Day 92 of the 600,000 real trading shares, total 2,690,000

March 1, 2026! Wishing everyone success in the Year of the Horse~

Tomorrow’s Watchlist: $Zhuye Group (sh600961)$ primarily engages in zinc, lead smelting, and comprehensive recovery of copper, gold, and silver. Performance is heavily influenced by commodity prices. If it is judged that prices of key metals like zinc are entering an upward cycle, or if by-products like gold and silver perform strongly, the company’s earnings will have significant flexibility. Asset restructuring and resource upgrades: The company previously completed the acquisition of ShuiKouShan Limited, a subsidiary of its controlling shareholder. This not only increased lead-zinc ore reserves but also improved raw material self-sufficiency. Higher self-sufficiency helps stabilize processing fee fluctuations and boosts profits. Technology upgrades and cost advantages: As an established enterprise, Zhuye has updated equipment after relocating. Cost reduction and efficiency improvements along the “zinc smelting—comprehensive recovery” industry chain can build a cost moat, maintaining resilience during industry downturns. State-owned enterprise reform background: As an important platform under China Minmetals, the reform may bring resource integration or management efficiency improvements, which is a positive factor for valuation. Valuation and safety margin: When considering buying, valuation should be taken into account. Pay attention to whether the price-to-book ratio (PB) is near historical lows. Additionally, assess profitability under different metal price scenarios to determine if the current stock price has sufficient safety margin.

$Wanhua Chemical (sh600309)$ is the world’s largest producer of MDI (a key chemical raw material). The MDI industry has high technical barriers and long investment cycles, with only a few companies globally capable of production. This oligopoly creates a strong “moat” for Wanhua, enabling it to maintain high profitability over the long term. “Borderless” growth, building a comprehensive chemical giant: The company is successfully replicating its MDI technology and management capabilities into petrochemicals, fine chemicals (such as coatings, ADI, etc.), and new materials. This “related diversification” strategy extends the industry chain and disperses cyclic risks of single products, opening up long-term growth potential. Wanhua regards R&D as core, continuously investing heavily, not only consolidating its leading position in MDI technology but also achieving domestic substitution in multiple fine chemical fields. This innovation-driven gene is a key reason for the market’s valuation premium. As an excellent state-owned enterprise, it has standardized corporate governance, clear strategy, and emphasizes shareholder returns, with stable dividend history. This makes it a long-term value investment candidate.

Position holdings~ [Baobian Electric] [Aladdin] — Hold [Innovative Medical] — Sold on Friday

Thank you all for your likes, comments, and support. Thank you for your continued support! May your stocks rise like the rising sun, reaching new highs daily; may your investments flow smoothly and steadily generate profits; may all holdings be potential stocks with increasing value; may your operations be as precise as divine strokes, with accurate buy and sell decisions. The stock market is a rainbow, wealth rolling in, profits continuously, and harvests abundant! 【Disclaimer】My views are personal thoughts and records only, not investment advice. Keep a good mindset.