板块中报预增，看好制冷剂景气周期 [Table_Industry] 基础化工 ——基础化工氟化工行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 证书编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 陈传双(研究助理) | 021-38676675 | chenchuanshuang@gtht.com | S0880123060038 | 本报告导读： 二代制冷剂配额如期削减，三代制冷剂政策延续，配额约束下供需格局将持续优化， 2025 年二代/三代制冷剂价格有望保持涨势，继续看好制冷剂景气周期。国内综合实 力强，产品矩阵完善，技术储备全面，制冷剂配额靠前的生产企业将受益。 投资要点： [Table_Report] 相关报告 基础化工《回天新材不下修可转债转股价格》 2025.07.15 基础化工《部分国企发布业绩预增，关注化工央/ 国企投资机会》2025.07.14 基础化工《新兴应用需求快速发展，高端新材料 实现进口替代》2025.07.1 ...

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Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Core Viewpoint - The company Tianqi Materials has withdrawn a lawsuit against Jinshi Resources and its subsidiary regarding the infringement of technical secrets related to lithium hexafluorophosphate, indicating new developments in the case and the intention to file another lawsuit in the future [1][2][3]. Group 1: Lawsuit Background - The lawsuit initiated in 2023 involved Tianqi Materials claiming that Jinshi Resources and Jiangshan Jinshi infringed on its commercial secrets concerning lithium hexafluorophosphate technology [2]. - Tianqi Materials has been researching lithium hexafluorophosphate since 2005, developing core technical secrets including production formulas [2][4]. - The company became the largest electrolyte manufacturer in China in 2017 after entering the supply chains of ATL and CATL [2]. Group 2: Legal Proceedings - After the Guangzhou Intellectual Property Court accepted the case, Jinshi Resources raised jurisdictional objections, which were ultimately dismissed by the Supreme People's Court, transferring the case to the Hangzhou Intermediate People's Court [3]. - Tianqi Materials' withdrawal of the lawsuit was approved by the Hangzhou Intermediate People's Court, which found the request compliant with legal regulations [3]. Group 3: Technical Secrets and Allegations - The dispute centers around the production formula and process of lithium hexafluorophosphate, a key raw material for electrolytes [2][4]. - Chen Chunfa, a former employee of Tianqi Materials, is a defendant in the case, having previously worked on the production and process changes of lithium hexafluorophosphate [5]. - Tianqi Materials claims that Jinshi Resources' patent application closely resembles its own technology, suggesting a breach of trade secrets [5]. Group 4: Market Context - The lithium materials market has faced supply-demand imbalances and significant price declines, with lithium hexafluorophosphate currently priced around 50,000 yuan per ton, down approximately 90% from its historical peak [6].

