从指数持仓来看，中证沪港深互联互通中小综合原材料指数十大权重分别为：赤峰黄金（1.53%）、招 金矿业（1.28%）、中国稀土（1.16%）、洛阳钼业（1.13%）、浙江龙盛（1.04%）、海螺水泥 （1.03%）、菲利华（1.02%）、中矿资源（0.95%）、盛和资源（0.93%）、天山铝业（0.92%）。 从中证沪港深互联互通中小综合原材料指数持仓的市场板块来看，深圳证券交易所占比49.61%、上海 证券交易所占比38.62%、香港证券交易所占比11.76%。 从中证沪港深互联互通中小综合原材料指数持仓样本的行业来看，有色金属占比40.64%、化工占比 37.39%、非金属材料占比9.51%、钢铁占比8.03%、造纸与包装占比4.43%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。 ...

Core Viewpoint - Zhejiang Longsheng Group Co., Ltd. has announced a cash dividend distribution plan, with a total cash dividend of RMB 813,332,965.00, amounting to RMB 0.25 per share for its shareholders [1][2]. Summary by Sections Dividend Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting on May 30, 2025, for the fiscal year 2024 [1]. - The total share capital before the distribution is 3,253,331,860 shares, leading to a total cash dividend of RMB 813,332,965.00 [1]. Relevant Dates - The record date for shareholding is July 15, 2025, with the last trading day and ex-dividend date both on July 16, 2025 [1]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [1]. - Shareholders who have designated trading can receive their cash dividends on the distribution date, while those without designated trading will have their dividends held by the clearing company until they complete the necessary procedures [1]. Taxation Information - For individual shareholders holding shares for over one year, the cash dividend of RMB 0.25 per share is exempt from personal income tax [2]. - 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 [2]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.225 per share [3][4].

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-026 浙江龙盛集团股份有限公司 2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.25元 相关日期 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。 | 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 | 2025/7/15 | － | 2025/7/16 | 2025/7/16 | 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 30 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本3,253,331,860股为基数，每股派发 现金红利0.25元（含税），共计派发现金 ...

Core Viewpoint - The price of H acid has significantly increased, leading dye companies to cautiously manage their production capacity [1] Company Summaries - Jinji Co. has not yet started trial production of its 8000 tons capacity for H acid [1] - Runtou Co. and Jihua Group have their H acid facilities currently in a state of suspension [1] - Zhejiang Longsheng has some facilities in trial production [1] Industry Insights - Recent data indicates that H acid prices have surpassed 44,000 yuan per ton, reflecting an increase of 8,000 yuan per ton since the beginning of the year [1]

Group 1 - The core viewpoint highlights the synergy between capital market reforms and industrial upgrades in Zhejiang, leading to a new landscape for high-quality economic development [1] - Since the release of the "Six Merger Guidelines," there have been 315 disclosed merger and acquisition (M&A) transactions in Zhejiang, involving a total amount of 75.5 billion yuan [1][2] - The M&A activities are characterized by a significant increase in both quantity and quality, with domestic acquisitions accounting for over 90% of the transactions, predominantly led by private enterprises [2] Group 2 - The focus on industrial synergy in M&A is evident, with strategic acquisitions aimed at resource integration and enhancing core competitiveness [2] - Notable cases include ChipLink's acquisition of 72.33% of ChipLink Yuezhou's shares, and Bochuang Technology's acquisition of Changxin Sheng, which exemplify the trend of "1+1>2" through technological collaboration [2][3] - Traditional industries are also experiencing a "second entrepreneurship," with over 25% of M&A cases in the equipment manufacturing sector, aligning with Zhejiang's manufacturing strengths [3] Group 3 - The majority of M&A transactions are small-scale, with about 75% of deals valued below 200 million yuan, indicating a high frequency of flexible transactions [3] - However, larger transactions are also prominent, with over 70 deals exceeding 200 million yuan, totaling over 64 billion yuan, showcasing the ambition of leading enterprises [3] - The innovative application of payment tools has further enhanced market efficiency, with cash-based acquisitions making up over 80% of the total value [3] Group 4 - The active M&A market in Zhejiang is supported by regulatory bodies and local government initiatives, focusing on the implementation of M&A policies [4] - The Zhejiang Securities Regulatory Bureau has conducted extensive training and outreach to ensure compliance and understanding of new policies among market participants [4] - Local policies encourage listed companies to engage in industrial chain integration, with over 20 M&A transactions disclosed by provincial state-owned enterprises since 2025 [4] Group 5 - The recognition of industrial integration by the capital market is growing, with regulatory measures fostering a supportive environment for M&A activities [5] - The emergence of typical M&A cases is expected to boost market confidence and encourage further integration efforts [5] - The capital market is anticipated to play a crucial role in promoting new productive forces and guiding resources towards industrial integration and transformation [5] Group 6 - The Zhejiang Securities Regulatory Bureau plans to continue enforcing M&A policies while maintaining market order and preventing fraudulent activities [6] - Future prospects for the Zhejiang M&A market include fostering new productive forces, transforming traditional industries, and enhancing global competitiveness [6] - The region aims to become a benchmark for capital markets serving the real economy through effective M&A practices [6]

