Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

行业动态 本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价格上涨，37个品种价格下跌，21个 品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产品月均价环比下跌，9%的产品月均 价环比持平。周均价涨幅居前的品种分别是硝酸（华东地区）硫酸（浙江巨化98%）、原盐（山东海 盐）、双酚A（华东）、TDI（华东）；周均价跌幅居前的品种分别是PVA、LLDPE（余姚7042/吉 化）、三氯乙烯（华东）、NYMEX天然气乙二醇。 中银证券近日发布化工行业周报：本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价 格上涨，37个品种价格下跌，21个品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产 品月均价环比下跌，9%的产品月均价环比持平。 本周（12.08-12.14）国际油价下跌，WTI原油期货价格收于57.44美元/桶，收盘价周跌幅2.45%；布伦特 原油期货价格收于61.12美元/桶，收盘价周跌幅2.19%。宏观方面，美联储宣布将联邦基金利率目标区 间下调25个基点到3.5%至3.75%之间，这是今年以来美联储连续第三次降息。供应方面 ...

长江商报消息●长江商报记者 徐佳 从沪市主板撤单超过两年，重庆宇隆光电科技股份有限公司（以下简称"宇隆科技"）转战创业板IPO。 日前，深交所受理了宇隆科技的创业板首发申请，公司拟募资10亿元，募资规模较2023年冲刺主板IPO 时减少5亿元，其中3亿元补充流动资金项目不变。 需要注意的是，莱特光电与宇隆科技均为京东方的供应商，两家公司对于京东方的依赖度较高。莱特光 电在冲刺IPO时期，曾被监管部门重点问询其与宇隆科技之间的业务是否相互独立。 本次发行前，王亚龙、李红燕夫妇合计控制宇隆科技74.16%股份，为公司实控人。同时，王亚龙还是 科创板上市公司莱特光电（688150.SH）的实控人。若宇隆科技此次上市成功，王亚龙将实现在A股控 股两家上市公司。 长江商报记者注意到，与莱特光电相同，宇隆科技对于大客户京东方（000725.SZ）的依赖度较高。 2025年上半年，公司来自京东方的主营业务收入占比为53.58%，包括京东方在内的前五大客户收入占 比高达94.02%。 二次冲刺A股IPO，受下游消费电子市场需求波动影响，宇隆科技的盈利空间明显收缩。2019年至2025 年上半年，宇隆科技主营业务毛利率由38. ...

证券代码：688150 证券简称：莱特光电 公告编号：2025-057 陕西莱特光电材料股份有限公司 一、回购股份的基本情况 2025 年 4 月 1 日，陕西莱特光电材料股份有限公司（以下简称"公司"）召开了 第四届董事会第九次会议，审议通过了《关于公司以集中竞价交易方式回购股份方 案的议案》，同意公司以自有资金和中信银行股份有限公司西安分行提供的股票回购 专项贷款通过上海证券交易所股票交易系统以集中竞价交易方式回购公司已发行的 部分人民币普通股（A 股）股票。回购股份将在未来适宜时机用于公司股权激励及/ 或员工持股计划，回购的价格不超过人民币 32.00 元/股（含），具体回购价格授权公 司管理层在回购实施期间结合公司股票价格、财务状况和经营状况确定；回购的资 金总额不超过人民币 10,000 万元（含），不低于人民币 5,000 万元（含），其中专项 贷款金额不超过人民币 9,000 万元，具体贷款事宜将以双方签订的贷款合同为准；回 购期限自董事会审议通过本次回购方案之日起 12 个月内有效。具体内容详见公司分 别于 2025 年 4 月 3 日、2025 年 4 月 8 日在上海证券交易所网站（www ...

法律意见书 2025 年 12 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于陕西莱特光电材料股份有限公司 2025 年第二次临时股东会的 北京市中伦律师事务所 关于陕西莱特光电材料股份有限公司 2025 年第二次临时股东会的 法律意见书 致：陕西莱特光电材料股份有限公司 北京市中伦律师事务所（下称本所）接受陕西莱特光电材料股份有限公司（下 称公司）委托，指派本所律师见证了公司 2025 年第二次临时股东会，并出具本 法律意见书。 为出具本法律意见书，本所律师见证了公司 ...

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 证券代码：688150 证券简称：莱特光电 公告编号：2025-056 陕西莱特光电材料股份有限公司 2025年第二次临时股东会决议公告 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 1 日 （二） 股东会召开的地点：西安市高新区隆丰路 99 号陕西莱特光电材料股份有限 公司会议室 （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 | 59 | | --- | --- | | 普通股股东人数 | 59 | | 2、出席会议的股东所持有的表决权数量 | 260,209,725 | | 普通股股东所持有表决权数量 | 260,209,725 | | 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例（%） | 65.3523 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 65.3523 | 注：截 ...

