10月10日，壶化股份盘中下跌2.05%，截至10:18，报25.85元/股，成交9492.52万元，换手率2.00%，总 市值51.70亿元。 资金流向方面，主力资金净流入249.43万元，特大单买入250.60万元，占比2.64%，卖出458.45万元，占 比4.83%；大单买入1823.89万元，占比19.21%，卖出1366.62万元，占比14.40%。 截至9月30日，壶化股份股东户数1.92万，较上期减少5.50%；人均流通股9542股，较上期增加5.82%。 2025年1月-6月，壶化股份实现营业收入6.25亿元，同比增长28.36%；归母净利润9572.95万元，同比增 长53.07%。 分红方面，壶化股份A股上市后累计派现2.19亿元。近三年，累计派现1.09亿元。 责任编辑：小浪快报 壶化股份今年以来股价涨15.35%，近5个交易日涨12.39%，近20日涨8.89%，近60日跌5.55%。 今年以来壶化股份已经3次登上龙虎榜，最近一次登上龙虎榜为7月28日。 资料显示，山西壶化集团股份有限公司位于山西省长治市壶关经济开发区化工路1号，成立日期1994年9 月27日，上市日期2020年9月 ...

10月9日，雪峰科技涨5.16%，截至发稿，报9.57元/股，成交3.36亿元，换手率3.67%，总市值102.56亿 元。 截至发稿，芮定坤累计任职时间3年309天，现任基金资产总规模4.06亿元，任职期间最佳基金回报 35.79%， 任职期间最差基金回报-15.08%。 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。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，民生加银基金旗下1只基金重仓雪峰科技。民生加银周期优选混合A（011888）二季度持有 股数16.35万股，占基金净值比例为4.33%，位居第九大重仓股。根据测算，今日浮盈赚取约7.68万元。 民生加银周期优选混合A（011888）成立日期2021年6月22日，最新规模2574.81万。今年以来收益 45.58%，同类排名1653/8238；近一年收益36.12%，同类排名2341/8082；成立以来亏损7.82%。 民生加银周期优选混合A（011888）基金经理为芮定坤。 资料显示，新疆雪峰科技(集团 ...

易普力 摘要 易普力重组后产能跃升至行业前三，总产能达 58.15 万吨，并通过并购 完善全国布局，尤其在西部矿业大省如新疆、西藏、内蒙古等地占据优 势，成为市场覆盖面最广的央企民爆企业。 民爆行业集中度加速提升，CR10 已提前达到 62.47%的目标，易普力 作为头部企业受益于行业整合趋势。同时，控服一体化转型加速，爆破 服务收入占比提升至 78%，易普力在该领域市占率达 19%，位居第二， 一体化经营优势显著。 民爆行业需求向西部转移，新疆煤炭和金属矿产资源开发需求旺盛，易 普力新疆子公司收入占比达 44%，预计随着新签订单增加，新疆作为主 要收入来源的地位将持续保持。 西藏铜矿开采潜力巨大，易普力在西藏地区拥有超过 30%的工业炸药产 能，主要为巨龙铜业提供服务，随着巨龙铜矿二期改扩建工程启动，将 带来新的爆破需求增量。 雅江水电工程开工在即，其超长隧洞建设将催生大量民爆需求，预计炸 药用量远超三峡工程。易普力在水利工程方面经验丰富，有望成为核心 受益者，带来显著业绩弹性。 Q&A 易普力的基本情况和股权结构是怎样的？ 易普力通过与南岭民爆重组借壳上市，资产重组项目于 2021 年 10 月启动， 并 ...

Industry Rating - The report maintains a neutral rating for the civil explosives industry [1] Core Insights - The civil explosives industry is characterized by stable demand growth, strong resilience, and policy-driven supply-side consolidation [2][3] - The market size for civil explosives in China is approximately 400 billion [2] - The production value of civil explosive enterprises reached 416.95 billion in 2024, with a profit total of 96.39 billion, indicating a profit growth of 13.04% year-on-year [14][19] - The industry is transitioning from product sales to integrated operations, including research, production, sales, import-export, and blasting services [2][3] Summary by Sections Industry Overview - Civil explosives are essential in energy and infrastructure industries, with a significant role in mining and construction [2][3] - The production value of civil explosive enterprises in 2024 was 416.95 billion, down 4.5% year-on-year, while profits increased by 13.04% [14][19] Market Dynamics - The industry is experiencing a shift towards higher concentration, with the CR20 increasing from 50.5% in 2013 to 83.17% in 2024 [2][48] - The demand for civil explosives is regionally concentrated, with notable growth in Xinjiang due to coal and hydropower projects [3] Production and Sales - In 2024, the total production and sales of industrial explosives were 449 million tons and 448.5 million tons, respectively, showing a slight decline [14][19] - The main types of industrial explosives produced include gel emulsified explosives and porous ammonium oil explosives, which together account for over 80% of total production [16][19] Policy and Regulation - The government aims to enhance industry concentration and optimize product structure, with plans to form 3 to 5 large competitive enterprises by 2027 [2][48][44] - Policies are encouraging the development of mixed explosives and the reduction of traditional explosives [40][42] Investment Opportunities - Companies to watch include Guangdong Hongda, Yipuli, Guotai Group, Jiangnan Chemical, and Yahua Group, which are positioned well within the evolving market landscape [3]

