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 - 凯赛生物's stock price has declined and is currently in a state of underperformance since its IPO, with a market capitalization of 33.403 billion yuan [1] Group 1: IPO and Initial Performance - 凯赛生物 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 12, 2020, with an initial public offering (IPO) price of 133.45 yuan per share [1] - The stock reached a peak price of 198 yuan on its first trading day, marking the highest price since its listing [2] - The total funds raised during the IPO amounted to 556.0621 million yuan, with a net amount of 527.9999 million yuan, exceeding the original plan by 58.1084 million yuan [2] Group 2: Fund Utilization - The funds raised were intended for various projects, including a 40,000 tons/year bio-based dodecanedioic acid project and a bio-based polyamide engineering research center [2] - The total issuance costs for the IPO were 28.0627 million yuan, with the underwriter, CITIC Securities, receiving 26.2293 million yuan [2] Group 3: Shareholder Actions and Future Plans - On July 12, 2022, 凯赛生物 announced a dividend of 4.5 yuan per 10 shares and a stock bonus of 4 shares [2] - In March 2025, the company disclosed a report on a private placement of A-shares to its controlling shareholder, Shanghai YaoXiu, at a price of 42.97 yuan per share, raising approximately 5.926 billion yuan [3] - The net proceeds from this issuance are intended for working capital and loan repayment [3][4]

Group 1 - Industry Investment Rating: Overweight [1] - Core Viewpoint: The chemical sector's overall performance ranked 16th with a fluctuation of 0.80%, underperforming the Shanghai Composite Index by 0.60 percentage points [4][22] - Key Recommendations: Focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Group 2 - Synthetic Biology: A pivotal moment is approaching, with low-energy products expected to gain a longer growth window due to the energy structure adjustment [4] - Refrigerants: The third-generation refrigerants are entering a high prosperity cycle, with supply constraints and stable demand growth anticipated [5] - Electronic Specialty Gases: 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 [6][8] - Light Hydrocarbon Chemicals: A global trend towards lighter raw materials in the olefin industry is noted, with a shift from heavy naphtha to lighter ethane and propane [8] - COC Polymers: The domestic industrialization process is accelerating, driven by breakthroughs in local enterprises and a shift in downstream industries to domestic production [9] - Potash Fertilizer: Prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - MDI Market: The oligopoly structure is expected to improve, with demand steadily increasing and a favorable supply outlook anticipated [12]

证券代码：688065 证券简称：凯赛生物 公告编号：2025-034 2024 年 10 月 21 日，公司召开第二届第二十四次董事会会议，审议通过了《关 于以集中竞价交易方式回购公司股份的方案》，同意公司使用自有资金或自筹资金 以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 1,000.00 万元 （含），不超过人民币 2,000.00 万元（含），回购价格不超过 67 元/股（含），回 购期限自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2024 年 10 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号：2024-056）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司回购股份情况公告如下： 2025 年 6 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易方式回 购公司股份 230,366 股,占公司总股本 721,289,794 股的比例为 0.0319%。回购成 交的最高价为 53.4 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms the legality and validity of the procedures and results of the 2024 annual general meeting of Shanghai Kaisa Biotechnology Co., Ltd. [1][12] Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on June 5, 2025 [4][6] - The meeting was held on June 27, 2025, using a combination of on-site and online voting methods [4][6] - The meeting was presided over by the chairman of the company, Liu Xiucai [4] Group 2: Attendance and Voting - A total of 183 shareholders and representatives attended the meeting, representing 426,988,631 shares, which is 59.39% of the total voting shares [5][6] - The meeting included 24 on-site attendees and 159 online voters, with the online voting system verifying shareholder qualifications [5][6] - The legal opinion confirms that all attendees had valid qualifications according to relevant laws and regulations [6] Group 3: Proposals and Voting Results - The meeting reviewed a total of 9 proposals, with specific proposals (4, 7, 8) counted separately for small and medium investors [8][11] - Voting results showed significant support for the proposals, with the majority of votes in favor, including 426,785,801 shares for one of the proposals [9][10] - The legal opinion asserts that the voting procedures and results were in compliance with legal and regulatory requirements [12]

上海市锦天城律师事务所 关于上海凯赛生物技术股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 法律意见书 致：上海凯赛生物技术股份有限公司 根据《中华人民共和国证券法（2019 年修订）》（以下简称"《证券法》"） 《中华人民共和国公司法（2023 年修订）》（以下简称"《公司法》"）和中国 证券监督管理委员会《上市公司股东会规则》（2025 年修订）等法律、法规和其 他有关规范性文件的要求，上海市锦天城律师事务所（以下简称"本所"）接受 上海凯赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"）的委托， 指派律师参加公司 2024 年年度股东大会（以下简称"本次股东大会"或"本次 会议"）。 为出具本《法律意见书》，本所声明如下： 1、本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本次股东大 会所审议的议案、议案所涉及的数字及内容 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2025-033 上海凯赛生物技术股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 27 日 （二） 股东大会召开的地点：上海市闵行区绿洲环路 396 弄 11 号 9 楼会议 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 183 | | --- | --- | | 普通股股东人数 | 183 | | 2、出席会议的股东所持有的表决权数量 | 426,988,631 | | 普通股股东所持有表决权数量 | 426,988,631 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.3907 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.3907 ...

Group 1 - The stock of Kaisa Bio (688065) has a comprehensive score of 44.02, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 47.52 yuan, with a 5-day main cost of 47.01 yuan, a 20-day main cost of 49.49 yuan, and no instances of price limits in the past year [1] - Northbound capital data indicates a holding of 4.7469 million shares, accounting for 0.81% of the circulating shares, with a net buy of -147,500 shares yesterday [1] Group 2 - Technical analysis identifies a short-term resistance level at 47.40 yuan and a support level at 46.25 yuan, with a mid-term resistance at 48.58 yuan [2] - On June 24, 2025, the net inflow of main funds was 22.2836 million yuan, representing 22% of the total transaction amount, with significant inflows from large orders [2] - The stock is associated with sectors such as chemical products (2.48%), new materials (2.26%), carbon trading (1.38%), and Sci-Tech Innovation Board market-making stocks (2.44%) [2]

Group 1 - The company plans to hold the 2024 annual shareholders' meeting on June 27, 2025, at 14:00, using a combination of on-site and online voting methods [1] - The company has announced the meeting details in a prior notice published on June 5, 2025, on the Shanghai Stock Exchange website [1] Group 2 - To better serve small and medium investors, the company will utilize the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service [2] - The reminder service will include proactive notifications to shareholders about the meeting and voting procedures via smart SMS [2] - Investors can vote directly through the provided link or use existing trading system platforms if they encounter congestion [2]

证券代码：688065 证券简称：凯赛生物 公告编号：2025-032 上海凯赛生物技术股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 上海凯赛生物技术股份有限公司（以下简称"公司"）拟于 2025 年 6 月 27 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合 的 表 决 方 式 ， 详 见 公 司 于 2025 年 6 月 5 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的公司《关于召开 2024 年年度股东大会的通知》（公 告编号：2025-030）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会 ...