Core Insights - The report highlights the strong growth potential of Tongcheng Travel, a leading OTA in China's lower-tier markets, benefiting from the tourism boom and support from major shareholders Tencent and Ctrip [3][6][8] - In 2024, Tongcheng Travel is projected to achieve revenue of CNY 17.34 billion, a year-on-year increase of 45.8%, and an adjusted net profit of CNY 2.79 billion, up 26.7% year-on-year [6] Company Overview - Tongcheng Travel is formed from the merger of Tongcheng and eLong, positioning itself as a top three player in the OTA industry, providing comprehensive travel services including transportation and accommodation bookings [6][8] - The company has a significant user base from non-first-tier cities, allowing it to capitalize on the growth in lower-tier markets [8] Industry Analysis - The online travel market is expected to exceed CNY 1 trillion in 2024, driven by high demand in the cultural tourism sector and low penetration rates in lower-tier cities [7] - The current market structure is characterized by a dominant player (Ctrip) and several strong competitors (Tongcheng, Meituan, Feizhu), with a focus on differentiated competition [7] - The bargaining power in the transportation sector is low due to high supplier concentration, while the accommodation sector has a higher bargaining power with lower supplier concentration [7]

Core Viewpoint - The semiconductor materials ETF is showing strong performance, with significant increases in both price and trading volume, indicating a positive market sentiment towards the semiconductor materials and equipment sector [3][4]. Group 1: ETF Performance - As of July 8, 2025, the semiconductor materials ETF (562590) rose by 1.27%, with a latest price of 1.11 yuan [3]. - Over the past two weeks, the ETF has accumulated a rise of 1.85%, ranking 2nd out of 5 comparable funds [3]. - The ETF's trading volume was active, with a turnover rate of 16.45% and a transaction value of 54.74 million yuan [3]. - The average daily trading volume over the past year was 17.32 million yuan, ranking 2nd among comparable funds [3]. Group 2: Scale and Share Growth - In the past week, the ETF's scale increased by 4.11 million yuan, placing it 1st out of 5 comparable funds in terms of scale growth [3]. - The ETF's share count grew by 8 million shares in the past week, also ranking 1st among comparable funds [3]. Group 3: Tracking Accuracy - As of July 7, 2025, the ETF's tracking error over the past two months was 0.015%, the highest accuracy among comparable funds [3]. Group 4: Index Composition - The CSI Semiconductor Materials and Equipment Theme Index (931743) includes 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of this sector [4]. - The top ten weighted stocks in the index account for 62.78% of the total index weight, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6].

Core Insights - The report emphasizes the ongoing supply-side reform aimed at the orderly exit of backward production capacity, marking a significant policy shift from self-regulation to higher-level government intervention [6][7] - The market is expected to experience a "pulse-like" behavior due to unclear demand-side conditions, contrasting with the more robust demand seen during the 2016 supply-side reforms [7][9] - There is a notable focus on the differentiation between "old industries" (e.g., steel, coal, cement) and "new industries" (e.g., new energy vehicles, lithium batteries, photovoltaic sectors), with a recommendation to prioritize sectors with external demand [7][8] Market Performance - The report provides a snapshot of market indices, with the Shanghai Composite Index closing at 3472.32, reflecting a 0.32% increase, while the Shenzhen Component Index decreased by 0.25% [4] - The banking sector showed a strong performance with a 1.84% increase, while the beauty care sector declined by 1.87% [5] Industry Analysis - The report indicates a marginal recovery in production and demand expectations for June, with the PMI showing slight improvement, suggesting a potential stabilization in industrial profits [9][10] - It highlights that the price pressures are expected to ease, and inventory levels are likely to remain resilient, indicating a positive outlook for the second half of the year [9][10] - The report suggests that the profitability factors are anticipated to improve, with a focus on high profitability, small-cap, and high-valuation stocks expected to outperform in the coming month [10]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

