Investment Rating - The report assigns an "Accumulate" rating for the basic chemical industry [2][11]. Core Insights - The price of photoinitiators is gradually increasing, benefiting companies like Jiu Ri New Materials due to rising product prices [4][6]. - The market demand for photoinitiators is expected to grow as their application scenarios become more widespread, driven by environmental requirements and emerging fields like 3D printing [6]. - Domestic photoinitiator companies are showing significant competitive advantages, with increasing industry concentration as leading firms excel in production management, scale, product quality, and R&D capabilities [6]. Summary by Sections Market Demand and Applications - The demand for photoinitiators is expanding continuously, with applications in traditional solvent-based coatings, inks, and adhesives being replaced by photopolymer materials [6]. - Key photoinitiator products include 907, 184, TPO, and 1173, which are used in various industries such as PCB inks, adhesives, and coatings for furniture and electronics [6]. Leading Companies - Jiu Ri New Materials has a scalable production capacity for multiple photoinitiators and offers one-stop raw material supply to downstream customers [6]. - Yangfan New Materials is a major global supplier of photoinitiators and thiol compounds, focusing on applications in pharmaceuticals, pesticides, and dyes [6]. - Qiangli New Materials specializes in electronic materials and green photopolymer materials, including photoinitiators and active diluents [6]. Industry Trends - The report highlights that the photoinitiator market is poised for rapid growth due to increasing environmental standards and technological advancements [6]. - The concentration of the industry is expected to rise further as domestic chemical companies adapt to stricter environmental regulations and the high-end development of downstream applications [6].

Market Overview - A-shares experienced slight gains in early trading, with the Shanghai Composite Index up 0.07% and the Shenzhen Component down 0.17% [1] - Hong Kong's Hang Seng Index rose by 0.44%, while the Hang Seng Tech Index increased by 0.32% [2][3] Sector Performance - The solid-state battery concept saw renewed activity, with notable stocks like Nord Shares and Xiangtan Chemical hitting the daily limit [13][14] - Semiconductor stocks in Hong Kong surged, with Huahong Semiconductor up over 5% and Hongguang Semiconductor up over 7% [9][10] - The photolithography machine concept in A-shares also showed strength, with Strong New Materials hitting the daily limit and several other stocks following suit [11][12] Specific Stock Movements - In the semiconductor sector, notable performers included Huahong Semiconductor and Hongguang Semiconductor, both showing significant percentage increases [9][10] - In the solid-state battery sector, stocks like Nord Shares and Xiangtan Chemical saw substantial gains, with Nord Shares up 10.04% [14] - Apple concept stocks in Hong Kong, such as Sunny Optical and Qiu Tai Technology, also experienced early gains [5] Market Sentiment - The market sentiment around the Labubu series from Pop Mart has shifted dramatically, with prices dropping approximately 50% following a significant restock [7][8] - Concerns regarding the sustainability of the IP's popularity have been raised, with analysts predicting a potential price correction of 50% or more in the coming months [8]

Group 1 - The PCB concept sector experienced a short-term surge, with notable stocks such as Nord Shares (600110) and Zhengye Technology (300410) hitting the daily limit up [1] - Zhongjing Electronics (002579) previously reached the limit up, while companies like Zhongyi Technology (301150) and Qiangli New Materials (300429) saw increases exceeding 10% [1] - Other companies including Defu Technology (301511), Jiangnan New Materials (603124), Jiayuan Technology, Guanghua Technology (002741), and Tianshan Electronics (301379) also followed the upward trend [1]

一、担保情况概述 常州强力电子新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第五届董事会第十六次会议及第五届监事会第八次会议，会议审议通过 了《关于公司及子公司、孙公司银行综合授信提供相互担保的议案》。为满足公 司及控股子公司、孙公司日常经营活动需要，公司及控股子公司、孙公司向银行 申请综合授信额度提供相互担保，担保总金额不超过 12 亿元人民币，担保期限 12 个月，自公司 2024 年年度股东大会审议通过之日起算。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于公司及 子公司、孙公司银行综合授信提供担保的公告》（公告编号：2025-014）。2025 年 5 月 23 日，该议案已经公司召开的 2024 年年度股东大会审议通过。 二、担保的进展情况 公司全资子公司常州强力先端电子材料有限公司（以下简称"强力先端"） 因经营周转需要，向银行申请贷款，发生总金额共计 875.00 万元。公司为上述 授信提供连带责任保证担保。具体情况如下： | 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025 ...

