| | | | | 【国泰海通建材】市场一致预期估值表 (鲍雁辛团队) 20250723 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 证券代码 | 证券名称 | 总市值(亿元) | | 归母净利(亿元) | PE | | PB | | | | | | 2025E | 2026E | 2025E | 2026E | (MRQ) | | | 600585.SH | 海螺水泥 | 1381 | 90.0 | 100.0 | 15.3 | 13.8 | 0.76 | | | 600801.SH | 华新水泥 | 319 | 25.0 | 30.0 | 12.7 | 10.6 | 1.08 | | | 000672.SZ | 上峰水泥 | 100 | 8.0 | વે છ | 12.6 | 10.6 | 1.11 | | | | 塔牌集团 | 104 | 7.5 | | 13.9 | 13.0 | 0.86 | | | 002233.SZ | | | | 8.0 | | | | | | 000877.SZ | 天山股份 | ...

证券之星消息，截止2025年二季度末，基金经理王毅文旗下共管理5只基金，本季度表现最佳的为华商 盛世成长混合（630002），季度净值涨2.42%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年二季度涨幅 | 第一重仓股 | 日净值比 | | --- | --- | --- | --- | --- | --- | | 华商盛世成长混合 | 30.96 | 14.15% | 2.42% | 紫金矿业 | 7.26% | | 630002 | | | | 601899.SH | | | 华南策略精选混合 | 6.97 | 7.48% | 2.26% | 紫金矿业 | 6.05% | | 630008 | | | | 601899.SH | | | 华商未来主题混合 | 3.69 | -1.56% | 1.87% | 影美矿业 | 6.08% | | 000800 | | | | 601899.SH | | | 华商产业机遇混合A | 0.61 | 13.98% | 0.43% | 中本国际 | 4.14% | | 019690 | | | | 00981.HK | | | 华商产业机遇混合C | ...

证券代码：603688 证券简称：石英股份 公告编号：临 2025-028 江苏太平洋石英股份有限公司 2025 年半年度业绩预告 2025 年 01 月 01 日至 2025 年 06 月 30 日。 （二）业绩预告情况 经公司财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 净利润为 9,600.00 万元到 11,700.00 万元，与上年同期相比，将减少 13,986.80 万 元到 16,086.80 万元，同比减少 54.45%到 62.63%。 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 为 5,500.00 万元到 6,700.00 万元，与上年同期相比，将减少 18,662.74 万元到 19,862.74 万元，同比减少 73.58%到 78.31%。 （三）本次业绩预告是公司财务部门基于自身专业判断进行的初步测算，未 经注册会计师审计。 1 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： 一、本期业绩预告情况 （一）业绩预告期间 本期业绩预告 ...

石英股份（603688）公告，预计2025年上半年实现归属于上市公司股东的净利润为9600万元到1.17亿 元，同比减少54.45%到62.63%。预计2025年上半年实现归属于上市公司股东的扣除非经常性损益的净 利润为5500万元到6700万元，同比减少73.58%到78.31%。 ...

Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

Summary of Quartz Co., Ltd. Conference Call Company and Industry Overview - Quartz Co., Ltd. is a leading domestic supplier of quartz materials and the only domestic supplier certified for semiconductor sand, benefiting from accelerated domestic substitution of semiconductor materials and increased supply chain security demands [2][5][12] - The semiconductor quartz materials industry exceeds 10 billion and continues to expand, with significant barriers in manufacturing and certification [2][12] Key Points and Arguments - The company's self-supply capability for semiconductor sand is expected to increase from 0% to 100%, potentially enhancing profitability by 2.9% to 18% [2][11] - The high-purity sand market for photovoltaics has stabilized at around 30,000 yuan per ton, with expectations for future shipments to recover to over 20,000 tons annually [2][15] - If the U.S. implements export controls on high-purity sand, it could accelerate Quartz Co., Ltd.'s replacement in the semiconductor sand sector and raise prices for photovoltaic high-purity sand, providing additional performance elasticity [2][17] - The demand for high-purity sand is approximately 25,000 tons, corresponding to a market space of about 4 to 5 billion yuan, previously dominated by overseas operators [2][6] Industry Dynamics - The semiconductor sand purification process is critical and involves long-term accumulation, requiring matching with different mineral source characteristics and ensuring product stability [3][7] - The industry is characterized by high barriers to entry, with most companies struggling to meet the stringent requirements for certification and manufacturing [12][10] Future Outlook - The semiconductor materials industry is projected to continue expanding, with significant growth potential as domestic substitution accelerates [4][12][18] - Quartz Co., Ltd. has a competitive edge due to its established certification and ability to adapt to customer needs, positioning it favorably against traditional foreign enterprises [13][18] - The company is focusing on three core business areas: semiconductor high-purity sand, semiconductor production materials, and photovoltaic high-layer sand, all of which have promising development prospects [18] Additional Insights - The company’s shipment volume was 34,000 tons in 2023, with a projected volume of only over 5,000 tons in 2024, indicating a bottoming phase [15] - The purification process for semiconductor sand is a significant challenge, with few companies able to supply stable products, highlighting the high barriers in the industry [7][10] - The current supply-demand balance in the high-purity sand market is expected to stabilize, with potential price increases if supply-side controls are implemented [14][17]

