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。 来源：沪深交易所等，截至2025.11.25。 中信证券认为，展望2026年，锂电行业整体供需结构有望进一步改善。此外，固态电池产业化加速，有望带来电池、材料、设备环节的投资机 会。重点关注技术差异化程度更高、成本控制能力更强的供应链优质头部企业。 从估值方面来看，当前化工板块仍具配置性价比。数据显示，截至昨日（11月24日）收盘，化工ETF（516020）标的指数细分化工指数市净率 为2.26倍，位于近10年来37.38%分位点的相对低位，中长期配置性价比凸显。 开源证券表示，化工行业在"反内卷"推动下有望迎来迎来业绩、估值双重抬升。在"反内卷"浪潮席卷而来的当下，新一轮供给侧改 ...

证券之星消息，11月24日能源金属板块较上一交易日下跌4.72%，盛新锂能领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605376 | 博迁新材 | 47.25 | 2.65% | 4.35万 | | 2.03亿 | | 300618 | 塞锐钻业 | 43.10 | 0.07% | 10.39万 | | 4.45 Z | | 600711 | 蓝电矿业 | 11.20 | -0.27% | 135.90万 | | 15.27亿 | | 301219 | 腾远钻业 | 59.43 | -0.60% | - 5.81万 | | 3.46亿 | | 000408 | 藏格矿业 | 57.57 | -2.09% | 15.56万 | | 8.98亿 | | 603799 | 华友钻业 | 58.20 | -2.48% | 101.68万 | | 5 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 协鑫能源科技股份有限公司（以下简称"公司"）于2025年4月27日召开第八届董事会第四十一次会议， 审议通过了《关于2025年度对外担保额度预计的议案》。董事会同意2025年度公司（含控股子公司）在 公司及下属公司申请金融机构授信及日常经营需要时为其提供对外担保，担保金额上限为336.69亿元人 民币，担保方式包括但不限于保证担保、资产抵押、质押等；如果公司及下属公司在申请金融机构授信 及日常经营需要时引入第三方机构为其提供担保，则公司（含控股子公司）可为第三方机构提供相应的 反担保。公司（含控股子公司）对合并报表范围内子公司提供担保额度为329.01亿元人民币，其中为资 产负债率低于70%的子公司提供担保的额度不超过117.42亿元人民币，为资产负债率高于70%的子公司 提供担保的额度不超过211.59亿元人民币；合并报表范围内子公司为公司提供担保额度为2.10亿元人民 币；公司（含控股子公司）对合营或联营公司提供担保额度为5.58亿元人民币。 ...

事件描述 公司发布2025 年三季报，2025Q3 实现营业收入7.23 亿元，环比-35.76%；实现归母净利9.51亿元，环 比-9.72%；实现扣非归母净利9.48 亿元，环比-10.43%。 事件评论 铜板块，巨龙成绩维持亮眼。2025Q3 巨龙贡献投资收益6.86 亿元，环比+5%。Q3 巨龙迎来量价双升， 铜价、钼价Q3 均环比走高，期间实现铜产销量4.97 万吨。巨龙二期选厂精选系统已成功试车，德庆普 尾矿库主排洪隧洞下游段也已安全精准贯通，全面保障二期顺利投产。 锂板块，受矿证手续导致7.17-10.11 停产影响，Q3 锂产销大幅下滑，拖累锂板块业绩。 2025Q3 公司锂盐产销分别为851 吨、330 吨；销售均价6.51 万/吨（含税），销售成本3.42 万元/吨，环 比下降近0.5 万。目前公司已于10.11 正式复产，年度产销计划均调整为8510 吨，预计Q4 实现产销2489 吨、3710 吨，Q4 伴随销量价格双回暖，预计锂板块将为公司贡献业绩增量。 钾板块，成本优化持续进行。2025Q3 贡献归母净利约3.56 亿元。2025Q3 公司钾肥产销分别为21.64 万 吨、24.7 ...

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot spots. The model is based on momentum and trend-following strategies, emphasizing stocks that consistently hit new highs. The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{Close_{t}}{ts\_max(Close, 250)} $ where $ Close_{t} $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of fallback [11][12][13] - The report evaluates the model positively, citing its ability to capture market leaders and trends effectively. It references studies by George (2004), William O'Neil, and Mark Minervini, which highlight the importance of tracking stocks near their 52-week highs for superior returns [11][18] - The report provides backtesting results for the "250-day new high distance" model across major indices as of November 21, 2025. The distances are: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45% [12][13][32] - The report introduces a factor named "Stable New High Stocks" to identify stocks with smooth price paths and sustained momentum. The factor construction involves: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative strength: Top 20% in 250-day price change - Price stability: Ranking top 50% based on metrics like price displacement ratio and smoothness of 250-day new high distance over the past 120 days - Trend continuation: Ranking top 50 stocks based on the average 250-day new high distance over the past five days [24][27][28] - The report evaluates the "Stable New High Stocks" factor positively, citing research by Turan G Bali et al. (2011) and Da et al. (2012), which demonstrate the superior returns of stocks with smooth momentum paths compared to those with jumpy price movements [24][27] - Backtesting results for the "Stable New High Stocks" factor show 15 selected stocks, including Heertai, Sray New Materials, and Zangge Mining. These stocks are distributed across manufacturing and cyclical sectors, with manufacturing focusing on construction and cyclical sectors on non-ferrous metals [28][31][33]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

