Group 1 - The core viewpoint of the news is that the organic silicon sector in the A-share market is experiencing a rally, with significant gains in several stocks, driven by the anticipation of a production reduction target to be discussed in an upcoming industry meeting [1] Group 2 - The organic silicon stocks that saw notable increases include Dongyue Silicon Material, which rose over 7%, and Chenguang New Materials, which increased over 4% [1] - Other companies in the sector that experienced gains of over 3% include Silbond Technology, Sanyou Chemical, Jianghan New Materials, and Hesheng Silicon Industry [1] Group 3 - The market capitalization and year-to-date performance of key companies in the organic silicon sector are as follows: - Dongyue Silicon Material: Market cap of 17 billion, YTD increase of 82.34% - Chenguang New Materials: Market cap of 4.768 billion, YTD increase of 31.68% - Silbond Technology: Market cap of 9.734 billion, YTD increase of 71.92% - Sanyou Chemical: Market cap of 14.2 billion, YTD increase of 29.08% - Jianghan New Materials: Market cap of 10.9 billion, YTD increase of 25.05% - Hesheng Silicon Industry: Market cap of 72.6 billion, YTD increase of 11.46% [2]

Investment Rating - The report gives a "Buy" investment rating for Jianghan New Materials [2][5]. Core Views - Jianghan New Materials is the largest silane coupling agent producer in China and the third largest globally, with a market share of nearly 20% [3][11]. - The demand for functional silanes is expected to rise due to emerging needs in new energy, photovoltaics, and semiconductors, which will likely drive price recovery [3][52]. - The company has a strong competitive edge due to low-cost advantages, high-quality customer resources, robust R&D capabilities, and ample cash flow [4][68]. Summary by Sections 1. Company Overview - Jianghan New Materials has over 20 years of experience in product R&D and operations, maintaining the largest market share in China and ranking among the top three globally [3][11]. - The company has a comprehensive "silicon powder-silane-high-end materials" integrated industrial chain, with over 100 varieties across 14 series of silane products [3][25]. 2. Demand Growth Drivers - The demand structure shows that silicone rubber accounts for the largest share at 32%, followed by composite materials at 18.5% and adhesives at 16.7% [42][44]. - The production of rubber tires, especially green tires, is expected to increase the demand for sulfur-containing silanes, with domestic new energy vehicle sales reaching 8.33 million units in 2025, a year-on-year increase of 15.37% [51][52]. - The CAGR for new photovoltaic installations is projected at 14% from 2024 to 2028, which will boost the demand for high-end silanes in encapsulation films and backsheet materials [52]. 3. Competitive Advantages - The company has achieved significant cost control through large-scale production and a closed-loop chlorine element recycling process, with a gross margin of 27.91% in H1 2025 [4][69]. - Jianghan New Materials has established long-term framework agreements with several high-end clients, ensuring stable order fulfillment [4][74]. - R&D investment remains high, with R&D expenses accounting for 3.30% of revenue in H1 2025, reflecting a commitment to innovation [4][81]. 4. Financial Performance and Forecast - The company forecasts net profits of 450 million, 595 million, and 698 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.20, 1.59, and 1.87 yuan per share [5][6]. - The report indicates that the company's profitability is expected to recover as the market for functional silanes begins to improve [5][68].

证券代码：603281 证券简称：江瀚新材 公告编号：2025-059 湖北江瀚新材料股份有限公司 关于召开 2025 年半年度业绩说明会的公告 会议召开时间：2025 年 11 月 18 日(星期二)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/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 11 日(星期二)至 11 月 17 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 irm@jhsi.biz 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 18 日(星期二)13:00-14:00 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： 湖北江瀚新材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大 ...

Core Insights - Jianghan New Materials has seen a stock price increase of 5.1% on November 7, reaching 28.02 CNY per share, with a total market capitalization of 10.461 billion CNY [1] - The company has experienced a continuous rise in stock price for five consecutive days, accumulating a total increase of 5% during this period [1] Company Overview - Jianghan New Materials Co., Ltd. was established on July 21, 1998, and went public on January 31, 2023 [1] - The company specializes in the research, production, and sales of functional organosilicon and other silicon-based new materials, with 99.20% of its revenue coming from silane coupling agents [1] Fund Holdings - In the third quarter, Invesco Great Wall Fund held 3.2326 million shares of Jianghan New Materials, maintaining the same number of shares compared to the previous period, representing 3.52% of the fund's net value [2] - The fund has realized a floating profit of approximately 4.3963 million CNY today, with a total floating profit of 4.1054 million CNY during the five-day stock price increase [2] Fund Performance - Invesco Great Wall Energy Infrastructure Mixed A Fund (260112) was established on October 20, 2009, and has a current scale of 2.061 billion CNY [2] - The fund has achieved a year-to-date return of 23.76%, ranking 3984 out of 8148 in its category, and a one-year return of 20.81%, ranking 3813 out of 8053 [2] - Since its inception, the fund has delivered a return of 450.67% [2]

