发进度。宏达股份将以货币出资人民币15,853.00万元，宏达集团出资人民币19,147.00万元，投资总额为人民币36,990.50万元。 本次出资后，宏达股份对多龙矿业的持股比例不变，仍为30%。多龙矿业现拥有多龙铜矿和多不杂西铜矿2宗探矿权，多龙铜矿已进入"探转采"阶段。本次 交易构成关联交易，尚需 ...

中国又一世界级铜矿的正式开发渐行渐近。 9月10日晚间，宏达股份（SH600331）披露，拟向参股公司西藏宏达多龙矿业有限公司（以下简称多龙 矿业）增资，共同增资的还有宏达股份控股股东四川宏达（集团）有限公司（以下简称宏达集团）。 每经记者｜胥帅 每经编辑｜文多 图片来源：微信公众号"自然资源科普与文化"文章截图 多龙矿业的主要资产之一为多龙铜矿探矿权。多龙铜矿床位于西藏自治区改则县物玛乡境内，这里地处 西藏北部高原，地形以山地、沟谷为主，是我国第一个世界级超级铜矿矿集区——多龙矿集区的核心部 分，也是我国乃至全球最具开发价值的铜矿之一。从去年到现在，宏达股份多次提到要加快对多龙铜矿 的开发。今年释放的最大相关利好，便是宏达股份对多龙矿业持股的司法冻结已获解除，这也扫清了开 采的主要障碍。 《每日经济新闻》记者注意到，多龙铜矿有着"中国仅存的未开发世界级铜矿"之称。今年，《西藏自治 区改则县多龙矿区铜矿矿产资源开发利用方案》通过专家审查。据悉，多龙矿区已探明铜矿达到2000万 吨，矿石资源储量达14.4亿吨，铜平均品位为0.48%。多龙铜矿的设计开采规模为7500万吨/年，开采方 式为露天开采，总服务年限24 ...

Group 1 - The chemical sector experienced fluctuations on September 11, with the chemical ETF (516020) showing a slight decline of 0.14% as of the report time [1] - Certain stocks within the chemical sector, such as lithium battery and synthetic resin companies, saw significant gains, with Lianhong Xinke hitting the daily limit and Enjie shares rising nearly 6% [1] - Conversely, stocks in the phosphate fertilizer, petrochemical, and nitrogen fertilizer sectors underperformed, with Hongda shares dropping over 2% [1] Group 2 - The chemical ETF (516020) has attracted substantial investment, with a total inflow of 560 million yuan over the past five trading days and over 1 billion yuan in the last ten trading days [1] - The pesticide industry is experiencing a reduction in inventory, with the total inventory-to-asset ratio for the pesticide sector at 13.94% as of June 30, 2025, down 0.12 percentage points from March 31 [3] - The chemical ETF's underlying index has a price-to-book ratio of 2.26, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - Future policies are expected to address industry challenges, potentially leading to a recovery in the currently struggling chemical sector [4] - Domestic policies frequently mention supply-side requirements, while international factors such as rising raw material costs and capacity reductions in Europe and the U.S. add uncertainty to chemical supply [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors within the chemical industry, with nearly 50% of its holdings in large-cap stocks [5]

Core Viewpoint - The company, Sichuan Hongda Co., Ltd., plans to make a phased investment in its associate company, Tibet Hongda Duolong Mining Co., Ltd., to accelerate the mineral exploration and development progress in the Duolong mining area of Tibet [2][22]. Summary by Sections Investment Overview - The company will invest CNY 158.53 million in Tibet Hongda Duolong Mining, maintaining its 30% shareholding after the investment [2][6]. - The total investment amount from both the company and its affiliate, Sichuan Hongda Group, is CNY 369.91 million, with the company covering 42.857% of the investment [6][18]. Related Transactions - This investment constitutes a related party transaction but does not qualify as a major asset restructuring [3][4]. - The company has engaged in other related transactions with Sichuan Hongda Group, including acquiring land and assets for CNY 4.50 million [4][7]. Company and Affiliate Information - Sichuan Hongda Group is the controlling shareholder of the company, with a registered capital of CNY 3 billion and a net asset of CNY 3.378 billion as of December 31, 2024 [9][10]. - Tibet Hongda Duolong Mining was established in September 2014 with a registered capital of CNY 200 million, focusing on mineral resource exploration and mining [12][13]. Impact of the Investment - The investment aims to expedite the transition from exploration to mining for the Duolong and Dubuzaxi copper mines, which are significant for national resource security and regional economic development [22][23]. - The project has received necessary approvals and is progressing with environmental assessments and feasibility studies [22][23]. Approval Process - The investment proposal has been reviewed and approved by the company's independent directors, strategic committee, and board of directors, and is pending approval from the shareholders' meeting [24][27][29].