wen | shandongcaijingbaodao duanhaitao

12yue12ripanhou，shandongboxian（605006.sh）fabugupiaojiaoyiyanzhongyichangbodonggonggao，duigongsigujiadelianxudazhangzaicijinxingfengxiantishi，zheiyijingshishandongboxianzi12yue5riyilaidiwuciduitouzizhetishigujiafengxian。

jingjidaobaojizhezhuyidao，zi12yue4riqi，shandongboxianyilianxu7gejiaoyiriyizhangtingjiashoupan，gujiacongdidiansuanqiyiranfanfan。shandongboxianyebudebucongjigeyueqiangongbuhuigoufangantizhengujia，bianweizhudong“polengshui”jigujiajiangwen。

jinanmousimujijintouzijingliluqingduijingjidaobaojizhebiaoshi，muqianagujiaotouhuoyue，henduoyouzihuixuanzejigouchicangliangxiaodegupiao、liyongzhongzhonggainianjinxingchaozuo。touzizheduiciyaoxinhuaijingti，bimianzhuigao。erconggongsijiaodukan，qieshizuohaojingying、tigaoyejishuiping，tongguochixubuduandefenhonghuibaotouzizhe，caishigengzhidechengdaode。

01

可能存在短期大幅下跌的风险

12yue12ri，shandongboxianyi10.86yuan/gudezhangtingjiakaipan，chulezaijiaoyishijiandiyifenzhongneiyoudabimaichu、gujiashunjiantanzhi10.50yuan/guwai，shandongboxiangujiaquantiandoufengzaizhangtingbanshang，zhizhishoupan。

jingjidaobaojizhezhuyidao，shandongboxianciboshangzhangcong12yue2rikaishijiasu，12yue4rishouhuodiyigezhangtingban，cihoude6gejiaoyirisuiranpanzhongouyouzhendang，danzuizhongdouyizhangtingshoupan。cong12yue4rizuidijia5.36yuansuanqi，shandongboxianduanduan7gejiaoyirijiushixiangujiafanfan。ercong11yue29rishoupanjia5.17yuan/gusuanqi，shandongboxiangujiazhi12yue12riyishangzhang110.06%。

suizhegujiadekuangbiao，shandongboxiandetaiduyeyuefajinshen，congzuichufabuputongdegupiaojiaoyiyichangbodonggonggao，daoguanyugupiaojiaoyifengxiantishidegonggao，zaidaorujin“yanzhongyichangjiaoyibodong”gonggao，shandongboxiandexinlulichengwairenbuzhinengfoutihui。

“jinqi，gongsigujialeijizhangfujiaoda，chaoguodabufentongxingyegongsigujiazhangfu。duanqineigongsigujiafashengjiaodabodong，cunzaishichangqingxuguore、feilixingchaozuodefengxian。”shandongboxianzaizuixindegonggaozhongbiaoshi，zi12yue4riqi，gongsigupiaoyilianxu7gejiaoyirizhangting，gongsigupiaozuijin7gejiaoyirileijihuanshoulvdadao53.74%。“jingpanduan，kenengcunzaiduanqineidafuxiadiedefengxian。”

shandongboxiantoulu，gongsizuixingundongshiyinglvwei-59.70，jingtaishiyinglvwei62.99，shijinglvwei2.60。genjuzhongzhengzhishuyouxiangongsifabudeshujuxianshi，shandongboxiansuochudefeijinshukuangwuzhipinyezuixingundongshiyinglvwei23.49，jingtaishiyinglvwei17.81，shijinglvwei1.42。

“gongsigundongshiyinglvweifu，jingtaishiyinglv、shijinglvjunxianzhugaoyuxingyepingjunshuiping，guzhipianlitongxingyeheliguzhi。”shandongboxianzaicitishifengxiandao，gongsimuqianjingyingqingkuangzhengchang，jibenmianweifashengzhongdabianhua，gongsigujiayiyanzhongtuolijibenmian。jingqingguangdatouzizhelixingtouzi，zhuyitouzifengxian。

shijishang，jiuzai4geyueqian，shandongboxianhaiqipanzhegongsigujiashangzhang。

8yue27ri，shandongboxianfabugonggao，weiweihugongsiguangdazhongxiaotouzizhedeliyi，zengqiangtouzizhexinxin，shandongboxianniyijizhongjingjiajiaoyifangshihuigougongsigufen，huigoujinewei5000wanyuanzhi10000wanyuan，huigoujiageshangxianwei5.41yuan/gu。

bishi，shandongboxiandegujiaganggangdiepo4yuan/gu，chuangchuleshangshiyilaidexindi。

