Core Viewpoint - The company Jinshi Resources (603505.SH) plans to acquire a 15.7147% stake in Zhejiang Nuoya Fluorochemical Co., Ltd. for a cash consideration of 257 million yuan, positioning itself as the second-largest shareholder in the company [1] Group 1: Investment Details - The total registered and paid-in capital of the target company is 13.106 million yuan [1] - After the transaction, the company will hold a 15.7147% stake, with a difference of only 0.1415% from the largest shareholder [1] Group 2: Strategic Intent - The investment aims to leverage the company's core advantages in upstream fluorite mining and basic fluorochemical products to enter the high-growth potential fine fluorochemical sector [1] - This move aligns with the company's "resource + technology" dual-driven strategy and the strategic direction of vertically integrating fine fluorochemical operations [1] - The acquisition is seen as a significant step for the company, enhancing its strategic extension into downstream fine fluorochemicals and deepening its value chain integration and industry consolidation [1]

每经AI快讯，12月21日，金石资源（603505）(603505.SH)公告称，公司拟以2.57亿元的对价，受让诺亚 氟化工股东绍兴上虞龙仓股权投资合伙企业等6名股东所持有的诺亚氟化工15.7147%股权。交易完成 后，公司将成为诺亚氟化工第二大股东，持股比例与第一大股东相差0.1415%。本次交易不构成关联交 易，不构成重大资产重组。 ...

Group 1 - The core viewpoint of the news is that Jinshi Resources has shown a positive stock performance with a year-to-date increase of 8.24% and a recent trading increase of 2.30% over the last five days [2] - As of December 19, the stock price of Jinshi Resources reached 18.24 CNY per share, with a total market capitalization of 15.352 billion CNY [1] - The company reported a significant revenue increase of 50.73% year-on-year, achieving 2.758 billion CNY in revenue for the first nine months of 2025, although the net profit decreased by 5.88% to 236 million CNY [2] Group 2 - Jinshi Resources specializes in the investment and development of fluorite mines, as well as the production and sales of fluorite products, with its main revenue sources being anhydrous hydrofluoric acid (52.55%) and fluorite concentrate (38.03%) [2] - The company has a total of 27,500 shareholders as of September 30, which is an increase of 35.62% from the previous period, with an average of 30,617 circulating shares per shareholder [2] - Since its A-share listing, Jinshi Resources has distributed a total of 682 million CNY in dividends, with 398 million CNY distributed over the last three years [3]

金石资源集团股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会 会议资料 二〇二五年十二月二十六日 金石资源集团股份有限公司 2025 年第二次临时股东会会议资料 目录 | 一、会议须知 2 | | --- | | 二、会议议程 4 | | 三、会议议案 | | 1、关于增加 2025 年度日常关联交易预计额度的议案 6 | | 2、关于 2026 年度日常关联交易预计的议案 11 | | 3、关于修订《公司章程》并办理工商变更登记的议案 15 | | 4、关于修订《金石资源集团股份有限公司股东会议事规则》的议案 16 | | 5、关于修订《金石资源集团股份有限公司董事会议事规则》的议案 17 | | 6、关于修订《金石资源集团股份有限公司关联交易决策制度》的议案 18 | | 7、关于制定《金石资源集团股份有限公司董事薪酬管理制度》的议案 19 | 1 金石资源集团股份有限公司 China Kings Resources Group Co., Ltd. 六、股东在会议上发言，应围绕本次会议所审议的议案，简明扼要，每位股 东（或股东代表）发言不得超过 3 次，每次发言的时间不超过 ...

Core Viewpoint - The refrigerant quota for 2026 will be issued, with limited changes compared to 2025, indicating a continuation of the fluorochemical market trend. The current low inventory levels are expected to support price stability and market confidence [1][4]. Group 1: Refrigerant Market Dynamics - The 2026 quota plan confirms that the supply of third-generation refrigerants will return to the baseline level of early 2025, providing companies with some flexibility in allocation [1][4]. - Major manufacturers have raised prices for refrigerants, with R32, R125, R134a, and R410A experiencing price increases, laying a solid foundation for the upcoming market [1][3]. - The transition ratio from 10% to 30% is being managed in a restrained and orderly manner by various companies [1]. Group 2: PVDF Market Impact - The shutdown of a leading PVDF manufacturer, which holds over 65% of the domestic market share, is expected to significantly impact the market, with prices reaching up to 56,000 yuan/ton [2]. - Several companies have already increased their quotes for PVDF, indicating a potential upward trend in pricing [2]. Group 3: Price Trends and Forecasts - As of December 12, the average price of R32 is 63,000 yuan/ton, while R134a has surpassed 60,000 yuan/ton, supported by long-term contracts from automotive companies [3][4]. - The external trade market shows stable pricing for R32 and R134a, with slight increases for R125 [3]. Group 4: Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries such as Dongyangguang, Yonghe Co., Dongyue Group, and Xinjubang also highlighted [5].

