Market Performance - The agricultural chemical sector increased by 4.04% on January 6, with LuHua Technology leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Individual Stock Performance - LuHua Technology (600691) closed at 3.04, up 10.14%, with a trading volume of 380,400 shares and a transaction value of 113 million yuan [1] - Chengxing Co., Ltd. (600078) closed at 66.01, up 10.01%, with a trading volume of 430,500 shares and a transaction value of 453 million yuan [1] - Nongxin Technology (001231) closed at 30.17, up 9.99%, with a trading volume of 118,100 shares and a transaction value of 354 million yuan [1] - Xingfa Group (600141) closed at 37.50, up 8.89%, with a trading volume of 385,800 shares and a transaction value of 1.406 billion yuan [1] - Hualu Hengsheng (600426) closed at 33.28, up 6.29%, with a trading volume of 275,800 shares and a transaction value of 903 million yuan [1] Capital Flow Analysis - The agricultural chemical sector saw a net inflow of 5.3654 million yuan from institutional investors, while retail investors experienced a net outflow of 48.2077 million yuan [2][3] - The main capital inflow was observed in YunTianHua (600096) with a net inflow of 155 million yuan, while Chengxing Co., Ltd. (600078) had a net outflow of 53.3868 million yuan from retail investors [3]

Group 1 - The phosphoric chemical index experienced a significant increase, with notable gains from several companies [2] - Qing Shui Yuan saw a rise of over 10%, while Jin Cheng Xin increased by 5.90% [2] - Xing Fa Group and Xin An Co. both reported increases of 5.14% and 5.00% respectively, and Chuan Heng Co. rose by 4.21% [2]

本次关联交易的标的为溶剂回收及钾钠盐副产装置技术与设备，主要用于有机颜料溶剂回收。 传化智联（002010）(002010.SZ)公告，公司全资子公司广东传化新材料有限公司(简称"广东传化新材 料")拟向新安股份（600596）购买溶剂回收及钾钠盐副产装置技术与设备，购买价格为2058.6万元。 ...

本次关联交易的标的为溶剂回收及钾钠盐副产装置技术与设备，主要用于有机颜料溶剂回收。 智通财经APP讯，传化智联(002010.SZ)公告，公司全资子公司广东传化新材料有限公司(简称"广东传化 新材料")拟向新安股份购买溶剂回收及钾钠盐副产装置技术与设备，购买价格为2058.6万元。 ...

传化智联公告称，其全资子公司广东传化新材料拟2058.60万元向关联方新安股份购买溶剂回收及钾钠 盐副产装置技术与设备，用于有机颜料溶剂回收。新安股份为公司控股股东传化集团控股子公司。2025 年12月31日，公司董事会审议通过该议案，此关联交易在董事会审批权限内，无需股东会审议，不构成 重大资产重组。本次交易以预计建造价为基础协商定价，不会对公司财务及业绩产生重大影响。年初至 披露日，公司及子公司与传化集团累计关联交易总金额42,474.52万元。 ...

二、搬迁补偿事项具体情况 根据《搬迁协议》，截止 2025 年 12 月 29 日，开化合成原生产基地的整体搬迁 资产处置工作已全部完成，厂区已全部腾空，相关资产的土地使用权证、房屋所有 权证及相关证照原件已全部移交至浙江开化经济开发区管理委员会。公司于 2021 年 至 2025 年期间累计收到搬迁补偿款合计 18,190.16 万元。 三、对公司当期损益的影响 鉴于搬迁工作已全面完成，依据会计准则相关规定及《搬迁协议》，本次搬迁 补偿确认收益预计影响 2025 年度归属于上市公司股东净利润 12,161.13 万元。上述 数据未经审计，具体会计处理及对公司年度利润产生的影响以会计师年度审计确认 后的结果为准。敬请广大投资者注意投资风险。 证券代码：600596 证券简称：新安股份 公告编号：2025-068 号 浙江新安化工集团股份有限公司 关于开化合成整体搬迁进展的公告 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个别及连带责任。 一、搬迁补偿事项概述 浙江新安化工集团股份有限公司（以下简称"公司"）第十届董事会第十一次 会议审 ...

