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]

调研行业：包装材料 参与调研的机构：投资者等 宝钢包装分析师会议 调研日期：2025年05月22日 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ / 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 | 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 | | | ...

Report's Industry Investment Rating - No information provided regarding the industry investment rating. Report's Core View - The mask industry will develop towards high precision, multi - layer, localization, and application diversification in the next few years. It is less affected by the downstream industry cycle, with the average price of mask showing a stable - to - rising trend. The company, as a local mask manufacturer, has significant advantages in delivery, service, and response speed, and downstream customers have a strong willingness for domestic substitution. The diversification of downstream applications and technological evolution will drive the industry into a high - prosperity cycle [26][28]. Summary According to Related Catalogs 01. Research Basic Situation - The research object is Luwei Optoelectronics, belonging to the optoelectronics and photonics industry. The reception time is May 22, 2025, and the listed company's reception staff includes the chairman, president, directors, financial supervisor, and independent director [17]. 02. Detailed Research Institutions - The reception objects include investors and others [20]. 03. Research Institution Proportion - No information provided. 04. Main Content Data - **Semiconductor Business Progress**: Luxin Semiconductor plans to send samples of 90 - 100nm semiconductor masks in the first half of 2025 and trial - produce 40nm semiconductor masks in the second half. It will contribute revenue in 2025 and may promote the 28nm project from 2026 - 2027 [24]. - **Gross Margin Impact**: As the proportion of semiconductor masks in the revenue structure increases, it will have a positive impact on the company's overall gross margin [24]. - **Future Revenue Outlook**: The company will follow the national development strategy, increase investment and R & D, and implement the "screen - driven - chip" strategy for dual - wheel drive development of two product lines [24]. - **Domestic Flat - Panel Mask Market**: The domestic flat - panel photomask market space is expected to be close to 1 billion RMB in the next 3 - 5 years. The current localization rate is about 20%, and the situation of industry scale improvement and domestic substitution can support domestic manufacturers' expansion [25]. - **Mask Replacement and Attribute**: Mask replacement depends on downstream product diversity, usage frequency, process requirements, and technology iteration. Masks are consumable - like molds [25]. - **Industry Development Prospect**: The mask industry is closely related to downstream industries. It is less affected by the downstream cycle, with a stable - to - rising average price. The company has local advantages, and downstream customers have a strong willingness for domestic substitution. Downstream applications and technological evolution drive the industry into a high - prosperity cycle [26][28]. - **Profit Growth Drivers**: Multiple expansion projects are advancing steadily, including the "High - Precision Semiconductor Mask and Large - Size Flat - Panel Display Mask Expansion" project, the Luxin Semiconductor project, and the "Xiamen Luwei Optoelectronics High - Generation High - Precision Photomask Production Base Project", which will expand production capacity and enhance the company's competitiveness [29]. - **Financial Performance**: In 2024, the company's revenue was 875.5487 million yuan, a year - on - year increase of 30.21%. The net profit attributable to the parent was 190.8622 million yuan, a year - on - year increase of 28.27%. In the first quarter of 2025, the revenue was 260.08 million yuan, a year - on - year increase of 47%. The net profit attributable to shareholders of the listed company increased by 20% year - on - year, and the growth rate would be higher than the revenue growth rate if the exchange gain or loss was excluded [30][32].

中电港分析师会议 调研日期：2025年05月22日 调研行业： 参与调研的机构：东方财富、长城基金、信达澳亚基金、纵横资 产、天辰元信私募基金等 / 机构调研pro小程序 DJvanbao.com 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。 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 | 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 ...

Group 1: Report Overview - The report is about a research on New Tian Technology in the instrument and meter industry on May 22, 2025 [1][2][17] Group 2: Research Details 1. Basic Research Information - Research object: New Tian Technology [17] - Industry: Instrument and meter [17] - Reception time: 2025 - 05 - 22 [17] - Company reception staff: Board Secretary Yang Dongling and Financial Controller Xu Wenliang [17] 2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3. Investor Questions and Company Responses - **Dividend and rights confirmation**: The specific implementation of the company's 2024 annual equity distribution will be announced later [24] - **Market value management**: The company has not formulated a market value management system but has an investor - relations management department [24] - **Photovoltaic inverter R & D**: The photovoltaic inverter product is still in the R & D stage [24] - **Market share decline**: The company optimized its customer structure to manage cash - flow and reduce the risk of non - recovery of accounts receivable [25] - **Stock repurchase**: The company has implemented share repurchases in the past [25] - **Gas merger fund**: The company has no participation in a gas merger fund [25] - **Kent Electric's listing**: Kent currently has no plan to go public [25] - **Future performance growth points**: Future sales growth of smart water, heat, and agricultural water - saving products will positively impact the company's performance [25] - **Role in urban renewal**: The company's products are used in the intelligent management of public utilities and will benefit from the construction of smart cities [25][26] - **Q1 performance decline**: Q1 is usually a low - season for the company with a small proportion of annual sales [26]

浙大网新分析师会议 调研日期：2025年05月22日 调研行业：互联网服务 参与调研的机构：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 的問悉各行业更流企业调研情况。 LIST 01 调研基本情况 | 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 | | ...