Investment Rating - The report maintains an investment rating of "Buy-B" for the following stocks:昊华科技 (600378.SH), 中国旭阳集团 (01907.HK), 宝丰能源 (600989.SH), and "Buy-A" for 卓越新能 (688196.SH) [1] Core Insights - The green liquid fuel industry is entering a substantial industrialization phase, marking 2025 as the "first year of substantial industrialization" in China, with a shift in investment logic from thematic speculation to performance-driven [2][4][29] - The National Energy Administration has initiated the first batch of green liquid fuel industrialization pilot projects, focusing on green methanol, green ammonia, and cellulose ethanol, which are expected to be operational by the end of 2026 [2][9][10] - The future green fuel industry will be a comprehensive ecosystem driven by green electricity, utilizing green hydrogen as a bridge, and integrating biomass resources to serve transportation, shipping, and green chemicals [3][15] Summary by Sections 1. Green Liquid Fuel Industrialization - The first batch of pilot projects includes nine projects, such as the integration of wind power and biomass for methanol production, with a focus on creating a closed-loop system from production to application [2][9][10] - The projects require simultaneous technological breakthroughs and market validation, emphasizing the need for clear end-user applications [9][10] 2. Market Performance - The report highlights the weekly performance of the chemical market, with specific segments like phosphate fertilizers and titanium dioxide showing significant gains [20][21] - The manufacturing PMI for September 2025 is reported at 49.8, indicating a slight improvement, while the industrial PPI has decreased by 2.9% year-on-year [16] 3. Investment Recommendations - The report suggests focusing on full industry chain integrators, core equipment manufacturers, key materials and components suppliers, and fuel production and operation companies [4][29] - Recommended companies include昊华科技, 中国旭阳集团, 宝丰能源, and 卓越新能, which are positioned to benefit from the industrialization of green liquid fuels [4][29]

Group 1 - The core event involves a block trade of 980,600 shares of Haohua Technology on October 9, with a transaction value of 31.19 million yuan, accounting for 6.3% of the total trading volume for the day [1] - The transaction price was 31.81 yuan, which remained stable compared to the market closing price of 31.81 yuan [1] Group 2 - The trading data indicates that on October 9, 2025, Haohua Technology (stock code: 600378) had a transaction price of 31.81 yuan, with a total transaction amount of 19.11 million yuan and a volume of 60,100 shares from one brokerage [2] - Another transaction on the same day for Haohua Technology recorded a transaction amount of 12.07 million yuan and a volume of 37,960 shares from a different brokerage [2]

Core Insights - The aviation coatings market is experiencing significant growth driven by the recovery of air transport, increased orders for new-generation aircraft, and rising demand for advanced coatings in military aviation, particularly hypersonic vehicles [1][10][11] - China's aviation coatings market is expanding rapidly, with a projected growth from 4.52 billion yuan in 2016 to 24.53 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 23.55% [1][10][11] Industry Overview - Aviation coatings are specialized coatings used on aircraft and components, providing protection against harsh environmental conditions and ensuring safety and performance under extreme operating conditions [1][10] - The global aviation coatings market was valued at $22.8 billion in 2021, rebounding by 28.81% year-on-year after a decline due to the COVID-19 pandemic [1][10] - By 2024, the global market size is expected to reach $28.7 billion, representing a year-on-year growth of 19.7% [1][10] Market Dynamics - The aviation coatings industry is primarily dominated by major aircraft manufacturers like Boeing and Airbus, with China emerging as a significant demand player due to the mass production of domestic aircraft like the C919 [1][10] - The demand for aviation coatings is also fueled by the increasing number of civil aviation aircraft, which is projected to reach 4,394 by the end of 2024, up from 4,270 in 2023 [8][10] Competitive Landscape - The aviation coatings market is characterized by high technical barriers, with foreign companies like PPG, Valspar, Akzo Nobel, and Sherwin-Williams dominating the first tier of the market [11] - Domestic companies such as Sanhe Tree, Haohua Technology, and Chongqing Three Gorges Paint are gradually capturing market share in the second tier [11] Industry Trends - The industry is shifting towards environmentally friendly and green transformation, with traditional solvent-based coatings being replaced by low-VOC water-based and high-solid coatings [13] - Innovations in materials, such as the use of nanomaterials and polyurethane, are enhancing the performance of aviation coatings, leading to breakthroughs in durability and functionality [14] - The integration of smart manufacturing and digital technologies is reshaping the development, production, and application of aviation coatings, improving quality and efficiency [16]

Core Viewpoint - Haohua Technology's stock has shown a positive trend with a year-to-date increase of 5.72%, reflecting strong market interest and performance in the chemical industry [1][2]. Financial Performance - For the first half of 2025, Haohua Technology achieved a revenue of 7.76 billion yuan, representing a year-on-year growth of 124.33% [2]. - The net profit attributable to shareholders for the same period was 645 million yuan, marking a 74.02% increase compared to the previous year [2]. Stock Market Activity - As of September 29, Haohua Technology's stock price was 30.26 yuan per share, with a market capitalization of 39.035 billion yuan [1]. - The stock experienced a trading volume of 50.305 million yuan, with a turnover rate of 0.16% [1]. - The net inflow of main funds was 3.6094 million yuan, indicating positive investor sentiment [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.29% to 18,600, while the average circulating shares per person decreased by 12.50% to 48,906 shares [2][3]. - The company has distributed a total of 2.152 billion yuan in dividends since its A-share listing, with 1.268 billion yuan distributed in the last three years [3]. Business Segments - Haohua Technology's main business segments include high-end fluorine materials (54.39%), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and others [2].

