Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

证券代码：603078 证券简称：江化微 公告编号：2025-046 江阴江化微电子材料股份有限公司 持股 5%以上股东、董事长兼高级管理人员权益变动 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 15.00% | | | 权益变动后合计比例 | 13.91% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ 否☑ | | | 是否触发强制要约收购义务 | 是□ 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致 | ☑其他 5%以上大股东及其一致行动人 | | 行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控股股 | | 东、实际控制人） | | | □其他______________（请注明） | | | 2.信息披露义务人信息 | | 触及 1%刻度的提示性公告 持股 5%以上股东、董事长兼高级管 ...

12月5日，江化微大宗交易成交117.11万股，成交额1871.34万元，占当日总成交额的19.16%，成交价 15.98元，较市场收盘价17.83元折价10.38%。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-05 | 江化微 | 603078 | 15.98 | 624.9 | 39.11 | 发展 | ្នុង​មួយ​នេង​ធ | 图 | | 2025-12-05 | 江化徽 | 603078 | 15.98 | 623.22 | 3d | 문화를 위롯한통합 | 2018 2018 11:25 11 | KO | | 2025-12-05 | 江化微 | 603078 | 15.98 | 319.6 | 20 | 有限公司 2017-02-04 11:52:53 1 | ្នុង​មួយ​តុង​ន | 部 | | 2025-12-05 | 江化微 | 603 ...

12月4日，江化微大宗交易成交25万股，成交额403.76万元，占当日总成交额的3.3%，成交价16.15元， 较市场收盘价17.75元折价9.01%。 | 交易日期 | 证券調核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-04 | 江化微 | 603078 | 51'91 | 201.88 | 12.5 | - 1 | ្គី | 移 | | 2025-12-04 | 江化微 | 603078 | 16.15 | 201.88 | 12.5 | 交通管委员 参考文献 | ​​​ | Ka | ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

江阴江化微电子材料股份有限公司 简式权益变动报告书 上市公司名称：江阴江化微电子材料股份有限公司 股票上市地点：上海证券交易所 股票简称：江化微 股票代码：603078 信息披露义务人：殷福华 通讯地址：江苏省江阴市周庄镇云顾路 581 号 股份变动性质：股份减少 签署日期：2025年11月27日 信息披露义务人声明 一、本报告书系信息披露义务人依据《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》及其他相关法律、法规和规范性文件编写。 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，其履行亦不违 反信息披露义务人公司章程或者内部规则中的任何条款，或与之相冲突。 三、依据《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》的规定，本 报告书已全面披露了信息披露义务人在江阴江化微电子材料股份有限公司中拥 有权益的股份变动情况。截至本报告书签署日，除本报告书披露的信息外，信息 披露义务人没有通过任何其他方式增加或减少其在江阴江化微电子材料股份有 限公司中拥有权益 ...

| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-27 | 江化微 | 603078 | 15.94 | 261.42 | 16.4 | 会员会议 李生露 | និងក្រុងកុនផង | 190 | | 2025-11-27 | 江化微 | 603078 | 15.94 | 250.09 | 15.69 | 空间来袭击露雪缘 | និងក្រុងបងនឹង | KI | | 2025-11-27 | 江化微 | 603078 | 15.94 | 200.84 | 12.6 | 2 2 2 5 8 5 4 | 空用于以提高者品 | 图 | 11月27日，江化微大宗交易成交44.69万股，成交额712.35万元，占当日总成交额的6.49%，成交价15.94 元，较市场收盘价17.61元折价9.48%。 ...

证券代码：603078 证券简称：江化微 公告编号：2025-045 江阴江化微电子材料股份有限公司 持股 5%以上股东、董事长兼高级管理人员权益变动触 及 5%刻度的提示性公告 持股 5%以上股东殷福华保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 15.40 | | | 权益变动后合计比例 | 15.00% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否☑ | | 是否触发强制要约收购义务 | 是□ | 否☑ | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | 投资者 | 变动前股 | 变动前比 | 变动后股数 | 变动后 比例 | 权益变动方式 | | 权益变动的 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 数（股） | 例（%） | （股） | （%） | ...

格隆汇11月27日丨江化微(603078.SH)公布,公司于2025年11月27日接到公司持股5%以上股东、董事长兼 高级管理人员殷福华的通知，其于2025年11月25至2025年11月27日，通过大宗交易方式减持江化微股票 合计153.33万股，占公司股份总数的0.40%，持有公司股份比例由15.40%变动为15.00%，触及5%刻度。 ...

江化微公告称，持股5%以上股东、董事长兼高级管理人员殷福华，因个人资金需求，于2025年11月25 - 27日通过大宗交易方式减持公司股票153.33万股，占公司股份总数的0.40%，持股比例由15.40%降至 15.00%，触及5%刻度。此前其于11月24日已减持475.84万股，占比1.23%。本次减持计划尚未实施完 毕，不会导致控股股东、实际控制人变化，也不影响公司治理结构及持续经营。 ...