每经AI快讯，万润股份（SZ 002643，收盘价：14.15元）12月1日晚间发布公告称，截至2025年11月30 日，公司通过股份回购专用证券账户以集中竞价方式回购公司股份约411万股，占公司当前总股本约 9.23亿股的0.4456%，购买股份的最高成交价为14.21元/股，最低成交价为11.31元/股，已使用资金总额 约为5301万元。 2025年1至6月份，万润股份的营业收入构成为：化学原料及化学制品制造业占比100.0%。 截至发稿，万润股份市值为131亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 王晓波） ...

证券代码：002643 证券简称：万润股份 公告编号：2025-076 中节能万润股份有限公司 关于回购股份进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1 截至 2025 年 11 月 30 日，公司通过股份回购专用证券账户以集中竞价方式 回购公司股份 4,112,800 股，占公司当前总股本 922,959,225 股的 0.4456%，购买 股份的最高成交价为 14.21 元/股，最低成交价为 11.31 元/股，已使用资金总额为 53,011,757 元（不含交易费用）。 本次回购股份资金来源为公司自有资金及股票回购专项贷款，回购价格未超 过 16.45 元/股。本次回购符合相关法律法规的规定和公司既定的回购股份方案的 要求。 二、其他说明 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《深圳 证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，具体情况 如下： 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include Luxshare Precision, Huichuan Technology, United Imaging Healthcare, Aibo Medical, and Kaiying Network [11][12] - In the last 5 days, the most researched companies include Jerry Holdings, Fule New Materials, ST Huaton, Kaiying Network, and Jing Sheng Machinery [11][13] - Among the top twenty companies in the last 30 days, 18 companies had 10 or more rating agencies involved, with significant profit growth expected for companies like Jiao Cheng Ultrasound, Nine Company-WD, United Imaging Healthcare, and Lanke Technology in Q1-Q3 of 2025 compared to the same period in 2024 [11][12][14] Group 2: Shareholder Increase in A-Share Listed Companies - From November 24 to November 28, 2025, six listed companies announced significant shareholder increases, with Wanrun Co., Zhongchumai, and Lega Co. planning to increase their holdings by amounts that exceed 1% of the market value on the announcement date [3][18] - From January 1 to November 28, 2025, a total of 299 companies announced shareholder increases, with 75 of them having 10 or more rating agencies involved. Among these, 18 companies had planned increases that exceeded 1% of their market value [5][20] Group 3: Share Buyback Situations in A-Share Listed Companies - From November 24 to November 28, 2025, 83 companies announced buyback progress, with 23 of them having 10 or more rating agencies involved. Six companies had buyback amounts that exceeded 1% of their market value on the announcement date, including Zhongkong Technology, Aters, Naxinwei, and Petty Co. [4][24] - From January 1 to November 28, 2025, a total of 1,814 companies announced buyback progress, with 349 of them having 10 or more rating agencies involved. Among these, 89 companies had buyback amounts that exceeded 1% of their market value [6][25]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Viewpoint - Wanrun Co., Ltd. has shown a positive stock performance with a year-to-date increase of 19.16% and a recent 5-day increase of 10.69%, indicating strong market interest and potential growth in the electronic materials sector [1][2]. Financial Performance - For the period from January to September 2025, Wanrun Co., Ltd. achieved a revenue of 2.826 billion yuan, representing a year-on-year growth of 2.31%. The net profit attributable to shareholders was 306 million yuan, reflecting a growth of 3.27% compared to the previous year [2]. - The company has distributed a total of 2.005 billion yuan in dividends since its A-share listing, with 646 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Wanrun Co., Ltd. was 42,100, a decrease of 13.28% from the previous period. The average number of circulating shares per shareholder increased by 15.31% to 21,575 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 12.2602 million shares, an increase of 3.6845 million shares from the previous period. Additionally, GF Multi-Factor Mixed Fund has entered as a new shareholder with 10.8781 million shares [3]. Market Activity - On November 28, Wanrun Co., Ltd. saw its stock price rise by 2.09%, reaching 14.18 yuan per share, with a trading volume of 237 million yuan and a turnover rate of 1.86%. The total market capitalization stood at 13.088 billion yuan [1]. - The net inflow of main funds was 8.8729 million yuan, with significant buying activity from large orders amounting to 39.9358 million yuan, indicating strong investor interest [1]. Business Overview - Wanrun Co., Ltd. is located in Yantai, Shandong Province, and was established on July 5, 1995. It was listed on December 20, 2011. The company operates in three main sectors: electronic information materials, environmental protection materials, and health products, with functional materials accounting for 78.58% of its revenue [1]. - The company is classified under the Shenwan industry as electronic-chemical products, with involvement in sectors such as electronic chemicals, exhaust treatment, lithium batteries, new materials, and solid-state batteries [1].

Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the 3rd National New Cup ESG Golden Bull Award Ceremony were held in Suzhou, Jiangsu, focusing on sustainable development themes [1][4] - Wanrun Co., Ltd. won the "ESG Excellent Central Enterprise Golden Bull Award" for its innovative practices and outstanding performance in the ESG field [1][4] - The ESG Golden Bull Award is a brand evaluation and award initiative by China Securities Journal, aimed at recognizing leading enterprises in ESG practices [4][5] Group 2 - Wanrun Co., Ltd. has established an ESG execution team composed of the board of directors, the board's strategic committee, and relevant departments, integrating the 17 UN Sustainable Development Goals into its management practices [4] - The award evaluation process utilized a rigorous and scientific assessment system, considering financial significance and impact importance, along with ESG risk event assessments and disclosure quality [5] - The 3rd National New Cup ESG Golden Bull Award includes seven categories, such as "Top 100 ESG Golden Bull Awards" and "ESG Carbon Neutrality Golden Bull Award," promoting diverse recognition of ESG performance [4][5]

Core Viewpoint - The controlling shareholder of Wanrun Co., Ltd. has announced a share buyback plan, indicating confidence in the company's future despite a significant decline in performance in 2024 and mediocre results in the first three quarters of 2025 [1][5][6]. Shareholder Activity - The controlling shareholder, China Energy Conservation and Environmental Protection Group, plans to increase its stake in Wanrun Co., Ltd. by investing between RMB 3.65 billion and RMB 7.30 billion over a six-month period starting November 24, 2025 [1][2]. - As of November 27, 2025, China Energy Conservation holds 23.01% of Wanrun's shares, with a total of 25.19% when including its subsidiary [2]. - In 2023, the second-largest shareholder, Luyin Investment Group, completed a share purchase plan totaling over RMB 2 billion, increasing its stake to 12.23% [3]. Company Performance - Wanrun Co., Ltd. experienced a significant decline in performance in 2024, with revenue dropping by 14.22% to RMB 36.93 billion and net profit decreasing by 67.72% to RMB 2.46 billion [5][6]. - The first three quarters of 2025 showed slight improvement, with revenue of RMB 28.26 billion, a year-on-year increase of 2.31%, and net profit of RMB 3.06 billion, up 3.27% [6]. Market Position and Product Development - Wanrun Co., Ltd. operates in multiple sectors, including electronic information materials, environmental materials, new energy materials, and life sciences, with a focus on functional materials [4]. - The company has been actively developing products in semiconductor manufacturing materials, polyimide materials, and other high-performance polymers, including photolithography materials and solid-state battery materials [7]. - Despite the company's strong cash flow, with net cash flow from operating activities reaching RMB 10.96 billion in 2024, its stock performance has been relatively average, with a year-to-date increase of 16.72% as of November 27, 2025 [6][7].

Core Viewpoint - Wanrun Co., Ltd. has seen a stock price increase of 5.74% on November 27, reaching 14.38 CNY per share, with a total market capitalization of 13.272 billion CNY, indicating a cumulative increase of 6.17% over three consecutive days [1] Group 1: Company Overview - Wanrun Co., Ltd. is located in Yantai, Shandong Province, and was established on July 5, 1995, with its listing date on December 20, 2011 [1] - The company operates in three main business areas: electronic information materials, environmental protection materials, and health products, with revenue contributions of 78.58% from functional materials, 20.09% from life sciences and pharmaceuticals, and 1.33% from other sources [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Wanrun Co., Ltd., one fund from GF Fund Management has entered the list, holding 10.8781 million shares, which is 1.2% of the circulating shares [2] - The fund, GF Multi-Factor Mixed Fund (002943), has generated a floating profit of approximately 8.4849 million CNY today and 8.5937 million CNY during the three-day increase [2] Group 3: Fund Performance - GF Multi-Factor Mixed Fund (002943) was established on December 30, 2016, with a current scale of 16.864 billion CNY and has achieved a year-to-date return of 29.52% [2] - The fund's one-year return stands at 30.98%, ranking 2478 out of 8054 in its category, while its cumulative return since inception is 420.05% [2] Group 4: Fund Manager Information - The fund managers of GF Multi-Factor Mixed Fund are Tang Xiaobin and Yang Dong, with Tang having a tenure of 10 years and 342 days, and Yang having a tenure of 4 years and 150 days [3] - Tang's best fund return during his tenure is 367.42%, while Yang's best return is 98.96% [3] Group 5: Additional Fund Information - Another fund, GF Smart Selection Start Mixed A (023761), holds 23,900 shares of Wanrun Co., Ltd., making it the second-largest holding in the fund, with a net asset ratio of 0.84% [4] - This fund was established on June 18, 2025, and has achieved a return of 19.88% since inception [5]

