Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading performance compared to the market [1]. Core Insights - The new materials sector has shown resilience, with the new materials index rising by 0.86%, outperforming the ChiNext index by 2.54% during the week [3]. - The vitamin sector is experiencing a price surge due to geopolitical tensions in the Middle East, particularly affecting the Hormuz Strait, which has led to increased costs across the petrochemical supply chain [5]. - Key vitamin products such as Vitamin A and E have seen significant price increases, with Vitamin A reaching 110,000 CNY/ton (up 15.79% week-on-week) and Vitamin E at 101,000 CNY/ton (up 18.82% week-on-week) [5]. Summary by Sections Market Performance - The new materials sector has outperformed the broader market indices, with specific segments like battery chemicals rising by 10.69% and industrial gases by 1.78% [3][12]. - Over the past five trading days, the synthetic biology index fell by 0.92%, while semiconductor materials dropped by 2.80% [3][16]. Price Tracking - Amino acids have shown stable prices, with valine at 14,550 CNY/ton and arginine at 23,250 CNY/ton [4]. - The price of Vitamin A has increased significantly, reflecting a broader trend of rising prices in the vitamin sector due to supply constraints [4][5]. Investment Recommendations - The report suggests focusing on companies within the vitamin supply chain, such as New Hope Liuhe, Andis, Meihua Biological, and Zhejiang Medicine, as they are expected to benefit from the ongoing price increases [5][6].

Core Insights - The domestic fundamental and liquidity environment is expected to support the A-share market, with short-term influences from the Middle East situation and control over the Taiwan Strait [2][4] - The A-share market may face a decisive period in April, with potential recovery in earnings as the financial reporting window opens [2][4] - Investment opportunities in the new energy sector are highlighted, particularly in solar and wind power, which are less affected by geopolitical conflicts and fossil fuel prices [2][4] Real Estate Sector: Poly Real Estate Group - Poly Real Estate Group's sales ranking improved to 12th in January 2026, with a sales amount of 3.7 billion yuan, despite a year-on-year decline of 22.9% [8] - The company achieved a sales area of 150,000 square meters in January 2026, down 6.8% year-on-year, with an average sales price of 24,800 yuan per square meter, a decrease of 16.5% [8] - The company has a strong backing from its parent company, Poly Group, which holds 48.09% of its shares, providing stability and growth potential [11] Transportation Sector: COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92% [13] - The company’s net profit reached 1.329 billion yuan, up 10.54% year-on-year, with a significant increase in cash flow from operating activities [13] - The expansion of the fleet and increased shipping business revenue are key drivers of growth, despite rising operational costs [13][14] Transportation Sector: Jitu Express - Jitu Express achieved a total revenue of 5.499 billion USD in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [15][16] - The company’s Southeast Asian market revenue grew by 29.6%, reaching 1.970 billion USD, with an adjusted EBITDA of 313 million USD [15][16] - The company is focusing on cost optimization and pricing strategies to enhance market share in a competitive environment [17] Chemical Sector: Satellite Chemical - Satellite Chemical reported a gross margin of 22.31% in 2025, with a net margin of 11.52%, despite a slight decline in both metrics [18] - The company’s asset-liability ratio decreased to 51.74%, indicating improved financial stability [18] - The company plans to distribute a cash dividend of 1.678 billion yuan, reflecting a commitment to shareholder returns [18] Chemical Sector: Yake Technology - Yake Technology's revenue grew significantly due to increased sales in LNG and electronic materials, although net profit growth lagged behind revenue growth due to foreign exchange losses [21][22] - The company is focusing on developing advanced semiconductor materials and has established a dual R&D department in China and South Korea [22] - The company’s gross margin was 31.82%, with a net margin of 13.29%, indicating stable profitability despite rising R&D costs [21] New Energy Sector: CATL - CATL reported a revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%, with a net profit growth of 42.28% [25] - The company maintained its leading position in the global battery market, achieving a market share of 39.2% in 2025 [25][26] - CATL's energy storage battery sales grew by 29.13%, with ongoing expansion of production capacity to meet market demand [26] Pharmaceutical Sector: Tasly Pharmaceutical - Tasly Pharmaceutical's revenue was 8.236 billion yuan in 2025, a slight decline of 3.08%, with core products showing stable sales [27][28] - The company is focusing on innovation and has a robust pipeline of new drug projects, with significant R&D investment [29] - The integration with China Resources has strengthened the company's market position and operational efficiency [27] Food and Beverage Sector: Kweichow Moutai - Kweichow Moutai's revenue for Q3 2025 was 39.06 billion yuan, with a slight year-on-year increase of 0.6%, indicating a strategic adjustment in growth [33] - The company is focusing on maintaining quality and long-term value, with plans for internationalization and brand enhancement [32][33] - The company announced a cash dividend of 23.957 yuan per share, reflecting its commitment to shareholder returns [33] Staffing Sector: Core International - Core International expects a steady increase in revenue and net profit in 2025, driven by technological advancements and operational efficiency [35] - The company is leveraging its data and technology capabilities to enhance its service offerings and market presence [35] - The integration of various business lines is expected to drive growth and improve profitability [35] Electronics Sector: Haixing Co., Ltd. - Haixing Co., Ltd. is positioned to benefit from the growing demand for AI server capacitors, with a projected market size increase in the coming years [37][38] - The company is enhancing its production capabilities to meet the rising demand for high-end aluminum electrolytic capacitors [38] - The company holds a leading market share in the aluminum foil sector, with ongoing improvements in technology and production processes [37]

