每经编辑｜吴永久 11月19日，上证指数小幅反弹，1200只个股上涨，4175只股下跌。水产品板块中多只股涨停，涉足硫酸业务的恒光股份20CM涨停，黄金、有色、光交换 机等板块涨幅居前。 在储能和新能源车的拉动下，硫酸、硫铁矿上市公司近期表现强劲，如粤桂股份、国城矿业、大中矿业股价暴涨，其中国城矿业、大中矿业不到一个月 就翻倍，市场青睐涨价题材。 在每日经济新闻App举办的掘金大赛中，第78期比赛从11月17日开始，多位选手跑步入场。报名时间为11月15日至11月28日，比赛时间为11月17日至11月 28日。大赛为模拟炒股，模拟资金50万元。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 为方便选手了解有价值的信息，与高手交流市场热点和投资技巧。报名掘金大赛后，就能申请加入掘金大赛 ...

格隆汇11月18日丨河化股份(000953.SZ)在投资者互动平台表示，公司当前无磷矿和硫铁矿业务。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Views - The chemical industry is experiencing a recovery, with three main investment themes identified: demand exceeding expectations, "anti-involution" trends, and opportunities in leading companies at low valuations [19][21][22]. Summary by Sections 1. Key Insights of the Week - The report highlights a positive shift in consumer price index (CPI) and producer price index (PPI) data, indicating potential for recovery in the chemical sector [18]. - The overall PB ratio for the chemical industry is at 2.4, suggesting significant upside potential [18]. 2. Overall Performance of the Chemical Sector - The chemical sector index increased by 2.6% over the week, outperforming both the Shanghai Composite Index and the ChiNext Index [23]. - Year-to-date, the chemical sector index has risen by 34%, indicating strong performance relative to broader market indices [23]. 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 305 stocks rose while 115 fell, with notable gainers including Yongtai Technology (+33.9%) and Aoke Shares (+25.4%) [27]. 4. Investment Themes Theme 1: Focus on Demand Exceeding Expectations - The report emphasizes investment opportunities in upstream chemical products driven by the booming electric vehicle market, with a 34.6% year-on-year increase in sales [19]. - Key materials such as lithium iron phosphate and caprolactam are highlighted for their price elasticity due to supply-demand dynamics [19]. Theme 2: Attention to "Anti-Involution" Trends - The report discusses the progress in "anti-involution" efforts within the chemical industry, particularly in PTA and caprolactam, where production cuts are being implemented to optimize supply [21]. Theme 3: Opportunities in Low-Valuation Leading Companies - The report suggests focusing on leading companies with low valuations, as the supply-demand balance in the chemical sector continues to improve [22]. - Companies such as Wanhua Chemical and Baofeng Energy are recommended for investment consideration [22].

印尼红土镍振翅，中国硫资源受益 20251111 摘要 全球硫磺市场因印尼红土镍项目需求激增，打破原有供需平衡，导致硫 磺价格上涨。印尼客户高价采购进一步推高价格，预计未来几年硫磺价 格将持续走高，尤其在 2026 年印尼红土镍投产高峰期。 硫资源主要来源于冶炼烟气、石油天然气副产品及黄铁矿。中国作为有 色金属冶炼大国，主要依赖冶炼烟气回收硫资源，与其他依赖油气副产 品的国家存在差异。 红土镍湿法冶炼对硫酸需求巨大，每吨红土镍当量消耗约 30 吨硫酸， 显著影响全球硫资源供需。传统流化镍副产硫酸较多，而红土镍的需求 打破了原有平衡，推高硫产品价格。 全球镍产量快速增长，2022 年为 10 万吨金属镍当量，2023 年增至 20 万吨，预计 2024-2025 年每年增加约 10 万吨，每年新增硫磺需求 100 万吨。2026 年预计再增加 100 万吨需求，印尼红土镍铁冶炼是主 要驱动因素。 硫磺供给主要来自油气回收（60%）和冶金烟气回收（30%）。油气回 收受原油产量影响较小，波动不大。硫磺贸易重要性在于一吨硫磺可生 产三吨硫酸，贸易硫磺更经济，硫磺价格是产业链定价核心。 Q&A 近年来硫资源价格上涨的 ...

Core Points - On November 4, Yuegui Co., Ltd. experienced a decline of 5.02%, with a stock price of 15.52 CNY per share, a trading volume of 710 million CNY, a turnover rate of 9.83%, and a total market capitalization of 12.448 billion CNY [1] Company Overview - Yuegui Co., Ltd. was established on October 5, 1994, and listed on November 11, 1998. The company is based in Liwan District, Guangzhou, Guangdong Province [1] - The main business activities include the production and sale of refined sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and paper products (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] - The revenue composition of the main business is as follows: sulfur concentrate 37.15%, refined sugar 21.46%, pulp 13.92%, others 7.53%, sulfuric acid 5.79%, iron ore powder 4.79%, silver powder 2.30%, phosphate fertilizer 1.89%, block ore 1.40%, trading business 0.97%, -3mm ore 0.96%, cultural paper 0.67%, amino sulfonic acid 0.58%, reagent sulfuric acid 0.50%, and exported hand-picked ore 0.08% [1] Shareholder Information - Tianhong Fund has a presence among the top ten circulating shareholders of Yuegui Co., Ltd. The Tianhong CSI Food and Beverage ETF (159736) entered the top ten circulating shareholders in the third quarter, holding 1.5864 million shares, which accounts for 0.35% of the circulating shares [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion CNY. Year-to-date, it has incurred a loss of 1.58%, ranking 4173 out of 4216 in its category; over the past year, it has lost 0.1%, ranking 3819 out of 3896; and since inception, it has lost 28.4% [2]

