11月21日，百合花跌5.01%，截至发稿，报14.79元/股，成交8491.24万元，换手率1.36%，总市值61.58 亿元。 资料显示，百合花集团股份有限公司位于浙江省杭州市钱塘新区经五路1768号，成立日期1995年8月11 日，上市日期2016年12月20日，公司主营业务涉及有机颜料、中间体和珠光颜料的研发、生产、销售和 服务。主营业务收入构成为：颜料89.33%，中间体9.60%，其他1.06%。 责任编辑：小浪快报 南方智弘混合A（020645）基金经理为金岚枫。 截至发稿，金岚枫累计任职时间4年186天，现任基金资产总规模15.89亿元，任职期间最佳基金回报 49.18%， 任职期间最差基金回报6.71%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓百合花。南方智弘混合A（020645）三季度持有股数217.88万股， 占基金净值比例为4.27%，位居第三大重仓股。根据测算，今日浮亏损失约169.94万元。 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 ...

消息面上，环球新材国际拟于11月8日到期赎回4000万美元可换股债券。据悉，今年7月至10月期间，公 司合共购买公司之非全资附属公司CQV 112.18万股股份。持股增加后，公司合共持有CQV 551.18万股 股份，占CQV已发行股份总数约50.75%。 华源证券认为，珠光颜料是一个被市场所低估的行业，同时具备高成长性、低价格敏感性以及深品牌护 城河，天然具备高估值要素。全球珠光颜料行业市场规模2016-2023年CAGR为13.99%，且高毛利、高 售价的化妆品、汽车等下游需求增速更快。公司先后收购韩国CQV和德国默克表面解决方案业务，一 跃成为行业龙头，并借此进入了高端市场；未来，公司在国内的珠光颜料总产能规划将扩产到约4.87 万 吨，产能扩张或将有利于快速消化收购需求端红利，并通过成本管控和规模效应实现降本增效。 智通财经APP获悉，环球新材国际(06616)涨超3%，截至发稿，涨3.46%，报6.87港元，成交额1487.58万 港元。 ...

华源证券认为，珠光颜料是一个被市场所低估的行业，同时具备高成长性、低价格敏感性以及深品牌护 城河，天然具备高估值要素。全球珠光颜料行业市场规模2016-2023年CAGR为13.99%，且高毛利、高 售价的化妆品、汽车等下游需求增速更快。公司先后收购韩国CQV和德国默克表面解决方案业务，一 跃成为行业龙头，并借此进入了高端市场；未来，公司在国内的珠光颜料总产能规划将扩产到约4.87万 吨，产能扩张或将有利于快速消化收购需求端红利，并通过成本管控和规模效应实现降本增效。 环球新材国际(06616)涨超3%，截至发稿，涨3.46%，报6.87港元，成交额1487.58万港元。 消息面上，环球新材国际拟于11月8日到期赎回4000万美元可换股债券。据悉，今年7月至10月期间，公 司合共购买公司之非全资附属公司CQV112.18万股股份。持股增加后，公司合共持有CQV551.18万股股 份，占CQV已发行股份总数约50.75%。 ...

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Core Points - The stock price of Baihehua decreased by 2.01% on November 18, trading at 16.08 CNY per share with a market capitalization of 6.695 billion CNY [1] - Baihehua's stock has increased by 75.74% year-to-date, but has seen a decline of 3.48% over the last five trading days [1] - The company has been on the "Dragon and Tiger List" five times this year, with the most recent instance on November 5, showing a net buy of -1.7464 million CNY [1] Financial Performance - For the period from January to September 2025, Baihehua reported revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 563 million CNY, with 191 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Baihehua is 18,800, a decrease of 24.69% from the previous period, with an average of 21,813 circulating shares per shareholder, an increase of 32.78% [2] - Among the top ten circulating shareholders, Southern Zhihong Mixed A (020645) is the eighth largest, holding 2.1788 million shares as a new shareholder [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage due to its position as a global leader in pearlescent pigments and the potential underestimation of its performance [6][9]. Core Insights - The company has established itself as a leader in the global pearlescent pigment industry through strategic acquisitions, including the integration of Korean CQV and German Merck's surface solutions business (SUSONITY), which positions it well for future growth [8][11]. - The report highlights the high growth potential of the pearlescent pigment market, driven by increasing demand in high-end applications such as cosmetics and automotive coatings, with a projected CAGR of 13.99% from 2016 to 2023 [48][54]. - The company is expected to see significant revenue growth, with projected revenues of RMB 3.52 billion in 2025, reflecting a year-on-year growth rate of 114.85% [7][9]. Summary by Sections Company Overview - The company, originally founded as Guangxi Qise Pearlescent Effect Materials Co., Ltd. in 2011, has grown to become a global leader in pearlescent pigments, successfully listing on the Hong Kong Stock Exchange in 2021 and expanding its global footprint through acquisitions [17][24]. Financial Performance - The company has maintained a strong revenue growth trajectory, with a CAGR of 36.58% from 2017 to 2024, and an increase in gross margin from 43.99% in 2017 to 53.34% in 2024 [32][37]. - The report forecasts net profits of RMB 1.91 billion, RMB 5.29 billion, and RMB 10.05 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 41, 15, and 8 [9][10]. Market Dynamics - The pearlescent pigment industry is characterized by high growth potential, low price sensitivity, and strong brand loyalty, making it a unique investment opportunity [11][45]. - The report emphasizes the importance of synthetic mica as a superior alternative to natural mica, addressing supply chain challenges and enhancing product quality [67][74]. Growth Drivers - Key growth drivers include the successful integration of acquired brands, expansion of production capacity, and the increasing demand for high-end applications in cosmetics and automotive sectors [8][11][61]. - The company plans to expand its domestic production capacity to approximately 48,700 tons, which is expected to support revenue growth and improve operational efficiency [61][79]. Competitive Landscape - The competitive landscape is dominated by major players such as Merck and BASF, with the company positioned to capture market share through its strategic acquisitions and product innovations [54][56]. - The report notes that the high-end market for pearlescent pigments is characterized by significant barriers to entry, making it difficult for new brands to penetrate [54][56].

