证券代码：600378 证券简称：昊华科技 公告编号：临 2025-071 昊华化工科技集团股份有限公司（以下简称"昊华科技"或"公司"） 董事会于 2025 年 10 月 24 日收到肖林兴先生提交的书面辞职报告。 因工作安排原因，肖林兴先生辞去公司第八届董事会董事及董事会审 计委员会委员等职务，肖林兴先生辞职后将不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 承诺 | | 肖林兴 | 非独立董事 | 2025 年 10 | 2026 年 2 月 | 工作安排 | 否 | / | 否 | | | 董事会审计 | 月 24 日 | 1 日 | 原因 | | | | | | 委员会委员 | | | | | | | （二）离任对公司的影响 根据《中华人民共和国公司法》《昊华科技公司章程》等相关规定， 肖林兴先生辞去公司董事职务 ...

Core Insights - Public fundraising enthusiasm has rebounded this year, with 74 A-share companies involved in public placements, totaling 30.292 billion yuan, a year-on-year increase of 28.5% [1][2] Group 1: Industry Performance - The electronic industry is the most favored by public institutions, with 13 electronic stocks attracting a total of 8.986 billion yuan in public placements [2] - The pharmaceutical and biotechnology sector follows, with 6 stocks, including Baili Tianheng and Dize Pharmaceutical, raising a total of 4.518 billion yuan [2] Group 2: Investment Gains - Among the 74 stocks involved in public placements, 71 are currently in a profit state, with 39 stocks having a profit margin within 50%, 12 stocks between 50%-99.99%, and 7 stocks exceeding 100% [1] - A total of 36 public institutions have achieved profits from their investments, representing 97.30% of the participants, with varying profit margins across different institutions [2]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][19]. Core Insights - The "14th Five-Year Plan" is expected to support high-quality development in the chemical industry, with an estimated market space of around 10 trillion yuan over the next five years [6][7]. - The introduction of the 2026 refrigerant quota plan is anticipated to lead to a contraction in R22 supply, while demand in the maintenance market remains [6][7]. - The semiconductor materials sector is expected to benefit from rising storage demand, with companies like Yake Technology and Anji Technology recommended for investment [6][7]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while global GDP growth is projected at 2.8%, stabilizing oil demand [6][7]. - Coal prices are expected to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, reducing import costs [6][7]. Chemical Sector Configuration - The report highlights a recovery in manufacturing, with the manufacturing PMI rising to 49.8% [9]. - The investment analysis suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [6][7]. Key Material Focus - Emphasis is placed on self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies recommended for investment [6][7]. Price Movements - Recent price movements include a 5.8% increase in Brent crude oil prices and a 2.7% rise in PTA prices [12][13].

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price has seen an increase due to intensified sanctions by the U.S. and Canada on Russian oil companies, with WTI crude futures rising by 6.53% and Brent crude futures by 7.09% from October 17 to October 24, 2025 [6]. - Geopolitical tensions, particularly regarding the fragile ceasefire in Gaza and the ongoing conflict between Russia and Ukraine, continue to impact oil prices [6]. - The U.S. government plans to purchase 1 million barrels of oil to replenish its strategic reserves, which may provide short-term support for oil prices [6]. - In the fluorochemical sector, the supply of popular refrigerants is tight, leading to sustained price increases, with domestic demand for refrigerants expected to rise in the fourth quarter [6]. - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, driven by domestic substitution [7]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of U.S. sanctions on Russian oil companies and geopolitical tensions on oil prices [6]. - Basic data tracking indicates a slight decrease in U.S. commercial crude oil inventories, while gasoline and jet fuel inventories continue to decline [6][15]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to oil price fluctuations [7]. Fluorochemicals - The supply of second-generation refrigerants is decreasing due to policy restrictions, while demand for third-generation refrigerants is expected to grow, driven by government incentives [6]. - The report notes that the production of household air conditioners is projected to increase significantly in the last quarter of 2025, which will boost demand for refrigerants [6]. Semiconductor Materials - The semiconductor materials sector is witnessing an upward cycle, with inventory reduction trends and improving end-market conditions [7]. - The report recommends focusing on companies in the semiconductor materials sector that are benefiting from domestic substitution and cyclical recovery [7].