? 本次担保金额及已实际为其提供的担保余额：公司本次为浙江染化提供 最高额保证，担保的最高债权额为人民币 12.01 亿元（其中在招商银行担保的最 高债权额为人民币 4.5 亿元，在民生银行担保的最高债权额为人民币 2 亿元，在 绍兴银行担保的最高债权额为人民币 1.81 亿元，在杭州银行担保的最高债权额 为人民币 2.2 亿元，在浙商银行担保的最高债权额为人民币 1.5 亿元）及其利息、 费用等；为浙江鸿盛提供最高额保证，担保的最高债权额为人民币 9.2 亿元（其 中在招商银行担保的最高债权额为人民币 4 亿元，在民生银行担保的最高债权额 为人民币 1 亿元，在杭州银行担保的最高债权额为人民币 2.2 亿元，在浙商银行 担保的最高债权额为人民币 2 亿元）及其利息、费用等；为浙江安诺提供最高额 保证，担保的最高债权额为人民币 2 亿元及其利息、费用等；为浙江科永提供最 高额保证，担保的最高债权额为人民币 0.89 亿元及其利息、费用等；为浙江恩 盛提供最高额保证，担保的最高债权额为人民币 0.5 亿元及其利息、费用等。截 至 2025 年 6 月 14 日，公司实际为浙江染化担保余额人民币 29.54 亿元 ...

被担保人名称：公司全资子公司浙江龙盛染料化工有限公司（以下简称 "浙江染化"）、浙江鸿盛化工有限公司（以下简称"浙江鸿盛"）、浙江安诺芳胺 化学品有限公司（以下简称"浙江安诺"）、浙江科永化工有限公司（以下简称"浙 江科永"）、浙江恩盛染料化工有限公司（以下简称"浙江恩盛"）。 本次担保金额及已实际为其提供的担保余额：公司本次为浙江染化提供 最高额保证，担保的最高债权额为人民币 12.01 亿元（其中在招商银行担保的最 高债权额为人民币 4.5 亿元，在民生银行担保的最高债权额为人民币 2 亿元，在 绍兴银行担保的最高债权额为人民币 1.81 亿元，在杭州银行担保的最高债权额 为人民币 2.2 亿元，在浙商银行担保的最高债权额为人民币 1.5 亿元）及其利息、 费用等；为浙江鸿盛提供最高额保证，担保的最高债权额为人民币 9.2 亿元（其 中在招商银行担保的最高债权额为人民币 4 亿元，在民生银行担保的最高债权额 为人民币 1 亿元，在杭州银行担保的最高债权额为人民币 2.2 亿元，在浙商银行 担保的最高债权额为人民币 2 亿元）及其利息、费用等；为浙江安诺提供最高额 保证，担保的最高债权额为人民币 2 亿元及 ...

