11月27日，松井股份涨5.72%，截至发稿，报35.86元/股，成交8387.42万元，换手率1.56%，总市值 56.10亿元。松井股份股价已经连续3天上涨，区间累计涨幅18.27%。 资料显示，松井新材料集团股份有限公司位于湖南宁乡经济技术开发区三环北路777号，成立日期2009 年3月20日，上市日期2020年6月9日，公司主营业务涉及以3C行业中的高端消费类电子和乘用汽车等高 端消费品领域为目标市场,通过"交互式"自主研发、"定制化柔性制造"的模式,为客户提供涂料、特种油 墨等多类别系统化解决方案。主营业务收入构成为：涂料90.98%，油墨4.97%，胶黏剂及其他4.05%。 从基金十大重仓股角度 数据显示，汇添富基金旗下1只基金重仓松井股份。汇添富高端制造股票A（001725）三季度持有股数 110万股，占基金净值比例为3.01%，位居第八大重仓股。根据测算，今日浮盈赚取约213.4万元。连续3 天上涨期间浮盈赚取576.4万元。 汇添富高端制造股票A（001725）基金经理为赵鹏飞。 截至发稿，赵鹏飞累计任职时间9年180天，现任基金资产总规模18.62亿元，任职期间最佳基金回报 178.1%， ...

Core Viewpoint - The stock of Chongqing Three Gorges Paint Co., Ltd. (渝三峡A) has experienced a decline in recent trading sessions despite a year-to-date increase of 44.02% [1][2]. Company Overview - Chongqing Three Gorges Paint Co., Ltd. was established on June 22, 1992, and listed on April 8, 1994. The company primarily engages in the manufacturing and sales of paint and coatings, as well as the trade of chemical products. The main revenue composition is 97.65% from coatings and 2.35% from other sources [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 287 million yuan, representing a year-on-year growth of 7.07%. The net profit attributable to the parent company was 16.49 million yuan, reflecting a year-on-year increase of 9.69% [2]. - The company has distributed a total of 184 million yuan in dividends since its listing, with 19.51 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for 渝三峡A was 53,500, a decrease of 22.91% from the previous period. The average number of circulating shares per shareholder increased by 29.71% to 8,108 shares [2]. - Notable new institutional shareholders include 博道久航混合A (008318) as the third-largest shareholder with 1.2686 million shares, 博道成长智航股票A (013641) as the fourth-largest with 928,300 shares, and 博道远航混合A (007126) as the sixth-largest with 833,100 shares [3]. Market Activity - On November 19, 渝三峡A's stock price fell by 2.02% to 7.77 yuan per share, with a trading volume of 33.96 million yuan and a turnover rate of 1.00%. The total market capitalization stood at 3.369 billion yuan [1]. - The stock has appeared on the龙虎榜 (a stock trading list) 12 times this year, with the most recent appearance on May 30, where it recorded a net buy of -24.5688 million yuan [1].

Group 1 - The core viewpoint of the news is that Longkou United Chemical Co., Ltd. has experienced significant stock price fluctuations and trading activity, with a notable increase in stock price year-to-date and recent trading days [1][2] - As of November 18, the stock price of United Chemical was 111.50 CNY per share, with a market capitalization of 12.488 billion CNY and a year-to-date stock price increase of 481.37% [1] - The company has been active in the stock market, appearing on the "Dragon and Tiger List" seven times this year, with the most recent appearance on October 16, where it recorded a net buy of -54.3266 million CNY [1] Group 2 - United Chemical's main business involves the research, production, and sales of azo organic pigments and water-based inks, with 97.24% of its revenue coming from pigments [1][2] - For the period from January to September 2025, the company reported operating revenue of 388 million CNY, a year-on-year decrease of 1.31%, while net profit attributable to shareholders increased by 7.56% to 47.4154 million CNY [2] - The company has distributed a total of 46.4 million CNY in dividends since its A-share listing [3]

