Core Viewpoint - The acceleration of domestic substitution in the semiconductor industry has heightened investor interest in photoresist companies, particularly Jiuyue New Materials, which is experiencing growth in its photoresist and photosensitive agent orders [1][5]. Group 1: Company Progress and Strategy - Jiuyue New Materials has entered the photoresist market through strategic acquisitions and has developed over 30 semiconductor photoresist formulations, with some products already passing customer tests and achieving mass supply [2][3]. - The company’s 4500-ton photoresist project is set to begin trial production on November 19, 2024, marking a significant milestone in its industrialization efforts [1][3]. - The company has established a joint research institute with Nankai University, enhancing its R&D capabilities and fostering collaboration between academic research and industrial application [1][2]. Group 2: Competitive Advantages - Jiuyue New Materials has a comprehensive industry chain layout, controlling the production processes of key raw materials such as diazo naphthoquinone photosensitive agents, which allows for a stable supply chain and reduced production costs [2][4]. - The company’s experience in chemical synthesis and production over the past two decades provides it with a competitive edge in product variety, R&D capabilities, and brand influence [4]. - The synergy from its integrated operations enables cost control and efficiency, which can be replicated across its semiconductor chemical material production [4]. Group 3: Market Outlook - The domestic demand for semiconductor photoresists is expected to grow, particularly in the mid-end market, as technology advances and the domestic substitution process accelerates [3][5]. - The annual demand for diazo naphthoquinone photosensitive agents in China is approximately 800 tons, indicating a significant market opportunity for Jiuyue New Materials [3].

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [11] Core Insights - The report emphasizes the importance of addressing "involution" in the chemical industry, with multiple government meetings in 2024 highlighting the need to combat "malicious competition" and promote product quality [6][16] - The focus is on identifying potential investment opportunities within the chemical sector that can benefit from the government's "anti-involution" policies [17] Summary by Sections Why Focus on Chemical Industry Investment Opportunities? - The report outlines the government's commitment to addressing "involution" through various meetings and policy announcements, including the emphasis on supply-side structural reforms and the need for industry self-discipline [6][16] - The report suggests that the chemical industry can find opportunities under the current "anti-involution" policies, particularly through the identification of sectors with stable supply-demand dynamics [17] Which Sub-industries May Benefit from Anti-involution? - The report identifies several sub-industries likely to benefit from the anti-involution policies, including: 1. Comprehensive Chain: Chromium salts, caustic soda, industrial silicon, organic silicon 2. Agricultural Chain: Glyphosate, urea, methanol, sucralose/aspartame, MSG, lysine 3. Real Estate Chain: PVC, soda ash, titanium dioxide, MDI/TDI 4. Electronics Chain: Photoinitiators, refrigerants R134a/R32 5. Textile Chain: Dyes, viscose staple fiber, spandex, viscose filament, polyester filament 6. Automotive Chain: Polyester industrial yarn [7][8][20] Investment Recommendations - The report recommends focusing on sub-industries that meet specific criteria such as slowing capacity growth, high operating rates, high concentration, minimal cost differences among leading companies, and products at the bottom of the price cycle [8][9] - Key sub-industries to watch include organic silicon, polyester filament, photoinitiators, glyphosate, industrial silicon, and MSG/amino acids, with specific companies highlighted for potential investment [9][29]

Group 1 - The core point of the valuation enhancement plan is triggered by the company's stock price being below the audited net asset value per share for 12 consecutive months, necessitating the formulation of a valuation enhancement plan as per regulatory guidelines [1][2][3] - The valuation enhancement plan aims to strengthen core business advantages, improve governance, pursue mergers and acquisitions, enhance investor returns, strengthen investor relations management, and improve information disclosure quality [1][5][6] Group 2 - The company will focus on its core industry of light curing and semiconductor materials, optimizing product processes and developing new products to enhance production efficiency and reduce costs [5][6] - The company plans to conduct strategic mergers and acquisitions to integrate the industry chain and improve market share [6] - The company emphasizes the importance of investor returns, aiming to provide sustainable dividends and excellent performance to investors [6][7] Group 3 - The company will enhance communication with investors through various channels, including annual performance briefings and timely responses to inquiries, to build a transparent and efficient communication mechanism [6][7] - The company will improve the quality of information disclosure by training personnel and ensuring compliance with disclosure obligations, while also enhancing the depth of social responsibility reports [7][8] - The board believes that the valuation enhancement plan is reasonable and feasible, considering the company's financial status, development stage, strategic layout, investment needs, and market environment [8]

