Industry Investment Rating - The steel industry maintains an "overweight" rating [49] - The real estate industry maintains an "overweight" rating [57] - The insurance industry maintains an "overweight" rating [86] Core Viewpoints - Global risk preferences have significantly declined, leading to asset price fluctuations and panic selling. However, China's capital market is expected to recover in valuation and experience significant development, with A/H shares, industrial commodities recommended for tactical overweight, and US dollars for tactical underweight [20][21] - The Fed's expected interest rate cut in December has risen significantly, and the market is highly concerned about the Fed's monetary policy. The Chinese economy is expected to gradually stabilize, and the policies of various industries will promote the improvement of industry fundamentals [8][15] - The technology theme is expected to return to the main line, and themes such as commercial space, AI applications, robots, and domestic demand consumption are worthy of attention [29] Summary by Directory Macro Reports - **Global Asset Performance**: From November 24 - 28, 2025, major global stock markets rose, commodities generally increased, the 10 - year US Treasury yield remained unchanged, the US dollar index fell, and the RMB appreciated against the US dollar [5] - **US Economy**: Manufacturing new orders increased, housing price growth slowed, and consumer growth also slowed [6] - **European Economy**: Business confidence in the eurozone stabilized [7] - **Overseas Policies**: The Fed's expected interest rate cut in December rose to 80%, the ECB President said the current interest rate was appropriate, the UK's budget faced a "technical leak", Japan's bond - issuing plan tilted towards short - term bonds, and the BOJ's December interest rate hike expectation did not increase [8][9][10] - **China's Economy**: Consumption, investment, and production showed structural differentiation. The manufacturing PMI marginally rebounded due to improved external demand, and the construction industry's business activity index also increased marginally, but the service industry's declined [13][15] Asset Allocation Report - **A/H Shares**: Tactical overweight is maintained due to multiple factors supporting China's equity performance, such as the release of micro - trading risks and the approaching policy window [20] - **Treasury Bonds**: Tactical standard allocation is maintained because of the imbalance between financing demand and credit supply, and the central bank may take action to maintain market liquidity [20] - **Industrial Commodities**: Tactical overweight is maintained as industrial metals like copper may face supply - demand imbalances, with strong demand and increasing development costs [21] - **US Dollars**: Tactical underweight is maintained as the Fed's policy adjustment and the marginal convergence of the US economy reduce the dollar's allocation value [21] Strategy Reports - **Asset Overview**: Global risk preferences recovered, stocks and commodities rose, silver and copper prices hit record highs, and the dollar index weakened. A - shares and other major global stock markets generally rebounded, and the bond market showed a pattern of a bearish steepening in China and a bullish steepening in the US [23][24][25] - **Theme Analysis**: The trading heat of hot themes was stable, the technology theme returned, and funds flowed into AI and communication. Themes such as commercial space, AI applications, robots, and domestic demand consumption are recommended [29] Overseas Strategy Reports - **Fund Flows**: North - bound funds may have a small net inflow, and south - bound funds' inflow into e - commerce and retail reached a new high since October. Overseas funds showed different flow trends in different markets [36][37] - **Policy Tracking**: Domestic policies covered macro, industrial, and local aspects, and overseas policies included diplomatic, economic, and interest - rate - related policies [39][40][43] Industry Reports - **Steel**: Demand is expected to stabilize, supply is expected to contract, and the industry's fundamentals are expected to gradually recover. Companies with product and cost advantages are recommended [45][48][49] - **Utilities**: The proportion of long - term contract electricity in 2026 is expected to decrease, electricity prices may have limited declines, and the industry's valuation is expected to improve [52] - **Real Estate**: The transaction volume in large and medium - sized cities rebounded, and the spot - housing sales are beneficial to the industry's healthy development [57][58] - **Food and Beverage**: CPI data has boosted the sector's expectations. Different sub - sectors such as liquor, beverages, and snacks have corresponding investment recommendations [62] - **Robotics**: Overseas and domestic companies have made progress in the field of humanoid robots, and investment in this field is active. Core component suppliers and整机 manufacturers are recommended [67][68][69] - **Machinery**: The weekly operating load rate of industrial gases increased, and important projects such as the second - phase of the Huanneng Jintan salt - cavern compressed - air energy - storage project advanced. Related companies are recommended [73][74][75] - **Insurance**: In October 2025, the growth rate of life and property insurance premiums declined marginally. The industry is optimistic about the growth of the life insurance's new business value (NBV) in the 2026 opening season and the continuous improvement of the property insurance's combined ratio (COR) [83][84][85] - **Agriculture**: Corn prices rose, the pet food market showed different trends at home and abroad, and the pig - breeding industry needs to pay attention to the epidemic and demand. Related companies in different sub - sectors are recommended [88][89][90] - **Textile and Apparel**: The US clothing retail industry showed growth, and the overseas K - shaped consumption trend continued. Export - manufacturing and brand - end companies are recommended [93][94][95]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 33.30 CNY, compared to the current price of 26.30 CNY [6]. Core Insights - The company's main products continue to see growth in both production and sales, with ongoing projects in diol, bio-based new materials, and light stabilizers ensuring long-term growth [2]. - The company demonstrated resilience in Q3 performance, with a slight decline in revenue and net profit year-on-year, but maintained a stable gross margin and net margin [12]. - The company has a rich project reserve and is steadily advancing capacity construction, which is expected to enhance its competitive position in the market [12]. Financial Summary - Total revenue for 2023 is projected at 2,181 million CNY, with a slight increase to 2,220 million CNY in 2024, and further growth to 2,900 million CNY by 2027, reflecting a CAGR of approximately 13.4% from 2024 to 2027 [4]. - Net profit attributable to the parent company is expected to decline from 250 million CNY in 2023 to 207 million CNY in 2024, before recovering to 292 million CNY by 2027 [4]. - The company's earnings per share (EPS) are forecasted to be 1.20 CNY in 2023, decreasing to 1.00 CNY in 2024, and then gradually increasing to 1.40 CNY by 2027 [4]. Project Development - The company is actively pursuing the construction of various projects, including a 35,000 tons/year light stabilizer project expected to be completed by December 2024, and a new 25,000 tons/year light stabilizer project to enhance product variety and competitiveness [12]. - Technological innovations are being implemented to improve product performance and reduce reliance on traditional fossil resources, with several patents filed and granted in 2024 [12].

