股票代码：002096 股票简称：易普力 关于西藏产能布局，公司已在西藏布局 2.5 万吨工 业炸药产能，专项服务于巨龙铜矿开采工程。公司将抢 抓西藏区域未来新的发展机遇，加大市场开发力度，并 结合项目履约需要动态调整公司内部工业炸药产能资 源。 炸药许可产能为 31.85 万吨，混装炸药产能占比达 50.92%，超出《"十四五"民用爆炸物品行业安全发展 规划》中提出的混装炸药占比 35%的目标 15.92 个百分 点，产能结构持续优化。未来，为满足新疆西藏等区域 矿产资源开发需求及当地业务增量空间，计划通过内部 产能动态调配机制，稳步向新疆西藏等战略富矿区域实 施产能倾斜，以精准匹配区域市场服务需求，强化属地 化供应保障能力。 2.请问煤炭价格下跌是否导致新疆当地煤矿企业 出现减产趋势？ 答：您好，根据《加快新疆大型煤炭供应保障基地 建设服务国家能源安全的实施方案》，新疆正全力推进 "十四五"期间新增 1.6 亿吨/年煤矿项目建设目标及配 套煤电、煤化工项目，目前已形成完整煤炭产业体系。 根据国家统计局披露的数据，国家统计局数据显示， 2025 年 1-5 月，新疆原煤累计产量达 2.24 亿吨，同比 增长 ...

Core Viewpoint - The acquisition of 51% equity in Nanbu Yongsheng by Xuefeng Technology marks a strategic move to enhance its position in the civil explosives industry and expand its market presence in Southwest China [1][4]. Group 1: Company Overview - Xuefeng Technology achieved a revenue of 6.101 billion yuan and a net profit of 668 million yuan in 2024, with a net profit of 647 million yuan after deducting non-recurring items [1]. - The company produced 119,500 tons of industrial explosives, including 48,000 tons of packaged explosives and 71,500 tons of mixed explosives, along with 11.48 million electronic detonators [1]. - Xuefeng Technology has a strong commitment to shareholder returns, distributing a total of 643 million yuan in dividends over the past three years [3]. Group 2: Industry Context - The civil explosives industry is characterized by high regulatory barriers and significant operational challenges due to its hazardous nature, with strict oversight from national and provincial authorities [2]. - The "14th Five-Year Plan for the Safety Development of Civil Explosives Industry" encourages the restructuring and integration of enterprises, aiming to create 3-5 large integrated companies with strong industry influence and international competitiveness [2]. - The civil explosives market in Sichuan is robust, ranking fourth in annual explosive production in China, with a market structure dominated by leading enterprises [3]. Group 3: Strategic Implications - The acquisition is seen as a critical step for Xuefeng Technology to deepen its dual business strategy of "civil explosives + energy chemicals" and to establish a strategic foothold in the Southwest market [4]. - The partnership with Nanbu Yongsheng, which has a production capacity of 26,000 tons of explosives, is expected to leverage both companies' strengths in brand recognition, profitability, and operational management [3][4]. - Xuefeng Technology aims to create a synergistic effect from the merger, enhancing its capabilities in the civil explosives sector and contributing to the high-quality development of the industry [4].

证券代码：002917 证券简称：金奥博 深圳市金奥博科技股份有限公司 投资者关系活动记录表 答：2025 年前 5 个月，民爆行业炸药产量同比略有增长，同时由于硝酸铵 价格下降和爆破服务收入增长，使行业利润继续保持小幅增长态势。5 月份， 民爆生产企业实现主营业务收入 39.71 亿元，同比增长 1.21%；实现利税总额 12.03 亿元，同比增长 21.86%；实现利润总额 8.67 亿元，同比增长 8.81%；实 现爆破服务收入 33.34 亿元，同比增长 7.40%。 民爆行业是国民经济和社会发展必不可少的重要基础性行业，民爆产品可 广泛应用于基础能源生产、矿山开采、煤炭、冶金、有色、建材、化工、石油、 交通、铁道、水利、基础建设和国防施工等重要领域，其中煤炭、金属和非金 属矿山开采的炸药量占炸药总销量 70%以上。随着国家基础设施建设的持续投 入和矿产资源的开发利用，以及政策支持和技术创新的推动，民爆行业未来发 展前景广阔。 4、公司的机器人产品有哪些？主要应用在哪些方面？ 答：公司是国内集研发、设计、制造、服务于一体的民爆智能装备龙头企 业，专注于高端智能制造、信息技术、工业生产领域机器人核心控制 ...

