| 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 ...

丨证券研究报告丨 公司研究丨点评报告丨金石资源（603505.SH） [Table_Title] 业绩短期承压，重点项目稳步推进 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 17.3 亿元（同比+54.2%），实现归属净利润 1.3 亿元（同 比-24.7%），实现归属扣非净利润 1.3 亿元（同比-24.0%）。其中 Q2 单季度实现收入 8.7 亿元 （同比+29.2%，环比+0.9%），归属净利润 0.6 亿元（同比-44.6%，环比-11.3%），实现归属扣 非净利润 0.6 亿元（同比-44.8%，环比-13.6%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% research.95579.com 1 金石资源（603505.SH） cjzqdt11111 风险提示 1、安全生产和环境保护风险； 2、下游需求不及预期风险 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_Title2] ...

金石资源 20250821 摘要 公司上半年归母净利润同比下滑，主要受江山和江西项目压力及财务核 算细节影响，但包钢选化一体项目表现优异，盈利显著，上半年盈利达 2.3 亿至 2.4 亿水平。 包钢选化一体项目成为公司主要盈利点，上半年实现利润 1.25 亿元 （包钢）和近 1.2 亿元（金鄂博），年化后预计可达 5 亿元，表明项目 已进入正常运转阶段，效果显著。 金石资源矿山板块二季度产量、销量和价格与去年基本持平，但 7、8 月价格下降，成本增加。公司正进行技改，包括斜井改竖井、尾矿库扩 容，以提升采矿能力，为未来扩大生产规模做准备。 外蒙古项目上半年亏损 1,700 多万，受汇兑损失和人工开支影响。选矿 厂预计 10 月建成调试，明年有望走上正轨，解决水、电、尾矿库等基 础设施问题，下半年将优化运营。 江西板块亏损 2,700 万，主要原因是李云龙存货减值。铃木合同接近成 本线，使存货价值回升。公司需等待市场机会，进行研发和技改以改善 现状。 Q&A 请介绍一下公司今年上半年的营收情况及其背后的主要原因。 今年上半年，公司营收同比增长了 50%以上，这主要得益于包钢项目的步入正 轨。经过两三年的建设和调 ...

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]

金石资源 20250820 摘要 金石资源包头项目运营良好，上半年生产萤石 39 万吨，成本控制在 800 元/吨以内，预计全年产量可达 70 万吨。孵化厅项目上半年产量同 比增长，单位成本下降，毛利率提升。 雪花一体项目投产表现强劲，上半年实现归母净利润 1.15 亿元，同比 增长 94%，成为公司盈利的重要增长点。但祥正矿区因技改导致外采矿 石，造成亏损。 蒙古矿山项目尚未盈利，选矿厂预计 10 月底建成投产，上半年亏损 1,700 万元，主要为汇兑损失和人工成本。江山和江西项目亏损 2,700 万元，期待存货销售带来回报。 萤石价格在 8 月份企稳回升，预计 9 月份传统旺季到来可能进一步上涨， 对公司未来业绩产生积极影响。磷矿石提氟技术对萤石需求有潜在冲击， 公司正积极应对。 五水氢氟酸成本数据敏感未详细披露，但今年已实现盈利，7 月份生产 成本显著下降。下半年及明年产量规划正在落实，年报或三季报将提供 更详细数据。 Q&A 2025 年上半年金石资源的经营情况如何？ 2025 年上半年，金石资源的营收大幅增长，但利润有所下滑。公司在包头的 雪花一体项目表现出色，无论是产能还是成本都有显著改善，进展顺 ...

