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 ...

Group 1 - The company Jianghuai Microelectronics announced the convening of its sixth board meeting on February 9, 2026, which was held in a hybrid format combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the adjustment of the members of the sixth board's specialized committees [1]

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 月 10 日召开第六届董事会第二次会议审议通过了《关于终止 2025 年度以简易程序向 特定对象发行股票事项的议案》。公司决定终止 2025 年度以简易程序向特定对象 发行股票事项，现将有关情况公告如下： 一、公司 2025 年度以简易程序向特定对象发行股票的基本情况 公司于 2025 年 8 月 22 日召开第五届董事会第十八次会议、第五届监事会第 十三次会议，审议通过了《关于公司 2025 年度以简易程序向特定对象发行股票 方案的议案》《关于公司 2025 年度以简易程序向特定对象发行股票预案的议案》 等议案。具体内容详见公司于 2025 年 8 月 23 日在上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 截至本公告披露日，公司尚未就 2025 年度以简易程序向特定对象发行股票 事项向上海证券交易所、中国证监会提交相关申请材料。 二、终止 2025 年度以简易程序向特定对象发行股票事项的原因 自前述向特定对象发行股票方案公布以来，公司一直积极推进相关工作。 公司控股股东淄博星恒途松控股有限公司 2026 年 1 ...

Core Viewpoint - The company plans to use up to RMB 500 million of temporarily idle self-owned funds for entrusted wealth management, focusing on low-risk and liquid investment products [1] Group 1: Investment Strategy - The investment types include government bonds, time deposits, structured deposits, bank wealth management products, and securities firm wealth management products, all characterized by high safety and liquidity [1] - The source of funds will be idle self-owned liquid funds [1] Group 2: Corporate Governance - The decision was approved by the company's sixth board of directors at its second meeting on February 10, 2026, and does not require submission to the shareholders' meeting for approval [1] - The approved amount can be used on a rolling basis within 12 months from the date of the board's approval [1]