Core Insights - The fluorochemical sector has seen a significant increase of 3.92%, ranking second among concept sectors, with 39 stocks rising, including Chlor-alkali Chemical, Yongtai Technology, and Zhongxin Fluorine Materials reaching their daily limit [1][2] Group 1: Sector Performance - The fluorochemical concept sector experienced a net inflow of 3.92%, with notable stocks like Tianqi Materials, Duofluor, and Yongtai Technology showing substantial gains of 12.19%, 10.01%, and 10.03% respectively [1][2] - The sector's performance is highlighted by the fact that 39 stocks increased, while only a few, such as Heyuan Gas and Yake Technology, faced declines [1][2] Group 2: Capital Inflows - The fluorochemical sector attracted a net inflow of 36.93 billion yuan, with 32 stocks receiving net inflows, and 8 stocks exceeding 1 billion yuan in net inflow [2][3] - Tianqi Materials led the inflow with 10.94 billion yuan, followed by Duofluor and Yongtai Technology with 8.39 billion yuan and 5.46 billion yuan respectively [2][3] Group 3: Stock-Specific Data - Key stocks in the fluorochemical sector include Tianqi Materials with a net inflow rate of 11.30%, Duofluor at 11.72%, and Yongtai Technology at 18.66% [3][4] - Chlor-alkali Chemical and Zhongxin Fluorine Materials had the highest net inflow rates at 40.35% and 36.00% respectively, indicating strong investor interest [3][4]

Core Points - The Hainan Free Trade Zone concept rose by 2.26%, ranking 9th among concept sectors, with 21 stocks increasing, including Haima Automobile and Hainan Mining reaching their daily limit up [1] - The main inflow of funds into the Hainan Free Trade Zone concept was 615 million yuan, with Haima Automobile receiving the highest net inflow of 543 million yuan [2][3] Group 1: Stock Performance - Haima Automobile saw a daily increase of 10.00% with a turnover rate of 28.14% and a net inflow of 543.41 million yuan [3] - Caesar Travel and Hainan Mining also performed well, increasing by 6.50% and 9.97% respectively, with net inflows of 323.50 million yuan and 146.74 million yuan [3] - The stocks with the largest declines included Shennong Seed Industry, New Dazhou A, and *ST Shuangcheng, which fell by 1.15%, 1.06%, and 0.49% respectively [1] Group 2: Fund Inflow Ratios - Hainan Mining had the highest net inflow ratio at 23.62%, followed by Caesar Travel at 13.57% and Haima Automobile at 12.01% [3] - Other notable stocks with positive inflow ratios included Hainan Airlines and ST Huluwawa, with ratios of 0.55% and 11.39% respectively [4]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down by 0.25%, the Shenzhen Component down by 0.36%, and the ChiNext down by 0.51% [4] - A total of 2,101 stocks rose, with 63 hitting the daily limit, while 3,162 stocks declined [5] Sector Performance - The organic silicon sector saw a collective surge, with stocks like Dongyue Silicon Material and Hoshine Silicon Industry hitting the daily limit [7] - The electric grid equipment sector rose sharply, driven by the spillover effects of the AI boom and increased power demand from data centers, supported by China's push for new energy infrastructure [9] - The chemical sector maintained its strong performance, with stocks like Qingshuiyuan and Chengxing Co. achieving consecutive gains [11] - The battery sector showed resilience, with stocks such as Fengyuan Co. and Tianji Co. hitting the daily limit [13] Notable Stock Movements - In the organic silicon sector, Dongyue Silicon Material rose by 20.04% to 11.38, while Hoshine Silicon Industry increased by 10.01% to 54.85 [8] - In the electric grid equipment sector, Zhongneng Electric surged by 14.60% to 11.38, and Liangsong Co. rose by 10.02% to 12.96 [10] - In the chemical sector, Qingshuiyuan increased by 19.97% to 14.66, and Chengxing Co. rose by 10.05% to 11.94 [12] - In the battery sector, Huasheng Lithium Battery rose by 19.16% to 77.50, and Tianji Co. increased by 10.00% to 36.20 [14] Regional Highlights - The Hainan Free Trade Zone remained active, with Haima Automobile achieving five consecutive gains and Hainan Mining hitting the daily limit [15] - Conversely, robotics concept stocks faced declines, with Hengshuai Co. and Lixing Co. dropping over 10% [16]

Core Insights - The steel raw materials sector experienced a 3.09% increase on November 7, with Hainan Mining leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Sector Performance - The following companies in the steel raw materials sector showed significant price movements: - Houbakuao (601660) closed at 10.59, up 9.97% with a trading volume of 603,600 shares and a turnover of 621 million yuan [1] - Dazhong Mining (001203) closed at 23.34, up 8.86% with a trading volume of 908,700 shares and a turnover of 2.091 billion yuan [1] - Ordos (600295) closed at 11.75, up 2.00% with a trading volume of 194,800 shares and a turnover of 227 million yuan [1] - Guangdong Mingzhu (600382) closed at 7.81, up 1.30% with a trading volume of 367,000 shares and a turnover of 285 million yuan [1] - Jinding Mining (000655) closed at 10.16, up 0.79% with a trading volume of 141,200 shares and a turnover of 143 million yuan [1] Capital Flow Analysis - The steel raw materials sector saw a net outflow of 17.56 million yuan from institutional investors and 11.09 million yuan from speculative funds, while retail investors contributed a net inflow of 28.66 million yuan [1] - Hainan Mining (601969) had a net inflow of 136 million yuan from institutional investors, despite a net outflow of 70.78 million yuan from speculative funds and 65.51 million yuan from retail investors [2] - Dazhong Mining (001203) experienced a net inflow of 67.58 million yuan from institutional investors, with a net outflow of 78.32 million yuan from retail investors [2]

