Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Group 1: Investment Activity Overview - The company has terminated the issuance of shares and cash purchase of assets due to changes in the market environment, prioritizing the interests of the company and investors [2] - The decision was made after careful consideration by the board and discussions with the counterparties [2] - The company remains committed to its development strategy in the new materials sector and is optimistic about the target company's future [2] Group 2: Cash Acquisition Plans - The company plans to negotiate the acquisition of part of the target company’s equity through cash, with discussions ongoing [3] - The acquisition price will be based on a new valuation report, as the previous valuation of 1.4 billion has expired [4] - The acquisition will be conducted using self-owned or raised funds, and the company is looking to acquire shares in stages [4] Group 3: Market Position and Product Development - Bomi Technology, the target company, specializes in high-performance polyimide materials, which are crucial for semiconductor manufacturing and advanced packaging [3] - The company’s products include non-photosensitive and photosensitive polyimide materials, which are currently experiencing stable sales [3] - The importance of photosensitive polyimide (PSPI) materials is increasing in advanced packaging and power semiconductor applications [3] Group 4: Regulatory and Procedural Aspects - The cash acquisition plan must comply with the regulations set by the China Securities Regulatory Commission and the stock exchange, requiring board or shareholder meeting approvals based on the transaction amount [4] - The company has been in discussions for over a year regarding the cash acquisition process [4] Group 5: Disclosure and Transparency - The investor relations activity did not involve any undisclosed significant information [5]

证券日报网讯 1月8日，阳谷华泰（300121）在互动平台回答投资者提问时表示，截至2025年12月31 日，公司股东人数29080户。 ...

Core Viewpoint - The company announced the issuance of 650 million yuan in convertible bonds, with a conversion price adjustment due to various corporate actions [1] Group 1: Convertible Bonds Issuance - The company issued 650 million yuan of "Yanggu Convertible Bonds" in August 2023, with a conversion period until July 26, 2029 [1] - The initial conversion price of 9.91 yuan per share has been adjusted to 9.28 yuan per share due to multiple profit distributions, restricted stock vesting, and share buyback cancellations [1] Group 2: Redemption Terms - The conditional redemption clause was triggered from December 15, 2025, to January 6, 2026 [1] - The company decided not to exercise the early redemption option on January 6, 2026, and will not do so in the next six months if the clause is triggered again [1] Group 3: Shareholding and Trading - The actual controller and related parties have not engaged in any trading activities in the past six months and have no plans for share reduction in the upcoming six months [1] - The sponsoring institution has no objections to the company's decisions regarding the convertible bonds [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：300121 | 证券简称：阳谷华泰 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123211 | 债券简称：阳谷转债 | | 山东阳谷华泰化工股份有限公司 关于不提前赎回"阳谷转债"的公告 1、山东阳谷华泰化工股份有限公司（以下简称"公司"）股票价格自 2025 年 12 月 15 日至 2026 年 1 月 6 日股票价格已满足任意连续三十个交易日中至少十五个 交易日的收盘价格不低于"阳谷转债"当期转股价格的 130%。根据《山东阳谷华泰 化工股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中有条件赎回条款的相关规定，已触发"阳谷转债"有条件赎回条 款。 2、公司于 2026 年 1 月 6 日召开第六届董事会第十九次会议，审议通过《关于 不提前赎回"阳谷转债"的议案》，公司董事会决定本次不行使"阳谷转债"的提 前赎回权利，不提前赎回"阳谷转债"，且在未来六个月内（即 2026 年 1 月 7 日至 ...

中泰证券股份有限公司 关于山东阳谷华泰化工股份有限公司 2025 年度持续督导培训情况报告 中泰证券股份有限公司（以下简称"中泰证券"）作为山东阳谷华泰化工股 份有限公司（以下简称"阳谷华泰"或"公司"）持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关文件的要求，对阳谷华泰进行了 2025 年度持续督导培 训，现将培训情况报告如下： 一、培训基本情况 1、培训时间：2025 年 12 月 23 日 2、培训地点：阳谷华泰会议室 3、培训方式：现场培训、腾讯会议线上培训 三、本次培训的效果 本次培训得到了阳谷华泰的积极配合，全体参与培训的人员进行了认真学习。 通过本次培训，参与培训人员对前述制度规则有了更加深刻的理解与掌握，其对 于合规使用与管理募集资金、规范公司运作以及提升公司治理水平等方面的意识 有了进一步的提高，本次培训取得了良好的效果。 （以下无正文） （本页无正文，为《中泰证券股份有限公司关于山东阳谷华泰化工股份有限公司 2025 年度持续督导培训情况报告》之签章页） 保荐代表人： 陈 凤 华 李 志 斌 4、参与培训人员： ...

中泰证券股份有限公司（以下简称"保荐机构"或"本保荐人"）作为山东 阳谷华泰化工股份有限公司（以下简称"阳谷华泰"或"公司"）持续督导的保 荐机构，根据《证券发行上市保荐业务管理办法》《可转换公司债券管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》和《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等法律法规及规范性文件的要求，对阳谷华 泰本次不提前赎回"阳谷转债"事项进行了审慎核查，具体核查情况如下： 关于山东阳谷华泰化工股份有限公司 不提前赎回"阳谷转债"的核查意见 中泰证券股份有限公司 一、 "阳谷转债"发行上市基本情况 根据中国证券监督管理委员会《关于同意山东阳谷华泰化工股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1091 号），公 司向不特定对象发行可转换公司债券募集资金总额人民币 650,000,000.00 元。扣 除发行费用人民币 5,847,650.42 元（不含税），实际募集资金净额为人民币 644,152,349.58 元。信永中和会计师事务所（特殊普通合伙） ...

| 证券代码：300121 | 证券简称：阳谷华泰 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123211 | 债券简称：阳谷转债 | | 山东阳谷华泰化工股份有限公司 第六届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 《关于不提前赎回"阳谷转债"的公告》具体内容详见中国证监会指定的创 业板信息披露网站。 三、备查文件 山东阳谷华泰化工股份有限公司（以下简称"公司"）第六届董事会第十九 次会议（紧急）通知于 2026 年 1 月 6 日以通讯方式送达全体董事，本次会议于 2026 年 1 月 6 日在公司三楼会议室以现场与通讯表决相结合的方式召开，董事 长王文博于本次董事会会议上就紧急通知的原因作出了说明。应参加会议董事 7 名，亲自出席董事 7 名，其中独立董事 3 名，董事王文一、朱德胜、张洪民、刘 克健以通讯表决的方式出席会议。会议由公司董事长王文博先生主持，公司高级 管理人员列席了会议，符合《中华人民共和国公司法》和《公司章程》的规定。 二、董事会会 ...

Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]

Core Viewpoint - Yanggu Huatai announced the conversion period for "Yanggu Convertible Bonds" from February 2, 2024, to July 26, 2029, with the latest conversion price set at 9.28 yuan per share [1] Group 1 - In the fourth quarter of 2025, 290 "Yanggu Convertible Bonds" (with a face value of 29,000 yuan) were converted into 3,121 shares of the company's stock [1] - As of the end of 2025, there are 3.0702 million convertible bonds remaining, with a total face value of 307 million yuan [1] - In October 2025, the company canceled 3.6 million repurchased shares, reducing the total share capital to 445 million shares [1]