Core Viewpoint - The photoresist sector has experienced a short-term surge, with Huarong Chemical rising over 10%, and other companies such as Yake Technology, ChipSource Micro, New Lai Materials, Jiaxian Co., and Jingrui Electric Materials also seeing increases [1] Group 1 - Huarong Chemical's stock price increased by more than 10% [1] - Other companies in the photoresist sector, including Yake Technology, ChipSource Micro, New Lai Materials, Jiaxian Co., and Jingrui Electric Materials, also experienced stock price increases [1]

Core Insights - The report highlights that the fiscal data for October shows a slight narrowing in the year-on-year growth rate of tax revenue, with consumption-related tax categories maintaining a positive contribution [2][6][7] - It is anticipated that incremental policies will be expected towards the end of this year and the beginning of next year to support economic growth [6][9] Macroeconomic Overview - In October, total public fiscal revenue reached 22,614 billion yuan, representing a year-on-year increase of 3.2%, with tax revenue at 20,700 billion yuan, up 8.6% year-on-year [6][7] - Non-tax revenue fell to 1,914 billion yuan, down 33.0% year-on-year, indicating a significant decline [6][7] - The domestic value-added tax contributed positively to the tax revenue growth, increasing by 7.2% year-on-year, which boosted the overall tax revenue growth by 3.0 percentage points [7] - Public fiscal expenditure in October was 17,761 billion yuan, down 9.8% year-on-year, indicating a slowdown in spending [7][8] Government Fund Revenue and Expenditure - Central government fund revenue was 342 billion yuan, up 10.0% year-on-year, while local government fund revenue was 3,414 billion yuan, down 20.4% year-on-year [8] - The income from state-owned land use rights fell by 27.3% year-on-year, significantly impacting local government fund revenue [8] - Government fund expenditure totaled 5,968 billion yuan, down 38.2% year-on-year, with local government fund expenditure declining by 40.4% [8] Economic Growth Support - The report notes that the fiscal expenditure and financing pace have been front-loaded this year, supporting economic performance, with GDP growth of 5.2% year-on-year in the first three quarters of 2025 [9] - The upcoming central economic work conference and the "Two Sessions" in the new year are expected to provide important guidance on fiscal and policy financial tools [9]

| 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 300844 | 山水 | -10.81 | 4.88 | 48.66 | 49.54 | -1.77 | 38.96 | -21.35 | | | 比德 | | | | | | | | | 300681 | 英搏 | -2.30 | 3.00 | 29.45 | 29.83 | -1.28 | 28.47 | -4.56 | | | 尔 | | | | | | | | | 002409 | 雅克 | -1.55 | 3.01 | 75.78 | 76.70 | -1.19 | 73.23 | -4.52 | | | 科技 | | | | | | | | | 688301 | 奕瑞 | -1.58 | 0.39 | 105.05 | 106.14 | -1. ...

Market Overview - The Shanghai Composite Index closed at 3949.83 points, with a decline of 0.56% [1] - The total trading volume of A-shares reached 1,296.161 billion yuan [1] Technical Analysis - A total of 112 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: - Shanshui Bide (300844) with a distance of -1.40% - Yingboer (300681) with a distance of -1.28% - Yake Technology (002409) with a distance of -1.06% [1] Individual Stock Performance - Shanshui Bide (300844) saw a decline of 6.62% with a trading turnover rate of 3.31% [1] - Yingboer (300681) decreased by 2.30% with a turnover rate of 2.45% [1] - Yake Technology (002409) fell by 0.20% with a turnover rate of 2.33% [1] - Other notable declines include: - Bohai Automobile (600960) down by 3.53% - Western Gold (601069) down by 2.80% [1] Additional Stock Movements - Stocks such as Muyu (002714) and Qinglong (002457) showed slight increases of 0.80% and -3.28% respectively [2] - The stock performance of various companies indicates a mixed sentiment in the market, with several stocks experiencing declines while a few managed to gain [2]

证券日报网讯11月17日晚间，雅克科技（002409）发布公告称，经公司职工代表大会决议，一致同意选 举曹恒先生为公司第六届董事会职工代表董事。 ...

证券代码：002409 证券简称：雅克科技 公告编号：2025-037 江苏雅克科技股份有限公司 关于选举第六届董事会职工代表董事的公告 特别提示：本公司及全体董事、监事、高级管理人员保证公告内容真实、准 确和完整，不存在虚假记载、误导性陈述或者重大遗漏。 为进一步完善江苏雅克科技股份有限公司（以下简称"公司"或者"本公司"） 的治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《江苏雅 克科技股份有限公司章程》（以下简称"《公司章程》"）等相关规定， 经公司职 工代表大会决议，一致同意选举曹恒先生（简历附后）为公司第六届董事会职工 代表董事，任期自本次职工代表大会审议通过之日起至第六届董事会任期届满止。 经审查，曹恒先生符合《公司法》等法律法规及《公司章程》规定的有关董 事的任职资格和条件。本次选举完成后，曹恒先生将担任职工代表董事，并与公 司其他董事共同组成公司第六届董事会。 曹恒先生担任职工代表董事后，公司第六届董事会中兼任公司高级管理人员 以及由职工代表担任的董事人数，总计未超过公司董事总数的二分之一，符合《公 司法》等法律法规及《公司章程》的规定。 特此公告。 江苏雅克科技股份有限公 ...

