| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688525 | 佰维存储 | 1 | -11.03 | 593亿 | 104.92 | | 300302 | 同有科技 | 1 | -9.78 | 109亿 | 44.54 | | 688123 | 聚辰股份 | 1 | -9.65 | 227亿 | 145.61 | | 688766 | 普朗股份 | 1 | -8.98 | 225亿 | 111.10 | | 301308 | 江波龙 | 1 | -8.89 | 1246亿 | 245.60 | | 002119 | 康賀由子 | 1 | -8.75 | 67.74亿 | 16.82 | | 002654 | 万润科技 | 4 | -8.68 | 133亿 | 29.27 | | 603986 | 兆易创新 | 4→ | -7.99 | 1397亿 | 96.55 | | 688416 | 恒炼股份 | 1 | -7.78 | 50.06亿 | 54.77 | | 300223 | 北京君正 | 1 ...

证券研究报告——晨会聚焦 2025 年 11 月 14 日 | 11 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600115.SH | 中国东航 | | 600428.SH | 中远海特 | | 600426.SH | 华鲁恒升 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 688198.SH | 佰仁医疗 | | 603345.SH | 安井食品 | | 000524.SZ | 岭南控股 | | 300476.SZ | 胜宏科技 | | 601138.SH | 工业富联 | | 002230.SZ | 科大讯飞 | 中银晨会聚焦-20251114 ■重点关注 【策略研究】策略点评*王君 高天然。CPI 同比回暖、盈利-估值性价比占优 催化，消费风格或将迎来轮动补涨。 【食品饮料】食品饮料行业点评*邓天娇。提高居民消费力被列为"十五五" 规划目标之一，提振消费成为未来政策重点。内需政策导向下，叠加宏观 数据持续修复，我们认为食品饮料相关子行业有望回暖。从已公布的三季 报业绩来看，白酒板块加速出清，大众品细分领域龙头业绩表现 ...

内容概要：半导体光刻胶作为光刻工艺核心耗材，通过光照改变溶解度，精准复制电路图形至晶圆，其 性能直接影响芯片分辨率、良率与成本，是半导体产业链技术壁垒最高的环节之一。我国高度重视其发 展，出台了多层次政策文件，从产业规划、财税支持、应用推广等多维度发力，为技术研发、产能建设 与下游导入提供系统性保障，推动行业加速发展。当前，我国半导体材料行业处于关键发展阶段，基础 材料批量供应能力提升，高端材料也实现关键技术突破，2024年市场规模达134.6亿美元。其中，半导 体光刻胶行业2024年市场规模约56.3亿元，KrF光刻胶成中高端替代主力，ArF光刻胶实现关键突破。本 土企业已形成多层次产业梯队，南大光电、彤程新材等头部企业实现量产并导入供应链。未来，行业将 沿技术攻坚、生态协同与格局重构三大主线演进，实现高端突破、生态闭环与差异化竞争，推动高质量 自主可控转型。 上市企业：彤程新材（603650.SH）、南大光电（300346.SZ）、晶瑞电材（300655.SZ）、华懋科技 （603306.SH）、上海新阳（300236.SZ）、雅克科技（002409.SZ） 相关企业：北京科华微电子材料有限公司、徐州博康 ...

11月11日，雅克科技跌2.10%，成交额20.61亿元。两融数据显示，当日雅克科技获融资买入额2.24亿 元，融资偿还3.01亿元，融资净买入-7675.91万元。截至11月11日，雅克科技融资融券余额合计16.33亿 元。 融资方面，雅克科技当日融资买入2.24亿元。当前融资余额16.14亿元，占流通市值的4.26%，融资余额 超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，雅克科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股866.71万股，相比上期减少779.69万股。南方中证500ETF（510500）位居第六大流通股 东，持股414.60万股，相比上期减少8.27万股。国泰中证半导体材料设备主题ETF（159516）位居第八 大流通股东，持股300.82万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300） 退出十大流通股东之列。 责任编辑：小浪快报 融券方面，雅克科技11月11日融券偿还2000.00股，融券卖出1500.00股，按当日收盘价计算，卖出金额 11.95万元；融券余量23.30万股，融券余额1856.20万元，超 ...

