行 业 及 产 业 2025 年 08 月 17 日 液冷渗透趋势下关注散热材料，俄 罗斯氦气及中坤化学香料现事故扰 动 看好 ——《化工周报 25/08/11-25/08/15》 证 券 研 究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 ...

Group 1 - The chemical sector experienced a significant rise on August 15, with the chemical ETF (516020) increasing by 1.51% [1] - Key stocks in the sector included Lianhong Xinke, which surged over 7%, and Xinjubang and Jinfakeji, both rising over 6% [1] - The basic chemical sector attracted over 7 billion yuan in net inflows, ranking fifth among 30 major sectors [2][3] Group 2 - Recent retail prices for refrigerants like R32 and R227ea have been rising, with R32 expected to average 56,000 to 58,000 yuan per ton from August to October [3] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.07, indicating potential for long-term investment [3] - Analysts suggest that the "anti-involution" trend in the chemical industry may lead to the elimination of outdated production capacity, improving the competitive landscape and profitability [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap stocks [4] - Investors can also consider chemical ETF linked funds for exposure to the chemical sector [4]

Summary of Key Points from the Conference Call Industry Overview - The chemical industry stock index has significantly outperformed the Shanghai Composite Index year-to-date, with notable performances in the plastics and rubber sub-sectors, achieving increases of 48% and 35% respectively, driven by small-cap effects and the popularity of industries such as robotics and AI materials [1][3][4]. Core Insights and Arguments - The divergence between chemical stock performance and commodity futures is evident, with stock prices influenced by both EPS and valuation changes, with valuation changes being more pronounced [1][6]. - The delay in US-China tariffs and anti-involution measures have positively impacted stock valuation recovery [1][6]. - Anti-involution policies have effectively balanced supply and demand by eliminating outdated production capacity and promoting industry self-discipline, leading to an increase in chemical product prices [1][9]. - The chemical sector faces challenges of overcapacity and prices below cost due to disorderly competition, which the industry typically addresses through self-discipline, extended maintenance periods, and the elimination of outdated capacity [1][11]. Sub-Sector Performance - Four sub-sectors expected to see improved performance in the second half of the year include fluorochemicals and refrigerants, phosphorus chemicals, pesticides, and sugar substitutes, benefiting from quota policies, strong downstream demand, cyclical rebounds, and enhanced export competitiveness [1][13][14]. - Mid-year reports indicate strong performance in refrigerants and phosphorus chemicals, with expectations for continued relative gains throughout the year [1][14][15]. Recommended Investment Opportunities - Key recommendations for the second half of the year include sectors such as smart devices, phosphorus chemicals, pesticides, and sugar substitutes, with specific companies highlighted: - **Juhua Co.** (Refrigerants) - Projected profit of 2 billion yuan in 2025, a year-on-year increase of approximately 150% [2][17]. - **Yuntianhua Co.** (Phosphorus Chemicals) - Last year's profit of 2.7 billion yuan, with 1.3 billion yuan achieved in Q1 2025 [2][17]. - **Yangnong Chemical** (Pesticides) - Expected slight growth in 2025 [2][17]. - **Bailong Chuangyuan** (Sugar Substitutes) - Q1 2025 profit of 80 million yuan, a year-on-year increase of over 50% [2][17]. Market Dynamics and Price Trends - The recent 10% increase in commodity prices is attributed to supply-demand imbalances exacerbated by anti-involution policies, which have led to coordinated maintenance schedules among manufacturers [1][8][9]. - The chemical industry is implementing measures to achieve supply-demand balance and enhance product prices through the elimination of outdated capacity and self-regulation [1][9][10]. Additional Insights - The chemical sector is currently in a cyclical bottoming phase, with expectations for gradual improvement starting in 2025 due to policy changes and improved liquidity [1][13]. - The performance of the recommended sectors is expected to continue contributing positively to earnings, with the logic of growth still unfolding [2][16]. Elasticity of Recommended Stocks - The stocks are ranked by elasticity from highest to lowest: Bailong Chuangyuan > Yangnong Chemical > Juhua Co. > Yuntianhua Co., reflecting higher growth potential in smaller market cap companies [2][18].

