Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Insights - The global chemical competition landscape is being reshaped, with European and Japanese companies facing capacity exits due to high energy costs and environmental pressures, while Chinese companies are rapidly gaining market share due to significant cost advantages [1][15]. - The EU chemical capacity utilization rate has decreased from 75.6% in Q2 2025 to 74.6% in Q3 2025, significantly below the long-term average of 81.3% [2][31]. - China's chemical industry is characterized by high capital investment and R&D, leading to a strong cost advantage and enhanced global competitiveness [3][36]. Summary by Sections 1. Europe: Dual Dilemma of High Energy Costs and Environmental Pressure - European chemical companies are heavily reliant on natural gas, with over 40% of raw materials sourced from it, leading to increased production costs [20]. - The average wholesale electricity price in the EU rose by 30% year-on-year to $90 per megawatt-hour in H1 2025, expected to be twice that of the US and 1.5 times that of China [2][20]. - The EU's carbon emissions trading system (ETS) and the Carbon Border Adjustment Mechanism (CBAM) are tightening regulations, further squeezing the competitiveness of European chemical products [23][29]. 2. China: Scale Effects and Cost Advantages of Super Factories - China leads globally in chemical capital expenditure and R&D, accounting for 47% and 32% of the global total, respectively [36][38]. - The production capacity of ethylene in China has doubled from 26.69 million tons in 2019 to 54.49 million tons in 2024, with import dependency decreasing from 8.8% to 5.0% [10]. - Major Chinese companies like Wanhua Chemical are expected to further reduce costs through technological upgrades and capacity expansions, enhancing their competitive edge [9][12]. 3. Domestic Chemical Core Assets Exhibit Strong Competitive Strength - The report highlights the increasing global influence of Chinese chemical companies, which are leveraging cost, scale, and technological advantages to expand their market presence [12]. - Key players in the industry include Wanhua Chemical, Hualu Hengsheng, and others, which are positioned to benefit from the ongoing industry consolidation and optimization [12].

Summary of Liquid Cooling Market Update Industry Overview - The global liquid cooling market is experiencing rapid growth, with an expected annual growth rate of 20%-25% over the next 3-5 years. The market size for the first three quarters of 2024-2025 is projected to reach approximately $6-7 billion, with North America holding the largest share at 50%-55% [1][2][20]. Key Insights and Arguments - **Market Dynamics**: North American data centers are adopting alternative energy solutions such as renewable energy, battery energy storage systems (BESS), and distributed power generation to address power supply bottlenecks, although these solutions are costly [1][5]. In contrast, domestic manufacturers in China are circumventing chip restrictions by procuring previous-generation GPU chips and utilizing Southeast Asian data centers [1][5]. - **Cooling System Design**: High-power GPU systems in data centers typically employ N+N or 3+3+1 redundancy in power supply systems and N+1 redundancy in thermal management systems. Key components like circulation pumps in cold plate liquid cooling systems also utilize N+1 redundancy [1][6][7]. - **AI Cluster Operations**: In domestic AI cluster operations, both air cooling and liquid cooling coexist, with H100 liquid-cooled cabinets generally using a 30% air cooling and 70% liquid cooling configuration. Single-chip power consumption does not exceed 1,000 watts, primarily relying on unidirectional liquid cooling plates [1][8]. - **Cooling Technology Selection**: The choice between cold plate and silent liquid cooling technologies is based on the thermal flow density of GPU chips. Air cooling is recommended for under 1 kW, unidirectional liquid cooling plates for 1-2 kW, and bidirectional liquid cooling plates for over 2 kW. Future Ultra series may require a shift to bidirectional phase change solutions [1][8]. - **Market Share**: In North America, the company Viant Technology ranks among the top three in the liquid cooling market, holding a market share of 20%-25%. Their product line includes both air and liquid cooling systems, providing comprehensive solutions for data centers [2][20]. Additional Important Points - **Challenges in Silent Liquid Cooling**: Silent liquid cooling systems face high costs, maintenance difficulties, and large footprint issues, making widespread adoption challenging in the short term. However, significant growth in GPU chip capacity over the next 3-5 years may drive some high-density applications to transition to silent liquid cooling [3][10]. - **Corrosion Prevention**: To combat electrochemical corrosion in liquid cooling systems, deionized water or a solution containing 25%-30% propylene glycol is commonly used, with corrosion inhibitors added to enhance resistance [13][14]. - **Future Trends**: The development of liquid cooling media is shifting from unidirectional to bidirectional systems, with the introduction of microchannel technology. New refrigerants like electronic fluorinated liquids may replace traditional water-based coolants in the future [12][15][16]. - **Market Competition**: The refrigerant market is witnessing significant demand growth, particularly in liquid cooling media. North American clients primarily use refrigerants produced by European and American manufacturers, while domestic companies like Juhua and Dongyangguang are also producing refrigerants for local data centers [18][19]. - **Integration vs. Decoupled Delivery**: Integrated delivery systems provide a simplified deployment process, while decoupled delivery offers greater flexibility for future expansions. Each method has its advantages depending on specific user needs [21][23]. This summary encapsulates the key points from the liquid cooling market update, highlighting the industry's growth, technological advancements, and competitive landscape.