Core Viewpoint - Wanrun Co., Ltd. announced a plan for its controlling shareholder, China Energy Conservation and Environmental Protection Group, to increase its stake in the company by investing between 365 million and 730 million yuan over a six-month period starting November 24, 2025, to boost investor confidence and promote stable development [1][2] Group 1: Shareholder Actions - China Energy Conservation currently holds 212 million shares, accounting for 23.01% of the total share capital, while its subsidiary holds an additional 20.1 million shares, bringing the total to 25.19% [2] - The announcement follows a previous increase in shareholding by another major shareholder, Luyin Investment Group, which acquired approximately 20.1 million shares for about 201 million yuan [3][2] Group 2: Financial Performance - For the first three quarters of 2025, Wanrun reported a revenue of 2.826 billion yuan, a year-on-year increase of 2.31%, and a net profit attributable to shareholders of 306 million yuan, up 3.27% [6] - The company's net profit excluding non-recurring items grew by 14.02% to 292 million yuan during the same period [6] Group 3: Subsidiary Listing Plans - Wanrun is accelerating the plan for its subsidiary, Yantai Jiumu Chemical Co., Ltd., to go public, with the application for listing on the Beijing Stock Exchange having been accepted [7] - The planned issuance will not exceed 46.875 million shares, aiming to raise up to 1.15 billion yuan, with significant funds allocated for OLED materials projects [7] Group 4: R&D Investment - Wanrun has significantly increased its R&D investment, with expenses rising from 295 million yuan in 2021 to 423 million yuan in 2024, reflecting a commitment to innovation [5] - The R&D expense ratio increased from 6.78% to 11.46%, indicating a strong focus on sustainable development through innovation [5]

Group 1 - Aolide plans to raise no more than 300 million yuan through a simplified procedure for issuing shares to specific targets, with net proceeds allocated to the production base project for OLED display core materials and to supplement working capital [1] - Wanbang's subsidiary has obtained a 10-year exclusive agency for sildenafil oral suspension, which is suitable for patients with swallowing difficulties [2] - Titan Technology and its affiliate plan to jointly invest in increasing capital for its subsidiary, Micro Detection, raising its registered capital from 10 million yuan to 50 million yuan [3] Group 2 - Jindike will not issue new batches of quadrivalent influenza virus split vaccine this year, having produced approximately 1.56 million doses [4] - Aladdin intends to purchase 35% equity of Youke for 61.25 million yuan, funded by its own or raised capital [5] - Gujia Home's application for a private placement of A-shares has been approved by the Shanghai Stock Exchange [7] Group 3 - Honghe Technology's application for a private placement of A-shares has been approved by the China Securities Regulatory Commission [9] - Guangdian Yuntong has won contracts totaling 308 million yuan for the construction of an artificial intelligence application pilot base [10] - Shanghai Mechanical plans to repurchase B-shares worth no more than 278 million yuan [11] Group 4 - Weiling Co. is planning a change of control, with shares representing 7.76% of the total being transferred [14] - Jiugang Hongxing intends to invest 200 million yuan to establish a wholly-owned subsidiary focusing on high-quality special steel materials [16] - Zhongjian Technology has submitted an application for H-share listing [17] Group 5 - Sainuo Medical has received registration approval for its coronary product in Pakistan [18] - Huafeng Aluminum plans to acquire 100% equity of Huafeng Puen for 100 million yuan [20] - Fuda Co. intends to establish a wholly-owned subsidiary with an investment of 30 million yuan [22] Group 6 - Su Yan Jingshen's application for a private placement of shares has been approved by the Shanghai Stock Exchange [24] - Zhongchuang Co. has set the inquiry transfer price at 25.75 yuan per share [25] - Jinpu Garden has had a lawsuit involving 26.557 million yuan accepted by the court [29] Group 7 - ICBC has approved the appointment of Zhao Guid as vice president [30] - Betta Pharmaceuticals has had its drug registration application for ensartinib accepted [32] - Times New Materials plans to invest 6 million euros to establish a wholly-owned subsidiary in Serbia [34] Group 8 - China State Construction has appointed Chen Yong as vice president [36] - Dayang Electric plans to invest 10 million yuan to establish an industrial fund [38] - Advanced Digital has appointed Liu Zhigang as deputy general manager [39] Group 9 - Tianqi Co. plans to transfer 7% equity of Youqi Intelligent for 130 million yuan [40] - Xinguo has submitted an application for H-share issuance and listing [42] - Jinhongshun's shareholder has terminated a share reduction plan [43] Group 10 - Wanrun Co.'s actual controller plans to increase shareholding between 365 million yuan and 730 million yuan [44] - Suzhou High-tech plans to sell 47% equity of its medical device subsidiary for 604 million yuan [45] - Huayou Cobalt's subsidiary has signed a product supply agreement with Yiwei Lithium Energy for approximately 127,800 tons of materials [47] Group 11 - China Communications has won 10 important projects totaling approximately 2.539 billion yuan [49] - Nopushin plans to raise no more than 1.45 billion yuan through a private placement [50] - Yun Aluminum plans to acquire minority stakes in three subsidiaries for a total of 2.267 billion yuan [51] Group 12 - Xiamen Tungsten plans to establish a 500 million yuan merger fund with multiple parties [52] - Aotewei has signed a contract worth approximately 700 million yuan [54] - Hemai Co.'s shareholders plan to reduce their holdings by no more than 3% [56]