Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [2][5]. Core Insights - The new materials sector has shown weaker performance compared to the Shanghai and Shenzhen 300 Index, with a 0.63% increase in the new materials index against a 1.49% increase in the benchmark index for October 2025 [5][10]. - The report highlights a significant growth in the export of bauxite from Guinea in the third quarter, indicating a positive trend in raw material availability [1]. - The semiconductor materials segment continues to experience growth, with global semiconductor sales reaching $64.88 billion in August 2025, marking a 21.7% year-on-year increase [39][40]. - The report emphasizes the potential for the new materials sector to benefit from the ongoing recovery in downstream demand and the push for domestic substitution, suggesting a favorable outlook for the industry [5]. Summary by Sections Industry Performance Review - The new materials index underperformed the Shanghai and Shenzhen 300 Index in October 2025, with a 0.63% increase compared to 1.49% for the benchmark [10]. - Most stocks in the new materials sector saw gains, with notable increases in superhard materials and other metal new materials, which rose by 13.99% and 10.32% respectively [14][15]. - The valuation of the new materials sector decreased, with a PE ratio of 31.39, down 8.00% from the previous month [18]. Important Industry Data Tracking - In October 2025, basic metal prices generally increased, with copper rising by 2.26% and aluminum by 0.97% [34]. - The export volume of superhard materials and products increased by 5.79% in September, with export value rising by 8.38% [47]. - The report notes stable prices for rare gases in October, indicating a lack of volatility in this segment [5]. Industry Dynamics - The report discusses the ongoing recovery in the manufacturing sector, with the manufacturing PMI rising to 49.8% in September, suggesting improved economic conditions [30]. - The semiconductor market is projected to grow, driven by demand for AI technologies, with a forecasted global sales increase of 11.2% in 2025 [45]. - The report highlights the importance of technological advancements and domestic demand in shaping the future of the new materials industry [5].

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇10月31日｜A股三大股指低开低走，创业板指跌1.22%，沪指跌0.43%，深成指跌0.5%。算力硬 件、存储芯片、超硬材料等方向跌幅居前，沪深京三市下跌个股近1900只。 | 上证指数 | 3969.88 | -17.02 | -0.43% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 3223.33 | -39.69 | -1.22% | | 399006 | | | | | 深证成指 | 13464.33 | -67.79 | -0.50% | | 399001 | | | | | 科创50 | 1422.77 | -38.53 | -2.64% | | 000688 | | | | | 北证50 | 1577.29 | +23.97 | +1.54% ...

Core Viewpoint - Huanghe Xuanfeng (SH 600172) reported a revenue of approximately 1.008 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 7.29%. However, the company experienced a net loss attributable to shareholders of approximately 523 million yuan, with a basic earnings per share loss of 0.3755 yuan [1]. Company Summary - The company's revenue for the first three quarters of 2025 was approximately 1.008 billion yuan, which is a 7.29% increase compared to the previous year [1]. - The net profit attributable to shareholders was a loss of approximately 523 million yuan [1]. - The basic earnings per share reported a loss of 0.3755 yuan [1].

Group 1 - The core point of the news is that Sifangda's stock price increased by 5.16%, reaching 14.05 CNY per share, with a trading volume of 637 million CNY and a turnover rate of 12.72%, resulting in a total market capitalization of 6.827 billion CNY [1] - Sifangda, established on March 5, 1997, and listed on February 15, 2011, is located in the Zhengzhou area of the Henan Free Trade Zone and specializes in the research, production, and sales of superhard materials and related products [1] - The company's main business revenue composition includes resource extraction/engineering construction at 60.34%, precision processing at 30.20%, and others at 9.46% [1] Group 2 - Among Sifangda's top ten circulating shareholders, a fund under the Fortune Fund ranks as a new entrant, holding 2.3621 million shares, which accounts for 0.63% of the circulating shares, with an estimated floating profit of approximately 1.6299 million CNY [2] - The Fortune Growth Board Two-Year Regular Open Mixed Fund (161040), established on July 14, 2020, has a latest scale of 1.224 billion CNY and has achieved a return of 58.67% this year, ranking 813 out of 8152 in its category [2] - The fund manager, Cao Jin, has a cumulative tenure of 12 years and 197 days, with a total fund asset scale of 13.173 billion CNY, achieving the best fund return of 410.2% and the worst return of 6.15% during his tenure [2]

