Investment Rating - The industry rating is maintained at Neutral, consistent with the previous rating [3]. Core Insights - The liquid cooling technology is driven by the increasing power density of data center cabinets, which necessitates more efficient heat dissipation methods. Liquid cooling offers advantages such as lower energy consumption, higher cooling efficiency, lower noise, and lower total cost of ownership (TCO) compared to traditional air cooling [4][12]. - The Chinese liquid cooling server market is projected to grow significantly, reaching a market size of $2.37 billion in 2024, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [4][33][57]. - The global data center cooling market is expected to grow from $7.67 billion in 2023 to approximately $16.87 billion by 2028, with liquid cooling technology's market share increasing from 13% to 33% during the same period [33][36]. Summary by Sections Section 1: Development of Liquid Cooling Technology - The shift towards high-density and energy-efficient data centers necessitates the adoption of liquid cooling solutions, especially when cabinet power density exceeds 20KW [11][12]. - The average power density of global data center cabinets has increased from 5.6KW in 2017 to 12.8KW in 2023, with supercomputing centers requiring over 30KW [11][12]. Section 2: Liquid Cooling Efficiency and Cost Advantages - Liquid cooling systems demonstrate superior cooling capabilities compared to air cooling, with a cost of approximately 11,818 RMB per KW, leading to annual savings of about 1.84 million RMB compared to air cooling [17][12]. - NVIDIA's liquid-cooled data centers can achieve a Power Usage Effectiveness (PUE) of 1.15, significantly lower than the 1.6 PUE typical of air-cooled systems [11][12]. Section 3: Types of Liquid Cooling Technologies - Liquid cooling technologies are categorized into contact and non-contact types, with single-phase cold plate liquid cooling being the most mature and widely adopted solution [52][32]. - Immersion cooling, which can be single-phase or two-phase, is gaining traction due to its energy efficiency and compact design, with the market for immersion cooling servers expected to grow from $1.2 million in 2024 to $48.6 million by 2029 [55][57]. Section 4: Market Growth Projections - The Chinese liquid cooling server market is expected to maintain rapid growth, with a projected market size of $2.37 billion in 2024, reflecting a 67% increase from 2023 [36][57]. - The global data center liquid cooling market is anticipated to grow from $1 billion in 2023 to approximately $5.6 billion by 2028, indicating a strong upward trend in adoption [33][36]. Section 5: Key Companies and Products - Companies such as Juhua Co., Yonghe Co., New Zobang, Huayi Group, and others are positioned to benefit from the growing demand for fluorinated liquids used in immersion cooling systems, especially following 3M's exit from the PFAS production market [66][67].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical sectors [6]. Core Insights - The petrochemical industry is expected to experience a recovery in prosperity due to the implementation of the "Stabilization Growth Work Plan" for 2025-2026, which aims to enhance high-end supply and optimize capacity in various sub-sectors [1][2]. - The report highlights the importance of controlling new capacity for key products such as refining, ethylene, PX, and coal-to-methanol, which is anticipated to improve the supply structure [2]. - The focus on fertilizer production stability and the development of new types of fertilizers is expected to continue, with recommendations for companies in this sector [3]. - The report emphasizes the acceleration of new materials and emerging technologies in the chemical industry, driven by policy support for high-end supply and digital transformation [4]. Summary by Sections Section 1: Industry Growth Policies - The Ministry of Industry and Information Technology and other departments have issued a plan to stabilize growth in the petrochemical industry, focusing on high-end supply and project management [1]. - The plan includes measures to enhance supply optimization and support the development of high-end chemical materials in electronics, new energy, and medical equipment [1]. Section 2: Capacity Control and Supply Optimization - The plan specifies strict control over new refining capacity and reasonable planning for the addition of ethylene, PX, and coal-to-methanol capacities, supporting the replacement and upgrading of old facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to decrease by 1%, remain unchanged, and increase by 2% respectively, indicating a significant slowdown in capacity growth [2]. Section 3: Fertilizer Production Stability - The plan aims to optimize the production management of key fertilizer companies and ensure stable raw material supply through long-term contracts [3]. - The report notes that the prices of some upstream raw materials have risen significantly, which may impact fertilizer production [3]. Section 4: Development of New Materials and Technologies - The report anticipates accelerated development of high-end chemical materials and emerging technologies, including carbon capture and green ammonia applications [4]. - It encourages the development of new materials in sectors such as integrated circuits, new energy, and medical devices, with a focus on innovation and domestic substitution [4]. Section 5: Company Recommendations - The report recommends several companies based on their potential to benefit from the outlined policies, including: - **Buy**: Yun Tianhua, Dongcai Technology, Hualu Hengsheng, and Luxi Chemical [7]. - **Overweight**: Hengli Petrochemical, Huayi Group, Tongkun Co., Guangwei Composite, Xinfeng Group, and Wanwei High-tech [7].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The "Stabilizing Growth Work Plan" for the petrochemical industry has raised expectations, focusing on enhancing technological innovation, expanding effective investment, and fostering market demand [8] - The green low-carbon industry, particularly green polyester, is expected to experience rapid growth due to new technologies and significant market potential [8] Summary by Sections Investment Recommendations and Targets - The report favors companies that have strategically positioned themselves in the green polyester sector, such as Wankai New Materials (301216, Buy). Other recommended stocks include Sinopec (600028, Buy), Hengli Petrochemical (600346, Buy), Rongsheng Petrochemical (002493, Buy), Wanhua Chemical (600309, Buy), and Huayi Group (600623, Buy). Additionally, companies in the pesticide formulation segment like Runfeng Co., Ltd. (301035, Buy), Guoguang Co., Ltd. (002749, Buy), and Hailier (603639, Buy) are also highlighted [3] Industry Overview - The petrochemical industry is currently facing significant oversupply, making rapid recovery through market-driven policies challenging. However, the long-term outlook for the industry is improving, with lower valuations for leading chemical stocks providing good investment opportunities [8] - The green low-carbon sector, including green methanol, bio-aviation fuel, and green polyester, is gaining market attention due to its vast market space and the need for sustainable development. Companies that capitalize on these trends are expected to achieve rapid growth [8] Recent Developments - The recent "Stabilizing Growth Work Plan" emphasizes controlling new refining capacity and supporting key products in electronic chemicals and high-end polyolefins, while also fostering new application scenarios in emerging fields like renewable energy and low-altitude economy [8]

