11月25日，金石资源盘中上涨2.09%，截至10:46，报18.07元/股，成交1.18亿元，换手率0.79%，总市值 152.09亿元。 资金流向方面，主力资金净流入1936.77万元，特大单买入2073.01万元，占比17.50%，卖出1242.00万 元，占比10.48%；大单买入3002.06万元，占比25.34%，卖出1896.30万元，占比16.01%。 金石资源所属申万行业为：基础化工-化学制品-氟化工。所属概念板块包括：氟化工、民爆、送转填 权、稀缺资源、中盘等。 截至9月30日，金石资源股东户数2.75万，较上期增加35.62%；人均流通股30617股，较上期增加 3.13%。2025年1月-9月，金石资源实现营业收入27.58亿元，同比增长50.73%；归母净利润2.36亿元，同 比减少5.88%。 分红方面，金石资源A股上市后累计派现6.82亿元。近三年，累计派现3.98亿元。 责任编辑：小浪快报 金石资源今年以来股价涨6.79%，近5个交易日跌8.78%，近20日涨1.63%，近60日涨5.67%。 资料显示，金石资源集团股份有限公司位于浙江省杭州市求是路8号公元大厦南楼2301室， ...

Group 1 - The core point of the news is that Jinshi Resources experienced a decline of 5.05% in its stock price, reaching 18.63 CNY per share, with a trading volume of 150 million CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 15.68 billion CNY [1] - Jinshi Resources Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on May 15, 2001, with its listing date on May 3, 2017. The company focuses on the investment and development of fluorite mines, as well as the production and sales of fluorite products [1] - The main business revenue composition of Jinshi Resources includes anhydrous hydrofluoric acid at 52.55%, fluorite concentrate at 38.03%, and other products at 9.42% [1] Group 2 - From the perspective of the top ten holdings of funds, data shows that Huatai Baoxing Fund has one fund heavily invested in Jinshi Resources. The Huatai Baoxing Value Growth A (012132) held 150,000 shares in the third quarter, accounting for 3.41% of the fund's net value, making it the second-largest holding [2] - The Huatai Baoxing Value Growth A (012132) was established on November 10, 2021, with a latest scale of 79.68 million CNY. Year-to-date returns are 8.08%, ranking 5998 out of 8136 in its category; the one-year return is 11.68%, ranking 5053 out of 8056; and since inception, it has a loss of 9.35% [2] - The fund manager of Huatai Baoxing Value Growth A (012132) is Shang Shuohui, who has a cumulative tenure of 8 years and 245 days, with the current total asset scale of 1.006 billion CNY. The best fund return during his tenure is 135.67%, while the worst return is -38.16% [2]

Core Insights - The stock price of Jinshi Resources increased by 2.35% on November 20, reaching 20.05 CNY per share, with a total market capitalization of 16.875 billion CNY [1] - The company has seen a year-to-date stock price increase of 18.49%, with a recent decline of 2.24% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Jinshi Resources reported a revenue of 2.758 billion CNY, representing a year-on-year growth of 50.73%, while the net profit attributable to shareholders decreased by 5.88% to 236 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 624 million CNY, with 340 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, the number of shareholders for Jinshi Resources reached 27,500, an increase of 35.62% from the previous period, with an average of 30,617 circulating shares per shareholder, up by 3.13% [2]

项目以湿法磷酸副产的氟硅酸为主要原料，主要产品包括无水氟化氢及含氟电子化学品和磷基新材料， 是国家重点鼓励的伴生氟资源开发利用项目，十三化建承建了本项目装置区1#无水氟化氢装置及其配套 工程。项目建成后，将满足日益增长的锂离子电池新材料及其他高端化学品和新材料的市场需求。 中化新网讯 11月11日，中国化学（601117）工程十三化建承建的中化学五环祥云磷氟新材料项目通过 竣工验收。 自开工以来，项目部克服高温、多雨的恶劣天气的不利影响，本着"安全第一，质量至上"的原则，有效 组织施工，积极统筹协调，高质量完成施工任务。下一步，项目部将严把质量关、安全关，继续强化项 目管理，做好项目后续工作，为公司高质量发展贡献力量。 在验收过程中，质量监督站首先明确了验收程序和验收要求，专家组对现场实体、竣工资料进行了严格 审查。质量监督站认为项目建设符合要求，质量保证体系健全，工程质量现场验收合格，同意项目竣工 验收通过。 ...

