证券代码：688267 证券简称：中触媒 公告编号：2025-033 公司于 2025 年 9 月 16 日收到持股 5%以上股东刘岩的通知，获悉其所持有公 司的股份办理了解除质押手续，具体情况如下： 一、本次股份解除质押情况 | 股东名称 | 刘岩 | | --- | --- | | 本次解质股份（股） | 10,380,000 | | 占其所持股份比例（%） | 99.99 | | 占公司总股本比例（%） | 5.89 | | 解质时间 | 2025年9月15日 | | 持股数量（股） | 10,380,841 | | 持股比例（%） | 5.89 | | 剩余被质押股份数量（股） | 0 | | 剩余被质押股份数量占其所持股份比例（%） | 0 | | 剩余被质押股份数量占公司总股本比例（%） | 0 | 1 中触媒新材料股份有限公司（以下简称"公司"）股东刘岩直接持有公司股 份10,380,841股，占公司总股本比例为5.89%。 本次解除质押股份数量10,380,000股，占公司总股本比例为5.89%。本次 股份解除质押后，刘岩累计质押公司股份数量为0股。 本次股份解除质押后，公司股东刘岩暂无后续质 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

8月27日，中触媒跌2.97%，成交额1.11亿元。两融数据显示，当日中触媒获融资买入额1538.72万元， 融资偿还930.31万元，融资净买入608.41万元。截至8月27日，中触媒融资融券余额合计1.13亿元。 融券方面，中触媒8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，中触媒新材料股份有限公司位于辽宁省大连普湾新区松木岛化工园区，成立日期2008年8月8 日，上市日期2022年2月16日，公司主营业务涉及特种分子筛及催化新材料产品的研发、生产、销售及 化工技术、化工工艺服务。主营业务收入构成为：特种分子筛及催化剂系列89.46%，非分子筛催化剂 系列6.28%，其他(补充)3.12%，技术收入1.14%。 融资方面，中触媒当日融资买入1538.72万元。当前融资余额1.13亿元，占流通市值的2.22%，融资余额 超过近一年90%分位水平，处于高位。 截至6月30日，中触媒股东户数5707.00，较上期增加5.14%；人均流通股16261股，较上期减少4.89%。 202 ...

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the stock market, revealing that in the second quarter, 91 new stocks were added to their portfolio, with a total of 396 stocks being held [1][2] - The social security fund increased its holdings in 104 stocks and reduced its positions in 125 stocks, while maintaining its stake in 76 stocks [1] - The stock with the highest number of social security fund holders among the new additions is Su Shi Testing, with three funds appearing in the top ten shareholders [1] Group 2 - Among the newly added stocks, 57 companies reported a year-on-year increase in net profit, with the highest growth seen in Gao Lan Co., which achieved a net profit of 22.93 million yuan, a staggering increase of 1438.57% [2] - The average increase in the newly added stocks since July is 17.67%, outperforming the Shanghai Composite Index [2] - The best-performing stock among the new additions is Da Yuan Pump Industry, with a cumulative increase of 151.36% [2] Group 3 - The newly added stocks by the social security fund include Baiao Intelligent, with a holding ratio of 7.23%, and Zhong Chumei, with a holding ratio of 3.45% [2] - The stock with the largest holding volume among the new additions is Sanan Optoelectronics, with 80.01 million shares held [1][2] - Other notable new additions include Inner Mongolia Huadian and Hualing Steel, with holdings of 48.59 million shares and 48.08 million shares, respectively [1][2]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 72 new stocks were added to their portfolio in the second quarter [1][2]. Summary by Categories Social Security Fund Holdings - A total of 3,077 companies have disclosed their semi-annual reports, with social security funds appearing in 313 stocks. In Q2, they initiated positions in 72 stocks, increased holdings in 79 stocks, reduced holdings in 102 stocks, and maintained their positions in 60 stocks [1]. - The stock with the highest number of social security fund holders among new positions is Su Shiyan, with three funds listed among the top ten shareholders, holding a total of 14.86 million shares, accounting for 2.94% of the circulating shares [1]. New Stock Positions - The stock with the highest proportion of social security fund holdings among new positions is Bai Ao Intelligent, with a holding ratio of 7.23%. Other notable stocks include Zhong Chumei at 3.45%, and Bei Ding Co., Su Shiyan, and Stanley also having significant holdings [1]. - The stock with the largest number of shares held by social security funds among new positions is Hualing Steel, with 48.08 million shares held, followed by Huafa Shares and Stanley with 25.89 million shares and 21.99 million shares, respectively [1]. Performance Metrics - Among the new stocks, 44 companies reported year-on-year net profit growth, with the highest increase seen in Gao Lan Shares, which achieved a net profit of 22.93 million yuan, a staggering increase of 1,438.57% year-on-year. Other companies with significant profit growth include Shengnong Development and Xin Qiang Lian, with increases of 791.93% and 496.60%, respectively [2]. - Since July, the average increase for the new stocks held by social security funds is 20.22%, outperforming the Shanghai Composite Index. The best-performing stock is Dayuan Pump Industry, with a cumulative increase of 128.49%, followed by Guomai Culture and Gao Lan Shares, which increased by 87.48% and 79.78%, respectively. The stock with the largest decline is Dadi Ocean, down 6.41% [2].