"OLED凭借其低功耗、快速响应、卓越画质等特性，正在从手机向电脑、车载设备等中尺寸屏幕应用 场景延展，需求不断增长。"丁炳中表示，苹果去年首次发布搭载OLED屏幕的iPad Pro可以看作高端中 尺寸显示从LCD向OLED升级的一个重要信号，中尺寸显示屏正在进一步加速提升OLED面板的渗透 率。 值得关注是，在平板电脑、笔记本电脑等领域OLED大规模应用渗透之前，京东方科技集团股份有限公 司（以下简称"京东方"）、维信诺（002387）科技股份有限公司（以下简称"维信诺"）、TCL科技 （000100）集团股份有限公司（以下简称"TCL科技"）、陕西莱特光电材料股份有限公司（以下简 称"莱特光电"）等产业链相关企业早已开始布局。 TCL科技的子公司TCL华星光电技术有限公司（以下简称"TCL华星"）t8项目在广州开工。这是全球首 条规模化量产的第8.6代印刷OLED产线，总投资295亿元，设计月产能2.25万片玻璃基板。 此外，京东方在成都的AMOLED生产线项目在今年5月已完成设备搬入，计划2026年第四季度量产出 货。这一项目将致力于打造全球技术领先、产能最大的中尺寸OLED显示器件生产基地。该生产线的 ...

陕西莱特光电材料股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 12 月 | 目录 | | --- | | 会议须知 2 | | --- | | 陕西莱特光电材料股份有限公司 2025 年第二次临时股东会会议议程 4 | | 议案 1：《关于公司符合向不特定对象发行可转换公司债券条件的议案》 7 | | 议案 2：《关于公司向不特定对象发行可转换公司债券方案的议案》 8 | | 议案 3：《关于公司向不特定对象发行可转换公司债券预案的议案》 19 | | 议案 4：《关于公司向不特定对象发行可转换公司债券的论证分析报告的议案》 20 | | 议案 5：《关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告的议案》 | | 21 | | 议案 6：《关于公司向不特定对象发行可转换公司债券摊薄即期回报、采取填补措施及相关 | | 主体承诺的议案》 22 | | 议案 7：《关于公司本次募集资金投向属于科技创新领域的说明的议案》 23 | | 议案 8：《关于公司前次募集资金使用情况专项报告的议案》 24 | | 议案 9：《关于公司最近三年及一期非经常性损益明细表的议案》 25 | ...

Emission Standards and Market Opportunities - The upcoming National 7 (国七) emission standards are expected to be the strictest environmental regulations in history, aiming for a significant reduction in pollutants and greenhouse gas emissions[3] - The National 7 standards may be released in 2027 and implemented in 2029, with significant changes for light-duty vehicles and relatively minor changes for heavy-duty vehicles[3] - The value of the exhaust after-treatment system per vehicle is projected to increase by approximately 50% compared to the National 6 (国六) standards, with catalysts, packaging, and electronic control systems accounting for over 80% of this value[4] Market Size and Growth Projections - The overall market size for exhaust after-treatment systems is expected to exceed 100 billion yuan, driven by the new standards[4] - By 2029, the market for commercial vehicles is projected to reach 610.73 thousand units, while hybrid vehicle sales are expected to grow to 721.43 thousand units[22] - The estimated market scale gain from the implementation of the National 7 standards is projected to be 1.27 billion yuan by 2029[22] Beneficiary Companies - Aikelan (艾可蓝) is positioned to benefit from the National 7 standards due to its core technologies in exhaust after-treatment products and ongoing research and development efforts[5] - Zhongzi Technology (中自科技) specializes in exhaust purification catalysts for various internal combustion engines, making it another potential beneficiary of the new standards[5] Market Performance and Trends - This week, the A-share market experienced a general decline, with small-cap indices underperforming compared to large-cap indices[6] - The total trading volume in the A-share market was 6.64 billion shares, with a total transaction value of 932.52 billion yuan, reflecting a decrease in liquidity compared to the previous week[31]

Core Viewpoint - The company is facing a significant test of confidence and efficiency as it plans to issue 766 million yuan in convertible bonds to invest in cutting-edge perovskite material production and R&D projects, despite strong performance in revenue and net profit for the first three quarters of 2025 [1][3]. Financing Plan - The fundraising plan aims to raise no more than 766 million yuan, primarily allocated to four areas: construction of production workshops in the "Pucheng Light Optoelectronics New Materials Production R&D Base," smart upgrade of production workshops, establishment of a perovskite material R&D and device verification platform, and supplementing working capital [3]. Previous Fund Utilization - As of September 30, 2025, the company had utilized 603 million yuan of the previous fundraising net amount of 805 million yuan, leaving approximately 231 million yuan (25.11%) unspent. The remaining funds will continue to support the "OLED terminal material R&D and industrialization project," which has faced two delays [5]. Project Delays - The "OLED terminal material R&D and industrialization project" has been postponed twice, with the completion date now extended to August 2026. The company cites economic conditions, industry competition, and market demand changes as reasons for the delays, emphasizing a cautious approach to project implementation and funding allocation [5]. Shareholder Actions - Major shareholders, including Junlian Chengye and Junlian Huicheng, have been reducing their holdings since the expiration of the lock-up period, with a total reduction of 1.73% from April 2023 to October 2024. By June 2025, their combined shareholding had decreased to 3.9% [7][8]. Board Restructuring - The company has significantly reduced its board size from 11 to 7 members, with several directors resigning, including those recommended by the major shareholders. This restructuring reflects changes in the company's governance and shareholder influence [7][8]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 423 million yuan, an increase of 18.77% year-on-year, and a net profit of 180 million yuan, representing a substantial growth of 38.62% [8]. Strategic Challenges - The company faces the challenge of balancing project management and funding efficiency amid ongoing shareholder changes and governance restructuring, which will be crucial for its future development [1][8].