Group 1 - Company Jianghan New Materials announced that it will not implement a share buyback by October 2025 [2]

Company Overview - Jianghan New Materials (SH 603281) announced on November 3 that as of the end of October 2025, it has repurchased a total of 8.0346 million shares, accounting for 2.15% of the company's total share capital [1] - The highest purchase price was 27 CNY per share, while the lowest was 23.22 CNY per share, with a total expenditure of 200 million CNY [1] Financial Performance - For the year 2024, Jianghan New Materials' revenue composition is as follows: 99.22% from the manufacturing of chemical raw materials and chemical products, and 0.78% from other businesses [1] - As of the report date, the market capitalization of Jianghan New Materials is 9.7 billion CNY [1]

基于对公司发展的认可和信心，为了维护投资者利益，实现公司价值共 享，加深公司、股东、员工的利益一致性，公司实际控制人、董事长甘书官 先生于 2025 年 5 月 16 日向公司董事会提议，建议公司回购股份。回购方案 分别于 2025 年 5 月 16 日和 2025 年 5 月 28 日经第二届董事会第十一次会 议和 2024 年年度股东大会审议通过。根据回购方案，公司拟以集中竞价交 易方式回购公司股份，拟回购资金总额为 2 亿元~4 亿元，用于减少注册资本 或将股份用于员工持股计划或者股权激励，回购价格不超过人民币 30 元/股 （含本数）。 2025 年 6 月 9 日，公司按照回购方案实施了首次回购，详见公司于 2025 年 6 月 10 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于以 集中竞价交易方式首次回购股份的公告》。 2025 年 7 月 16 日，公司 2024 年年度权益分配实施完成。根据回购方 案，若公司在回购期内发生资本公积转增股本、派发股票或现金红利、股票 拆细、缩股等事宜，自股价除权除息之日起，根据相关规定相应调整回购价 格上限。即自 2025 年 7 月 1 ...

证券代码：603281 证券简称：江瀚新材 公告编号：2025-057 湖北江瀚新材料股份有限公司 募集资金现金管理赎回公告 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。 二、募集资金现金管理进展情况 截至本公告披露之日，公司根据前述董事会决议使用募集资金购买现金管理 产品 21 笔、金额合计 34.3 亿元，其中：到期收回 20 笔，金额合计 33.8 亿元； 尚未到期 1 笔，金额合计 0.5 亿元。 单位：万元 | 序号 | 类型 | 投入金额 | 收回本金 | 收益 | 备注 | | --- | --- | --- | --- | --- | --- | | 1 | 银行理财产品 | 3,000 | 3,000 | 11.74 | | | 2 | 银行理财产品 | 4,000 | 4,000 | 26.61 | | 1 | 3 | 银行理财产品 | 3,060 | 3,060 | 23.49 | | | --- | --- | --- | --- | --- | --- | | 4 | 银行理财产品 | 2,940 ...

证券代码：603281 证券简称：江瀚新材 公告编号：2025-056 湖北江瀚新材料股份有限公司 关于签订募集资金专户存储三方监管协议暨注销部 分募集资金专户的公告 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。 近日，湖北江瀚新材料股份有限公司（以下简称"公司"）签订了《募集资 金专户存储三方监管协议》，并注销了 1 个募集资金专项账户，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准湖北江瀚新材料股份有限公 司首次公开发行股票的批复》（证监许可〔2022〕2724 号），公司获准公开发 行 66,666,667 股新股，每股面值人民币 1.00 元，每股发行价为人民币 35.59 元 ， 合 计 募 集 资 金 人 民 币 2,372,666,678.53 元 ， 扣 除 发 行 费 用 人 民 币 313,399,578.53 元（不含税）后，募集资金净额为人民币 2,059,267,100.00 元。 本次募集资金已于 2023 年 1 月 19 日全部到位，天健会计师事务所（特殊普通 ...

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]