Group 1 - The company maintains a strategic goal of "rooted in China, facing the world," with ongoing overseas customer collaboration projects progressing as planned, leading to an increase in customer numbers and projects, thereby enhancing global influence [2] - The company reports that interactions with downstream customers, project advancements, and business progress remain normal, with no perceived slowdown in customer demand or substantial impact on business [2] - The company views healthy competition in the domestic market as beneficial for industry development, focusing on technological accumulation and innovation iteration to deepen customer cooperation and optimize through R&D, service quality, and team building [2] Group 2 - The company emphasizes its competitive advantages, including a 20-year R&D accumulation leading to a "3+1" technology platform, with some technologies reaching international advanced levels, showcasing competitive R&D capabilities [2] - The company adopts a service model that is closely aligned with market and customer needs, characterized by quick response times and high flexibility, providing clients with good, close, and one-stop services [2] - The company's self-controlled supply capability of core raw materials enhances product performance and supply security, further strengthening its competitive edge [2] Group 3 - The company’s merger and acquisition strategy focuses on enhancing technological synergy or strengthening business differentiation, while also considering the cultural alignment of acquisition targets [3] - The company plans to engage in strategic investments, mergers, or establish business partnerships to integrate resources along the domestic and international industrial chain, broaden business areas, enhance technological strength, and seek stable external growth [3]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The industry is significantly influenced by tariff-related policies and fluctuations in crude oil prices, suggesting a balanced allocation strategy. Focus is recommended on companies in electronic materials with increasing self-sufficiency and energy firms with stable dividend policies [1][10] - The report highlights the potential for sustained high oil prices, ongoing high demand in the oil and gas extraction sector, and the rapid development of downstream industries, particularly in new materials [10] Industry Dynamics - In the week of May 12-18, 2025, among 100 tracked chemical products, 43 saw price increases, 32 saw declines, and 25 remained stable. The average price of WTI crude oil increased by 2.41% to $62.49 per barrel, while NYMEX natural gas prices fell by 12.37% to $3.33 per mmbtu [9][10] - MDI prices rose, with the average price for polymer MDI at 16,500 CNY/ton, an increase of 8.55% week-on-week. The average price for pure MDI was 17,800 CNY/ton, up 2.89% [10] - Polyester staple fiber prices increased to 6,710 CNY/ton, a rise of 5.17% week-on-week, with production expected to be around 167,000 tons [10] Investment Recommendations - The report suggests a focus on companies with strong dividend policies and those involved in electronic materials, particularly in semiconductor and OLED materials, as well as new energy materials [10] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology firms such as Anji Technology and Yake Technology [10] - The report emphasizes the importance of policy support for demand recovery and suggests monitoring leading companies with high earnings elasticity [10] Key Metrics - As of May 18, 2025, the price-to-earnings ratio for the SW basic chemicals index is 22.09, at the 61.89% historical percentile, while the price-to-book ratio is 1.80, at the 11.72% historical percentile [10]

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

转自：新华财经 新华财经上海5月19日电 上周公募调研热情依旧较高。公募排排网数据显示，上周（2025年5月12日-5 月18日）共有125家公募机构参与到A股公司调研，调研范围覆盖到76个申万二级行业中的210只个股， 合计调研频次达972次。 从被调研频次来看，69只个股上周被调研不少于5次，其中46只个股被调研5-9次，16只个股被调研10- 19次，7只个股被调研不少于20次。 | 上周公募调研次数前十个股 | A 股简称 | 申万二级行业 | 被调研频次(次) | 周度涨跌幅(%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子化学品 II | 安集科技 | -2.54 | 57 | 奥比中光 | 光学光电子 | 30 | -2. 98 | | 化学制药 | 华东医药 | 4.72 | 29 | 海大集团 | 饲料 | 1.61 | 21 | | 德明利 | 半导体 | -3.10 | 21 | 仕佳元子 | 通信设备 | | | | 8.03 | 20 | 阳光诺和 | 医疗服务 | -1.46 | 20 | | | | ...

