Core Viewpoint - The article highlights the growing importance and demand for PSPI (photo-sensitive polyimide) materials in the semiconductor and OLED display industries, with significant investments and advancements being made by both domestic and international companies to enhance production capacity and meet market needs [2][3][4]. Group 1: Company Developments - Jilin Aolai De Optical Materials Co., Ltd. plans to raise up to 299.8 million yuan, with approximately 239.8 million yuan allocated for the construction of a PSPI materials production base, aiming for an annual capacity of 1,000 tons after three years [2]. - Asahi Kasei, a Japanese giant, plans to invest 16 billion yen (approximately 1 billion euros) to double its PIMEL™ PSPI production capacity by 2030 to meet the surging demand from advanced technologies [2]. - Domestic companies such as Wanrun Co., Ltd. and Aolai De have successfully validated their PSPI materials with leading panel manufacturers, indicating a shift towards local production and reduced reliance on imports [4][5]. Group 2: Market Trends and Innovations - PSPI is increasingly recognized as a critical material in high-end manufacturing sectors, including semiconductor packaging and flexible displays, with major suppliers being Asahi Kasei, Toray, and JSR [3]. - Recent innovations include Toray's STF-2000 PSPI, which allows for high-resolution patterning on films up to 200 micrometers thick, targeting new MEMS device applications [3]. - Companies like Ba Yi Space and Dinglong Co., Ltd. are advancing their PSPI products, with Ba Yi Space entering trial production and Dinglong Co., Ltd. achieving significant client certifications for their PSPI offerings [5][6]. Group 3: Investment and Future Outlook - Ba Yi Space is expected to generate orders in the second half of the year as it completes its PSPI production line, while Dinglong Co., Ltd. is focusing on expanding its patent database and product offerings in the semiconductor materials sector [5][6]. - Aisen Co., Ltd. has secured its first wafer factory order for its positive PSPI, with plans to achieve a production capacity of 2,000 tons, potentially generating over 3 billion yuan in revenue [8]. - The domestic PSPI industry is accelerating commercialization, with multiple companies reporting progress from production to client validation, indicating a robust growth trajectory in the sector [4][5].

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].

Core Viewpoint - The company, Eight Billion Space (688181.SH), has stated that it is currently not involved in the development of all-solid-state batteries [1] Group 1 - The company clarified its position on all-solid-state battery technology, indicating no current involvement in this area [1]

Core Viewpoint - The company focuses on the research and mass production of KrF photoresist key raw material PHS resin and its derivatives, indicating a strong commitment to advancing its capabilities in the photoresist sector [1] Group 1: Business Focus - The company has developed a full range of research and production capabilities for resins used in KrF photoresists [1] - The company collaborates with several leading photoresist manufacturers to develop multiple high-performance resins [1] - The company does not currently engage in applications related to EUV lithography [1]

Core Viewpoint - The company has successfully completed the construction of its high-end semiconductor photoresist resin production line and has commenced mass production, preparing for large-scale output to meet market demand and customer orders [1] Group 1 - The company is fully engaged in preparing for ton-level production to satisfy market needs and client orders [1] - The photoresist resin business is currently collaborating closely with several leading domestic photoresist companies, although specific client names are confidential [1]

Core Viewpoint - The company, Eight Billion Space (688181.SH), has stated that it is currently not involved in the development of all-solid-state batteries [1] Group 1 - The company clarified its position on all-solid-state battery technology, indicating no current plans or involvement in this area [1]

Core Viewpoint - The company focuses on the research and mass production of KrF photoresist key raw material PHS resin and its derivatives, indicating a strong commitment to advancing its capabilities in the photoresist market [1] Group 1 - The company has developed a full range of research and production capabilities for KrF photoresist resins [1] - The company collaborates with several leading photoresist manufacturers to develop multiple high-performance resins [1] - The company does not currently engage in applications related to EUV lithography [1]

Group 1 - The board of directors guarantees that the announcement content does not contain any false records, misleading statements, or major omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [1] - The shareholders' meeting was held on September 4, 2025, at the company's conference room in Beijing, with a total share capital of 134,481,546 shares, of which 129,350,272 shares had voting rights [2] - The meeting was convened by the board of directors, with the chairman participating via telecommunication, and was presided over by a director, complying with relevant laws and regulations [3] Group 2 - All nine current directors and three supervisors attended the meeting, along with the board secretary and other executives [4] - The first agenda item regarding the company's application for a comprehensive credit limit from banks and providing guarantees for subsidiaries was approved with more than two-thirds of the voting rights present [5] - The meeting's resolutions were deemed legal and valid by the witnessing lawyers from a reputable law firm, confirming compliance with legal and regulatory requirements [6]