Core Viewpoint - Xinjiang Xinxin Mining (03833) has experienced a decline of over 17%, yet its year-to-date increase remains above 2.8 times [1] Company Summary - As of the latest report, Xinjiang Xinxin Mining's stock price dropped by 17.38%, trading at 2.9 HKD, with a transaction volume of 154 million HKD [1] - The company announced plans to issue A-shares and list on a Chinese stock exchange to promote sustainable growth in revenue and shareholder returns [1] - Xinjiang Xinxin Mining fully owns four nickel-copper mines: Kalatongke, Huangshan East, Huangshan, and Xiangshan, as well as two vanadium mines: Xianghe Street and Mujiahe, and a fluorite mine: Kalchaer [1] Industry Summary - According to Jianyin International, recent changes in Indonesia's RKAB regulations and increased mining supervision, along with the declaration of force majeure at the world's second-largest copper mine, have raised global metal supply concerns [1] - Nickel prices surged past 124,000 due to these factors, but the fundamental oversupply of primary nickel has not changed significantly, indicating that nickel prices may face upward pressure [1]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] - The market for fluorite is showing a continuous recovery, with prices increasing due to strong demand and limited supply [35][36] - The refrigerant market is expected to maintain an upward trend, driven by the increasing prices of R32 and other refrigerants, as well as the ongoing transition to more environmentally friendly products [21][22] Summary by Sections 1. Fluorochemical Industry Overview - The fluorite price has shown a continuous recovery, with the average market price for 97% wet fluorite reaching 3,512 CNY/ton, up 4.09% from the previous week [19][35] - The fluorochemical index decreased by 0.43% during the week of September 22-26, 2025, underperforming compared to the Shanghai Composite Index and the CSI 300 Index [27][30] 2. Fluorite Market - The fluorite market is experiencing a strong upward trend, with increased inquiries and negotiations for new contracts as downstream prices rise [35] - The supply side is tightening due to production limitations and seasonal factors, leading to a bullish market sentiment [36] 3. Refrigerant Market - As of September 26, 2025, the prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 52,000 CNY/ton, R410a at 52,500 CNY/ton, and R22 at 34,500 CNY/ton [21][24] - The export quota for R32 has been progressing well, with a 62% consumption rate, benefiting from the release of overseas production capacity by domestic air conditioning companies [22] 4. Recent Industry Developments - Major companies such as Juhua Co. have received environmental assessments for new projects, indicating ongoing investment in the fluorochemical sector [10] - India has initiated anti-dumping investigations against Chinese HFC refrigerants, which may impact market dynamics [10][11] 5. Recommended Stocks - Key stocks to watch include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinjubang [11][23]

Group 1 - Xinjiang Xinxin Mining (03833) saw a stock price increase of over 6%, currently trading at 1.81 HKD with a transaction volume of 14.594 million HKD [1] - On September 20, a production ceremony for the 1.2 million tons per year fluorite mining project of Xinjiang Nonferrous Group Huao Mining was held in Ruoqiang County [1] - In February, Xinjiang Xinxin Mining announced a share transfer agreement with Xinjiang Nonferrous and the target company, agreeing to acquire 51% equity of Xinjiang Huao Mining for approximately 1.098 billion RMB [1]

