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 ...

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights the need to prevent disorderly competition and encourages companies to enhance product quality while promoting the orderly exit of outdated production capacity. Focus areas include silicon materials, coal chemical, and chlor-alkali chemical sectors, with price increases expected in potassium fertilizers, phosphorus fertilizers, active dyes, and pesticides [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 3518.55, with a 52-week high of 3564.08 and a low of 2687.54 [2] - The basic chemical sector experienced a weekly change of +0.80%, underperforming the CSI 300 index, which had a weekly change of +1.54% [6][19] Stock Performance - Notable stock price increases include: - Kaimete Gas: +27.46% - Kete Biology: +21.90% - Jiuri New Materials: +21.01% [7][20] - Significant stock price decreases include: - Tiansheng New Materials: -15.80% - Jinji Co.: -15.34% - Xinyaqiang: -14.41% [8][21] Commodity Price Movements - Key commodities with price increases include: - Dichloropropane-white material: +8.82% - Isobutyraldehyde: +7.20% - TDI: +7.02% [9][23] - Key commodities with price decreases include: - Liquid chlorine: -86.51% - Chick seedlings: -47.31% - Meta-cresol: -9.09% [10][26] Investment Recommendations - The report suggests focusing on opportunities in silicon materials, coal chemical, and chlor-alkali chemical sectors while monitoring price trends in fertilizers and pesticides [5][6]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights the recovery in demand for photoinitiators driven by the continuous growth in the downstream PCB industry, with various grades of photoinitiators seeing price increases [5] - The global PCB market is expected to recover, with a projected total output value of USD 73.57 billion in 2024, reflecting a year-on-year growth of 5.8% [5] - The concentration of production capacity in the photoinitiator industry is increasing, leading to a more favorable supply-side environment for leading companies [5] Summary by Relevant Sections Market Performance - The report indicates a significant price increase for various grades of photoinitiators, with the 907 grade price at CNY 88/kg, up 19% year-to-date [5] Demand Side - The demand for photoinitiators is driven by their critical role in photopolymerization systems, with applications in various sectors including electronics, coatings, and healthcare [5] - The global PCB market value was USD 81.74 billion in 2022, declining to USD 69.52 billion in 2023, but is expected to rebound in 2024 [5] Supply Side - China is the world's largest producer and exporter of photoinitiators, with a significant portion of global production capacity concentrated in leading firms [5] - The report notes that leading companies are expanding their production capacities, while weaker firms may face elimination as industry concentration increases [5] Recommendations - The report suggests focusing on companies such as Jiu Ri New Materials, Yangfan New Materials, and Strongly New Materials as potential investment opportunities [5]

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and advancements in lithography technology, materials, and equipment, focusing on enhancing domestic capabilities and self-sufficiency in the semiconductor industry [42][41]. Group 1: Conference Overview - The conference will take place on July 9-10, 2025, at the Sheraton Hotel in Hefei, Anhui [36]. - It will feature over 20 speakers from the lithography industry, covering advanced lithography technologies, photoresists, and wet electronic chemicals [33]. - The event aims to foster collaboration between academia, research institutions, and industry to accelerate technological innovation and enhance the competitiveness of the lithography sector [41][32]. Group 2: Key Topics and Challenges - The conference will discuss the current state and technological bottlenecks of domestic photoresists and wet electronic chemicals, emphasizing the need for innovation to improve self-sufficiency [32][40]. - Challenges in the lithography industry include low domestic self-sufficiency rates for high-end photoresists, reliance on imports for certain high-purity chemicals, and difficulties in the precision manufacturing of masks [40][41]. - The event will also explore the critical issues surrounding the localization of lithography equipment, particularly the high-end EUV lithography machines, which are currently dominated by foreign manufacturers [40][41]. Group 3: Featured Speakers and Sessions - Tang Hongying, head of the Semiconductor Division at Tianjin Jiu Ri New Materials Co., will present on the theme of "Domestic Photoresist Localization - Jiu Ri's Progress" [2][4]. - The conference will include specialized forums on advanced lithography technologies, photoresists, and materials and equipment, providing a comprehensive overview of the industry [32][33]. - Notable sessions will cover topics such as the development trends of advanced packaging materials and the characterization of IC photoresists [19][25].

