风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华夏基金旗下1只基金位居联科科技十大流通股东。华夏兴阳一年持有混合（009010）三季 度新进十大流通股东，持有股数86.05万股，占流通股的比例为0.44%。根据测算，今日浮盈赚取约 104.98万元。 华夏兴阳一年持有混合（009010）成立日期2020年3月18日，最新规模11.03亿。今年以来收益4.7%，同 类排名7063/8140；近一年收益0.02%，同类排名7744/8056；成立以来亏损15.94%。 华夏兴阳一年持有混合（009010）基金经理为刘文成。 责任编辑：小浪快报 11月14日，联科科技涨5.3%，截至发稿，报24.25元/股，成交1.18亿元，换手率2.55%，总市值52.51亿 元。 资料显示，山东联科科技股份有限公司位于山东省潍坊市青州市鲁星路577号，成立日期2001年4月23 日，上市日期2021年6月23日，公司主营业务涉及二氧化硅和炭黑的研发、生产与销售。主营业务收入 构 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on November 6, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5150 yuan, with no daily change and a weekly decrease of 20 yuan; the latest price of Inner Mongolia 72 was 5220 yuan, a daily decrease of 30 yuan and a weekly increase of 20 yuan. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5620 yuan, with no daily change and a weekly decrease of 60 yuan [2]. - The report also presents historical price trends of various silicon ferroalloy and silicon manganese products from 2021 - 2025, including market prices in different regions, export and import prices, and contract closing prices [3][6]. Supply - The report shows the production and capacity utilization data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also provides the weekly production data of silicon manganese in China from 2021 - 2025, as well as the monthly procurement volume and price data of Hebei Iron and Steel Group for silicon manganese [6]. Demand - The report includes the demand data of silicon manganese in China from 2021 - 2025 (in accordance with the Steel Union's caliber), and also presents data on the production of crude steel, metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4][7]. Inventory - For silicon ferroalloy, it shows the weekly inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, it presents the daily warehouse receipt quantity, effective forecast quantity, warehouse receipt + effective inventory, and daily unilateral trading position data from 2021 - 2025, along with the weekly inventory data of 63 sample enterprises in China [7]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price and opening rate data of semi - coke, and the production cost, profit from converting to the main contract, and spot profit data of Ningxia and Inner Mongolia [5]. - For silicon manganese, it presents the profit data of different regions (Inner Mongolia, Guangxi, northern and southern regions) from 2021 - 2025, as well as the profit data of Guangxi and Ningxia when converted to the main contract [7].

Core Viewpoint - LianKe Technology is a leading domestic producer of silica and carbon black, with a full industry chain advantage and high product quality and technology level [1] Group 1: Business Performance - In Q3 2025, LianKe Technology reported revenue of 1.788 billion yuan, ranking 4th in the industry, below the top competitors but above the industry average [2] - The main business composition includes carbon black at 648 million yuan (53.45%) and silica at 532 million yuan (43.86%) [2] - The net profit for the same period was 232 million yuan, ranking 2nd in the industry, significantly higher than the industry average [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 26.57%, lower than the industry average of 35.03% [3] - The gross profit margin was 20.40%, higher than both the previous year and the industry average [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.83% to 17,300 [5] - The average number of circulating A-shares held per shareholder decreased by 5.20% [5] Group 4: Future Outlook - In H1 2025, revenue increased by 14.12% year-on-year, with net profit rising by 27.64% [6] - The company plans to invest 392 million yuan in a new project for high-pressure cable shielding materials, which is expected to create a new revenue growth curve [6] - Revenue projections for 2025-2027 are 2.993 billion, 3.329 billion, and 3.925 billion yuan, with corresponding net profits of 352 million, 433 million, and 551 million yuan [6]

证券代码：600249 证券简称：两面针 公告编号：临2025-034 柳州两面针股份有限公司 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 柳州两面针股份有限公司（以下简称"公司"）根据上海证券交 易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》的要求，现将 2025 年第三季度主要经营数据披露如 下： 三、 主要原材料的价格波动情况 | 对应 | 主要 | 年 2025 | 7-9 | 月 | 年 2024 | 月 7-9 | 同比变 | 环比变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 原材料 | 平均进价 | | | 平均进价 | | 动比率 | 动比率 | | | | （元/吨） | | | （元/吨） | | （%） | （%） | | 家用/旅游牙膏 | 二氧化硅 | 8,788.25 | | | 9,135.49 | | -3.80 | -0 ...

Core Viewpoint - The company has announced changes regarding its stock incentive plan, including the repurchase and cancellation of certain restricted stocks and adjustments to the repurchase price of the stock options. Group 1: Stock Repurchase and Cancellation - The company plans to repurchase and cancel a total of 10,000 restricted stocks due to a change in personal circumstances of one of the incentive plan participants [9][29][32] - Following the repurchase, the total share capital will decrease from 415,883,145 shares to 415,873,145 shares [10][35][40] Group 2: Adjustment of Repurchase Price - The repurchase price for the 2025 restricted stock incentive plan has been adjusted from 7.94 yuan per share to 7.64 yuan per share [12][13][19] - This adjustment is based on the company's profit distribution and follows the established formula for repurchase price adjustments [17][18][21] Group 3: Financial Data and Performance - In the third quarter of 2025, the average price of silica products decreased by 4.47% compared to the previous quarter and by 6.83% year-on-year [24][25] - The procurement prices for key raw materials also saw significant changes, with soda ash prices down 12.69% quarter-on-quarter and 35.84% year-on-year, while sulfur prices increased by 94.55% year-on-year [25][26]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has shown strong demand and stable profitability, with a year-on-year revenue growth of 1.16% and a net profit increase of 4.78% for the first three quarters of 2025. However, the third quarter saw a revenue decline of 3.99% year-on-year and a 5.63% quarter-on-quarter decrease [1][2] - The company's white carbon black products are in high demand, with sales of 93,000 tons in Q3 2025, a 1.4% year-on-year increase. The production capacity utilization remains high, and the demand for green tires is driving the need for white carbon black, especially with a 29.7% year-on-year increase in new energy vehicle production [2][3] - The company is advancing multiple new projects, including a 10,000-ton biomass silica project and a 3.02 million-ton thickener project, which are expected to contribute to long-term growth as new capacities are gradually released [3] Financial Summary - For the first three quarters of 2025, the company achieved a net cash flow from operations of 516 million yuan, reflecting a year-on-year increase of 106 million yuan. The gross margin for Q3 was 35.59%, with a net margin of 22.44% [2] - The forecasted net profits for 2025-2027 are 550 million, 670 million, and 720 million yuan respectively, with corresponding P/E ratios of 15.2, 12.5, and 11.5 [4][6]

