Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Core Viewpoint - The A-share market is experiencing a bullish atmosphere, with the Shanghai Composite Index reaching a new high on September 12. Stocks with significant earnings growth and recent historical price highs are of particular interest for future performance [1]. Group 1: Stock Performance and Industry Insights - In September, 21 stocks reached historical price highs, with over 100% net profit growth in the first half of the year, primarily in AI hardware, non-ferrous resources, and refrigerant sectors [1]. - The refrigerant industry is seeing a continuous upward trend, with leading companies reporting impressive performance in the first half of the year. The supply side is tightening due to reduced production quotas for second-generation refrigerants by 2025, while downstream demand is steadily recovering [1][2]. - Dongyangguang's net profit surged nearly 171% year-on-year in the first half of the year, driven by rising refrigerant prices and increased demand for electronic components in data centers and energy storage [1][2]. Group 2: Company Developments - Dongyangguang announced a significant investment of 7.5 billion yuan to acquire 100% of Qinhuai Data, a leading player in the IDC industry, with a total transaction value of 28 billion yuan. This acquisition aims to enhance national data security and integrate resources in various fields [2]. - The chairman of Dongyangguang emphasized that this acquisition is a crucial step in integrating into the national computing network and aims to build a comprehensive digital infrastructure ecosystem [2]. Group 3: Stock Performance Metrics - The average increase for the 21 stocks in the first half of the year was approximately 131%, significantly outperforming the broader market. Notable performers include Shijia Photon, Xinyi Technology, and Shanghai Xiba, each increasing over 300% [3]. - A detailed performance table shows that Shijia Photon had a staggering 1712% year-on-year net profit growth, while other companies like Xinyi Technology and Shanghai Xiba also reported substantial increases [4].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - The company, Zhejiang Juhua Co., Ltd., is set to hold an investor briefing on September 24, 2025, to discuss its 2025 semi-annual report and address investor inquiries [2][3][4]. Group 1: Meeting Details - The investor briefing will take place on September 24, 2025, from 15:00 to 16:00 [2][6]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - The meeting will be conducted in an interactive online format, allowing for real-time communication with investors [3][5]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4][5]. - A pre-question submission period is available from September 17 to September 23, 2025, where investors can submit questions via the Roadshow Center or the company's email [4][5]. - The company will address commonly asked questions during the briefing [3][4]. Group 3: Contact Information - For inquiries, investors can contact Zheng Kewei at phone number 0570-3090892 or via email at jhgf@juhua.com [7]. - After the briefing, the main content and details of the meeting will be available for review on the Shanghai Stock Exchange Roadshow Center [7].

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-41 浙江巨化股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 17 日（星期三）至 9 月 23 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhuli@juhua.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 浙江巨化股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发布《公 司 2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年 度的经营成果、财务状况，公司计划于 2025 年 9 月 24 日（星期三）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标 ...

Core Viewpoint - Silver Nonferrous (601212) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company continues to operate normally and will cooperate with the investigation [2] Group 1: Company Overview - Silver Nonferrous specializes in the mining, smelting, processing, and trading of various non-ferrous and precious metals, with an annual production capacity of 400,000 tons of copper, 400,000 tons of lead and zinc, 50 tons of gold, and 800 tons of silver [2] - In the first half of the year, Silver Nonferrous reported revenue of 44.559 billion yuan, a year-on-year decrease of 15.28%, and a net loss attributable to shareholders of 217 million yuan, reversing from profit [2] Group 2: Market Trends - The price of epichlorohydrin has surged nearly 11% since September, reaching 13,000 yuan per ton, with an annual increase exceeding 40%, marking the highest level since August 2022 [4][7] - The increase in epichlorohydrin prices is attributed to tightening supply and strong cost support, with the overall operating rate in the industry at 50-60% [7] Group 3: Industry Demand and Growth - Epichlorohydrin is primarily used in the production of epoxy resins, which are increasingly applied in new energy and electronic materials, driving demand growth [7][8] - The market for epichlorohydrin is expected to see production, demand, and market size growth by 10.4%, 7.8%, and 16.8% respectively by 2025 [7] Group 4: Related Stocks Performance - Seven A-share companies are identified as epichlorohydrin concept stocks, with notable performances from companies like Sinochem International, Juhua Co., and Sanmei Co. [8] - In the first half of the year, these concept stocks collectively achieved a net profit attributable to shareholders of 4.958 billion yuan, an increase of over 1.3 billion yuan year-on-year, with four companies reporting net profit growth [8][9] - Juhua Co. reported a net profit of 2.051 billion yuan, a year-on-year increase of 146.97%, while Sanmei Co. achieved a net profit of 995 million yuan, growing by 159.22% [8][10]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The pesticide industry is experiencing continuous destocking, with some products starting to see price increases, indicating a potential recovery in industry sentiment [5][11] - The overall performance of the chemical industry is showing signs of recovery in H1 2025, driven by supply elasticity and domestic demand for localization under new technological trends [5] - Supply-side structural optimization is expected, with a focus on sectors with significant elasticity and competitive advantages [5][16] - New consumption trends and technological self-circulation are driving demand for health additives and sugar substitutes, leading to potential growth in the food additive sector [5][17] Summary by Sections 1. Industry News and Events - The pesticide sector's total inventory as of June 30, 2025, accounted for 13.94% of total assets, down 0.12 percentage points from March 31, 2025, indicating ongoing destocking since the peak in September 2023 [11] - Prices for certain pesticide products have risen since the beginning of 2025, with glyphosate, paraquat, and mancozeb increasing by 14.81%, 39.13%, and 12.50% respectively [13] 2. Chemical Sector Performance - For the week of September 1-5, 2025, the CSI 300 index fell by 0.81%, while the Shenwan Basic Chemical Index dropped by 1.36%, underperforming the market [18][21] - The top five performing sub-sectors included modified plastics (2.52%) and inorganic salts (1.03%), while the worst performers included oil and petrochemical trading (-4.08%) and synthetic resins (-3.74%) [21] 3. Price Tracking of Key Products - Notable price increases for the week included hydrochloric acid (27.27%) and NYMEX natural gas (4.65%), while TDI saw a decrease of 5.56% [30][31] - The price spread for carbon black against coal tar increased by 93.63%, indicating significant market dynamics [32][33] 4. Investment Recommendations - Focus on sectors with significant supply-side reform potential, such as organic silicon and membrane materials, and consider leading companies like Hoshine Silicon Industry and Zhejiang Longsheng [5][16] - Emphasize companies with relative advantages in weak supply-demand conditions, such as Baofeng Energy in coal chemical and Juhua Co. in fluorochemical refrigerants [5][16]