Core Viewpoint - The report indicates a mixed outlook for the metals industry, with price fluctuations influenced by macroeconomic factors, supply disruptions, and changing monetary policies, particularly regarding interest rates [2][4][6]. Group 1: Lithium Prices - In the first three quarters of 2025, the average price of domestic battery-grade lithium carbonate (99.5% purity) and lithium hydroxide (56.5% purity) was 71,339.89 CNY/ton and 67,844.81 CNY/ton, respectively, representing year-on-year declines of 25.17% and 21.47% compared to the same period in 2024 [1][5]. - The price decline for lithium products has slowed in the first half of 2025, with a rebound observed in the third quarter, suggesting a potential turning point [5]. Group 2: Precious Metals - Precious metal prices have been supported by expectations of interest rate cuts, with gold prices experiencing a significant upward trend in the third quarter of 2025 [3][6]. - The overall labor market remains balanced despite a decline in non-farm employment, indicating potential economic weakness and rising inflation concerns, which further support precious metal prices [3]. Group 3: Industrial Metals - The third quarter of 2025 saw increased expectations for interest rate cuts, which provided support for industrial metal prices, particularly copper, amid supply disruptions from incidents like the Grasberg copper mine accident in Indonesia [4][6]. - The average price of LME copper in the first three quarters was 9,561.07 USD/ton, up 4.71% from 9,131.16 USD/ton in the same period of 2024, while LME aluminum prices rose by 8.44% [4]. Group 4: Energy Metals - The energy metals sector appears to have reached a bottom, with signs of a potential rebound following price declines in the first half of 2025 [5]. - The average price of cobalt in the first three quarters was 226,241.76 CNY/ton, reflecting a year-on-year increase of 6.78%, driven by a significant rebound in September [5]. Group 5: Investment Recommendations - The report suggests that despite uncertainties regarding interest rate cuts in December, the medium-term outlook for macroeconomic easing is strong, which will support non-ferrous metal prices [6]. - Companies to watch include Zijin Mining, Zhongjin Gold, Shandong Gold, Luoyang Molybdenum, Western Mining, Tongling Nonferrous Metals, Hailiang Co., Cangge Mining, Ganfeng Lithium, and Huayou Cobalt [6].

Core Insights - The energy metals sector experienced a slight increase of 0.09% on November 20, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Shengxin Lithium Energy (002240) closed at 40.70, up 6.77% with a trading volume of 1.47 million shares and a transaction value of 6.01 billion [1] - Rongjie Co., Ltd. (002192) closed at 65.51, up 3.56% with a trading volume of 516,200 shares and a transaction value of 3.41 billion [1] - Cangge Mining (000408) closed at 62.50, up 2.73% with a trading volume of 239,400 shares and a transaction value of 1.50 billion [1] - Other notable stocks include Xiyang Mining (000762) down 0.10% and Huayou Cobalt (603799) down 0.68% [1] Capital Flow - The energy metals sector saw a net outflow of 268 million from institutional investors, while retail investors experienced a net outflow of 92.67 million [2] - Speculative funds recorded a net inflow of 360 million [2] Individual Stock Capital Flow - Shengxin Lithium Energy had a net inflow of 249 million from institutional investors, but a net outflow of 137 million from speculative funds [3] - Yongxing Materials (002756) saw a net inflow of 21.27 million from institutional investors and a net outflow of 32.85 million from retail investors [3] - Huayou Cobalt experienced a net outflow of 45.14 million from institutional investors, while speculative funds had a net inflow of 52.76 million [3]

钾、锂、铜三大产品线的战略布局，则为藏格矿业增强了抵御周期波动的能力。王薇指出，这三大产品 分属不同板块，具有不同的行业周期和轮动特征，这种综合配置有效平滑了企业的财务表现。 在供应链ESG管理方面，藏格矿业展现出负责任的企业担当。2024年，藏格矿业首次发布《供应商ESG 管理手册》，将ESG要素全面纳入供应商遴选过程。 【藏格矿业王薇：ESG既要着眼长远也要立足当下】11月19日，在由《中国经营报》主办的"变革破局 共生共赢——2025中国新能源产业高质量发展论坛"上，藏格矿业可持续发展负责人王薇表示，尽管藏 格矿业从2022年开始就将ESG提升到董事会战略高度，但在具体实践中始终坚持平衡原则。 "我们需要找到ESG长期可持续发展目标与企业生产经营目标之间的同频共振模式，更好地推动经济、 环境、社会、治理各个维度的全面平衡发展。"王薇说道。 这种平衡思维体现在藏格矿业的各项决策中。在王薇看来，ESG虽然重要，但只是企业决策的考量因素 之一，而非全部。如果ESG投入对财务表现造成过度冲击，反而会损害股东、债权人等利益相关方的权 益，这与ESG理念相违背。 另据王薇介绍，藏格矿业通过资源综合利用、技术创新和多 ...