Group 1 - The stock price of Guangdong Hongda on August 19 was 33.84 yuan, down 0.64 yuan or 1.86% from the previous trading day [1] - The opening price on that day was 34.48 yuan, with a highest price of 34.55 yuan and a lowest price of 33.33 yuan, with a trading volume of 145,200 hands and a transaction amount of 492 million yuan [1] - Guangdong Hongda operates in the mining industry, focusing on the research, production, and sales of civil explosives, which are widely used in mining, water conservancy, and transportation construction [1] Group 2 - On the evening of August 19, Guangdong Hongda announced the election of Ms. Ma Yinghua as the employee director of the sixth board of directors, which will further improve the company's governance structure [1] - On August 19, the net outflow of main funds was 58.0466 million yuan, with a cumulative net outflow of 331 million yuan over the past five trading days [1]

Market Overview - The market experienced a decline on June 13, 2025, with major indices closing lower: Shanghai Composite Index down 0.75%, Shenzhen Component Index down 1.10%, and ChiNext Index down 1.13% [1] - Sectors such as mining, precious metals, and aerospace showed gains, while beauty care, cultural media, and bioproducts faced losses [1] Oil Market Insights - According to Xinda Securities, the average price of Brent crude oil is expected to be around $70 per barrel for the year, with a high-low-high-low trend anticipated across the four quarters [2] - The potential for oil price increases is linked to risks in the Iranian region, while downward risks are associated with Saudi Arabia [2] - Iran's oil supply accounts for 3% to 4% of global supply, and escalating conflicts could threaten the Strait of Hormuz, a critical oil transport route [2] Gold Market Analysis - Minsheng Securities highlighted that global monetary expansion and rising geopolitical tensions are enhancing gold's appeal as a safe-haven asset [2] - The ongoing U.S. interest rate cut cycle is expected to support further increases in gold prices, indicating a bullish trend in the gold market [3] Military Trade Dynamics - Zhongtai Securities noted that recent geopolitical conflicts have led to a reassessment of military trade logic, suggesting significant growth potential in military exports [3] - China's military trade currently represents 5.9% of the global market, which is considerably lower than the U.S. at 43% and Russia at 9.6%, indicating room for expansion [3]

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 一季度工业企业营收、盈利均较去年增速有所上行，其中盈利由负转正，同比为小幅正增的0.8%。这与一季度GDP增速实现良好开局的情况比较吻 合。上市公司盈利和规模以上企业盈利在大的趋势上应具有同步性，我们估计表现会大致相似。 第二， 从3月单月来看，规上工业企业营收和盈利也处于加速趋势中。3月规上工业企业营收同比增长4.2%，较1-2月加快1.4个点；工业企业利润同比增长 2.6%，较1-2月的-0.3%加快3.1个点。从量、价、利润率三因素拆解，3月工增同比实现7.7%的高增，营收利润率同比降幅较1-2月小幅收窄，二者共同支 撑了利润的改善；PPI环比和同比降幅扩大，形成对利润改善幅度的制约。 第三， 哪些行业带来了整体利润的改善？从中观角度看，增速较快的行业线索有六：一是受益于涨价和新兴产业需求支撑的有色产业链；二是"两新"政策加力 驱动的专用设备、通用设备、电气机械和仪器仪表行业；三是受益于航空航天产业高速发展 [7]和出口增长的交运设备行业；四是必选消费相关的农副食品行 业；五是公用事业（废弃资源利用 ...

Investment Rating - The report does not explicitly state an investment rating for the mining industry or the specific company being analyzed [1]. Core Insights - The company is planning to start production in Mongolia around mid-April 2025, initially processing raw ore into a 40% grade intermediate product for domestic sales, followed by the production of fluorite powder once the beneficiation plant is operational [18][19]. - Recent price trends indicate a slight increase in the price of acid-grade fluorite powder in southern regions, with prices rising by approximately 100-150 CNY per ton, reaching between 3,700 and 3,850 CNY depending on quality [19]. - The company aims to produce between 500,000 to 600,000 tons of fluorite powder in 2024, with a product structure consisting of approximately 30% high-grade block ore and 70% acid-grade fluorite powder [23]. Summary by Sections 1. Basic Research Information - The research was conducted on Jinshi Resources in the mining industry on March 4, 2025, with participation from various asset management and investment firms [13]. 2. Detailed Research Institutions - The research involved multiple institutions including Caixin Fund, Taikang Asset, and Yinhua Fund, among others, with representatives from these institutions participating in the discussions [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is focused on enhancing the quality of low-grade fluorite powder through the construction of a new beneficiation line, which is expected to improve production efficiency and reduce costs over time [22]. - The company has acknowledged an increase in its asset-liability ratio due to new projects and bank loans, but emphasizes that the actual value of its assets, particularly mining rights, is significantly higher than what is reflected on the balance sheet [24][25]. - The company is exploring strategies to balance pricing and market dynamics between its fluorite powder production and downstream hydrogen fluoride production [27].

水皮杂谈 一家之言 兼听则明 偏听则暗 跌破万亿 每日看盘 今日A股三大指数缩量盘整，两市共成交9 6 6 4亿，较前个交易日缩量1 8 1 9亿。 其中沪指下跌 0 . 2 4%，收报3 1 6 0 . 7 6点； 深成指几乎平盘，收报9 7 9 6 . 1 8点； 创业板指上涨0 . 3 6%，收报 1 9 8 2 . 4 6点。 市场的活跃度在肉眼可见的继续降低，今天的成交量是自9 2 4政策市以来第一次跌破一万亿， 连续7 3个交易日成交额突破万亿大关后，有史以来持续时间最长的单日成交额超万亿元纪录在 第7 4个交易日被终结。随着成交量的萎缩，各大指数基本上都进入了9 2 7和9 3 0这两个交易日 之间的缺口位置进行补缺。 盘面上，全天两市2 9 9 0家上涨，2 0 0 9家下跌，很勉强在2点4 3分之后拉起来，5 1 0 0 5 0和 5 1 0 3 0 0均在同一时间出现了一波放量，某队维稳的意图明显。中位数涨了0 . 3 3%，微盘股指数 在早盘跳水大跌3 . 0 2%后最终上涨0 . 8 9%。 板块上，采掘行业、贵金属、有色金属、软件开发、医疗器械等涨幅居前，家用轻工、银行、 铁路公路、 ...