谁是全国经济增速的"领跑者"？答案或许出乎不少人的意料——西藏。数据显示，2023年和2024年，西 藏地区生产总值（GDP）分别以9.5%和6.3%的增速领跑全国；今年上半年，西藏7.2%的增速较全国平 均水平高出1.9个百分点，继续稳居全国第一。 这片耸立在世界屋脊之上的土地，曾长期背负着"起步晚、底子薄、体量小"的标签。边陲区位、交通掣 肘和严苛的自然环境，更被视为难以逾越的发展"天堑"。今年，是西藏自治区成立60周年，年初召开的 西藏自治区两会描绘了宏伟的发展蓝图——2025年地区生产总值预期增长7%以上、力争达到8%。西藏 正以昂扬之姿奋马扬鞭、迎头赶上，改写外界的固有印象。 雪域高原经济发展的底气，源自何处？证券时报、西藏日报"从资本市场看地方高质量发展"大型融媒报 道采访组日前走进西藏，走访当地政府部门、监管部门、上市企业、拟上市企业以及援藏央国企，探寻 西藏经济高速发展的内在逻辑。调研发现，政策甘霖正在持续浸润、特色资源加速转化、区域价值深度 重估，蓄积起西藏经济跨越式发展的澎湃势能，打开了高质量发展的广阔空间。 用好政策高地： 构建区域发展"强磁场" 飞往拉萨的航班上，透过舷窗那一方小小天地 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 民爆一体化区域龙头，上半年发展稳步向前 公司是江西省唯一的民爆生产企业，渠道覆盖江西省、粤东地区。上半年，公司实现销售工业包装炸药 5.53万吨，营业收入3.32亿元；销售电子雷管1123.68万发，营业收入1.44亿元；爆破一体化服务收入2.10 亿元。公司积极推进民爆主业适度扩张，2025年成功收购控股子公司龙狮科技49%股权使之成为全资子公 司。同时，公司大力拓展泛民爆业务，新产品研发有序推进。上半年，公司业务市场拓展与区域布局成效 显著，电子雷管产品成功进驻西藏市场，基本形成全国销售布局。 含能新材料项目进展顺利，上半年已产出合格产品 2024年5月公司公告，对全资孙公司九江国泰增资3.4亿元，用于建设年产3000吨-4300 ...

市公司 其础化工 2025 年 08 月 23 日 一东宏大 (002683) 并表雪峰民爆规模再上台阶，矿服高成长持续兑现, 军工并购力度加大 报告原因: 有业绩公布需要点评 增持(维持) | 市场数据: | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 35.50 | | 一年内最高/最低（元） | 40.99/17.66 | | 市净率 | 4.0 | | 股息率%（分红/股价） | 1.83 | | 流通 A | 23,444 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 李绍程 A0230525070002 lisc@swsresearch.com 联系人 任本 (8621)23297818× renjie@swsresearch.com | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产（元） | 8.80 | | 资产负债率% | 51.61 | | 总股本/流通 A 股 (百万) | 760/660 | | 流通 B 股/H 股 (百 ...

