1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The company has received multiple orders for marine engineering and chemical vessels since 2024 and is in active negotiation for several hot - project orders [28]. - The company is seizing the opportunity of AI development, integrating AI with existing industries, and has achieved some results in the intelligent and automated R & D and application of high - end equipment, with subsequent plans to increase R & D efforts [29]. - In 2024, the company's export sales accounted for 80.44%. It has established sales and after - sales service networks overseas and is actively expanding the high - end equipment business market [30]. - The company's daily business is affected by exchange rate fluctuations, but it has rich foreign exchange business experience and takes measures to reduce the impact, so the impact on performance is small [30]. - The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, and it is expected to be gradually put into use in the second half of this year [30]. - Since the acquisition of Kalmar's port container crane business in 2022, the company's port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - Considering factors such as 2024's profitability, future capital needs, industry conditions, and shareholder returns, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Runbang Co., Ltd., belonging to the special equipment industry. The reception time was May 29, 2025. The company's reception staff included the vice - president, the secretary of the board of directors, the representative of securities affairs, and the commissioner of securities affairs [17]. 3.2 Detailed Research Institutions - The research institutions included Bisheng Fund and Guoxin Asset Management. The relevant personnel were Liu Da from Bisheng Fund and Wu Wencheng from Guoxin Asset Management [21]. 3.3 Research Institution Proportion - The proportion of other types of institutions was 100% [27]. 3.4 Main Content Information - **Ship orders**: Since 2024, the company has received orders for various ships from countries and regions such as Germany, Singapore, and Latin America and is negotiating multiple hot - project orders [28]. - **High - end equipment technology development**: The company is integrating AI with existing industries, has achieved intelligent and automated R & D and application in some products, and has obtained relevant orders. It will further increase R & D efforts [29]. - **Overseas market layout**: In 2024, the export sales accounted for 80.44%. The company has established sales and after - sales service networks overseas and is expanding the high - end equipment business market [30]. - **Exchange rate impact**: The company's business is affected by exchange rate fluctuations, but it has measures to reduce the impact, so the impact on performance is small [30]. - **Tongzhou Bay base**: The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand high - end equipment production capacity, which is expected to be gradually put into use in the second half of this year [30]. - **Port machinery orders**: Since the acquisition of Kalmar's business in 2022, the port machinery business has developed rapidly, with sufficient orders on hand and continuous improvement in production and sales scale [31]. - **Dividend increase**: Considering multiple factors, the company increased its dividend in 2024 and plans to increase it further when conditions permit [31].

Group 1: General Information - The research was conducted on May 23, 2025, targeting Batian Co., Ltd. in the fertilizer industry [1][8] - Participating institutions include fund management companies, securities companies, investment companies, insurance asset management companies, and life insurance companies [2][9] Group 2: Xiaogaozhai Phosphate Mine Overview - Current production capacity is 11,000 tons per day, with a production license of 2 million tons per year and a potential increase of up to 20%. The company is implementing a 2.9 million tons/year safety facility design review and expects to complete phased results and start capacity expansion in Q3 this year [17] - The mine system features a belt transport system from underground to the surface, a filling mining method with 100% mechanization, and is undergoing intelligent construction upgrades [17] - The first - phase production areas are 1, 2, 3, and 4, and the second - phase are 5, 6, and 7. The main systems include a 693 - meter main inclined shaft, a 538 - meter auxiliary inclined shaft, and a ventilation shaft [17] Group 3: Mine Operational Details - There are currently 4 stope faces in production underground. The ventilation shaft has a capacity of 16,000 cubic meters per minute, with actual usage of 13,000 cubic meters [18] - The drainage system has 6 pumps, with 4 in use and 2 in reserve. Each pump can extract 720 cubic meters of water per hour [19] - Safety monitoring includes井下 cameras connected to the control center, a personnel positioning system with a maximum deviation of 30 cm, wireless phone communication with WIFI underground, a water supply system from a surface high - level pool, a 3 - large - 3 - small air compression system, and an emergency shelter system that can support miners for over 7 days in case of disasters [19] Group 4: Business Model and Contracts - Only mining is outsourced, while the beneficiation system is self - operated. The contractors are responsible for safety [19] - Contracts are mostly quantity - locked but not price - locked, with a small number of price - locked contracts [30] - The company has 30+ stable customers and 60+ old customers, some large customers need over 700,000 tons of ore per year [30] Group 5: Production and Sales - In April, production exceeded 300,000 tons. Current daily production is about 12,000 tons, with a maximum of 30,000 tons per day [22][28] - The company sells all the produced ore each month and still has about 300,000 tons of orders to deliver [21] - The sales price is relatively stable compared to January and February this year, and is expected to rise steadily in the second half of the year [22][24] Group 6: Ore Quality and Grade - The overall ore grade is 27 - 28%, relatively high in Weng'an County. The B - layer ore grade is about 27%, with a maximum of 32% [22][27] - The average mined ore grade is higher than the explored grade [26] Group 7: Recycling and Efficiency - The mine has a filling system, and the recovery rate is over 95%, which can be further increased by 1 - 2 percentage points through innovation [28] Group 8: Downstream and Industry Chain - The company's downstream products include nitric phosphate fertilizer, industrial ammonium phosphate, and iron phosphate. The phosphochemical industry chain is relatively complete, covering mining, beneficiation, and physical beneficiation with a capacity of 600,000 tons per year [28][29] - The Guizhou compound fertilizer production base directly uses about 100,000 - 200,000 tons of phosphate ore per year [29] Group 9: Cost and Beneficiation - The cost of raw ore in Q1 this year was about 130 yuan per ton, including filling costs [31] - Beneficiation can increase the grade from an average of 24% to 31 - 33%, with a cost of 80 - 100 yuan per ton [31]