Group 1 - Company Junhe Precision expects a net profit of 49.3 million to 53 million yuan for the first half of 2025, representing a year-on-year increase of 46.61% to 57.61% [1] - Company Yingtan plans to reduce its shareholding by a total of 2.79%, with specific reductions from major shareholders and executives due to funding needs [1][2] - Company EFORT W.F.C. Holding plans to sell 22% of its stake in GME Aerospace for 6 million euros, reducing its ownership from 48.99% to 19.76% [2] - Company Huada Jiutian has terminated its major asset restructuring plans due to a lack of consensus on key terms among parties involved [3] - Company Shankai Intelligent is planning a change in control, leading to a temporary suspension of its stock trading [3] Group 2 - Company TCL Technology anticipates a revenue of 82.6 billion to 90.6 billion yuan for the first half of 2025, with a net profit increase of 81% to 101% [5][6] - Company TCL Zhonghuan expects a net loss of 4 billion to 4.5 billion yuan for the first half of 2025, worsening from the previous year [6] - Company Lvtianhua forecasts a net profit decline of 62.64% to 73.85%, estimating a profit of 3.5 million to 5 million yuan [8] - Company Zhongke Jincai expects a net loss of 75 million to 105 million yuan, representing a decline of 51.43% to 112% [9] - Company AVIC Heavy Machinery anticipates a net profit decrease of approximately 33.29% for the first half of 2025 [11] Group 3 - Company Jiangbolong reports that the National Integrated Circuit Industry Investment Fund has reduced its stake to below 5% [13] - Company Erlu Si plans to reduce its shareholding by up to 1% due to personal funding needs [14] - Company Zhonghua Rock intends to reduce its shareholding by up to 0.46% for personal funding reasons [15] - Company Jiekang Equipment plans to reduce its shareholding by up to 1% due to personal funding needs [15] - Company Jianzhijia's actual controller plans to increase its shareholding by 50,000 to 100,000 shares [16] Group 4 - Company Jinshi Resources has had a lawsuit terminated after the plaintiff withdrew their case, which had sought 90 million yuan in damages [18] - Company Huaye Fragrance plans to reduce its shareholding by up to 3% due to personal financial arrangements [19] - Company Zhaobiao plans to reduce its shareholding by a total of 0.54% due to personal funding needs [20] - Company Shenkai plans a full takeover offer at 16.13 yuan per share for 8659 million shares, representing 57.73% of its issued shares [21] - Company Suqian Liansheng plans to reduce its shareholding by a total of 6.03% due to personal funding needs [22]

Core Viewpoint - The legal dispute between Jinshi Resources and Tianci Materials has seen a significant development, with Tianci Materials withdrawing its lawsuit against Jinshi Resources, while Jinshi Resources maintains its stance on protecting intellectual property rights and is prepared to take legal action if necessary [1][2]. Group 1: Legal Proceedings - On July 9, Jinshi Resources announced that Tianci Materials and Jiujiang Tianci had applied to withdraw their lawsuit, which was approved by the Hangzhou Intermediate People's Court [1]. - The Guangzhou Intellectual Property Court had previously accepted a case filed by Tianci Materials against Jinshi Resources and its subsidiary for alleged infringement of trade secrets [1]. - Jinshi Resources raised a jurisdictional objection, which was initially dismissed by the Guangzhou court, but the Supreme People's Court later ruled in favor of Jinshi Resources, transferring the case back to the Hangzhou court [1]. Group 2: Company Position and Evidence - Jinshi Resources emphasized its commitment to intellectual property protection and innovation, stating that it has submitted substantial evidence to demonstrate that the claimed "trade secrets" are publicly known within the industry and do not qualify as legal trade secrets [2]. - The company expressed its core values of "doing good and mutual benefit," aiming to promote the common development and prosperity of the entire industry chain [2].

Group 1 - The company, Guangzhou Tinci Materials Technology Co., Ltd., has filed a civil lawsuit against Chen Chunfa, Jinshi Resources Group Co., Ltd., and its subsidiary Jiangshan Jinshi New Materials Technology Co., Ltd. for infringing on its trade secrets related to lithium hexafluorophosphate product technology [2][3] - The Guangzhou Intellectual Property Court accepted the case on August 7, 2023, but the defendant raised an objection regarding jurisdiction, which was ultimately rejected by the court [3] - The case was later transferred to the Hangzhou Intermediate People's Court after the Supreme People's Court of the People's Republic of China ruled on the jurisdiction issue [3] Group 2 - During the proceedings, the company submitted a request to withdraw the lawsuit based on new developments in the case, which was approved by the Hangzhou Intermediate People's Court [4] - The withdrawal of the lawsuit is not expected to have a significant adverse impact on the company's current or future profits [4] - The company plans to potentially file another lawsuit based on the evolving circumstances of the case and will fulfill its information disclosure obligations accordingly [4]