行 业 及 产 业 基础化工 2026 年 03 月 30 日 高油价下关注煤化工等能源套利以 及农药板块，SEMICON 展现国产 替代加速趋势 看好 ——《化工周报 26/3/23-26/3/27》 相关研究 《生物基 PDO 格局优化，台积电资本开支 大幅增加，半导体材料景气持续上行—— 《化工周报 26/1/12-26/1/16》》 2026/01/18 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 李彦宏 A0230125030002 liyh@swsr ...

证券代码:002409 证券简称:雅克科技 编号:2026-002 江苏雅克科技股份有限公司 第六届董事会第十八次会议决议公告 特别提示：本公司及董事会全体成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。 一、会议召开及审议情况 公司放弃其作为华飞电子股东，对本次增资的优先认缴出资权。 《关于全资子公司引入投资人暨放弃优先认购权实施增资扩股的公告》具体 内容详见公司刊登在指定信息披露媒体的公告。 2、以 6 票同意，0 票反对，0 票弃权，审议通过了《关于全资子公司向参股 公司提供财务资助暨关联交易的议案》，并同意提交公司股东会审议。 关联董事沈琦先生、沈馥先生及沈锡强先生回避表决。 为支持全资子公司江苏雅克锡创半导体科技有限公司（以下简称"雅克锡 创"）的参股公司沈阳亦创精密科技有限公司（以下简称"沈阳亦创"）正常业务 发展及运营资金需求，雅克锡创拟与沈阳亦创的其他股东按出资比例向沈阳亦创 提供总额为人民币 3,877.50 万元的财务资助。雅克锡创目前持有沈阳亦创 33.33%的股权，提供的财务资助的金额为人民币 1,292.50 万元。 雅克锡创对沈阳亦创提供财务资助是为满足 ...

特别提示：本公司及全体董事保证公告内容真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）于2026 年3月30日召开第六届董事会第十八次会议，审议通过了《关于全资子公司引入 投资人暨放弃优先认购权实施增资扩股的议案》，具体情况如下： 证券代码：002409 证券简称：雅克科技 公告编号：2026-003 江苏雅克科技股份有限公司 关于全资子公司引入投资人暨放弃优先认购权实施增资扩股的 公告 一、本次增资事项概述 为进一步提升公司全资子公司浙江华飞电子基材有限公司（以下简称"华飞 电子"）的综合实力，助力公司电子封装粉体材料业务的战略布局，根据公司战 略规划和经营发展需要，华飞电子拟引入投资人工融金投二号（北京）新兴产业 股权投资基金合伙企业（有限合伙）（以下简称"工融金投二号"）、昆仑工融 绿色（北京）新兴产业投资基金合伙企业（有限合伙）（以下简称"昆仑工融基 金"）、兴银金融资产投资有限公司（以下简称"兴银金投"）、信银金融资产 投资有限公司（以下简称"信银金投"，与"工融金投二号"、"昆仑工融基金"、 "兴银金投"合称"投资人"），共同 ...

证券代码:002409 证券简称:雅克科技 编号:2026-004 江苏雅克科技股份有限公司 关于全资子公司向参股公司提供财务资助暨关联交易的公告 特别提示：本公司及董事会全体成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。 一、提供财务资助暨关联交易事项概述 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）于 2026 年 3 月 30 日召开第六届董事会第十八次会议，审议通过了《关于全资子公司向 参股公司提供财务资助暨关联交易的议案》。同意为支持全资子公司江苏雅克锡 创半导体科技有限公司（以下简称"雅克锡创"）的参股公司沈阳亦创精密科技 有限公司（以下简称"沈阳亦创"）正常业务发展及运营资金需求，雅克锡创与 沈阳亦创的其他股东按出资比例向沈阳亦创提供总额为人民币 3,877.50 万元的 财务资助。雅克锡创目前持有沈阳亦创 33.33%的股权，提供的财务资助的金额 为人民币 1,292.50 万元。 由于公司董事长、总经理沈琦先生担任沈阳亦创的董事，因此上述财务资助 事项构成关联交易。 公司召开的第六届董事会第十八次会议，以 6 票同意、0 票反对、0 票弃权 的表决 ...

