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]

Group 1 - Nanda Optoelectronics experienced a 5.25% increase in stock price, reaching 36.10 CNY per share, with a trading volume of 1.398 billion CNY and a turnover rate of 6.00%, resulting in a total market capitalization of 24.951 billion CNY [1] - The company, 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] - The revenue composition of Nanda Optoelectronics includes specialty gas products at 60.95%, precursor materials (including MO sources) at 27.80%, other products at 7.02%, and additional items at 4.23% [1] Group 2 - Guolian An Fund's ETF, which is among the top ten circulating shareholders of Nanda Optoelectronics, increased its holdings by 1.8255 million shares in the second quarter, totaling 7.3342 million shares, representing 1.12% of the circulating shares [2] - The Guolian An ETF has achieved a year-to-date return of 35.34%, ranking 1243 out of 4222 in its category, and a one-year return of 111%, ranking 240 out of 3804 [2] - Since its inception, the Guolian An ETF has delivered a return of 173.24% [2]

证券代码：300346 证券简称：南大光电 公告编号：2025-055 江苏南大光电材料股份有限公司 关于持股5%以上股东、董事股份减持计划完成的公告 持股 5%以上的股东、董事张兴国先生，董事、高级管理人员王陆平先生保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏南大光电材料股份有限公司（以下简称"公司"）于2025年6月27日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于持股5%以上股东、董事减持股份的预披露 公告》（公告编号：2025-038）。持股5%以上的股东、董事张兴国先生，董事、高级管 理人员王陆平先生计划在上述公告披露之日起15个交易日后的3个月内，通过集中竞价 交易或大宗交易的方式分别减持其所持有的公司股份数量不超过6,911,569股、195,000 股。 公司近日收到上述股东出具的《股东股份减持计划完成的告知函》，获悉上述股东 本次减持计划已完成。根据《上市公司股东减持股份管理暂行办法》、《深圳证券交易所 上市公司自律监管指引第18号——股东及董事、 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 北京国枫律师事务所 关于江苏南大光电材料股份有限公司 2025 年第四次临时股东大会的 法律意见书 致：江苏南大光电材料股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 ...

证券代码：300346 证券简称：南大光电 公告编号：2025-054 江苏南大光电材料股份有限公司 2025年第四次临时股东大会决议公告 2、本次股东大会无涉及变更以往股东大会决议的情形； 3、本次股东大会采取现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 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： 1、本次股东大会无否决议案的情况； 网络投票时间：2025 年 9 月 12 日（星期五） 1、召集人：公司董事会； 2、表决方式：现场投票和网络投票相结合的方式； 3、会议召开时间： 现场会议时间：2025 年 9 月 12 日（星期五）14:30 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 9 月 12 日 9:15-9:25、9:30-11:30、13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 9 月 12 日上 午 9:15 至下午 15:00 期间的任意时间。 4、现场会议召开地点：苏州工业园区胜浦平胜路 67 号； 5、现场会议主持人：公司董事长 ...

Core Viewpoint - Nanda Optoelectronics has shown a positive stock performance with a year-to-date increase of 9.92% and a recent market capitalization of 24.232 billion yuan, indicating strong investor interest and potential growth in the electronic materials sector [1][2]. Financial Performance - For the first half of 2025, Nanda Optoelectronics reported a revenue of 1.229 billion yuan, reflecting a year-on-year growth of 9.48%, while the net profit attributable to shareholders was 208 million yuan, up 16.30% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 507 million yuan, with 293 million yuan distributed over the last three years [3]. Shareholder Information - As of August 31, 2025, the number of shareholders increased to 105,500, a rise of 5.97%, while the average number of circulating shares per person decreased by 5.63% to 6,222 shares [2]. - Major institutional shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with notable increases in holdings, indicating growing institutional interest [3]. Market Activity - On September 12, Nanda Optoelectronics' stock price rose by 2.04% to 35.06 yuan per share, with a trading volume of 443 million yuan and a turnover rate of 1.95% [1]. - The stock has experienced a 1.80% increase over the last five trading days and a 16.09% increase over the past 60 days, showcasing positive momentum in the market [1]. Business Overview - Nanda Optoelectronics, established on December 28, 2000, 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 company's revenue composition includes specialty gas products (60.95%), precursor materials (27.80%), and other products (7.02% and 4.23%) [1]. Industry Classification - Nanda Optoelectronics is classified under the electronic chemicals sector, specifically in electronic chemicals II and III, with involvement in key concepts such as photoresists, specialty gases, and gallium nitride [1].

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].