行 业 及 产 业 基础化工 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 2025 年 07 月 27 日 农药迎来"正风治卷"行动，行业 景气持续修复，万华匈牙利装置停 车检修 看好 ——《化工周报 25/07/21-25/07/25》 证 券 研 究 报 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 ...

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-059 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 部分高级管理人员减持股份计划期限届满暨减持结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 减持主体持股的基本情况 本次减持计划实施前，四川东材科技集团股份有限公司（以下简称"公司" 或"本公司"）副总经理李文权先生持有公司股份 678,800 股，占公司总股本的 0.0757%；副总经理兼财务负责人敬国仁先生持有公司股份 234,000 股，占公司 总股本的 0.0261%；董事会秘书陈杰先生持有公司股份 760,600 股，占公司总股 本的 0.0848%。（以下统称"减持主体"） 减持计划的实施结果情况 | 股东名称 | 陈杰 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | □否 | | | 直接 ...

摘要 受益于 5G、6G 通信及 AI 算力需求增长，低介电损耗和低介电常数的碳 氢树脂市场份额快速提升，预计 2026 年市场容量将达 30 亿元，成为 CCL 关键材料。 高端 CCL 市场竞争格局正在改变，中国企业如圣泉、东材、世明等通过 技术突破，逐步打破日本企业垄断，蚕食 M8 及以上级别材料市场份额。 圣泉是国内改性 PPO 树脂出货量最大的供应商，占据 40%以上市场份 额；东材在 PPO 领域占有 20%-30%份额；世明在碳氢树脂方面领先， 占据 40%以上份额。 CCL 等级越高，碳氢树脂使用比例越高。M7 等级中 PPO 与碳氢比例约 为 7:3，M9 等级则变为 3:7，反映高端应用对低损耗材料的需求增加。 国内外厂商积极扩产以满足未来需求。圣泉计划将 PPO 产能增至 5,000 吨，东材扩产 PPO 和碳氢树脂，世明则主要扩产碳氢树脂。 碳氢树脂供应预计在 2026 年比 PPO 更紧张，总需求量预计达 6,000 多 吨，而总产能仅约 3,000 多吨，主要因碳氢产业化较晚，但高性能优势 显著。 台湾地区是英伟达等 GPU 厂商的主要市场，对碳氢树脂需求量大，预计 2026 年需 ...

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

| 证券代码:601208 | | --- | | 转债代码:113064 | 证券代码：601208 证券简称：东材科技 公告编号：2025-058 转债代码：113064 转债简称：东材转债 四川东材科技集团股份有限公司 董事长减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 减持主体持股的基本情况 截至 2025 年 7 月 20 日，四川东材科技集团股份有限公司（以下简称"公司" 或"本公司"或"东材科技"）的股份总数为 896,787,568 股；董事长唐安斌先生 持有公司股份 15,318,880 股，占公司当前总股本的 1.7082%。 减持计划的主要内容 因个人资金需求，唐安斌先生计划自 2025 年 8 月 13 日起 3 个月内（窗口期 不得减持股份），通过集中竞价交易方式减持其所持有的公司股份，唐安斌先生 拟减持的股份数量不超过 3,829,700 股，占公司当前总股本的 0.4270%。 自本公告披露之日起至减持计划的实施期间，公司若发生派发红利、送红股、 转增 ...

沪指7月18日上涨0.50%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为有色金属、基础化 工，涨幅分别为2.10%、1.36%。基础化工行业位居今日涨幅榜第二。跌幅居前的行业为传媒、电子， 跌幅分别为0.98%、0.49%。 资金面上看，两市主力资金全天净流出229.87亿元，今日有10个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨2.10%，全天净流入资金37.94亿元，其次是非银金融行业，日 涨幅为0.33%，净流入资金为8.97亿元。 主力资金净流出的行业有21个，电子行业主力资金净流出规模居首，全天净流出资金83.41亿元，其次 是计算机行业，净流出资金为43.75亿元，净流出资金较多的还有通信、机械设备、汽车等行业。 基础化工行业今日上涨1.36%，全天主力资金净流入4153.90万元，该行业所属的个股共401只，今日上 涨的有239只，涨停的有6只；下跌的有147只。以资金流向数据进行统计，该行业资金净流入的个股有 154只，其中，净流入资金超5000万元的有8只，净流入资金居首的是万华化学，今日净流入资金8.49亿 元，紧随其后的是盐湖股份、湖北宜化，净流入 ...

