今年7月30日，省文化和旅游厅、省文物局、省自然资源厅、省住房和城乡建设厅联合下发《关于进一 步做好可能存在地下文物区域考古前置工作的通知》（苏文旅发〔2025〕66号），金湖县文化广电和旅 游局第一时间对接金湖县自然资源和规划局，了解近期拟挂牌出让地块情况，当得知黎城街道向阳路西 侧、利民路北侧地块等13处地块有挂牌出让计划后，第一时间以金湖县文物局的名义向金湖县自然资源 和规划局出具《关于近期拟挂牌出让地块涉及文保方面的意见》，一方面积极组织相关地块向省文物局 申请考古勘探；另一方面，鉴于当前处于新修订《文物保护法》相关配套规定完善的过渡期内，拟同意 先挂牌，同时进行考古勘探。这样，既为地块成功挂牌赢得了时间，同时也推动了考古前置工作的有效 落实。 石港船闸在第三次全国文物普查时被确定为不可移动文物，2023年3月，《2023－2025年全省交通重点 项目前期工作三年滚动推进计划》（苏政办发〔2023〕12号）将金宝航线淮安段航道整治工程列入2024 年力争开工项目，石港船闸改造工程作为其中的关键一环，直接影响到这一工程的顺利实施。为此，金 湖县文化广电和旅游局主动邀请金湖县交通运输局领导多次前往省文物局 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][22] Core Views - The company has shown steady growth in net profit attributable to shareholders, with a year-on-year increase of 33.37% in the first three quarters of 2025, reaching 5.321 billion yuan [4][6] - The nutrition segment, particularly methionine, remains in a high-demand state, while vitamin prices have shown mixed trends [6][9] - The company is actively advancing multiple projects, enhancing its competitive edge and long-term growth potential [9][10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 16.642 billion yuan, a year-on-year increase of 5.45% [4][6] - The gross profit margin was 45.55%, up by 6.01 percentage points year-on-year, while the net profit margin reached 32.17%, an increase of 6.77 percentage points year-on-year [4][6] - In Q3 2025, the company reported revenue of 5.541 billion yuan, a decrease of 6.66% year-on-year and 2.11% quarter-on-quarter [5][9] Product Pricing - The average price of methionine in the first three quarters of 2025 was 21.92 yuan/kg, an increase of 0.57 yuan/kg year-on-year [6] - Vitamin A's average price decreased by 49% year-on-year to 84.67 yuan/kg, while vitamin E increased by 9.42 yuan/kg to 105.92 yuan/kg [6][7] Project Development - The company is progressing with various projects, including a joint venture with Sinopec for an 180,000 tons/year liquid methionine project, which has entered trial production [9] - The company is also advancing its projects in the flavor and fragrance sector and new materials, with plans for future expansions based on market demand [9] Profit Forecast - The company’s revenue is projected to reach 23.086 billion yuan in 2025, with net profit expected to be 6.960 billion yuan, corresponding to a PE ratio of 10.73 [10][12]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [8] Core Views - Tianshan Aluminum reported a revenue of 22.32 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.34%, and a net profit attributable to shareholders of 3.34 billion yuan, up 8.31% year-on-year [5] - The average price of electrolytic aluminum in Q3 2025 was 20,740 yuan per ton, an increase of 5.96% year-on-year and 2.64% quarter-on-quarter, driven by overseas production cuts and domestic inventory reduction [6] - The company is progressing well with its 1.4 million tons electrolytic aluminum green low-carbon efficiency enhancement project, expected to energize the first batch of electrolytic cells by the end of November 2025 [7] Financial Performance - In Q3 2025, Tianshan Aluminum achieved a revenue of 6.994 billion yuan, a slight decrease of 0.25% year-on-year and a 5.53% decrease quarter-on-quarter, while net profit reached 1.256 billion yuan, up 24.30% year-on-year and 22.41% quarter-on-quarter [5] - The projected net profits for 2025-2027 are 4.867 billion, 5.633 billion, and 6.672 billion yuan respectively, with corresponding P/E ratios of 13.19, 11.40, and 9.62 [8][10] Market Context - The domestic spot price of electrolytic aluminum reached 21,176.67 yuan per ton on October 28, 2025, benefiting the company's revenue and profit [6] - The company is also advancing its alumina project in Indonesia, which has completed environmental assessments and is currently working on port and terminal engineering designs [7]

Core Viewpoint - Cangge Mining reported strong performance in Q3, with significant growth in revenue and net profit, alongside progress in key projects, laying a solid foundation for long-term development [1][2][7] Financial Performance - In Q3, Cangge Mining achieved revenue of 723 million yuan, a year-on-year increase of 28.71%; net profit attributable to shareholders was 951 million yuan, up 66.49% [2] - For the first three quarters, the company reported revenue of 2.401 billion yuan, a 3.35% increase year-on-year; net profit attributable to shareholders reached 2.751 billion yuan, reflecting a 47.26% growth [2] Production and Sales - The company completed 70.16% and 82.51% of its annual production and sales targets for potassium chloride by the end of Q3 2025 [4] - The average selling price of potassium chloride increased by 26.88% year-on-year, while the average sales cost decreased by 19.12%, leading to a gross margin increase of 20.78% [4] Investment Contributions - Cangge Mining's investment in Jilong Copper contributed significantly, with copper production of 142,500 tons and net profit of 6.421 billion yuan, resulting in an investment income of 1.95 billion yuan, accounting for 70.89% of the company's net profit for the period [4] Project Development - Key projects are progressing steadily, including the Marmicuo Salt Lake project, which has completed photovoltaic power station construction contracts and is advancing land use procedures [5] - The company is also making progress on the lithium hydroxide processing project and the Laos potassium salt mine project, laying the groundwork for future growth [5][6] Resource Expansion - Cangge Potash obtained mining rights for additional minerals, including magnesium and lithium, enhancing its resource reserves and competitive edge [6] - The company is actively pursuing exploration and project preparation for various potassium salt mines, ensuring a diversified development strategy [7]

Core Viewpoint - Deep Property A (深物业A) experienced a trading halt with a price increase of 9.98% to 10.36 yuan, driven by improved financial performance and positive market sentiment in the real estate sector [1][2]. Group 1: Financial Performance - The company reported a significant increase in real estate sales, with advance payments rising from 266 million to 541 million yuan, indicating strong sales performance [2]. - The ending cash balance reached 2.846 billion yuan, a 69.7% increase from the beginning of the period, reflecting improved liquidity [2]. - Operating revenue grew by 27.1% year-on-year to 1.088 billion yuan, while net profit attributable to the parent company surged by 56.6% to 14.43 million yuan, showcasing enhanced profitability [2]. Group 2: Market Environment - Recent government policies aimed at supporting the stable and healthy development of the real estate industry have created a favorable environment for real estate companies [2]. - On October 16, 2025, there was a notable inflow of funds into the real estate sector, with multiple stocks in the industry rising, contributing to a positive market atmosphere for Deep Property A [2]. Group 3: Technical Analysis - The stock's MACD indicator is showing potential for a bullish crossover, and if the price breaks through significant resistance levels, it may attract more technical investors [2]. - Monitoring data indicated strong net buying from large orders on October 16, which contributed to the stock's price increase [2].