站在"十四五"深化产业变革的关键节点，化工行业面临绿色转型与高端材料"卡脖子"的双重挑战。 《"十四五"智能制造发展规划》明确提出"推动石化化工行业智能化改造，培育一批智能制造示范工 厂"，《石化化工行业稳增长工作方案(2025—2026年)》将"数字化转型""核心技术突破"列为重点任务。 历经4年实践，巨化集团以技术创新突破国外垄断，以数智化手段提升组织效能，构建起"技术突破—数 智赋能—产业升级"的新质生产力培育路径。如今，在巨化集团的生产车间，巡检机器人沿轨道穿梭， 实时传输设备数据；中控室的全域智控系统动态模拟装置运行状态，操作人员通过系统界面即可完成参 数调整，这场深刻的变革，让这家"老"国企持续焕发新生机。 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000 ...

自1958年在钱塘江畔奠基立业，巨化集团已走过67载峥嵘岁月。这家诞生于我国"二五"时期的老牌化工 企业，已从最初的基础化工原料生产基地，成长为全国最大的氟化工先进制造业基地和浙江省石化化工 行业的领军企业。 图为巨化集团厂景 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000亿 千瓦时用电，相当于一个三峡水电站全年的发电量。"中国工程院院士、浙江大学衢州研究院院长任其 龙表示，浸没式冷却液在"双碳"、节能减碳方面效益显著。 2019年，一家客户找到生产氟化液的巨化集团，了解到该集团研制的全氟聚醚具有不导电、不短路、不 腐蚀的特性，并提出共同攻关冷却液国产化替代技术。面对市场与技术的挑战，巨化集团研发团队勇挑 重担。在为期100天的技术攻坚中，团队成员面对数百种服务器材 ...

Core Viewpoint - Juhua Co., Ltd. has solidified its leadership in the refrigerant sector during the 14th Five-Year Plan period, achieving breakthroughs in high-end fluorinated polymers and green energy new materials, while maintaining a focus on high-end, intelligent, and green development [2][3]. Group 1: Business Performance - Juhua's core business in fluorinated refrigerants has achieved global leadership, with the third-generation refrigerant quota reaching 37.86% of the industry total by 2025, and domestic usage quota at 38.77%, both ranking first in the industry [2]. - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [2]. - In the first three quarters of 2025, Juhua achieved operating income of 20.393 billion yuan and net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [2]. Group 2: Innovation and Development - Breakthroughs in high-end new materials have been a highlight for Juhua during the 14th Five-Year Plan, with the company achieving domestic substitution in several high-value new material fields through independent research and investment [3]. - Juhua has fully promoted the construction of "digital workshops," completing "zero manual" transformations of major production units, achieving full-process automated control [3]. - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit for several consecutive years, totaling 5.973 billion yuan by June 2025, which is 38.11% of cumulative net profit [3]. Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue focusing on green development, digital transformation, and innovation-driven upgrades, striving to become a world-class manufacturing base for high-performance fluorinated and chlorinated new materials [3].

Core Insights - Juhua Co., Ltd. has solidified its leadership position in the refrigerant sector during the 14th Five-Year Plan, achieving breakthroughs in high-end fluorinated polymers and green energy new materials [1][2] - The company has adopted a new development philosophy focusing on high-end, intelligent, and green industrialization, establishing a high-performance fluorine-chlorine new materials base [1] Financial Performance - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [1] - In the first three quarters of 2025, Juhua achieved an operating income of 20.393 billion yuan and a net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [1] Market Position - Juhua is the only domestic company with a complete series of fluorinated refrigerants from the first to the fourth generation, with a projected market share of 37.86% for third-generation refrigerants by 2025 [1] - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit in recent years, totaling 5.973 billion yuan by June 2025 [2] Innovation and Sustainability - Juhua has made significant advancements in high-end new materials, achieving domestic substitution in several high-value sectors through independent research and investment [2] - The company has implemented a "zero manual" transformation in its main production facilities, achieving full automation and significantly reducing carbon emissions through the recycling of by-products [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue its focus on green development and digital transformation, striving to become a world-class manufacturer of high-performance fluorinated and chlorinated new materials [2]