9月30日，易普力盘中上涨2.05%，截至11:28，报13.91元/股，成交6402.37万元，换手率0.66%，总市值 172.55亿元。 资金流向方面，主力资金净流入61.52万元，特大单买入360.86万元，占比5.64%，卖出0.00元，占比 0.00%；大单买入773.38万元，占比12.08%，卖出1072.72万元，占比16.76%。 易普力今年以来股价涨19.40%，近5个交易日涨3.88%，近20日涨2.05%，近60日涨11.82%。 今年以来易普力已经1次登上龙虎榜，最近一次登上龙虎榜为7月23日。 资料显示，易普力股份有限公司位于湖南省长沙市岳麓区谷苑路389号科研楼，成立日期2001年8月10 日，上市日期2006年12月22日，公司主营业务涉及民爆器材、军品的生产、研发与销售,工程爆破服务 等业务。主营业务收入构成为：爆破服务业务75.36%，工业炸药13.53%，其他6.40%，工业雷管 4.71%。 易普力所属申万行业为：基础化工-化学制品-民爆制品。所属概念板块包括：水电概念、央企改革、消 防概念、军民融合、民爆等。 截至9月10日，易普力股东户数3.60万，较上期减少2. ...

70年风雨兼程，新疆各项事业取得历史性成就、发生历史性变革。在这片广袤而神秘的 土地上，中国能建易普力新疆公司始终完整准确全面贯彻新时代党的治疆方略，笃行不怠担 当能源脊梁，矢志不渝推动行业进步，用心用情建设美丽新疆，贡献能建之为，展现能建之 智。 笃行不怠挺起能源脊梁 全国能源资源战略保障基地，是国家赋予新疆的"五大战略定位"之一。而新疆丰富的煤 炭资源，一直是其承接我国西部大开发重大战略决策、建设现代化工业体系的"压舱石"。响 应国家所需、新疆所需，自2006年该公司进入新疆以来，围绕业主需求精准展现能建所能， 一直为国家能源、中煤集团、山东能源、中泰集团等各大煤炭企业提供高效优质的服务，通 过打造集混装炸药生产、爆破施工、民爆器材销售配送、矿山工程施工总承包、智能化矿山 及绿色矿山建设于一体的矿山全产业链集成服务商，深度参与煤炭保供，投身"疆煤外 运""疆电外送"等大国工程，挺起央企能源脊梁，成为践行国家战略的先锋队。 9月的天山南北，依然是一片繁忙的景象。在中国能建易普力新疆公司承接的宜化五彩 湾露天煤矿，钻机、挖机、无人矿卡有序运作，源源不断的煤炭被剥离出来，运送至湖北、 青海、四川、甘肃、天津、云 ...

Core Viewpoint - Guangdong Hongda's stock price has shown significant growth this year, with a year-to-date increase of 74.03% and a recent surge in trading activity, indicating strong investor interest and potential for further gains [2]. Group 1: Stock Performance - As of September 25, Guangdong Hongda's stock rose by 2.04%, reaching 44.96 CNY per share, with a trading volume of 2.47 billion CNY and a market capitalization of 341.70 billion CNY [1]. - The stock has increased by 8.49% over the last five trading days, 34.60% over the last 20 days, and 36.36% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Guangdong Hongda reported a revenue of 9.15 billion CNY, reflecting a year-on-year growth of 65.64%, and a net profit attributable to shareholders of 504 million CNY, up 22.05% [2]. - The company has distributed a total of 2.248 billion CNY in dividends since its A-share listing, with 1.288 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, Guangdong Hongda had 33,900 shareholders, a decrease of 5.85% from the previous period, with an average of 19,482 circulating shares per shareholder, an increase of 6.21% [2]. - Notable institutional investors include the newly entered funds such as Fortune Tianhui Growth Mixed Fund and GF Small Cap Growth Mixed Fund, indicating growing institutional interest [3].