Group 1 - Huayou Cobalt achieved a revenue of 37.2 billion yuan in the first half of 2025, representing a year-on-year growth of 23.78%, and a net profit of 2.711 billion yuan, up 62.26% year-on-year [1] - The increase in sales volume and prices of the company's main products, along with optimized production processes and cost reduction, significantly enhanced profitability [1] - The progress of the nickel-cobalt project in Indonesia is on track, which is expected to provide strong support for the company's future performance growth [1] Group 2 - China Shenhua announced plans to acquire 100% equity stakes in multiple energy-related companies, including Guoyuan Power and Xinjiang Energy, through the issuance of A-shares and cash payments [2] - This large-scale asset acquisition will significantly enhance the company's resource reserves and industrial scale, consolidating its leading position in the coal and electricity sectors [2] - The integration of these enterprises is expected to optimize the industrial chain structure and strengthen integrated operational capabilities [2] Group 3 - Hainan Mining plans to invest 300 million yuan to acquire a 15.7895% stake in Luoyang Fengrui Fluorine Industry Co., Ltd., which specializes in fluorite mining and production of anhydrous hydrofluoric acid [3] - Hydrofluoric acid, derived from fluorite, is a key raw material for the lithium battery industry, essential for producing lithium hexafluorophosphate, the core component of lithium battery electrolytes [3] - The investment is anticipated to provide Hainan Mining with long-term stable returns and enhance its competitive advantage in the industry, given the growing demand for fluorite and its downstream products due to the expansion of the global new energy vehicle market [3]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across various segments, including refrigerants and high-end fluorinated materials [23][24] - The market for fluorochemicals is characterized by a tight supply-demand balance, with strong price support and a bullish sentiment among industry players [22][24] Summary by Sections Industry Overview - The fluorochemical index increased by 7.45% during the week of August 11-15, outperforming the Shanghai Composite Index by 5.75% [6][27] - The average price of 97% wet fluorite reached 3,207 CNY/ton, up 1.33% from the previous week, while the average for August was 3,175 CNY/ton, down 10.52% year-on-year [19][35] Fluorite Market - The fluorite market is experiencing a price rebound, supported by tight supply and a strong buying sentiment, although transaction volumes are slowing [20][36] - Regional price variations exist, with southern markets showing stronger price increases compared to the north, where trading activity is more cautious [20][36] Refrigerant Market - As of August 15, prices for various refrigerants showed upward trends, with R32 priced at 57,500 CNY/ton, R134a at 51,000 CNY/ton, and R22 at 35,500 CNY/ton [21][25] - The refrigerant market is expected to maintain its upward price trajectory due to seasonal demand and supply constraints, with a shift towards essential purchasing expected in the future [22][24] Company Performance - Notable companies such as Dongyangguang and Yonghe Co. reported significant revenue growth in their 2025 H1 financial results, with Dongyangguang achieving a revenue of 7.124 billion CNY, up 18.48% year-on-year [10] - The stock performance of fluorochemical companies has been strong, with all tracked stocks in the sector rising during the week, led by Zhongxin Fluorine Materials with a 19.11% increase [29][34] Recommendations - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., and Dongyue Group [11][24]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The chemical sector is experiencing a recovery in both prices and demand, benefiting leading companies with significant scale advantages and cost efficiencies [8] - The domestic tire industry shows strong competitiveness, with scarce growth targets worth attention [3] - The consumption electronics sector is expected to gradually recover, with upstream material companies likely to benefit [4] - The phosphorous chemical sector is tightening due to environmental policies and increasing demand from the new energy sector [5] - The vitamin market is facing supply disruptions, particularly for Vitamin A and E, due to BASF's force majeure [8] Summary by Sections Market Overview - The Shanghai Composite Index rose by 1.7%, the ChiNext Index increased by 8.58%, and the CSI 300 Index went up by 2.37% [14] - The CITIC Basic Chemical Index increased by 3.16%, while the Shenwan Chemical Index rose by 2.46% [15] Key Industry Dynamics - Covestro has cut its TDI supply to the Chinese market by 15%, exacerbating supply tightness [3] - Hengli Petrochemical's subsidiaries are merging to optimize management and improve operational efficiency [3] Investment Themes - **Tire Sector**: Domestic companies are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [3] - **Consumer Electronics**: Recovery in demand is anticipated, with a focus on upstream material companies like Dongcai Technology and Stik [4] - **Phosphorous Chemicals**: Supply constraints due to environmental regulations and rising demand from new energy sectors suggest a tightening market [5] - **Fluorine Chemicals**: The reduction of production quotas for second-generation refrigerants supports stable profitability [5] - **Textile Sector**: Polyester filament inventory depletion is expected to benefit companies like Tongkun and New Fengming [5] Sub-industry Performance - The polyurethane sector is seeing stable prices for pure MDI and a slight decline for polymer MDI [27][32] - The tire industry shows a mixed performance with full steel tire production increasing while semi-steel tire production is declining [47][50] - The pesticide market is experiencing price fluctuations, with glyphosate prices rising slightly [52] Price Trends - The average price of urea is reported at 1762.6 RMB/ton, showing a decrease of 1.74% [60] - The price of phosphoric acid remains stable, with diammonium phosphate at 3999.38 RMB/ton [64] - The price of vitamins A and E remains unchanged at 64 RMB/kg and 67.5 RMB/kg respectively [76][77]