数据显示，诺德基金旗下1只基金重仓川恒股份。诺德量化核心A（006267）三季度持有股数5.05万股， 占基金净值比例为1.11%，位居第五大重仓股。根据测算，今日浮亏损失约2.48万元。 诺德量化核心A（006267）成立日期2018年11月22日，最新规模9323.32万。今年以来收益39.64%，同 类排名2049/8087；近一年收益34.58%，同类排名2322/8085；成立以来收益53.24%。 12月30日，川恒股份跌1.33%，截至发稿，报36.23元/股，成交741.06万元，换手率0.03%，总市值 220.16亿元。 资料显示，贵州川恒化工股份有限公司位于贵州省黔南布依族苗族自治州福泉市龙昌镇，成立日期2002 年11月25日，上市日期2017年8月25日，公司主营业务涉及磷酸及磷酸盐产品的生产、销售。主营业务 收入构成为：磷酸28.41%，饲料级磷酸二氢钙25.11%，磷酸一铵21.29%，磷酸铁9.46%，磷矿石 6.93%，其他产品3.56%，贸易收入1.94%，其他1.57%，铁精粉1.11%，硫酸铵0.61%。 从基金十大重仓股角度 截至发稿，王恒楠累计任职时间7年41天，现 ...

川恒股份 20251217 摘要 公司在技术研发方面投入不断增加，技术人员占比从 2020 年的 10%提升到 2024 年的 20%。从 2017 年至 2024 年的产品结构来看，公司传统支柱产品 饲料级磷酸二氢钙的营收占比从 67.67%回落至 24.47%左右，而其他业务板 块如磷酸等贡献度有所提升。2024 年，磷酸产品首次超过饲料级磷酸二氢钙 成为最大的收入来源。 磷酸业务的发展情况如何？ 公司依托自有高品位磷矿与半水湿法工艺生产高品质低杂质含量的商品和净化 磷酸，目前拥有商品磷取 20 万吨及净化 10 万吨产能。受环保限产及需求回升 影响，21-22 年价格曾爆发式上涨至每吨 2 万元以上，但随后进入下行通道并 趋于稳定。中国 20-24 年表观消费量年均增速达 14%，预计 25 年同比增速可 达 30%，产能利用率也将稳步提升。 川恒股份以磷矿石为起点，通过湿法工艺生产磷酸及其他化工产品，如 饲料级磷酸二氢钙、磷酸一铵和磷酸铁等，并不断加大技术研发投入， 技术人员占比从 2020 年的 10%提升到 2024 年的 20%。 公司产品结构发生显著变化，传统支柱产品饲料级磷酸二氢钙营收占比 ...

证券研究报告 | 2025年12月12日 川恒股份（002895.SZ） 优于大市 磷酸盐主业稳根基，磷矿石资源助增长 资源为基，构建"矿化一体"全产业链壁垒。川恒股份是国内磷化工行业资 源型领军企业，核心竞争力源于优质磷矿资源。公司通过控股福麟矿业 （90%）、黔源地勘（58.5%）及参股天一矿业（40%），布局小坝、新桥、 鸡公岭、老虎洞等高品位矿山，2025 年权益磷矿石产能达 320 万吨，2027 年后将突破 850 万吨。中国以全球约 5%的磷矿储量支撑近半产量，资源禀赋 差、环保约束强，稀缺属性持续强化，为公司提供长期成本优势和战略安全。 磷酸为核心中间体，高纯工艺构筑差异化竞争力。磷酸是磷化工产业链的核 心中间产品，公司依托自有高品位磷矿与半水湿法工艺，生产出铁、铝、镁 等杂质含量显著低于行业标准的高品质磷酸，涵盖工业级、食品级等规格。 广西扶绥基地拥有商品磷酸 20 万吨/年与净化磷酸 10 万吨/年产能，受益于 下游需求刚性增长与供给趋紧，公司磷酸业务毛利率显著高于同业。 饲料级磷酸二氢钙全球龙头，供需格局向好。公司饲料级磷酸二氢钙总设计 产能达 51 万吨/年，为全球最大的生产商。当前行 ...