证券代码：605183 证券简称：确成股份 公告编号：2025-047 2、主要原材料的价格变动情况 确成硅化学股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 确成硅化学股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》第十三号——化工的要求，现将 2025 年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年 7-9 | 月 | 2025 7-9 | 年 | 月 | 2025 年 7-9 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | | 销量（吨） | | | 销售金额（万元） | | 二氧化硅 | | 92,932.51 | | 92,687.83 | | | 52,498 | 二、主要产品和原材料价格变动情况 1、主要产品的价格变动情况 2025 年第三季度：二氧化硅产 ...

Core Viewpoint - The increasing interest of Western countries in Mongolia is driven by the need for supply chain security and reducing dependence on China for critical minerals like copper and rare earth elements [1][4]. Group 1: Western Mining Activities in Mongolia - Rio Tinto, a major mining company, has reached a settlement of $138.5 million regarding a lawsuit tied to the Oyu Tolgoi copper mine, which has faced delays and cost overruns [2]. - Canadian Troy Resources plans to initiate a silica project in Mongolia by early 2026, indicating a trend of Western capital flowing into Mongolia to establish alternative mineral supply chains [2]. Group 2: U.S. and India’s Resource Strategies - The U.S. has signed a memorandum with Mongolia to increase investments in mining and metallurgy, aiming to make Mongolia a substitute source for critical minerals [4]. - India has also engaged with Mongolia to explore geological surveys and mineral development, planning a logistics route through Russia to transport Mongolian coal to India [4][6]. Group 3: Challenges in Mongolia - Mongolia faces significant infrastructure challenges, with 80% of its land being grassland and desert, making transportation of minerals difficult [6][8]. - The political instability and corruption in Mongolia pose additional risks for Western companies looking to invest in mining operations [8]. Group 4: China's Dominance in Rare Earth Processing - China controls over 90% of the global processing capacity for heavy rare earth elements, making it difficult for Western countries to bypass Chinese supply chains [9]. - The U.S. has domestic rare earth mines, but 80% of the raw ore still needs to be processed in China due to a lack of separation technology and skilled workforce [10]. Group 5: Long-term Strategic Considerations - The competition for critical minerals is not just about finding new mines but about transforming resources into industrial competitiveness, which China has developed over decades [10][11]. - The Western approach to establishing a new supply chain in Mongolia may underestimate the complexities of geography, infrastructure, and governance, as well as China's established industrial advantages [10].

Group 1: Company Performance and Dividends - Seven listed companies announced dividend plans alongside their Q3 2025 reports, with SanKeShu offering the highest dividend of 5 RMB per 10 shares [1] - LianKe Technology reported a Q3 2025 earnings per share of 1.16 RMB, with a net profit of 230.25 million RMB, reflecting a year-on-year growth rate of 15.26% [1][2] - SanKeShu reported a Q3 2025 earnings per share of 1.01 RMB, with a net profit of 743.61 million RMB, showing a year-on-year growth rate of 81.22% [2] Group 2: Business Operations and Market Position - LianKe Technology is the sole supplier of special carbon black for high-voltage cables in China, with a focus on expanding its nano carbon black production [2] - The company is developing high-end products such as silica for silicone rubber, food-grade ultra-fine silica, and conductive carbon black for cable shielding materials [2] - SanKeShu is a leading domestic paint brand, leveraging its small B business to counteract real estate downturns and increasing market share through retail initiatives [3]

Core Viewpoint - LianKe Technology reported revenue and profit growth in the first three quarters of 2025, alongside a cash dividend plan to reward shareholders [1] Group 1: Financial Performance - In the first three quarters of 2025, LianKe Technology achieved revenue of 1.788 billion yuan, an increase of 8.66% compared to 1.645 billion yuan in the same period last year [1] - The net profit for the same period was 230 million yuan, reflecting a year-on-year growth of 15.26%, which is higher than the revenue growth rate [1] - The net cash flow from operating activities significantly improved to 320 million yuan, a 208.98% increase from 104 million yuan in the previous year [1] Group 2: Industry Context - LianKe Technology operates in the silica and carbon black sectors, with performance exceeding the industry average [2] - The carbon black industry is facing supply-demand challenges, while the silica industry benefits from structural growth driven by emerging sector demands [2] - LianKe Technology is the second-largest producer of silica in China, with increasing market demand due to the rapid development of industries like new energy vehicles and green tires [2] Group 3: Strategic Initiatives - The company is actively pursuing a circular economy strategy, implementing waste heat and photovoltaic power generation to reduce production costs and enhance profitability [2] - LianKe Technology is advancing production line upgrades to strengthen its scale advantages and sustainable development capabilities [2] - In August, the company received approval for a refinancing application to fund a project aimed at producing 100,000 tons of nano-carbon materials for high-voltage cable shielding, which is part of its strategic development plan [3]