Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

江苏通用科技股份有限公司 简式权益变动报告书 江苏通用科技股份有限公司 简式权益变动报告书 上市公司名称：江苏通用科技股份有限公司 股票上市地点：上海证券交易所 股票简称：通用股份 股票代码：601500 信息披露义务人/ 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《上市公司收购管理办法》，本报告书已全面披露了 信息披露义务人在通用股份拥有权益的情况。 名称/姓名 住所/通讯地址 一致行动人 信息披露义务人 红豆集团有限公司 无锡市锡山区东港镇港下兴港路 信息披露义务人一致行动人 无锡红豆国际投资有限公司 无锡市锡山区东港镇 信息披露义务人一致行动人 周海江 无锡市锡山区东港镇港下 信息披露义务人一致行动人 周海燕 无锡市锡山区东港镇港下 信息披露义务人一致行动人 刘连红 无锡市锡山区东港镇港下 信息披露义务人一致行动人 顾萃 无锡市锡山区东港镇港下 权益变动性质：股份减少 签署日期：二零二五年四月 江苏通用科技股份有限公司 简式权益变动报告书 信息披露义务人声明 一、本报告书系信息披露义务人依据《公司法》《证券法》《上市公司收 购管理办法》和《公开发行证券的公司信息披露内容与 ...

江苏通用科技股份有限公司 简式权益变动报告书 江苏通用科技股份有限公司 简式权益变动报告书 上市公司名称：江苏通用科技股份有限公司 股票上市地点：上海证券交易所 股票简称：通用股份 股票代码：601500 | 信息披露义务人/ 一致行动人 | 名称/姓名 | 住所/通讯地址 | | --- | --- | --- | | 信息披露义务人 | 红豆集团有限公司 | 无锡市锡山区东港镇港下兴港路 | | 信息披露义务人一致行动人 | 无锡红豆国际投资有限公司 | 无锡市锡山区东港镇 | | 信息披露义务人一致行动人 | 周海江 | 无锡市锡山区东港镇港下 | | 信息披露义务人一致行动人 | 周海燕 | 无锡市锡山区东港镇港下 | | 信息披露义务人一致行动人 | 刘连红 | 无锡市锡山区东港镇港下 | | 信息披露义务人一致行动人 | 顾萃 | 无锡市锡山区东港镇港下 | 权益变动性质：股份减少 签署日期：二零二五年四月 1 江苏通用科技股份有限公司 简式权益变动报告书 信息披露义务人声明 一、本报告书系信息披露义务人依据《公司法》《证券法》《上市公司收 购管理办法》和《公开发行证券的公司信息披露内容与格式准则 ...

江苏通用科技股份有限公司 详式权益变动报告书 上市公司名称：江苏通用科技股份有限公司 股票上市地点：上海证券交易所 股票简称：通用股份 股票代码：601500 信息披露义务人名称：江苏省苏豪控股集团有限公司 住所：南京市软件大道 48 号 通讯地址：南京市软件大道 48 号 股份变动性质：股份增加（协议转让） 签署日期：二零二五年四月 江苏通用科技股份有限公司详式权益变动报告书 信息披露义务人声明 一、本报告书系根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等相关的法律、法规和部门规章的有关规定编 制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在江苏通用科技股份有限公司拥有权益的股 份。 截至本报告书签署日，除本报告书披露的持股信息外，上述信息披露义务人 没有通过任何其他方式在江苏通用科技股份有限公司拥有权益。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履 ...

财务顾问核查意见 财务顾问 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 中信证券股份有限公司关于江苏通用科技股份有限公司详式权益变动报告书之财务顾问核查意见 中信证券股份有限公司 关于 江苏通用科技股份有限公司 详式权益变动报告书 之 二〇二五年四月 中信证券股份有限公司关于江苏通用科技股份有限公司详式权益变动报告书之财务顾问核查意见 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》及相关法律、法规的规定，中信证券股份有限公司按照证券行业 公认的业务标准、道德规范和勤勉尽责精神，就本次信息披露义务人披露的《江 苏通用科技股份有限公司详式权益变动报告书》进行核查，并出具核查意见。 为使相关各方恰当地理解和使用本核查意见，本财务顾问特别声明如下： 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的 《江苏通用科技股份有限公司详式权益变动报告书》进行了核查，确信内容与格 式符合规定，并保证 ...