Group 1 - The core point of the news is that Chuanheng Co., Ltd. experienced a decline of 5.05% in its stock price, reaching 36.87 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 22.405 billion CNY [1] - Chuanheng Co., Ltd. is based in Guizhou Province and was established on November 25, 2002. It was listed on August 25, 2017. The company's main business involves the production and sales of phosphoric acid and phosphate products [1] - The revenue composition of Chuanheng Co., Ltd. includes phosphoric acid (28.41%), feed-grade dicalcium phosphate (25.11%), monoammonium phosphate (21.29%), iron phosphate (9.46%), phosphate rock (6.93%), other products (3.56%), trading income (1.94%), others (1.57%), iron concentrate (1.11%), and ammonium sulfate (0.61%) [1] Group 2 - From the perspective of fund holdings, one fund under the Fuguo Fund has a significant position in Chuanheng Co., Ltd. The Fuguo CSI Value ETF (512040) held 790,100 shares in the third quarter, accounting for 1.38% of the fund's net value, making it the seventh-largest holding [2] - The Fuguo CSI Value ETF (512040) was established on November 7, 2018, with a current scale of 1.675 billion CNY. Year-to-date, it has achieved a return of 19.74%, ranking 2824 out of 4216 in its category. Over the past year, it has returned 19.03%, ranking 1938 out of 3937, and since inception, it has returned 162.93% [2]

Group 1 - The core point of the news is that Chuanheng Co., Ltd. experienced a decline of 5.05% in its stock price, reaching 36.87 CNY per share, with a trading volume of 248 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 22.405 billion CNY [1] - Chuanheng Co., Ltd. is primarily engaged in the production and sales of phosphoric acid and phosphate products, with its main business revenue composition being: phosphoric acid 28.41%, feed-grade dicalcium phosphate 25.11%, monoammonium phosphate 21.29%, iron phosphate 9.46%, phosphate rock 6.93%, other products 3.56%, trading income 1.94%, others 1.57%, iron concentrate 1.11%, and ammonium sulfate 0.61% [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Chuanheng Co., Ltd., with the Bank of China Value Selection Mixed Fund (002601) holding 190,000 shares, accounting for 4.37% of the fund's net value, making it the third-largest holding [2] - The Bank of China Value Selection Mixed Fund (002601) has a total scale of 127 million CNY and has achieved a return of 36.7% this year, ranking 2121 out of 8147 in its category, with a one-year return of 23.76%, ranking 2731 out of 8056 [2]

Core Viewpoint - Chuanheng Co., Ltd. has shown significant stock price growth and strong financial performance in recent months, indicating a positive market sentiment and operational efficiency [1][2]. Financial Performance - For the period from January to September 2025, Chuanheng Co., Ltd. achieved a revenue of 5.804 billion yuan, representing a year-on-year increase of 46.08% [2]. - The net profit attributable to shareholders for the same period was 965 million yuan, reflecting a year-on-year growth of 43.50% [2]. Stock Performance - As of November 11, Chuanheng's stock price increased by 69.27% year-to-date, with a 16.19% rise over the last five trading days, 27.23% over the last 20 days, and 57.19% over the last 60 days [1]. - The stock was trading at 39.11 yuan per share, with a market capitalization of 23.766 billion yuan [1]. Shareholder Information - As of October 31, the number of shareholders increased to 32,700, up by 13.30% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.74% to 18,249 shares [2]. Dividend Distribution - Chuanheng Co., Ltd. has distributed a total of 2.133 billion yuan in dividends since its A-share listing, with 1.729 billion yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 11.3947 million shares, an increase of 7.0653 million shares from the previous period [3]. - Shenwan Hongyuan Securities Co., Ltd. ranked fifth among the top circulating shareholders, with a holding of 6.466 million shares, up by 429,600 shares [3].

Core Viewpoint - Chuanheng Co., Ltd. has shown significant stock performance with a year-to-date increase of 65.51%, driven by strong financial results and positive market sentiment [1][2]. Financial Performance - For the period from January to September 2025, Chuanheng Co., Ltd. achieved a revenue of 5.804 billion yuan, representing a year-on-year growth of 46.08% [2]. - The net profit attributable to shareholders for the same period was 965 million yuan, reflecting a year-on-year increase of 43.50% [2]. Stock Market Activity - As of November 7, the stock price of Chuanheng Co., Ltd. was 38.24 yuan per share, with a trading volume of 406 million yuan and a market capitalization of 23.237 billion yuan [1]. - The stock has seen a recent net inflow of 15.5525 million yuan from major funds, with significant buying activity noted [1]. Shareholder Information - As of October 31, the number of shareholders increased by 13.30% to 32,700, while the average number of circulating shares per person decreased by 11.74% to 18,249 shares [2]. - The company has distributed a total of 2.133 billion yuan in dividends since its A-share listing, with 1.729 billion yuan distributed over the past three years [3]. Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, increasing its holdings by 7.0653 million shares [3]. - Shenyin Wanguo Securities Co., Ltd. was the fifth largest circulating shareholder, with an increase of 429,600 shares [3].

