Group 1 - Nanda Optoelectronics experienced a stock price increase of 5.06% on September 24, reaching 40.10 CNY per share, with a trading volume of 2.241 billion CNY and a turnover rate of 8.68%, resulting in a total market capitalization of 27.715 billion CNY [1] - The stock has seen a continuous rise for three days, accumulating a total increase of 6.03% during this period [1] - Nanda Optoelectronics, established on December 28, 2000, and listed on August 7, 2012, specializes in the production, research, and sales of advanced electronic materials, with applications in integrated circuits, flat panel displays, LEDs, third-generation semiconductors, photovoltaics, and semiconductor lasers [1] Group 2 - The BoShi Zhongzheng Semiconductor Industry ETF (159582) holds a significant position in Nanda Optoelectronics, having increased its holdings by 76,700 shares in the second quarter, totaling 250,600 shares, which represents 4.16% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated an estimated floating profit of approximately 483,600 CNY today and 543,800 CNY during the three-day increase [2] - The BoShi Zhongzheng Semiconductor Industry ETF was established on April 8, 2024, with a current size of 191 million CNY, achieving a year-to-date return of 51.96% and a one-year return of 130.03% [2]

Core Viewpoint - The A-share market is experiencing a strong performance in the photolithography machine concept stocks, indicating a positive trend in this sector [1] Group 1: Stock Performance - Shanghai Xinyang has increased by over 13% [1] - Huasoft Technology and Zhangjiang Hi-Tech have both reached the daily limit of 10% increase [1] - Chipsource Microelectronics has risen nearly 10% [1] - Other companies such as United Chemical, Anji Technology, Tongcheng New Materials, Nanda Optoelectronics, Zhongrun Optics, Fuchuang Precision, and Yake Technology have all seen increases of over 5% [1]

Core Viewpoint - Nanda Optoelectronics experienced a stock price decline of 2.01% on September 23, with a current price of 36.96 CNY per share and a total market capitalization of 25.545 billion CNY [1] Financial Performance - For the first half of 2025, Nanda Optoelectronics reported revenue of 1.229 billion CNY, representing a year-on-year growth of 9.48%, and a net profit attributable to shareholders of 208 million CNY, up 16.30% year-on-year [2] Stock Market Activity - As of September 23, the stock saw a trading volume of 942 million CNY, with a turnover rate of 3.83%. The net outflow of main funds was 108 million CNY, while large orders accounted for 23.83% of purchases and 27.85% of sales [1] Shareholder Information - As of August 31, the number of shareholders increased to 105,500, with an average of 6,222 circulating shares per person, a decrease of 5.63% [2] - The top ten circulating shareholders include several ETFs, with notable increases in holdings from E Fund's ChiNext ETF and Southern's CSI 500 ETF [3]

Core Insights - The National Big Fund holding concept rose by 3.11%, ranking fourth among concept sectors, with 42 stocks increasing in value, led by Chipone Technology, Guangli Microelectronics, and Jiangbolong, which saw gains of 17.34%, 11.68%, and 9.96% respectively [1][2] - The concept sector attracted a net inflow of 2.707 billion yuan, with 31 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflow, with SMIC leading at 508 million yuan [2][3] - The top stocks by net inflow ratio included Zhongdian Port, Guangli Microelectronics, and Jingjia Micro, with net inflow ratios of 12.53%, 11.37%, and 9.52% respectively [3][4] Stock Performance - The top performers in the National Big Fund holding concept included: - Chipone Technology: +17.34%, turnover rate 8.24%, net inflow 483.24 million yuan, net inflow ratio 5.98% [3] - Guangli Microelectronics: +11.68%, turnover rate 7.98%, net inflow 134.16 million yuan, net inflow ratio 11.37% [4] - Jiangbolong: +9.96%, turnover rate 10.28%, net inflow 220.38 million yuan, net inflow ratio 5.59% [3] Decliners - The stocks with the largest declines included: - Zhongke Feimeng: -2.33% [5] - Sanan Optoelectronics: -2.05% [5] - China Shipbuilding Gas: -1.83% [5]

Market Performance - The electronic chemicals sector rose by 2.06% on September 22, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Weiteou (301319) closed at 42.08, with a significant increase of 19.99% and a trading volume of 158,600 shares, amounting to a transaction value of 633 million [1] - Other notable gainers include: - Siquan New Materials (301489) at 267.98, up 11.75% [1] - Dinglong Co., Ltd. (300054) at 35.10, up 5.69% [1] - Nanda Optoelectronics (300346) at 37.72, up 4.63% [1] Market Capital Flow - The electronic chemicals sector saw a net inflow of 15.1 million from institutional investors, while retail investors experienced a net outflow of 24.2 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Nanda Optoelectronics (300346) had a net inflow of 25.2 million from institutional investors, while retail investors saw a net outflow of 23.1 million [3] - Zhongshi Technology (300684) experienced a net inflow of 15.8 million from institutional investors, with retail investors facing a net outflow of 16.4 million [3] - Shanghai Xinyang (300236) had a net inflow of 43.1 million from institutional investors, while retail investors saw a net outflow of 62.9 million [3]