Core Viewpoint - The 2025 TrendBank (Fifth) Lithography Industry Conference will be held on July 9-10, 2025, in Hefei, focusing on advancements in lithography technology and the challenges faced by the domestic semiconductor industry [29][41]. Group 1: Conference Overview - The conference will feature over 20 speakers from the lithography industry, covering advanced lithography technologies, photoresists, wet electronic chemicals, and lithography equipment [32]. - The event aims to promote deep integration of industry, academia, and research, enhancing communication and collaboration among domestic research institutions, universities, and enterprises [41][42]. - The conference will address the current state of domestic lithography materials, including challenges in localization and technology bottlenecks [31][40]. Group 2: Key Discussions - A roundtable forum will discuss the impact of US-China political and tariff conflicts on domestic semiconductor materials, equipment, and technological innovation [10]. - The forum will also explore the ability of Chinese companies to meet high-barrier, low-market-share domestic demands for materials and equipment in light of recent supply chain disruptions [10]. - Discussions will include the challenges of developing photoresist materials for advanced packaging technologies and the implications of heterogeneous integration on product development [10]. Group 3: Industry Challenges - The domestic lithography industry faces significant challenges, including low self-sufficiency rates in high-end photoresists and reliance on imports for certain high-purity electronic chemicals [40]. - The manufacturing technology for high-precision masks is complex, with key raw materials primarily imported, which poses risks to supply stability [40]. - The high-end lithography equipment market is dominated by foreign companies, creating a "bottleneck" in the domestic semiconductor industry's development [40].

截至 2025 年 7 月 2 日，公司已将上述暂时补充流动资金的人民币 25,050.00 万元全部归还至募集资金专户，并将上述募集资金的归还情况通知了公司的保荐 机构及保荐代表人。 证券代码：688199 证券简称：久日新材 公告编号：2025-038 天津久日新材料股份有限公司（以下简称公司）于 2024 年 7 月 5 日召开第 五届董事会第十三次会议、第五届监事会第十二次会议，分别审议并通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募 集资金投资项目实施及募集资金使用的情况下，使用最高额度不超过人民币 30,000.00 万元（含 30,000.00 万元）的闲置募集资金暂时补充流动资金，使用 期限为自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 7 月 6 日在上海证券交易所网站（www.sse.com.cn）披露的《天津久日新材料 股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号： 2024-041）。 根据上述决议，公司在规定期限内实际使用了人民币 25,050.00 万元闲置募 集资金暂时补充流动资金，并 ...

Core Viewpoint - The company is involved in a legal dispute concerning a construction contract, with a final judgment reached in the second instance, which will not significantly impact its financial performance or operations. Summary by Sections Litigation Status - The case is currently in the second instance, with a judgment already rendered [1] - The company, through its subsidiaries, is the appellant in the case [1] Amount Involved - The amount involved in the second instance judgment is approximately 26,097,889.91 yuan, excluding additional costs related to supplementary appraisals [2] - The judgment includes a penalty of 800,000.00 yuan to be paid by the plaintiff, Nantong Changcheng Construction Group Co., Ltd. [2] Impact on Financials - The final judgment is not expected to have a significant adverse effect on the company's current or future profits, as provisions have already been made in the financial statements for 2023 and 2024 [2][6] - The company will adjust its accounting treatment based on the execution of the judgment and the results confirmed by the auditing firm [6] Basic Information on the Lawsuit - The lawsuit was initiated by Nantong Changcheng, seeking payment for construction costs and penalties totaling 20,606,460.00 yuan [2] - The company and its subsidiaries submitted a response and counterclaim in April 2022 [2] Progress of the Lawsuit - The company received a civil judgment requiring its subsidiaries to pay compensation and interest to Nantong Changcheng [4] - The judgment includes specific amounts to be paid by the subsidiaries, with interest calculated based on the prevailing market rates [4][5]

证券代码：688199 证券简称：久日新材 公告编号：2025-037 天津久日新材料股份有限公司 关于控股子公司及控股孙公司涉及诉讼的进展公告 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。 重要内容提示： 案件所处的诉讼阶段：二审已判决。 公司所处的当事人地位：天津久日新材料股份有限公司（以下简称公司） 控股子公司大晶信息化学品（徐州）有限公司（以下简称大晶信息）以及大晶信息 的全资子公司晶虹生物化学（徐州）有限公司（以下简称晶虹生物）和科利生物科 技（徐州）有限公司（以下简称科利生物）、公司的控股孙公司徐州大晶新材料科 技集团有限公司（控股子公司天津久日半导体材料有限公司的全资子公司，以下简 称大晶新材）为上诉人（原审被告、反诉原告）。 2022 年 3 月 26 日，公司控股子公司大晶信息及控股孙公司晶虹生物、科利生 物和大晶新材收到江苏省邳州市人民法院送达的关于原告南通长城以建设工程施 工合同纠纷为由起诉公司控股子公司大晶信息及控股孙公司晶虹生物、科利生物和 大晶新材的《民事起诉状》等相关材料，南通长城请求法院判 ...