Company Overview - Xuefeng Technology Co., Ltd. is located in Urumqi, Xinjiang, and was established on June 27, 1984. The company was listed on May 15, 2015. Its main business includes the research, production, sales, and transportation of civil explosives such as melamine, ammonium nitrate, industrial explosives, and blasting services [1]. Business Segmentation - The revenue composition of Xuefeng Technology is as follows: chemical products account for 44.23%, blasting services 32.15%, liquefied natural gas 9.05%, civil explosive products 6.24%, commodity trading 5.73%, transportation services 1.92%, and other services 0.68% [1]. Stock Performance - On September 19, Xuefeng Technology's stock rose by 5.05%, reaching a price of 9.56 CNY per share, with a trading volume of 156 million CNY and a turnover rate of 1.70%. The total market capitalization is 10.245 billion CNY [1]. Fund Holdings - According to data, one fund under Yinhua Fund holds a significant position in Xuefeng Technology. The Yinhua Jiaxuan Balanced Mixed Fund A (020864) held 10,600 shares in the second quarter, representing 0.68% of the fund's net value, making it the ninth-largest holding. The estimated floating profit for today is approximately 4,876 CNY [2]. Fund Manager Performance - The fund manager of Yinhua Jiaxuan Balanced Mixed Fund A, Wang Bin, has a tenure of 9 years and 229 days, with a total asset scale of 951 million CNY. The best fund return during his tenure is 64.45%, while the worst is -3.93%. Co-manager Wan Xin has been in position for 1 year and 93 days, managing assets of 353 million CNY, with a best return of 11.62% and a worst return of 7.12% [3].

Group 1 - The core viewpoint of the article highlights that Yipuli's industrial explosives sales are primarily determined by market principles, with pricing influenced by supply and demand dynamics and competition [2] - The company reports that its blasting service revenue accounts for over 75% of total income, indicating a strong reliance on this segment [2] - In the first half of 2025, the company's industrial explosives gross margin reached 34.5%, reflecting a year-on-year increase of 0.83 percentage points [2] Group 2 - Yipuli plans to leverage its centralized procurement advantages and enhance cost control measures to further improve profitability [2]

Group 1 - The company reported a revenue of 625 million yuan for the first half of 2025, representing a year-on-year increase of 28.36%, and a net profit attributable to shareholders of 96 million yuan, up 53.07% year-on-year, with an EPS of 0.48 yuan [1] - In Q2 alone, the company achieved a revenue of 402 million yuan, a year-on-year growth of 30.13% and a quarter-on-quarter increase of 80.27%, with a net profit of 72 million yuan, reflecting a year-on-year increase of 48.18% and a quarter-on-quarter surge of 208.75% [1] - The company saw significant growth in the sales of its main explosive products, with industrial detonator sales increasing by 29.15% to 23.56 million units, industrial explosives sales rising by 44.09% to 35,020.19 tons, and initiation device sales doubling by 100.53% to 815.44 tons [1] Group 2 - The company is advancing its intelligent blasting project, launching products such as tunnel blasting intelligent loading robots and wireless detonators, which provide intelligent blasting solutions for various applications [1] - The successful first blast of the wireless electronic detonator in August 2025 marks a significant milestone, being the first successful application of this technology in the country, with future applications expected to enhance intelligent blasting capabilities [1] - The company has partnered with a Shenzhen automation technology firm to develop a second-generation intelligent loading robot, expected to be mass-produced in October 2025, following the successful development of the first-generation robot [1] Group 3 - The company is actively pursuing its "Westward Strategy," having established a branch in Motuo in 2024 to track and undertake related projects, and signed a strategic cooperation agreement with China Railway 19th Bureau Mining Co., Ltd. to collaborate on major projects in Tibet and Xinjiang [2] - The commencement of the Yarlung Tsangpo River downstream hydropower project in July 2025 presents new growth opportunities for the company through participation in large-scale infrastructure projects [2] Group 4 - The company maintains its profit forecast, expecting revenues of 1.744 billion yuan, 2.454 billion yuan, and 2.886 billion yuan for 2025-2027, with net profits of 327 million yuan, 463 million yuan, and 510 million yuan respectively, and corresponding EPS of 1.63, 2.32, and 2.55 yuan [3] - The projected PE ratios for the years 2025, 2026, and 2027 are 15, 11, and 10 times based on the closing price of 24.56 yuan on September 12 [3]