Group 1 - The report emphasizes the focus on chemical new materials and fine chemicals as key investment areas in the context of China's dual carbon goals, with a series of top-level designs and policies to accelerate the industry's transformation towards high-end, intelligent, and green development [4][21][49] - The Shenyuan Basic Chemical Index has outperformed the CSI 300 Index, rising by 31.7% year-to-date as of November 19, 2023, surpassing the CSI 300 by 15.1 percentage points, ranking 6th among 31 Shenyuan industries [4][11] - The report suggests that the demand for modified plastics is expected to grow significantly, with production increasing from 22.5 million tons in 2020 to 33.2 million tons in 2024, reflecting a compound annual growth rate of 10% [4][24][30] Group 2 - The vitamin industry is expected to see improvements in supply-demand structure due to restrictions on new production capacities for various vitamins, which will help stabilize prices and enhance market conditions [4][38][50] - China is the largest producer of vitamins globally, with an expected production of 491,000 tons in 2025, accounting for 89% of global output, and the country has implemented restrictions on new capacity for several vitamins [34][38][50] - The report highlights that the demand for vitamins is anticipated to grow, driven by global population growth and increasing life expectancy, which will enhance the need for nutritional products [42][48][50] Group 3 - The report recommends focusing on key companies such as Kingfa Technology, Yinhai Technology, and Guoen Co., which are expected to benefit from the growth in modified plastics [4][49][51] - For the vitamin sector, companies like Wanhua Chemical, New Hope Liuhe, and Tianxin Pharmaceutical are highlighted as key players to watch due to their strong market positions and growth potential [4][49][51] - The report indicates that modified plastics are recognized as a strategic emerging industry in China, supported by various policies aimed at promoting technological innovation and application [4][21][24]

Group 1: Zhongwei Company (688012) - Zhongwei Company is a leading domestic semiconductor equipment manufacturer, providing etching, film deposition, and MOCVD equipment for semiconductor products [5][6] - The company has successfully developed LPCVD and ALD equipment, which have been validated by customers and have entered the market with large-scale repeat orders [5][6] - In the etching equipment sector, the company's revenue for the first three quarters of 2025 reached 6.101 billion yuan, a year-on-year increase of approximately 38.26%, accounting for about 76% of total revenue [6][9] - The company maintains a high R&D investment, with R&D expenses reaching 1.794 billion yuan in the first three quarters of 2025, a year-on-year increase of 96.30%, representing a R&D expense ratio of 22.25% [5][9] - The company aims to cover over 60% of the equipment market in key areas of integrated circuits through independent research and industrial cooperation over the next five to ten years [5] Group 2: Jinfat Technology (600143) - Jinfat Technology has evolved from a modified plastics manufacturer to a global chemical new materials platform enterprise, with a focus on AI servers, humanoid robots, and new energy vehicles [10][11] - The company achieved operating revenue of 49.616 billion yuan in the first three quarters of 2025, a year-on-year increase of 22.62%, and a net profit of 1.065 billion yuan, up 55.86% [10][11] - The modified plastics business has maintained a revenue share of over 50% since 2020, with sales reaching 2.0908 million tons in the first three quarters of 2025, a year-on-year increase of 18.16% [11] - The new materials segment, including special engineering plastics and biodegradable plastics, saw sales of 200,800 tons in the first three quarters of 2025, a year-on-year increase of 22.36% [12] - The company is expected to benefit from domestic substitution and technological updates, with EPS forecasts for 2025-2027 being 0.54, 0.66, and 0.85 yuan, respectively [12]