Core Insights - Public institutions have shown increasing enthusiasm for participating in the private placement of listed companies, with a total subscription amount of 30.29 billion yuan in 2023, representing a 28.50% increase compared to 23.57 billion yuan in the same period last year [1][2] Group 1: Participation and Performance - A total of 37 public institutions participated in 74 private placement projects across 18 industries, with notable interest in the electronics and pharmaceutical sectors [1][2] - The floating profit amount from public institutions' participation in private placements has reached 10.84 billion yuan, indicating significant profit potential [1] - 59 companies had private placement projects that attracted over 100 million yuan from public institutions, with six companies receiving over 1 billion yuan [1] Group 2: Industry Preferences - The electronics and pharmaceutical industries are particularly favored by public institutions, with total subscriptions of 8.99 billion yuan and 4.52 billion yuan respectively [2] - Specific companies like Cambrian and Semiconductor Manufacturing International Corporation have attracted substantial investments, with Cambrian receiving 2.53 billion yuan from eight public institutions [1][2] Group 3: Institutional Insights - Among the 37 participating public institutions, 27 had total subscriptions exceeding 100 million yuan, with five institutions surpassing 1 billion yuan [2] - Nord Fund led with a subscription total of 8.90 billion yuan, participating in 70 companies' private placements [2] - The active participation of public institutions reflects their ability to capture market opportunities and indicates an optimized ecosystem in the private placement market [3]

Group 1 - On October 21, Haohua Technology executed a block trade of 1.7046 million shares, with a transaction value of 48.7857 million yuan, accounting for 21.16% of the total trading volume for the day [1] - The transaction price was 28.62 yuan, which remained stable compared to the market closing price of 28.62 yuan [1] Group 2 - The block trade involved multiple transactions under the same stock code, with different buying departments participating [2] - The total transaction amounts for the different buying departments were 23.8977 million yuan, 14.8824 million yuan, and 10.0056 million yuan respectively, all at the same price of 28.62 yuan [2]

昊华科技（600378.SH）10月21日在投资者互动平台表示，公司所属中化蓝天全资子公司中昊晨光2.6万 吨/年高性能有机氟材料项目主体装置投产并已产出合格PTFE产品。公司PTFE产品有应用在PCB基板 上，并有计划加大在PCB方面的投入和研究。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否已具备PTFE基材PCB的技术能力，1、贵 公司1.8万吨PTFE项目是否已经建设完成？2、相关产品是否已经与一些公司合作？ ...

Core Viewpoint - The company,昊华科技, has confirmed that its PTFE products are applicable in PCB substrates and plans to increase investment and research in this area [2] Group 1: Company Developments - The company’s subsidiary, 中化蓝天, has successfully launched a high-performance organic fluorine materials project with an annual capacity of 26,000 tons, producing qualified PTFE products [2] - The current PTFE production capacity of 中昊晨光 is 48,000 tons per year [2] Group 2: Future Plans - The company intends to enhance its investment and research efforts in the PCB sector [2]

Core Viewpoint - Haohua Technology (600378.SH) is a leading domestic enterprise in the specialty gas industry, focusing on the electronic information sector with over 50 years of technological accumulation and innovation [1] Group 1: Company Overview - Haohua Gas, a subsidiary of Haohua Technology, has a total production capacity of tens of thousands of tons, with some products holding a domestic market share of up to 60% [1] - The main products include nitrogen trifluoride, carbon tetrafluoride, sulfur hexafluoride, tungsten hexafluoride, hexafluoropropane, hydrogen selenide, hydrogen sulfide, and hydrogen bromide [1] - The company is currently developing electronic mixed gases for photolithography applications [1] Group 2: Technological Advancements - The company utilizes advanced fluorine production technology and vertical high-efficiency fluorination reactors to achieve international advanced product standards for high-purity carbon tetrafluoride [1] - The ultra-high-purity sulfur hexafluoride has been upgraded from the existing high-purity product, achieving over 60% market share in domestic flat panel display applications [1] - Haohua Technology has successfully developed eight types of products, including electronic-grade hexafluorobutylene and electronic-grade hydrogen bromide, contributing to the domestic substitution of integrated circuit etching gases [1] Group 3: Market Outlook - The electronic specialty gas business is expected to benefit from the recovery of end-user markets and the growing demand for AI applications [1]

格隆汇10月21日丨昊华科技(600378.SH)在互动平台表示，公司所属中化蓝天主要氟聚合物产品之一聚 偏氟乙烯树脂（PVDF），广泛应用于锂电、制品、涂料、水膜等核心领域，近年公司PVDF产品应用 聚焦锂电池行业，全面覆盖锂电池生产制造的关键应用领域。中化蓝天自主研发了高压密LFP用、高镍 NCM用等多牌号高性能PVDF粘结剂，产品具有高粘结性、强耐碱性等特征，能有效提升锂电池的电化 学性能，目前在全球多家锂电池头部企业稳定交付。目前，公司PVDF产能达2.25万吨/年，随着新增产 能逐步释放，公司在市场中的份额将持续攀升，行业地位日益显著。目前本产品已经供应储能、动力及 3C类锂电多家头部客户。按照锂电出货榜单，已稳定供应全球头部10家企业中的8家客户。 ...