Market Performance - The market experienced an upward trend last week, with the CSI Xinhua National Brand Index rising by 1.39% to 1649.96 points [1][2] - The Shanghai Composite Index increased by 1.40%, the Shenzhen Component Index by 1.25%, the ChiNext Index by 1.50%, and the CSI 300 Index by 1.54% [2] Strong Stock Performances - Notable strong performers included Anji Technology, which rose by 7.98%, and WuXi AppTec, which increased by 7.58% [2] - Other significant gainers included Yiling Pharmaceutical, Tiger Med, and AVIC Shenyang Aircraft, all rising over 6% [2] - The overall trend showed many stocks in the index gaining over 1%, indicating broad market strength [2] Year-to-Date Performance - Since the beginning of 2025, notable stock performances include: - Xintai rising by 55.34% - Anji Technology increasing by 45.75% - WuXi AppTec and Marubi both rising over 30% [3] Market Outlook - Analysts from Xing Shi Investment suggest that the market will continue to perform positively due to strong trading sentiment and sector rotation opportunities [4] - The overall risk premium in the A-share market remains at historically low levels, indicating high value [4] - The macroeconomic environment is expected to remain stable, with ongoing domestic policy support and emerging opportunities in sectors like artificial intelligence and new consumption [4][5] Investment Strategy - Wangzheng Asset maintains a strategy focused on "technology blue chips + innovative growth," emphasizing quality of business operations and undervalued stocks in sectors such as internet, electronics, and automotive [5] - The focus is also on high-potential innovative growth sectors as they mature and enter rapid growth phases [5]

Core Viewpoint - CMP (Chemical Mechanical Polishing) technology is essential for the development of integrated circuits, playing a critical role in achieving surface flatness during chip manufacturing, which is increasingly important as technology nodes shrink and the number of layers in chips increases [6][38]. Group I: CMP Technology and Market Overview - CMP technology is a necessary process in wafer manufacturing, which includes multiple steps such as diffusion, lithography, etching, ion implantation, thin film growth, and CMP itself [9]. - The global CMP materials market is experiencing continuous growth, driven by advancements in semiconductor technology and increasing demand from various sectors, including 5G and AI [32][49]. - The CMP materials market is characterized by a high degree of technical, talent, and patent barriers, with significant market share held by leading companies from the US and Japan [54]. Group II: Market Size and Growth - The global CMP polishing pad market size increased from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [49]. - The CMP polishing liquid market also saw growth, rising from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [50]. - China's CMP polishing liquid market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, achieving a CAGR of 12.28%, indicating a faster growth rate compared to the global market [50]. Group III: Domestic Industry Dynamics - Chinese companies are increasingly entering the CMP materials market, with government policies supporting the development of the semiconductor industry and promoting domestic alternatives to imported materials [39][41]. - The domestic semiconductor materials market is expected to continue growing at a rate higher than the global average, driven by technological advancements and increasing local demand [32][39]. - The shift towards domestic production of CMP materials is seen as a strategic move to reduce reliance on foreign suppliers, especially in light of export controls from the US and Japan [39][54]. Group IV: Product Segmentation and Applications - CMP materials are primarily categorized into polishing liquids, polishing pads, and cleaning agents, with polishing liquids accounting for 49% and polishing pads for 33% of the market share [18]. - Various types of polishing liquids are used for different applications, including copper CMP, tungsten CMP, and dielectric CMP, each tailored for specific manufacturing processes [19][21]. - Polishing pads are typically made from polyurethane and are designed to maintain a stable polishing environment while effectively distributing polishing liquids [20][22].

