Investment Rating - The report rates the chemical industry as "Outperforming the Market" [2] Core Views - The report highlights the impact of "anti-involution" on supply in related sub-industries, the increasing importance of self-sufficiency in electronic materials companies, undervalued industry leaders, and stable dividend policies in energy companies [2][10] - It suggests that the oil price is expected to remain at a medium to high level, with continued high prosperity in the oil and gas extraction sector, and emphasizes the importance of policy support for demand recovery in 2025 [10] Summary by Sections Industry Dynamics - As of September 14, the TTM price-to-earnings ratio for the SW basic chemical sector is 25.62, at the 99.50 percentile historically, while the price-to-book ratio is 2.24, at the 80.12 percentile [10] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 11.84, at the 84.48 percentile historically, and a price-to-book ratio of 1.17, at the 53.35 percentile [10] Investment Recommendations - The report recommends focusing on the following areas: 1. The impact of "anti-involution" on supply in related sub-industries 2. The critical importance of self-sufficiency in electronic materials companies 3. Undervalued industry leaders 4. Energy companies with stable dividend policies [2][10] - Long-term investment themes include the sustained high prosperity of the oil and gas extraction sector and the rapid development of downstream industries, particularly in new materials [10] Key Stocks to Watch - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies such as Anji Technology, Yake Technology, and Jiangfeng Electronics [2][10] Price Trends - In the week of September 8-14, 36 chemical products saw price increases, 36 saw decreases, and 28 remained stable. The average price of 41% of tracked products increased month-on-month, while 47% decreased [9][32] - The report notes specific price movements, such as a decrease in urea prices by 1.69% compared to the previous week and a significant drop in trichlorosucrose prices by 8.11% [9][32]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. 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 to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

江苏雅克科技股份有限公司 2025年第一次临时股东大会决议公告 证券代码：002409 证券简称：雅克科技 公告编号：2025-027 1、公司于2025年8月28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年第一次临时股东大会的通 知》。 2、本次股东大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大会决议的情况。 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： 3、本次股东大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9月12日（星期五）下午13:30。 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9月12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9月12日上午9:15至下午15:00期间的任意时 间。 2、会议方式：本次股东大会采取现场投票和网络投票相结合 ...

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 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于江苏雅克科技股份有限公司 本所律师根据对事实的了解和对法律的理解发表法律意见。 本所律师同意将本法律意见书作为公司 2025 年第一次临时股东大会的必备 法律文件予以存档，并依法对本所出具的法律意见承担责任。 为出具本法律意见书，本所律师已经对与出具本法律意见书有关的所有文件 材料及证言进行审查判断，并据此出具法律意见如下： 一、本次临时股东大会的召集、召开程序 2025 年第一次临时股东大会的法律意见书 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 年第一次临时股东 大会现场会议于 2025 年 9 月 12 日（星期五）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，指派米豪律师、冯璐律 ...

Company Overview - Jiangsu Yake Technology Co., Ltd. is located in Yixing Economic Development Zone, Wuxi, Jiangsu Province, and was established on October 29, 1997. The company went public on May 25, 2010. Its main business involves the research, production, and sales of electronic materials, LNG insulation boards, and flame retardants [1]. Business Segmentation - The revenue composition of the company is as follows: - Semiconductor chemical materials, photoresists, and supporting reagents account for 49.23% - LNG insulation composite materials contribute 27.13% - LNG engineering installation makes up 7.91% - Electronic specialty gases represent 4.56% - LDS equipment is 3.17% - Flame retardants account for 3.15% - Spherical silica micro powder is 2.99% - Other businesses contribute 1.88% [1]. Stock Performance - On September 12, Yake Technology's stock rose by 5.01%, reaching a price of 61.58 CNY per share, with a trading volume of 925 million CNY and a turnover rate of 4.84%. The total market capitalization is 29.308 billion CNY [1]. Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Yake Technology. The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) held 151,300 shares in the second quarter, representing 1% of the fund's net value, making it the fifth-largest holding. The estimated floating profit from this position is approximately 444,800 CNY [2]. Fund Performance - The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) was established on March 3, 2017, with a current scale of 824 million CNY. Year-to-date, it has achieved a return of 11.42%, ranking 3,564 out of 4,222 in its category. Over the past year, the return is 39.07%, ranking 2,849 out of 3,800, and since inception, the return is 61.76% [2]. Fund Management - The fund manager of the Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) is Zeng Li, who has been in the position for 6 years and 337 days. The total asset size of the fund is 4.158 billion CNY, with the best return during his tenure being 74.31% and the worst being -16.62% [3].

Core Viewpoint - The report from Zhongyin Securities indicates that Yake Technology achieved a net profit attributable to shareholders of 523 million yuan in the first half of the year, reflecting a year-on-year increase of 0.63% [1] Financial Performance - In Q2 2025, the company reported a net profit attributable to shareholders of 263 million yuan, showing a year-on-year decrease of 4.06% but a quarter-on-quarter increase of 0.86% [1] Business Development - Yake Technology is a leading supplier in the domestic display photoresist industry, offering products such as RGB color photoresists, TFT-PR photoresists, and OC/PS packaging transparent photoresists [1] - The company is actively developing key raw materials for color photoresists, including pigments and resins, and is progressing with verification tests [1] - Major clients include BOE, LG Display, Huaxing Optoelectronics, Huike, and Shentianma [1] Product Innovation - The company has begun small-scale verification testing of its printed OLED color printing inks with mainstream display manufacturers [1] Market Trends - There is a continuous growth in demand for fluorinated electronic specialty gases in high-voltage and semiconductor fields [1] - The Chengdu silicon micro-powder production line has commenced operations, contributing to the company's growth [1] Future Outlook - The company is focused on expanding its electronic materials and LNG insulation board business, with a positive outlook on the continuous development of its electronic materials segment [1] - The investment rating for the company is maintained at "Buy" [1]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of international oil price fluctuations and the recent price changes in TDI and acetic acid, suggesting a focus on supply-side influences from "anti-involution" trends, the importance of self-sufficiency in electronic materials, undervalued industry leaders, and stable dividend policies in energy companies [2][10] - It recommends a mid-to-long-term investment strategy focusing on high oil prices, the growth of the oil and gas extraction sector, and the rapid development of downstream industries, particularly in new materials [10] Industry Dynamics - As of September 7, the TTM price-to-earnings ratio for the SW basic chemical sector is 25.10, at the 74.71% historical percentile, while the price-to-book ratio is 2.19, at the 51.87% historical percentile. For the SW oil and petrochemical sector, the TTM price-to-earnings ratio is 11.93, at the 28.18% historical percentile, and the price-to-book ratio is 1.18, at the 24.04% historical percentile [10] - The report notes significant impacts from tariff policies and oil price volatility on the industry this year, with a focus on several key areas for September [2][10] Key Recommendations - The report suggests focusing on companies with strong performance in the following areas: 1. Oil and gas extraction with sustained high activity levels and robust dividend policies 2. New materials, particularly in electronic materials and renewable energy sectors, with significant growth potential [10] - Specific companies recommended include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several others in the new materials and energy sectors [10] Price Changes and Market Analysis - In the week of September 1-7, 29 chemical products saw price increases, 39 experienced declines, and 32 remained stable. Notable price increases were observed in NYMEX natural gas, bisphenol A, and acetic acid, while TDI and other products saw significant price drops [9][34] - The report indicates that the average price of acetic acid increased by 2.12% week-on-week, while TDI prices fell by 6.45% [9][34]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].