Core Insights - The report highlights the significant clinical progress of KC1036, an innovative drug developed by the company, which has successfully completed the first patient enrollment in a Phase II clinical trial for treating advanced Ewing sarcoma in adolescents aged 12 and above [3][6][7] - The potential market for KC1036 is substantial, with ongoing clinical studies for multiple indications, including esophageal cancer, where the first patient was enrolled in February 2024. The estimated number of esophageal cancer patients in China was 742,000 in 2022, indicating a large potential market [7] - The company is undergoing a marketing transformation in 2024, aiming to enhance its sales capabilities through a digital marketing team, which is expected to strengthen sales for existing products and lay the groundwork for future sales of KC1036 [7] Market Performance - The Shanghai Composite Index closed at 3145.55, up by 1.58%, while the Shenzhen Component Index rose by 0.64% to 9424.68. The CSI 300 Index increased by 1.71% to 3650.76, and the ChiNext Index saw a rise of 1.83% to 1840.31 [4] - In the industry performance, the Agriculture, Forestry, Animal Husbandry, and Fishery sector led with a 7.81% increase, followed by Retail with 3.44% and Food & Beverage with 3.37%. Conversely, the Electronics sector declined by 1.69% [5]

作 者丨张赛男 编 辑丨巫燕玲 刘雪莹 ETF放量、富时中国A5 0指数期货直线拉升、创业板指反弹！ 农业股持续大涨，北大荒等1 0余股涨停。大消费股震荡反弹，零售方向领涨，永辉超市等多股涨停。中字头、基建股一度冲高，中国中车接 近涨停。 港股走强，恒生指数涨1 . 5 8%，恒生科技指数涨3 . 5 7%。金山云、越疆、茶百道涨超1 0%，小米集团涨超5%。 4 月 8 日 早 盘 ， 中 证 5 0 0ETF （ 5 1 0 5 0 0 ） 成 交 超 6 3 亿 ， 南 方 中 证 1 0 0 0ETF （ 5 1 2 1 0 0 ） 、 华 夏 中 证 1 0 0 0ETF （ 1 5 9 8 4 5 ） 、 广 发 中 证 1 0 0 0ETF （5 6 0 0 1 0）、富国中证1 0 0 0ETF（1 5 9 6 2 9）成交超1 0亿元，均超昨日全天成交额。 | 159575 | 宽 创业板200ETF银华 | 1.021 | 0.033 | 3.34% | | --- | --- | --- | --- | --- | | 589630 | 宽 科创综指ETF国泰 | 0.841 | 0.0 ...

根据市场公开信息及4月7日披露的机构调研信息，知名私募盘京投资近期对3家上市公司进行了调研，相关名单如下： 1）中际旭创 （上海盘京投资参与公司电话会议） 调研纪要：中际旭创在机构调研中表示，芯片来源多样化，EML光芯片预计从二季度起缓解；1.6T产品二季度出货量增加，下半年预计大量部 署；非美国地区出口比例增长，降低关税负担；税率分担策略仍在研究中；800G和400G需求量不错，维持此前需求指引；CPO技术尚需较长时间 成熟，公司正投入研发；预计2026年1.6T产品大规模部署，算力需求持续增加。 2）卫星化学 （盘京投资参与公司电话会议） 调研纪要：卫星化学针对2025年4月4日国务院关税税则委员会发布的《关于对原产于美国的进口商品加征关税的公告》进行了详细回应。公司制 定了三套应对方案，包括争取乙烷不列入加征关税清单、争取豁免以及采用来料加工模式等，预计对公司全年经营不会造成根本性影响。加征关 税可能导致原材料价格下跌，但国内供应缺口可能推高产品价格，原料端和产品端价差扩大将对冲加征关税的影响。尽管油价波动较大，但乙烯 及下游产品价格波动相对较小，向下空间有限。公司有信心应对加征关税，短期业绩不会受到冲 ...

调研纪要：卫星化学针对2025年4月4日国务院关税税则委员会发布的《关于对原产于美国的进口商品加 征关税的公告》进行了详细回应。公司制定了三套应对方案，包括争取乙烷不列入加征关税清单、争取 豁免以及采用来料加工模式等，预计对公司全年经营不会造成根本性影响。加征关税可能导致原材料价 格下跌，但国内供应缺口可能推高产品价格，原料端和产品端价差扩大将对冲加征关税的影响。尽管油 价波动较大，但乙烯及下游产品价格波动相对较小，向下空间有限。公司有信心应对加征关税，短期业 绩不会受到冲击。 机构简介： 富恩德(北京)资产管理有限公司（简称富恩德）成立于2009年,是在中国证券投资基金业协会备案登记的 私募资产专业管理机构。富恩德总部位于北京，在上海设有分公司。公司拥有一支一、二级市场复合背 景的投研团队，从业经历丰富，多年配合默契，公司规模超过30亿，目前管理了多支主动管理型基金和 商业银行及保险公司专户产品，公司所管理产品穿越牛市和熊市，取得了较好成绩。富恩德衷心期待成 为您财富积累道路上诚挚的朋友与可靠的伙伴！ 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号）， ...