A股BC电池板块盘初直线拉升，东材科技涨超9%，协鑫集成涨超6.6%，罗博特科涨超5%，华宝新能、 罗博特科、TCL中环等跟涨。 ...

Group 1 - PCB concept index rose by 3.07%, ranking 4th among concept sectors, with 124 stocks increasing, including ManKun Technology with a 20% limit up, and others like Guanghe Technology, Dongshan Precision, and Dongcai Technology also hitting the limit up [1][2] - Notable gainers in the PCB sector included Shenghong Technology, Shennan Circuit, and Guanghe Technology, with increases of 9.57%, 5.97%, and 10.00% respectively [3][4] - The PCB sector saw a net inflow of 3.332 billion yuan, with 91 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow, led by Dongshan Precision with 516 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio were ManKun Technology, Guanghe Technology, and Dongcai Technology, with ratios of 22.74%, 19.08%, and 15.44% respectively [3][4] - The overall market performance showed a mixed trend, with the PCB sector being one of the few that experienced significant gains, contrasting with sectors like housing inspection and cement, which saw slight declines [2][3] - The data indicates a strong interest from institutional investors in the PCB sector, as evidenced by the substantial net inflows and the performance of key stocks [2][3]

| 变更事项 | 变更前 | 变更后 | | | --- | --- | --- | --- | | 办公地址 | 绵阳市游仙区三星路 188 号 | 成都市郫都区菁德路 209 | 号 | | 办公地址的邮政编码 | 621000 | 611730 | | | 投资者热线电话 | 0816-2289750 | 028-65498663 | | | 传真 | 0816-2289750 | 028-65498663 | | 除上述变更外，公司电子邮箱、网址等其他联系方式均保持不变，欢迎广大 投资者积极与公司沟通交流。 特此公告。 | | | 四川东材科技集团股份有限公司 关于变更办公地址及投资者热线电话的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）因实际 经营需要，于近日搬迁至新址办公。公司办公地址及投资者热线电话发生变更， 为保证公司与投资者交流渠道通畅，现将具体变更内容公告如下： 四川东材科技集团股份有限公司董事会 2025 年 7 月 17 日 ...

Group 1: Stock Performance - Zhejiang Zhenyuan and Asia-Pacific Pharmaceutical both achieved a 2-day limit-up with increases of 10.01% and 9.98% respectively, driven by innovation in pharmaceuticals [2] - Chengdu XianDao saw a first board listing with a significant rise of 20.02%, attributed to innovative drug developments [2] - TaiJing Technology and YanHua Intelligent both recorded first board listings with increases of 9.97% and 9.94%, linked to Huawei's influence in robotics [5] Group 2: AI and Robotics - Nvidia's CEO suggested that Huawei's AI chips could potentially replace Nvidia's offerings, indicating a competitive shift in the AI chip market [4] - The domestic robotics industry is gaining traction with significant orders being awarded, highlighting its importance in national competition [7] Group 3: Market Trends - The light communication sector is expected to see sustained growth due to high demand in both domestic and international markets, with performance likely to continue improving [13] - The low-altitude economy is gaining attention, with a notable $1 billion procurement agreement signed for eVTOL aircraft, indicating growth potential in this sector [17] Group 4: Consumer and Retail - The Chinese government is implementing measures to boost consumer spending, which is expected to positively impact the retail sector [21] - Companies like Guoguang Chain and Hanshang Group have seen first board listings with increases of 9.98% and 9.97%, reflecting the positive sentiment in the retail market [23] Group 5: Solar and Food & Beverage - The price of polysilicon has increased by 12.4% week-on-week, indicating a rising trend in the solar industry [24] - The food and beverage sector is also benefiting from government initiatives aimed at enhancing consumer demand, with companies like Huangshi Group seeing a 10.10% increase [26]