Market Overview - The A-share market experienced fluctuations on November 7, with the Shanghai Composite Index falling by 0.25%, the Shenzhen Component Index down by 0.36%, and the ChiNext Index decreasing by 0.51% [1] - A total of 2,101 stocks rose, while 3,162 stocks declined, indicating a bearish sentiment in the market [2][3] Sector Performance - The organic silicon sector saw a collective surge, with stocks like Dongyue Silicon Material and Hesheng Silicon Industry hitting the daily limit [4] - The chemical sector continued its strong performance, with Qing Shui Yuan and Chengxing Co. achieving consecutive gains [6] - The battery sector showed resilience, with stocks such as Fengyuan Co. and Tianji Co. reaching the daily limit [9] Notable Stocks - In the electrical equipment sector, several stocks recorded significant gains, including Zhongneng Electric (+14.60%) and Liangxin Co. (+10.02%) [5] - Qing Shui Yuan led the chemical sector with a gain of 19.97%, while An Da Technology rose by 16.36% [8] Regional Highlights - The Hainan Free Trade Zone remained active, with Haima Automobile achieving five consecutive gains over six days, and Hainan Mining hitting the daily limit [11] Declining Stocks - The robotics sector faced declines, with Hengshuai Co. and Lixing Co. dropping over 10% [13]

德邦证券股份有限公司 关于 海南矿业股份有限公司收购报告书 之 2025 年第三季度持续督导意见 财务顾问 德邦证券 Topsperity Securities 二〇二五年十一月 1 声明 本声明所述的词语或简称与本持续督导意见"释义"部分所定义的词语或简 称具有相同的含义。 德邦证券接受复星高科委托,担任其收购海南矿业项目之财务顾问。根据《收 购管理办法》的规定,德邦证券本着诚实信用、勤勉尽责的精神,自收购完成后 的 12 个月内,对上述事项履行持续督导职责。 海南矿业于 2025年 10 月 31 日披露了 2025年第三季度报告。根据《证券法》 和《收购管理办法》等法律法规的规定,通过日常沟通和审慎核查,结合 2025 年第三季度报告,本财务顾问出具本持续督导意见。 作为本次收购的财务顾问,德邦证券出具的持续督导意见是在假设本次收购 的各方当事人均按照相关协议条款和承诺全面履行其所有职责的基础上提出的。 本财务顾问特作如下声明: (一)本持续督导意见所依据的文件、资料及其他相关材料基于的假设前提 是上述资料和意见真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏; 本财务顾问未对上述资料和意见作出任 ...

Market Overview - The steel raw materials sector increased by 2.28% on November 6, with Dazhong Mining 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] Stock Performance - Dazhong Mining (001203) closed at 21.44, with a rise of 10.01% and a trading volume of 569,300 shares, totaling a transaction value of 1.198 billion [1] - Guangdong Mingzhu (600382) rose by 5.18% to 7.71, with a transaction value of 396 million [1] - Baodi Mining (601121) increased by 3.35% to 7.41, with a transaction value of 215 million [1] - Other notable stocks include HeSteel Resources (000923) up 3.33% to 18.29 and Fangda Carbon (600516) up 2.68% to 6.51 [1] Capital Flow - The steel raw materials sector saw a net inflow of 69.71 million from institutional investors, while retail investors experienced a net outflow of 9.89 million [1] - Dazhong Mining had a net inflow of 113 million from institutional investors, despite a net outflow of 55.53 million from retail investors [2] - Fangda Carbon also saw a significant net inflow of 88.32 million from institutional investors, with retail investors withdrawing 6.89 million [2]

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

Group 1 - Hainan Mining's stock increased by 5.07% to 10.15 CNY per share, with a trading volume of 444 million CNY and a turnover rate of 2.26%, resulting in a total market capitalization of 20.282 billion CNY [1] - Hainan Mining Co., Ltd. is located in Haikou, Hainan Province, and was established on August 22, 2007, with its listing date on December 9, 2014. The company primarily engages in iron ore mining, oil and gas exploration, and commodity trading [1] - The revenue composition of Hainan Mining includes 40.82% from oil and gas, 28.72% from minerals, with iron ore mining accounting for 20.96%, commodity processing and trading for 7.76%, and other sources for 1.74% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Hainan Mining, having reduced its holdings by 156,400 shares in the third quarter, now holding 5.489 million shares, which is 0.28% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY, achieving a year-to-date return of 26.26% and a one-year return of 24.36% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years, with the fund's total asset scale at 122.76 billion CNY and a best return of 175.38% during the tenure [3]

Core Viewpoint - Hainan Mining's stock price has shown significant growth this year, with a year-to-date increase of 41.26%, despite a decline in net profit for the first nine months of 2025 [1][2]. Financial Performance - For the period from January to September 2025, Hainan Mining achieved a revenue of 3.36 billion yuan, representing a year-on-year growth of 5.93%. However, the net profit attributable to shareholders decreased by 42.84% to 312 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 993 million yuan, with 657 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, Hainan Mining's stock price was 9.86 yuan per share, with a market capitalization of 19.703 billion yuan. The stock experienced a 2.07% increase during the trading session [1]. - The trading volume indicated a net outflow of 4.0927 million yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 50,600, up by 8.38%. The average number of circulating shares per person decreased by 7.74% to 39,072 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 12.7031 million shares, an increase of 2.1073 million shares from the previous period [3].