资料显示，广东宏大控股集团股份有限公司位于广东省广州市天河区兴民路222号之三(C3栋)天盈广场 东塔56层，成立日期1988年5月14日，上市日期2012年6月12日，公司主营业务涉及民爆器材产品(含现 场混装)、矿山基建剥离、整体爆破方案设计、爆破开采、矿物分装与运输等服务。主营业务收入构成 为：露天矿山开采58.54%，工业炸药12.43%，地下矿山开采11.82%，化工产品10.47%，起爆器材 2.68%，液化天然气2.39%，防务装备0.88%，其他0.80%。 11月20日，广东宏大跌6.38%，成交额7.37亿元。两融数据显示，当日广东宏大获融资买入额7501.11万 元，融资偿还5990.83万元，融资净买入1510.28万元。截至11月20日，广东宏大融资融券余额合计8.18 亿元。 融资方面，广东宏大当日融资买入7501.11万元。当前融资余额8.08亿元，占流通市值的2.82%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，广东宏大11月20日融券偿还4300.00股，融券卖出2.68万股，按当日收盘价计算，卖出金额 102.62万元；融券余量25.10万股，融券余额961 ...

2025 年 11 月 20 日 建材 新疆/西藏需求景气度提升，供给侧优 化民爆龙头受益 行业规模趋于稳健，民爆一体化推进有效。民爆行业规模在 2016-2024 年间由持续提升趋于稳态，2024 年行业生产总值 416.95 亿元，同比下降 4.50%，实现销售总值 411.42 亿元，同比 下降 5.26%，行业利润总额持续增长，2024 年为 96.39 亿元，同 比+13.04%，原材料价格和业务结构影响整体盈利水平。民爆一体 化发展推进有效，围绕民爆产品向下游延伸至爆破服务，行业爆 破服务收入占比快速增长，2016-2024 年占主营业务收入比重由 29.31%提升至 78.35%。 供给侧优化集中度提升，产能需求向中西部转移。我国推进民 爆行业整合重组政策，推动兼并重组和淘汰落后产能，在供给侧 严禁新增产能，过去"小散乱"竞争格局得以改变，行业生产企 业数量从 2005 年的超过 400 家减至 2025 年的 50 家以内，产业 集中度显著提升，TOP 10 企业生产总值占比由 2018 年的 41%提 升至 2024 年的 62.47%，参与主体多为央国企且区域化经营特征 明显。民爆行业需求 ...

此外，公司介绍了三大业务板块。公司矿服板块业务规模逐步扩大，国内继续聚焦新疆、西藏及内蒙等 重要区域市场，海外沿着"一带一路"沿线国家，现在手订单充裕，逾350亿元，未来将继续稳步释放。 民爆板块产能提升至72.55万吨，产能释放稳定，业务规模较上年同期基本持平，行业整合并购积极推 动中；防务装备板块黑索今效益良好，9月底完成大连长之琳的收购，另军贸项目工作亦积极推动中。 公司向军工转型和向国际化进军的战略始终坚定，对未来发展充满信心。 本次会议交流主要如下： 泉果基金问1：公司矿服板块毛利率下滑主要系什么原因？未来如何展望？ 答：公司前三季度矿服板块毛利率较上年同期同比下降，主要为两方面影响，一是公司矿服新增总承包 项目，业务规模大，毛利率相对较低，拉低整体矿服毛利率；二是新疆部分矿服项目受多重因素影响， 短期承压，以及海外因个别项目收尾等因素影响，综合影响了毛利。新疆作为全国能源资源战略保障基 地，阶段性的调整不会影响公司继续在该地区的发展。 根据披露的机构调研信息2025年11月14日至2025年11月17日，泉果基金对上市公司广东宏大进行了调 研。 基金市场数据显示，泉果基金成立于2022年2月8日。 ...

