Core Viewpoint - Zhongjuxin's stock performance shows a mixed trend with a slight increase of 1.04% on September 23, 2023, and significant trading activity in margin financing and securities lending [1] Group 1: Financial Performance - For the first half of 2025, Zhongjuxin achieved operating revenue of 567 million yuan, representing a year-on-year growth of 20.40% [2] - The net profit attributable to shareholders for the same period was 8.14 million yuan, a decrease of 64.57% year-on-year [2] Group 2: Shareholder and Market Activity - As of June 30, 2025, Zhongjuxin had 33,600 shareholders, a decrease of 1.91% from the previous period, with an average of 17,215 circulating shares per shareholder, an increase of 1.95% [2] - On September 23, 2023, Zhongjuxin's margin financing balance was 337 million yuan, accounting for 5.88% of its market capitalization, indicating a high level compared to the past year [1] - The company has seen significant activity in securities lending, with a lending balance of 1.76 million yuan and a remaining quantity of 181,500 shares, also at a high level compared to the past year [1] Group 3: Shareholder Composition - As of June 30, 2025, notable institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which is the third-largest shareholder with 13.98 million shares, and several other ETFs that have increased their holdings [3]

Core Viewpoint - Zhongjuxin Technology Co., Ltd. experienced a 5.1% decline in stock price, closing at 9.12 CNY per share, with a total market capitalization of 13.473 billion CNY as of September 23 [1] Company Overview - Zhongjuxin was established on December 25, 2017, and went public on September 8, 2023. The company is based in Quzhou, Zhejiang Province, and specializes in the research, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials [1] - The revenue composition of Zhongjuxin is as follows: electronic wet chemicals account for 76.63%, electronic specialty gases and precursors for 21.25%, and other sources for 2.12% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongjuxin, Bosera Fund's Bosera SSE STAR 100 ETF Linked A (019857) increased its holdings by 867,000 shares in Q2, bringing its total to 4.1924 million shares, which represents 0.73% of the circulating shares [2] - As of the latest data, the fund has incurred an estimated floating loss of approximately 2.0543 million CNY [2] Fund Performance - The Bosera SSE STAR 100 ETF Linked A (019857) was established on December 1, 2023, with a current size of 383 million CNY. Year-to-date, it has achieved a return of 48.25%, ranking 598 out of 4220 in its category. Over the past year, the return is 104.32%, ranking 469 out of 3814, and since inception, the return is 33.48% [2]

Market Overview - On September 18, the electronic chemicals sector rose by 1.96%, led by Siquan New Materials, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Top Performers in Electronic Chemicals Sector - Siquan New Materials (301489) closed at 231.08, up 5.76% with a trading volume of 41,100 shares and a transaction value of 943 million [1] - Zhongjuxin (688549) closed at 9.95, up 4.85% with a trading volume of 1,426,600 shares and a transaction value of 1.416 billion [1] - Dinglong Co., Ltd. (300054) closed at 33.00, up 3.22% with a trading volume of 480,000 shares and a transaction value of 1.595 billion [1] Underperformers in Electronic Chemicals Sector - Lier Technology (688683) closed at 36.28, down 5.25% with a trading volume of 24,000 shares and a transaction value of 88.918 million [2] - Guanggang Gas (688548) closed at 11.20, down 3.53% with a trading volume of 242,300 shares and a transaction value of 275 million [2] - Guoci Materials (300285) closed at 22.50, down 2.47% with a trading volume of 350,200 shares and a transaction value of 796 million [2] Capital Flow Analysis - The electronic chemicals sector experienced a net outflow of 764 million from institutional investors, while retail investors saw a net inflow of 731 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Individual Stock Capital Flow - Strong New Materials (300429) had a net inflow of 40.744 million from institutional investors, but a net outflow of 21.407 million from retail investors [3] - Weiteou (301630) saw a net inflow of 32.697 million from institutional investors, with a significant net outflow from retail investors of 28.427 million [3] - Macro Electronic (603002) had a net inflow of 13.911 million from institutional investors, while retail investors contributed a net inflow of 2.451 million [3]