Core Viewpoint - The stock of Yake Technology has shown significant growth this year, with a 44.81% increase, reflecting strong performance in the semiconductor materials sector [1][2]. Company Overview - Yake Technology, established on October 29, 1997, and listed on May 25, 2010, is located in Yixing Economic Development Zone, Wuxi, Jiangsu Province. The company specializes in the research, production, and sales of electronic materials, LNG insulation materials, and flame retardants [1]. - The main revenue sources for Yake Technology include semiconductor chemical materials and photoresists (49.23%), LNG insulation composite materials (27.13%), LNG engineering installation (7.91%), electronic specialty gases (4.56%), LDS equipment (3.17%), flame retardants (3.15%), spherical silica powder (2.99%), and other businesses (1.88%) [1]. Financial Performance - For the period from January to September 2025, Yake Technology achieved a revenue of 6.467 billion yuan, representing a year-on-year growth of 29.36%. The net profit attributable to shareholders was 796 million yuan, with a year-on-year increase of 6.33% [2]. - Since its A-share listing, Yake Technology has distributed a total of 1.156 billion yuan in dividends, with 752 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Yake Technology had 61,500 shareholders, an increase of 13.91% from the previous period. The average number of tradable shares per shareholder was 5,179, a decrease of 12.21% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 8.6671 million shares, a decrease of 7.7969 million shares from the previous period. The Southern CSI 500 ETF held 4.1460 million shares, down by 82,700 shares, while the Guotai CSI Semiconductor Materials and Equipment Theme ETF entered the top ten with 3.0082 million shares [3].

Core Viewpoint - The phosphoric chemical sector has shown a notable increase of 2.48% as of the market close on November 10, ranking 8th among various concept sectors, with significant movements in stock prices and capital flows [1][2]. Group 1: Stock Performance - Within the phosphoric chemical sector, 34 stocks experienced gains, with Qing Shui Yuan reaching a 20% limit up, while companies like Wei Ling Co., Tian Ji Co., and Anada also hit the limit up [1]. - The top gainers included An Da Technology, Ya Ke Technology, and Xing Fu Electronics, which rose by 13.02%, 7.58%, and 5.70% respectively [1]. - Conversely, the stocks with the largest declines were Tai He Technology, Ba Tian Co., and Hunan Yu Neng, which fell by 4.54%, 2.65%, and 1.83% respectively [1]. Group 2: Capital Flow - The phosphoric chemical sector saw a net outflow of 626 million yuan from major funds, with 18 stocks receiving net inflows [2]. - Tian Ji Co. led the net inflow with 299 million yuan, followed by Lu Xi Chemical and Ya Ke Technology with net inflows of 256 million yuan and 190 million yuan respectively [2]. - The net inflow ratios for Wei Ling Co., Lu Xi Chemical, and Guo Guang Co. were 25.91%, 21.10%, and 11.14% respectively, indicating strong interest from major funds [3].

