Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Insights - The fluorochemical industry index underperformed compared to the Shenwan Chemical Index and the CSI 300 Index in December, with a 1.89% increase, lagging behind the Shenwan Chemical Index by 2.54 percentage points [1][15]. - The long-term contracts for refrigerants are expected to stabilize, with prices for R32 and R410A increasing in the first quarter of 2026 [2][23]. - The demand for fluorinated liquids and refrigerants is anticipated to rise due to advancements in liquid cooling technologies driven by AI and high-density server requirements [4][60]. Summary by Sections 1. December Fluorochemical Industry Performance - As of December 31, the Shanghai Composite Index was at 3968.84 points, up 2.06% from November, while the fluorochemical index was at 2018.62 points, up 1.89% [1][15]. 2. December Refrigerant Market Review - The long-term contract prices for R32 and R410A are set to increase, with R32 at 61,200 CNY/ton and R410A at 55,100 CNY/ton, reflecting increases of 1.66% and 3.57% respectively [2][23]. - The prices for R134a, R125, and R410A have also seen significant increases, with R134a reaching 58,000 CNY/ton, up 4.50% from the previous month [2][24]. 3. Liquid Cooling Driving Demand for Fluorinated Liquids and Refrigerants - The report highlights the shift from traditional air cooling to liquid cooling in data centers, which is expected to significantly increase the demand for fluorinated liquids [4][60]. - The liquid cooling market is projected to grow rapidly, with a compound annual growth rate of 51.4% from 2019 to 2027, potentially exceeding 100 billion CNY [60][63]. 4. 2026 Refrigerant Quota Announcement - The Ministry of Ecology and Environment has announced the refrigerant quotas for 2026, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [67][70]. - The report suggests that the tightening of refrigerant quotas will support the long-term price stability and profitability of leading companies in the sector [67][72]. 5. Key Company Profit Forecasts and Investment Ratings - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are rated as "Outperform," with projected earnings per share (EPS) growth for 2026 [8].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Views - The fluorochemical industry is expected to benefit from the rising prices of refrigerants and the increasing demand for fluorinated liquids driven by advancements in liquid cooling technology for data centers [4][7]. - The long-term outlook for mainstream refrigerants such as R32, R134a, and R125 remains positive due to supply constraints from quota policies, which are expected to support price increases [7][68]. Summary by Sections 1. December Fluorochemical Industry Performance - As of December 31, the Shanghai Composite Index rose by 2.06%, while the fluorochemical index increased by 1.89%, underperforming the broader chemical indices [1][15]. 2. December Refrigerant Market Review - Mainstream refrigerant long-term contract prices are on the rise, with R32 expected to reach 61,200 CNY/ton, a 1.66% increase from the previous quarter [2][23]. - R134a prices have increased to 58,000 CNY/ton, reflecting a 4.5% month-over-month rise [24]. 3. Liquid Cooling Driving Demand for Fluorinated Liquids and Refrigerants - The shift towards liquid cooling in data centers is expected to significantly increase the demand for fluorinated liquids and refrigerants, as traditional air cooling methods become less effective [4][60]. - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players in this market [4][66]. 4. 2026 Refrigerant Quota Announcement - The Ministry of Ecology and Environment has announced the 2026 refrigerant quotas, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [67][70]. - The overall supply constraints are expected to maintain a tight balance in the refrigerant market, supporting price stability [68][72]. 5. Air Conditioning and Export Data Tracking - The production of air conditioners is projected to maintain high levels, with January 2026 production expected to be 7.86 million units, a year-on-year increase of 8.9% [3][5]. - Export data shows a mixed trend, with R32 exports increasing by 12% while R22 exports have decreased by 21% [29][33]. 6. Focus on PVDF Price Recovery - The report notes a recovery in PVDF prices due to rising costs and improved supply-demand dynamics, with current prices ranging from 54,000 to 60,000 CNY/ton [4][66].