Group 1 - The photoresist concept sector increased by 1.80%, ranking 9th in terms of sector gains, with 54 stocks rising, including KaiMet Gas which hit the daily limit, and Zhongjuxin, Saiwei Electronics, and Maolai Optics showing significant increases of 12.31%, 8.38%, and 6.60% respectively [1][2] - The photoresist sector saw a net inflow of 1.648 billion yuan from main funds, with 41 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow, led by KaiMet Gas with a net inflow of 772 million yuan [2][3] - The top stocks in terms of net inflow ratio included KaiMet Gas at 48.64%, Zhongjuxin at 16.19%, and Anda Intelligent at 13.21% [3][4] Group 2 - The photoresist sector's performance was contrasted with other sectors, such as the lithography machine sector which rose by 3.30%, while the duty-free shop sector fell by 1.60% [2] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant gains while others faced declines [2][5] - The trading volume and turnover rates for key stocks in the photoresist sector indicated strong investor interest, particularly in stocks like KaiMet Gas and Zhongjuxin [3][4]

Core Insights - The National Big Fund's stock concept rose by 1.99%, ranking fifth among concept sectors, with 36 stocks increasing in value, led by Zhongji Xincheng, Changchuan Technology, and Saiwei Electronics, which rose by 12.31%, 8.42%, and 8.38% respectively [1][2] - The concept sector saw a net inflow of 2.215 billion yuan, with 26 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow, with SMIC leading at 1.398 billion yuan [2][3] Stock Performance - The top performers in the National Big Fund stock concept included: - Zhongji Xincheng: +12.31%, turnover rate 23.44%, net inflow ratio 16.19% - SMIC: +6.93%, turnover rate 7.69%, net inflow of 1.397 billion yuan - Changchuan Technology: +8.42%, turnover rate 10.09%, net inflow of 152.69 million yuan [3][4] Market Trends - The concept sectors with notable performance included: - Lithography machines: +3.30% - National Big Fund holdings: +1.99% - Trust concept: +1.92% [2] - Conversely, sectors experiencing declines included: - Duty-free shops: -1.60% - Pork: -1.40% - Pre-made dishes: -1.36% [2] Fund Flow Analysis - The leading stocks by net inflow ratio were: - Zhongji Xincheng: 16.19% - Sanan Optoelectronics: 9.36% - Nanda Optoelectronics: 9.24% [3][4] - The overall market saw significant net outflows in several stocks, with the largest outflow recorded for Chipone Technology at -34.41571 million yuan [5][6]

Market Overview - The electronic chemicals sector increased by 2.22% on September 17, with Zhongshi Technology leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Zhongshi Technology (300684) closed at 44.61, up 14.09% with a trading volume of 532,700 shares and a transaction value of 2.343 billion [1] - Zhongjuxin (688549) closed at 9.49, up 12.31% with a trading volume of 1,381,400 shares and a transaction value of 1.346 billion [1] - Lair Technology (688683) closed at 38.29, up 5.95% with a trading volume of 25,900 shares [1] - Nanda Optoelectronics (300346) closed at 36.01, up 4.99% with a trading volume of 605,200 shares and a transaction value of 2.158 billion [1] Market Capital Flow - The electronic chemicals sector saw a net inflow of 294 million from institutional investors, while retail investors experienced a net outflow of 233 million [2][3] - Major stocks like Zhongjuxin and Nanda Optoelectronics attracted significant institutional investment, with net inflows of 225 million and 194 million respectively [3]

Core Insights - The stock of Zhongjuxin Technology Co., Ltd. has reached a transaction volume of 1.039 billion RMB, marking a new high since November 12, 2024 [2] - The latest stock price has increased by 14.44%, with a turnover rate of 18.03% [2] - The previous trading day recorded a total transaction volume of 133 million RMB [2] Company Overview - Zhongjuxin Technology Co., Ltd. was established on December 25, 2017 [2] - The registered capital of the company is 1,477.276 million RMB [2]