Group 1 - The chemical products sector increased by 1.11% on November 28, with Yuanli Technology leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the chemical products sector showed significant price increases, with Yuanli Technology rising by 9.13% to a closing price of 28.70 [1] Group 2 - The main capital inflow in the chemical products sector was 1.035 billion yuan, while retail investors experienced a net outflow of 539 million yuan [2] - The stock with the highest main capital inflow was Duofuduo, with 82.8 million yuan, while it also saw a retail outflow of 42.7 million yuan [3] - Yuanli Technology had a main capital inflow of 40.5 million yuan, with retail investors withdrawing 24.3 million yuan [3]

Core Insights - The China International Coatings Exhibition has reached its largest scale ever, featuring 1,465 exhibitors from 30 countries and regions, facilitating extensive cooperation discussions [1] - Yuanli Technology showcased its innovative capabilities through multiple technical exchange activities, promoting international collaboration and advancing the industry's green and sustainable development [1] Company Highlights - Yuanli Technology presented a multifunctional exhibition booth displaying key products such as Dimethyl Succinate (MDBE), new hindered amine light stabilizers (YuaNovSTAB-HALS), and polycarbonate diols (PCDL) [1][3] - The company provided one-on-one consultations and in-depth technical explanations of the performance and applications of its light stabilizers and PCDL products during the exhibition [1] Environmental Focus - Yuanli Technology launched eco-friendly products aimed at achieving carbon neutrality, significantly reducing carbon emissions compared to traditional petrochemical products while enhancing the weather resistance and environmental friendliness of coatings [1] - The company aims to strengthen its research and development in the field of eco-friendly products, enhance brand influence, and expand both domestic and international markets [1]

截至发稿，曲径累计任职时间10年197天，现任基金资产总规模33.59亿元，任职期间最佳基金回报 184.64%， 任职期间最差基金回报-24.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中欧基金旗下1只基金重仓元利科技。中欧量化先锋混合A（014995）三季度持有股数23.26 万股，占基金净值比例为1.63%，位居第三大重仓股。根据测算，今日浮盈赚取约28.37万元。 中欧量化先锋混合A（014995）成立日期2022年2月16日，最新规模2.4亿。今年以来收益20.23%，同类 排名3831/8130；近一年收益24.59%，同类排名3414/8054；成立以来收益3.47%。 中欧量化先锋混合A（014995）基金经理为曲径。 11月27日，元利科技涨5%，截至发稿，报25.62元/股，成交9479.68万元，换手率1.81%，总市值53.31亿 元。 资料显示，元利化学集团股份有限公司位于山东省潍坊市昌乐县朱刘街道工业 ...

证券代码：603217 证券简称：元利科技 公告编号：2025-035 元利化学集团股份有限公司 关于召开2025年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 12 月 8 日（星期一）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 元利化学集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 8 日 13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范 ...