Group 1 - On November 17, a total of 12 companies were investigated by institutions, with 6 companies being focused on by funds, including Fuxiang Pharmaceutical, Lingzhi Software, and Fengyuan Co., Ltd. [1] - Fuxiang Pharmaceutical received the most attention, with 12 funds participating in its investigation, while Lingzhi Software and Fengyuan Co., Ltd. had 11 and 5 funds involved, respectively [1][2] - Among the companies investigated, there were 3 from the Shenzhen Main Board, 2 from the ChiNext Board, and 1 from the Sci-Tech Innovation Board [1] Group 2 - In terms of total market capitalization, 2 companies had a market value of less than 10 billion yuan, namely Lingzhi Software and Fengyuan Co., Ltd. [2] - Over the past 5 days, 4 of the investigated stocks increased in value, with Fuxiang Pharmaceutical and Fengyuan Co., Ltd. showing significant gains of 56.90% and 33.24%, respectively [2] - The stocks that experienced declines included Lingzhi Software and Huali Chuantong, with declines of 14.86% and 3.13%, respectively [2][3] Group 3 - The latest closing prices and 5-day price changes for the investigated companies are as follows: Fuxiang Pharmaceutical at 21.15 yuan (+56.90%), Lingzhi Software at 15.13 yuan (-14.86%), Fengyuan Co., Ltd. at 23.85 yuan (+33.24%), and Shiji Information at 10.03 yuan (+7.16%) [3] - The highest net inflow of funds over the past 5 days was seen in Fengyuan Co., Ltd. with 450 million yuan, followed by Guangdong Hongda and Shiji Information with net inflows of 186 million yuan and 94.91 million yuan, respectively [2]

Financial Performance - The company achieved a revenue of 14.552 billion yuan, representing a year-on-year growth of 55.92% [1] - The net profit attributable to shareholders was 653 million yuan, remaining stable compared to the previous year [1] - Cash flow from operating activities was -236 million yuan, down from 189 million yuan in the same period last year [1] Business Segments Overview - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, with a backlog of over 35 billion yuan in orders [1][3] - The civil explosives segment has a production capacity of 725,500 tons, with stable business scale compared to the previous year [1] - The defense equipment segment is performing well, with recent acquisitions enhancing capabilities and ongoing military trade projects [1] Strategic Insights - The decline in gross margin for the mining service segment is attributed to the lower-margin nature of new contracts and temporary pressures in Xinjiang projects [2] - The company is committed to improving internal management and operational efficiency to enhance competitiveness [2] - The internationalization strategy remains firm, with ongoing investments in overseas markets, including Peru and Central Asia [5] Future Plans - The company aims to achieve a production capacity of one million tons in the civil explosives sector through strategic acquisitions [7] - The defense equipment segment is expected to grow significantly, supported by recent acquisitions and investments in high-end weapon systems [7] - The satellite division currently has 10 operational satellites, with plans to complete a global constellation for real-time monitoring [7]

激浊扬清，周观军工 第144期： 军贸高端化破局是板块年底前的 占优主线 长江证券研究所军工研究小组 2025-11-17 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SAC执业证书编号：S0490525040001 SAC执业证书编号：S0490524080007 SFC执业证书编号：BUX462 分析师 张飞 分析师 李麟君 SAC执业证书编号：S0490525060003 SAC执业证书编号：S0490525080002 %% %% %% %% research.95579.com 2 01 沙特与巴基斯坦签署共同防御协议， 中国装备军贸高端化破局稳步推进 02 广东宏大：矿服与民爆基本盘稳固， 防务装备多点布局内外需空间广阔 03 中航沈飞：电磁弹射航母入列、两 攻首航，核心有无人机型空间广阔 目 录 04 燃气轮机有望解决AI数据中心用电 瓶颈，海内 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4]. Core Insights - The overall allocation of public funds in the chemical sector has decreased, reaching a historical low, with a national ratio of 1.67% in Q3 2025, down 0.13 percentage points from the previous quarter [10]. - The top ten heavy-holding stocks in the chemical sector have seen a decline in their market value proportion, indicating a more diversified holding structure. Traditional blue-chip stocks like Wanhua Chemical and Hualu Hengsheng have regained prominence, suggesting that pessimism in the chemical industry may have bottomed out [16][17]. - The total market value of chemical holdings among the top 30 funds increased by 14.99% to 55.008 billion yuan in Q3 2025, although the concentration of holdings decreased [31]. Summary by Sections 1. Changes in Chemical Public Fund Holdings in Q3 2025 - The national allocation of heavy chemical stocks has decreased, with regional variations noted. For instance, the East China region saw a decline of 0.22 percentage points to 1.70% [10]. - The number of funds holding chemical stocks has increased, primarily driven by blue-chip stocks. Notable increases were seen in Wanhua Chemical and Hualu Hengsheng, with respective increases of 18 and 30 funds [21]. 2. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 funds' chemical stocks reached 55.008 billion yuan, reflecting a significant increase, while the concentration of these holdings decreased by 4.60 percentage points [31]. - The top three stocks by market value were Wanhua Chemical, Juhua Co., and Hualu Hengsheng, with respective market values of 6.12756 billion yuan, 6.11239 billion yuan, and 5.12956 billion yuan [31]. 3. Investment Analysis Recommendations - The report suggests focusing on cyclical sectors, including textiles, agriculture, and export-related chemicals, as well as companies benefiting from "anti-involution" policies. Specific stocks to watch include Lushi Chemical, Yunnan Tin, and Juhua Co. [4].