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the increase in lithium hexafluorophosphate prices and the decline in international oil and carbon black prices. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials [1][3] Summary by Sections Industry Dynamics - In the week of November 3-9, 2025, 19 out of 100 tracked chemical products saw price increases, while 45 experienced declines, and 36 remained stable. The average price of lithium hexafluorophosphate rose to 119,000 CNY/ton, a 12.26% increase from the previous week and a 115.38% increase year-on-year [10][34] - International oil prices fell, with WTI crude closing at 59.75 USD/barrel (down 2.02%) and Brent crude at 63.63 USD/barrel (down 2.21%). U.S. oil production increased to an average of 13.651 million barrels per day, up 0.7 thousand barrels from the previous week [10][33] Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, the effects of "anti-involution" on supply, and the growing importance of self-sufficiency in electronic materials. It suggests that policy support may lead to demand recovery and improved performance for leading companies [12][10] - Long-term investment themes include the rapid development of downstream industries such as semiconductor materials, OLED materials, and new energy materials, as well as maintaining high or improving conditions in sub-industries like fluorochemicals, agrochemicals, refining, dyes, polyester filament, and tires [12][10] Key Products and Price Changes - The report notes significant price changes among various chemical products, with dichloromethane, vitamin E, and toluene seeing notable increases, while trichloroethylene, styrene-butadiene rubber, and methanol experienced declines [32][36] - The average price of carbon black decreased to 5,981 CNY/ton, down 5.53% from the previous week and down 26.31% year-on-year [35] Market Performance - The basic chemical industry index rose by 3.54%, ranking 5th among 31 primary industries, while the oil and petrochemical sector increased by 4.47%, ranking 3rd [10][11]

| | | | | 存储芯片板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 300131 | 英唐智控 | 1 | 19.96 | 155亿 | 68.93 | | 2 | 688652 | 京仪装备 | 1 | 13.87 | 180亿 | 118.75 | | 3 | 300223 | 北京君正 | 1 | 10.43 | 462亿 | 40.60 | | ব | 603938 | 三字股份 | 1 | 10.02 | 82.76亿 | 100.39 | | 5 | 002213 | 大为股份 | 1 | 10.01 | 69.17亿 | 114.96 | | 6 | 002409 | 雅克科技 | + | 7.60 | 387亿 | 41.75 | | 7 | 688627 | 精智达 | | 7.52 | 191亿 | 179.73 | | 8 | 688766 | 音用股份 | 1 | 6.68 | 241亿 | 126.08 | | 9 | ...

Core Insights - The New Materials 50 ETF (516710) increased by 0.73%, with significant gains in constituent stocks such as TCL Zhonghuan (over 8%), Yake Technology (over 7%), and Dongfang Yuhong and Enjie Shares (over 6%) [1] - The 14th Five-Year Plan emphasizes new materials as a strategic emerging industry cluster, focusing on breakthroughs in key core technologies across the entire supply chain [1] - China Galaxy Securities highlights the strategic path from becoming a "material powerhouse" to a "material strong country," supported by policies for resource security and green transformation [1] Industry Overview - The New Materials 50 ETF closely tracks the CSI New Materials Theme Index, which includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other key strategic materials [1] - The CSI New Materials Theme Index aims to reflect the overall performance of listed companies in the new materials sector [1]

Group 1: Market Performance - The phosphorus chemical concept rose by 3.47%, ranking 4th among concept sectors, with 46 stocks increasing in value [1] - Notable gainers included Qing Shui Yuan, which hit a 20% limit up, along with Chengxing Co., Tianji Co., and Anada, all reaching their daily limit [1] - The top gainers also included Anda Technology, Hunan YN, and Batian Co., with increases of 16.36%, 9.38%, and 9.18% respectively [1] Group 2: Capital Flow - The phosphorus chemical sector saw a net inflow of 1.251 billion yuan, with 30 stocks receiving net inflows, and 11 stocks exceeding 50 million yuan in net inflow [2] - Tianji Co. led the net inflow with 493 million yuan, followed by Huayou Cobalt and Hunan YN with net inflows of 333 million yuan and 266 million yuan respectively [2] - The top three stocks by net inflow ratio were Jinpu Titanium, Tianji Co., and Anada, with ratios of 22.27%, 21.10%, and 18.08% respectively [3] Group 3: Stock Performance - Tianji Co. had a daily increase of 10.00% with a turnover rate of 13.28% and a net inflow of 493 million yuan [3] - Other significant performers included Hunan YN with a 9.38% increase and a turnover rate of 11.07%, and Anada with a 9.98% increase and a turnover rate of 29.53% [3] - The stocks with the largest declines included Li Guo Chemical, Yake Technology, and Xingfu Electronics, with decreases of 2.45%, 1.78%, and 1.51% respectively [1]