Core Viewpoint - Yuanli Technology is a leading enterprise in the fine chemical sector, focusing on the research, production, and sales of fine chemicals and new materials, with integrated and scaled advantages [1] Group 1: Business Performance - In Q3 2025, Yuanli Technology reported revenue of 1.654 billion yuan, ranking 25th out of 79 in the industry, with the industry leader, Sinochem International, generating 35.716 billion yuan [2] - The net profit for the same period was 152 million yuan, placing the company 16th in the industry, while the top two competitors reported net profits of 850 million yuan and 821 million yuan respectively [2] Group 2: Financial Ratios - As of Q3 2025, Yuanli Technology's debt-to-asset ratio was 33.84%, an increase from 18.90% year-on-year, which is below the industry average of 34.74% [3] - The gross profit margin for Q3 2025 was 17.47%, up from 16.38% year-on-year, but still below the industry average of 19.93% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.13% to 12,300, while the average number of circulating A-shares held per shareholder increased by 6.53% to 16,900 [5] - The seventh largest circulating shareholder is the "Zhaoshang Quantitative Selected Stock Fund" with 1.3186 million shares, marking a new entry [5] Group 4: Future Outlook - The company is recognized as a leader in the fine chemical field, with stable product sales despite price declines, and an overall improvement in profit margins [5] - The company is advancing multiple projects, including a 35,000-ton/year hindered amine light stabilizer project, which has begun trial production [5] - Revenue forecasts for 2025 to 2027 are projected at 2.227 billion, 2.760 billion, and 3.513 billion yuan respectively, with net profits of 244 million, 347 million, and 437 million yuan [5] - The company is also focusing on the construction of a 25,000-ton light stabilizer project and has adjusted its EPS forecasts for 2025 and 2026 to 1.11 and 1.23 yuan, respectively, with a new target price of 22.20 yuan [6]

Group 1 - The company, Yuanli Technology, reported that as of September 30, 2025, the total number of shareholders is 12,310 [2]

Market Overview - The chemical products sector experienced a decline of 0.57% on the trading day, with Boyuan Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the chemical products sector included: - Hangzhou Oxygen Plant Co., Ltd. (002430) with a closing price of 29.52, up 9.99% and a trading volume of 494,700 shares, totaling 1.43 billion yuan [1] - Pioneer New Materials (300163) closed at 4.93, up 6.94% with a trading volume of 1,542,200 shares, totaling 759 million yuan [1] - Jinrongzi (002407) closed at 26.50, up 6.26% with a trading volume of 2,445,100 shares, totaling 6.408 billion yuan [1] - Major decliners included: - Boyuan Co., Ltd. (301617) closed at 94.00, down 7.66% with a trading volume of 78,600 shares, totaling 763 million yuan [2] - Jinhua New Materials (920015) closed at 58.33, down 7.29% with a trading volume of 132,100 shares, totaling 810 million yuan [2] - Poly United (002037) closed at 10.10, down 6.13% with a trading volume of 247,400 shares, totaling 254 million yuan [2] Capital Flow - The chemical products sector saw a net outflow of 933 million yuan from institutional investors, while retail investors contributed a net inflow of 665 million yuan [2] - The capital flow for specific stocks indicated: - Hangzhou Oxygen Plant Co., Ltd. had a net inflow of 1.52 billion yuan from institutional investors, while retail investors had a net outflow of 948.96 million yuan [3] - Yongtai Technology (002326) experienced a net inflow of 1.25 billion yuan from institutional investors, with a net outflow of 2.22 billion yuan from retail investors [3] - Yahua Group (002497) had a net inflow of 1.08 billion yuan from institutional investors, while retail investors saw a net outflow of 657.87 million yuan [3]

于 2025 年 10 月 28 日通过非交易过户形式过户至"元利化学集团股份有限公司 —2025 年员工持股计划"证券账户，过户价格为 9.45 元/股。截至本公告披露 日，本员工持股计划首次授予部分权益过户完成，2025 年员工持股计划证券账 户持有的公司股份数量为 2,490,000 股，约占公司总股本的比例为 1.20%。 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个别及连带责任。 元利化学集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开 第五届董事会第七次会议，并于 2025 年 9 月 16 日召开 2025 年第一次临时股东 大会，审议通过了《关于公司<2025 年员工持股计划（草案）>及其摘要的议案》 《关于公司<2025 年员工持股计划管理办法>的议案》《关于提请股东大会授权 董事会办理 2025 年员工持股计划相关事宜的议案》，同意公司实施 2025 年员工 持股计划（以下简称"本员工持股计划"），具体内容详见公司于 2025 年 8 月 28 日、2025 年 9 月 17 日在上海证 ...