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Insights - In Q3 2025, the proportion of public funds' holdings in the basic chemical sector decreased both year-on-year and quarter-on-quarter, with a market value allocation of 2.66%, down by 0.94 percentage points year-on-year and 0.60 percentage points quarter-on-quarter [2][13] - The market value of basic chemical stocks in A-shares remained stable year-on-year at 3.59%, with a slight increase of 0.11 percentage points quarter-on-quarter [2][13] - The number of stocks held by public funds in the basic chemical sector increased to 161, up by 31 stocks year-on-year and 7 stocks quarter-on-quarter [3][20] Summary by Sections 1. Sector Holding Changes - The basic chemical sector's heavy stock holding ratio decreased in Q3 2025, with a market value allocation of 2.66%, reflecting a downward trend since Q1 2023 [2][13] - The allocation of public funds to basic chemical stocks peaked at 4.23% in Q1 2021, followed by fluctuations leading to the current level [13] 2. Individual Stock Changes - The top five stocks held by public funds in Q3 2025 were Juhua Co., Ltd., Hualu Hengsheng, Sailun Tire, Wanhua Chemical, and Guangdong Hongda, with no changes from Q2 2025 [4][27] - The number of companies in the agricultural chemical sector remained the highest among the top 50 holdings, with 11 companies, maintaining a 22% share [4] 3. Public Fund Preferences Analysis - Stocks with a market value of over 50 billion accounted for 32.92% of the total market value of the top 50 chemical stocks, an increase of 7.69 percentage points quarter-on-quarter [5] - The number of public fund products holding leading stocks in various sub-industries increased in Q3 2025, indicating a shift back to industry leaders [5]

Group 1 - Guangdong Hongda's stock price increased by 5.72% to 40.47 CNY per share, with a trading volume of 260 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 30.757 billion CNY [1] - The company, established on May 14, 1988, and listed on June 12, 2012, is primarily engaged in civil explosive products, mining infrastructure stripping, overall blasting scheme design, blasting mining, mineral packaging, and transportation services [1] - The revenue composition of Guangdong Hongda includes: open-pit mining (58.54%), industrial explosives (12.43%), underground mining (11.82%), chemical products (10.47%), detonating devices (2.68%), liquefied natural gas (2.39%), defense equipment (0.88%), and others (0.80%) [1] Group 2 - Bosera Fund has a significant holding in Guangdong Hongda, with the Bosera CSI Gold Data 100A Fund (001242) holding 59,600 shares, representing 1.16% of the fund's net value, making it the sixth-largest holding [2] - The Bosera CSI Gold Data 100A Fund was established on May 4, 2015, with a current size of 151 million CNY, achieving a year-to-date return of 27.39% and a one-year return of 24.47% [2] - The fund manager, Yang Zhenjian, has been in position for 6 years and 348 days, with the fund's total asset size at 15.704 billion CNY and a best return of 69.51% during his tenure [3]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].