公司报告 | 半年报点评 华谊集团（600623） 证券研究报告 盈利能力方面：轮胎制造/能源化工/精细化工/日化产品/化工服务五个板 块 2025 年上半年毛利率分别为 9.9%/4.8%/7.2%/25.5%/4.3%，其中轮胎制 造毛利率同比-4.9PCT，日化产品毛利率同比-4.1PCT，降幅明显，其他业务 毛利率同比+6.3%增幅明显。 半年度主要产品量价涨跌不一，子公司中上海华谊投资子公司业绩亮眼 根据公司半年度经营数据公告，25H1 销量方面：甲醇、醋酸及酯/工业气 体/丙烯及下游产品/涂料及树脂/轮胎五个主要产品类别销量同比分别 +4.2%/-6.0%/-13.2%/-2.6%/+13.6%，其中轮胎、甲醇、醋酸及酯两个板块产 品销量同比上升，丙烯及其下游产品销量下滑较为明显。产品价格方面： 甲醇、醋酸及酯/工业气体/丙烯及下游产品/涂料及树脂/轮胎平均售价同 比分别-11.2%/-10.4%/-4.1%/+2.5%/-6.5%。 子公司中，华谊集团 100%持股的上海华谊集团投资有限公司（其子公司包 括上海回力鞋业等孙公司）上半年实现净利润 3.12 亿元，同比+58.4%，在 众多子公司中 ...

实探10万吨级绿色甲醇项目 规划建设上海10万吨级绿色甲醇自主产能，对推动上海国际航运中心绿色转型意义重大。 距离上海市中心70~80公里的金山区廊下镇现代农业园区的松林楼房规模化生态养猪场，是上海最大的 规模化楼房养猪场，生猪年存栏量45000余头，养殖量居上海第一，畜禽废弃物的处理是其长期重点关 注的事项。 而现在，在申能集团旗下申能环境、旗下上海燃气、松林食品的推动下，猪粪资源"变废为宝"，形成了 上海市首个沼气提纯生物天然气工程项目，为上海本地10万吨级绿色甲醇项目提供了上游原料端的生物 天然气。 申能环境相关负责人表示："目前这个项目已经取得了原料供应、甲醇生产和贸易储运加注ISCC EU与 PLUS全流程双认证证书。也就是说，平均碳排放强度比化石燃料制备甲醇碳排放强度94gCO2eq/MJ平 均减碳80%以上，可以满足上海港国际航运船舶对绿色燃料的加注需求，也能够推动和支撑上海国际航 运中心建设。" 近日，第一财经记者实地探访了这个位于金山区的申能生物天然气工程项目，并就沪产绿色甲醇项目的 投产和市场经济性与申能环境相关负责人作了交流。 值得一提的是，记者此次实地探访的申能松林生物天然气项目，处于 ...