Core Points - The stock price of Baihehua decreased by 2.01% on November 18, trading at 16.08 CNY per share with a market capitalization of 6.695 billion CNY [1] - Baihehua's stock has increased by 75.74% year-to-date, but has seen a decline of 3.48% over the last five trading days [1] - The company has been on the "Dragon and Tiger List" five times this year, with the most recent instance on November 5, showing a net buy of -1.7464 million CNY [1] Financial Performance - For the period from January to September 2025, Baihehua reported revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 563 million CNY, with 191 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Baihehua is 18,800, a decrease of 24.69% from the previous period, with an average of 21,813 circulating shares per shareholder, an increase of 32.78% [2] - Among the top ten circulating shareholders, Southern Zhihong Mixed A (020645) is the eighth largest, holding 2.1788 million shares as a new shareholder [3]

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue while reducing customer concentration and improving profit margins due to declining raw material prices [1][2][4]. Revenue Growth - Jinqiao Dek's revenue for the reporting period was 491 million, 539 million, and 627 million yuan, with net profit after deducting non-recurring items at 87.26 million, 114 million, and 135 million yuan respectively [2]. - Despite revenue growth, sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with the proportion of sales to these customers dropping from 10.94% to 7.15% [2]. Accounts Receivable - The book value of accounts receivable was 214 million, 237 million, and 294 million yuan, accounting for 38.24%, 34.02%, and 32.22% of total assets, and representing 43.53%, 44.08%, and 46.84% of revenue for the respective years [3]. - The proportion of overdue accounts receivable was 23.37%, 22.71%, and 28.48%, with collection rates of 96.89%, 95.07%, and 79.49% [3]. Profitability and Cost Management - The gross profit margin increased from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [4]. - Sales expense ratios were significantly lower than industry averages at 4.17%, 4.49%, and 4.52%, while management expense ratios were 3.98%, 4.09%, and 4.51%, also below industry averages [4].

11月12日，渝三峡A盘中下跌2.03%，截至09:49，报8.67元/股，成交7226.42万元，换手率1.90%，总市 值37.59亿元。 资金流向方面，主力资金净流出740.58万元，特大单买入104.46万元，占比1.45%，卖出0.00元，占比 0.00%；大单买入906.15万元，占比12.54%，卖出1751.19万元，占比24.23%。 渝三峡A今年以来股价涨60.70%，近5个交易日涨4.46%，近20日涨4.84%，近60日涨0.93%。 今年以来渝三峡A已经12次登上龙虎榜，最近一次登上龙虎榜为5月30日，当日龙虎榜净买入-2456.88万 元；买入总计4529.80万元 ，占总成交额比6.38%；卖出总计6986.69万元 ，占总成交额比9.84%。 渝三峡A所属申万行业为：基础化工-化学制品-涂料油墨。所属概念板块包括：小盘、成渝城市群、清 洁能源、染料涂料、氢能源等。 截至9月30日，渝三峡A股东户数5.35万，较上期减少22.91%；人均流通股8108股，较上期增加 29.71%。2025年1月-9月，渝三峡A实现营业收入2.87亿元，同比增长7.07%；归母净利润1649.16 ...

Core Points - The stock price of Baihehua increased by 2.23% on November 11, reaching 16.94 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 4.15% [1] - Baihehua's stock has risen 85.14% year-to-date, but has seen a decline of 12.64% over the last five trading days [2] - The company has been listed on the Longhu list five times this year, with the most recent occurrence on November 5, where it recorded a net buy of -1.7464 million CNY [2] Company Overview - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 11, 1995, with its listing date on December 20, 2016 [2] - The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [2] - Baihehua belongs to the Shenwan industry classification of basic chemicals - chemical products - coatings and inks, and is associated with concepts such as small-cap, lithium batteries, dyes and coatings, share buybacks, and sodium batteries [2] Financial Performance - As of September 30, 2025, Baihehua reported a revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - The company has distributed a total of 563 million CNY in dividends since its A-share listing, with 191 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 24.69% to 18,800, while the average circulating shares per person increased by 32.78% to 21,813 shares [2]

