Group 1: Industry Insights - The rapid increase in power of AI server cabinets is pushing the limits of cold plate liquid cooling, leading to a rise in the penetration of immersion liquid cooling and a surge in demand for fluorinated liquids [1] - Currently, fluorinated compounds account for approximately 94.2% of the immersion cooling liquid market, indicating a strong market share for this segment [1] - Based on calculations, if 1% of the 2.1 million AI servers expected to be shipped in 2025 utilize immersion cooling, the demand for fluorinated liquids could reach 10,500 tons [1] Group 2: Product Development - Perfluoropolyether is expected to become the preferred choice for immersion cooling fluorinated liquids due to its excellent properties such as low dielectric constant, good insulation, and high thermal conductivity [2] - The synthesis of perfluoropolyether is complex, with only a few companies globally, including Solvay, Chemours, and Daikin, capable of mass production [3] - The main production methods for perfluoropolyether include photochemical oxidation and anionic polymerization, with K-type and Y-type being the most common types in the market [3] Group 3: Company Profiles - Sinochem International (New Zhou Bang) has established a production capacity of 2,500 tons of perfluoropolyether, which supports various applications including immersion cooling for data centers [4] - The company has plans to expand its production capacity through technological upgrades and a new project aimed at producing 30,000 tons of high-end fluorinated fine chemicals, with an investment of approximately 1.2 billion yuan [4] - Juhua Co., Ltd. has developed a series of perfluoropolyether-based cooling liquids, which have been recognized as excellent industrial new products in Zhejiang Province for 2025 [5] - The company has established demonstration applications for its immersion cooling liquids and plans to produce 5,000 tons annually, with the first phase already in operation [5]

Group 1 - The company has invested years in the research of solid-state electrolytes, with over 30 related patent applications filed to date [3] - The company's subsidiary, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive R&D, testing, and production platform for solid-state electrolyte materials, achieving stable production and product delivery at a scale of hundreds of tons [3] - The company acknowledges that the commercialization of solid-state batteries faces challenges such as cost, technology, and supply chain issues, indicating that large-scale commercialization will require time and market validation [3] Group 2 - The core business of the company includes battery chemicals, with products such as lithium-ion battery electrolytes and electrolyte materials, serving a wide range of downstream applications including power batteries, energy storage batteries, and consumer batteries [4] - Consumer batteries are primarily used in laptops, tablets, smartphones, wearable devices, consumer drones, robots, smart appliances, power tools, and various portable electronic products [4] - The company sees significant market potential in new fields such as robotics and plans to continue expanding and deepening collaborations with customers through technological innovation and product optimization [4]

Core Viewpoint - The report highlights the performance of the Jiashi New Energy Materials Stock A Fund, indicating a profit of 118 million yuan in the first half of 2025, with a net value growth rate of 5.25% and a fund size of 2.059 billion yuan as of mid-year [2]. Fund Performance - The fund's weighted average profit per share for the reporting period is 0.0959 yuan [2]. - As of September 3, the fund's unit net value is 2.113 yuan [2]. - The fund's one-year return is 69.74%, ranking it 3rd among comparable funds [5]. - Over the past three months, the fund's net value growth rate is 23.82%, ranking 21st out of 44 comparable funds [5]. Market Position and Competitiveness - The fund manager notes an increase in China's global competitiveness across various industries, including AI, internet, and military sectors, indicating a rise in domestic risk appetite [2]. - The fund's weighted average price-to-earnings (P/E) ratio is approximately 28.99 times, significantly lower than the industry average of 1550.21 times [10]. Valuation Metrics - The fund's weighted average price-to-book (P/B) ratio is about 2.51 times, compared to the industry average of 2.74 times [10]. - The weighted average price-to-sales (P/S) ratio stands at 2.09 times, lower than the industry average of 2.24 times [10]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate is 0.06%, and the weighted average net profit growth rate is 0.09% [18]. - The weighted annualized return on equity is 0.09% [18]. Fund Composition and Holdings - As of June 30, 2025, the fund's total assets amount to 2.059 billion yuan, with 343,700 holders collectively owning 1.148 billion shares [34][37]. - The fund has a high concentration of holdings, with its top ten stocks including Ningde Times, Putailai, and Yiwei Lithium Energy [42]. Trading Activity - The fund's turnover rate for the last six months is approximately 43.5%, consistently below the industry average [40].

