编号：20251126 证券代码：002497 证券简称：雅化集团 | | 特定对象调研 | 分析师会议 | | | --- | --- | --- | --- | | 投资者关 | 媒体采访 | 业绩说明会 | | | 系活动类 | 新闻发布会 | 路演活动 | | | 别 | 现场参观 | | | | | 其他（请文字说明其他活动内容） | | | | | 瓴仁投资：祝子瀚 | 弘尚资产：沙正江 | 格传投资：鞠龙 | | | 鹏华基金：萧嘉倩 | 正心谷：姚怀畅 | Sage par：May Chen | | | 星石投资：王荣亮 | 青骊投资：邬雨航 | 瀚亚投资：翁晴雅 | | | 嘉实基金：宋阳、陈路华 | 拾贝投资：李昌强 | 源乐晟：林浩 | | | 川恒集团：何永凯 | 汐泰投资：管浩维 | 德汇投资：刘晓芳 | | | 中安投资：祁向阳 | 匠心联创：宁培坚 | 成都明永投资：万春艳 | | | 常春藤资产：胡肖 | 华西基金：赵彬凯 | 招商信诺：陈江威 | | | 西部利得：邹玲玲、曹城 | 长城证券：王彤 | 华泰资管：曹青宇 | | 参与单位 | 银河证券：刘兰程 ...

□ 支持企业做大做强产业链投资基金，发挥头部企业示范引领作用，积极开展产业链整合兼并，优化产 业链布局，提升产业链能级和竞争力 □ 支持港股上市的粤港澳大湾区企业在深圳证券交易所上市 □ 加强国企内部资源整合，运用好现有融资平台，通过资产重组、股权置换等多种方式，推动更多优质 资源向上市公司汇聚，提高资产证券化水平 ◎记者 周亮 推动企业通过并购重组优化产业链布局，加速构建现代化产业体系，广东金融又有大动作。近日，广东 省地方金融管理局发布《广东省金融支持企业开展产业链整合兼并行动方案》（简称《行动方案》）， 旨在化解重点产业结构性矛盾，促进产业提质升级，充分发挥金融在支持企业依法依规开展产业链整合 兼并中的核心支撑作用，助力企业发展壮大、做强做优，推动产业链高质量发展。 《行动方案》提出，强化金融赋能产业链上下游企业协同发展，推动金融资源精准投向产业链整合兼并 的关键环节，重点支持企业通过开展产业链整合兼并做大做强、提质增效，强化延链补链强链，形 成"自身优、生态稳、全球强"的世界级产业集群。到2027年，努力推动粤港澳大湾区形成产业集群优势 显著提升、整合兼并服务更加高效、多元协作机制更加健全的发展格局， ...

智通财经APP获悉，中国银河证券发布研报称，预计2026年Brent原油价格运行区间为60-70美元/桶，成 本端有望逐步止跌企稳。2024年以来化工行业资本开支迎来负增长，随着"反内卷"浪潮袭来及海外落后 产能加速出清，供给端有望收缩。"十五五"规划建议稿"坚持扩大内需"为未来五年定调，叠加美国降息 周期开启，化工品需求空间打开。该行认为，供需双底基本确立，政策预期强力催化，2026年化工行业 或迎周期拐点向上，开启从估值修复到业绩增长的"戴维斯双击"。 中国银河证券主要观点如下： 综合整治内卷式竞争，积极把握周期反转机会 赋能新质生产力，掘金新材料蓝海 1)PTA景气低位运行，行业反内卷呼声渐起，建议关注恒力石化、荣盛石化、新凤鸣、桐昆股份等。2) 涤纶长丝产能趋于集中，行业自律激发周期弹性，建议关注新凤鸣、桐昆股份、恒逸石化等。3)氨纶否 极泰来，行业集中度有望加速提升，建议关注华峰化学、新乡化纤。4)农药全球需求好转，底部价格品 种或迎反弹，建议关注扬农化工、润丰股份、江山股份、广信股份、利尔化学等。5)有机硅产能扩张步 入尾声，行业供需格局有望改善，建议关注合盛硅业、新安股份、东岳硅材等。6)挑战与 ...

