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]

雅克科技最新一期业绩显示，截至2025一季报，公司营业总收入21.18亿元、同比增长30.88%，归属净 利润2.60亿元，同比增长5.85%，扣非净利润2.54亿元，同比增长6.19%，流动比率1.652、速动比率 1.129、资产负债率41.78%。 天眼查商业履历信息显示，江苏雅克科技股份有限公司，成立于1997年，位于无锡市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本47592.7678万人民币，实缴资本7600万人民币。公 司法定代表人为沈琦。 通过天眼查大数据分析，江苏雅克科技股份有限公司共对外投资了17家企业，参与招投标项目30次，知 识产权方面有商标信息6条，专利信息111条，此外企业还拥有行政许可88个。 来源：金融界 金融界消息 截至2025年8月5日收盘，雅克科技（002409）报收于55.35元，上涨0.22%，换手率1.67%， 成交量5.33万手，成交金额2.95亿元。 资金流向方面，今日主力资金净流入1019.10万元，占比成交额3.46%。其中，超大单净流入661.48万 元、占成交额2.25%，大单净流入357.62万元、占成交额1.21%，中单净流出流出 ...

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]

金融界消息 截至2025年7月29日收盘，雅克科技（002409）报收于56.25元，上涨0.75%，换手率 2.19%，成交量6.96万手，成交金额3.89亿元。 资金流向方面，今日主力资金净流出1981.54万元，占比成交额5.09%。其中，超大单净流出1950.66万 元、占成交额5.01%，大单净流出30.87万元、占成交额0.08%，中单净流出流出177.18万元、占成交额 0.46%，小单净流入2158.71万元、占成交额5.55%。 雅克科技最新一期业绩显示，截至2025一季报，公司营业总收入21.18亿元、同比增长30.88%，归属净 利润2.60亿元，同比增长5.85%，扣非净利润2.54亿元，同比增长6.19%，流动比率1.652、速动比率 1.129、资产负债率41.78%。 天眼查商业履历信息显示，江苏雅克科技股份有限公司，成立于1997年，位于无锡市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本47592.7678万人民币，实缴资本7600万人民币。公 司法定代表人为沈琦。 通过天眼查大数据分析，江苏雅克科技股份有限公司共对外投资了17家企业，参与招投标项目30次， ...

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].

根据上述会议决议,公司按照法定程序办理了增加经营项目的工商变更登记 事宜，并于近日完成工商变更登记手续，获得无锡市数据局换发的《营业执照》， 具体情况如下： 1、经营范围 变更前： "经营范围 许可项目：危险化学品生产（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：新材料 技术研发；专用化学产品制造（不含危险化学品）；专用化学产品销售（不含危 险化学品）；纸和纸板容器制造；塑料包装箱及容器制造；玻璃纤维增强塑料制 品制造；玻璃纤维增强塑料制品销售；塑料制品制造；塑料制品销售；工程和技 术研究和试验发展；自然科学研究和试验发展；技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）" 证券代码：002409 证券简称：雅克科技 公告编号：2025-020 江苏雅克科技股份有限公司 关于完成工商变更登记手续并换发营业执照的公告 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。 江苏雅克科技股份有限公司（以下简称"公司"）于2025年 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Core Viewpoint - The semiconductor materials ETF is showing strong performance, with significant increases in both price and trading volume, indicating a positive market sentiment towards the semiconductor materials and equipment sector [3][4]. Group 1: ETF Performance - As of July 8, 2025, the semiconductor materials ETF (562590) rose by 1.27%, with a latest price of 1.11 yuan [3]. - Over the past two weeks, the ETF has accumulated a rise of 1.85%, ranking 2nd out of 5 comparable funds [3]. - The ETF's trading volume was active, with a turnover rate of 16.45% and a transaction value of 54.74 million yuan [3]. - The average daily trading volume over the past year was 17.32 million yuan, ranking 2nd among comparable funds [3]. Group 2: Scale and Share Growth - In the past week, the ETF's scale increased by 4.11 million yuan, placing it 1st out of 5 comparable funds in terms of scale growth [3]. - The ETF's share count grew by 8 million shares in the past week, also ranking 1st among comparable funds [3]. Group 3: Tracking Accuracy - As of July 7, 2025, the ETF's tracking error over the past two months was 0.015%, the highest accuracy among comparable funds [3]. Group 4: Index Composition - The CSI Semiconductor Materials and Equipment Theme Index (931743) includes 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of this sector [4]. - The top ten weighted stocks in the index account for 62.78% of the total index weight, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6].

Group 1 - The A-share photolithography machine (gel) concept has seen a short-term rise, with Dongcai Technology hitting the daily limit and achieving two consecutive boards in three days [1] - Chip Microelectronics has increased by over 8%, indicating strong market interest in the sector [1] - Other stocks such as Yake Technology, Feikai Materials, Shengjian Technology, and Huilun Crystal have also experienced upward movement, reflecting a broader trend in the industry [1]