Core Viewpoint - Guangdong Hongda (002683) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by the expansion of its mining service business and the consolidation of Xuefeng Technology [1][12]. Financial Performance Summary - Total revenue reached 9.15 billion yuan, a year-on-year increase of 63.83% [1] - Net profit attributable to shareholders was 504 million yuan, up 22.05% year-on-year [1] - Gross margin was 19.86%, down 7.61% year-on-year, while net margin was 9.26%, down 6.27% year-on-year [1] - Operating cash flow per share was -0.3 yuan, a significant decrease of 320.03% year-on-year [1] Balance Sheet Changes - Accounts receivable increased by 65.71% to 4.304 billion yuan, attributed to the expansion of the mining service business and the consolidation of Xuefeng Technology [2][4] - Cash and cash equivalents decreased by 3.38% due to payments for the acquisition of Xuefeng Technology shares and increased borrowings [1][11] - Interest-bearing liabilities rose by 82.41% to 7.397 billion yuan, reflecting the need for increased financing [1][3] Operational Insights - The mining service segment's revenue growth was driven by an increase in project scale and the consolidation of Xuefeng Technology, contributing to new revenue streams [9][12] - The company has secured over 10 billion yuan in new mining service contracts, with a backlog exceeding 35 billion yuan [16] - The gross margin for the mining service segment decreased to 16.47%, primarily due to new projects in the investment phase and increased competition [16] Strategic Developments - The company is focusing on international expansion, with overseas revenue growing by 18.87% to 718 million yuan [17] - The integration of Xuefeng Technology is ongoing, with efforts to resolve competitive overlaps and enhance operational synergies [18][19] - The defense equipment segment is expected to improve performance due to recent acquisitions and a focus on high-end intelligent weapon systems [20][21] Fund Holdings - The largest fund holding Guangdong Hongda is the Fortune Tianhui LOF, with a recent increase in holdings [15] - The fund manager, Zhu Shaoxing, is recognized for strong stock selection capabilities, particularly in value and growth stocks [14]

证券代码：002683 证券简称：广东宏大 2025-006 广东宏大控股集团股份有限公司投资者关系活动记录表 | | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | | 媒体采访 ☐ | 业绩说明会 ☐ | | 投资者关系活动类别 | 新闻发布会☐ ☐ | 路演活动 | | | ☐ 现场参观 | | | | 其他（电话会议） | | | | 方正证券 | 韩宇 | | | 国信证券 | 肖彬、王新航、贺东伟、杨林 | | | 中信证券 | 文锡炜、杨晓宇、张羽鹏 | | | 国投证券 | 宋子豪 | | | 国金证券 | 冯茗馨、任旭欢、孙泽辉、任建斌 | | | 中泰证券 | 曹惠、郝文阳、王鹏 | | | 东北证券 | 上官京杰 | | | 兴业证券 | 吉金、石砾、陈垒、李阳、徐东晓 | | | 长江证券 | 徐静 | | | 天风证券 | 邢颜凝、吴居清、裴子航 | | | 信达证券 | 张润毅 | | | 东吴证券 | 周丹露、高正泰 | | | 湘财证券 | 顾华昊 | | | 民生证券 | 孔厚融、冯鑫 | | | 中邮证券 | 马强、鲍学博 | | | ...

2025 年 8 月 22 日 公司研究 民爆业务发展稳步向前，含能新材料项目进展顺利 ——国泰集团（603977.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告。公司 2025 年上半年实现营业收入 10.59 亿元，同比下降 6.03%；实现归母净利润 1.21 亿元，同比下降 11.14%。上半 年经营活动产生的现金流量净额为 1.42 亿元，同比增长 16.73%。根据公告， 上半年公司业绩下滑主要有三方面原因。控股子公司江西宏泰物流项目验收后， 计提折旧费用和财务费用增加；控股子公司江西永宁受高氯酸钾生产行业竞争加 剧影响，业绩同比出现下滑；上年同期收到省级工业发展专项计划资金 1000 万 元，本年计入当期损益的政府补助较上年减少。 民爆一体化区域龙头，上半年发展稳步向前。公司是江西省唯一的民爆生产企业， 渠道覆盖江西省、粤东地区。上半年，公司实现销售工业包装炸药 5.53 万吨， 营业收入 3.32 亿元；销售电子雷管 1123.68 万发，营业收入 1.44 亿元；爆破一 体化服务收入 2.10 亿元。公司积极推进民爆主业适度扩张，2025 年成功收购控 股子公司龙 ...

中国银河8月22日发布研报称，给予雅化集团（002497.SZ，最新价：14.02元）推荐评级。评级理由主 要包括：1）锂价下跌拖累公司业绩；2）民爆业务保持稳定，西藏与海外项目或将带来未来增量。风险 提示：1）锂价大幅下跌的风险；2）公司锂矿产能释放不及预期的风险；3）公司民爆项目竞标不及预 期的风险。 （文章来源：每日经济新闻） ...