Investment Rating - The report maintains a positive outlook on overseas growth and technology sectors, emphasizing the importance of identifying companies capable of navigating overseas cycles and accelerating domestic technology development [2][12]. Core Insights - The report highlights the impact of changes in the US interest rate stance on market sentiment, particularly affecting high-valuation sectors linked to overseas economies. It underscores the significance of finding resilient companies in overseas markets and the opportunity for domestic technology supply chain development [2][12]. - The report expresses optimism for the overseas and AI new materials sectors, citing the recent listing of "Le Shushi," a leading fast-moving consumer goods company in East and West Africa, as a notable addition to the overseas sector [2][12]. - In the traditional building materials and construction sectors, the focus has shifted to low-valuation or less-followed segments, with dividend policies becoming a key consideration. Companies are adapting to industry challenges by reducing capital expenditures and increasing dividends [3][13]. Summary by Sections Weekly Market Performance - The building materials index decreased by 6.46% during the week, with specific declines in glass manufacturing (-9.93%), fiberglass (-11.18%), and cement manufacturing (-6.06%) [17]. Price Changes in Building Materials - National cement prices slightly decreased by 0.4% week-on-week, with regional variations in price movements. Southern regions showed a slight increase in demand, while northern regions faced a decline due to weather conditions [26]. - The average price of float glass was reported at 1168.37 RMB/ton, reflecting a decrease of 2.26% week-on-week, with inventory levels increasing [38][52]. Sector Analysis - In the cement sector, the average price was 351 RMB/ton, down 78 RMB/ton year-on-year, with an average shipment rate of 45.7% [14]. - The fiberglass market showed stability in pricing, with the average price for 2400tex direct yarn at 3531.75 RMB/ton, a slight increase of 0.2% week-on-week [57]. - The report notes that the demand for construction materials remains weak, particularly in the completion phase, while retail segments show stable growth [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company's net profit attributable to shareholders reached 198 million yuan in Q3 2025, representing a year-on-year increase of 278% and a quarter-on-quarter increase of 272%. The net profit excluding non-recurring items was 214 million yuan, up 478% year-on-year and 3058% quarter-on-quarter [2][4] Summary by Relevant Sections Lithium Business Performance - The average price of battery-grade lithium carbonate in Q3 2025 was 73,000 yuan per ton, up 12% quarter-on-quarter, while the average price of battery-grade lithium hydroxide was 68,700 yuan per ton, up 6% quarter-on-quarter. The company experienced a significant increase in lithium salt product sales, achieving a record high for quarterly sales due to effective market strategy adjustments and strong customer feedback [11][11] - The company has improved its lithium ore self-sufficiency rate through the production of lithium concentrate from its Zimbabwe Kamativi lithium mine, positively impacting the cost structure of lithium salt products [11] Civil Explosives Business Performance - The civil explosives business showed stable overall performance in the first three quarters of 2025, although total production and sales value declined due to intensified market competition and falling product prices. The company expanded its sales channels and saw significant growth in civil explosive product exports, contributing to stable profitability in this segment [11] Solid-State Battery Development - The company is actively advancing the research and industrialization of key raw materials for solid-state batteries, achieving significant progress in the synthesis and mass production technology of lithium sulfide, a core material for solid electrolytes. The new synthesis process developed by the company has shown advantages in material cost, purity, and particle size control [11] Future Outlook - Both the lithium and civil explosives businesses are expected to experience growth turning points, with a shift towards collaborative development. The company anticipates substantial improvements in profitability and growth potential, driven by rising lithium prices and increased self-supply from its lithium resources, alongside efforts to expand its civil explosives business domestically and internationally [11]