Core Viewpoint - Jinshi Resources experienced a stock price decline of 2.03% on November 18, with a trading volume of 213 million yuan and a total market capitalization of 16.648 billion yuan [1] Group 1: Stock Performance - The stock price of Jinshi Resources has increased by 16.90% year-to-date, with a 0.25% rise over the last five trading days, an 11.50% increase over the last 20 days, and a 15.00% rise over the last 60 days [1] - As of September 30, the number of shareholders increased by 35.62% to 27,500, with an average of 30,617 circulating shares per person, up by 3.13% [2] Group 2: Financial Performance - For the period from January to September 2025, Jinshi Resources reported a revenue of 2.758 billion yuan, representing a year-on-year growth of 50.73%, while the net profit attributable to shareholders decreased by 5.88% to 236 million yuan [2] - Since its A-share listing, Jinshi Resources has distributed a total of 624 million yuan in dividends, with 340 million yuan distributed over the past three years [2] Group 3: Business Overview - Jinshi Resources, established on May 15, 2001, and listed on May 3, 2017, focuses on the investment and development of fluorite mines, as well as the production and sales of fluorite products [1] - The company's main revenue sources include anhydrous hydrofluoric acid (52.55%), fluorite concentrate (38.03%), and other products (9.42%) [1] - Jinshi Resources is classified under the Shenwan industry as basic chemicals - chemical products - fluorine chemicals, and is associated with concepts such as fluorine chemicals, civil explosives, mid-cap stocks, and scarce resources [1]

Group 1: Investment and Project Development - The company is utilizing convertible bond funds to construct a high-value utilization project for phosphorus and fluorine resources, aiming to produce refined phosphoric acid, high-end flame retardants, and multifunctional compound fertilizers, while also generating by-products like fluorosilicic acid and washing acid [2][3] - The project is expected to leverage raw material advantages and extend into the new energy and new materials sectors, with a promising market outlook due to the rapid growth in demand for lithium battery materials [2][3] Group 2: Strategic Partnerships and Capacity Expansion - Since 2021, the company has deepened vertical integration in the supply chain by collaborating with industry leaders like Ningbo Bangpu and Duofluor, focusing on the phosphorus value chain and capitalizing on opportunities in the new energy battery materials sector [3] - The joint venture with Ningbo Bangpu has a production capacity of 300,000 tons of iron phosphate and 200,000 tons of nickel sulfate, with production lines nearing full capacity [3] Group 3: Financial Structure and Shareholder Engagement - The recent capital increase by the controlling shareholder, Yihua Group, aims to reduce the company's debt ratio and optimize its financial structure, ensuring sufficient cash flow for project funding [4] - As of September 11, the controlling shareholder has increased its stake by acquiring 12,499,000 shares, representing 1.15% of the total share capital, reflecting confidence in the company's long-term development and stability [4] Group 4: Operational Updates and Future Plans - The company plans to relocate its facilities by June 2025, consolidating production capacities into the Yichang Tianjiahe Chemical Park, which will include significant expansions in phosphate and compound fertilizer production [4] - New production capacities include 400,000 tons of phosphate fertilizer and 200,000 tons of compound fertilizer, with additional projects expected to commence by the end of the year [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has achieved significant revenue and profit growth in Q3 2025, driven by the successful release of production capacity from the Baotou "selection and chemical integration" project [2][4] - The company’s net profit for the first three quarters of 2025 is projected to be 3.09 billion, 4.11 billion, and 5.19 billion for the years 2025, 2026, and 2027 respectively, with a current PE ratio of 55, 54, and 41 times [4] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 10.33 billion, a year-on-year increase of 45.2% and a quarter-on-quarter increase of 19.2% [1] - The net profit for Q3 2025 was 1.09 billion, reflecting a year-on-year increase of 32.3% and a quarter-on-quarter increase of 84.7% [1][2] - For the first three quarters of 2025, the company achieved a total revenue of 27.58 billion, up 50.7% year-on-year, while the net profit decreased by 5.9% to 2.36 billion [1] Operational Highlights - The Baotou project produced 620,000 tons of fluorite powder in the first nine months of 2025, a significant increase of 55% year-on-year [2] - The company’s self-owned fluorite mine production increased, with total fluorite products produced reaching approximately 300,000 tons, and sales of about 278,000 tons [2] - The average cost of self-produced fluorite decreased to 1,600 yuan/ton for the first three quarters and further to 1,500 yuan/ton in Q3 [2] Future Outlook - The company plans to produce 100,000 to 120,000 tons of fluorite concentrate in Q4 2025 and aims to produce 180,000 to 200,000 tons of fluorite powder from the Baotou project [3] - The company’s growth strategy is supported by the scarcity of fluorite resources and its ability to integrate the industrial chain, with a clear long-term growth logic [4]