证券分析师 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 [Table_Main] 证券研究报告 | 宏观专题 2025 年 07 月 02 日 宏观专题 相关研究 德邦证券 7 月研判及金股 [Table_Summary] 投资要点： 宏观研判：攻守兼备、以逸待劳 德邦证券 2025 年 7 月金股组合 化工 卓越新能（688196.SH）：中国生物柴油工业化生产先驱；生物柴油紧平衡格局 延续，关注原料替代与贸易突围；反倾销危局催动全球布局，渠道自主重构破贸易壁 请务必阅读正文之后的信息披露和法律声明 副标题：楷体四号，非必填 当前影响整个市场的宏观变量主要是三个方面——内需修复进程、政策落地效果 和外部环境变化，眼下宏观领域的一系列分歧本质上是对这三方面宏观变量存在 不同的假设和推演，我们认为资产配置要攻守兼备、以逸待劳，在不确定性中寻找 确定性，把握趋势并做好应对。 一、外部环境方面，中美关税谈判的缓和有助于缓释基本面及市场风险偏好的压 力，中长期中美关系依旧处于一个竞争高于合作的阶段，特朗普政府依旧将"去风 险化"作为重要战略方向，这意味着 ...

证券研究报告 | 宏观专题 2025年07月02日 德邦证券7月研判及金股 宏观专题 投资要点: 资格编号: S0120524070001 预期. 后者则是立足绝对收益思维,建议关注铜、铝、稀土、锡等;债券:预计利 率债低位震荡概率较高。信用利差已处于历史级"低位",建议关注类债资产与转 债机会。 · 德邦证券 2025年7月金股组合 化工 卓越新能(688196.SH):中国生物柴油工业化生产先驱;生物柴油紧平衡格局 延续,关注原料替代与贸易突围;反倾销危局催动全球布局,渠道自主重构破贸易壁 请务必阔读正文之后的信息披露和法律声明 证券分析师 张浩 邮箱:zhanghao3@tebon.com.cn 研究助理 相关研究 · 宏观研判:攻守兼备、以逸待劳 ● 当前影响整个市场的宏观变量主要是三个方面 -- 内需修复进程、政策落地效果 和外部环境变化,眼下宏观领域的一系列分歧本质上是对这三方面宏观变量存在 不同的假设和推演,我们认为资产配置要攻守兼备、以逸待劳,在不确定性中寻找 确定性,把握趋势并做好应对。 ● 一、外部环境方面,中美关税谈判的缓和有助于缓释基本面及市场风险偏好的压 力,中长期中美关系依旧处于一 ...

Group 1: Company Developments - The establishment of the "Aerospace Special Power Joint Innovation Center" enhances the defense equipment business layout of Guangdong Hongda, which is a key strategic direction for the company [2][3] - The company has laid out both domestic and international military trade markets, focusing on traditional ammunition and smart weaponry, with recent advancements in high-end defense equipment [3] - The company aims to optimize the R&D process and improve product performance through collaboration with the Aerospace Technology Power Research Institute [3] Group 2: Production and Market Expansion - The industrial explosive production capacity has been increased to 697,500 tons, with a strategic acquisition of 51% of Peru's EXSUR company marking the start of international development [4] - The company holds approximately 45% of its explosive production capacity in Inner Mongolia, Gansu, and Xinjiang, with a significant advantage in mixed explosives production [4] - The company is recognized as a leading enterprise in the domestic mining service sector, with a focus on large projects and major clients, and has seen a 21% year-on-year increase in mining revenue to 10.811 billion yuan in 2024 [5] Group 3: Financial Projections - The projected net profits for the company from 2025 to 2027 are 1.173 billion yuan, 1.383 billion yuan, and 1.609 billion yuan respectively, with corresponding PE ratios of 22, 19, and 16 times [5][8] - The company has a backlog of over 30 billion yuan in mining service orders, indicating strong revenue growth potential [5]

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-07-01 股票投资评级 公司基本情况 | 最新收盘价（元） | 33.94 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.51 | | | 总市值/流通市值（亿元）258 / 221 | | | 52 周内最高/最低价 | 33.94 / 17.82 | | 资产负债率(%) | 60.3% | | 市盈率 | 28.73 | | 第一大股东 | 广东省环保集团有限公 | | 司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 广东宏大(002683) 航天特种动力联合创新中心成立，防务装备业务布 局进一步完善 ⚫ 事件 增持|维持 个股表现 -13% -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 ...