智通财经APP获悉，国投证券发布研报称，目前我国民爆行业供给侧优化成效显著，行业集中度明显提 升，且政策严控新增产能，竞争格局优化。需求侧采矿业投资持续增长，基建领域投资稳健，重大项目 积极推进，全国民爆需求维持稳态释放。新疆和西藏等富矿区域矿山开采需求旺盛，叠加重大基建工程 落地开工，有望迎来区域性民爆需求增长。目前民爆行业龙头企业大多为央国企，且开展民爆一体化发 展模式，多为区域性或全国性龙头，产能、资源、资质和品牌力均竞争力突出，且多家民爆龙头企业积 极进行行业整合并购，持续扩大规模，布局海外，打造长期成长，有望充分受益区域性民爆需求的快速 释放，进一步提升市场份额和盈利能力。 采矿业投资规模持续增长，新疆/西藏民爆景气度上行 2023年，我国民爆行业工业炸药70%左右用于煤炭、金属、非金属三类矿山的开采，三类领域炸药用量 占比分别约为30.4%、24.7%和19.7%。2021-2024年，我国采矿业固定资产投资完成额连续四年实现同 比正向增长，煤炭开采类和有色金属矿开采类投资额增速靠前，支撑民爆需求释放。新疆和西藏地区工 业炸药产量持续高增，增速远高行业水平，主要由于煤矿、有色金属和区域重大基建项目 ...

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 ...

Core Viewpoint - The company, Tongde Chemical, clarified that its foreign revenue is derived from a joint venture in Mongolia and does not involve the European Union [2]. Group 1 - The company has a very small portion of its revenue coming from abroad [2]. - The foreign income is primarily from the joint venture, Illich Tuhlehi LLC, which focuses on civil explosives [2]. - The company's operations do not extend to the European Union region [2].

Core Viewpoint - The company has shown strong revenue growth in the first three quarters of 2025, with a significant increase in operating income, while net profit remained stable, indicating resilience in its financial performance despite challenges in cash flow [2][3]. Financial Performance - The company achieved operating revenue of 14.552 billion, a year-on-year increase of 55.92% [2]. - The net profit attributable to shareholders was 653 million, remaining roughly flat compared to the previous year [2]. - Cash flow from operating activities was -236 million, down from 189 million in the same period last year [2]. Business Segments - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, while also pursuing opportunities along the Belt and Road Initiative with a backlog of over 35 billion in orders [3][6]. - The civil explosives segment has increased its production capacity to 725,500 tons, maintaining stable business scale amid industry consolidation [3][12]. - The defense equipment segment is performing well, with recent acquisitions and ongoing military trade projects, reflecting the company's commitment to transitioning towards military applications [3][10]. Strategic Plans - The company plans to enhance operational efficiency and market competitiveness through internal management improvements [5]. - There is a strong focus on expanding the mining service segment in Xinjiang, with significant investments in resources and capabilities [7]. - The company is committed to achieving a target of one million tons in civil explosives capacity and is actively pursuing mergers and acquisitions in this sector [10]. - The defense equipment segment is expected to grow, with ongoing investments in high-end intelligent weapon systems and related supply chain enhancements [10][12]. Future Outlook - The company maintains confidence in its growth trajectory, particularly in the mining service and defense sectors, with a strategic emphasis on international expansion and large-scale projects [6][9][12].

11月17日，雅化集团涨10.00%，成交额24.65亿元。两融数据显示，当日雅化集团获融资买入额2.39亿 元，融资偿还2.03亿元，融资净买入3655.55万元。截至11月17日，雅化集团融资融券余额合计7.40亿 元。 融资方面，雅化集团当日融资买入2.39亿元。当前融资余额7.31亿元，占流通市值的2.54%，融资余额 超过近一年70%分位水平，处于较高位。 分红方面，雅化集团A股上市后累计派现12.40亿元。近三年，累计派现6.22亿元。 机构持仓方面，截止2025年9月30日，雅化集团十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第三大流通股东，持股1349.98万股，相比上期增加28.62万股。香港中央结算有限公司 位居第四大流通股东，持股1323.88万股，相比上期减少154.32万股。南方中证1000ETF（512100）位居 第七大流通股东，持股1053.86万股，相比上期减少9.54万股。景顺资源垄断混合A（162607）位居第八 大流通股东，持股1005.66万股，相比上期减少25.18万股。富国研究精选灵活配置混合A（000880）位 居第十大流通股东，持股876. ...