证券日报网讯广东宏大（002683）11月6日在互动平台回答投资者提问时表示，公司矿服业务包括露天 矿山、地下矿山以及混装一体化三大核心业务，其中子公司涟邵建工专注于地下矿山开采业务，业务主 要为大中型地下矿山业主提供矿建工程建设、设备安装以及采矿工程服务。 ...

证券日报网讯广东宏大（002683）11月6日在互动平台回答投资者提问时表示，截至10月20日，公司在 册股东总户数为24396户。 ...

证券日报网讯广东宏大（002683）11月6日在互动平台回答投资者提问时表示，公司矿服板块业务现在 手订单350亿元，预计未来继续稳步释放。公司将继续聚焦主业，持续做好内部管理的降本增效工作， 努力提升运营效率和市场竞争力。 ...

格隆汇11月6日丨广东宏大(002683.SZ)在投资者互动平台表示，公司矿服板块业务现在手订单350亿 元，预计未来继续稳步释放。公司将继续聚焦主业，持续做好内部管理的降本增效工作，努力提升运营 效率和市场竞争力。 ...

格隆汇11月6日丨广东宏大(002683.SZ)在投资者互动平台表示，公司矿服板块业务现在手订单350亿 元，预计未来继续稳步释放。公司将继续聚焦主业，持续做好内部管理的降本增效工作，努力提升运营 效率和市场竞争力。 ...

11月5日，广东宏大盘中下跌2.01%，截至10:19，报40.04元/股，成交1.43亿元，换手率0.53%，总市值 304.30亿元。 资金流向方面，主力资金净流出587.78万元，特大单买入1362.93万元，占比9.53%，卖出2639.30万元， 占比18.45%；大单买入2863.72万元，占比20.02%，卖出2175.13万元，占比15.21%。 广东宏大今年以来股价涨54.98%，近5个交易日跌5.94%，近20日跌9.21%，近60日涨10.15%。 分红方面，广东宏大A股上市后累计派现22.48亿元。近三年，累计派现12.88亿元。 机构持仓方面，截止2025年9月30日，广东宏大十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1166.84万股，为新进股东。广发小盘成长混合(LOF)A（162703）位居第六大流通股东， 持股861.50万股，相比上期增加64.32万股。广发中小盘精选混合A（005598）位居第七大流通股东，持 股789.51万股，相比上期增加66.07万股。广发价值核心混合A（010377）位居第八大流通股东，持股 718.77万股，为新进股东。鹏华中 ...

广东宏大 20251103 摘要 广东宏大通过并购江苏红光，增强了黑索金产能，巩固了其在弹药总装 产业链中的地位，并联合北京君弘瑞布局卫星互联网及空天电一体化业 务，同时以较低估值收购长之林股权，协同智能弹药产业链。 广东宏大民爆、矿服领域在手订单约 400 亿，为第一成长曲线提供支持； 通过内生与外延双修推进军工业务，打造第二成长曲线，契合国防战略 发展趋势，并面向中东地区展开高端化破局。 截至 2025 年第三季度末，主动基金对国防军工板块持仓比例相较于第 二季度有所下降，但全市场资金对国防科技产业的新逻辑及火炸药、弹 药安全生产的重要性认可度提升。 2025 年第三季度军工板块整体表现下滑，但军转民切入海外 AI 算力的 菲利华、新雷能以及中国卫星等航天龙头股表现突出，市场正在寻找面 向"十五"规划受益且股价相对低位的标的。 战略预制是"十五"规划的重要组成部分，强调火炸药及弹药安全生产， 需推进人机隔离、机器换人和黑灯工厂建设，实现全产业链本质安全迁 移，百傲智能等公司在这一领域具有代表性。 Q&A 广东宏大在军工领域的发展有哪些特点和优势？ 广东宏大是一家老牌地方国有上市公司，具有国企背景、民营机制 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - The report highlights that Guangdong Hongda's mining services and civil explosives have a solid foundation, while its defense equipment has broad domestic and international demand potential [4][6] - The defense industry has seen a significant decrease in the proportion of heavy holdings by funds, ranking ninth in the industry for overweight positions [4][29] - The expansion of explosives and ammunition production is challenging and has a long cycle, which may become a focus for future national defense strategies [4][51] Summary by Sections Section 1: Guangdong Hongda's Business Overview - Guangdong Hongda operates in three main sectors: civil explosives, mining services, and military equipment, with civil explosives and mining services being the primary revenue sources [9][12] - In 2024, the projected revenues for mining services, civil explosives, and defense equipment are 10.81 billion, 2.31 billion, and 350 million respectively, with mining services being the main contributor to revenue growth [12] Section 2: Fund Holdings in Defense Industry - In Q3 2025, the allocation of defense and military industry stocks in actively managed funds decreased significantly, with a current allocation of 2.17%, down from 3.35% in Q2 2025 [32] - The defense industry ranks ninth out of 32 sectors in terms of fund overweight positions [35] Section 3: Ammunition and Explosives Production Challenges - The production of explosives is complex and poses safety risks, making it a critical bottleneck in the rapid expansion of the ammunition supply chain [56] - The report notes that both the US and Europe are currently facing shortages in explosives, highlighting the need for increased production capacity [61] Section 4: Industry Trends and Developments - The report emphasizes the importance of capital expenditure in the ammunition and explosives production chain, with various listed companies showing improved financial indicators [65] - Local military enterprises are actively participating in the capacity building of explosives and ammunition, indicating a trend towards increased production capabilities [81]