估值提升计划的触发情形及审议程序：自 2024 年 4 月 1 日至 2025 年 3 月 31 日，天津久日新材料股份有限公司（以下简称公司）股票已连续 12 个月每个交 易日收盘价均低于最近一个会计年度经审计的每股归属于公司普通股股东的净资 产，根据《上市公司监管指引第 10 号——市值管理》有关规定，属于应当制定估 值提升计划的情形。本次估值提升计划已经公司第五届董事会第二十六次会议审议 通过。 证券代码：688199 证券简称：久日新材 公告编号：2025-041 天津久日新材料股份有限公司 估值提升计划 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、准确性和完整性依法承担法律责任。 重要内容提示： 估值提升计划概述：公司本次估值提升计划将围绕强化主业优势、持续完 善治理体系、适时开展并购重组、提升投资者回报、加强投关管理、提高信息披露 质量等方面提升公司投资价值，推动公司投资价值合理反映公司质量，增强投资者 信心，维护全体股东利益，持续推动公司高质量发展。 相关风险提示： 1.本估值提升计划仅为公司行动计划，不代表公司对业绩、股价、重大事件等 ...

交易简要内容：天津久日新材料股份有限公司（以下简称公司）为加强 对上游原材料的把控，根据战略规划和经营发展的需要，公司全资子公司内蒙古 久日新材料有限公司（以下简称内蒙古久日）拟与贾真琦和内蒙古宏远天呈科技 发展有限公司（以下简称宏远天呈）签署《内蒙古久日新材料有限公司与贾真琦 关于内蒙古宏远天呈科技发展有限公司之股权转让协议》，经交易各方友好协商 一致确定，内蒙古久日拟以 239.25 万元人民币的价格收购宏远天呈原股东贾真 琦持有的宏远天呈 2.175%的股权（对应 81.20 万元注册资本），资金来源为自有 资金。本次交易完成后，内蒙古久日对宏远天呈的持股比例将由 48.00%增加至 50.175%，宏远天呈将成为公司全资子公司内蒙古久日的控股子公司，纳入公司 合并报表范围内。本次交易的完成将加强公司对上游原材料的把控，有效降低公 司的原材料采购成本，加强公司在产业布局上的协同，为公司主要光引发剂产品 的生产提供有力保障，将对公司的业务产生积极影响，在短期内对公司业绩的影 响预计有限。 本次交易不构成关联交易。 证券代码：688199 证券简称：久日新材 公告编号：2025-040 天津久日新材料股份有 ...

Core Viewpoint - The A-share photolithography machine sector experienced a decline, with several companies reporting significant drops in stock prices [1] Company Performance - Tongfei Co., Ltd. saw a decline of over 3% in its stock price [1] - Electric Science Digital, Wavelength Optics, Zhangjiang Hi-Tech, and Blue Eagle Equipment all experienced declines of over 2% [1] - Jiuri New Materials and Maolai Optics also followed the downward trend [1]

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].

