Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Jinshi Resources Group Co., Ltd., indicating a total of 89,840,000 shares pledged, which represents 21.35% of the shares held by the shareholder and 10.67% of the total share capital of the company [2][5]. Group 1: Share Pledge Details - The controlling shareholder, Zhejiang Jinshi Industrial Co., Ltd., holds 420,875,804 shares, accounting for 50.00% of the company's total share capital [2]. - Recently, Jinshi Industrial pledged 30,000,000 shares to CITIC Securities and completed the release of previously pledged shares totaling 42,420,000 [2][4]. - After these transactions, the total pledged shares by Jinshi Industrial and its concerted parties amount to 89,840,000, which is 19.52% of their total holdings and 10.67% of the company's total share capital [2][5]. Group 2: Financial Health and Impact - Jinshi Industrial has a good credit status, with repayment sources including its own funds, stock dividends, and investment income, indicating sufficient repayment capability [5]. - The pledge does not involve any major asset restructuring or performance compensation guarantees, and it will not lead to a change in the company's actual control or affect its main business operations [3][5]. - In the event of risks such as forced liquidation during the pledge period, Jinshi Industrial plans to take measures like additional pledges or early repayments [5].

Core Viewpoint - The fluorite market is experiencing a recovery, with prices returning to last year's levels, driven by increased domestic investment in Mongolian fluorite mines and expectations of supply tightening in the fourth quarter [1][2]. Group 1: Market Trends - The latest fluorite prices have risen to 3200-3400 RMB/ton, aligning with last year's figures and remaining at a relatively high level compared to previous years [1]. - After a decline in fluorite prices during the first seven months of the year, a bottom was reached in August, followed by a gradual recovery [1]. - Analysts indicate that the sentiment among fluorite manufacturers is one of reluctance to sell, anticipating significant price increases, which has led to a tight market supply [1]. Group 2: Investment in Mongolia - Companies such as Jinshi Resources, Jiangxi Geological Construction Investment Group, and Tongzheng Mining have invested in Mongolian fluorite mines, achieving a combined annual capacity of 530,000 tons [2]. - The total fluorite production in China is projected to reach 6.6 million tons in 2024, with new investments contributing to this growth [2]. - The decision to invest in Mongolia is primarily driven by cost considerations, as domestic mining costs are high and construction periods are lengthy, while Mongolian mining rights are relatively cheaper and have shorter construction timelines [2]. Group 3: Production Challenges - The projects in Mongolia have completed basic construction and are entering initial production phases, but output is expected to be limited due to seasonal shutdowns caused by low temperatures [2]. - Concerns exist regarding the potential impact of increased supply from new projects on future fluorite price trends, despite the limited output expected in the short term [2].

证券代码：603505 证券简称：金石资源 公告编号：2025-041 金石资源集团股份有限公司 关于控股股东部分股份质押与解除质押的公告 1.本次股份质押基本情况 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: 金石资源集团股份有限公司（以下简称"公司"或"本公司"）控股股东 浙江金石实业有限公司（以下简称"金石实业"）持有公司股份 420,875,804 股， 占公司总股本的 50.00%。近日，金石实业将其所持有的本公司股份 30,000,000 股办理了质押手续并对此前质押的本公司股份 42,420,000 股办理完成了质押解 除手续。本次质押与解除质押后，金石实业累计质押公司股份 89,840,000 股， 占其持有公司股份总数的 21.35%，占公司总股本的 10.67%。 金石实业及其一致行动人共持有公司股份 460,345,588 股，占公司总股 本的 54.69%。本次质押与解除质押后，金石实业及其一致行动人累计质押公司 股份 89,840,000 股，占其持有公司股份总数的 19.52%，占 ...

2025年9月10日，金石资源（603505）公告，控股股东金石实业近日将3000万股质押给中信证券，融资 用于偿还质押债务，质押期至2026年9月8日；同时，解除此前质押的4242万股。本次质押与解除质押 后，金石实业累计质押公司股份8984万股，占其持股总数的21.35%，占公司总股本的10.67%。金石实 业及其一致行动人共持股4.6亿股，占总股本的54.69%，累计质押8984万股，占其持股总数的19.52%， 占总股本的10.67%。本次质押不影响公司控制权，金石实业资信良好，有偿还能力。 ...

证券日报网讯 9月8日晚间，金石资源发布公告称，近日，公司控股股东浙江金石实业有限公司（简 称"金石实业"）将其所持有的本公司10，000，000股无限售条件流通股股票质押给中原信托有限公司， 并于2025年9月8日在中国证券登记结算有限责任公司办理完成了证券质押登记手续。本次质押股份数量 为10，000，000（股），占其所持股份比例2.38%，占公司总股本比例1.19%。 （文章来源：证券日报） ...

证券代码：603505 证券简称：金石资源 公告编号：2025-040 一、上市公司股份质押 近日，金石实业将其所持有的本公司 10,000,000 股无限售条件流通股股票 质押给中原信托有限公司（以下简称"中原信托"），并于 2025 年 9 月 8 日在 中国证券登记结算有限责任公司办理完成了证券质押登记手续。具体情况如下： 1.本次股份质押基本情况 | 股东 | 是否为 | 本次质押 | 是否为限 售股（如 | | | | | 占其所 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 是否补 | | | | 持股份 | 总股本 | | | 名称 | 控股 | 股数 | 是，注明 | 充质押 | 质押起始日 | 质押到期日 | 质权人 | 比例 | 比例 | 资资金 | | | 股东 | （股） | 限售类 | | | | | （%） | （%） | 用途 | | | | | 型） | | | | | | | | | 金石 | 是 | 10,000,000 | 否 | 否 ...

（文章来源：证券日报） 证券日报网讯 9月5日晚间，金石资源发布公告称，公司计划于2025年9月15日15：00-16：00举行2025 年半年度业绩说明会。 ...

证券代码：603505 证券简称：金石资源 公告编号：2025-039 金石资源集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 15 日(星期一) 下午 15:00-16:00 （一） 会议召开时间：2025 年 9 月 15 日下午 15:00-16:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心视频录播和网络互动 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频录播和网络互动 ? 投资者可于 2025 年 9 月 8 日(星期一) 至 9 月 12 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 webmaster@chinesekings.co ...

证券代码：603505 证券简称：金石资源 公告编号：2025-039 金石资源集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 9 月 8 日(星期一) 至 9 月 12 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 webmaster@chinesekings.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 金石资源集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日披 露了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 15 日下午 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说 ...