Group 1: Research Basic Information - The research object is Icewheel Environment, belonging to the general equipment industry, with a reception time of May 28, 2025, and the listed company's reception staff is the board secretary, Sun Xiuxin [17] Group 2: Detailed Research Institutions - The research institutions include CICC (securities company, with relevant personnel Zhang Jiemin and Yan Jia), Orient Asset Management (financial asset management company, with relevant personnel Li Jiang), and Guoshou Anbao Fund (fund management company, with relevant personnel Jiang Shaozheng and Xiao Jiaqi) [18] Group 3: Main Research Content - Discussed part of the data in the company's 2024 annual report and Q1 2025 report [24] - Discussed the company's business and industrial sectors. The main products are compressors and heat exchange devices, with functions of "cooling", "heating", and "pressurizing". The company has a mature magnetic levitation compressor product supplied in batches for many years and was applied in the Beijing Winter Olympics venues. The customer industries cover various fields such as commercial refrigeration systems, industrial refrigeration systems, commercial comfort air - conditioning, industrial special air - conditioning, energy utilization, casting, and industrial intelligence [25] - Discussed the company's product applications in data centers. The company's Dunham - Bush and Heat Exchange Technology companies provide cooling equipment such as cold source equipment and heat exchange devices for data centers. Two products were included in the MIIT's catalog, and the company has served many domestic and overseas data center projects, with overseas manufacturing bases in tactical expansion [26][27] - Discussed the company's products for the nuclear power industry. With the recent signal of accelerated nuclear power construction, the company has developed a series of innovative technologies for core scenarios such as nuclear island cooling and nuclear energy heating, and its subsidiaries have rich experience and successful cases [28] - Discussed the company's products for controlled nuclear fusion. The company developed a cryogenic helium compressor in 2016 and has supplied it to many research institutions for major national frontier science and technology research projects [29]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No relevant content provided Group 3: Summary by Directory 1. Enterprise Overview 1.1 Basic Information - The company is Changxin Technology Group Co., Ltd., a foreign - invested, unlisted joint - stock company with a registered capital of 5777094.224 million RMB. Its address is at No. 388, Xingye Avenue, Airport Industrial Park, Economic and Technological Development Zone, Hefei, Anhui. It was established on June 13, 2016, and its legal representative is Zhao Lun. The company's business scope includes integrated circuit design, manufacturing, processing, etc. [5] 1.2 Enterprise Website Information - The company has multiple websites, such as hfzjco.cn, hfzjco.com, innotron.org.cn, etc., and the official website is www.cxmt.com [6] 1.3 Main Personnel Information - The main personnel include directors like Cao Kanyu, Fang Wei, Wang Nan; the chairman is Zhu Yiming; the监事 is Li Jun; the financial officer is Huang Danyang; and the director - general manager is Zhao Lun [7][8] 1.4 Branch Information - No branches are reported [9] 1.5 Change Records - There have been multiple changes in the company, including changes in registered capital, market entity type, investors, and executives. For example, in 2023, the registered capital changed several times, and the market entity type changed from a limited - liability company to a foreign - invested, unlisted joint - stock company [10][11][15] 1.6 Shareholder Information - As of the latest data, there are many shareholders, including Beijing Zhaoyi Innovation Technology Co., Ltd., Agricultural Bank Financial Asset Investment Co., Ltd., etc., with different investment amounts and proportions [23][24][30] 1.7 Subscribed Capital Contribution Information - The subscribed capital contribution has changed over time, with the latest amount being 5777094.224 million RMB in 2024 [37] 1.8 Abnormal Business Information - No relevant content provided 1.9 Enterprise Contact Information - No relevant content provided 2. Enterprise Linkage Relationship - No relevant content provided 3. Information on Dishonest Persons - No relevant content provided

森霸传感分析师会议 调研日期：2025年05月22日 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 调研行业：光学光电子 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜 ...