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The HFCs industry is operating steadily, with unchanged trends and clear opportunities [4] - The fluorochemical index increased by 4.59%, outperforming the Shanghai Composite Index by 3.19% [6][28] - The fluorochemical industry is entering a long prosperity cycle, with significant growth potential across various segments, including fluorinated materials and fine chemicals [24][25] Summary by Sections 1. Fluorochemical Market Overview - As of November 28, the average market price for 97% wet fluorite is 3,346 CNY/ton, down 0.65% from the previous week [20][37] - The average price for November is 3,398 CNY/ton, a year-on-year decrease of 7.76% [20][37] - The average price for 2025 is projected at 3,498 CNY/ton, down 1.34% from 2024 [20][37] 2. Refrigerant Market Trends - As of November 28, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 55,500 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton [22] - The market for R134a is supported by centralized procurement, with prices expected to rise [9][23] - R125 is experiencing tight supply due to limited remaining quotas, maintaining prices around 46,000 CNY/ton [9][23] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [11][25] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][25] 4. Recent Industry Developments - A safety incident at a U.S. R134a plant may impact future production [10] - Haohua Technology has successfully launched its trifluoride nitrogen project [10]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - As of November 27, the Shenwan Basic Chemical Index has decreased by 7.3% over the past two weeks, underperforming the CSI 300 Index by 3.3 percentage points, ranking 30th among 31 Shenwan industries. Year-to-date, the index has increased by 26.0%, outperforming the CSI 300 Index by 11.2 percentage points, ranking 8th among 31 industries [5][13]. - All sub-sectors of the Shenwan Basic Chemical Index experienced declines in the past two weeks, with the non-metallic materials sector down 12.0%, chemical fiber down 9.3%, and chemical raw materials down 8.4% [16]. - Among the 404 listed companies in the Shenwan Basic Chemical Index, 46 saw their stock prices rise, with Huaron Chemical, Guofeng New Materials, and Xinjin Road leading with increases of 30.4%, 29.1%, and 25.8%, respectively. Conversely, 358 companies experienced declines, with Jiaao Environmental Protection, Taihe Technology, and Annada showing significant drops of -29.2%, -28.5%, and -26.9% [18]. Summary by Sections Market Review - The Shenwan Basic Chemical Index has shown a year-to-date increase of 26.0%, with significant performance variations across sub-sectors [5][13]. - The non-metallic materials sector has been the worst performer recently, while the plastic sector has shown the highest year-to-date growth of 51.3% [16]. Chemical Product Price Trends - Recent price increases were noted in several chemical products, including caprolactam (+5.49%) and synthetic ammonia (+3.32%), indicating a general upward trend in the market [23][24]. Key Industry News - DuPont announced the groundbreaking of a new production base for MOLYKOTE® special lubricants in Jiangsu, expected to commence operations in early 2027 [27]. - A strategic cooperation agreement was signed between BASF and Sinopec to promote the large-scale application of biogas in Nanjing [27]. Industry Outlook - The report highlights that from January to October, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%, with the chemical raw materials and products manufacturing sector seeing a profit decline of 5.4% [28]. - The report suggests focusing on companies like Sanmei Co., Ltd. and Juhua Co., Ltd. due to their significant profit growth driven by rising refrigerant prices [28][29].

