中信证券股份有限公司 关于浙江永和制冷股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为浙 江永和制冷股份有限公司（以下简称"永和股份"或"公司"）的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等相关规定履 行持续督导职责，针对永和股份使用部分闲置募集资金临时补充流动资金事 项进行了审慎核查，发表如下核查意见： 公司于 2025 年 3 月 20 日召开第四届董事会第十七次会议、第四届监事会第 1 | 发行名称 | 2023 | | | 年度向特定对象发行 | | 股股票 A | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 173,600.00 | | 万元 | | | | | | | 募集资金净额 | 172,016.38 | | 万元 | | | | | | | 募集资金到账时间 | 2025 年 3 | 月 | 7 | 日 | | | | | | ...

证券代码：605020 证券简称：永和股份 公告编号：2026-013 浙江永和制冷股份有限公司关于 使用部分闲置募集资金临时补充流动资金的公告 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： 临时补流募集资金金额：30,000.00 万元 补流期限：自 2026 年 3 月 23 日第四届董事会第二十六次会议审议通过 起不超过 12 个月 一、募集资金基本情况 | 发行名称 | 2023 | | | 年度向特定对象发行 | | A | 股股票 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 173,600.00 | | 万元 | | | | | | | 募集资金净额 | 172,016.38 | | 万元 | | | | | | | 募集资金到账时间 | 2025 年 | 3 | 月 7 | 日 | | | | | | 前次用于暂时补充流动资金 | 截至 | 2026 | 年 3 | 月 | 18 | 日，累计归还 ...

Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

一、募集资金临时补充流动资金情况 浙江永和制冷股份有限公司 关于归还临时补充流动资金的募集资金的公告 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： 截至 2026 年 3 月 18 日，公司已累计归还临时补充流动资金的闲置募集 资金人民币 60,000.00 万元。 证券代码：605020 证券简称：永和股份 公告编号：2026-012 2026 年 3 月 19 日 2/2 浙江永和制冷股份有限公司（以下简称"公司"）于2025年3月20日召开第 四届董事会第十七次会议、第四届监事会第十四次会议，审议通过了《关于使用 部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过人民币 60,000.00万元（含本数）的闲置募集资金临时补充流动资金，使用期限自公司董 事会审议通过之日起不超过12个月。具体内容详见公司于2025年3月22日在上海 证券交易所网站（www.sse.com.cn）披露的《浙江永和制冷股份有限公司关于使 用部分闲置募集资金临时补充流动资金的公告》（公告编号：2025-021）。 | ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, driven by supply constraints and rising demand [4][23] - The market for refrigerants is expected to experience a new round of price increases, despite short-term challenges posed by geopolitical factors in the Middle East [4][23] - The overall sentiment in the fluorochemical sector remains optimistic, with potential for significant growth across various segments, including high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - The average market price for wet fluorite (97%) is 3,393 CNY/ton, reflecting a 0.18% increase week-on-week, but a 9.25% decrease year-on-year [18] - The supply of fluorite is tight due to environmental inspections and production slowdowns in key regions, which is expected to support prices [19] 2. Refrigerant Pricing Trends - As of March 13, 2026, the prices for various refrigerants are as follows: - R32: 63,500 CNY/ton (domestic), 62,500 CNY/ton (export) - R125: 55,000 CNY/ton (domestic), 51,000 CNY/ton (export) - R134a: 58,500 CNY/ton (domestic), 58,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 15,500 CNY/ton (export) [20][21] - The market is witnessing a gradual recovery in prices for refrigerants, with R125 showing a 7.84% increase in domestic pricing [20][21] 3. Industry Dynamics - The fluorochemical index has decreased by 2.1% in the week of March 9-13, 2026, underperforming against major indices such as the Shanghai Composite and CSI 300 [36] - The overall market sentiment is positive, with expectations for a rebound in prices as demand from downstream sectors increases [22][23] 4. Recommended Stocks - Key stocks to watch include: - Jinshi Resources (fluorite) - Juhua Co. (refrigerants, fluororesins) - Sanmei Co. (refrigerants) - Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, indicating a potential upward trend in market conditions [4][23] - The demand for refrigerants remains resilient despite geopolitical tensions in the Middle East, suggesting that prices may see a new round of increases [4][23] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a slight recovery, with the average market price for 97% wet fluorite at 3,393 CNY/ton as of March 13, 2026, reflecting a 0.18% increase from the previous week [18] - The average price for March 2026 is 3,339 CNY/ton, down 4.08% compared to the average price in 2025 [18] 2. Refrigerant Market Trends - As of March 13, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton (up 7.84%), and R134a at 58,500 CNY/ton [20][21] - The external trade prices for R32 and R125 are 62,500 CNY/ton and 51,000 CNY/ton, respectively, with R125 showing a stable trend [21] - The market is experiencing a mild recovery in demand, with companies maintaining normal inventory levels and focusing on essential purchases [22] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

