（文章来源：证券日报） 证券日报网讯 12月5日，高争民爆在互动平台回答投资者提问时表示，截至10月10日公司股东人数为 49000户左右。 ...

证券日报网讯12月5日，高争民爆（002827）在互动平台回答投资者提问时表示，公司截至11月20日股 东人数为45000户左右。 ...

证券日报网讯12月5日，高争民爆（002827）在互动平台回答投资者提问时表示，公司子公司已取得爆 破作业领域的"双一级"资质，在此资质基础上，子公司拥有承接及实施铁路建设相关爆破工程的相应资 格与技术能力，能够为铁路基建等项目提供专业服务。公司将严格按照相关法律法规及监管要求，持续 提升核心竞争力与经营管理水平，积极把握市场机遇，推动业务健康发展。 ...

Market Overview - The Shanghai Composite Index closed at 3875.26 points, above the five-day moving average, with a change of 0.29% [1] - The total trading volume of A-shares reached 1,723.17 billion yuan [1] Stocks Performance - A total of 1,389 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Mingguan New Materials (15.93%) - Tianyi New Materials (15.92%) - Liande Equipment (15.78%) [1] - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - Beikang Technology - Spring Airlines - High-Explosive Mining [1] Notable Stocks - The top three stocks with the highest daily gains are: - Mingguan New Materials: +20.03% with a turnover rate of 10.50% [1] - Tianyi New Materials: +20.04% with a turnover rate of 12.35% [1] - Liande Equipment: +20.01% with a turnover rate of 19.65% [1] - Other significant gainers include: - Huazhi Technology: +20.00% [1] - Penghui Energy: +14.64% [1]

Meeting Overview - The fourth extraordinary general meeting of shareholders for 2025 was convened by the company's fourth board of directors [3] - The meeting was held on November 26, 2025, at 14:30, in the conference room on the third floor of the company located at No. 18 Linqionggang Road, Lhasa Economic and Technological Development Zone [4][6] - A combination of on-site and online voting was utilized for the meeting [6] Attendance - A total of 391 shareholders and their representatives attended the meeting, representing 163,521,958 shares, which is 59.0234% of the total voting shares [7] - Among the attendees, 390 were small investors, representing 4,540,964 shares, or 1.6391% of the total voting shares [7] - The meeting included participation from company directors, supervisors, the board secretary, and senior management, as well as legal representatives from Tibet Mount Everest Law Firm [7] Proposal Voting Results - The proposal to cancel the supervisory board, change the company's registered capital, and amend the articles of association was approved with 163,125,808 votes in favor, accounting for 99.7577% of the valid votes [9] - Small shareholders voted 4,144,814 shares in favor, representing 91.2761% of the small shareholders' valid votes [10] - The proposal to elect a non-independent director to the fourth board of directors was also approved with 163,118,408 votes in favor, or 99.7532% of the valid votes [10] - Small shareholders voted 4,137,414 shares in favor, representing 91.1131% of the small shareholders' valid votes [11] Legal Opinion - The legal representatives from Tibet Mount Everest Law Firm confirmed that the meeting was convened and conducted in accordance with legal and regulatory requirements, and that the voting procedures and results were valid [13]

证券代码：002827 证券简称：高争民爆 公告编号：2025-063 西藏高争民爆股份有限公司 2025 年第四次临时股东大会决议公告 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、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 （一）会议届次：2025 年第四次临时股东大会 （二）会议召集人：公司第四届董事会 1、现场会议时间：2025 年 11 月 26 日（星期三）14:30。 2、网络投票时间：2025 年 11 月 26 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 26 日上午 9:15-9:25、9:30-11:30，下午 13:00 至 15:00；通过深圳证券交易所互联网 投票系统进行投票的具体时间为：2025 年 11 月 26 日 9:15 至 15:00。 3、现场会议地点：拉萨经济技术开发区林琼岗路 18 号公司三楼会议室 （六）会议召开方式：采取现场投票与网络投票相结合的方式。 （七）股权登记日：2025 年 11 ...

