证券代码：603078 证券简称：江化微 公告编号：2026-023 江阴江化微电子材料股份有限公司 关于收到国家市场监督管理总局《经营者集中反垄断审查不实施 进一步审查决定书》暨控制权拟发生变更的进展公告 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法律责任。 一、本次权益变动的基本情况 江阴江化微电子材料股份有限公司（以下简称"公司"）控股股东淄博星恒 途松控股有限公司（以下简称"淄博星恒途松"）2026 年 1 月 19 日与上海福迅 科技有限公司（以下简称"上海福迅科技"）签署了《关于江阴江化微电子材料 股份有限公司附条件生效的股份转让协议》，根据协议约定，淄博星恒途松拟将 其持有的公司股票 92,382,329 股转让给上海福迅科技，占公司总股本的 23.96%， 具体内容详见公司于 2026 年 1 月 20 日在上海证券交易所网站（www.sse.com.cn） 披露的《江阴江化微电子材料股份有限公司关于控股股东协议转让公司股份暨控 制权拟发生变更的提示性公告》（公告编号：临2026-009）等相关公告。 "根据《中华人 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

Core Viewpoint - Jianghua Microelectronics (江化微) has decided to terminate the plan for a simplified procedure to issue shares to specific investors for the year 2025 due to a significant change in control ownership [1][2] Group 1: Termination of Share Issuance - The company announced the termination of the 2025 share issuance plan during the second meeting of the sixth board of directors held on February 10, 2026 [1] - The decision to terminate the share issuance is based on the planned change in control ownership, as the controlling shareholder will shift from Zibo Xingheng Tusheng Holdings to Shanghai Fuxun Technology [1][2] Group 2: Current Business Operations - Jianghua Microelectronics stated that its business operations are currently normal and that the termination of the share issuance will not have a significant adverse impact on daily operations [2] - The company emphasized that there is no harm to the interests of the company and all shareholders, particularly minority shareholders [2] Group 3: Previous Share Issuance Plans - The initial plan for the 2025 share issuance aimed to raise up to 300 million RMB, with the net proceeds intended for a project to produce 37,000 tons of ultra-pure wet electronic chemicals and to supplement working capital [2] - The share issuance was to be conducted through a simplified procedure, targeting up to 35 specific investors, including various financial institutions and qualified foreign institutional investors [2][3] Group 4: Historical Fundraising - Jianghua Microelectronics previously raised funds through non-public share issuances in 2020 and 2022, totaling approximately 936.21 million RMB [6] - In 2020, the company issued 8,787,878 shares at a price of 33.00 RMB per share, raising approximately 280 million RMB after expenses [4] - In 2022, the company issued 41,880,124 shares at a price of 15.43 RMB per share, raising approximately 639 million RMB after expenses [5]

Core Viewpoint - Jianghuai Microelectronics (江化微) has decided to terminate the plan for a simplified procedure to issue stocks to specific targets for the fiscal year 2025, as approved in the second meeting of the sixth board of directors held on February 10, 2026 [1] Group 1 - The company held its sixth board of directors' second meeting on February 10, 2026 [1] - The resolution to terminate the stock issuance plan was officially passed during this meeting [1] - The decision specifically pertains to the fiscal year 2025 and involves a simplified procedure for issuing stocks to specific targets [1]

Group 1 - The company Jianghua Microelectronics announced the termination of the plan to issue stocks to specific targets for the year 2025 [1] - The decision was made during the second meeting of the sixth board of directors held on February 10, 2026 [1]

证券代码：603078 证券简称：江化微 公告编号：2026-020 江阴江化微电子材料股份有限公司 关于调整第六届董事会专门委员会成员的公告 董事会审计委员会：高千亭（主任委员） 、蒋涛、章晓科 董事会战略委员会 ：殷福华（主任委员）、张磊、商光明 董事会提名委员会：商光明（主任委员）、章晓科、殷福华 董事会薪酬与考核委员会 ：章晓科（主任委员）、商光明、殷姿 调整后各专门委员会成员情况如下： 董事会审计委员会：高千亭（主任委员） 、蒋涛、吴良卫 董事会战略委员会 ：殷福华（主任委员）、张磊、商光明 董事会提名委员会：商光明（主任委员）、吴良卫、殷福华 董事会薪酬与考核委员会 ：吴良卫（主任委员）、商光明、殷姿 以上委员任期均与公司第六届董事会任期一致，其职责权限、决策程序和议 事规则均按照《公司章程》等相关规定执行。 特此公告。 江阴江化微电子材料股份有限公司 董 事 会 2026 年 2 月 11 日 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法律责任。 江阴江化微电子材料股份有限公司（以下简称"公司"）于 2026 年 2 ...

证券代码：603078 证券简称：江化微 公告编号：2026-022 江阴江化微电子材料股份有限公司 关于 2026 年度使用闲置自有资金进行委托理财的公告 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法律责任。 重要内容提示： 投资种类：安全性高、流动性好、保本型或低风险浮动收益型的理财产品， 包括但不限于国债、定期存款、结构性存款、银行理财产品、券商理财产品等。 投资金额：公司及子公司拟使用不超过人民币 5.00 亿元（含）的暂时闲置 自有资金进行委托理财，上述额度在董事会审议通过之日起 12 个月内可以滚动 使用，期限内任一时点的交易金额不超过预计额度。 已履行的审议程序：公司于 2026 年 2 月 10 日召开第六届董事会第二次会 议审议通过了《关于 2026 年度使用闲置自有资金进行委托理财的议案》，本议案 无需提交公司股东会审议。 特别风险提示：受政策风险、市场风险、流动性风险等变化影响，公司及 子公司使用闲置自有资金购买理财产品，其投资收益具有不确定性。敬请投资者 注意相关风险并谨慎投资。 一、本次委托理财概况 （一） ...

第六届董事会第二次会议决议公告 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法律责任。 一、董事会会议召开情况 江阴江化微电子材料股份有限公司（以下简称"公司"）第六届董事会第二 次会议于 2026 年 2 月 9 日在公司三楼会议室以现场结合通讯方式召开，全体董 事同意豁免通知时限要求。本次会议应到董事 9 人，实到董事 9 人，其中董事长 殷福华、副董事长蒋涛、副董事长徐啸飞、独立董事商光明、独立董事高千亭、 独立董事吴良卫以通讯方式参与表决。会议由董事长殷福华先生主持。会议的通 知、召开及审议程序符合《公司法》等法律法规及《公司章程》的规定。 证券代码：603078 证券简称：江化微 编号：2026-019 江阴江化微电子材料股份有限公司 （一）审议并通过了《关于调整第六届董事会专门委员会成员的议案》。 鉴于公司补选独立董事，根据《公司章程》规定，同步调整第六届董事会审 计委员会、提名委员会、薪酬与考核委员会组成人员。 调整前各专门委员会成员情况如下： 董事会审计委员会：高千亭（主任委员） 、蒋涛、章晓科 董事会战略委员会：殷福 ...