关于使用部分闲置募集资金进行现金管理 提前赎回的公告 证券代码：603379 证券简称：三美股份 公告编号：2026-007 浙江三美化工股份有限公司 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。 | 产品名称 | 受托方 | 产品 | | 是否存 | | 预期年化 | 产品起息日- | | | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 类型 | 投资金额 | 在受限 情形 | 收益类型 | 收益率 （%） | 产品到期日 | 提前终止日 | 赎回本金 | 收益 | | 国投证券收 益凭证-专 | 国投 证券 | 券商 理财 | 1,000.00 | 否 | 保本浮动 收益 | 0.50-2.64 | 2025/11/6- 2026/2/5 | 2026/1/6 | 1,000.00 | 4.40 | | 享 号 351 | | | | | | | | | | | | | 合计 | | 1,000.00 ...

证券代码：603379 证券简称：三美股份 公告编号：2026-006 浙江三美化工股份有限公司 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开 第六届董事会第十八次会议和第六届监事会第十六次会议，分别审议通过《关于 使用闲置募集资金进行现金管理的议案》，同意公司在确保募投项目所需资金和 保证募集资金安全的前提下，使用闲置募集资金进行现金管理，授权期限内单日 最高余额不超过 1.90 亿元，授权期限自该次董事会审议通过之日起 12 个月。具 体内容详见公司于 2025 年 3 月 25 日在上海证券交易所网站（www.sse.com.cn） 披露的《公司关于使用闲置募集资金进行现金管理的公告》(公告编号：2025-017)。 2025 年 10 月 30 日，公司使用 2,000.00 万元闲置募集资金认购了国投证券 股份有限公司（以下简称"国投证券"）发行的"国投证券收益凭证-专享 348 号"。 本产品于 2025 年 12 月 31 日触发敲出事件并提前终止，公司于 2026 年 1 月 5 日 收回本金 2,000.00 万元，并获得收益 8.00 万元，产品本金和 ...

Core Viewpoint - Sanmei Co., Ltd. has shown a mixed performance in stock price and financial results, with significant growth in revenue and net profit year-on-year, indicating potential investment opportunities in the chemical industry, particularly in fluorochemical products [1][2]. Financial Performance - As of September 30, 2025, Sanmei Co., Ltd. achieved a revenue of 4.43 billion yuan, representing a year-on-year increase of 45.72% [2]. - The net profit attributable to shareholders reached 1.59 billion yuan, marking a substantial year-on-year growth of 183.66% [2]. Stock Performance - On January 6, 2025, Sanmei's stock price increased by 2.05%, reaching 60.14 yuan per share, with a total market capitalization of 36.71 billion yuan [1]. - Year-to-date, the stock price has decreased by 0.96%, but it has shown a 10.63% increase over the past 20 trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.46% to 22,600, while the average circulating shares per person decreased by 20.92% to 27,014 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 8.22 million shares, an increase of 3.36 million shares from the previous period [3]. Business Overview - Sanmei Co., Ltd. specializes in the research, production, and sales of fluorochemical products, with its main revenue sources being refrigerants (85.55%), hydrogen fluoride (9.77%), and foaming agents (3.46%) [1]. - The company is categorized under the basic chemical industry, specifically in fluorochemical products, and is associated with various investment themes such as pension concepts and lithium batteries [1].

Core Viewpoint - The Zhejiang Provincial Department of Science and Technology has announced the project list for the 2026 "Pioneer Leading Goose + X" technology plan, which includes a total of 441 projects, comprising 69 "Pioneer" projects, 309 "Leading Goose" projects, and 63 technology cooperation projects [1][2]. Group 1: Project Overview - The 2026 "Pioneer Leading Goose + X" technology plan includes 441 projects in total [1][2]. - The projects are categorized into three types: "Pioneer" projects, "Leading Goose" projects, and technology cooperation projects [1][2]. Group 2: Project Details - The "Pioneer" projects include advanced technologies such as high-consistency diamond NV sensor mass production technology and quantum sensor preparation research [5][6]. - The "Leading Goose" projects focus on environmental technology, including key technologies for the treatment of new pollutants in various industries [8][9]. Group 3: Implementation Guidelines - Project units are required to submit project task books through the Zhejiang Provincial Science and Technology Management Platform by specified deadlines, with penalties for late submissions [3][4]. - The management of funds must adhere to specific regulations to ensure proper allocation and usage [4].