Group 1 - The New Energy sector is experiencing a strong upward trend, with the ChiNext New Energy Index rising by 4.36% as of September 5, 2025, and key stocks such as XianDao Intelligent and Dao's Technology showing significant gains of 17.22% and 8.47% respectively [1] - Global power battery installations reached 504.4 GWh in the first half of 2025, marking a year-on-year increase of 37.3%, with Chinese companies accounting for 68.79% of the top 10 [1] - China's total production of power batteries and other batteries reached 831.1 GWh from January to July 2025, reflecting a year-on-year growth of 57.5% [1] Group 2 - Zhongyuan Securities indicates that the performance of the lithium battery sector is expected to recover, driven by ongoing demand for power and energy storage batteries [2] - The demand for consumer lithium batteries is anticipated to continue growing due to increased smartphone shipments [2] - The top ten weighted stocks in the ChiNext New Energy Index account for 64.15% of the index, with leading companies including CATL and Sungrow Power [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil, Gas, and Chemicals - **Key Trends**: - OPEC+ is expected to fully unwind production cuts, leading to increased oil supply surplus expectations. - Brent crude oil prices fell by 3% month-over-month (MoM) to US$67.3 per barrel in August, indicating weaker prices as peak demand season ends. [2][28] - The International Energy Agency (IEA) projects a surplus of 1.8 million barrels per day (Mb/d) in 2025, increasing to 3.0 Mb/d in 2026. The Energy Information Administration (EIA) forecasts around 1.5 Mb/d for both years. [2][28] Chemical Sector Insights - **Price Movements**: - TDI (Toluene Diisocyanate) average selling price (ASP) increased by 13% MoM, but showed a downward trend due to soft demand and higher supply. [3] - mMDI (Modified MDI) ASP rose by 7% MoM, supported by maintenance periods for some plants. [3] - Refrigerant R32 ASP also increased by 7% MoM, driven by strong producer bargaining power. [3] - **Demand Dynamics**: - Price increases were noted among TiO2 producers and polyester filament businesses, indicating potential for further price hikes in the near term. [4] - Products with tight supply include acetic acid, hydrogen peroxide, refrigerants, and others, suggesting potential price support. [4] Stock Recommendations - **Preferred Sectors**: - Chemical subsectors are favored as beneficiaries of 'anti-involution', particularly: - Fertilizers (Hualu) - Refining/Olefins (Hengli, Baofeng, Satellite) - Products with price hike potential (Wanhua for pMDI, Tongkun for polyester filament, Fufeng/Meihua for MSG, and refrigerants). [5] Risk Factors - **Oil & Gas Sector Risks**: - Fluctuations in crude oil prices and disappointing productivity enhancements could impact the sector. [28] - **Chemical Sector Risks**: - Price volatility due to international oil price changes and macroeconomic uncertainties could affect demand. [29] - **New Materials Sector Risks**: - Technological changes and reliance on policy support pose risks to revenue growth and stability. [30] Price Trends and Spreads - **Chemical Product Prices**: - Significant price changes were observed in various chemical products, with some experiencing declines of over 30% year-over-year (YoY). [27] - For example, butyl acrylate saw a 20.9% decrease MoM, while methanol-coal prices increased by 63.5% YoY. [27] Conclusion - The oil and chemical sectors are facing a complex landscape characterized by supply surpluses, price volatility, and shifting demand dynamics. Investors are advised to monitor these trends closely for potential investment opportunities and risks.

摘要 如何构筑稳定的电极-电解液界面（SEI/CEI），成为破解高压难题的关键。 进入 2025 年，电池行业的新一轮材料升级正在发生。无论是新能源汽车对轻量化和超快充的诉求，还是消费电子对轻薄与长续航的追求，都在推动 高镍正极、硅碳负极等高性能材料加速应用。 高镍 / 超高镍正极、硅碳负极乃至锂金属负极等高性能材料加速应用 。 双结构融合 破解高电压难题 优先成膜，抢占界面反应先机： 密度泛函理论（DFT）计算表明，相较于传统电解液组分（如碳酸乙烯酯EC、1，3-丙烷磺内酯PS），CBS具有更低的LUMO能级（-0.6eV）。这 一特性使其在电池首次充电过程，能够优先于EC在负极表面发生还原反应，形成致密富硫无机SEI膜；同时参与正极表面CEI膜的构建，显著抑制界面 副反应。 对于LiNi₀.₆Co₀.₁Mn₀.₃O₂（NCM613）等高镍正极材料而言，在4.4 V甚至更高电压下运行，可显著提升电池能量密度，但也极易引发晶格氧流 失、过渡金属溶解、电解液持续氧化等连锁问题。 溶解的金属离子迁移至负极后，会催化锂沉积和电解液分解，从而破坏负极SEI膜，最终导致"电池容量跳水"（battery rollover ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][23]. Core Views - The company's organic fluorine business continues to grow, driven by innovation, which supports long-term growth prospects [1]. - The overall sales gross margin for the first half of 2025 is 25.05%, a decrease of 2.83 percentage points compared to the same period in 2024 [2]. - The company has seen significant growth in its operating cash flow, with a net cash flow from operating activities of 569 million, up 321.57% year-on-year [3]. - The company is focusing on technological research and strategic layout to enhance its core competitiveness across four major business modules [10]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 4.248 billion, an increase of 18.58% year-on-year, and a net profit of 484 million, up 16.36% year-on-year [1]. - The company expects revenues of 10.236 billion, 12.634 billion, and 14.115 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.178 billion, 1.537 billion, and 2.030 billion [12]. - The company's three main business segments—battery chemicals, organic fluorine chemicals, and electronic information chemicals—are all experiencing growth, with battery chemicals revenue reaching 2.815 billion, up 22.77% year-on-year [3][9]. Business Segment Performance - The organic fluorine chemicals segment achieved revenue of 722 million, a year-on-year increase of 1.37%, with a gross margin of 62.80% [4]. - The electronic information chemicals segment reported revenue of 679 million, a growth of 25.18% year-on-year, with a gross margin of 47.82% [9]. - The company is enhancing its global layout to meet customer demands, with ongoing projects in Malaysia and the United States to expand its battery chemicals capacity [11].