Group 1 - The stock price of Baihehua fell by 5.04%, reaching 15.82 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 6.587 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating loss for Southern Zhihong Mixed A today is approximately 1.8302 million CNY [2] - Southern Zhihong Mixed A was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.56% [2] Group 3 - Southern Zhihong Mixed A (020645) is a major holding in Baihehua, with 2.1788 million shares, representing 4.27% of the fund's net value, making it the third-largest holding [3] - The estimated floating loss for the fund regarding Baihehua is approximately 1.8302 million CNY [3]

Core Points - The stock price of Baihehua increased by 2.23% on November 11, reaching 16.94 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 4.15% [1] - Baihehua's stock has risen 85.14% year-to-date, but has seen a decline of 12.64% over the last five trading days [2] - The company has been listed on the Longhu list five times this year, with the most recent occurrence on November 5, where it recorded a net buy of -1.7464 million CNY [2] Company Overview - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 11, 1995, with its listing date on December 20, 2016 [2] - The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [2] - Baihehua belongs to the Shenwan industry classification of basic chemicals - chemical products - coatings and inks, and is associated with concepts such as small-cap, lithium batteries, dyes and coatings, share buybacks, and sodium batteries [2] Financial Performance - As of September 30, 2025, Baihehua reported a revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - The company has distributed a total of 563 million CNY in dividends since its A-share listing, with 191 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 24.69% to 18,800, while the average circulating shares per person increased by 32.78% to 21,813 shares [2]

Group 1 - The core point of the article highlights the recent decline in the stock price of Baihehua, which fell by 5.04% to 16.38 CNY per share, with a trading volume of 480 million CNY and a turnover rate of 7.00%, resulting in a total market capitalization of 6.82 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund has a fund that ranks among Baihehua's top ten circulating shareholders. The Southern Zhihong Mixed A Fund (020645) entered the top ten in the third quarter, holding 2.1788 million shares, accounting for 0.53% of circulating shares, with an estimated floating loss of approximately 1.8955 million CNY [2] - The Southern Zhihong Mixed A Fund (020645) was established on August 2, 2024, with a latest scale of 325 million CNY. Year-to-date returns are 32.78%, ranking 2676 out of 8219 in its category; the one-year return is 35.13%, ranking 1625 out of 8125; and since inception, the return is 50.17% [2] Group 3 - The fund manager of Southern Zhihong Mixed A (020645) is Jin Lanfeng, who has a cumulative tenure of 4 years and 175 days. The current total asset scale of the fund is 1.589 billion CNY, with the best fund return during the tenure being 50.17% and the worst being 7.69% [3] - In terms of the fund's top holdings, Southern Zhihong Mixed A (020645) holds 2.1788 million shares of Baihehua, which constitutes 4.27% of the fund's net value, making it the third-largest holding, with an estimated floating loss of approximately 1.8955 million CNY [4]

Core Viewpoint - On November 7, Baihehua's stock price dropped by 5.12%, reaching 17.22 CNY per share, with a trading volume of 657 million CNY and a turnover rate of 9.04%, resulting in a total market capitalization of 7.17 billion CNY [1]. Company Overview - Baihehua Group Co., Ltd. is located in Qiantang New District, Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments. The revenue composition is as follows: pigments account for 89.33%, intermediates 9.60%, and others 1.06% [1]. Shareholder Information - Among Baihehua's top ten circulating shareholders, a fund under Southern Fund ranks as a significant holder. The Southern Zhihong Mixed A Fund (020645) entered the top ten circulating shareholders in the third quarter, holding 2.1788 million shares, which represents 0.53% of the circulating shares. The estimated floating loss today is approximately 2.0262 million CNY [2]. Fund Performance - The Southern Zhihong Mixed A Fund (020645) has a current scale of 325 million CNY. Year-to-date, it has achieved a return of 33.76%, ranking 2645 out of 8148 in its category. Over the past year, the return is 36.24%, ranking 1769 out of 8053. Since its inception, the fund has returned 51.28% [2]. - The fund manager, Jin Lanfeng, has been in the position for 4 years and 172 days, with a total asset scale of 1.589 billion CNY. The best return during his tenure is 51.28%, while the worst is 8.88% [2]. Fund Holdings - The Southern Zhihong Mixed A Fund (020645) has a significant position in Baihehua, holding 2.1788 million shares, which constitutes 4.27% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 2.0262 million CNY [3].