Core Insights - China possesses a vast and diverse range of mineral resources, with 173 types discovered and 163 types having proven reserves, making it a significant player in the global mining industry [2][3] - Despite its large reserves, China's per capita resource availability is below the world average, indicating challenges in resource utilization efficiency [2][4] - China is the world's leading country in rare earth minerals, holding approximately 35%-40% of global reserves and accounting for over 80% of global production [10] Mineral Resource Characteristics - China has a rich variety of mineral resources, including coal, rare earths, tungsten, tin, antimony, molybdenum, graphite, magnesite, and fluorite, with many of these resources ranking first globally in terms of reserves and production [4][11] - The distribution of mineral resources in China is heavily influenced by geological structures, leading to significant regional concentration [4][12] Rare Earths Dominance - Rare earths are critical for high-tech applications, including military, aerospace, and renewable energy sectors, highlighting their strategic importance [6][7] - China's dominance in rare earths is supported by advanced extraction and processing technologies, ensuring its leading position in the global supply chain [10] Other Notable Minerals - In addition to rare earths, China also leads in tungsten, antimony, tin, molybdenum, and coal, with significant production and reserves in these areas [11][12] - Major production regions include Hunan, Jiangxi, Guangdong for tungsten; and Shanxi, Inner Mongolia, and Shaanxi for coal [11][12] Challenges and Opportunities - The mining industry in China faces challenges such as low per capita resource availability, high extraction costs, and environmental impacts from mining activities [12] - Opportunities exist through technological advancements in exploration and extraction, as well as international cooperation to stabilize supply chains and enhance global influence [12]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The supply side is expected to undergo structural optimization, with a focus on selecting elastic and advantageous sectors. Domestic policies frequently emphasize supply-side requirements, while rising raw material costs and capacity exits in Europe and the US have led to uncertainty in overseas chemical supply. In the long term, China's chemical industry has a competitive advantage due to significant cost benefits and technological advancements, which are expected to reshape the global chemical industry landscape [6][16] - The automotive industry is a crucial downstream consumer demand pillar for chemicals, and the recent growth stabilization plan is expected to support steady growth in overall downstream demand, benefiting the automotive materials supply chain [15] Summary by Sections Industry News and Events - The US has intensified chip trade controls, which may benefit China's domestic semiconductor and AI chip industries through policy protection, technological breakthroughs, and domestic substitution [7][14] - Eight departments in China have jointly issued a plan to stabilize growth in the automotive industry, targeting approximately 32.3 million vehicle sales in 2025, with a 20% increase in new energy vehicle sales [15] Market Performance - For the week of September 8-12, 2025, the CSI 300 index rose by 1.38%, while the Shenwan Petrochemical Index fell by 0.41%. The Shenwan Basic Chemical Index increased by 2.36%, outperforming the market by 0.98% [18][19] - The top five performing sub-sectors included membrane materials (5.41%), phosphate fertilizers (5.02%), and fluorine chemicals (4.58%) [19] Price Trends - Key products with notable price increases included NYMEX natural gas (6.29%), bisphenol A (5.70%), and phenol (4.23%) [27][28] - Products with significant price declines included TDI (-5.04%) and dichloromethane (-4.56%) [27][28] Investment Recommendations - Focus on sectors with significant supply-side reform potential, such as organic silicon, membrane materials, and dyeing agents, with key companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][16] - For sectors with relatively weak supply-demand dynamics, attention should be given to leading companies in coal chemicals and fluorine chemicals, such as Baofeng Energy and Juhua [6][16]

公开信息显示，过去两年，金石资源（603505.SH）、江西省地质建设投资集团有限公司（下称地建投 集团）以及通正矿业都在蒙古国投资建设萤石矿，合计年产能达到53万吨，2024年我国萤石产量合计为 660万吨。 对于去蒙古国投资建厂的原因，一位头部公司人士受访表示，更多是基于成本考量，目前国内单一萤石 矿山要价较高，叠加需要多年的建设周期，整体投入成本过高，相较之下，蒙古国的萤石采矿权成本相 对较低，建设周期也更短，吸引行业公司前往设厂布局，但她同时提醒，海外项目存在较高的运输成本 和额外关税支出，考验厂商的综合成本控制能力。 卓创资讯和隆众资讯的分析师均向智通财经记者表示，目前萤石厂商惜售情绪浓郁，大多看好后市行情 大幅上涨而选择减少外售量，导致现阶段市场货源较为紧张。 不止是短期价格回暖，近年萤石价格重心整体持续上移，使得行业进入扩产周期。和以往集中在国内买 矿山不同，在这轮扩产行动中，国内厂商纷纷将目光投向进口萤石主要产地——蒙古国。 智通财经9月10日讯（记者 罗祎辰）Q4旺季临近，萤石回暖从预期变为现实，最新成交价恢复到去年同 期水平，亦是往年同期高点。近年，萤石价格重心上行，丰厚利润刺激下，国内厂 ...

