Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

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].

证券代码：688269 证券简称：凯立新材 公告编号：2025-029 西安凯立新材料股份有限公司 二、 说明会召开的时间、地点 关于参加 2025 年半年度科创板新材料行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 9 月 11 日（星期四）至 2025 年 9 月 17 日(星 期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱（zhengquanbu@xakaili.com）进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 西安凯立新材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况、发展理念，公 司计划于 2025 年 9 月 18 日（星期四）参与由上交所主办的 2025 年 半年度新材料行业集体业绩说明会，与投资者进行线上的沟通和交流。 会议召开时间：2025 年 9 月 ...

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]

Core Insights - Pension funds have emerged as significant shareholders in 11 stocks listed on the Sci-Tech Innovation Board, with a total holding of 50.67 million shares valued at 2.647 billion yuan at the end of Q2 [1][2] Group 1: Pension Fund Holdings - Pension funds have newly entered 3 stocks, increased holdings in 2 stocks, and reduced holdings in 4 stocks, while 2 stocks remained unchanged in their holdings [1] - The stock with the highest holding ratio by pension funds is Haitai New Light, accounting for 4.20% of the circulating shares, followed by Rongzhi Rixin and Huafeng Technology at 4.04% and 2.67%, respectively [1] - The top holdings by quantity include Transsion Holdings with 17.72 million shares, Shengyi Electronics with 5.33 million shares, and Yubang Power with 5.19 million shares [1] Group 2: Industry Focus - The stocks held by pension funds are primarily concentrated in the electronics, pharmaceutical, and national defense industries, with 3, 2, and 2 stocks respectively [1] - Eight stocks have been continuously held by pension funds for more than two reporting periods, with Yubang Power and Kaili New Materials being held for 12 reporting periods [1] Group 3: Performance Metrics - Among the stocks held by pension funds, 7 reported year-on-year net profit growth in the first half of the year, with Rongzhi Rixin showing the highest growth of 2063.42% [2] - The average increase of the Sci-Tech Innovation Board stocks held by pension funds since July is 17.32%, with Huafeng Technology leading with a cumulative increase of 40.03% [2] - The stock with the largest decline is Guoke Military Industry, which has decreased by 8.89% [2]

Group 1 - As of August 26, 2025, the stock price of Kaili New Materials is 40.61 yuan, with a slight increase of 0.02 yuan from the previous trading day [1] - The trading volume on that day was 22,982 lots, with a total transaction amount of 94 million yuan, and the intraday price fluctuation was 3.13% [1] - Kaili New Materials is primarily engaged in the research, production, and sales of precious metal catalysts, with applications in pharmaceuticals, chemicals, and environmental protection [1] Group 2 - By the end of the second quarter, two social security funds appeared in the top ten circulating shareholders of the company, holding a total of 5.0314 million shares, which is an increase of 8.83% compared to the end of the first quarter, accounting for 3.85% of circulating shares [1] - The market value of the shares held by social security funds reached 167 million yuan [1] - On August 26, the net inflow of main funds was 9.6065 million yuan, with a cumulative net inflow of 3.9938 million yuan over the past five trading days [1]

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603227 | 雪峰科技 | 9.79 | 10.00% | 107.06万 | 10.28亿 | | 300225 | *ST全泰 | 5.15 | 9.11% | 50.17万 | 2.56亿 | | 301617 | 博苑股份 | 48.70 | 8.61% | 12.66万 | 5.98亿 | | 600160 | 巨化股份 | 33.00 | 5.40% | 63.41万 | 20.53亿 | | 688398 | 赛特新材 | 21.74 | 4.72% | 5.90万 | 1.28亿 | | 688269 | 凯立新材 | 39.96 | 4.09% | 3.94万 | 1.56亿 | | 688129 | 东来技术 | 25.59 | 3.73% | 2.71万 | 6969.02万 | | 603110 | 东方材料 | 16.69 | 3.66% | 25.13万 | 4.16亿 | | 605077 | 华康股份 | 18. ...

Core Insights - The social security fund has disclosed its stock holdings as of the end of Q2, appearing in the top ten circulating shareholders of 18 stocks, with a total holding of 61.61 million shares valued at 3.172 billion yuan [1] Group 1: Stock Holdings - The social security fund has newly entered 5 stocks, increased holdings in 6 stocks, and reduced holdings in 4 stocks, with 3 stocks remaining unchanged [1] - The stocks with the highest holdings by the social security fund include Daotong Technology with 9.27 million shares, Nanwei Medical with 9.18 million shares, and Kaili New Materials with 6.36 million shares [1] - The highest holding ratio is in Nanwei Medical at 4.89%, followed closely by Kaili New Materials at 4.87% [1] Group 2: Financial Performance - Among the stocks held by the social security fund, 15 companies reported year-on-year net profit growth in the first half of the year, with the highest growth seen in Rongzhi Rixin at 2063.42% [2] - Other notable net profit growth includes Jingfeng Mingyuan and Dingtong Technology, with increases of 151.67% and 134.06% respectively [2] Group 3: Industry Focus - The social security fund's holdings are primarily concentrated in the pharmaceutical, electronics, and computer industries, with 5, 5, and 3 stocks respectively [3] - Since July, the average increase in the stocks held by the social security fund has been 22.09%, with Dingtong Technology showing the highest cumulative increase of 66.39% [3]