Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118033 | 转债简称：华特转债 | | 广东华特气体股份有限公司 关于可转债转股结果暨股份变动的公告 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: 累计转股情况：广东华特气体股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"华特转债"自 2023 年 9 月 27 日起可转换为公司 股份。截至 2025 年 12 月 31 日，"华特转债"累计有人民币 107,000.00 元已转 换为公司股票，转股数量为 1,273 股，占"华特转债"转股前公司已发行股份总 额的 0.00106%。 未转股可转债情况：截至 2025 年 12 月 31 日，"华特转债"尚未转股的 可转债金额为 645,853,000.00 元，占"华特转债"发行总量的 99.97724%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 ...

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

转债代码：118033 转债简称：华特转债 广东华特气体股份有限公司 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。 证券代码：688268 证券简称：华特气体公告编号：2025-071 重要内容提示： ● 案件所处的诉讼阶段：已立案受理，尚未开庭审理（案件各方已就相关诉讼签署和解协议） 登录新浪财经APP 搜索【信披】查看更多考评等级 关于前期提起重大诉讼的进展公告 ● 上市公司所处的当事人地位：广东华特气体股份有限公司（以下简称"公司"）为"公司诉赖明贵股权 转让纠纷一案"和"公司诉赖明贵违约一案"的原告；前期相关诉讼"赖明贵诉公司合同纠纷一案"公司为 被告。 ● 是否会对上市公司损益产生负面影响：本次达成和解不会对公司日常生产经营产生不利影响，产品采 购合同的签订将对公司未来5年在相关产品的市场拓展及稳定供应上产生积极影响。本次和解协议及 《产品采购合同》生效后公司将按约定撤回相关起诉，亦不再对相关诉讼事项提出上诉；若和解协议及 《产品采购合同》未能顺利履行或未完全履行，公司将继续依法主张自身合法权益，具体以实际执行 ...

| 转债代码：118033 | 转债简称：华特转债 | | | --- | --- | --- | | 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-071 | 广东华特气体股份有限公司 关于前期提起重大诉讼的进展公告 2025 年 3 月，公司收到雅安市名山区人民法院传票，赖明贵以公司未按照 《西南地区电子气体合作协议》（下称"《合作协议》"）约定，拒绝提供包装 物，拖延试生产进度，严重阻碍试生产的正常进行，导致其无法实现合同目的为 由，向雅安市名山区人民法院对公司提起诉讼，请求判令解除赖明贵和公司于 2022 年 4 月 6 日所签《合作协议》、2022 年 10 月 14 日所签《西南地区电子气 体合作协议之补充协议(一)》（下称"《补充协议（一）》"）；退还赖明贵已 依约支付的履约保证金 20,000,000 元(大写:人民币贰仟万元)；本案诉讼费由公 司负担（以下简称"赖明贵诉公司合同纠纷一案"）。 2025 年 4 月，公司就与赖明贵、四川中氟能新材料科技有限公司（以下简 称"中氟能公司"）之间股权转让纠纷向广东省佛山市中级人民法院提起诉讼， 请求判令确认 2022 年 ...

Core Viewpoint - The company has reached a settlement regarding three related lawsuits involving contract disputes and equity transfer with Lai Minggui, which will impact its future operations and financials [1] Group 1: Legal Settlement - The company announced that it has settled three lawsuits: "Lai Minggui vs. the company on contract disputes," "the company vs. Lai Minggui on equity transfer disputes," and "the company vs. Lai Minggui for breach of contract" [1] - The settlement agreement and the associated product procurement contract will take effect on December 16, with the company agreeing to withdraw its lawsuits and not appeal [1] Group 2: Financial Terms of Settlement - The agreement stipulates that the company will purchase gas products from Zhongfu Energy until the end of 2030, with conditions for early termination of the agreement [1] - The company will return a performance bond of 20 million yuan, while Lai Minggui will compensate the company 9 million yuan [1] - The company is required to withdraw its lawsuits and apply for the lifting of asset preservation within three days of the settlement taking effect [1] Group 3: Impact on Performance - The impact of the settlement on the company's performance remains to be determined [1]

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

格隆汇12月10日｜有投资者在互动平台向华特气体提问：中日关系对中国产业链自主化进程影响很大， 那么在特气领域，华特气体在国产替代能力能否承接这种结构信号性变化？或者说，高端气体是否面临 卡脖子风险？华特气体能补多少短板？ 华特气体回复称，公司已有55款电子特气产品可实现进口替 代；尽管近年来国内企业有所发展，但截至2024年，海外气体巨头依然占据国内特气市场的主导地位， 公司在国内的市场份额占比不到5%；公司将重点针对集成电路、新能源、医疗大健康等领域的关键气 体产品展开研发，加速推进高端电子特气产品的成果转化及认证进程，提升产品的市场竞争力和占有 率，同时积极开拓更多细分市场，通过深入挖掘市场需求，精准定位目标客户群体，与客户建立起长 期、稳固且互利共赢的供应合作关系。 ...

是否会对上市公司损益产生负面影响：前期相关诉讼"赖明贵诉公司合 同纠纷一案"已作出一审判决，本次诉讼尚未开庭审理，最终的判决结果尚不确 定，目前无法预计对公司本期利润或期后利润的影响，亦无法预计对相关诉讼后 续判决结果的影响，最终实际影响需以法院生效判决结果或双方最终达成的和解 协议为准。公司将根据相关诉讼进展情况及时履行信息披露义务，敬请投资者注 意投资风险。 | 转债代码：118033 | 转债简称：华特转债 | | | --- | --- | --- | | 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-070 | 广东华特气体股份有限公司 关于前期提起重大诉讼的进展公告 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：已立案受理，尚未开庭审理（前期相关诉讼"赖 明贵诉公司合同纠纷一案"作出一审判决） 上市公司所处的当事人地位：广东华特气体股份有限公司（以下简称"公 司"）为原告（前期相关诉讼"赖明贵诉公司合同纠纷一案"公司为被告） 截至目前，"赖明贵诉公 ...

广东华特气体股份有限公司 关于注销部分回购股份并减少注册资本 暨通知债权人的公告 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。 一、通知债权人的原因 广东华特气体股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召 开第四届董事会第二十三次会议，于 2025 年 12 月 4 日召开 2025 年第二次临时 股东会，审议通过了《关于变更回购股份用途并注销暨减少注册资本、修订公司 章程并办理工商变更登记的议案》，同意公司将存放于回购专用账户中的 308,556 股已回购股份的用途进行调整，由"用于员工持股计划或股权激励"调 整为"用于注销并相应减少注册资本"，同时按照相关规定办理注销手续。 本次注销部分回购股份完成后，公司注册资本预计将由人民币 12,030.4921 万元减少至人民币 11,999.6365 万元，公司总股本预计将由 12,030.4921 万股变 更为 11,999.6365 万股。具体内容详见公司于 2025 年 11 月 18 日、2025 年 12 月 5 日在上海证券交易所网站 ...