证券代码：002409 证券简称：雅克科技 公告编号：2026-005 江苏雅克科技股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 4 月 15 日 13:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 4 月 15 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2026 年 4 月 15 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2026 年 4 月 ...

Investment Rating - The report maintains an "optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the impact of geopolitical tensions on oil prices, suggesting that the oil price center may remain elevated throughout the year. It emphasizes the potential for significant arbitrage opportunities in coal chemical, natural gas chemical, and chlor-alkali sectors due to high oil prices [3][4]. - The report notes a bullish trend in the agricultural chemicals sector, with many pesticide products experiencing price increases following the CAC Global Agricultural Exhibition. It suggests that the price hikes may exceed expectations [3][4]. - The semiconductor sector is showing accelerated trends in domestic substitution, with local equipment manufacturers launching new products and material companies successfully ramping up production [3][4]. Summary by Sections Macro Economic Judgments - Oil prices are expected to remain high due to geopolitical factors, while coal prices are stabilizing at a low level. Natural gas prices may rise in the short term due to conflicts, but costs for imported natural gas are anticipated to decrease [4][5]. Chemical Sector Configuration - The report suggests focusing on four areas for investment: alternative energy (coal chemical, natural gas chemical, chlor-alkali), agricultural chemicals, fine chemicals with high overseas production capacity, and sub-industries with favorable supply-demand dynamics [3][4]. - Specific companies to watch include Baofeng Energy, Hualu Hengsheng, Luxi Chemical, and Weixing Chemical in the coal chemical sector; Yangnong Chemical and Runfeng Co. in the agricultural sector; and Xinjiang Tianye and Wanwei High-tech in chlor-alkali [3][4]. Price Trends and Market Dynamics - The report provides detailed price movements for various chemicals, including a rise in methionine prices by 8.5 CNY/kg to 48 CNY/kg, indicating strong price transmission and continued bullish sentiment [3][4]. - The report also notes that the PPI for industrial products decreased by 0.9% year-on-year but increased by 0.4% month-on-month, reflecting ongoing market adjustments [5][6]. Key Material Focus - The report emphasizes the importance of self-sufficiency in key materials, particularly in the semiconductor sector, where companies like Yake Technology and Dinglong Co. are highlighted for their growth potential [3][4].

基础化工 | 证券研究报告 — 行业周报 2026 年 3 月 29 日 强于大市 化工行业周报 20260329 国际油价高位续涨，三聚氰胺、环氧丙烷价格上 涨 地缘冲突持续影响原油及部分石化产品供应与运输，加剧波动幅度。关注：1.大型能源央企；2. 原料供应稳定且相对低成本的煤化工等龙头公司；3.供需格局较好成本顺利传导的精细化工龙 头。 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20260322》20260323 《化工行业周报 20260315》20260315 《化工行业周报 20260308》20260308 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：赵泰 tai.zhao@bocichina.com 证券投资咨询业务证书编号：S1300525100001 ◼ 本周（03.23-03.29）均价跟踪的 100 个化工品种中，共有 5 ...

Core Insights - The report highlights a structural slow bull market in A-shares, with rising oil prices creating opportunities in the new energy sector [4][5] - The food and beverage sector shows resilience despite industry pressures, with Jinhuijiu's marketing reforms and stable cash flow management [7][8] - The real estate market is experiencing a contraction in new home sales, with a shift in focus towards core markets and potential recovery in 2026 [14][19] Group 1: A-Share Market and Strategy - The A-share market is undergoing adjustments due to geopolitical tensions, but the structural slow bull trend remains intact, with external events providing potential investment opportunities [4][5] - Oil prices have stabilized above $100, emphasizing the importance of energy transition and the potential for growth in renewable energy sectors such as solar and wind [6] Group 2: Food and Beverage Sector - Jinhuijiu reported a revenue of 2.92 billion yuan in 2025, a year-on-year decrease of 3.4%, with a net profit of 350 million yuan, down 8.7% [7][8] - The company is focusing on marketing reforms and maintaining healthy cash flow, with contract liabilities increasing to 820 million yuan by the end of Q4 2025 [8] Group 3: Real Estate Market - New home sales in 47 cities showed a month-on-month increase of 0.6% but a year-on-year decrease of 15.2%, indicating a challenging market environment [14] - The inventory of new homes has increased, and the de-stocking cycle has lengthened, suggesting ongoing pressure in the real estate sector [15][17] - The report suggests that the real estate sector may see a recovery in 2026, driven by improved sentiment and policy support [19]