Group 1 - The core viewpoint emphasizes the strategic planning and top-level design for the next five years of development in China, as highlighted by the 20th Central Committee's Fourth Plenary Session [1] - The city of Shangqiu aims to implement the spirit of the plenary session and focus on the "1+2+4+N" target task system to enhance urban-rural integration and rural revitalization [1] Group 2 - The strategy includes establishing "one county, one characteristic industry" to strengthen the foundation for high-quality development, focusing on advanced manufacturing and extending these industries into rural areas [2] - The city plans to enhance its role as an important node in the Belt and Road Initiative by promoting comprehensive and high-level openness, particularly towards the East and maritime development [3] - Infrastructure improvements are underway, including the completion of highways and railways, which will transform transportation advantages into economic benefits [3] Group 3 - The initiative aims to strengthen regional collaboration and integrate into the national unified market, with a focus on enhancing consumer confidence and optimizing the business environment [4] - The city is working on a task list to support the construction of a unified national market and aims to become a hub for both domestic and international market circulation [4]

Core Viewpoint - The company, Zhongbing Hongjian (000519), is making steady progress in expanding its overseas market for superhard materials, with overall developments meeting expectations [1] Group 1 - The company's overseas market expansion for superhard materials is progressing steadily [1] - Overall progress in the overseas market aligns with the company's expectations [1]

Core Viewpoint - The company Sifangda (300179) is a leading player in the composite superhard materials industry, with a strong focus on oil and gas extraction products used in both land oilfields and offshore wells [1] Group 1: Company Overview - Sifangda has over 20 years of experience in the composite superhard materials sector, establishing itself as a significant player in the domestic market [1] - The company has accumulated numerous research and development achievements, showcasing its strong technical capabilities [1] - Sifangda holds a first-mover advantage in the industry, positioning itself as a leader [1]

Core Viewpoint - The company, Sifangda, has over 20 years of experience in the composite superhard materials industry and is recognized as a leading domestic enterprise with significant scale advantages [1] Group 1: Company Strengths - The company has accumulated numerous research and development achievements over the years, showcasing strong technical capabilities as a high-tech enterprise [1] - Its resource extraction and engineering construction products are mature in technology and stable in performance, offering excellent wear resistance, impact resistance, and heat resistance [1] - The products are particularly effective in complex geological conditions, significantly enhancing the economic viability of shale oil and gas extraction operations [1] Group 2: Product Applications - The company's products are widely used in both land oil fields and offshore oil wells for exploration and extraction [1] - A comprehensive product system has been established, covering all geological structures, including soft layers, medium-hard layers, hard layers, and gravel-containing layers, with various product combinations [1] - The products demonstrate outstanding performance in oil and gas exploration and extraction operations [1]

Core Viewpoint - The company, Sifangda, focuses on research and development in the diamond sector, particularly in the CVD diamond industry chain technology, and has developed proprietary MPCVD equipment for producing high-quality large-size ultra-pure CVD diamonds [1] Group 1: Company Developments - The company has achieved the capability for mass production of large-size (inch-level) diamond substrates and films [1] - Sifangda has formed multiple patents related to its CVD diamond processes [1] - The high thermal conductivity of diamonds positions them for applications in chip heat sinks and other fields [1] Group 2: Market Opportunities - The company will continue to monitor relevant market opportunities in the diamond sector [1] - Specific details regarding market developments will be disclosed through public announcements [1]

Core Viewpoint - The company has developed the capability for mass production of large-size diamond substrates and films, which can be utilized in chip heat sinks due to their high thermal conductivity [1] Group 1 - The company is now capable of mass-producing large-size (inch-level) diamond substrates and films [1] - Diamond's high thermal conductivity makes it suitable for applications in chip heat sinks and other related fields [1]