Core Viewpoint - The civil explosives industry is experiencing a significant increase in market concentration, driven by mergers and acquisitions among leading companies, with a projected market size growth from 273 billion yuan in 2015 to 416.95 billion yuan by 2024, reflecting an average annual growth rate of approximately 5% [1][19]. Group 1: Industry Overview - The civil explosives industry, essential for mining, infrastructure, and construction, is categorized into civil explosive products and blasting services [4]. - The market is expected to maintain a stable growth trajectory, with key demand growth in regions like Xinjiang and Tibet, which are projected to see production value increases of 24.6% and 35.96% respectively in 2024 [7][19]. Group 2: Production and Performance - The production of industrial explosives is stable, with a projected output of 449.37 million tons in 2024, a slight decrease of 1.9% year-on-year [11]. - The transition from traditional detonators to electronic detonators is underway, with electronic detonators expected to account for 95% of total production by 2024 [11]. - Civil explosive companies listed on the A-share market are expected to report combined revenues of 649.22 billion yuan and net profits of 41.08 billion yuan in 2024, reflecting year-on-year growth of 19.52% and 12.98% respectively [12][19]. Group 3: Profitability and Policy Support - The profitability of civil explosive companies remains robust, with average gross and net profit margins of over 25% and around 7% respectively [12]. - The government has implemented policies to ensure the healthy development of the industry, including the "14th Five-Year" plan, which focuses on capacity layout, product structure, and international cooperation [13][15]. Group 4: Market Dynamics - The demand for civil explosives is closely tied to fixed asset investments in key downstream industries such as coal, metals, and non-metallic mining, which account for over 70% of total explosive consumption [21]. - The growth of coal production in Xinjiang has positioned it as the largest market for civil explosives in China, with a projected sales value of 42.13 billion yuan in 2024, up 21.8% year-on-year [23]. Group 5: Key Companies - Yipuli, a leading company in the civil explosives sector, has a production capacity of 56.55 million tons of industrial explosives and is expanding its international presence [49][50]. - Jiangnan Chemical, with the highest explosive production capacity in the industry, is also diversifying into renewable energy, positioning itself for stable growth [52][53].

➢ 风险提示：锂价超预期下跌，产能释放不及预期，海外地缘政治风险。 ➢ 民爆和锂盐双轮驱动。公司成立于 1952 年，历经国企改制、并购扩张。下 属多家子公司布局民爆和锂盐业务，2025Q1 归母净利润 0.88 亿元，同比增长 446.7%，锂盐业务底部支撑强烈，民爆业务贡献稳定收益，两大业务远期成长性 可期。 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 11.04 元 | ➢ 锂盐业务：资源量实现飞跃式，构建起公司业务的"矛"。1）行业：随着澳 矿陆续减停产，行业供给下修明显。当前 5.4 万元/吨的锂价（不含税）位于现金 成本的 92%分位线，位于完全成本的 29%分位线，我们认为当前锂价已触底， 行业成本支撑较强。2）资源端：资源端多渠道扩张，资源自给率 2025 年超过 25%。享有李家沟优先供应权，Kamativi 项目一二期共同实现年处理锂矿石 230 万吨，年产出锂精矿 35 万吨。未来有望扩产至年处理锂矿石 330 万吨。此外， 公司通过参股或长协方式获得锂矿包销权，如 Kamativi、Pilgangoora、DMCC、 Atlas 等。3）冶炼端：公司现有 ...

雅化集团（002497.SZ）深度报告 民爆为盾，锂盐为矛 2025 年 06 月 11 日 ➢ 民爆和锂盐双轮驱动。公司成立于 1952 年，历经国企改制、并购扩张。下 属多家子公司布局民爆和锂盐业务，2025Q1 归母净利润 0.88 亿元，同比增长 446.7%，锂盐业务底部支撑强烈，民爆业务贡献稳定收益，两大业务远期成长性 可期。 ➢ 锂盐业务：资源量实现飞跃式，构建起公司业务的"矛"。1）行业：随着澳 矿陆续减停产，行业供给下修明显。当前 5.4 万元/吨的锂价（不含税）位于现金 成本的 92%分位线，位于完全成本的 29%分位线，我们认为当前锂价已触底， 行业成本支撑较强。2）资源端：资源端多渠道扩张，资源自给率 2025 年超过 25%。享有李家沟优先供应权，Kamativi 项目一二期共同实现年处理锂矿石 230 万吨，年产出锂精矿 35 万吨。未来有望扩产至年处理锂矿石 330 万吨。此外， 公司通过参股或长协方式获得锂矿包销权，如 Kamativi、Pilgangoora、DMCC、 Atlas 等。3）冶炼端：公司现有锂盐综合产能 9.9 万吨，包括氢氧化锂产能 6.3 万吨，碳酸锂产能 ...