2025.11.26. 1 西藏珠穆朗玛律师事务所关于西藏高争民爆股份有限公司 2025 年第四次临时股东大会之法律意见书 西藏珠穆朗玛律师事务所 关于西藏高争民爆股份有限公司 2025 年第四次临时股东大会之 法 律 意 见 书 本法律意见书仅供公司本次股东大会之目的使用，不得用于其他任何目的或 用途。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行法定职责，遵循勤勉尽责和诚实信用原则，进行 充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表的结 论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应 法律责任。 本所律师根据《股东大会规则》第六条的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神，对本次股东大会所涉及的有关事项和相关文件 进行了必要的核查和验证，出席了本次股东大会，出具法律意见如下： 3 一、本次股东大会的召集、召开程序 致：西藏高争民爆股份有限公司 西藏珠穆朗玛律师事务所（以下简称"本所"）接受西藏高争民爆股份有限 公司（ ...

一、董事会审议通过利润分配方案的情况 西藏高争民爆股份有限公司（以下简称"公司"、"本公司"）2025 年前三季 度权益分派方案已获 2025年10月22日召开的第四届董事会第十二次会议和第 四届监事会第十次会议审议通过。2025 年前三季度权益分派方案为：以公司现 有总股本 277,046,000 股为基数，向全体股东每 10 股派发现金红利 0.70 元（含 税），共派发现金 19,393,220.00 元，不送股，不进行资本公积转增股本。自分 配预案披露至实施利润分配的股权登记日期间，公司股本若因新增股份上市、 股权激励行权、可转债转股、股份回购等原因发生变化的，将按照现金分红总 额不变的原则对分配比例进行相应调整。 公司已于 2025 年 5 月 6 日召开 2024 年度股东大会，审议通过了《关于授 权董事会制定 2025 年中期分红方案的议案》，授权董事会根据股东大会决议在 符合利润分配的条件下制定具体的中期分红方案，本次利润分配预案无需提交 股东大会审议。 本次实施的分配方案与第四届董事会第十二次会议审议通过的分配方案一 致，自分配方案披露至实施期间公司股本总额未发生变化。本次实施的分配方 案与 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - The civil explosives industry is experiencing a stabilization in scale, with effective integration and optimization of supply-side dynamics. The industry is projected to have a production value of 41.695 billion yuan in 2024, a year-on-year decrease of 4.50%, while the total sales value is expected to be 41.142 billion yuan, down 5.26%. However, the total profit is anticipated to grow to 9.639 billion yuan, reflecting a year-on-year increase of 13.04% [1][3][23]. Summary by Sections 1. Industry Scale and Policy Integration - The civil explosives industry is gradually stabilizing, with policies promoting integrated operations in production and blasting services. The main raw material, ammonium nitrate, remains at a low price, supporting the industry's profitability [14][19]. - The industry has seen a compound annual growth rate (CAGR) of 8.17% in production value from 2016 to 2023, with a significant increase in blasting service revenue from 8.061 billion yuan in 2016 to 35.311 billion yuan in 2024, representing a CAGR of 20.28% [1][29]. 2. Supply-Side Optimization and Industry Concentration - The civil explosives industry is undergoing significant consolidation, with the number of production enterprises decreasing from over 400 in 2005 to fewer than 50 by 2025. The top 10 enterprises' production value share has increased from 41% in 2018 to 62.47% in 2024 [2][42]. - The industry is characterized by a shift in production capacity towards the central and western regions of China, driven by demand from mining and infrastructure projects [2][3]. 3. Mining Investment Growth and Regional Demand - Investment in the mining sector is on the rise, particularly in Xinjiang and Tibet, where the demand for civil explosives is expected to increase due to ongoing coal and metal mining projects. The fixed asset investment growth in these regions is among the highest in the country [3][8]. - The civil explosives industry is projected to benefit from the ongoing construction of major infrastructure projects, such as the Yajiang Hydropower Station and the New Tibet Railway, which are expected to drive demand for explosives [3][8]. 4. Key Investment Targets - The report highlights key companies in the civil explosives sector, including Guangdong Hongda, Yipuli, Xuefeng Technology, and Gaozheng Explosives, which are well-positioned to benefit from regional demand growth and industry consolidation [8][4].

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].