证券代码：002409 证券简称：雅克科技 公告编号：2025-036 特别提示：本公司及全体董事、监事、高级管理人员保证公告内容真实、准 确和完整，不存在虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、公司于2025年10月31日在《证券时报》及指定信息披露网站巨潮资讯网 上刊登了《江苏雅克科技股份有限公司关于召开2025年第二次临时股东会的通 知》。 2、本次股东会无否决或修改提案的情况，无新提案提交表决的情况，也无 涉及变更前次股东会决议的情况。 3、本次股东会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 1、会议召开时间： 现场会议时间：2025年11月17日（星期一）下午13:30。 江苏雅克科技股份有限公司 2025年第二次临时股东会决议公告 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年11月17 日上午9:15-9:25，9:30－11:30，下午13:00－15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为：2025年11月17日上午9:15至下午15:00期间的任 意时间。 2、会议方式：本次股东会采取现场投票和网络投票相结合的方 ...

中国 上海 山西北路 99 号苏河湾中心 25-28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 股东会法律意见书 国浩律师（上海）事务所 关于江苏雅克科技股份有限公司 2025 年第二次临时股东会的法律意见书 致：江苏雅克科技股份有限公司 江苏雅克科技股份有限公司（以下简称"公司"）2025 年第二次临时股东 会现场会议于 2025 年 11 月 17 日（星期一）下午 13:30 在江苏省宜兴市经济技 术开发区荆溪北路 88 号公司会议室召开。国浩律师（上海）事务所（以下简称 "本所"）接受公司的委托，指派林琳律师、米豪律师（以下简称"本所律师"） 出席会议并见证。现依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）和《江苏雅克科技股份有限 公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师按照有关法律、法规及规范性文件的规定对本次临时股东会的召集、 召开程序是否合法及是否符合《公司章程》的规定、出席会议人员资 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [3] Core Views - The report highlights the increase in overseas natural gas prices and lithium hexafluorophosphate prices, while methionine prices have decreased. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and electronic materials companies under the context of self-sufficiency [3][10]. Summary by Sections Industry Dynamics - In the week of November 10-16, 2025, among 100 tracked chemical products, 42 saw price increases, 30 saw price decreases, and 28 remained stable. The average price of 31% of products increased month-on-month, while 56% decreased, and 13% remained unchanged. The top gainers included butyl acetate and sulfur, while the largest declines were seen in pure pyridine and methionine [8][29]. Price Trends - The average price of lithium hexafluorophosphate rose to 135,000 CNY/ton, marking a 13.45% increase week-on-week and a 141.07% increase year-on-year. Conversely, methionine's average price fell to 19.55 CNY/kg, down 1.76% week-on-week and 0.91% year-on-year [31][32]. Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, and the impact of supply-side reforms. It suggests a mid-to-long-term investment strategy that includes companies in emerging fields such as semiconductor materials and new energy materials, with specific recommendations for companies like Wanhua Chemical and Hualu Hengsheng [10][29]. Market Performance - The basic chemical industry index rose by 2.61%, ranking 9th among 31 primary industries, while the oil and petrochemical sector increased by 2.29%, ranking 11th [8][10]. Key Stocks - The report identifies "Golden Stocks" for November as Hualu Hengsheng and Yake Technology, highlighting their strong performance and growth potential [5][11][17].

Core Viewpoint - Kioxia's poor performance has negatively impacted the A-share market, leading to a significant decline in storage chip concept stocks, raising concerns about the overall health of the storage industry [1] Company Performance - Kioxia's adjusted net profit for the second fiscal quarter plummeted over 60% year-on-year, amounting to 41.7 billion yen (approximately 284 million USD), a substantial drop compared to the same period last year [1] - The company is facing dual pressures of declining revenue and rising costs, which has triggered market worries regarding the storage industry's outlook [1] Market Reaction - Following Kioxia's earnings report, several storage-related stocks in the A-share market experienced sharp declines, with notable drops including: - Baiwei Storage down 11% - Tongyou Technology and Jucheng Co. down over 9% - Other companies like Purang Co., Jiangbolong, and Kangqiang Electronics down over 8% [2] - The overall market sentiment reflects a lack of confidence in the storage sector, influenced by Kioxia's performance [1][2] Pricing Mechanism Impact - Analysts suggest that Kioxia's disappointing results may be attributed to its fixed-price agreements for supplying mobile NAND chips to Apple, which prevented the company from benefiting from the significant increases in spot prices [1]