Core Viewpoint - Nanda Optoelectronics experienced a 5.08% increase in stock price, reaching 37.88 CNY per share, with a trading volume of 2.316 billion CNY and a turnover rate of 9.52%, resulting in a total market capitalization of 26.181 billion CNY [1] Company Overview - Jiangsu Nanda Optoelectronics Materials Co., Ltd. was established on December 28, 2000, and listed on August 7, 2012. The company specializes in the production, research, and sales of advanced electronic materials, with applications in integrated circuits, flat panel displays, LEDs, third-generation semiconductors, photovoltaics, and semiconductor lasers [1] - The revenue composition of the company includes: specialty gas products 60.95%, precursor materials (including MO sources) 27.80%, others 7.02%, and additional 4.23% [1] Shareholder Insights - Nanda Optoelectronics has a significant shareholder in the form of the Southern Fund's Southern CSI 500 ETF (510500), which entered the top ten circulating shareholders in the second quarter, holding 10.2679 million shares, representing 1.56% of circulating shares. The estimated floating profit for today is approximately 18.7902 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 113.438 billion CNY. Year-to-date returns stand at 26.92%, ranking 1815 out of 4222 in its category, while the one-year return is 60.73%, ranking 1500 out of 3813 [2] Fund Performance - The fund manager of the Southern CSI 500 ETF is Luo Wenjie, who has been in the position for 12 years and 157 days. The total asset scale of the fund is 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3] Major Holdings - The Southern Fund's Southern Semiconductor Industry Index Initiated A (020839) has also increased its holdings in Nanda Optoelectronics by 65,800 shares in the second quarter, now holding 227,400 shares, which accounts for 4% of the fund's net value. The estimated floating profit for today is around 416,200 CNY [4] - This fund was established on March 29, 2024, with a current scale of 79.3479 million CNY. Year-to-date returns are 40.98%, ranking 894 out of 4222, while the one-year return is 106.47%, ranking 354 out of 3813 [4] Fund Manager Profile - The fund manager for the Southern Semiconductor Industry Index Initiated A is Li Jialiang, who has been in the role for 9 years and 51 days. The total asset scale of the fund is 5.328 billion CNY, with the best return during his tenure being 153.34% and the worst being -29.58% [5]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

Core Viewpoint - The advancement of semiconductor localization has led to the emergence of several strong companies in the photoresist sector, providing high-quality products that empower the rapid development of the semiconductor industry [1] Company Summaries - **Jiu Ri New Materials (Stock Code: 688199)**: Jiu Ri New Materials has established a full industry chain layout, becoming the world's largest supplier of photoinitiators and a potential dark horse in the photoresist field. With over 20 years of experience in chemical synthesis and process optimization, the company has developed more than 30 semiconductor photoresist formulations, achieving bulk supply after successful testing by downstream customers. The order volume has reached a ton-level scale, with photoinitiators achieving large-scale sales across various sectors including display panels and semiconductor chip production [3] - **Rongda Photosensitive (Stock Code: 300576)**: Rongda Photosensitive focuses on the research, production, and sales of photoresist products, primarily G-line and I-line photoresists. The company plans to launch its semiconductor photoresist production line in 2025, targeting the packaging market [4] - **Tongcheng New Materials (Stock Code: 603650)**: Tongcheng New Materials operates as a platform enterprise for new materials, covering photoresists (semiconductor/display), specialty rubber additives, and biodegradable materials. Its subsidiary, Beijing Kehua, focuses on semiconductor photoresists, achieving a high domestic market share for KrF photoresists, while ArF photoresists have passed customer validation and are in continuous mass production. EUV packaging photoresists are currently in the research and development stage [5] - **Nanda Optoelectronics (Stock Code: 300346)**: Nanda Optoelectronics' main business includes advanced precursor materials, electronic special gases, photoresists, and supporting materials. Its semiconductor materials cover ArF photoresists and electronic special gases, applicable in the manufacturing of chips with a process node of 28nm and above [6] - **Shanghai Xinyang (Stock Code: 300236)**: Shanghai Xinyang is dedicated to providing integrated solutions for key process materials, supporting equipment, application processes, and on-site services for integrated circuits. Its product offerings include KrF photoresists, wafer-level packaging photoresists, electroplating solutions, and cleaning agents, serving the manufacturing of storage and logic chips [7]

Group 1 - The photoresist concept sector increased by 1.80%, ranking 9th in terms of sector gains, with 54 stocks rising, including KaiMet Gas which hit the daily limit, and Zhongjuxin, Saiwei Electronics, and Maolai Optics showing significant increases of 12.31%, 8.38%, and 6.60% respectively [1][2] - The photoresist sector saw a net inflow of 1.648 billion yuan from main funds, with 41 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow, led by KaiMet Gas with a net inflow of 772 million yuan [2][3] - The top stocks in terms of net inflow ratio included KaiMet Gas at 48.64%, Zhongjuxin at 16.19%, and Anda Intelligent at 13.21% [3][4] Group 2 - The photoresist sector's performance was contrasted with other sectors, such as the lithography machine sector which rose by 3.30%, while the duty-free shop sector fell by 1.60% [2] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant gains while others faced declines [2][5] - The trading volume and turnover rates for key stocks in the photoresist sector indicated strong investor interest, particularly in stocks like KaiMet Gas and Zhongjuxin [3][4]

Market Overview - The electronic chemicals sector increased by 2.22% on September 17, with Zhongshi Technology leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Zhongshi Technology (300684) closed at 44.61, up 14.09% with a trading volume of 532,700 shares and a transaction value of 2.343 billion [1] - Zhongjuxin (688549) closed at 9.49, up 12.31% with a trading volume of 1,381,400 shares and a transaction value of 1.346 billion [1] - Lair Technology (688683) closed at 38.29, up 5.95% with a trading volume of 25,900 shares [1] - Nanda Optoelectronics (300346) closed at 36.01, up 4.99% with a trading volume of 605,200 shares and a transaction value of 2.158 billion [1] Market Capital Flow - The electronic chemicals sector saw a net inflow of 294 million from institutional investors, while retail investors experienced a net outflow of 233 million [2][3] - Major stocks like Zhongjuxin and Nanda Optoelectronics attracted significant institutional investment, with net inflows of 225 million and 194 million respectively [3]