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]

Market Overview - The agricultural chemical sector experienced a decline of 1.48% on December 29, with Runfeng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Beisimei (300796) with a closing price of 8.76, up 1.39% on a trading volume of 54,300 shares and a turnover of 47.32 million yuan [1] - Nongxin Technology (001231) at 22.72, up 1.38% with a trading volume of 25,600 shares and a turnover of 57.69 million yuan [1] - Baiao Chemical (603360) at 31.68, up 1.38% with a trading volume of 120,500 shares and a turnover of 381 million yuan [1] - Conversely, significant decliners included: - Runfeng Co., Ltd. (301035) at 66.10, down 5.58% with a trading volume of 34,100 shares and a turnover of 228 million yuan [2] - Yanhai Co., Ltd. (000792) at 27.69, down 4.48% with a trading volume of 1,063,600 shares and a turnover of 2.994 billion yuan [2] - Zhejiang Agricultural Co., Ltd. (002758) at 9.83, down 3.91% with a trading volume of 170,200 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 637 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2] - Key stocks with notable capital flows included: - Yuntianhua (600096) with a net inflow of 12.8 million yuan from institutional investors [3] - Baiao Chemical (603360) with a net inflow of 18.96 million yuan from institutional investors [3] - Runfeng Co., Ltd. (301035) had a net outflow of 30.6 million yuan from institutional investors but a net inflow of 20.74 million yuan from retail investors [3]

2025 年 12 月 27 日 基础化工 有机硅：供给"反内卷"与需求超预期 引子：有机硅行业的发展轨迹，是中国化工产业在转型期的典 型缩影。在新旧动能转换的大势之中，传统领域如房地产需求放 缓确实引发了产品价格周期性调整，然而这一过程也激发了有机 硅在新兴领域的渗透率及单位用量的积极增长，在行业景气较低 阶段依然维持了较好的需求增速。此外伴随行业集中度提高以及 近期"反内卷"升温，有机硅供给侧亦存在结构性优化机会。据 此我们对两个问题进行重点分析：①行业反内卷后续将如何演 绎？②具备超预期潜力的新兴需求领域有哪些？ 协同机制基础夯实，关注减产执行刚性 行业专题 国内有机硅产能扩张周期已逐步落幕，2019-2024 年，我国有机硅产 能从 151.5 万吨增至 344.0 万吨，CAGR 达 17.8%，后续虽有新疆其 亚、云南能投等新增产能规划在建，但具体落地层面的不确定性或使 实际投放有限，供给侧压力依然有望逐步缓解。行业产能集中度则持 续提升，2025 年 CR4 或达 54.7%，形成"一超多强"格局，为"反内 卷"协同奠定基础。2025 年 11 月起，有机硅行业协同会议三连发，对 减产规划和监督 ...

Core Viewpoint - The silicon-based new materials industry is a crucial component of strategic emerging industries such as electronic information, new energy, and environmental protection, with significant government support driving its development [1][8]. Industry Overview - Silicon-based new materials are essential for various strategic emerging industries, including semiconductors, new energy, and aerospace, and include types such as organic silicon, silicon carbide, and microcrystalline silicon [4][10]. - The industry has seen substantial advancements in technology and capacity expansion, breaking foreign monopolies and enhancing overall competitiveness [1][8]. Market Size and Growth - The market size of China's silicon-based new materials industry is projected to reach 58.901 billion yuan in 2024, reflecting a year-on-year increase of 10.9% [1][9]. - The production volume of silicon-based new materials is expected to grow from 1.5265 million tons in 2019 to 5.4563 million tons by 2024, with a compound annual growth rate of 29.0% [9][10]. Industry Chain - The industry chain consists of upstream raw materials (metal silicon, silicon wafers), midstream manufacturers (producers of various silicon-based materials), and downstream applications (semiconductors, photovoltaic cells, and new energy vehicles) [5][6]. Competitive Landscape - The competitive landscape is characterized by a mix of leading enterprises and emerging market participants, with major players like Hoshine Silicon Industry, Jianghan New Materials, and Dongyue Silicon Materials dominating the market [11][12]. Future Trends - Market demand for silicon-based new materials is expected to expand further, driven by growth in sectors such as photovoltaics, semiconductors, and new energy vehicles [15]. - Technological innovation and industry upgrades will provide new momentum for the sector, with increasing requirements for material purity and performance in semiconductor applications [16]. - Continuous government support and policies aimed at promoting new material research and industrialization will create a favorable environment for the industry's growth [17].