Group 1 - The stock of Zhongjuxin-U on the Sci-Tech Innovation Board reached a limit-up, trading at 10.14 yuan with a transaction volume of 485 million yuan and a turnover rate of 8.58% as of 09:58 on September 17 [1] - Among the stocks on the Sci-Tech Innovation Board, 383 stocks were up, with 5 stocks rising over 10%, including Zhongjuxin-U, which increased by 20.00% [1] - Conversely, 196 stocks were down, with significant declines in stocks like Shangwei New Materials, Meidi West, and Zhongyou Technology, which fell by 9.16%, 4.89%, and 4.26% respectively [1] Group 2 - In terms of capital flow, Zhongjuxin-U experienced a net outflow of 16.71 million yuan in the previous trading day, with a total net outflow of 36.12 million yuan over the last five days [2] - The latest margin trading data as of September 16 shows a total margin balance of 273 million yuan, with a financing balance of 271 million yuan, down by 5.06 million yuan or 1.83% from the previous trading day [2] - The company reported a revenue of 567 million yuan for the first half of the year, representing a year-on-year growth of 20.40%, while net profit was 8.14 million yuan, a decline of 64.57% year-on-year [2] Group 3 - In the past month, Zhongjuxin-U received a buy rating from one institution, with a report from China Merchants Securities on August 28 recommending an increase in holdings [2]

Group 1 - The photoresist concept continues to strengthen, with companies such as Zhongjuxin-U and Kaimeteqi hitting the daily limit up [1] - Other companies including Huasoft Technology, Jiaxian Co., Guangxin Materials, Guolin Technology, Jingrui Electric Materials, Bayi Shikong, and Dongcai Technology also experienced gains [1]

Industry Overview - Electronic-grade sulfuric acid is a key cleaning and etching material in integrated circuit manufacturing, primarily used in the cleaning processes for 8-inch and 12-inch wafers [1][8] - In 2024, China's electronic-grade sulfuric acid production is expected to reach approximately 115,000 tons, representing a year-on-year growth of 9.52%, driven by the expansion of advanced semiconductor processes (7nm and below) and the large-scale application of cleaning processes in monocrystalline silicon solar cells [1][8] Industry Chain - The upstream of the electronic-grade sulfuric acid industry chain includes high-purity sulfur, industrial sulfuric acid, liquid sulfur trioxide, and ultra-pure water [4] - High-purity sulfur is a critical raw material for the production of electronic-grade sulfuric acid, with its purity directly affecting the quality of the final product [5] Market Dynamics - The rapid development of China's electronic information industry has led to a continuous increase in demand for semiconductor chips, particularly driven by emerging technologies such as 5G, artificial intelligence, and the Internet of Things [7] - The semiconductor equipment market in China is projected to reach 223 billion yuan in 2024, with a year-on-year growth of 1.82%, further boosting the demand for electronic-grade sulfuric acid [7] Key Players - The electronic-grade sulfuric acid industry in China is characterized by a competitive landscape with "one leader and many strong players." Xingfu Electronics is the industry leader, with a production capacity expected to reach 374,000 tons per year by 2025 [8][9] - Jianghua Micro and Jingrui Electronics follow closely, with Jianghua Micro achieving G4 grade product production through a combination of distillation and absorption methods [8] Industry Trends - The industry is transitioning from "scale expansion" to "quality improvement," with a focus on building a complete industrial chain [11] - The demand for electronic-grade sulfuric acid is being driven by both the expansion of the semiconductor industry and the rise of the renewable energy sector, leading to a trend of high-end and diversified market structure [11][12] - Companies are increasing R&D investments to upgrade purification processes and achieve lower metal ion content, with domestic enterprises achieving SEMI G5 grade product mass production [10][11]