上 市 公 司 公 司 研 基础化工 2025 年 10 月 12 日 江南化工 (002226) ——拟公开摘牌重庆顺安爆破，外延内生持续推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 10 日 | | --- | --- | | 收盘价（元） | 7.14 | | 一年内最高/最低（元） | 7.61/4.28 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.05 | | 流通 A 股市值（百万元） | 18,913 | | 上证指数/深证成指 | 3,897.03/13,355.42 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.68 | | 资产负债率% | 41.00 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-10 11-10 12-10 01-10 02-10 03-10 04-10 05-10 0 ...

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 ...

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 ...

Summary of Yahua Group Conference Call Company Overview - Yahua Group operates primarily in two sectors: lithium salt and civil explosives [4][7] - The company has rapidly expanded its civil explosives business through mergers and acquisitions, establishing Yahua Civil Explosives Group in 2023 [2][4] Lithium Salt Business - Yahua Group's lithium salt business is affected by lithium price fluctuations, but the company aims to increase raw material self-sufficiency to over 50% and expand production capacity to 130,000 tons [2][5] - The company has secured high-quality resource supply rights both domestically and internationally, including a 28% stake in the Li Jiagou lithium mine and full control of the Kamativi lithium mine [2][12] - Current lithium salt production capacity is approximately 99,000 tons, with plans to expand to 130,000-170,000 tons [14] - Long-term supply agreements have been signed with major clients such as Tesla and CATL, enhancing the company's integrated supply chain advantage [14] Financial Projections - Net profit forecasts for Yahua Group are 600 million yuan in 2025, 1 billion yuan in 2026, and 1.25 billion yuan in 2027 [2][8] - The company has an equity incentive plan linked to net profit and sales growth, with specific performance targets for management [8][11] Market Trends - The lithium industry is showing signs of recovery, with prices rebounding from a low of approximately 60,000 yuan [9][10] - Supply-demand dynamics are expected to reverse in 2026-2027, potentially benefiting Yahua Group [10] Civil Explosives Business - The civil explosives industry is experiencing increased concentration, with a shift towards electronic detonators, which Yahua Group is well-positioned to benefit from due to its scale and government support [3][15] - The company has expanded its civil explosives business through acquisitions, including the purchase of Mianyang Jiuwan and other companies [7][17] - Yahua Group's electronic detonator capacity has ranked first in the industry for four consecutive years [18] Regional Development and Strategic Advantages - Yahua Group is leveraging its geographical advantages in the western regions of China, particularly in infrastructure projects like the Sichuan-Tibet Railway [19][20] - The company has developed explosives suitable for high-altitude and low-temperature conditions, enhancing its competitive edge in these regions [19] Valuation and Growth Outlook - The company is expected to achieve a revenue growth rate of 20% annually from 2025 to 2027 in its civil explosives business, with a gross margin of 35% [21] - The projected net profits for 2025, 2026, and 2027 are 580 million yuan, 970 million yuan, and 1.25 billion yuan, respectively, with corresponding price-to-earnings ratios of 22, 13, and 10 [22]

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]

Group 1 - Jiangnan Chemical announced that its major shareholder, Zijin Mining Investment (Shanghai) Co., Ltd., pledged 180 million A-shares to secure the smooth issuance of non-public exchangeable bonds [3] - The pledged shares account for 69.20% of Zijin Investment's holdings and 6.80% of the total share capital of Jiangnan Chemical [3] - The company stated that this pledge will not lead to a change in actual control and will not adversely affect its operations or governance [3] Group 2 - Jiangnan Chemical was established on December 3, 1998, with a registered capital of 2.6489 billion RMB, and its main business includes the R&D, production, and sales of civil explosives [3] - The company has 42 subsidiaries, including Ningguo Jiangnan Transportation Co., Ltd. and Shaanxi Northern Civil Explosives Group Co., Ltd. [4] - For the fiscal years 2024 to Q2 2025, the company expects revenues of 9.481 billion RMB, 2.013 billion RMB, and 4.614 billion RMB, with year-on-year growth rates of 6.59%, 1.57%, and 3.71% respectively [4] Group 3 - The net profit attributable to the parent company for the same period is projected to be 891 million RMB, 146 million RMB, and 427 million RMB, with year-on-year growth rates of 15.26%, 0.97%, and 2.17% respectively [4] - The company's debt-to-asset ratios are expected to be 41.70%, 41.13%, and 41.00% during the same period [4] - The company has a total of 282 risk alerts, with 467 surrounding risks and 21 historical risks noted [4]

Group 1 - The core viewpoint of the news is that Yipuli's stock performance has shown fluctuations, with a year-to-date increase of 15.97% and a recent decline over the past five and twenty trading days [1] - As of September 4, Yipuli's stock price was 13.51 CNY per share, with a total market capitalization of 16.758 billion CNY [1] - The company has seen a net inflow of main funds amounting to 1.4578 million CNY, with significant buying and selling activities recorded [1] Group 2 - For the first half of 2025, Yipuli reported a revenue of 4.713 billion CNY, reflecting a year-on-year growth of 20.42%, and a net profit attributable to shareholders of 409 million CNY, up 16.43% [2] - The company has distributed a total of 889 million CNY in dividends since its A-share listing, with 577 million CNY distributed over the past three years [3] Group 3 - Yipuli's main business segments include blasting services (75.36% of revenue), industrial explosives (13.53%), and other products [1] - The company is categorized under the basic chemical industry, specifically in chemical products related to civil explosives, and is involved in various concept sectors such as civil explosives, hydropower, and the Belt and Road Initiative [1]