Core Viewpoint - The company plans to use up to 3 billion yuan of its idle funds for wealth management products with high safety, low risk, and good liquidity [1] Group 1: Financial Strategy - The company will convene its seventh board meeting on December 31, 2025, to approve the proposal for using idle self-owned funds for financial management [1] - The funds will be allocated to cash management products issued by banks, securities companies, trust companies, and fund management companies [1] - The authorization period for this investment strategy is valid for 12 months from the date of board approval, allowing for rolling investment and usage of funds [1]

证券代码：603379 证券简称：三美股份 公告编号：2026-001 表决结果：同意 9 票，反对 0 票，弃权 0 票。 浙江三美化工股份有限公司 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。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《公 司关于 2026 年度向银行申请综合授信的公告》。 第七届董事会第五次会议决议公告 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。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日以 现场结合通讯表决方式在公司会议室召开第七届董事会第五次会议。会议通知已 于 2025 年 12 月 26 日以书面、电子邮件等方式向全体董事发出。本次会议应出 席董事 9 人，实际出席董事 9 人。本次会议由董事长胡淇翔主持，高管列席会议。 本次会议召开符合《公司法》和《公司章程》的有关规定。 经与会董事审议，本次会议以投票表决的方式审议通过了以下议案： 一、审议通过《关于 2026 年度向银行申请综 ...

Company Overview - Sanmei Co., Ltd. is located at 218 Qianying Road, Wuyi County, Zhejiang Province, established on May 11, 2001, and listed on April 2, 2019. The company specializes in the research, production, and sales of fluorochemical products, including fluorocarbon chemicals and inorganic fluorine products [1] - The main revenue composition of the company includes: fluorinated refrigerants 85.55%, hydrogen fluoride 9.77%, foaming agents 3.46%, material sales 0.70%, by-product sales 0.27%, and others 0.25% [1] Stock Performance - On December 31, Sanmei Co., Ltd. experienced a decline of 1.01%, with a stock price of 60.00 yuan per share, a trading volume of 100 million yuan, a turnover rate of 0.27%, and a total market capitalization of 36.629 billion yuan [1] Shareholder Information - Among the top ten circulating shareholders of Sanmei Co., Ltd., a fund under Southern Fund ranks as a significant holder. The Southern CSI 500 ETF (510500) entered the top ten circulating shareholders in the third quarter, holding 3.5482 million shares, which accounts for 0.58% of the circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 2.1644 million yuan [2] Fund Manager Details - The fund manager of the Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 257 days. The current total asset size of the fund is 170.251 billion yuan, with the best fund return during the tenure being 155.46% and the worst being -47.6% [3]