在市场消费降级、贸易壁垒风险增强的背景下，如何进一步增强通用股份发展的空间和韧性？参与国企 混改，引国资入股不失为一条好的路径。混改不是简单的资本融合，而是要通过体制机制创新，实现国 企与民企的优势互补、协同发展。这一改革路径既能为国企注入新活力，又能为民企开辟新空间，最终 实现国民共进、合作共赢的新局面。 作为红豆集团旗下核心子公司，通用股份成立自2002年，于2016年在上海证券交易所上市。如今，通用 股份已形成中国、泰国、柬埔寨三大生产基地，建起完整的产业链，拥有"千里马、赤兔马、骐马"等知 名品牌产品销往全球100多个国家和地区，自主品牌影响力不断提升并在全球市场中影响力不断增强。 2024年前三季度，通用股份实现营业收入49.88亿元，同比增长35.56%，归属于上市公司股东的净利润 同比增长139.49%。预计2024年度实现净利润4亿元—5亿元，同比增加85.19%—131.48%。 混改打开企业发展新空间。4月1日上午，通用股份（601500.SH）发布公告称，公司控股股东红豆集团 有限公司（简称"红豆集团"）与江苏省苏豪控股集团有限公司（简称"苏豪控股集团"）签署了《股份转 让协议》，红豆集 ...

Core Viewpoint - The control of Tongyong Co., Ltd. is likely to shift from Guangzhou state-owned assets to Jiangsu state-owned assets through a share transfer agreement with Suhao Holdings [3][4]. Group 1: Share Transfer Details - Hongdou Group plans to transfer 389 million shares of Tongyong, representing 24.50% of the total share capital, to Suhao Holdings at a price of 5.44 yuan per share, totaling 2.118 billion yuan [3][4]. - After the transfer, Hongdou Group's shareholding will decrease from 657 million shares (41.35%) to 268 million shares (16.85%), while Suhao Holdings will hold 389 million shares (24.50%) [4]. - The change in control will result in Jiangsu Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller of Tongyong [3][4]. Group 2: Background and Implications - Suhao Holdings is a large state-owned enterprise in Jiangsu, primarily engaged in financial and industrial investments, with a significant focus on international trade [7]. - The transaction is viewed as a new model for mixed-ownership reform in listed companies, potentially enhancing Tongyong's market competitiveness and driving higher quality development in China's tire industry [6][7]. - The collaboration between state-owned and private enterprises is expected to release new energy for mixed-ownership reform, aiding Tongyong's growth [6][8]. Group 3: Company Performance and Future Outlook - Tongyong has been accelerating its internationalization and modernization efforts, with production bases in Thailand and Cambodia, and is projected to achieve a net profit of 400 million to 500 million yuan in 2024, representing a year-on-year increase of 85.19% to 131.48% [9]. - The company has experienced strong growth in production and sales, with record daily production rates at its overseas bases and a robust domestic market performance [9]. - Continued investment in technology innovation, brand marketing, and cost reduction is expected to enhance Tongyong's overall efficiency and market position [9].