Group 1 - The core viewpoint of the news is that Jinshi Resources has seen a stock price increase of 5.01%, reaching 20.77 CNY per share, with a trading volume of 305 million CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 17.481 billion CNY [1] - Jinshi Resources Group Co., Ltd. is located at 8 Qiushi Road, Hangzhou, Zhejiang Province, and was established on May 15, 2001, with its listing date on May 3, 2017 [1] - The company's main business focuses on the investment and development of fluorite mines, as well as the production and sales of fluorite products, with revenue composition being: anhydrous hydrofluoric acid 52.55%, fluorite concentrate 38.03%, and others 9.42% [1] Group 2 - From the perspective of fund holdings, Huatai Baoxing Fund has a significant position in Jinshi Resources, with the Huatai Baoxing Value Growth A fund (012132) holding 150,000 shares, accounting for 3.41% of the fund's net value, making it the second-largest holding [2] - The Huatai Baoxing Value Growth A fund was established on November 10, 2021, with a latest scale of 79.6816 million CNY, and has achieved a year-to-date return of 9.6%, ranking 6033 out of 8145 in its category [2] - The fund manager, Shang Shuo-hui, has a cumulative tenure of 8 years and 237 days, with the total asset scale of 1.006 billion CNY, achieving the best fund return of 136.86% and the worst return of -38.16% during his tenure [2]

Core Insights - Shenzhen Shengtun Group signed a cooperation agreement with Fuquan City to invest 5.9 billion yuan in a "mineralization material integration" lithium iron phosphate cathode material project, reflecting strong confidence in economic growth [1][3] - The Fuquan-Wengan billion-level phosphate chemical industrial park has achieved a total output value of over 68 billion yuan, steadily progressing towards a trillion-level park [1][5] Investment and Economic Growth - Investment is a key driver of economic growth, with companies increasing project investments, indicating strong confidence in the market [1][5] - The "14th Five-Year Plan" is nearing completion, and the industrial park's development is a positive sign for future economic prospects [1][5] Project Development and Employment - The lithium iron phosphate project aims to support the sustainable development of related industries and enhance high-performance material technology [3][5] - The existing project in Fuquan City, which began in 2021 with an investment of 3.2 billion yuan, is expected to generate an output value of 4.5 billion yuan this year and has created over 1,000 jobs [3][5] Infrastructure and Logistics - The Wengma Railway's Tianwen Station is undergoing capacity expansion to meet the logistics needs of new materials and electronic chemicals projects, increasing its capacity from 650,000 tons/year to 3.8 million tons/year [7] - This expansion is expected to significantly reduce logistics costs for companies in the region [7] Industry Transformation and Innovation - The region is focusing on creating a globally influential phosphate resource deep processing base, leveraging its proven phosphate resources of 2.508 billion tons [5][8] - The establishment of a leadership group for major project construction aims to enhance coordination between government and enterprises, ensuring steady project progress [5][8] Future Outlook - The Guizhou province is committed to fostering industrial growth, enhancing enterprise strength, and optimizing service environments as part of its "rich mineral resources" strategy [9] - Companies are not only investing capital but also expressing confidence in future growth opportunities [9]

证券日报网讯三美股份（603379）11月7日在互动平台回答投资者提问时表示，公司生产的无水氟化氢 是氟化工行业的基础原材料，同时也是六氟磷酸锂的原材料之一。 ...