Core Viewpoint - The company, Zhongtung High-tech, has confirmed its production capacity for various rare metals and indicated that rising prices of by-products could enhance its profitability [2] Production Capacity - The company’s subsidiary, Shizhu Garden, is a large tungsten polymetallic mine, primarily producing tungsten concentrate, with by-products including molybdenum concentrate, bismuth concentrate, and fluorite [2] - The annual production of molybdenum concentrate and bismuth concentrate is approximately 1,500 tons each [2] - The annual production of fluorite is around 320,000 tons [2] Impact of Price Increases - The company stated that an increase in the prices of its by-product metals would positively impact its profitability [2]

Investment Rating - The report maintains a positive outlook on the basic chemical industry, suggesting that leading companies with significant scale and cost advantages will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The report highlights the recovery of the TDI production facility by Mitsui and the successful commissioning of a new ethylene plant by Jilin Petrochemical, indicating positive developments in the industry [3][4]. - It emphasizes the strong competitive position of domestic tire manufacturers and suggests that rare growth stocks in this sector are worth attention [4]. - The report notes a potential recovery in consumer electronics, recommending upstream material companies as beneficiaries of this trend [4]. - It identifies several resilient cyclical industries, such as phosphate and fluorine chemicals, which are expected to see improved market conditions due to supply constraints and rising demand [5][8]. Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.18%, while the ChiNext Index rose by 2.35%. The CITIC Basic Chemical Index increased by 0.15%, and the Shenwan Chemical Index decreased by 1.36% [14][17]. - The top-performing sub-industries included organic silicon (3.59%), modified plastics (2.46%), and tires (2.22%), while the worst performers were other plastic products (-4.72%) and compound fertilizers (-3.04%) [17][18]. Industry Dynamics - Mitsui's TDI plant is set to resume production after a chlorine leak incident, with expectations of stable product supply [3]. - Jilin Petrochemical's new ethylene plant has successfully started operations, increasing its total ethylene capacity to 1.9 million tons per year [3]. Investment Themes - **Tire Sector**: Domestic tire companies are noted for their strong competitive edge, with recommendations to focus on companies like Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Cyclical Industries**: Phosphate and fluorine chemical sectors are highlighted for their resilience, with recommendations for companies like Yuntianhua and Juhua [5][8]. - **Leading Companies**: The report suggests that leading companies in the chemical sector, such as Wanhua Chemical and Hualu Hengsheng, will benefit from economic recovery and demand resurgence [8].

| 股票代码：600010 | 股票简称：包钢股份 | 编号：（临）2025-059 | | --- | --- | --- | | 债券代码：175793 | 债券简称：GC钢联01 | | | 主要产品 | 生产量（吨） | 销售量（吨） | 平均售价（不含税） （元/吨） | | --- | --- | --- | --- | | 稀土精矿（干量，REO=50%） | 211,117.00 | 204,949.55 | 18,716.47 | | 萤石 | 393,834.00 | 395,467.72 | 1,469.86 | 该经营数据未经审计，请投资者注意投资风险，谨慎使用。 特此公告。 内蒙古包钢钢联股份有限公司董事会 根据上海证券交易所《上市公司行业信息披露指引第七号——钢 铁》第二十二条的相关规定，公司现将 2025 年上半年主要经营数据 公告如下： | 主要产品 | 生产量（吨） | 销售量（吨） | 平均售价（不含税） （元/吨） | | --- | --- | --- | --- | | 管材 | 871,264.00 | 867,280.06 | 3,937.00 | | 板材 | ...

上海华谊集团股份有限公司 2025 年半年度主要经营数据公告 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-049 | 主要原料 | 单位 | 2025 年 1-6 月 | | --- | --- | --- | | | | 价格变动情况 | | 化工煤 | 元/吨 | 739-969 | | 动力煤 | 元/吨 | 578-745 | | 乙醇 | 元/吨 | 4630-4982 | | 丙烷 | 元/吨 | 3903-4944 | | 天然胶 | 元/吨 | 12451-17970 | | 合成胶 | 元/吨 | 8616-13805 | | 丙烯 | 元/吨 | 5631-6699 | | 丁醇 | 元/吨 | 5065-6752 | | 萤石 | 元/吨 | 2955-3629 | 三、主要原材料的价格变动情况 四、报告期内无其他对公司生产经营具有重大影响的事项。 特此公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券 ...