渝三峡A所属申万行业为：基础化工-化学制品-涂料油墨。所属概念板块包括：成渝城市群、小盘、清 洁能源、一带一路、氢能源等。 截至9月30日，渝三峡A股东户数5.35万，较上期减少22.91%；人均流通股8108股，较上期增加 29.71%。2025年1月-9月，渝三峡A实现营业收入2.87亿元，同比增长7.07%；归母净利润1649.16万元， 同比增长9.69%。 分红方面，渝三峡AA股上市后累计派现1.84亿元。近三年，累计派现1951.16万元。 机构持仓方面，截止2025年9月30日，渝三峡A十大流通股东中，博道久航混合A（008318）位居第三大 流通股东，持股126.86万股，为新进股东。博道成长智航股票A（013641）位居第四大流通股东，持股 92.83万股，为新进股东。博道远航混合A（007126）位居第六大流通股东，持股83.31万股，为新进股 东。 责任编辑：小浪快报 11月11日，渝三峡A盘中下跌2.09%，截至11:10，报8.90元/股，成交2.48亿元，换手率6.37%，总市值 38.59亿元。 资金流向方面，主力资金净流出3161.52万元，特大单买入191.14万元，占比0. ...

Group 1 - The focus of brokerage strategy analysts this week is on year-end style rebalancing, with historical patterns indicating that sectors with high deviation in holdings during the third quarter, such as new energy, pharmaceuticals, and food and beverage, tend to show weaker performance around November [1][3] - The fourth quarter is expected to face profit-taking pressure in main sectors, as previous main lines have accumulated significant gains, leading to high levels of capital crowding [1][3] - The structure of institutional holdings in the first three quarters of this year is evident, suggesting a high probability of position rebalancing before the spring market rally, which will create favorable conditions for better market performance [1][3] Group 2 - The strategy team from Guojin highlights the fragility of financial cycles among overseas tech giants, leading to a focus on high-certainty varieties, with A-shares also beginning a process of style rebalancing [2][4] - The transition of the tech industry's development from U.S.-led computing infrastructure to China's advantages in electricity, manufacturing, and general infrastructure represents a repricing of Chinese assets [2][4] - In the diffusion market, opportunities in specific sub-sectors within the electric equipment and chemical sectors are worth attention, including electrical instruments, titanium dioxide, organic silicon, and specialty plastics [2][4] Group 3 - The strategy team from Dongwu notes that the spring market rally is likely to experience a position rebalancing before its initiation, with a focus on sectors that have independent logic beyond AI narratives and are experiencing upward trends in ROE from long-term lows [1][3] - The analysis indicates that the small-cap style has a higher probability of rising compared to large-cap style in November, attributed to A-shares being in a performance and macro event "vacuum period," leading to active theme investments based on next year's performance expectations [1][3] Group 4 - The strategy team from Huaxi reviews the past decade, noting that November is favorable for "small-cap value + theme investment," with the market entering an active phase based on performance expectations and industry trends [1][3] - The current investment focus in A-shares may further concentrate on upstream industries and technology applications under the "anti-involution" strategy, with short-term attention on policies promoting consumption [1][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 550 million yuan for the first three quarters of 2025, representing a year-on-year increase of 5.0%. However, the net profit attributable to shareholders was 25 million yuan, down 64.7% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 210 million yuan, which is a 1.2% increase year-on-year and a 5.9% increase quarter-on-quarter. The net profit for the quarter was 13 million yuan, down 57.8% year-on-year but up 52.0% quarter-on-quarter [2][6] - The company is a leading domestic high-end 3C coating manufacturer and is actively expanding into the automotive coating market, benefiting from the rapid development of new energy vehicles [6][12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 550 million yuan, with a net profit of 25 million yuan and a net profit excluding non-recurring items of 22 million yuan [2][6] - In Q3 2025, the company reported a revenue of 210 million yuan, with a net profit of 13 million yuan and a net profit excluding non-recurring items of 12 million yuan [2][6] Market Position and Strategy - The company focuses on high-end consumer electronics and passenger vehicles, providing a range of coating solutions through innovative R&D and flexible manufacturing [6][12] - In Q3 2025, the company generated 150 million yuan in revenue from the high-end consumer electronics sector, while the automotive sector contributed 50 million yuan, marking a 56.0% year-on-year increase [6][12] Future Outlook - The company is expected to continue expanding its market presence in the automotive coating sector, with projected net profits of 40 million yuan, 100 million yuan, and 180 million yuan for 2025, 2026, and 2027 respectively [6][12]