Investment Rating - The report maintains a positive outlook on the chemical sector, emphasizing the value of allocation in this area due to macroeconomic factors and domestic policy changes [3][4]. Core Insights - The report highlights the expected increase in oil supply led by non-OPEC countries and a significant growth in overall supply, while global GDP is projected to maintain a growth rate of 2.8%. However, demand growth for oil may slow due to tariff policies [3][4]. - The anticipated interest rate cuts by the Federal Reserve and domestic anti-involution measures are expected to boost the Producer Price Index (PPI), enhancing the allocation value in the chemical sector. Price increases for titanium dioxide and phosphate fertilizers are noted, with specific companies recommended for investment [3][4]. - The report identifies a recovery in the domestic computing power chain and suggests that companies involved in this sector will benefit from ongoing developments in domestic chip design and AI applications [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global GDP growth is stable at 2.8%, but demand growth for oil may face challenges due to tariff impacts. Coal prices are anticipated to stabilize, while natural gas export facilities in the U.S. may reduce import costs [3][4]. Chemical Sector Allocation - The report suggests focusing on the chemical sector due to favorable macroeconomic conditions. Price adjustments in titanium dioxide and phosphate fertilizers are highlighted, with specific companies such as Yuntianhua and Hubei Yihua recommended for investment [3][4]. Investment Analysis - Traditional cyclical stocks and specific segments within the chemical industry are recommended for investment. Companies like Wanhua Chemical and Baofeng Energy are highlighted for their potential growth. The report also emphasizes the importance of monitoring the performance of various chemical products and their pricing trends [3][4][17].

Group 1 - The core viewpoint of the article highlights the financial performance and market activity of Zhongchumai New Materials Co., Ltd. as of August 25, 2025, showing a stock price of 30.19 yuan with a slight increase of 0.13% [1] - The company reported total revenue of 461 million yuan for the first half of 2025, representing a year-on-year growth of 16.46%, and a net profit attributable to shareholders of 127 million yuan, up 31.52% year-on-year [1] - The company has a strong liquidity position with a current ratio of 13.551 and a quick ratio of 11.353, alongside a low debt-to-asset ratio of 6.60% [1] Group 2 - Zhongchumai New Materials Co., Ltd. was established in 2008 and is located in Dalian, primarily engaged in the manufacturing of chemical raw materials and products [2] - The company has made investments in 5 enterprises and participated in 80 bidding projects, indicating active engagement in business development [2] - The company holds 4 trademark registrations and 405 patents, along with 252 administrative licenses, showcasing its commitment to innovation and compliance [2]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 41 new stocks were added to their portfolio in the second quarter, with a total of 199 stocks being held by these funds [1][2]. Group 1: Social Security Fund Holdings - A total of 1,692 companies have disclosed their semi-annual reports, with social security funds appearing in the top ten shareholders of 199 stocks [1]. - The most notable new holdings include Su Shi Testing, where three social security funds are listed among the top ten shareholders, holding a combined 14.86 million shares, representing 2.94% of the circulating shares [1]. - The stock with the highest proportion held by social security funds among new entries is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co. at 3.16% [1]. Group 2: Performance of New Holdings - Among the new stocks, 29 companies reported a year-on-year increase in net profit, with the highest growth seen in Gao Lan Co., which achieved a net profit of 22.93 million yuan, marking a 1,438.57% increase [2]. - The average increase in the stock prices of new holdings since July is 21.74%, outperforming the Shanghai Composite Index [2]. - The best-performing stock among the new entries is Guomai Culture, with a cumulative increase of 91.47%, followed by Gao Lan Co. and Huicheng Vacuum, which rose by 80.67% and 59.55%, respectively [2].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]