Group 1 - Muyuan Foods expects a significant increase in net profit for the first half of 2025, projecting a profit of 10.5 billion to 11 billion yuan, representing a year-on-year growth of 924.6% to 973.39% [1][2] - The increase in profit is attributed to a rise in pig sales volume and a decrease in breeding costs compared to the previous year [2][3] Group 2 - TCL Technology anticipates a net profit of 1.8 billion to 2 billion yuan for the first half of 2025, reflecting a year-on-year increase of 81% to 101% [1][4] - The company's revenue is projected to be between 82.6 billion and 90.6 billion yuan, with a growth rate of 3% to 13% compared to the same period last year [1][4] - The semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, marking a growth of over 70% [3] Group 3 - TCL Zhonghuan is projected to incur a net loss of 4 billion to 4.5 billion yuan in the first half of 2025, compared to a loss of 3.064 billion yuan in the same period last year [4][5] - The loss is attributed to a decline in product prices and inventory impairment due to supply-demand imbalances in the industry [5] Group 4 - Shanghai Pharmaceuticals expects a net profit of 4.45 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [6] - The increase is partly due to the acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals, which has been consolidated into the financial statements [6] Group 5 - Northern Rare Earth anticipates a net profit of 900 million to 960 million yuan for the first half of 2025, indicating a year-on-year increase of 1882.54% to 2014.71% [7] - The growth is driven by improved production management, cost reduction, and increased sales of key products [7] Group 6 - Ganfeng Lithium expects a net profit of 600 million to 640 million yuan for the first half of 2025, reflecting a year-on-year increase of 100.73% to 114.12% [13] - The growth is attributed to significant revenue increases and effective cost control measures [13] Group 7 - Foster anticipates a net profit decrease of 49.05% for the first half of 2025, projecting a profit of 473 million yuan [17] - The decline is due to oversupply in the photovoltaic industry and intensified market competition, leading to lower sales prices [17]

Core Viewpoint - The lawsuit involving Jinshi Resources and the plaintiff Tianci Materials has been withdrawn, which will not impact the company's current or future profits [1][3]. Group 1: Lawsuit Overview - The lawsuit was initiated by Tianci Materials and its subsidiary against Jinshi Resources and its wholly-owned subsidiary Jiangshan Jinshi for alleged infringement of trade secrets [1]. - The Zhejiang Provincial High Court approved the withdrawal of the lawsuit after reviewing the plaintiff's application, confirming it met legal requirements [3]. Group 2: Legal Proceedings - Jinshi Resources initially raised a jurisdictional objection to the Guangzhou Intellectual Property Court, which was dismissed. The company appealed to the Supreme People's Court, which ruled in favor of Jinshi Resources, transferring the case to the Hangzhou Intermediate People's Court [2]. Group 3: Financial Impact - The company has stated that the lawsuit and its withdrawal will not have a significant impact on its current or future profits, as confirmed by the court's decision [3].

证券代码：603505 证券简称：金石资源 公告编号：2025-036 金石资源集团股份有限公司 关于诉讼进展及原告天赐材料撤诉的公告 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： 1.案件所处的诉讼阶段：原告撤回起诉 2.上市公司所处的当事人地位：被告 3.涉案的金额：原告诉求判令三被告共同赔偿两原告经济损失人民币 9,000 万元及原告为维权支付的鉴定费、调查费及律师费 80.2 万元。 4.是否会对上市公司损益产生负面影响：因法院已做出准许原告撤诉的裁定， 故该诉讼案件对公司本期及期后利润不构成影响。 三、其他尚未披露的诉讼或仲裁事项 截至本公告披露日，公司及控股子公司不存在应披露而未披露的其他重大诉 讼、仲裁事项。 2025 年 7 月 9 日晚间，公司收到浙江省杭州市中级人民法院送达的（2024） 浙 01 民初 1424 号《民事裁定书》，关于原告广州天赐高新材料股份有限公司 （"天赐材料"）、九江天赐高新材料有限公司（"九江天赐"）与被告陈春财、金 石资源集团股份有限公司（"公司"）、江山金石 ...