Core Insights - On November 24, brokerages set target prices for listed companies, with notable increases for Fangsheng Pharmaceutical, Juhua Co., and Meihua Biological, showing target price increases of 46.38%, 38.81%, and 32.68% respectively, all belonging to the traditional Chinese medicine and chemical products industries [1][2]. Group 1: Target Price Increases - Fangsheng Pharmaceutical received a target price of 16.60 yuan, reflecting a target price increase of 46.38% [2]. - Juhua Co. was assigned a target price of 46.00 yuan, indicating a target price increase of 38.81% [2]. - Meihua Biological's target price was set at 13.44 yuan, with a target price increase of 32.68% [2]. - Other companies with significant target price increases include Toukeng Life (28.14% increase) and Yiling Pharmaceutical (18.30% increase) [2]. Group 2: Brokerage Recommendations - On November 24, a total of 23 listed companies received brokerage recommendations, with companies like Keshun Co., Jinhong Group, and Meihua Biological receiving one recommendation each [2]. - Fangsheng Pharmaceutical was covered for the first time by Guotai Junan Securities with an "Increase" rating [3]. - Other companies receiving first-time coverage include Linuo Pharmaceutical (Increase rating), Yinglian Co. (Increase rating), Huaxia Eye Hospital (Recommendation rating), and Yike Medical (Outperform rating) [3].

Core Insights - On November 24, 2023, brokerage firms set target prices for listed companies, with notable increases for Fangsheng Pharmaceutical, Juhua Co., and Meihua Biological, showing target price increases of 46.38%, 38.81%, and 32.68% respectively [1] Company Summaries - Fangsheng Pharmaceutical is in the traditional Chinese medicine sector and has the highest target price increase among the listed companies [1] - Juhua Co. operates in the chemical products industry and ranks second in target price increase [1] - Meihua Biological, also in the chemical products sector, ranks third with a significant target price increase [1] Brokerage Recommendations - A total of 23 listed companies received brokerage recommendations on November 24, 2023 [1] - Companies such as Keshun Co., Jinhong Group, and Meihua Biological received recommendations from one brokerage firm each [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-51 浙江巨化股份有限公司 关于为控股子公司提供担保进展情况的公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 本次新增担保金额 | 公司"） 5,475.80 万元 | | 浙江晋巨化工有限公司（以下简称"晋巨 | | --- | --- | --- | --- | --- | --- | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 67,834.16 万元 | | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | 肃巨化公司"） | | 甘肃巨化新材料有限公司（以下简称"甘 | | | | 本次新增担保金额 | 7000 | 万元 | | | 象二 | | 实际为其提供的担保余额 | 7000 | 万 ...

Core Viewpoint - The strong demand for lithium batteries is expected to sustain the price increase of PVDF, with projected demand for lithium-grade PVDF in China reaching approximately 78,700 tons in 2025, a year-on-year increase of 65.4% [1][2]. Industry Status - As of November 20, the mainstream market price of PVDF has risen from 49,000 CNY/ton at the beginning of November to 52,000 CNY/ton [1]. - The average market prices for PVDF used in lithium iron phosphate, ternary batteries, and membrane coating are reported at 60,000 CNY/ton, 119,500 CNY/ton, and 182,000 CNY/ton respectively, showing increases from mid-year lows [1][2]. Supply and Demand Dynamics - The downstream applications of PVDF primarily include lithium batteries, photovoltaics, coatings, and water films. In the first ten months of 2025, the total installed capacity for lithium iron phosphate batteries in China is 1,240 GWh, and for ternary batteries, it is 265 GWh [2]. - Assuming production remains stable in November and December, the estimated demand for lithium-grade PVDF could reach 78,700 tons in 2025, with a potential increase to 110,000 tons in 2026 if the growth rate in battery production continues [2]. Production Capacity Insights - The current effective production capacity of the PVDF industry is approximately 180,000 tons, with nominal new capacity reaching 157,000 tons. However, the actual new capacity may be lower than expected due to high barriers to entry in the supply chain [3]. - The supply chain for lithium-grade PVDF is concentrated among a few key players, including companies like Dongyue Group, Haohua Technology, and Juhua Co., Ltd. The actual supply increase may be significantly lower than anticipated due to the concentration of new effective capacity among existing suppliers [3].