Group 1 - The fluorochemical index increased by 0.12% this week, outperforming the Shanghai Composite Index by 0.47% [1][2] - The fluorochemical index closed at 4922.45 points, with a performance that surpassed the CSI 300 Index by 0.20% and the basic chemical index by 2.63%, but lagged behind the new materials index by 0.54% [2] - The 2026 refrigerant quota is expected to be issued, with limited changes compared to the 2025 quota, indicating a stable market outlook [2] Group 2 - The shutdown of a major PVDF producer, Wanhao Company, is anticipated to catalyze market changes, with current prices for PVDF reaching up to 56,000 yuan/ton [3] - The price of fluorite has shown downward pressure, with the average market price for wet fluorite at 3,290 yuan/ton, down 0.87% from last week [4] - Refrigerant prices have shown an upward trend, with R134a prices exceeding 60,000 yuan/ton, supported by long-term contracts from automotive companies [5] Group 3 - Recommended stocks benefiting from the fluorochemical sector include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology [6] - Other stocks that may benefit include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [6]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][20]. Core Insights - The macroeconomic judgment for the chemical industry indicates a stable increase in oil demand due to global economic improvement, with Brent oil prices expected to remain in the range of $55-70 per barrel [6][7]. - The central economic work conference emphasizes the need to combat "involution" in competition, which is expected to benefit the chemical industry through optimized capacity and improved profitability [6][7]. - The report highlights the potential for growth in the refrigerant market, with specific quotas set for 2026, and suggests focusing on companies like Juhua Co., Sanmei Co., and Dongyangguang [6][7]. - The commercial aerospace sector is anticipated to enter a golden age, driven by the rapid deployment of low-orbit satellite constellations, with a projected market size of 60 billion yuan for ceramic shells [6][7]. Summary by Sections Industry Dynamics - Oil supply is constrained due to OPEC+ production delays, while demand is stabilizing, leading to a forecast of sustained low oil prices [7]. - Coal prices are expected to stabilize at a low level, and natural gas costs may decrease as the U.S. accelerates export facility construction [6][7]. Chemical Sector Configuration - The report suggests a diversified investment approach across various chains, including textiles, agriculture, and export-related chemicals, benefiting from the "involution" policy [6][20]. - Key materials for growth are identified, including semiconductor materials and OLED panel materials, with specific companies highlighted for investment [6][20]. Key Company Valuations - The report provides a detailed valuation table for key companies in the chemical sector, indicating their market capitalization and projected earnings [20][21].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The 2026 refrigerant quota has been issued, maintaining an upward trend in the market; the shutdown of leading PVDF companies is expected to catalyze a market reversal [4][20] - The refrigerant market is characterized by stable long-term demand and a lack of substitutes, which supports a positive outlook for the sector [30] Summary by Sections 1. Fluorochemical Industry Weekly Perspective - The 2026 refrigerant quota has been issued with limited adjustments compared to 2025, indicating a stable market environment [28] - The shutdown of a leading PVDF producer is expected to create upward price pressure, with current market prices reaching up to 56,000 yuan/ton [21][24] 2. Market Performance - The fluorochemical index rose by 0.12% during the week of December 8-12, outperforming the Shanghai Composite Index by 0.47% [6][17] - The overall market sentiment remains strong, with companies like Dongyangguang and Juhua showing significant stock price increases [12][20] 3. Raw Material and Product Pricing - The price of R32 refrigerant is stable at 63,000 yuan/ton, while R134a has seen a price increase to 57,500 yuan/ton [10][11] - PVDF prices have rebounded from 36,000 yuan/ton to 49,000 yuan/ton, indicating a recovery in demand [21][22] 4. Industry Dynamics - The demand for PVDF is expected to continue growing, with the coating-grade PVDF market share projected to reach 25% by 2024 [22] - The overall fluorochemical market is experiencing a stable trend, with the price of raw materials like hydrogen fluoride showing mixed movements [38][39]

Core Viewpoint - Jinshi Resources announced the convening of its fifth board meeting on December 10, 2025, where a proposal regarding the revision and registration of business changes was approved [2] Group 1 - The fifth board meeting of Jinshi Resources took place on December 10, 2025 [2] - The board approved a proposal for revising and handling business registration changes [2]

金石资源集团股份有限公司 董事及高级管理人员离职管理制度 金石资源集团股份有限公司 董事及高级管理人员离职管理制度 第一章 总则 第一条 为进一步完善金石资源集团股份有限公司（以下简称"公司"）董 事及高级管理人员的离职管理，保障公司治理稳定性及股东合法权益，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章程指 引》、《上市公司治理准则》、《上海证券交易所股票上市规则》、《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律法规、规范 性文件及《金石资源集团股份有限公司章程》（以下简称"《公司章程》"）， 特制定本离职管理制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的主动 辞职、任期届满离任、被解除职务以及其他导致董事、高级管理人员实际离职 等情形。 第二章 离职情形与生效条件 第三条 董事连续两次未能亲自出席，也不委托其他董事出席董事会会议的， 视为不能履行职责，董事会应当建议股东会予以撤换。 第四条 董事可以在任期届满以前提出辞任，董事辞任应向公司提交书面辞 任报告。公司收到辞任报告之日辞任生效，公司将在 2 个交易日内披露有关情 况，并说明 ...