Market Outlook - The A-share market is expected to continue a "slow bull" trend in November, driven by the implementation of the "14th Five-Year Plan" and consensus on trade issues between China and the U.S.[4] - Market valuations are likely to recover from tariff disruptions experienced in October, with improving market confidence and risk appetite in the technology sector[4]. Investment Strategy - Focus on three main lines: 1. Technology growth, particularly in AI hardware like storage and optical modules, as well as high-demand sectors such as energy storage and power grids[4]. 2. Market hotspots, including military industry and gaming sectors, guided by policy and fundamental improvements[4]. 3. Industries benefiting from "anti-involution" policies, such as chemicals and photovoltaics, optimizing supply-demand dynamics[4]. Key Industry Recommendations - **Metals**: Luoyang Molybdenum Co. is expected to increase copper production capacity by approximately 60% by 2028, benefiting from rising copper prices[9]. - **Chemicals**: Yara International is expanding its potash production capacity, with a projected output of 1.815 million tons in 2024[10]. - **New Energy**: Sungrow Power Supply is positioned to gain significantly from the growing U.S. data center market, with expected profit increases[11]. - **Machinery**: Magpower is expanding its product range and increasing its international market share, with projected net profits of 4.5 billion and 9.4 billion yuan for 2025 and 2026, respectively[12]. - **Military**: Guangdong Hongda is integrating quality defense assets, enhancing revenue and profit in the defense sector[13]. - **Automotive**: Top Group is expected to benefit from partnerships with major automotive brands, with projected net profits of 28.0 billion yuan in 2025[17]. - **Home Appliances**: Anker Innovations is projected to achieve net profits of 26.57 billion yuan in 2025, maintaining a strong growth trajectory[18]. - **Electronics**: Zhaoyi Innovation is experiencing a robust growth cycle, with a projected net profit of 2.39 billion yuan in 2025[19]. - **Communications**: Zhongji Xuchuang is expected to see net profits of 101.4 billion yuan in 2025, with a significant growth rate of 96%[20]. - **Media**: Kaiying Network is expanding its product offerings, with a 65% growth in information services in the first half of the year[21].

Group 1 - The chemical sector experienced a significant rally on October 29, with the chemical ETF (516020) showing a nearly uninterrupted upward trend, closing with a gain of 2.94% [1] - Key stocks in the sector included lithium batteries, civil explosives, pesticides, and potassium fertilizers, with notable gains from Yuntianhua (over 7%), Guangdong Hongda, and Yangnong Chemical (both over 6%) [1] - The chemical ETF's underlying index, which includes leading companies in the lithium battery industry, is expected to benefit significantly from the development of a new energy system [2] Group 2 - The chemical ETF's underlying index had a price-to-book ratio of 2.25, which is at a low point historically, indicating strong medium to long-term investment value [3] - The basic chemical sector has attracted significant main capital inflow, with a net inflow of 26.825 billion yuan over the past five trading days, ranking fourth among 30 major sectors [4] - Future demand in the chemical industry is expected to expand, with the sector's global competitiveness likely to improve, while supply-side competition may ease, promoting high-quality development [5] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry theme index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [6] - Investors can also access the chemical sector through the chemical ETF linked funds (Class A 012537/Class C 012538) for more efficient exposure [6]