11yue28ri，shandongboxianpilu，jiezhidangrigongsiyitongguoshangjiaosuojiaoyixitongyijizhongjingjiajiaoyifangshihuigougongsigufen622.098wangu，huigouchengjiaodezuigaojiawei5.30yuan/gu，zuidijiawei4.08yuan/gu，zhifudezijinzongewei2998.85wanyuan。

meixiangdao，shandongboxiandegujiazheimekuaijiuzhangdeshangshigongsizijidou“maibuqi”le。

02

前三季度亏损1.11亿元

jingjidaobaojizhezhuyidao，shandongboxianweishandongnengyuanjituanqixiaagushangshigongsizhiyi，shandongboxiandelianxudazhang，yerangbufentouzizhedui“shannengxi”qitashangshigongsichanshenglexingqu。

buguo，cong12yuechuzhi12yue12rideerjishichangzoushikan，“shannengxi”qitagongsibiaoxianpingdan。yankuangnengyuan（600188.sh）12yuezhangfujinyou3%，9yuezhongxundidianzhijinzhangfuyebuzu20%；zongguben1.4yigudexinfengguang（688663.sh）12yueshangzhang2.93%，9yuedidianzhijinshangzhang43.43%；qixiangtengda（002408.sz）12yueshangzhang5.10%，9yuedidianzhijinshangzhang26.36%；yundingkeji（000409.sz）12yuexiadie5.82%，9yuedidianzhijinshangzhang49.93%。

congshandongboxianzishenyejikan，qiansanjidudedafukuisun，sihuyenanyizhichenggujiarucimengliedeshangzhang。

caiwushujuxianshi，shandongboxian2024nianqiansanjidushixianyingyeshouru14.87yiyuan，tongbijianshao10.38%，guimujinglirunwei-1.11yiyuan，tongbijianshao204.56%，jingyinghuodongchanshengdexianjinliuliangjingewei5844.81wanyuan，tongbijianshao90.15%。

shandongboxianbiaoshi，jinglirunxiahuazhuyaoshiyinweiboxianshichangchuyudimizhuangtai，boxianjiagexiajiang；erxianjinliuliangjingejianshao，yifangmianshiyinweixiaoshoushangpin、tigonglaowushoudaodexianjinjianshao，lingyifangmianshiyinweigoumaishangpin、jieshoulaowuzhifudexianjinzengjia。

zaiwaijiekanlai，shandongboxianzaoyuyouzichaozuo，huoxuyuchanpintijiayouguan。

jingjidaobaojizhezhuyidao，zaishandongboxiancifanxingqingqidongzhiji，youtouzizhezaishangzhengehudongpingtaijiubaokuoshandongboxianzaineideduojiatoububoxianqiyefabudiaojiahanxiangshangshigongsiqiuzheng。ershandongboxianzai12yue10rijinxinghuifushicheng，gongsiyu2024nian11yue28rifabu《diaojiagaozhihan》，weishixiangongsijiankangwendingkechixufazhan，duiresuduanxian、resuzhangxianfujia10%-15%，fengdianshafujia15%-20%（yiqiandinghetongderenganzhaoyuanhetongyuedingzhixing）。

buguo，zaishandongboxianxiangguanrenshikanlai，zhangjiahanhuoxuzhishichaozuodeyigeyoutou，gongsiwaibuliutongpanjiaoxiao，huoxuyeshizaoyuchaozuodeyuanyinzhiyi。

julejie，zhangjiahanshixingyejijiagongsiyiqifade，chuleshandongboxianwai，haibaokuozhongguojushi、jizhongnengyuanqixiadejizhongxincaideng。danconggujiazoushikan，qitajijiagongsigujiazoushiyuanmeiyoushandongboxianzheimeqianghan。

shandongboxianzai12yue7ridefengxiantishigonggaozhongbiaoshi，gongsikonggugudongshandongnengyuanjituanxincailiaoyouxiangongsichiyougongsigufen31644.16wangu，zhangongsizonggubendebiliwei51.79%；gongsidierdagudongshanghaidongxingtouzikonggufazhanyouxiangongsichiyougongsigufen9011.41wangu，zhangongsizonggubendebiliwei14.75%；gongsihuigouzhuanyongzhengquanzhanghuchiyougongsigufen622.10wangu，zhanbi1.02%；gongsiguquanjilixianshougu1095.02wangu，zhanbi1.79%；qiyuweiwaibuliutonggu，liutongpanjiaoxiao，cunzaishichangchaozuofengxian。

jingjidaobaojizhelejiedao，shandongboxianzonggubenyuewei6.11yigu，rugongsigonggaosuoyan，qiwaibuliutongpanzhanbijinwei30%，jinwei1.8yiyugu，youzichaozuoqilaiqueshixiangduirongyiyixie。