Group 1: Macro and Financial Data Insights - In July, the growth of M1 and M2 exceeded market expectations, with M2 expanding by 8.8% year-on-year and M1 growing by 5.6%, up from 8.3% and 4.6% in June respectively [2][3] - New social financing in July was 1.16 trillion yuan, lower than the Bloomberg consensus of 1.63 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating a shift in financing structure and seasonal factors [2][3] - The stock of social financing grew at a rate of 9.0% year-on-year, an increase from 8.9% in June, with seasonally adjusted month-on-month growth rising from 8.4% to 9.6% [2][3] Group 2: Banking Sector Analysis - The July social financing increment of 1.16 trillion yuan was below the expected 1.41 trillion yuan, with a year-on-year increase of 389.3 billion yuan [5] - The government bonds were the main support for social financing in July, while M1 growth showed a marginal recovery [5] - A new consumption loan subsidy policy is expected to stimulate the growth of consumer loans, indicating a positive outlook for the banking sector [5] Group 3: Company-Specific Insights - Tencent's Q2 revenue grew by 14.5% year-on-year, exceeding consensus expectations, with significant growth in value-added services, advertising, and fintech revenues [11] - The company is expected to benefit from the upcoming launch of several major shooting games, which could drive both player engagement and monetization [11] - Huatai Securities initiated coverage on Yuntianhua with a "buy" rating, citing its leading position in the phosphate industry and expected steady demand growth for fertilizers [15] Group 4: Technology and Robotics - The introduction of teaching-free robots is transforming the welding industry, addressing labor shortages and improving efficiency through advanced visual systems and welding software [7] - These robots are expected to penetrate more complex applications, such as shipbuilding, as technology continues to evolve [7] Group 5: Consumer and E-commerce Trends - SEA's Q2 revenue reached $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [29] - The company anticipates continued growth in its e-commerce GMV, projecting a 25% year-on-year increase for Q3 [29] - Tencent Music's Q2 revenue was 8.44 billion yuan, up 17.9% year-on-year, benefiting from rapid growth in super memberships and strong performance in non-subscription services [27]

Core Viewpoint - The China Small and Medium State-Owned Enterprise Reform Index has shown significant growth, indicating positive market sentiment towards state-owned enterprise reforms in China [1][2]. Group 1: Index Performance - The China Small and Medium State-Owned Enterprise Reform Index reported a rise of 5.64% over the past month, 10.07% over the past three months, and 7.94% year-to-date [1]. - The index is designed to reflect the overall performance of small and medium-sized state-owned enterprises undergoing reforms, with a base date of December 31, 2013, set at 1000.0 points [1]. Group 2: Index Composition - The top ten weighted companies in the index include Jianghuai Automobile (3.31%), Huagong Technology (3.18%), China Great Wall (3.15%), Yuntianhua (3.12%), China Rare Earth (3.04%), Western Superconducting (2.67%), Goldwind Technology (2.23%), AVIC High-Tech (2.22%), Siwei Technology (2.16%), and Shanghai Beiling (2.07%) [1]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (53.49%) and Shenzhen Stock Exchange (46.51%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that industrial companies account for 42.88%, materials for 20.27%, information technology for 16.48%, major consumer goods for 5.48%, discretionary consumer goods for 4.55%, utilities for 3.78%, real estate for 2.54%, healthcare for 2.47%, and communication services for 1.56% [2]. - The index samples are adjusted quarterly, with changes implemented on the next trading day following the second Friday of March, June, September, and December [2].

Group 1 - The company Yuntianhua (SH 600096) held its first board meeting of the tenth session on August 11, 2025, to discuss the election of the chairman of the audit committee [1] - For the year 2024, Yuntianhua's revenue composition is as follows: fertilizers account for 43.87%, trade for 41.57%, phosphate chemicals for 4.5%, others for 3.98%, and engineering materials for 2.36% [1] - As of the report date, Yuntianhua's market capitalization is 45.4 billion yuan [1]

