Summary of Key Points Core Viewpoint - The June stock recommendations from 42 brokerage firms show a significant increase in the number of recommended stocks, with the pharmaceutical and biotechnology sector returning to the top of the industry recommendation rankings after three years, indicating a renewed market interest in cyclical industries [1][3]. Stock Recommendations - A total of 332 stocks received 457 recommendations, with 42 stocks from the ChiNext gaining 53 recommendations, 45 stocks from the STAR Market receiving 59 recommendations, and 43 Hong Kong stocks getting 62 recommendations, marking an increase of 6 and 7 stocks respectively compared to the previous month [1]. - Six stocks received recommendations from five brokerage firms: China Merchants Bank, Yara International, Smoore International, SF Holding, Qingdao Beer, and Haida Group [1]. - Six stocks received recommendations from four brokerage firms: Zijin Mining, China Mobile, Zhenhua Heavy Industries, Tencent Holdings, Hangzhou Bank, and Dongpeng Beverage [1]. Industry Rankings - The pharmaceutical and biotechnology sector achieved a recommendation rate of 10.2%, reclaiming the top position, while the electronics sector fell to second place with a recommendation rate of 9.3% [3]. - The food and beverage sector ranked third with a recommendation rate of 6.58%, and the machinery equipment sector ranked fourth with a rate of 6.35% [3]. - The coal industry saw a significant increase in recommendation rate by 59.6%, while the transportation sector increased by 52.1%, indicating a positive outlook for these industries [3]. Declining Industry Interest - The retail trade sector experienced a notable decline in recommendation rate by 43.17%, attributed to renewed trade tensions and previous excessive price increases [4]. - The defense and military industry saw a decrease of 34.77%, mainly due to the easing of the Russia-Ukraine situation [4]. - The automotive sector's recommendation rate dropped by 30.99%, reflecting concerns over industry competition [4]. Performance of Brokerage Recommendations - In May, 30 out of 45 brokerage firms reported positive returns, with the top performers being Guoyuan Securities (6.28%) and Caitong Securities (5.93%) [5][6]. - As of May 30, 36 out of 45 brokerage firms had positive returns for the year, with 16 firms achieving returns close to or exceeding 10% [6]. Market Outlook - Analysts suggest that June will see continued improvement in returns and win rates, with a focus on large-cap growth stocks, although the market is expected to remain volatile [7]. - The market sentiment has been affected by fluctuating U.S. tariff policies and slow progress in U.S.-China trade negotiations, which are key factors influencing market risk appetite [7].

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [4]. Core Insights - The exit of Japan's Mitsui Chemicals from the nitrogen trifluoride (NF3) business is expected to enhance China's competitiveness in electronic specialty gases, with potential for increased market share [10][11]. - Supply disruptions from incidents like the chlorantraniliprole event are likely to boost the market outlook for pesticides and intermediates, leading to a potential price recovery in the short term [12][13]. - The report emphasizes the importance of monitoring key sub-sectors and suggests investment opportunities in integrated supply chains and leading companies within the chemical industry [14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals announced its exit from the NF3 business, with production ceasing by March 2026, indicating a shift in market dynamics favoring Chinese producers [10]. - A chemical company experienced an explosion, impacting the chlorantraniliprole supply chain, which may lead to a consolidation of market players and a potential price increase for certain pesticide products [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market [15]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15]. 3. Key Product Price Movements - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The report highlights the price fluctuations of key products, indicating a volatile market environment that could present both risks and opportunities for investors [27][28]. 4. Investment Recommendations - The report suggests focusing on integrated players in the refining-PX-PTA chain, leading fluorochemical companies, and firms in the domestic substitution of new materials [14]. - Specific companies highlighted for potential investment include Hengli Petrochemical, Rongsheng Petrochemical, and various leaders in the semiconductor materials sector [14].