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 17th this week, with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated growth in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance this week was -0.95%, ranking it 17th among all sectors, while the top three performing sectors were power equipment, non-ferrous metals, and electronics [22][23] - The top three individual stocks in the chemical sector this week were Bluefeng Biochemical (61.16%), Shangwei New Materials (44.81%), and Huarsoft Technology (31.83%) [28] Key Industry Dynamics - A new plan for stable growth in the petrochemical industry was released by seven departments, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [34] - The plan emphasizes the importance of technological innovation, digital empowerment, and environmental sustainability in the petrochemical sector [34] Investment Opportunities - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biological being recommended for investment [4][8] - The third-generation refrigerants are expected to enter a high prosperity cycle due to upcoming quota policies and stable demand growth from the air conditioning and cold chain markets [5] - The electronic specialty gases market presents significant domestic substitution opportunities, driven by rapid upgrades in the semiconductor and photovoltaic industries [6][8] - Light hydrocarbon chemicals are identified as a global trend, with a shift towards lighter raw materials expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel being recommended for attention [9] - Potash fertilizer prices are anticipated to rebound as supply tightens and demand increases due to rising agricultural planting intentions [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] - The market for fluorite is showing a continuous recovery, with prices increasing due to strong demand and limited supply [35][36] - The refrigerant market is expected to maintain an upward trend, driven by the increasing prices of R32 and other refrigerants, as well as the ongoing transition to more environmentally friendly products [21][22] Summary by Sections 1. Fluorochemical Industry Overview - The fluorite price has shown a continuous recovery, with the average market price for 97% wet fluorite reaching 3,512 CNY/ton, up 4.09% from the previous week [19][35] - The fluorochemical index decreased by 0.43% during the week of September 22-26, 2025, underperforming compared to the Shanghai Composite Index and the CSI 300 Index [27][30] 2. Fluorite Market - The fluorite market is experiencing a strong upward trend, with increased inquiries and negotiations for new contracts as downstream prices rise [35] - The supply side is tightening due to production limitations and seasonal factors, leading to a bullish market sentiment [36] 3. Refrigerant Market - As of September 26, 2025, the prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 52,000 CNY/ton, R410a at 52,500 CNY/ton, and R22 at 34,500 CNY/ton [21][24] - The export quota for R32 has been progressing well, with a 62% consumption rate, benefiting from the release of overseas production capacity by domestic air conditioning companies [22] 4. Recent Industry Developments - Major companies such as Juhua Co. have received environmental assessments for new projects, indicating ongoing investment in the fluorochemical sector [10] - India has initiated anti-dumping investigations against Chinese HFC refrigerants, which may impact market dynamics [10][11] 5. Recommended Stocks - Key stocks to watch include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinjubang [11][23]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

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。 证券代码：600378 证券简称：昊华科技 公告编号：临 2025-070 昊华化工科技集团股份有限公司 2025年第四次临时股东大会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 26 日 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 333 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 991,147,944 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 76.8331 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 昊华化工科技集团股份有限公司（以下简称"公司"或"昊华科技"）召开 的本次股东大会由公司董事会召集，董事长王军先生主持，采用现场投票和网络 投票相结合的表决方式进行。会议的召集和召开程序、出席会议人员 ...

北京市通商律师事务所 关于昊华化工科技集团股份有限公司 2025 年第四次临时股东大会的 法律意见书 二〇二五年九月 中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于昊华化工科技集团股份有限公司 2025 年第四次临时股东大会的 法律意见书 1 三十四次会议审议通过了《关于审议召开公司 2025 年第四次临时股东大会的议 案》，并于 2025 年 8 月 30 日将本次股东大会的召开时间、地点、审议议题、会 议登记等事项进行了公告，会议通知刊登在《中国证券报》《上海证券报》《证 券时报》及上海证券交易所网站上告知全体股东。 本次股东大会表决方式采取现场投票与网络投票相结合 ...

Company Overview - Haohua Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on August 5, 1999, with its listing date on January 11, 2001 [2] - The company provides comprehensive services for chemical engineering and petrochemical engineering projects, including technology development, transfer, consulting, engineering design, and general contracting [2] - Main business revenue composition includes: high-end fluorine materials (54.39%), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and others (3.12%) [2] Financial Performance - For the first half of 2025, Haohua Technology achieved operating revenue of 7.76 billion yuan, a year-on-year increase of 124.33% [2] - The net profit attributable to shareholders for the same period was 645 million yuan, representing a year-on-year growth of 74.02% [2] - Cumulative cash dividends since the A-share listing amount to 2.15 billion yuan, with 1.27 billion yuan distributed over the past three years [3] Stock Performance - As of September 26, Haohua Technology's stock price was 29.86 yuan per share, with a market capitalization of 38.52 billion yuan [1] - Year-to-date, the stock price has increased by 4.32%, with a 1.05% rise over the last five trading days, a 1.68% decline over the last 20 days, and a 12.98% increase over the last 60 days [1] - The net outflow of main funds was 12.31 million yuan, with significant buying and selling activities recorded [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.29% to 18,600, with an average of 48,906 circulating shares per person, a decrease of 12.50% [2] - Major shareholders include Huaxia Military Industry Safety Mixed Fund and Dachen New Era Industry Mixed Fund, with changes in their holdings noted [3]