Core Viewpoint - The recent supply disruption of CMP slurry, specifically DST slurry produced by AGC in Taiwan, has accelerated the pace of domestic alternatives in the semiconductor industry, highlighting the urgency for local manufacturers to innovate and adapt [1][2]. Group 1: Importance of CMP Slurry - CMP slurry is essential for the chemical mechanical polishing process in semiconductor manufacturing, akin to smoothing and leveling surfaces in construction [2]. - The slurry consists of ultra-fine abrasives, chemical agents, and water, and is crucial for achieving the required surface smoothness in logic and memory chip production [2]. Group 2: Market Dynamics - The CMP slurry market is predominantly controlled by American and Japanese companies, with Cabot Microelectronics holding 33% of the global market share, while Japanese firms account for an additional 23% [3]. - Domestic manufacturers currently hold a market share of 25-30%, which is even lower in high-end processes (e.g., below 28nm) [3]. - The global CMP slurry market was valued at $1.89 billion in 2021 and is projected to exceed $2.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - In China, the CMP slurry market is expected to grow from approximately 2.3 billion yuan in 2023 to 4.6 billion yuan by 2028, reflecting a CAGR of 15% [3]. Group 3: Demand Surge Factors - The demand for CMP slurry is increasing due to the growing complexity of high-end processes, with the number of CMP steps for 14nm logic chips doubling, requiring more types of slurry [3]. - The rise of 3D NAND memory chips, with increasing stacking layers, necessitates more intricate polishing processes, leading to a significant increase in CMP slurry usage [3]. Group 4: Domestic Players - Anji Technology has been a leader in CMP slurry since 2006, achieving a market share of over 5% globally and increasing its share in China from 20.9% in 2020 to 30.8% in 2021 [4]. - Sanhe New Materials focuses on diamond polishing liquids for hard materials and is gradually increasing its market share by supplying to companies like SMIC [4]. - Dinglong Co. is a key player in the domestic polishing pad market, offering a comprehensive solution that includes polishing liquids, cleaning liquids, and polishing pads, enhancing its competitive edge [5].

Group 1 - The core viewpoint of the article is the approval of the first vesting list for the 2024 restricted stock incentive plan by the supervisory board of the company [1][2] - The supervisory board confirms that the 68 incentive objects meet the qualifications stipulated by relevant laws and regulations, as well as the company's articles of association [2] - The total number of restricted stocks to be vested for these 68 qualified incentive objects is 154,939 shares [2]

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding the 2024 Restricted Stock Incentive Plan of Anji Microelectronics Technology (Shanghai) Co., Ltd. [1][2] - The plan has received necessary approvals and authorizations from the company's board and supervisory board, confirming compliance with relevant laws and regulations [4][6][9]. - The first vesting period for the restricted stock is defined as from June 23, 2025, to June 18, 2026, following the grant date of June 20, 2024 [9][10]. Group 2 - The adjustment of the grant price and quantity of restricted stocks is based on the company's profit distribution plan, which includes a cash dividend of 4.50 yuan per 10 shares and a capital reserve increase of 3 shares for every 10 shares [7][8]. - The adjusted grant price is calculated to be approximately 42.16 yuan per share, while the adjusted quantity of restricted stocks is approximately 329,115 shares [8][9]. - The vesting conditions for the first period have been met, including the absence of adverse audit opinions and the fulfillment of performance targets [10][12]. Group 3 - A total of 7,504 shares of restricted stock will be canceled due to two incentive targets leaving the company, and an additional 139 shares will be canceled due to performance evaluations [13]. - The legal opinion concludes that the adjustments, vesting conditions, and cancellations comply with the relevant laws and regulations, confirming the legality and effectiveness of the incentive plan [13][14].

1 | 资深业务人员（78 | 人） | 16.9026 | 15.97% | 0.10% | | --- | --- | --- | --- | --- | | 合计 243 人 | | 105.8122 | 100% | 0.63% | 注：上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 安集微电子科技（上海）股份有限公司 2025 年限制性股票激励计划激励对象名单 安集微电子科技（上海）股份有限公司 （截至授予日） 安集微电子科技（上海）股份有限公司 2025 年限制性股票激励计划的分配 情况如下表： | 姓名 | 职务 | 获授限制性股 | 占授予限制性 | 占授予时股 | | --- | --- | --- | --- | --- | | | | 票数量(万股) | 股票总数比例 | 本总额比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | Shumin Wang （王淑敏） | 董事长、核心技术人员 | 6.8016 | 6.43% | 0.04% | | Zhang Ming （张明） | 董事、总经理 | 6.5832 | 6.22% | ...