Investment Rating - The report suggests a positive outlook for the refrigerant sector, recommending attention to companies such as Juhua Co., Sanmei Co., and Yonghe Co. due to expected demand growth and price increases in refrigerants [5]. Core Insights - The refrigerant market is entering a demand peak season, with prices and margins for major refrigerant types on the rise. The report highlights the impact of high summer temperatures and supply constraints due to quota policies [5][25]. - The explosion at Youdao Chemical has raised concerns in the pesticide industry, potentially affecting supply and prices of intermediates like K-amine, while stricter regulations may benefit leading companies with better safety and management practices [4][5]. Summary by Sections 1. Key Chemical Product Price Tracking - Notable price increases were observed in formic acid (6.52%), dichloromethane (4.36%), and acrylamide (4.55%), while TMA saw a significant decrease of 14.29% [13]. 2. Polyurethane - MDI prices decreased while TDI prices increased due to seasonal demand fluctuations and maintenance schedules at several production facilities [16]. 3. Agricultural Chemicals - Glyphosate prices rose slightly to 23,397 CNY/ton, supported by strong demand and reduced supply from some factories [18]. 4. Fluorinated Chemicals - Prices for R32 and R134a refrigerants increased, driven by seasonal demand and supply constraints. R32 is priced at 51,000 CNY/ton, and R134a at 48,500 CNY/ton [25][32]. 5. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate remained stable, with production pressures from high raw material costs [20][21]. 6. Urea and Potassium Chloride - Urea prices decreased to 1,863 CNY/ton due to changes in export policies and market dynamics, while potassium chloride prices remained stable at 2,956 CNY/ton [24].

Quantitative Models and Construction Methods - **Model Name**: "Preferred Gold Stock Portfolio" **Model Construction Idea**: The model leverages the superior performance of newly introduced gold stocks and incorporates the "Surprise Earnings Factor" (SUE factor) to select stocks with outstanding earnings surprises [26] **Model Construction Process**: 1. Use newly introduced gold stocks as the sample pool 2. Select the top 30 stocks with the highest earnings surprises based on the SUE factor 3. Weight the portfolio based on the number of recommendations from brokers **Model Evaluation**: The model demonstrates better performance compared to the overall gold stock portfolio, with higher annualized returns and lower maximum drawdowns [26][28] Model Backtesting Results - **Preferred Gold Stock Portfolio**: - May Return: -1.1% - 2025 YTD Return: 6.5% - Annualized Return: 19.7% - Annualized Volatility: 25.4% - Return-to-Volatility Ratio: 0.78 - Maximum Drawdown: 24.6% [28][29] - **Overall Gold Stock Portfolio**: - May Return: 0.9% - 2025 YTD Return: 5.9% - Annualized Return: 11.0% - Annualized Volatility: 23.5% - Return-to-Volatility Ratio: 0.47 - Maximum Drawdown: 42.6% [24][28] Quantitative Factors and Construction Methods - **Factor Name**: Surprise Earnings Factor (SUE Factor) **Factor Construction Idea**: The factor identifies stocks with earnings significantly exceeding market expectations, which are likely to outperform [26] **Factor Construction Process**: 1. Calculate the earnings surprise for each stock as the difference between actual earnings and consensus estimates 2. Rank stocks based on the magnitude of earnings surprises 3. Select the top-performing stocks with the highest earnings surprises [26] **Factor Evaluation**: The SUE factor shows strong stock selection capabilities, particularly within newly introduced gold stocks [26] Factor Backtesting Results - **SUE Factor**: Integrated into the "Preferred Gold Stock Portfolio," contributing to its superior performance metrics compared to other portfolios [26][28]