金博股份分析师会议 调研日期：2025年05月22日 调研行业：光伏设备 参与调研的机构：线上参与公司2024年度暨2025年第一季度业 绩说明会的投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 扫码关注 调研纪要精选公众号 的問悉各行业更流企业调研情况。 LIST | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机 ...

1. Report Industry Investment Rating - No information is provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The report conducts a comprehensive investigation into Qixiang Tengda, covering aspects such as its business operations, profitability, strategic directions, and export status. It points out that the company will strive to achieve its annual goals by leveraging the easing of trade - wars and the decline in raw material prices, and will also extend its industrial chain through various means [23][24][26]. 3. Summary by Related Catalogs 3.1. Research Basic Information - The research object is Qixiang Tengda, belonging to the chemical products industry. The reception time was on May 22, 2025, and the company's reception personnel were the board secretary, Su Chao, and the securities affairs representative, Che Junxia [16]. 3.2. Detailed Research Institutions - The institutions participating in the research include Leying Fund, Hua'an Securities, CITIC Construction Investment Fund, Guolian Securities, and Dongcai Securities, along with their corresponding related personnel [17]. 3.3. Research Institutions Proportion - No information is provided in the document regarding the proportion of research institutions. 3.4. Main Content Data - **Business Scope**: Qixiang Tengda is a state - controlled listed company. Its main business consists of chemical manufacturing and international trade. The chemical manufacturing business has two major industrial chains: the carbon - three and carbon - four industrial chains. The international trade business mainly focuses on petrochemical trade [23]. - **Profit - making Products**: Currently, the company's profit - making products include tert - butanol, isobutylene, methyl ethyl ketone, acrylic acid, sec - butanol, and rubber. Although the company's performance declined year - on - year in the first quarter, it aims to achieve its annual goals through various measures [24]. - **Strategic Implementation Directions**: The company will extend its industrial chain according to the "Development Strategic Planning Outline", focusing on downstream new - material products. It will also achieve rapid industrial chain integration through mergers and acquisitions [26]. - **Strategic Positioning by the Parent Company**: Shandong Energy Group aims to make Qixiang Tengda the main force in the petrochemical sector and will promote its development in line with the "local high - end, new chapter elsewhere" approach [27]. - **Export Situation**: In the first quarter, the company exported 15410 tons of products, earning 112 million US dollars in foreign exchange. The main export regions are East Asia, Southeast Asia, West Asia, Europe, and South America. The company will adjust export volumes based on price differences [28][30].