Core Viewpoint - On October 30, Yuegui Co., Ltd. experienced a stock price increase of 5.57%, reaching 16.50 yuan per share, with a trading volume of 415 million yuan and a turnover rate of 5.75%, resulting in a total market capitalization of 13.234 billion yuan [1] Company Overview - Yuegui Co., Ltd. was established on October 5, 1994, and listed on November 11, 1998. The company is located in Liwan District, Guangzhou, Guangdong Province. Its main business includes the production and sale of refined sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and paper products (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] - The revenue composition of Yuegui Co., Ltd. is as follows: sulfur concentrate 37.15%, refined sugar 21.46%, pulp 13.92%, others 7.53%, sulfuric acid 5.79%, iron ore powder 4.79%, silver powder 2.30%, phosphate fertilizer 1.89%, lump ore 1.40%, trading business 0.97%, -3mm ore 0.96%, cultural paper 0.67%, amino sulfonic acid 0.58%, reagent sulfuric acid 0.50%, and exported hand-picked ore 0.08% [1] Shareholder Information - Tianhong Fund has a presence among the top ten circulating shareholders of Yuegui Co., Ltd. The Tianhong CSI Food and Beverage ETF (159736) entered the top ten circulating shareholders in the third quarter, holding 1.5864 million shares, which accounts for 0.35% of the circulating shares. It is estimated that the fund has made a floating profit of approximately 1.3802 million yuan today [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion yuan. Since the beginning of the year, it has incurred a loss of 2.68%, ranking 4179 out of 4216 in its category; over the past year, it has lost 1.45%, ranking 3825 out of 3885; and since its inception, it has lost 29.2% [2]

Core Viewpoint - Jiangsu Province has discovered a large strontium ore deposit in the Lishui Basin, with inferred resource amounts reaching 545.55 thousand tons and an average grade of 48.65% [3][5]. Group 1: Discovery and Significance - The newly discovered strontium ore deposit is located in the northeastern part of the Lishui volcanic basin, surrounding the Aijing Mountain large strontium deposit [3]. - Strontium, as an important rare metal, is widely used in special ceramic materials and magnetic alloy manufacturing, playing a crucial role in national industrial development and technological advancement [3]. Group 2: Exploration Efforts - The geological survey team has spent four years on strontium exploration in the Lishui area, addressing challenges such as extensive Quaternary cover and significant human activity [5]. - The project team proposed a new understanding of the second mineralization space in the basement fault of the Kaitai-Baimashan area, based on the structural evolution history of the Lishui Basin [5]. Group 3: Findings and Models - The project team discovered five concealed strontium ore bodies in the Mashantou area and submitted one large strontium ore deposit, providing direction for future exploration in the Lishui Basin [5]. - A comprehensive study established a mineralization model and exploration model for strontium in the Lishui Basin, offering an effective technical methodology for future exploration [5]. Group 4: Additional Discoveries - The northeastern part of the Lishui Basin is a significant area for strontium resources, with four large and medium-sized strontium deposits already identified [6]. - The project team also discovered multiple concealed copper, lead-zinc, and iron-sulfur ore bodies, proposing a new multi-metal comprehensive exploration approach for strontium, copper, and lead-zinc [6].

Core Viewpoint - A new large strontium ore deposit has been discovered in the Lishui Basin, with significant resource estimates that could impact the industrial and technological development in China [1] Group 1: Resource Discovery - The exploration team from Jiangsu Provincial Geological Survey Institute has spent four years investigating the Lishui Basin, resulting in the discovery of one large strontium ore deposit [1] - The inferred resource amount of the strontium ore (celestite) is 545.55 thousand tons, with a mineral amount of 265.40 thousand tons and an average grade of 48.65% [1] Group 2: Industrial Significance - Strontium is an important rare metal widely used in special ceramic materials and magnetic alloy manufacturing, playing a crucial role in national industrial development and technological advancement [1] Group 3: Regional Context - The northeastern part of the Lishui Basin is a significant area for strontium mineral resources in Jiangsu Province, with four large and medium-sized strontium ore deposits already discovered [1] - The project team has also identified multiple concealed copper, lead-zinc, and iron-sulfur ore bodies in the work area, proposing a new comprehensive exploration strategy for strontium, copper, lead, and zinc polymetallic resources based on the summarized mineralization patterns [1]

Core Viewpoint - The company Shengda Resources announced the resumption of operations for its subsidiary Dongsheng Mining, which has received approval for its mining project in Keshiketeng Banner, indicating a positive development for the company's future production capabilities [1] Group 1: Company Operations - Dongsheng Mining has been granted approval to resume its 250,000 tons per year mining project for polymetallic resources, including silver, lead, zinc, gold, gallium, arsenic, and iron sulfide [1] - The mining project is currently under construction and has not yet commenced production [1] - The recent incident has not significantly impacted the timeline for the completion and production commencement of the Dongsheng Mining project [1] Group 2: Financial Impact - The resumption of operations is not expected to have a significant effect on the company's current operating performance [1]

Core Viewpoint - Dongsheng Mining has received approval for the resumption of its non-coal mining operations in Keshiketeng Banner, indicating a positive development for the company and its mining projects [1] Company Summary - Dongsheng Mining's Bayan Ula Silver Polymetallic Mine project has been approved to resume operations with a production capacity of 250,000 tons per year [1] - The company indirectly holds shares in Dongsheng Mining through its subsidiary Inner Mongolia Yindu Mining Co., Ltd [1] - The mining operations include various minerals such as silver, lead, zinc, gold, gallium, arsenic, and pyrite [1] Industry Summary - The approval from the Keshiketeng Banner Emergency Management Bureau and the People's Government reflects a supportive regulatory environment for mining operations in the region [1] - The ongoing construction work at the mine indicates a commitment to developing mining infrastructure, which may enhance the local mining industry's productivity [1]