Core Viewpoint - The chemical products sector experienced a slight increase of 0.27% on December 30, with Evergrande High-tech leading the gains, while the Shanghai Composite Index closed at 3965.12, showing no change, and the Shenzhen Component Index rose by 0.49% [1]. Group 1: Stock Performance - Evergrande High-tech (002591) closed at 9.02, up 10.00% with a trading volume of 84,400 shares and a transaction value of 76.13 million yuan [1]. - Huide Technology (603192) also rose by 10.00% to close at 28.72, with a trading volume of 150,700 shares and a transaction value of 413 million yuan [1]. - Akali (603722) increased by 9.99% to 41.38, with a trading volume of 44,700 shares and a transaction value of 183 million yuan [1]. - New Trend New Materials (301076) saw an 8.62% increase, closing at 49.64 with a trading volume of 245,100 shares and a transaction value of 1.182 billion yuan [1]. - Meirui New Materials (300848) rose by 8.49% to 17.37, with a trading volume of 344,800 shares and a transaction value of 579 million yuan [1]. Group 2: Fund Flow Analysis - The chemical products sector experienced a net outflow of 772 million yuan from institutional investors, while retail investors saw a net inflow of 710 million yuan [2]. - The main net inflow for New Trend New Materials (301076) was 102 million yuan, accounting for 8.59% of its trading volume [3]. - Meirui New Materials (300848) had a main net inflow of 97.12 million yuan, representing 16.78% of its trading volume [3]. - Institutional investors showed a net outflow from Huide Technology (603192) of 28.44 million yuan, which is a 6.89% decrease in their trading volume [3].

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in battery-grade lithium carbonate (up 10.79%) and industrial-grade lithium carbonate (up 10.78%), while sulfur and liquid chlorine experienced notable declines [4][7]. - It suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend stocks, particularly in light of the current geopolitical tensions affecting oil prices [6][18]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [21]. Summary by Sections Chemical Industry Investment Suggestions - The report recommends paying attention to the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, suggesting potential investment in companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical [21]. - It also emphasizes selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additive sector and coal-to-olefins industry [21]. - The report notes that domestic demand for chemical fertilizers and certain pesticide sub-products remains robust, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for investment [21]. Price Trends of Chemical Products - The report details recent price movements, with significant increases in battery-grade lithium carbonate and PTA, while products like sulfur and liquid chlorine saw declines [4][5][19]. - It mentions that the international oil price is expected to stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material cost reductions [6][18]. Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, particularly the situation in Venezuela and the EU's sanctions on Russia, which have contributed to recent price fluctuations [22][23]. - It highlights the weak trading atmosphere in the coal market, with prices declining due to limited demand and cautious market sentiment [29][30]. - The report notes that the polypropylene market is experiencing downward pressure due to weak demand and increased supply, while the PTA market is expected to remain strong due to ongoing inventory reduction [31][35].

证券日报网讯 12月29日，巨化股份在互动平台回答投资者提问时表示，公司将认真评估并持续优化公 司官网建设。 （文章来源：证券日报） ...

Group 1 - The PVDF concept sector experienced a decline of 1.68%, ranking among the top losers in the concept sector, with companies like Duofuduo, Shenzhen Xinxing, and Putailai showing significant declines [1] - Among the PVDF concept stocks, three companies saw price increases, with Jinming Precision Machinery rising by 0.63%, Zhejiang Zhongcheng by 0.18%, and ST Lianchuang by 0.17% [1] - The main capital outflow from the PVDF concept sector today was 1.457 billion yuan, with 17 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2] Group 2 - Duofuduo had the highest net capital outflow of 1.114 billion yuan, followed by Juhua Co., Shenzhen Xinxing, and Dongyangguang with net outflows of 148 million yuan, 62.397 million yuan, and 40.527 million yuan respectively [2] - The top stocks in terms of capital outflow within the PVDF concept included Duofuduo (-8.06%), Shenzhen Xinxing (-7.66%), and Putailai (-3.17%) [3] - The trading volume for Duofuduo was 20.47%, indicating significant trading activity despite the price drop [3]