Group 1: Report General Information - The research object is Chenguang New Materials, and the industry is chemical products [17] - The reception time is May 22, 2025, and the listed company's reception personnel include the director and general manager Ding Bing, the director, board secretary and deputy general manager Liang Qiuhong, the financial director Lu Jianping, the independent director Yang Pinghua, and the securities affairs representative Feng Yifan [17] Group 2: Core Views - In the long - term, technological iteration and downstream demand growth drive the industry to expand, and strict environmental and energy policies accelerate industrial upgrading and integration. Currently, the industry faces structural over - supply, and the survival space of small and medium - sized enterprises is narrowing, while leading enterprises will dominate globally [25] - The company is transforming from a single silane supplier to a silicon - based new material solution service provider, and expects to form a gradient development pattern with the full production of three bases [26][27] - The company's future profit growth is mainly driven by four modules: market development, project construction, technology R & D, and human resources development [29] Group 3: Industry and Company Performance - In 2024, the organic silicon market was relatively sluggish, and the price of functional silanes decreased year - on - year due to weak demand and domestic capacity release [28] - In 2024, the company achieved an operating income of 115,965.35 million yuan, a net profit attributable to shareholders of listed companies of 4,136.01 million yuan, a net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses of 895.06 million yuan, and an earnings per share of 0.13 yuan [31] Group 4: Company Business - The company is mainly engaged in the R & D, production and sales of functional silane basic raw materials, intermediates and finished products, with a complete product matrix and a wide range of downstream application fields [25][26] - The company's main products are divided into amino silane, epoxy silane, chloropropyl silane, sulfur - containing silane, orthosilicate, methacryloxy silane, vinyl silane, alkyl silane, hydrogen - containing silane, etc., covering fields such as automobiles, wind power, photovoltaics, tires, and construction [26]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The photopolymerization industry is gradually improving, and the company is a leading player in the photoinitiator field with advanced technology, strong new product development capabilities, and global influence [26]. - The application scenarios of the company's photopolymerization products are becoming more extensive, and the future development prospects are broad [28]. - The company is confident in achieving profitability as the prices of its main photoinitiators have rebounded, and it expects the production and sales of photosensitizers to reach a certain scale [28]. - The company's photosensitizers and photoresists have gradually achieved large - scale sales, which will bring new growth to the company [29]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Tianjin Jiuri New Materials Co., Ltd., belonging to the chemical products industry. The reception time was May 22, 2025. The listed company's reception personnel included the chairman, president, independent director, vice - president, board secretary, and financial director [17]. 3.2. Detailed Research Institutions The reception objects included online investors, and the reception object type was related to institutional personnel and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Product Application and Market Situation** - The company's photoinitiators and photosensitizers can be used in the robot field, such as robot shells, components, and circuit boards [25]. - The company has business exchanges with a subsidiary of Huawei, and its photosensitizer products are in the trial - use stage [26]. - As of March 31, 2025, the company had 11,307 shareholders [26]. - The company's upstream raw material prices are relatively stable, and the prices of photoinitiators are gradually increasing [28]. - The company's photosensitizer products need to reach a certain scale of production and sales to achieve profitability [28][30]. - The company has launched new photoinitiator products, and its photosensitizers and photoresists have gradually achieved large - scale sales [29]. - The company's photosensitizers have signed multiple ton - level orders, and the sales of photoresists have exceeded one ton in total. The test performance indicators of related products can compete with similar imported products in the domestic market [30]. - **Semiconductor and Chemical Materials** - The company's semiconductor - related products include semiconductor i - line photoresists, LED g - line/h - line photoresists, panel photoresists, photosensitizers for photoresists, and other products, and it is also developing photo - acid generators [31]. - The company's 4,500 - ton photoresist production line started trial production in November 2024, and the sales have exceeded one ton while the production capacity is still in the climbing stage [31][38]. - **Business Strategy and Response Measures** - The company will seriously consider suggestions on mergers, acquisitions, and reorganizations [27]. - The company will strive to improve its operations, performance, and corporate value to bring good returns to investors [33]. - The company's exports to the United States account for a relatively low proportion of its total revenue, and most of its products are not within the scope of the previous US tariff increases [31]. - The company will start equity incentive work when the time is right [35]. - The company will actively look for suitable targets for mergers and acquisitions according to relevant policies [36]. - The company aims to achieve the localization of photosensitizers and photoresists using its photosensitizers as core raw materials to ensure the stability, continuity, and safety of the supply of corresponding photoresist products [36]. - The company is closely monitoring peer information and market changes and adjusting product prices in real - time [36].

Group 1: Research Basic Information - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry, and the reception time is May 22, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Liu Jun, and Liu Yu from the Board Office [16] Group 2: Detailed Research Institutions - The research institutions include securities companies such as Everbright Securities, Tianfeng Securities, Orient Securities, and CITIC Construction Investment; asset management companies like Ruijun Asset and Taikang Asset; fund management companies including Penghyang Fund, Invesco Great Wall, and Huatai-PineBridge Fund; and investment companies such as Hezhong Yisheng and Zhongrui Heyin [17][18] Group 3: Proportion of Research Institutions - Securities companies account for 36%, asset management companies 7%, fund management companies 36%, and investment companies 14% [20] Group 4: Main Content Information - The company's Q1 2025 performance rebounded due to increased sales and prices of some products and effective cost - reduction and efficiency - improvement measures. Some peer companies also had good Q1 performance, indicating improved supply - demand for some pesticide products, but the overall industry trend still needs close observation [23] - As the price of glufosinate - ammonium technical gradually declines, the market demand and the company's sales volume are increasing. However, the industry competition is still fierce, and the price is at a historical low [24] - The company is optimistic about the market space of refined glufosinate - ammonium. As more enterprises obtain product registrations, promote the market, and improve production technology, market demand will continue to grow. The company, as the largest domestic producer of refined glufosinate - ammonium technical, will accelerate overseas registration and market layout [26] - In 2024, the company's international sales accounted for 47%, with exports to over thirty countries and regions including the US. The company's main technical products were on the exemption list during the previous US "reciprocal tariff" policy, and recent Sino - US tariff policy adjustments have little short - term impact on the company [27] - The company is not currently considering an incentive plan [28] - The acquisition of Shandong Huimeng is in the due - diligence and demonstration process [29] - The change of the company's controlling shareholder and actual controller is based on the notice from Jiuyuan Group. The progress needs to go through a series of operations and state - owned asset approval processes, and the company believes it will promote further development [30][31]