Investment Rating - The report assigns a "Recommended" rating to the photoinitiator industry, marking its first coverage [2]. Core Viewpoints - The supply-demand dynamics in the photoinitiator industry are improving, leading to a potential recovery in industry profitability [3][10]. - The demand side is witnessing a revival in traditional sectors, while emerging applications are opening new opportunities [6][10]. - The industry is expected to see a concentration of production capacity among companies with scale, cost, and technological advantages [9][10]. Summary by Sections Supply and Demand Dynamics - The prices of various photoinitiator products have increased significantly in 2025, with notable price changes: - Photoinitiator 907: 88 CNY/kg (+27.54% since the beginning of the year) - Photoinitiator 184: 45 CNY/kg (+32.35%) - Photoinitiator TPO: 83 CNY/kg (+10.67%) - Photoinitiator ITX: 155 CNY/kg (+16.54%) [5]. - The photoinitiator market in China is projected to grow, with the UV coating market reaching 6.2 billion CNY in 2023 (+8% YoY), UV ink at 5.5 billion CNY (+11% YoY), and UV adhesive at 2.6 billion CNY (+238% YoY) [6][7]. Demand Drivers - The demand for photoinitiators is expected to rise due to recovery in the real estate sector and growth in downstream applications such as UV inks and adhesives used in electronics and packaging [7][10]. - The global 3D printing industry is projected to grow from 20 billion USD in 2023 to 21.9 billion USD in 2024 (+9.1%), with a compound annual growth rate (CAGR) of 18% expected from 2024 to 2034 [7]. - The PCB market is also on an upward trend, with a projected value of 73.6 billion USD in 2024 (+5.8% YoY) and an expected market size of 94.7 billion USD by 2029 [8]. Supply Side and Industry Structure - The production capacity of leading photoinitiator companies in China for 2024 is as follows: - Jiu Ri New Materials: 23,000 tons - Qiang Li New Materials: 17,000 tons - Wo Kai Long: 13,000 tons [9]. - The industry is experiencing a consolidation trend, with production capacity increasingly concentrated among companies with competitive advantages [9][10]. Investment Strategy - The report suggests that the photoinitiator industry is poised for a rebound in profitability as supply-demand conditions improve, and it highlights the potential for price recovery [10]. - Key companies to watch include Jiu Ri New Materials, Qiang Li New Materials, Yang Fan New Materials, and Xin Han New Materials [11].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The approval of D-Alulose as a new food ingredient is a significant development, indicating potential growth in the food additive sector [1] - TDI and DMF prices have shown upward trends, with TDI prices increasing by 6.7% and DMF by 5.1% in the recent week, reflecting supply-demand dynamics in the chemical market [2][3] - The basic chemical sector has underperformed compared to the broader market, with a weekly increase of 0.46% compared to a 1.54% rise in the CSI 300 index, ranking 21st among all sectors [4][16] Summary by Sections Key News Tracking - On July 2, the National Health Commission announced the approval of D-Alulose and other substances as new food materials, which may enhance market opportunities in the food sector [1][13] Product Price Tracking - WTI oil prices rose by 1.5% to $66.5 per barrel, while key chemical products like TDI and DMF saw price increases of 6.7% and 5.1%, respectively [2] - The top five chemical products with price increases included carbon dioxide (+25.6%) and TDI (+6.7%) [2][30] Sector Performance - The basic chemical sector's performance was weaker than the CSI 300 index, with a 0.46% increase compared to the index's 1.54% rise, indicating a need for strategic focus on sectors with better growth potential [4][16] Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply dynamics, such as refrigerants and phosphates, while also highlighting opportunities in MDI and agricultural chemicals [5] - Companies recommended for investment include Juhua Co., Yuntianhua, and Wanhua Chemical, reflecting a strategic approach to capitalize on market trends [5]

证券代码：688199 证券简称：久日新材 公告编号：2025-039 天津久日新材料股份有限公司 关于参与设立的投资基金减资暨关联交易的进展公告 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、准确性和完整性依法承担法律责任。 2025 年 6 月 5 日，公司与海河博弘基金其他合伙人正式签署了《<天津海河博 弘新材料股权投资基金合伙企业（有限合伙）合伙协议>之补充协议（七）》，完成 了减资事项的工商变更登记手续，并取得了天津市北辰区市场监督管理局颁发的 《营业执照》。具体内容详见公司于 2025 年 6 月 27 日披露于上海证券交易所网站 （www.sse.com.cn）的《天津久日新材料股份有限公司关于参与设立的投资基金减 资暨关联交易的进展公告》（公告编号：2025-034）。 2025 年 7 月 7 日，公司收到基金管理人博正资本投资有限公司的通知，海河 博弘基金减资事项已在中国证券投资基金业协会完成了备案手续。 1 一、参与设立的投资基金减资暨关联交易概述 天津久日新材料股份有限公司（以下简称公司）于 2025 年 5 月 27 日召开第五 ...