Core Viewpoint - Dinglong Co., Ltd. experienced a stock price increase of 5.13%, reaching 34.65 CNY per share, with a trading volume of 665 million CNY and a turnover rate of 2.65%, resulting in a total market capitalization of 32.802 billion CNY [1] Company Overview - Dinglong Co., Ltd. is located in Wuhan Economic and Technological Development Zone, Hubei Province, and was established on July 11, 2000, with its listing date on February 11, 2010 [1] - The company's main business involves general printing and copying consumables and optoelectronic semiconductor process materials, with 99.47% of its revenue coming from semiconductor materials, chips, and printing consumables, while other sources contribute 0.53% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, Shangzheng Fund has one fund heavily invested in Dinglong Co., Ltd. The Shangzheng Research Selected Mixed Initiation A (023397) held 28,000 shares in the second quarter, accounting for 7.54% of the fund's net value, making it the fourth-largest heavy stock [2] - The fund has generated an estimated floating profit of approximately 47,300 CNY today [2] Fund Manager Performance - The fund manager of Shangzheng Research Selected Mixed Initiation A (023397) is Zhang Zhimei, who has been in the position for 7 years and 324 days, managing a total fund size of 429 million CNY, with the best fund return during the tenure being 121.21% and the worst being -28.28% [3] - Co-manager Li Rui has been in the role for 249 days, managing a fund size of 10.6467 million CNY, with a best return of 34.72% and a worst return of 1.14% during his tenure [3]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 证券代码：300054 证券简称：鼎龙股份 公告编号：2025-070 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司 因原保荐代表人刘海燕女士工作调整，不再负责公司的持续督导工作。为 保证持续督导相关工作的有序进行，招商证券指派刘智先生（简历附后）自 2025 年 10 月 20 日起接替刘海燕女士的工作，继续履行公司向不特定对象发行 可转换公司债券项目的剩余督导期的保荐工作事宜。 2025 年 10 月 23 日 附件： 湖北鼎龙控股股份有限公司（以下简称"公司"）于近日收到招商证券股 份有限公司（以下简称"招商证券"）出具的《关于更换湖北鼎龙控股股份有 限公司持续督导保荐代表人的函》。招商证券为公司向不特定对象发行可转换 公司债券项目的保荐机构，原指派保荐代表人为李莎女士和刘海燕女士。 刘智先生，南京大学物理学硕士，保荐代表人、非执业注册会计师，2014 年开始从事投资银行业务。主要负责和参与的已完成项目为石大胜华（603026） IPO、安图生物（ ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Core Insights - On October 16, Dinglong Co., Ltd. experienced a decline of 2.82% in stock price, with a trading volume of 658 million yuan [1] - The company reported a net financing outflow of 23.42 million yuan on the same day, with a total financing and securities balance of 948 million yuan [1] Financing Overview - On October 16, Dinglong Co., Ltd. had a financing buy-in amount of 55.92 million yuan, while the financing repayment was 79.34 million yuan [1] - The current financing balance stands at 941 million yuan, accounting for 2.92% of the circulating market value, which is above the 90th percentile level over the past year [1] Securities Lending Overview - On October 16, the company repaid 34,500 shares in securities lending and sold 25,000 shares, amounting to 851,700 yuan based on the closing price [1] - The remaining securities lending volume is 211,500 shares, with a balance of 7.21 million yuan, exceeding the 80th percentile level over the past year [1] Company Profile - Dinglong Co., Ltd. is located in Wuhan Economic and Technological Development Zone, established on July 11, 2000, and listed on February 11, 2010 [1] - The company's main business involves general consumables for printing and copying, as well as optoelectronic semiconductor process materials, with 99.47% of revenue coming from semiconductor materials, chips, and printing consumables [1] Shareholder Information - As of August 29, the number of shareholders for Dinglong Co., Ltd. reached 43,000, an increase of 13.16% from the previous period [2] - The average circulating shares per person decreased by 11.55% to 17,088 shares [2] Financial Performance - For the first half of 2025, Dinglong Co., Ltd. achieved a revenue of 1.732 billion yuan, representing a year-on-year growth of 14% [2] - The net profit attributable to the parent company was 311 million yuan, showing a year-on-year increase of 42.78% [2] Dividend Distribution - Since its A-share listing, Dinglong Co., Ltd. has distributed a total of 476 million yuan in dividends, with 141 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 35.2352 million shares, a decrease of 2.2701 million shares from the previous period [2] - Other notable institutional shareholders include E Fund's ChiNext ETF and Xingquan He Tai Mixed A, with varying changes in their holdings [2]