Summary of the Conference Call for Juhua Co., Ltd. Industry Overview - Juhua Co., Ltd. is the largest chemical base in Zhejiang Province, involved in chlor-alkali chemistry, sulfuric acid chemistry, coal chemistry, and basic fluorine chemistry, forming a complete industrial chain and also engaging in petroleum chemistry [2][3] - The company holds the second-largest market share in domestic second-generation refrigerants and over 30% market share in third-generation refrigerants, leading the domestic market [2][3] Core Products and Market Outlook - The core products include refrigerants and fluorine materials. The second-generation refrigerants, primarily used in the maintenance market, are expected to gradually exit the air conditioning market by 2030 due to the Montreal Protocol, although there will still be some demand in the maintenance market [4][5] - The price of R22, a second-generation refrigerant, has increased by 7.6% to 35,500 CNY/ton as of September 7, 2025 [4] - The third-generation refrigerants are crucial for the company, with a quota system starting in 2024, limiting production and use to 90% of the baseline by 2029 and 20% by 2045. The total quota for 2024 is 746,000 tons, increasing to 791,000 tons in 2025 [5][6] Price Trends and Demand Factors - The sustainability of refrigerant price increases depends on supply-demand dynamics. The supply side is dominated by Chinese companies, while demand is expected to grow in developing countries with low air conditioning penetration, such as India [6] - The price of R32 is currently around 60,000 CNY/ton, with potential for long-term price increases due to strong pricing power and global market leadership [6][8] Competitive Advantages - Juhua Co., Ltd. has a complete production setup with self-sufficient upstream raw materials and has increased market share through the acquisition of Feiyuan, becoming a leader in fourth-generation refrigerants [9] - The company has a total production capacity of 80,000 tons and holds quotas for 39,000 tons of second-generation and 260,000 tons of third-generation refrigerants. A 10,000 CNY/ton increase in third-generation refrigerant prices could boost the company's performance by nearly 2 billion CNY [9] Development in Fluorine Materials - The company has significant investments in fluorine materials, including electronic fluorinated liquids and various fluorinated materials, which are widely used in industrial, new energy, and semiconductor fields [10] - Electronic fluorinated liquids are utilized in semiconductor and precision equipment applications, and the company is advancing AI-based immersion cooling technology, considered an ideal and environmentally friendly solution [10] Competitive Landscape - Major global competitors include 3M, Shuwei, and Como. 3M's planned factory closures due to environmental regulations may create market opportunities for Juhua Co., Ltd. [11] - The company is well-positioned to capture market share in high-end applications due to its advanced product offerings and properties [11] Stock Performance and Future Outlook - From 2019 to 2021, Juhua Co., Ltd.'s stock price increased significantly due to market trends and foreign investment, with notable growth in new energy materials [12] - Despite a price decline in PVDF from 400,000 CNY/ton due to domestic supply increases, the overall fundamentals remain strong [12] - The company is expected to benefit from price increases in third and fourth-generation refrigerants and the development of fluorine materials and liquid cooling management materials, indicating substantial growth potential [13]

格隆汇9月9日｜国海证券研报指出，制冷剂产品价格上涨，2025年上半年巨化股份归母净利润同比大幅 提高，2025Q2归母净利润环比继续增长。公司制冷剂生产配额优势明显，据公司公告，2025年，国家 核定公司（含控股子公司）HCFC-22生产配额3.89万吨，占全国26.10%，其中内用配额占全国31.28%， 为国内第一；HFCs生产配额29.78万吨，占全国同类品种合计份额的39.33%。同时，公司第四代含氟制 冷剂（HFOs）品种及有效产能国内领先（现运营两套主流HFOs生产装置，产能约8000吨/年；计划通 过新建+技术改造新增产能近5万吨）。公司是全球氟制冷剂龙头企业，制冷剂生产配额领先，随着制 冷剂价格上涨，公司有望充分受益，快速发展。维持"买入"评级。 ...