Core Viewpoint - The article highlights the transformation of Lianyungang, particularly Donghai County, from a traditional crystal industry hub to a modern silicon materials industry cluster, emphasizing the strategic importance of silicon in high-tech applications and the region's potential for future growth in new materials [5][17][39]. Group 1: Crystal Industry - Donghai County is recognized as the "World Crystal Capital," with a crystal production capacity projected to reach 450 million pieces and a transaction value exceeding 46 billion yuan in 2024 [6][8]. - The county holds over 300,000 tons of crystal reserves, accounting for more than 70% of the national total [7][10]. - The local crystal industry has evolved into a comprehensive supply chain covering raw material procurement, design, production, marketing, and logistics [8]. Group 2: Silicon Industry - Donghai County has developed a significant silicon industry, with 85% of the national quartz material production enterprises located there, and over 600 silicon industrial companies [12]. - The market shares for high-purity quartz sand, quartz glass products, and fused quartz in China are 90%, 80%, and 70% respectively [12]. - The region's silicon industry has been recognized as a national high-tech industry base and has received various governmental approvals to enhance its development [12][14]. Group 3: New Materials Development - Lianyungang's new materials industry is projected to achieve a production value of 89.1 billion yuan in 2024, establishing itself as a highland for new materials in China [30]. - The city is focusing on creating a comprehensive new materials ecosystem that connects upstream raw materials with downstream applications, enhancing supply chain resilience [34][36]. - The establishment of various public service platforms for carbon fiber and silicon materials indicates a commitment to technological innovation and industry support [32].

Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

半导体认证持续推进，国产替代有望提速 石英股份(603688) ——石英股份更新报告 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | [Table_Target] 目标价格： | 47.00 | | --- | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号S0880513070005 | S0880521010001 | S0880123070145 | | | | | | | | [Table_Industry] 建材/原材料 | | --- | --- | | [Table_Invest] 评级： | 增持 | | [Table_Target] 目标价格： | 47.00 | 本报告导读： 半导体业务已成为公司核心增长点，年内半导体砂认证突破，外部环境不确定性下， 自主可控重要性凸显，国产替代有望提速。 投资要点： 风险提示：原料成本大幅上涨，需求不及预期。 | [Table_Finance] 财务摘要（百万元） | 2023A | ...

Core Viewpoint - The A500 ETF fund is closely tracking the CSI A500 Index, which reflects the overall performance of the most representative listed companies across various industries in China, with a focus on large market capitalization and liquidity [2][4]. Group 1: Market Performance - As of June 20, 2025, the CSI A500 Index rose by 0.04%, with notable increases in stocks such as Watson Bio (+6.51%) and Quartz Co. (+5.56%) [1]. - The A500 ETF fund's latest price is 0.94 yuan, with a trading volume of 12.47 billion yuan and a turnover rate of 8.16% [1]. - Over the past year, the A500 ETF fund has achieved an average daily trading volume of 35.81 billion yuan, ranking first among comparable funds [1]. Group 2: Fund Size and Composition - The current size of the A500 ETF fund is 152.45 billion yuan [1]. - As of May 30, 2025, the top ten weighted stocks in the CSI A500 Index account for 21.21% of the index, including Kweichow Moutai (4.28%) and CATL (2.96%) [2][4]. Group 3: Market Outlook - Central China Securities anticipates that the core drivers of the equity market in the second half of 2025 will include ongoing policy benefits, improved liquidity conditions, and a gradual economic recovery [1]. - The focus will be on technology innovation and domestic demand stimulation, with expectations of increased policy support for new productive forces [1].