Core Viewpoint - The control of General Holdings (601500.SH) is set to change from Hongdou Group to Suhao Holdings following a share transfer agreement, which involves a significant reduction in Hongdou Group's stake and an increase in Suhao Holdings' stake in the company [1][2]. Group 1: Share Transfer Details - Hongdou Group signed a share transfer agreement with Suhao Holdings on April 1, 2025, for the transfer of 389,425,230 shares, representing 24.50% of the total share capital, at a price of RMB 5.44 per share, totaling approximately RMB 2.12 billion [1]. - Post-transfer, Hongdou Group's shareholding will decrease from 657,320,290 shares (41.35%) to 267,895,060 shares (16.85%), while Suhao Holdings will hold 389,425,230 shares (24.50%) [1]. Group 2: Changes in Control - Following the completion of the share transfer, the controlling shareholder will shift from Hongdou Group to Suhao Holdings, with the actual controllers changing from Zhou Haijiang, Zhou Haiyan, Gu Cui, and Liu Lianhong to the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [2]. Group 3: Regulatory Approval Requirements - The share transfer does not constitute a related party transaction and does not trigger a mandatory tender offer. It requires approval from state-owned asset supervision authorities and antitrust regulators, along with compliance confirmation from the Shanghai Stock Exchange and registration with the China Securities Depository and Clearing Corporation [3]. - There is uncertainty regarding the approval process and timeline for the control transfer [3].

资料显示，通用股份成立于2002年，是红豆集团控股的子公司，2016年在上海证券交易所上市。公司专 注于轮胎研发、生产与销售，主要产品包括全钢子午胎、斜交胎等，旗下拥有 "千里马""赤兔马" 等知 名品牌。 业绩方面，2024年前三季度，通用股份实现营业收入49.88亿元，同比增长35.56%；实现净利润3.8亿 元，同比大幅增长139.49%。根据最新的业绩预告显示，公司预计2024年全年净利润为4亿元至5亿元， 同比增长85.19%-131.48%。 4月1日晚，通用股份发布公告称，公司控股股东红豆集团与江苏省苏豪控股集团签署股份转让协议，拟 将持有的24.5%股份（3.89亿股）以每股5.44元、总价21.18亿元转让给苏豪控股。 交易完成后，苏豪控股以24.5%持股成为控股股东。红豆集团持股比例则从41.35%降至16.85%，但其 与一致行动人仍合计持有19.31%股份，成为公司第二大股东。 值得注意的是，此次交易设置了严格的业绩对赌条款。红豆集团承诺，通用股份2025-2027年净利润分 别不低于4.4亿元、4.8亿元和5.3亿元，三年累计净利润不低于14.5亿元。 据了解，此次交易是红豆集团年内 ...

Core Viewpoint - The control of Tongyong Co., Ltd. (通用股份) is likely to shift from Hongdou Group to Jiangsu State-owned Assets, marking a significant change in ownership and potential for mixed-ownership reform in the company [2][6][8]. Group 1: Share Transfer Details - Hongdou Group plans to transfer 389 million shares of Tongyong, representing 24.50% of the total share capital, to Suhao Holdings at a price of 5.44 yuan per share, totaling 2.118 billion yuan [2][5]. - After the transfer, Hongdou Group's shareholding will decrease from 657 million shares (41.35%) to 268 million shares (16.85%), while Suhao Holdings will hold 389 million shares (24.50%) [5][6]. - The transfer does not constitute a related party transaction and does not trigger a mandatory tender offer [6]. Group 2: Background and Implications - Suhao Holdings is a large state-owned enterprise in Jiangsu, primarily engaged in financial and industrial investments, and has a significant role in the province's economic landscape [8]. - The transaction is viewed as a new model for mixed-ownership reform, potentially enhancing Tongyong's market competitiveness and contributing to the high-quality development of China's tire industry [8][9]. - The partnership between state-owned and private enterprises is expected to release new energy for mixed-ownership reform, aiding Tongyong's growth and international expansion [9]. Group 3: Company Performance and Future Outlook - Tongyong has been actively pursuing internationalization and modernization, with production bases in Thailand and Cambodia, and is projected to achieve a net profit of 400 million to 500 million yuan in 2024, representing an increase of 85.19% to 131.48% year-on-year [11]. - The company has experienced strong growth in production and sales, with record output levels from its overseas facilities and a robust domestic market response [11]. - Continued investment in technology, brand marketing, and cost reduction is expected to enhance Tongyong's overall efficiency and market position [11].