Group 1 - The core point of the article is that Dinglong Co., Ltd. has announced significant share pledges by its major shareholders, which may impact the company's financial stability and investor confidence [1] - As of the announcement date, Zhu Shuangquan has pledged a total of 22.88 million shares, accounting for 16.43% of his holdings, while Zhu Shunquan has pledged 3.8 million shares, representing 2.75% of his holdings [1] - Dinglong Co., Ltd. reported that for the year 2024, its revenue composition will be heavily weighted towards the optoelectronic materials industry, which will account for 99.2% of total revenue, with other businesses making up only 0.8% [1] - The current market capitalization of Dinglong Co., Ltd. is 32.9 billion yuan [1]

关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 证券代码：300054 证券简称：鼎龙股份 公告编号：2025-069 债券代码：123255 债券简称：鼎龙转债 湖北鼎龙控股股份有限公司 | 已质押股份 | 未质押股份 | 情况 | 情况 | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本次质 | 本次质 | 占其 | 占公 | 已 | 质 | 押 | 持股 | 押前质 | 押后质 | 未质押 | | | | | | | | | | | | | | 股东 | 持股 | 所持 | 司总 | 股 | 份 | 限 | 占 | 已 | 数量 | 押股份 | 押股份 | 股份限 | 占未质 | 名称 | 比例 | 股份 | ...

Market Overview - The electronic chemicals sector increased by 3.17% on October 13, with Huate Gas leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Huate Gas (688268) closed at 77.18, up 12.52% with a trading volume of 111,800 shares and a transaction value of 822 million [1] - Nanda Optoelectronics (300346) closed at 45.73, up 9.66% with a trading volume of 1,129,500 shares and a transaction value of 4.978 billion [1] - Jingrui Electric Materials (300655) closed at 16.49, up 8.13% with a trading volume of 1,487,100 shares and a transaction value of 2.366 billion [1] - Other notable performers include Qiangli New Materials (300429) up 7.54% and Dinglong Co. (300054) up 5.53% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 241 million from institutional investors, while retail investors experienced a net outflow of 113 million [2][3] - Major stocks like Jingrui Electric Materials and Qiangli New Materials attracted significant institutional investment, with net inflows of 103 million and 101 million respectively [3]

Core Viewpoint - 15 companies listed on the ChiNext board have announced their performance forecasts for the first three quarters, with all companies expecting profit increases [1] Group 1: Company Performance Forecasts - Company 川金 (Code: 300505) expects a net profit increase of 171.61% with a latest closing price of 21.50 and a year-to-date increase of 51.89% [1] - Company 金力 (Code: 300748) anticipates a net profit increase of 168.00%, with a closing price of 39.88 and a year-to-date increase of 124.29% [1] - Company 长川科技 (Code: 300604) forecasts a net profit increase of 138.39%, with a closing price of 94.75 and a year-to-date increase of 115.19% [1] - Company 震裕科技 (Code: 300953) predicts a net profit increase of 137.80%, with a closing price of 174.00 and a year-to-date increase of 248.20% [1] - Company 涛涛车业 (Code: 301345) expects a net profit increase of 99.10%, with a closing price of 230.18 and a year-to-date increase of 261.41% [1] - Company 全志科技 (Code: 300458) anticipates a net profit increase of 82.13%, with a closing price of 48.20 and a year-to-date increase of 62.47% [1] - Company 中泰股份 (Code: 300435) forecasts a net profit increase of 79.28%, with a closing price of 21.76 and a year-to-date increase of 82.77% [1] - Company 扬杰科技 (Code: 300373) predicts a net profit increase of 45.00%, with a closing price of 74.05 and a year-to-date increase of 72.66% [1] - Company 联合动力 (Code: 301656) expects a net profit increase of 44.16%, with a closing price of 29.91 and a year-to-date decrease of 3.20% [1] - Company C云汉 (Code: 301563) anticipates a net profit increase of 41.41%, with a closing price of 142.27 and a year-to-date increase of 21.81% [1] - Company 鼎龙股份 (Code: 300054) forecasts a net profit increase of 37.12%, with a closing price of 36.52 and a year-to-date increase of 40.85% [1] - Company 建发致新 (Code: 301584) predicts a net profit increase of 35.00%, with a closing price of 27.02 and a year-to-date decrease of 26.09% [1] - Company 华测导航 (Code: 300627) expects a net profit increase of 25.10%, with a closing price of 35.43 and a year-to-date increase of 19.98% [1] - Company 艾芬达 (Code: 301575) anticipates a net profit increase of 14.72%, with a closing price of 56.68 and a year-to-date decrease of 24.19% [1] - Company 昊创瑞通 (Code: 301668) forecasts a net profit increase of 2.48%, with a closing price of 57.80 and a year-to-date decrease of 5.34% [1]