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

Core Viewpoint - The A-share market has seen a significant increase in institutional research activity since May, with over 2,000 listed companies being investigated, particularly in high-end manufacturing, semiconductors, and healthcare sectors [1][2]. Group 1: Institutional Research Trends - Public fund research has accelerated, with notable interest in high-end manufacturing, semiconductors, and healthcare, highlighting a strong focus on technological breakthroughs and policy benefits [2][3]. - The top three public funds conducting research are Bosera Fund with 51 instances, followed by Fortune Fund and Penghua Fund with 49 and 46 instances respectively, indicating a trend of high-frequency research to identify quality targets [3]. - The research frequency in high-end manufacturing, semiconductor equipment, and innovative pharmaceuticals accounts for over 60% of total investigations, reflecting a structural preference among institutional investors [3][4]. Group 2: Sector Focus - The computer, communication, and other electronic equipment manufacturing sectors lead with over 34 companies being researched, focusing on semiconductor materials, consumer electronics, and industrial automation [4]. - The healthcare manufacturing sector follows with 23 companies under investigation, with firms like BeiGene and Sunlight Nuohe gaining attention due to innovative drug development and recovery in medical consumption [4]. - Specific companies such as BeiGene-U, Anji Technology, and Hengerd have received the highest attention from institutions, with 256, 241, and 234 institutions respectively conducting research on them [4]. Group 3: Overseas Market and Tariff Impact - Fund managers are particularly focused on companies' overseas market strategies and the impact of US-China tariffs, with firms like Shenzhen South Circuit revealing significant investments in Thailand to enhance global supply chain capabilities [5]. - The expectation of a recovery in market sentiment regarding US-China trade tensions is influencing investment strategies, with a focus on self-sufficiency and domestic demand-driven opportunities [5][6]. Group 4: Investment Outlook - The current market environment is seen as a critical transition period for asset allocation, with expectations of gradual strengthening in the stock market despite potential volatility [7]. - There is a growing interest in "safe" assets such as military, gold, and rare earths, alongside technology sectors represented by AI and high-end manufacturing, as key investment themes moving forward [7].

Core Viewpoint - Anji Technology (688019) has become the most researched stock in the past week, with 241 institutions participating in the survey, indicating strong interest and confidence in the company's growth prospects [1][4]. Group 1: Company Developments - Anji Technology has completed the platform construction for electroplating liquids and additives used in integrated circuit manufacturing and advanced packaging, which strengthens its position in the wafer-level packaging sector and expands into upstream applications [1]. - The company reported smooth progress in local production and supply of electroplating liquids for 2024, with ongoing development and validation of advanced packaging tin-silver electroplating [1]. - Anji Technology has strategically upgraded its functional wet electronic chemicals segment, aiming to become a market leader and overcome technological challenges, with rapid growth in products like post-etch cleaning liquids and post-polishing cleaning liquids [1]. Group 2: Stock Performance - Anji Technology's stock price has seen a significant increase, with a cumulative rise of nearly 16% in 2023 and approximately 14% in 2024, totaling over 28% this year [2]. - The average increase for stocks under institutional research was 1.45%, with notable performers like Heng Erda and Guohang Ocean, which saw substantial price increases [7]. Group 3: Institutional Interest - In the past week, Anji Technology led with 241 institutions conducting research, followed closely by Heng Erda with 239 institutions [4]. - Other companies like Haitai New Light and Naipu Mining also attracted significant institutional attention, indicating a broader interest in the sector [4].