Core Viewpoint - Guangdong Hongda announced its 2025 semi-annual report during the board meeting held on August 21, 2025, highlighting the revenue composition for the first half of 2025 [2]. Revenue Composition - For the first half of 2025, Guangdong Hongda's revenue composition is as follows: - Mining operations accounted for 70.36% - Explosives and other income contributed 15.11% - Energy and chemical business represented 12.85% - Defense equipment made up 0.88% - Other industries accounted for 0.8% [2].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][14]. Core Views - The company's main profit contribution in the first half of 2025 came from its civil explosives business, while the lithium segment is expected to recover in the second half due to the ramp-up of self-controlled lithium mines and downstream capacity expansion [3][14]. - The target price for the company is set at 17.00 yuan, reflecting a 20x PE valuation for 2026, considering the expected growth in lithium production and stable demand in the civil explosives sector [14]. Financial Summary - The company achieved total revenue of 34.23 billion yuan in the first half of 2025, a year-on-year decrease of 13.0%, with a net profit attributable to the parent company of 1.36 billion yuan, up 32.9% year-on-year [14]. - The second quarter of 2025 saw revenues of 18.86 billion yuan, down 9.5% year-on-year but up 22.7% quarter-on-quarter, with a net profit of 0.53 billion yuan, down 38.9% year-on-year and 35.4% quarter-on-quarter [14]. - The lithium business faced challenges due to a significant drop in lithium prices, with the average price of battery-grade lithium hydroxide falling by 26.97% year-on-year to 67,401 yuan per ton in the first half of 2025 [14]. Business Segments - The civil explosives segment reported revenue of 14.65 billion yuan in the first half of 2025, a 3.7% increase year-on-year, with a net profit of 2.53 billion yuan, up 2.4% year-on-year [14]. - The company is expected to see improvements in its lithium business in the second half of 2025 as self-controlled mines ramp up production and the price gap in refining improves [14]. - The civil explosives business has a diversified target market, with market shares of 5% and 11% for industrial explosives and electronic detonators, respectively, and a significant presence in the Sichuan region [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a 33% year-on-year increase in net profit for the first half of 2025, despite a 13% decline in revenue, primarily due to falling lithium prices. The stable performance of the civil explosives segment supported overall earnings [3][4]. - The lithium business saw a revenue decline of 26% year-on-year, with a gross margin of 1.63%, while the civil explosives segment experienced a 3.7% revenue increase and a gross margin of 35.9% [5][6]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 3.423 billion yuan, a decrease of 13% year-on-year. The net profit attributable to the parent company was 136 million yuan, an increase of 33% year-on-year, while the net profit after deducting non-recurring items was 75 million yuan, a decrease of 0.17% year-on-year [4]. - In Q2 2025, the company reported operating revenue of 1.886 billion yuan, a quarter-on-quarter increase of 23%, with a net profit of 53 million yuan, down 35% quarter-on-quarter [4]. Lithium Business Insights - The lithium business generated revenue of 1.764 billion yuan in the first half of 2025, down 26% year-on-year. The average market price for lithium carbonate was 70,300 yuan per ton, a decrease of 22% compared to the average price in 2024 [5]. - The company is expected to produce 280,000 tons of Kamativ lithium concentrate this year, with plans to increase production to 350,000 tons next year, significantly enhancing its self-supply capability [5]. Civil Explosives Business Insights - The civil explosives segment reported revenue of 1.465 billion yuan in the first half of 2025, an increase of 3.7% year-on-year, with a net profit of 253 million yuan, reflecting a 2.4% growth [6]. - The company holds a market share of nearly 5% in industrial explosives and over 11% in electronic detonators in China, with significant market share increases in the Sichuan region [6]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 493 million yuan, 679 million yuan, and 843 million yuan for 2025, 2026, and 2027, respectively, reflecting a downward adjustment in lithium price and production volume expectations [6]. - The corresponding price-to-earnings ratios (P/E) are estimated to be 33, 24, and 19 times for the respective years, with a maintained "Buy" rating due to the significant potential for increased self-supply in the lithium business [6].