联储证券给予宏达股份“增持”评级：渡尽劫波，凤凰涅槃

Group 1 - The core viewpoint of the report is that Hongda Co., Ltd. (600331.SH) is given an "Overweight" rating due to several positive factors [1] - The company has successfully shed historical burdens, which is expected to enhance its operational efficiency [1] - Potential integration of mining resources within the group is anticipated to unlock business development constraints [1] - There is an opportunity for transformation in the existing business system through resource and market synergy [1] Group 2 - The report highlights risks including the continuous decline in prices of ammonium phosphate and zinc ingots [1] - Development progress of the Duolong project may not meet expectations, posing a risk to future growth [1] - Funding for the construction of the Duolong copper mine may fall short of expectations, which could impact project viability [1] - Stricter domestic environmental policies could pose challenges to operations [1] - The integration process of mining resources within the group may not proceed as anticipated, adding to uncertainty [1]