Market Overview - The Shanghai Composite Index closed at 3399.77 points, above the six-month moving average, with a gain of 0.43% [1] - The total trading volume of A-shares reached 13126.55 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 220 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Qitian Technology: 8.76% deviation, closing price at 14.00 yuan, with a daily gain of 16.86% and turnover rate of 21.88% [1] - Haochen Medical: 8.62% deviation, closing price at 3.12 yuan, with a daily gain of 9.86% and turnover rate of 7.25% [1] - Guangyun Technology: 8.13% deviation, closing price at 14.22 yuan, with a daily gain of 9.89% and turnover rate of 6.59% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - CITIC Special Steel: minor deviation, closing price at 20.30 yuan, with a daily gain of 10.69% [1] - Nanda Optoelectronics: minor deviation, closing price at 36.44 yuan, with a daily gain of 9.99% [1] -沃尔核材: minor deviation, closing price at 25.41 yuan, with a daily gain of 11.75% [1]

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [1]. Core Insights - Japan's Mitsui Chemicals is exiting the NF3 business, which may enhance China's competitiveness in electronic specialty gases, with potential market share expansion [4][10]. - The chlorantraniliprole incident has caused supply disruptions, potentially boosting the market for pesticides and intermediates, with a shift towards high-efficiency, low-toxicity products [4][12]. - The report suggests focusing on key sub-sectors such as integrated refining and petrochemical chains, refrigerant industry leaders, and domestic alternative materials [4][14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals' exit from the NF3 business is attributed to rising competition and costs, indicating that Chinese manufacturers may fill the gap and increase exports [10][11]. - The chlorantraniliprole incident is expected to accelerate market consolidation, benefiting companies with technological advantages and regulatory compliance [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market by 1.48 percentage points [15][18]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15][18]. 3. Key Product Price and Spread Performance - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The price spread for carbon black increased by 31.13%, indicating a tightening supply situation [29][30].

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [4]. Core Insights - The exit of Japan's Mitsui Chemicals from the nitrogen trifluoride (NF3) business is expected to enhance China's competitiveness in electronic specialty gases, with potential for increased market share [10][11]. - Supply disruptions from incidents like the chlorantraniliprole event are likely to boost the market outlook for pesticides and intermediates, leading to a potential price recovery in the short term [12][13]. - The report emphasizes the importance of monitoring key sub-sectors and suggests investment opportunities in integrated supply chains and leading companies within the chemical industry [14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals announced its exit from the NF3 business, with production ceasing by March 2026, indicating a shift in market dynamics favoring Chinese producers [10]. - A chemical company experienced an explosion, impacting the chlorantraniliprole supply chain, which may lead to a consolidation of market players and a potential price increase for certain pesticide products [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market [15]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15]. 3. Key Product Price Movements - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The report highlights the price fluctuations of key products, indicating a volatile market environment that could present both risks and opportunities for investors [27][28]. 4. Investment Recommendations - The report suggests focusing on integrated players in the refining-PX-PTA chain, leading fluorochemical companies, and firms in the domestic substitution of new materials [14]. - Specific companies highlighted for potential investment include Hengli Petrochemical, Rongsheng Petrochemical, and various leaders in the semiconductor materials sector [14].

| 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 常州强力电子新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第五届董事会第十六次会议及第五届监事会第八次会议，会议审议通过 了《关于公司及子公司、孙公司银行综合授信提供相互担保的议案》。为满足公 司及控股子公司、孙公司日常经营活动需要，公司及控股子公司、孙公司向银行 申请综合授信额度提供相互担保，担保总金额不超过 12 亿元人民币，担保期限 12 个月，自公司 2024 年年度股东大会审议通过之日起算。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于公司及 子公司、孙公司银行综合授信提供担保的公告》（公告编号：2025-014）。2025 年 5 月 ...

| 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议的情形。 2025年5月23日（星期五）下午3：00 （三）现场会议召开地点 江苏省常州市武进区遥观镇常州强力电子新材料股份有限公司研发中心大楼 三楼会议室 （四）表决方式 本次会议采用现场投票和网络投票相结合的方式，公司通过深圳证券交易所 交易系统和网络投票系统向公司股东提供网络形式的投票平台。 （五）会议主持人 本次股东大会由公司董事长钱晓春先生主持。 （六）合法有效性 一、会议召开情况 （一）召集人 本次股东大会由公司董事会召集。 （二）召开时间 本次股东大会的召开符合《中华人民共和国公司法》、《上市公司股东会规则》 等有关法律、行政法规、部门规章及《常州强力电子新材 ...

北京市天元律师事务所 关于常州强力电子新材料股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 300 号 致：常州强力电子新材料股份有限公司 常州强力电子新材料股份有限公司（以下简称"公司"）2024 年年度股东大会 （以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，其中现场 会议于 2025 年 5 月 23 日在江苏省常州市武进区遥观镇常州强力电子新材料股份 有限公司研发中心大楼三楼会议室召开。北京市天元律师事务所（以下简称"本所"） 接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中华人民共和 国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）以及《常州强力电子新材料股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、 召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事 项出具本法律意见。 为出具本法律意见，本所律师审查了《常州强力电子新材料股份有限公司第五 届董事会第十六次会议决议公告》《常州强力电子新材料股份有限公司第五届监事 会第八 ...