Core Insights - Chuanheng Co., Ltd. has seen its stock price increase by 20.09% over the past six days, currently trading at 34.49 CNY per share with a market capitalization of 20.958 billion CNY [1] Company Overview - Chuanheng Co., Ltd. is located in Fuquan City, Guizhou Province, and was established on November 25, 2002. The company went public on August 25, 2017. Its main business involves the production and sale of phosphoric acid and phosphate products [1] - The revenue composition of Chuanheng Co., Ltd. includes: phosphoric acid (28.41%), feed-grade calcium dihydrogen phosphate (25.11%), monoammonium phosphate (21.29%), iron phosphate (9.46%), phosphate rock (6.93%), other products (3.56%), trading income (1.94%), others (1.57%), iron concentrate (1.11%), and ammonium sulfate (0.61%) [1] Fund Holdings - According to data, one fund under China Europe Fund has a significant holding in Chuanheng Co., Ltd. The fund, China Europe Dividend Select Mixed Fund A (019991), held 103,100 shares in the third quarter, accounting for 2.03% of the fund's net value, making it the fourth-largest holding [2] - During the six-day stock price increase, the fund has realized a floating profit of approximately 594,900 CNY [2] Fund Manager Performance - The fund manager Liu Yong has been in position for 2 years and 83 days, with the fund's total asset size at 9.819 billion CNY. The best return during his tenure is 30.82%, while the worst is 2.96% [3] - Co-manager Zhang Xue Ming has been in position for 1 year and 195 days, managing assets totaling 6.741 billion CNY, with a best return of 69.05% and a worst return of 9.12% during his tenure [3]

Group 1 - The core viewpoint of the news is that Chuanheng Co., Ltd. has seen a significant increase in its stock price, rising 20.09% over the past six days, with a current price of 34.49 CNY per share and a market capitalization of 20.958 billion CNY [1] - Chuanheng Co., Ltd. specializes in the production and sales of phosphate and phosphate products, with its main revenue sources being phosphoric acid (28.41%), feed-grade dicalcium phosphate (25.11%), monoammonium phosphate (21.29%), and iron phosphate (9.46%) [1] - The company has a trading volume of 621 million CNY and a turnover rate of 3.07% as of the report date [1] Group 2 - The top ten holdings of the fund indicate that the Fuquo Fund's index value ETF (512040) has a significant position in Chuanheng Co., Ltd., holding 790,100 shares, which accounts for 1.38% of the fund's net value [2] - The fund has generated a floating profit of approximately 268,600 CNY today and 4.5589 million CNY during the six-day price increase [2] - The Fuquo Index Value ETF (512040) has a total asset size of 1.675 billion CNY and has achieved a year-to-date return of 16.1% [2]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, driven by high phosphate ore prices and stable supply [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.8 billion yuan, up 46.1% year-on-year, and a net profit attributable to shareholders of 960 million yuan, up 43.5% year-on-year [1]. - In Q3 2025, the company reported revenue of 2.44 billion yuan, with year-on-year and quarter-on-quarter increases of 64.1% and 30.9%, respectively [1]. - The net profit for Q3 2025 was 430 million yuan, reflecting year-on-year and quarter-on-quarter growth of 34.6% and 28.3%, respectively [1]. Resource and Market Conditions - The company has abundant phosphate resources, with a total phosphate ore production capacity of 3.2 million tons per year, ensuring stable supply for downstream chemical production [1]. - Phosphate ore prices have remained high since 2021, with an average market price of approximately 1,020 yuan per ton in Q3 2025, showing stability compared to the previous quarter [1]. Product Pricing and Profitability - The prices of phosphate chemical products showed slight increases in Q3 2025, contributing to improved profitability for the company [2]. - The average price of feed-grade monoammonium phosphate in Q3 2025 was about 4,700 yuan per ton, reflecting a quarter-on-quarter increase of 2.2% [2]. Shareholder Returns - The company has a strong focus on shareholder returns, having distributed a total of 2.13 billion yuan in dividends since its listing, with a dividend payout ratio around 70% in recent years [2]. - In August 2025, the company announced a cash dividend of 3.00 yuan per 10 shares, totaling 180 million yuan [2]. - As of September 30, 2025, the company had repurchased 1.76 million shares, accounting for 0.29% of the total share capital, with a total expenditure of 40.14 million yuan [2]. Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 7.7 billion, 8.38 billion, and 9.37 billion yuan for 2025-2027, with year-on-year growth rates of 30.3%, 8.8%, and 11.8%, respectively [3]. - The net profit attributable to shareholders is expected to reach 1.31 billion, 1.52 billion, and 1.83 billion yuan for the same period, with year-on-year growth rates of 37.2%, 15.9%, and 20.1% [3]. - Based on the closing price on November 1, the corresponding price-to-earnings ratios are projected to be 16, 14, and 11 times, with an initial coverage rating of "recommended" [3].