Investment Rating - The report maintains a positive investment rating for the thermal management materials industry [3]. Core Insights - The rapid growth of high-power chips due to AIGC has led to a significant increase in thermal flow density, making liquid cooling the preferred solution for high-power chip cooling [6][23]. - The demand for liquid cooling solutions is expected to rise, driven by advancements in AI data centers and the increasing power requirements of data center AI cabinets [6][50]. - The report identifies three main investment opportunities in liquid cooling: high-power chips from NVIDIA, liquid cooling in high-power data centers, and thermal management for electric vehicle batteries and energy storage [6]. Summary by Sections Current Mainstream Cooling Solutions - Cooling methods are categorized into active and passive cooling, with active cooling including liquid cooling and air cooling [8][9]. - Liquid cooling has become the mainstream solution for high-performance scenarios, particularly in AI servers and data centers [8][9]. Thermal Management Industry Chain - The thermal management industry chain includes upstream raw materials, midstream manufacturing, and downstream applications, with the midstream segment being the most competitive [14][18]. - Key raw materials include high-purity copper and aluminum alloys, which are expected to see increased demand due to the rise in liquid cooling applications [6][11]. Domestic and Foreign Competition - The report highlights the competitive landscape, noting that foreign companies dominate high-end thermal management materials, while domestic companies are catching up and have significant room for growth [19][22]. Liquid Cooling Market Growth - The global market for liquid cooling plates in power batteries is projected to reach 14.5 billion yuan by 2025, with domestic market size expected to reach 9.6 billion yuan [6]. - The growth of energy storage batteries is also anticipated to drive demand for liquid cooling solutions [6]. Key Companies and Their Prospects - Major companies benefiting from the liquid cooling trend include Cooler Master, Vertiv, and domestic firms like Yingwei and Highlan [6][42]. - Companies like Jetcool are developing innovative solutions for high-power chips, which are expected to enhance overall efficiency in AI clusters [40]. Future Trends and Developments - The report emphasizes the importance of liquid cooling in meeting the energy efficiency requirements set by regulatory bodies for data centers [46][50]. - The shift towards liquid cooling is driven by the need to manage increasing thermal loads effectively, as traditional air cooling approaches reach their limits [50][51].

Investment Rating - The report maintains a positive investment rating for the thermal management materials industry [3]. Core Insights - The rapid growth of high-power chips due to AIGC has led to a significant increase in thermal flow density, making liquid cooling the preferred solution for high-power chip cooling [6][23]. - The demand for liquid cooling solutions is expected to rise, driven by advancements in AI, data centers, and electric vehicles [6][20]. - The report identifies three main investment opportunities in liquid cooling: high-power chips, data centers, and thermal management for electric vehicle batteries [6]. Summary by Sections Current Mainstream Cooling Solutions - Cooling methods are categorized into active and passive cooling, with active cooling including liquid cooling and air cooling [8][9]. - Liquid cooling has become the mainstream solution for high-performance scenarios, while air cooling is suitable for low-power applications [8][9]. Thermal Management Industry Chain - The thermal management industry chain includes upstream raw materials, midstream manufacturing, and downstream applications [14][18]. - Key upstream materials include high-purity metals and cooling fluids, while midstream manufacturers are expected to benefit from increased demand for cooling solutions [11][14]. Domestic and Foreign Competition - The report highlights the competitive landscape, noting that foreign companies dominate high-end markets while domestic companies are catching up [7][19]. - Domestic companies like Juhua and Sanmei are positioned to benefit from the exit of 3M from the fluorinated refrigerants market [20][21]. Liquid Cooling Market Growth - The global market for liquid cooling plates in power batteries is projected to reach 14.5 billion yuan by 2025, with domestic market size expected to reach 9.6 billion yuan [20]. - The growth of energy storage batteries is also driving demand for liquid cooling solutions [20]. Key Players and Products - Major players in the thermal management materials industry include Juhua, Sanmei, and other domestic companies that are expected to benefit from the growing market [20][21][22]. - The report provides a comparison of leading thermal management companies and their core products, emphasizing their positions in the market [22]. Future Trends - The report anticipates that the demand for liquid cooling will continue to grow, particularly in data centers and electric vehicles, as traditional cooling methods become insufficient [6][50]. - The increasing power density in data centers necessitates the adoption of liquid cooling solutions to improve energy efficiency [50][51].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The titanium dioxide industry has initiated its first collective price increase of the year, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [3] - A historic disruption in the global natural gas supply chain occurred due to an attack on Qatar's energy facilities, leading to a 50% increase in European natural gas prices and an 8% rise in Brent crude oil prices [3] - The domestic tire industry shows strong competitiveness, with recommended companies including Sailun Tire, Senqilin, General Motors, and Linglong Tire [4] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel supply chain [4] - The report highlights the resilience of certain cyclical industries, particularly in the phosphorous chemical sector, which is supported by environmental policies limiting supply [6] Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index fell by 0.93%, with the CITIC Basic Chemical Index down by 2.27% [12] - The top-performing sub-industries included synthetic resins (6.9%) and chlor-alkali (3.53%), while electronic chemicals (-7.91%) and membrane materials (-7.5%) were the worst performers [15] Key Sub-Industry Market Review Tires - Full steel tire production load in Shandong increased to 66.41%, while semi-steel tire production load reached 73.52% [52] Fertilizers - Urea prices rose to 1853.5 CNY/ton, with a production load of 93.62% [67] - Phosphate prices for monoammonium phosphate and diammonium phosphate increased to 3892.5 CNY/ton and 4381.88 CNY/ton, respectively [70] Vitamins - Vitamin A price remained stable at 60.5 CNY/kg, while Vitamin E increased by 15.65% to 66.5 CNY/kg [82] Fluorochemicals - Fluorspar prices rose to 3475 CNY/ton, with a production load of 8.07% [84] Organic Silicon - The organic silicon market is experiencing price increases due to production cuts, with DMC prices reported at 14000-14300 CNY/ton [97]