证券代码：603379 证券简称：三美股份 公告编号：2026-003 浙江三美化工股份有限公司 关于使用闲置自有资金委托理财的公告 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： 基本情况 | 投资金额 | 300,000.00 万元 | | --- | --- | | 投资种类 | 银行、证券公司、信托公司、基金管理公司等金融机构发 | | | 行的安全性较高、风险较低（中、低风险等）、流动性较好 | | | 的现金管理类产品（如通知存款、结构性存款、大额存单 | | | 等）及/或理财、基金产品 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召 开第七届董事会第五次会议，审议通过《关于使用闲置自有资金委托理财的议案》。 本事项不构成关联交易，亦无需提交股东会审议。 特别风险提示 公司及子公司拟购买的产品属于安全性较高、风险较低（中、低风险等）、 流动性较好的现金管理类产品（如通知存款、结构性存款、大额存单等）及 ...

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： 本次预计 2026 年度日常关联交易额度事项尚需提交股东会审议。 公司日常关联交易是日常经营活动的需要，具有商业必要性、合理性， 且以市场为原则，定价公允，不存在损害上市公司或中小股东利益的情形。公司 将日常关联交易控制在合理范围，主营业务不会因此类日常交易对关联方形成重 大依赖，亦不会对公司业务的独立性构成重大不利影响。 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召 开第七届董事会第五次会议，审议通过《关于预计 2026 年度日常关联交易额度 的议案》。表决结果为：同意 8 票、反对 0 票、弃权 0 票，关联董事胡淇翔回避 表决。 证券代码：603379 证券简称：三美股份 公告编号：2026-004 浙江三美化工股份有限公司 关于预计 2026 年度日常关联交易额度的公告 本次预计 2026 年度日常关联交易额度事项在提交董事会审议前，已经董事 会审计委员会、 ...

证券代码：603379 证券简称：三美股份 公告编号：2026-005 浙江三美化工股份有限公司 关于 2026 年度开展外汇衍生品交易业务的公告 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： 交易主要情况 | 交易目的 | □获取投资收益 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 套期保值（合约类别：□商品；外汇；□其他：________） □其他：________ | | | | | | | 交易品种 | 远期结售汇、掉期业务、互换业务、期权业务及其他外汇衍生产 品业务 | | | | | | | 交易金额 | 预计动用的交易保证金和权利金上限 1,000.00万美元 | | | | | | | | 预计任一交易日持有的最高合约价值 8,000.00万美元 | | | | | | | 资金来源 | 自有资金 □借贷资金 □其他：___ | | | | | | | 交易期限 | 月 日至 月 2026 1 31 | 年 | ...

为满足公司日常生产经营、项目投资建设的资金需求，2026 年度公司及子公 司拟向银行申请总额不超过 32 亿元人民币的综合授信额度，授信业务包括但不 限于人民币/外币贷款、承兑汇票、票据贴现、信用证、押汇、保函、代付、保 理等综合业务。 证券代码：603379 证券简称：三美股份 公告编号：2026-002 浙江三美化工股份有限公司 关于 2026 年度向银行申请综合授信的公告 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。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召 开第七届董事会第五次会议，审议通过《关于 2026 年度向银行申请综合授信的 议案》。本议案在提交董事会审议前，已经董事会审计委员会、董事会战略委员 会审议并一致通过。具体情况如下： 具体业务的品种、额度、期限、利率、担保方式（如需）、实施时间等，以 公司及子公司与各家银行最终签署的合同为准，且不等同于实际融资金额，公司 及子公司的具体融资金额将视生产经营、项目投资建设等对资金实际需求来确定。 为提高工作效率，保证融资授信 ...