人民财讯9月1日电，新宙邦（300037）9月1日在互动平台表示，公司一直积极关注并布局半导体先进封 装测试相关材料领域，目前已经布局电容器封装材料，未来将扩展到半导体领域，公司将持续优化产品 结构，积极把握市场机遇。 ...

Core Viewpoint - The article discusses a significant breakthrough by Shenzhen Xinzhou Technology Co., Ltd. in the field of high-voltage lithium batteries, specifically the development of an innovative electrolyte additive (CBS) that enhances battery performance and safety under high voltage conditions [1][21]. Group 1: Innovation and Mechanism - The CBS additive is designed to address challenges associated with high-voltage operation, such as lattice oxygen loss and metal ion dissolution, which can lead to battery capacity degradation [2][4]. - CBS combines the structural advantages of carbonate and sulfate, creating a hybrid molecule that forms a stable SEI (Solid Electrolyte Interphase) and CEI (Cathode Electrolyte Interphase) to enhance battery performance [2][4]. Group 2: Performance Improvements - The use of CBS in NCM613 pouch batteries shows a capacity retention rate of 94% after 600 cycles at 25°C and 90% after 1000 cycles at 45°C, significantly outperforming the baseline electrolyte [7]. - In high-temperature storage tests at 60°C, batteries with CBS maintained a capacity retention of 90% after 30 days, with only 3% volume expansion, compared to just 13% capacity retention and 34% expansion for the baseline electrolyte [8]. - Safety tests indicate that the decomposition temperature of SEI formed with CBS increased from 124.89°C to 139.98°C, and CEI decomposition temperature rose from 93.11°C to 121.42°C, reducing the risk of thermal runaway [9]. Group 3: Versatility and Market Potential - CBS is not limited to the NCM system; it also shows excellent performance in other battery chemistries, such as LiCoO₂ and LiMn₀.₆Fe₀.₄PO₄, demonstrating strong capacity retention across various temperature conditions [16][17]. - The technology has garnered attention from leading industry players, indicating its potential for widespread application and commercial value in the electrolyte materials sector [22]. Group 4: Research and Development Strength - Xinzhou has invested heavily in R&D, with a team of nearly 1,000 and an annual investment exceeding 400 million yuan, ensuring a robust foundation for technological breakthroughs [23]. - The CBS additive's development is a result of collaboration with Southern University of Science and Technology, highlighting the importance of industry-academia partnerships in driving innovation [25].

Group 1 - The report highlights a significant increase in market activity in August, with various funding sources showing heightened engagement, particularly in sectors such as electronics, non-bank finance, and pharmaceuticals [1][2] - Margin trading has surpassed 2 trillion yuan and continues to rise, indicating a strong risk appetite among investors [1] - Retail investors have shown a steady increase in funding, although their growth remains below previous peaks from 2015, 2019, and 2020, reflecting a lingering "fear of heights" sentiment [1][2] Group 2 - Private equity funds have seen a positive feedback loop with market performance, with a consistent increase in monthly issuances since September 2024, contributing significantly to the current "slow bull" market [1][2] - Public funds have also experienced a notable rise in issuance compared to last year, particularly in equity and ETF funds, with the stock fund index showing an upward trend since last October [2] - Insurance and foreign capital have been entering the market steadily, especially following the introduction of new policies, with expectations for further growth in insurance capital inflows [2] Group 3 - The report suggests that despite potential policy changes in September, the overall positive stance of domestic policies remains, particularly in technology sectors such as computing power, AI, and consumer electronics [3] - New consumption, innovative pharmaceuticals, and certain cyclical industries are expected to maintain upward momentum supported by clear policy backing [3] - The financial sector retains investment value during periods of high market sentiment [3] Group 4 - The recommended stock portfolio for September includes companies like China Mobile, Hongri Da, and Tianfu Communication, focusing on sectors such as telecommunications, non-bank finance, and technology [5][12] - The performance of the August portfolio showed an average increase of 23.23%, with standout stocks like Nanya New Materials and Tonghuashun achieving gains of 55.79% and 45.68% respectively [4][5] - The report emphasizes the importance of sectors such as communication, non-bank finance, technology, and chemicals in the current investment landscape [5][12]