Core Viewpoint - Huayi Group's stock price has shown a year-to-date increase of 26.69%, despite a slight decline in recent trading days, indicating a mixed performance in the short term [2]. Group 1: Stock Performance - On September 19, Huayi Group's stock rose by 2.13%, reaching 8.64 CNY per share, with a trading volume of 41.06 million CNY and a turnover rate of 0.26%, resulting in a total market capitalization of 18.34 billion CNY [1]. - Year-to-date, the stock price has increased by 26.69%, while it has decreased by 1.37% over the last five trading days and by 0.35% over the last twenty days [2]. Group 2: Financial Performance - For the first half of 2025, Huayi Group reported a revenue of 24.19 billion CNY, reflecting a year-on-year growth of 6.81%, and a net profit attributable to shareholders of 488 million CNY, which is a 17.93% increase compared to the previous year [3]. - The company has distributed a total of 4.30 billion CNY in dividends since its A-share listing, with 1.06 billion CNY distributed over the last three years [4]. Group 3: Business Overview - Huayi Group, established on August 5, 1992, and listed on December 4, 1992, is primarily engaged in the research, production, and sales of tires, as well as energy chemicals, fine chemicals, and chemical services [2]. - The revenue composition of Huayi Group includes fine chemicals (19.84%), tire manufacturing (12.51%), and various other segments, indicating a diversified business model [2]. Group 4: Shareholder Information - As of June 30, 2025, Huayi Group had 58,000 shareholders, a decrease of 4.67% from the previous period, with an average of 0 circulating shares per shareholder [3]. - Major shareholders include Hong Kong Central Clearing Limited and the China Securities Shanghai State-Owned Enterprise ETF, with notable reductions in their holdings [4].

Group 1 - The 2025 China International Chemical Exhibition was held in Shanghai, showcasing thousands of products and technologies across various sectors of the chemical industry [2][3] - The exhibition attracted 792 companies from 17 countries, covering an area of 45,500 square meters, indicating strong international participation [2] - Key industry leaders, including China National Petroleum Corporation and China National Chemical Corporation, showcased significant achievements in developing new production capabilities [3] Group 2 - Industry leaders emphasized that the chemical sector is undergoing a critical transformation, with technological innovation being essential for sustainable growth [4] - Numerous companies presented their latest advancements in new materials, green processes, and digital transformation during the exhibition [4] - Several conferences were held concurrently, discussing topics such as automation, digitalization, and safety in chemical transportation, highlighting the industry's focus on innovation and regulatory compliance [6]

Core Viewpoint - The announcement details the completion of the share buyback plan by the controlling shareholder of Shanghai Huayi Group Co., Ltd., aimed at boosting investor confidence and supporting the company's stable development [2][4]. Group 1: Buyback Plan Details - The controlling shareholder, Shanghai Huayi Holding Group Co., Ltd., announced a plan to increase its stake in the company, with a total investment between 150 million RMB and 300 million RMB, representing up to 2% of the company's total share capital [2]. - The buyback plan was initiated on March 18, 2025, and was set to be completed within six months [2]. - The implementation period ended on September 17, 2025, during which the controlling shareholder acquired a total of 20,279,342 shares, accounting for 0.96% of the company's shares, with a total expenditure of approximately 153.87 million RMB [2][4]. Group 2: Legal Compliance and Verification - The buyback was conducted in accordance with relevant laws and regulations, including the Securities Law and the Acquisition Management Measures [6]. - A legal opinion from Guohao Law Firm confirmed that the buyback complied with all necessary legal requirements and did not trigger any mandatory offer obligations [6]. - The completion of the buyback did not alter the company's shareholding structure in a way that would affect its listing status or change the controlling shareholder [6].

Group 1 - The core point of the article is that Huayi Group announced the completion of its share buyback plan, which was set to expire on September 17, 2025 [2] - During the implementation period of the buyback plan, the controlling shareholder, Shanghai Huayi Holding Group Co., Ltd., acquired a total of 20,279,342 shares, representing an increase of 0.96% [2] - The total amount spent on the buyback was 153,873,896.49 RMB, excluding taxes and fees [2]

Group 1 - Huayi Group announced the completion of its share buyback plan, which ended on September 17 [1] - During the implementation period, Shanghai Huayi acquired approximately 20.28 million shares, representing a 0.96% increase in ownership [1] - The total amount spent on the share buyback was approximately 154 million RMB [1]