卫星化学 20250407 摘要 乙烷价格回落对加征关税的影响如何？ 根据测算，如果乙烷价格从目前的 28-29 美分回落到 20 美分以下，加征关税的 影响几乎可以忽略不计。若乙烷价格降至 20 美分以下，来料加工的利润可能还 会提升。 丙烷进口依赖度较高，未来加征关税可能带来的影响及应对措施是什么？ 目前国内丙烷主要从中东进口。如果美国对丙烷加征关税，不一定会导致中东 货源大涨，因为美国自身丙烷价格已经在下跌，从 4 月 2 日以来，美国丙烷价 格已下跌约 100 美元，目前在 510 美元左右，比中东货便宜很多。此外，油价 波动也会影响丙烷价格。整体来看，丙烯酸产业链中的企业，如我们这种从上 游到下游完整产业链的公司，最终可能受益于此。 近期美国宣布对所有贸易伙伴征收对等关税，中国也随即宣布了对原产于美国 的进口商品加征关税。请问公司对此有何应对策略？ 面对这一突发情况，公司制定了三项主要策略。首先，我们将密切关注公告的 具体实施进展，成立专门团队向相关部门争取不列入化工关税清单。去年年底， 我们刚刚向税收委员会申请了乙烯减税，新方案中乙烯作为绿色清洁能源被单 列出来，关税从 2%降至 1%。我们会积极 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Group 1: Impact of Tariffs - The announcement of tariffs on imported goods from the U.S. is a strategy to protect national interests, with the company developing three response plans [3] - If ethane is included in the tariff list, the company will seek exemptions and has already seen a reduction in the tariff rate from 2% to 1% for ethane, which is classified as a green energy source [3] - The potential impact of a 34% tariff on ethane could increase costs by 3%-5% if the company adopts a processing model, but overall operations are not expected to be fundamentally affected [3] Group 2: Price Fluctuations and Market Dynamics - Propane FEI prices dropped from $618/ton to $518/ton, a decrease of $100/ton, following the tariff announcement [4] - China imports approximately 2.38 million tons of polyethylene from the U.S. annually; tariffs may reduce imports, leading to domestic supply shortages and potential price increases [4] - The company aims to become a world-class chemical new materials technology company, focusing on high-end chemical projects to reduce reliance on imports and gain market advantages [4] Group 3: Oil Price and Product Pricing - Despite significant fluctuations in oil prices in 2024, ethylene and downstream product prices remained relatively stable due to low historical prices and recovering demand [5] - High-cost production capacities may reduce supply through shutdowns or maintenance, which could support chemical product prices [5] Group 4: Short-term Performance Outlook - The company is confident that the tariff measures will not impact short-term performance, as the tariffs have not yet been officially implemented [6][7] - Long-term effects on the company's performance are also expected to be minimal [7]

Group 1 - The core viewpoint of the news is the performance of the CSI Chemical Index, which has shown an increase of 1.62% in the past month and 4.43% in the past three months, with a year-to-date increase of 4.43% [1] - The CSI Chemical Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted stocks in the CSI Chemical Index include Wanhua Chemical (7.35%), Salt Lake Industry (3.68%), and Satellite Chemical (2.22%) among others [1] Group 2 - The market share of the CSI Chemical Index holdings is distributed as follows: Shenzhen Stock Exchange 52.02%, Shanghai Stock Exchange 47.73%, and Beijing Stock Exchange 0.24% [1] - The composition of the CSI Chemical Index holdings by industry shows that chemical products account for 33.16%, chemical raw materials 27.50%, and agricultural chemicals 19.69% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2]

华鑫证券指出，海外再迎超级避险节点，衰退交易加剧全球资产波动；国内聚焦一季度财报、经济数据验证和4月中央政治局会议信号等。"4月决断"面临内 外多重考验，港股震荡为主，A股震荡调整，微盘承压，风格高低切换。建议关注业绩修复、周期涨价、红利防御等方向。待中下旬止跌信号确认后，可逐 步博弈成长反弹机会。 4月首个交易日，A股市场全天冲高回落，三大指数涨跌不一。截至收盘，沪指涨0.38%，深成指跌0.01%，创业板指跌0.09%。沪深两市全天成交额1.13万亿 元，较上个交易日缩量893亿元。全市场超3800只个股上涨。板块方面，可控核聚变、创新药、中药、电力等板块涨幅居前，人形机器人、算力、软件开 发、金融科技等板块跌幅居前。 回顾3月，A股整体呈震荡趋势，三大指数在3月初上涨之后，在3月下旬出现了回调。当月沪指上涨0.45%，深证成指下跌0.99%，创业板指下跌3.07%，北证 50下跌2.74%。在行业方面，申万31个一级行业中有17个行业实现了上涨，涨幅前三分别是：有色金属（7.75%）、家用电器（4.32%）、煤炭（3.63%）； 在下跌行业中，计算机（-5.43%）跌幅最大，房地产（-4.80%）、电子 ...