证券代码：600096 证券简称：云天化 公告编号：临 2025-056 云南云天化股份有限公司 关于选举职工董事的公告 云南云天化股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 董事会 云南云天化股份有限公司（以下简称"公司"）第十届董事会于 2025年8月11日收到公司工会的相关决议，公司工会于近日选举胡耀 坤先生为公司第十届董事会职工董事。 2025 年 8 月 12 日 胡耀坤先生任职资格符合相关法律法规、规范性文件对董事任职 资格的要求，不存在《公司法》《公司章程》规定的不得担任公司董 事的情形，未受到中国证券监督管理委员会的行政处罚或证券交易所 惩戒，不存在上海证券交易所认定不适合担任上市公司董事的其他情 况。 1 根据《公司章程》相关规定，胡耀坤先生与公司 2025 年度第五 次临时股东大会选举产生的第十届董事会成员共同组成公司第十届 董事会。任期至公司第十届董事会届满之日止。 附件： 特此公告。 附件：胡耀坤先生简历 胡耀坤先生简历 胡耀坤，男，1979 年 2 月生，大学本科。2008 年 10 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-058 云南云天化股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券 事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 云南云天化股份有限公司（以下简称"公司"）于2025年8月11日 召开2025年第五次临时股东大会选举产生公司第十届非独立董事、独 立董事，与公司工会选举产生的职工董事共同组成公司第十届董事会。 公司于同日召开了第十届董事会第一次会议，审议通过了关于选举董 事长、董事会专门委员会委员，聘任公司总经理、副总经理、财务总 监（财务负责人）、董事会秘书、证券事务代表等议案。现将公司董事 会换届选举及聘任高级管理人员、证券事务代表的具体情况公告如下： 一、公司第十届董事会组成情况 根据公司 2025 年第五次临时股东大会及第十届董事会第一次会议 选举结果，公司第十届董事会由 9 名董事组成，其中：非独立董事 5 名，职工董事 1 名，独立董事 3 名。公司第十届董事会下设战略委员 会、提名委员会、审计委员会、薪酬与考核委员会 4 ...

根据《上海证券交易所股票上市规则》《公司章程》《董事会提名 委员会实施细则》等相关规定，公司第十届董事会提名委员会 2025 年第一次会议审议了《关于提名公司总经理人选的议案》《关于提名 公司副总经理、财务总监人选的议案》《关于提名公司董事会秘书人 选的议案》，就公司提名的高级管理人员人选任职资格进行了认真审 查。 云南云天化股份有限公司 第十届董事会提名委员会 2025 年 8 月 11 日 经审查，本次提名的总经理、副总经理、财务总监及董事会秘书 人选的教育背景、专业能力、工作经历和职业素养等方面符合拟担任 职务的任职要求，具有履行高级管理人员职责的能力，符合《公司法》 《公司章程》以及中国证监会和上海证券交易所规定的任职条件；未 发现根据《公司法》等法律法规及其他有关规定不得担任高级管理人 员的情形，未发现存在被中国证监会采取不得担任上市公司高级管理 人员的市场禁入措施且期限尚未届满或被证券交易所公开认定为不 适合担任上市公司高级管理人员且期限尚未届满的情形。 公司第十届董事会提名委员会同意提名王宗勇先生为公司总经 理人选；同意提名钟德红先生、翟树新先生、兰洪刚先生、苏云先生 为公司副总经理人选，同意提 ...

北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 2025 年第五次临时股东会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）: 0871-63172192 邮编: 650032 2025年第五次临时股东会的 法律意见 云南云天化股份有限公司: 北京德恒(昆明)律师事务所(下称"本所")接受云南云天化股份有限公 司(以下简称"公司")的委托,本次指派杨杰群律师、李妍律师出席公司 2025 年第五次临时股东会(以下简称"本次股东会"),并按照律师行业公认的业务 标准、道德规范及勤勉尽责精神,对公司提供的与本次股东会有关的文件资料进 行了审查,现根据《公司法》《证券法》《上市公司股东会规则》及公司《章程》 的规定,就公司本次股东会的相关事项出具如下法律意见: 一、关于本次股东会的召集和召开程序 根据公司提供的有关资料及公开披露的信息,表明公司董事会已于 2025 年 7月25日召开,作出了关于召开本次股东会的决议,并于 2025年7月26日在 《中国证券报》《 ...