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][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 trade between $55 and $70 per barrel [2][3] - The report highlights the continued rise in long-term contracts for refrigerants and anticipates price increases for organic silicon, suggesting a focus on commercial aerospace and storage sectors [2][3] - The demand for R134a refrigerant is projected to increase significantly due to the growing penetration of electric vehicles, while the import demand for high GWP varieties like R125 may rise as India approaches the final year of its quota baseline [2][3] Summary by Sections Industry Dynamics - Oil supply is constrained by delayed OPEC+ production increases and peak shale oil output, while demand is stabilizing with improved global economic conditions [3] - Coal prices are expected to oscillate at a long-term bottom, with easing pressures on mid and downstream sectors [3] - The U.S. is likely to accelerate natural gas export facility construction, potentially lowering import costs [3] Chemical Sector Analysis - The report suggests a focus on four key areas for investment: 1. Textile and apparel chain, benefiting from high demand and improved supply conditions [2] 2. Agricultural chemicals, with steady growth in fertilizer demand supported by increasing planting areas [2] 3. Export-related chemical products, as global inventories are at historical lows and interest rates are expected to decline [2] 4. "Anti-involution" policies leading to accelerated elimination of outdated capacities [2] Key Companies to Watch - Companies such as Juhua Co., Sanmei Co., Dongyangguang, Yonghe Co., and Haohua Technology are recommended for their potential in the refrigerant market [2] - In the organic silicon sector, companies like Xingfa Group, Luxi Chemical, Dongyue Silicon Material, and Xin'an Chemical are highlighted for their expected price increases [2] - For new materials, attention is drawn to Guocer Materials, Ruihuatai, and calcium titanate materials due to the growing commercial aerospace market [2] Market Trends - The report notes that the overall industrial product PPI decreased by 2.2% year-on-year but increased by 0.1% month-on-month, indicating a recovery in manufacturing demand [5] - The manufacturing PMI for November recorded at 49.2, showing a slight improvement, with overall demand recovering and inventory depletion accelerating [5]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by over 10% in the next six months [28]. Core Insights - As of December 25, the Shenwan Basic Chemical Index increased by 6.2% over the past two weeks, outperforming the CSI 300 Index by 4.2 percentage points, ranking second among 31 Shenwan industries. Year-to-date, the index has risen by 32.8%, surpassing the CSI 300 Index by 14.9 percentage points, ranking seventh among the 31 industries [2][9]. - All sub-sectors of the Shenwan Basic Chemical Index saw gains in the past two weeks, with the chemical fiber sector up 10.2%, plastics up 8.9%, and chemical products up 5.8% [11]. - Among the 406 listed companies in the Shenwan Basic Chemical Index, 328 saw their stock prices rise, with Yuan Chuang Co., Shen Jian Co., and Dongcai Technology leading with increases of 108.4%, 77.6%, and 47.4% respectively [13]. Summary by Sections Market Review - The Shenwan Basic Chemical Index has shown strong performance, with significant gains across various sub-sectors, indicating robust market conditions [9][11]. Chemical Product Price Trends - Recent price movements include an increase in PTA by 8.32% and a slight rise in urea by 0.35%, while lithium hexafluorophosphate and synthetic ammonia saw declines of -3.43% and -2.46% respectively [16][17]. Key Industry News - The National Development and Reform Commission and the Ministry of Commerce released the "Encouraged Foreign Investment Industry Directory (2025 Edition)," which includes new categories such as bio-based chemicals [21][22]. - A significant oil discovery was made in the Bohai Sea, further solidifying China's offshore oil and gas resource reserves [22]. Industry Outlook - The report highlights the importance of the coal chemical industry, especially in light of new standards for clean and efficient coal utilization, which could present investment opportunities [24]. - The refrigerant market is expected to benefit from price increases due to supply constraints, with companies like Sanmei Co. and Juhua Co. showing significant profit growth [24][26].

Core Viewpoint - The Zhejiang Provincial Market Supervision Administration has released the results of a quality supervision inspection for 62 types of products, including hot-rolled ribbed steel bars, water-soluble fertilizers, and portable fire extinguishers, revealing that 210 out of 2331 batches tested were found to be non-compliant [1][2]. Group 1: Inspection Results - A total of 2331 batches of products were inspected, with 210 batches identified as non-compliant, indicating a non-compliance rate of approximately 9% [2][3]. - The inspected products span seven categories, including electrical materials, electronic appliances, mechanical and safety products, building materials, daily and textile products, light industrial products, and agricultural production materials [2][3]. Group 2: Non-Compliant Products - Specific products that failed the inspection include various types of stainless steel pipes, fire safety equipment, and agricultural fertilizers, while no non-compliance was found in several categories such as water-soluble fertilizers and children's shoes [3][4]. - The administration has mandated local market supervision departments to take legal actions against the manufacturers of non-compliant products, including confiscation and administrative penalties [3][4]. Group 3: Follow-Up Actions - The Zhejiang Provincial Market Supervision Administration will ensure that responsible parties rectify the issues identified and will conduct follow-up inspections to verify compliance [3][4]. - For products linked to businesses outside the province, the cases have been forwarded to the respective local market supervision departments for further action [3].

Group 1 - On December 19, a total of 29 stocks were involved with institutional investors, with 16 showing net buying and 13 showing net selling [1] - The top three stocks with the highest net buying by institutions were Zhejiang Shibao, Aerospace Intelligent Manufacturing, and Shanzi Gaoke, with net buying amounts of 121 million, 90.62 million, and 58.12 million respectively [1] - The top three stocks with the highest net selling by institutions were Tongyu Communication, Huangshi Group, and Suli Co., with net selling amounts of 93.20 million, 65.79 million, and 57.84 million respectively [1] Group 2 - Zhejiang Shibao had a price increase of 9.99% with a net institutional buying of 120.71 million [2] - Aerospace Intelligent Manufacturing saw a price increase of 16.30% with a net institutional buying of 90.62 million [2] - Shanzi Gaoke experienced a price increase of 9.93% with a net institutional buying of 58.12 million [2] Group 3 - The stock with the highest net selling was Tongyu Communication, which had a price decrease of 0.89% and a net institutional selling of 93.20 million [3] - Huangshi Group had a price increase of 1.10% but still faced a net institutional selling of 65.79 million [3] - Suli Co. had a price increase of 10.02% with a net institutional selling of 57.84 million [3]