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-29 浙江巨化股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东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： ? 已披露增持计划情况：公司控股股东巨化集团有限公司（以下简称"巨 化集团"）基于对公司未来经营业绩和发展的信心，通过其一致行动人浙江巨化 投资有限公司（以下简称"巨化投资"）自2025年4月8日起3个月内，通过上海 证券交易所交易系统以集中竞价方式增持公司股份，金额累计不少于人民币 ? 增持计划的实施进展： 份219.2万股，占公司已发行总股份的0.08%，增持金额为4,998.90万元（不含交 易费用）。详见公司临2025-13号《巨化股份关于控股股东首次增持股份情况及 增持计划的公告》。 式增持公司股份41.95万股，占公司总股本的0.0155%，增持金额为999.47万元（不 含交易费用）。详见公司临2025-14号《巨化股份关于控股股东增持股份进展公 告》。 式增持公司股份75.76万股，占公司总股本的0.0281%，增 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-29 浙江巨化股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况：公司控股股东巨化集团有限公司（以下简称"巨 化集团"）基于对公司未来经营业绩和发展的信心，通过其一致行动人浙江巨化 投资有限公司（以下简称"巨化投资"）自2025年4月8日起3个月内，通过上海 证券交易所交易系统以集中竞价方式增持公司股份，金额累计不少于人民币 5,000万元，不超过人民币10,000万元。 增持计划的实施进展： 2025年4月8日，巨化投资通过上海证券交易所证券交易系统增持本公司股 份219.2万股，占公司已发行总股份的0.08%，增持金额为4,998.90万元（不含交 易费用）。详见公司临2025-13号《巨化股份关于控股股东首次增持股份情况及 增持计划的公告》。 2025年4月16日，巨化投资通过上海证券交易所交易系统以集中竞价交易方 式增持公司股份41.95万股，占公司总股本的0.015 ...

Core Points - The company Zhejiang Juhua Co., Ltd. announced its annual profit distribution plan for 2024, which was approved at the shareholders' meeting on May 15, 2025 [2][4]. Distribution Details - The cash dividend per share for A-shares is set at 0.23 yuan, amounting to a total cash distribution of approximately 620.94 million yuan based on the total share capital of 2,699,746,081 shares [2][4]. - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the equity registration [3][4]. Implementation Method - The cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [5]. - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [5]. Taxation Information - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.23 yuan per share [9]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but the tax will be calculated and deducted upon the transfer of shares [9]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.207 yuan per share [10].

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-28 浙江巨化股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.23元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 15 日的2024年年度股东大会审议通过。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：巨化股份 股票代码：600160 公告编号：临2025-27 浙江巨化股份有限公司 关于参加"在浙里 看国企"浙江国有控股上市公司集体 业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 欢迎广大投资者积极参与本次业绩说明会。 ■ （问题征集专题页面二维码） 一、本次业绩说明会的安排 1、召开时间：2025年5月29日14:30-17:15 2、召开方式：视频直播 3、公司出席人员：董事、总经理韩金铭，董事、董事会秘书刘云华，董事、财务负责人王笑明，独立 董事鲁桂华（线上参会）。 4、投资者参与方式：投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信公众号：全景财 经，或下载全景路演APP观看本次活动的视频直播。 二、投资者问题征询方式 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者公开征集问题，广泛听取投 资者的意见和建议。投资者可于2025年5月27日（星期二）17:30前访问https://ir.p5w.net/zj/，或扫描下方 ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2025-27 浙江巨化股份有限公司 关于参加"在浙里 看国企"浙江国有控股上市公司集体 业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，浙江巨化股份有限公司（以下简 称"公 司"）将参加由浙江省国资委、深圳市全景网络有限公司联合举办的"在浙里 看 国企"浙江国有控股上市公司集体业绩说明会，现将相关事项公告如下： 一、本次业绩说明会的安排 1、召开时间：2025 年 5 月 29 日 14:30-17:15 2、召开方式：视频直播 3、公司出席人员：董事、总经理韩金铭，董事、董事会秘书刘云华，董事、 财务负责人王笑明，独立董事鲁桂华（线上参会）。 4、投资者参与方式：投资者可登录"全景路演"网站（https://rs.p5w.net）， 或关注微信公众号：全景财经，或下载全景路演 APP 观看本次活动的视频直播。 二、投资者问题征询方式 欢迎广大投资者积极参与本次业绩说明会。 1 （问题征集专题页面二维码） 特此公告。 浙江巨化股份有限公司 2025 年 ...