8 月金股报告 资金面有望驱动市场继续上涨 证券研究报告/策略定期报告 2025年07月28日 分析师:王永健 Email: xuchi@zts.com.cn 相关报告 报告摘要 结论:资金面驱动,8月市场有望进一步上涨。配置上建议关注大金融和科技类资产。 7月:指数向上突破。7月A股持续上涨,截至28日,万得全 A 已高于去年 10月 8 ■ 日的阶段性高点,万得全A等权指数更是突破 15年牛市的高点,沪指则接近 3600 点,系列指数的突破令市场情绪较为乐观。 市场向上突破的原因? 量,宏观价格有底部修复的预期。另一方面,增量资金充裕,周期股估值处于极低水 位,供需格局改善预期先行,周期行情快速发酵。医药在经历了６月的小幅调整后, 在政策与产业趋势的催化下了月重回强势。 往后看,资金面有望驱动市场继续上涨。 E (1)本轮行情启动前,市场的投资范式与 14年牛市启动之前比较类似。市场都经历 了"胜率交易"到"赔率交易"的过程:"胜率交易"指的是赔率因子失效,即无论 市场提供多高的赔率,都无法对资金产生吸引力,宏观经济的变化主导了市场涨跌; 2011-2012年,2021-2024年9月,A股风险溢价系统性 ...

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 ...

Summary of Conference Call on Resin Industry and CCL Market Industry Overview - The resin market, particularly low dielectric loss and low dielectric constant hydrocarbon resins, is rapidly growing due to increased demand from 5G, 6G communications, and AI computing. The market capacity is expected to reach 3 billion RMB by 2026, becoming a key material for CCL (Copper Clad Laminate) [1][25]. Key Players and Market Dynamics - High-end CCL market competition is changing, with Chinese companies like Shengquan, Dongcai, and Shiming breaking the Japanese monopoly and capturing market share in M8 and above grade materials [1][5]. - Shengquan is the largest domestic supplier of modified PPO resin, holding over 40% market share; Dongcai has 20%-30% share in the PPO field; Shiming leads in hydrocarbon resins with over 40% share [1][7]. Material Usage and Trends - The higher the CCL grade, the greater the proportion of hydrocarbon resins used. For instance, in M7 grade, the PPO to hydrocarbon ratio is approximately 7:3, while in M9 grade, it shifts to 3:7, indicating a growing demand for low-loss materials in high-end applications [1][10]. - The supply of hydrocarbon resins is expected to be tighter than PPO by 2026, with total demand projected to exceed 6,000 tons against a production capacity of only about 3,000 tons [1][16]. Expansion Plans - Domestic and international manufacturers are actively expanding production to meet future demand. Shengquan plans to increase PPO capacity to 5,000 tons, while Dongcai and Shiming are also expanding their production [1][12]. - The expected market capacity for epoxy resins in CCL is projected to be between 1.5 billion to 2 billion RMB by 2026, while hydrocarbon resin usage is expected to grow to 3 billion RMB [8]. Regional Demand Insights - Taiwan is a significant market for GPU manufacturers like NVIDIA, with hydrocarbon resin demand expected to reach over 1,000 tons by 2026 [2][17]. - The overall demand in Taiwan is projected to be around 2,000 tons, while mainland China is expected to have over 1,000 tons of demand [17]. Competitive Landscape - The high-end CCL market has traditionally been dominated by Japanese companies, but Chinese firms are rapidly gaining ground due to technological advancements [5][6]. - Shengquan, Dongcai, and Shiming are positioned to increase their market shares significantly in the coming years, particularly in the hydrocarbon resin segment [30]. Material Pricing and Supply Chain - The price of hydrocarbon resins has decreased from 1 million RMB per ton in 2024 to around 700,000 RMB in 2025, with domestic prices ranging from 500,000 to 600,000 RMB per ton [14][15]. - The resin, electronic cloth, and copper foil do not have a direct substitution relationship, as each serves a distinct purpose in the manufacturing process [19]. Future Outlook - The resin industry must continue to innovate and adapt to meet diverse customer needs and application scenarios, ensuring competitiveness through ongoing research and development [34]. - The hydrocarbon resin market is expected to grow significantly, with a projected market size of around 3 billion RMB in the next two to three years [25]. This summary encapsulates the key points discussed in the conference call regarding the resin industry and its implications for the CCL market, highlighting the competitive landscape, material usage trends, and future growth prospects.

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 ...