Market Performance - The A-share market showed stable performance from May 12 to May 16, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index gaining 1.38% [2] Institutional Research - A total of 163 listed companies disclosed institutional research records during the week, with Anji Technology being the most popular among institutions, attracting 241 participating institutions [2] - New Times Group received attention from 82 institutions regarding the progress of Haier's acquisition, which involves a transaction amount of 1.3 billion yuan [3][4] Anji Technology - Anji Technology, established in 2006, focuses on high-end semiconductor materials, including chemical mechanical polishing liquids and functional wet electronic chemicals, widely used in integrated circuit manufacturing [2] - The company has completed the platform construction for its electroplating liquids and additives, with significant growth in its functional wet electronic chemicals business, particularly in post-etching and post-polishing cleaning liquids [2] - Anji Technology expressed a cautious outlook for market demand in the second half of the year, noting that its revenue may not align with some downstream wafer manufacturers' performance due to business diversification and timing discrepancies [3] New Times Group - New Times Group specializes in elevator control, robotics, and control systems, with its elevator controller business ranking second globally and SCARA robots ranking fourth globally [3] - The company plans to enhance collaboration with Haier Group post-acquisition, leveraging Haier's global supply chain and digital marketing capabilities to strengthen their position in the industrial automation sector [4] Aobi Zhongguang-UW - Aobi Zhongguang-UW is a key player in the humanoid robot industry, recognized as a significant supplier of 3D vision sensors, which are essential for robotic applications [5] - The company has achieved a high market share in the service robot sector in China and has established partnerships with several leading service robot companies [5] - Aobi Zhongguang-UW aims to increase investments in downstream sectors over the next three to five years to maintain its technological and market leadership [5]

Core Viewpoint - The company reported a strong performance in Q1 2025, with a revenue increase of 44.08% year-on-year, driven by its focus on the "3+1" technology platform and effective market expansion strategies [1][2] Financial Performance - In Q1 2025, the company achieved a net profit growth of 60.66% and a non-deducted net profit growth of 53.03% compared to the same period last year [1] - The company’s revenue for the previous year increased by 48.24%, with functional wet electronic chemicals growing at a remarkable rate of 78.91% [2][3] Market Strategy - The company aims to expand its production capacity to meet the growing demand from new wafer fabs both domestically and internationally [1] - The company is committed to maintaining a strong relationship with major clients like SMIC and TSMC, which contribute over 80% of its revenue, while also seeking to diversify its customer base [2][5] Product Development - The company is focused on developing high-performance materials for various semiconductor applications, including logic chips, memory chips, and third-generation semiconductors [1][3] - The company has successfully developed advanced post-etch cleaning solutions and is expanding its product line to include various cleaning agents for semiconductor manufacturing [3][4] Intellectual Property and Innovation - The company emphasizes the importance of intellectual property in maintaining its competitive edge and has established a comprehensive management system for its patents [1][4] - The company invests significantly in R&D, with a 40% increase in R&D expenses in 2024, while maintaining a slight decrease in the R&D expense ratio [4][5] Sustainability and ESG Initiatives - The company has integrated environmental, social, and governance (ESG) principles into its operations, focusing on sustainable development and reducing energy consumption and pollution [4][5] - The company is actively working on increasing the proportion of self-sourced core raw materials to enhance supply chain stability [4][5] Customer Engagement - The company has established a customer service team that focuses on enhancing customer satisfaction and loyalty through tailored solutions [2][5] - The company is implementing measures to optimize customer certification processes, aiming to shorten the certification cycle [4][5]

Core Viewpoint - Anji Technology (688019) reported a significant increase in revenue and profit for Q1 2025, driven by its focus on the "3+1" technology platform and continuous product innovation [1][2] Group 1: Financial Performance - The company achieved a 44.08% year-on-year increase in revenue for Q1 2025 [1] - Net profit and net profit excluding non-recurring items grew by 60.66% and 53.03% respectively [1] - The growth in revenue was supported by effective internal management and operational efficiency, with the increase in operating expenses being lower than revenue growth [1] Group 2: Business Strategy and Expansion - The company is actively pursuing new orders, clients, and applications to enhance its market presence [1] - Plans for new production facilities are in place to meet the growing demand from domestic and international wafer fabs [1] - The strategic positioning of the company emphasizes "rooted in China, serving globally" [2]