雅克科技主营业务为电子化学品的研发、生产和销售，产品广泛应用于半导体、平板显示、光伏等领 域。公司是深成500指数成分股，在电子化学品细分领域具有重要地位。 从资金流向来看，8月20日雅克科技主力资金净流出3512.42万元，近五日累计净流出1.12亿元。当前公 司市盈率为27.43倍，市净率3.91倍。 雅克科技8月20日股价报收60.01元，较前一交易日下跌0.32%，成交额达9.40亿元。该股当日振幅 2.41%，换手率4.96%，总市值285.60亿元。 风险提示：股市有风险，投资需谨慎。 ...

[Table_Reportdate] 2025年08月19日 [table_invest] 标配 行 业 周 报 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn [table_stockTrend] -18% -6% 6% 18% 30% 42% 53% 24-08 24-11 25-02 25-05 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.欧美进口需求前置，国内市场维稳 ——轮胎市场月报 2.制冷剂价格再度提升，行业有望持 续高景气——氟化工行业月报 3.农药"一证一品"政策落地，头部 企业有望受益——基础化工行业周 报（2025/8/4-2025/8/10） [Table_NewTitle 首届世界人形机器人运动会于北京召 ] 开，关注机器人产业化进程 ——基础化工行业周报（2025/8/11-2025/8/17） [table_main] 投资要点： 基 础 证券研究报告 HTTP://W ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. 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 at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Company Overview - The stock price of Yake Technology reached 59.35 yuan as of August 15, 2025, with an increase of 2.82 yuan, representing a rise of 4.99% [1] - The opening price for the day was 56.53 yuan, with a high of 59.42 yuan and a low of 56.49 yuan, and the trading volume was 226,652 hands, amounting to a total transaction value of 1.324 billion yuan [1] Industry Insights - Yake Technology specializes in the research, production, and sales of electronic chemicals, which are widely used in the semiconductor and flat panel display sectors [1] - The electronic chemicals industry is positioned upstream in the semiconductor supply chain [1] - There is a growing perspective that the domestic production of semiconductor materials is accelerating due to the continuous expansion of the semiconductor market [1] - The demand for high-end semiconductor materials is showing signs of recovery, driven by advancements in AI and the expansion of wafer fabrication plants [1] - As a significant player in the domestic semiconductor materials sector, Yake Technology's product development and capacity expansion are under market scrutiny [1] Financial Flow - On August 15, 2025, the net inflow of main funds into Yake Technology was 130.1664 million yuan, with a cumulative net inflow of 160.1275 million yuan over the past five trading days [1]

Core Viewpoint - The photoresist concept sector has seen a significant increase, with a rise of 3.76% as of the market close on August 15, ranking fourth among concept sectors [1] Group 1: Market Performance - Within the photoresist sector, 70 stocks experienced gains, with Jiuri New Materials hitting the daily limit up of 20% [1] - Notable performers include JuShi Chemical, Saiwei Electronics, and Jingrui Electric Materials, which rose by 18.70%, 8.44%, and 8.42% respectively [1] - The photoresist sector attracted a net inflow of 1.245 billion yuan from main funds today, with 35 stocks receiving net inflows [2] Group 2: Key Stocks - The top stock in terms of net inflow is KaiMeiTeQi, which saw a net inflow of 351 million yuan, followed by DongCai Technology and JingRui Electric Materials with net inflows of 254 million yuan and 135 million yuan respectively [2][3] - The net inflow ratios for KaiMeiTeQi, DongCai Technology, and YaKe Technology were 21.57%, 20.20%, and 8.93% respectively, indicating strong investor interest [3] Group 3: Additional Insights - The photoresist sector's performance is part of a broader trend, with other sectors like PEEK materials and liquid-cooled servers also showing positive movements of 5.31% and 4.47% respectively [2] - The overall market sentiment appears to be favorable, as evidenced by the significant capital inflows into the photoresist sector and the performance of key stocks [2][3]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Core Viewpoint - Jiangsu Yake Technology Co., Ltd. has shown significant revenue growth in its latest quarterly report, indicating a positive trend in its financial performance [1]. Financial Performance - As of the first quarter of 2025, the company reported total revenue of 2.118 billion yuan, representing a year-on-year increase of 30.88% [1]. - The net profit attributable to shareholders was 260 million yuan, up 5.85% year-on-year, while the net profit excluding non-recurring items was 254 million yuan, reflecting a growth of 6.19% [1]. - The company's liquidity ratios are strong, with a current ratio of 1.652 and a quick ratio of 1.129, alongside a debt-to-asset ratio of 41.78% [1]. Market Activity - On August 1, 2025, the stock price closed at 55.22 yuan, with a slight decline of 0.09% [1]. - The trading volume was 80,100 lots, with a total transaction value of 444 million yuan [1]. - There was a net outflow of main funds amounting to 33.92 million yuan, accounting for 7.63% of the total transaction value, with significant outflows from large orders [1]. Company Background - Jiangsu Yake Technology Co., Ltd. was established in 1997 and is located in Wuxi City, primarily engaged in the manufacturing of chemical raw materials and products [2]. - The company has a registered capital of approximately 475.93 million yuan and a paid-in capital of 76 million yuan [1]. - The legal representative of the company is Shen Qi [1]. Investment and Intellectual Property - The company has made investments in 17 enterprises and participated in 30 bidding projects [2]. - It holds 6 trademark registrations and 111 patents, along with 88 administrative licenses [2].

Market Overview - The Shanghai Composite Index closed at 3628.53 points, above the six-month moving average, with an increase of 0.52% [1] - The total trading volume of A-shares reached 1,102.239 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 58 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Fenglong Co., Ltd. (5.52%) - Rongke Technology (4.53%) - Keyuan Wisdom (3.66%) [1] Detailed Stock Performance - The following stocks showed notable performance: - Fenglong Co., Ltd. (10.03% increase, turnover rate 7.67%, latest price 17.34 yuan) - Rongke Technology (5.47% increase, turnover rate 6.14%, latest price 18.91 yuan) - Keyuan Wisdom (4.36% increase, turnover rate 8.52%, latest price 25.60 yuan) [1] - Other stocks with positive performance include: - Zhaoyi Innovation (4.47% increase) - Yuntian Lifa (5.06% increase) [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the six-month line include: - Chahua Co., Ltd. - Tangshan Port - China Gold [1]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].