| 序号 | 姓名 | 年龄 | 工作单位 | 研究方向 | | --- | --- | --- | --- | --- | | 1 | 戴或虹 | 53 | 中国科学院数学与系统科学研究院 | 运筹学 | | 2 | 戴子高 | 60 | 中国科学技术大学 | 高能大体物理 | | 3 | 梁作堂 | 60 | 山东大学 | 粒子物理与原子核物理 理论 | | 4 | 刘建亚 | 60 | 山东大学 | 数论 | | 5 | 刘若川 | 44 | 北京大学 | 数论 | | Q | 刘正猷 | રેતે | 武汉大学 | 人工结构物理 | | 7 | 柳卫平 | 62 | 中国原子能科学研究院 | 核天体物理、不稳定核 東物理 | | 8 | 彭承志 | 48 | 中国科学技术大学 | 量子信息和量子光学实 验研究 | 【DT新材料】 获悉 ， 中国科学院、中国工程院11月21日公布2025年院士增选结果，分别选举产生中国科学院院士73人，中国工程院院士71人。其中 宁 德时代 吴凯、 比亚迪 廉玉波、 中国商飞 陈勇、 金发科技 黄险波入选，祝贺！ | 21 24 24 21 1 2 1 | 9 | 王海 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has evolved from a modified plastics manufacturer to a global chemical new materials platform, successfully applying its products in cutting-edge industries such as AI servers, humanoid robots, and new energy vehicles [6]. - The modified plastics business remains a solid foundation, with a leading gross margin in the industry due to its integrated supply chain and material solutions [6]. - The company is well-positioned to benefit from domestic substitution and technological upgrades in the new materials sector, with significant growth potential in specialty engineering plastics and biodegradable plastics [6]. - The earnings forecast indicates a steady increase in EPS from 0.54 to 0.85 yuan from 2025 to 2027, with corresponding PE ratios decreasing from 35.01 to 22.16 [6]. Summary by Sections 1. Performance Overview: Healthy Profit Structure and Expected Profitability - The company has shown robust revenue growth, achieving 49.62 billion yuan in revenue in the first three quarters of 2025, a 22.62% year-on-year increase, and a net profit of 1.065 billion yuan, up 55.86% [6][17]. - The profit structure is now driven by sustainable growth areas such as automotive materials and high-end specialty engineering plastics, rather than relying on sporadic medical products [17]. 2. Integrated Supply Chain Builds Competitive Advantage in Modified Plastics - The modified plastics segment has consistently accounted for over 50% of revenue since 2020, with sales volume reaching 2.0908 million tons in the first three quarters of 2025, a growth of 18.16% [40]. - The company’s total production capacity for modified plastics is set to reach 3.72 million tons per year by the end of 2024, maintaining a leading position in the industry [40]. 3. "Domestic Substitution" and "Industry Upgrade" Drive New Materials Business - The new materials segment, including specialty engineering plastics and biodegradable plastics, is expected to grow significantly, with sales volume of 20,080 tons in the first three quarters of 2025, a 22.36% increase [6]. - The company is actively developing high-performance biodegradable plastics and specialty engineering plastics, which are crucial for emerging industries [6]. 4. Earnings Forecast and Valuation - The company’s revenue is projected to grow from 60.51 billion yuan in 2024 to 67.31 billion yuan in 2025, with a compound annual growth rate of approximately 14.62% from 2020 to 2024 [5][75]. - The report highlights a favorable valuation compared to peers, with an average PE of 44.74 and 30.10 for 2025 and 2026, respectively [75].

Core Viewpoint - The chemical industry has faced declining profits for three consecutive years since 2022, with some sectors experiencing intense competition and overall losses. However, there are signs of potential recovery driven by industry self-regulation and improved supply-demand balance, which may enhance profitability [1]. Group 1: Industry Performance - As of November 20, 2025, the CSI Sub-Industry Chemical Theme Index rose by 0.17%, with notable increases in stocks such as Hongda Co. (+8.66%), Tongcheng New Materials (+4.35%), and Salt Lake Co. (+3.71%) [1]. - The basic chemical industry's price-to-book (PB) ratio is currently close to the bottom levels observed in 2019 and 2024, indicating that the valuation remains low [1]. Group 2: Future Outlook - Huatai Securities predicts that the basic chemical sector may see an upward trend starting in 2026, suggesting a focus on resilient domestic and foreign demand as well as improved market conditions [1]. - Since June 2025, there has been a significant decline in capital expenditure growth within the industry, which, combined with self-regulation efforts, is expected to facilitate supply-side coordination and the elimination of outdated capacity [1]. - Domestic demand is anticipated to recover further, supported by exports to Asia, Africa, and Latin America, leading to a gradual recovery in bulk chemicals [1]. Group 3: Investment Opportunities - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.83% of the index, with major players including Wanhua Chemical and Salt Lake Co. [2]. - Investors can also explore investment opportunities in the chemical sector through the Chemical ETF (159129), which closely tracks the CSI Sub-Industry Chemical Theme Index [2][3].