Investment Rating - The industry is rated as "Recommended" for investment, indicating a favorable outlook for the sector [2][8]. Core Insights - The price center of H acid is expected to rise due to tightening supply and demand dynamics, with a current market average price of 41,750 RMB/ton as of June 13, 2025, reflecting an increase of 5,750 RMB/ton since early January 2025 [6][8]. - The active dye industry is undergoing a phase of industrial upgrading and consolidation, with many small and medium enterprises being eliminated due to sustained price pressure since late 2019 [6][8]. - H acid, a key raw material for producing active dyes, constitutes 30%-50% of the total cost, and its price increase is likely to positively impact active dye prices, which have recently risen from 20 RMB/kg to 23 RMB/kg [6][8]. Summary by Sections Industry Overview - H acid production faces challenges such as high energy consumption and significant environmental pollution, leading to production halts in developed countries, with global capacity concentrated in China and India [6][8]. - Domestic effective H acid capacity is currently below 60,000 tons, resulting in a supply gap exceeding 10% [6][8]. Cost and Pricing Dynamics - The cost support from H acid is expected to facilitate a smoother transmission of price increases in active dyes, benefiting companies with integrated production capacities [6][8]. - The report highlights that companies like Zhejiang Longsheng, Jinchicken Co., Luntai Co., and Jihua Group are well-positioned to benefit from these dynamics [6][8]. Key Companies and Profit Forecast - Key companies to watch include: - Zhejiang Longsheng (Stock Code: 600352.SH) with an estimated EPS of 0.67 for 2025 and a PE ratio of 16 [9]. - Jinchicken Co. (Stock Code: 300798.SZ) currently un-rated but with significant production capacity [9]. - Luntai Co. (Stock Code: 002440.SZ) with an estimated EPS of 0.25 for 2025 and a PE ratio of 33 [9]. - Jihua Group (Stock Code: 603980.SH) with an estimated EPS of 0.25 for 2024 and a PE ratio of 81 [9].

Group 1 - The dye sector is experiencing localized activity, with Jinji Co., Ltd. (300798) hitting the daily limit up [1] - Other companies in the sector, such as Runtu Co., Ltd. (002440), Hualitai (001217), Annoqi (300067), and Zhejiang Longsheng (600352), also saw increases in their stock prices [1]

Core Viewpoint - The acquisition of Dystar by Zhejiang Longsheng marks the end of a 15-year-long acquisition process, solidifying Longsheng's control over Dystar and resolving longstanding legal disputes with Kiri Industries [6][7][11]. Company Overview - Zhejiang Longsheng Group has signed a share purchase agreement to acquire 37.57% of Dystar from Kiri Industries, making Dystar a wholly-owned subsidiary [3][6]. - The acquisition price has reached $697 million, exceeding initial expectations but deemed strategically valuable for Longsheng [11]. Legal Background - The acquisition stems from a ruling by the Singapore International Commercial Court (SICC) that mandated the sale of Dystar's 100% equity [6]. - Kiri Industries had previously filed a lawsuit against Longsheng, alleging oppressive behavior and seeking fair value for its shares [8][9]. Financial Performance - Dystar reported a net profit of $116 million in 2024, with a projected annualized net profit of approximately $92 million for Q1 2025 [17]. - Longsheng's revenue for 2024 is expected to be around 15.88 billion yuan, with a net profit of 2.03 billion yuan, reflecting a growth of over 30% [13]. Strategic Implications - The acquisition is expected to create synergies by integrating Dystar's R&D, production, and sales resources, enhancing operational efficiency [13][15]. - Longsheng aims to expand its market presence, particularly in Southeast Asia and Europe, leveraging Dystar's established global sales network [13]. Future Outlook - Longsheng plans to extend its business from traditional dyeing to specialty chemicals, focusing on key intermediates and enhancing supply chain control [14]. - The integration of Dystar's patented technologies is anticipated to accelerate the development of high-value products, potentially increasing profit margins by 3-5 percentage points [15].