Core Viewpoint - The polymer recycling industry is crucial for alleviating global resource scarcity and environmental pressure, with many countries implementing mandatory regulations for the use of recycled polymers. The establishment of the China Resource Recycling Group signifies a new strategic position for China's polymer recycling industry [3]. Group 1: Conference Overview - The Third Polymer Recycling Conference will be held from December 11-13, 2025, in Ningbo, Zhejiang, focusing on policy trends, chemical and physical recycling technologies, and high-value utilization of recycled materials across various sectors [3][53]. - The conference aims to gather international leading companies, experts, government representatives, and capital to explore the path of polymer recycling [3]. Group 2: Key Speakers and Topics - Zhang Li Qun, an academician of the Chinese Academy of Engineering and president of Xi'an Jiaotong University, will lead discussions on advanced polymer materials [4]. - Li Ming Feng, president of Sinopec Research Institute of Petroleum Processing, will present on the chemical recycling of waste plastics [7][8]. - Experts from various organizations will share insights on innovative recycling technologies, including microwave-driven degradation and enzyme-based recycling methods [10][19][20]. Group 3: Highlights of the Conference - The conference will provide insights into global plastic recycling policies and China's 14th Five-Year Plan for plastic recycling [53]. - Advanced recycling technologies will be discussed, including thermal cracking and catalytic processes for mixed low-value waste plastics [53][56]. - The event will address the challenges of balancing performance, compliance, and sustainability in recycled plastics across industries such as textiles, appliances, and automotive [53]. Group 4: Youth Forum - The Youth Forum will focus on identifying promising teams and technologies in the polymer recycling field, featuring over 20 presentations on innovative recycling techniques and carbon footprint assessment [60].

金发科技股份有限公司 关于公司独立董事辞职的公告 证券代码：600143 证券简称： 金发科技 公告编号：2025-093 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。 (一) 提前离任的基本情况 (二) 离任对公司的影响 董事会于 2025 年 11 月 19 日收到杨雄先生提交的书面辞职报告，杨雄先生 因个人原因申请辞去公司第八届董事会独立董事职务、董事会审计委员会主任委 员职务。杨雄先生辞去上述职务后，将不在公司以及下属控股子公司担任任何职 务。杨雄先生在其任职期间，与公司、董事会并无意见分歧，亦不存在与其辞任 1 有关的其他事宜需提请公司股东和债权人注意。截至本公告日，杨雄先生未持有 公司股票，其不存在应当履行而未履行的承诺事项。杨雄先生将按照公司相关规 定做好交接工作，其辞任不会影响公司董事会依法规范运作和公司的正常经营。 根据《中华人民共和国公司法》《上市公司独立董事管理办法》和《金发科 技股份有限公司章程》（以下简称"《公司章程》"）等有关规定，杨雄先生的辞 职不会导致公司董事会成员低于法定人数，但将导致公司独 ...

格隆汇11月19日丨金发科技(600143.SH)公布，公司董事会于2025年11月19日收到杨雄先生提交的书面 辞职报告。杨雄先生因个人原因申请辞去公司第八届董事会独立董事职务、董事会审计委员会主任委员 职务。杨雄先生辞去上述职务后，将不在公司以及下属控股子公司担任任何职务。 ...

南财智讯11月19日电，金发科技公告，公司董事会于2025年11月19日收到杨雄先生提交的书面辞职报 告。杨雄先生因个人原因申请辞去公司第八届董事会独立董事职务、董事会审计委员会主任委员职务。 杨雄先生辞去上述职务后，将不在公司以及下属控股子公司担任任何职务。杨雄先生的辞职将在公司股 东会选举产生新任独立董事后生效，在此之前杨雄先生将继续履职。公司将按照相关法律法规和《公司 章程》的规定尽快完成独立董事及相关董事会专门委员会成员的补选和相关后续工作。 ...

Core Viewpoint - The petrochemical sector is experiencing a strong upward trend, with significant gains in the sector index and individual stocks, indicating a positive market sentiment and potential investment opportunities [1][3]. Group 1: Market Performance - As of November 19, 2025, the China Petrochemical Industry Index rose by 1.37%, with notable increases in stocks such as Tongcheng New Materials (up 5.63%) and China Petroleum (up 4.83%) [1]. - The Petrochemical ETF (159731) increased by 1.44%, reaching a price of 0.85 yuan, and has seen a total net inflow of 8.51 million yuan over the past three days [1]. - The Petrochemical ETF's net asset value has risen by 26.56% over the past six months, with a maximum monthly return of 15.86% since its inception [3]. Group 2: Investment Insights - According to CITIC Securities, the chemical sector is currently trading based on three main themes: 1. Increased demand for energy storage materials, particularly in lithium battery supply chains [3]. 2. Ongoing self-regulation within the chemical industry, which may lead to a recovery in chemical prices [3]. 3. High growth potential in the chemical sector's core businesses [3]. - The top ten weighted stocks in the China Petrochemical Industry Index account for 56.05% of the index, with Wanhua Chemical and China Petroleum being the largest contributors [3]. Group 3: Stock Performance - The performance of key stocks within the index includes: - Wanhua Chemical: -0.37% (10.47% weight) - China Petroleum: +4.05% (7.63% weight) - Salt Lake Co.: +5.58% (6.44% weight) - China Petrochemical: +4.83% (6.44% weight) [5].