Market Overview - On November 27, the A-share market experienced a pullback after an initial rise, with the Sci-Tech 50 and ChiNext indices both retreating over 2% from their gains, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index fell by 0.25% [2][3]. Sector Performance - The organic silicon, solid-state battery, consumer electronics, paper, and photovoltaic equipment sectors showed strong performance, while sectors such as Hainan Free Trade Zone, film and television, cultivated diamonds, China Shipbuilding Industry, and internet e-commerce saw declines [2][3]. - Notably, organic silicon stocks surged, with companies like Hongbo New Materials and Chenguang New Materials hitting the daily limit, and Huasheng Lithium Battery, Jinyin Galaxy, and Yuanxiang New Materials rising over 10% [2][3]. Key Stocks - Solid-state battery stocks saw a wave of limit-ups, with companies like Mingguan New Materials, Liande Equipment, Haike New Source, and Huazi Technology all reaching the daily limit [5]. - Specific stock performances included: - Huaguan Lithium Battery: +15.54% at 115.86 - Jinyin Galaxy: +12.96% at 51.08 - Yuanxiang New Materials: +11.03% at 47.21 - Hongbo New Materials: +10.05% at 7.23 - Chenguang New Materials: +9.97% at 15.99 [4][5]. Capital Flow - Main capital flows indicated a net inflow into sectors such as consumer electronics, paper printing, and batteries, while there was a net outflow from cultural media, communications, and computing sectors [7][8]. - Notable net inflows were seen in stocks like ZTE Corporation, Chip Original, and Furi Electronics, with inflows of 0.787 billion, 0.488 billion, and 0.463 billion respectively [7]. - Conversely, stocks like Zhongji Xuchuang, Hudian Co., and Ningde Times faced significant sell-offs, with outflows of 1.446 billion, 0.967 billion, and 0.789 billion respectively [8]. Institutional Insights - Debon Securities noted that market volume will determine the height of the market trend, suggesting a continued rotation between technology and consumer sectors [9]. - Hengsheng Qianhai Fund highlighted that the A-share market remains in a state of strong bullish and bearish sentiment, with expectations of continued volatility [10]. - Dongwu Securities emphasized the robust demand for computing power within the industry chain, indicating that the market for computing infrastructure is still in a phase of rapid expansion [10].

Core Insights - The A-share market saw a collective rise in the organic silicon sector, with notable increases in stock prices for several companies [1] Company Performance - Jin Yinhe (金银河) experienced a rise of 10.50%, with a total market capitalization of 86.95 billion and a year-to-date increase of 170.11% [2] - Hongbo New Materials (宏柏新材) increased by 10.05%, with a market cap of 47.01 billion and a year-to-date rise of 33.39% [2] - Chenguang New Materials (晨光新材) rose by 9.97%, with a market cap of 49.93 billion and a year-to-date increase of 37.89% [2] - Dongyue Silicon Material (东岳硅材) saw a 7.31% increase, with a market cap of 164 billion and a year-to-date rise of 76.27% [2] - Chenghua Co., Ltd. (晨化股份) increased by 7.08%, with a market cap of 26.02 billion and a year-to-date rise of 23.18% [2] - Yian Technology (宜安科技) rose by 5.54%, with a market cap of 116 billion and a year-to-date increase of 127.72% [2] - Feilu Co., Ltd. (飞鹿股份) increased by 5.50%, with a market cap of 21.43 billion and a year-to-date rise of 57.90% [2] - Jitai Co., Ltd. (集泰股份) saw a 5.12% increase, with a market cap of 27.22 billion and a year-to-date rise of 42.91% [2] - Yuanxiang New Materials (远翔新材) increased by 4.84%, with a market cap of 28.93 billion and a year-to-date rise of 78.11% [2] - Other companies like Tian Kong Bu Qu (天空部曲) and Xin'an Co., Ltd. (新安股份) also showed positive performance with increases of 3.92% and 3.90% respectively [2]

Core Viewpoint - On November 21, Chenhua Co., Ltd. experienced a decline of 5.06%, with a stock price of 11.64 yuan per share, a trading volume of 59.11 million yuan, a turnover rate of 3.08%, and a total market capitalization of 2.503 billion yuan [1] Company Overview - Chenhua Co., Ltd. is located at 999 Huaijiang Avenue, Baoying County, Jiangsu Province, and was established on May 12, 1995. The company was listed on February 13, 2017. Its main business involves the research, production, and sales of fine chemical new materials, primarily using olefin oxides, fatty alcohols, and siloxanes as raw materials [1] - The revenue composition of the company includes: surfactants 81.58%, flame retardants 11.11%, silicone rubber 6.48%, and others 0.83% [1] Fund Holdings - From the perspective of the top ten holdings of funds, data shows that one fund under Xinghua Fund has a significant position in Chenhua Co., Ltd. The Xinghua Jinghe Mixed Initiation A (024499) held 130,200 shares in the third quarter, accounting for 4.17% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 80,700 yuan [2] Fund Performance - Xinghua Jinghe Mixed Initiation A (024499) was established on June 12, 2025, with a latest scale of 25.1421 million yuan and a cumulative return of 24.87% since inception [3] - The fund managers are Cui Tao and Huang Shengpeng. As of the report, Cui Tao has a tenure of 2 years and 170 days, managing a total fund size of 160 million yuan, with the best return during his tenure being 27.64% and the worst being -6.1%. Huang Shengpeng has a tenure of 1 year and 303 days, managing a total fund size of 37.0614 million yuan, with the best return during his tenure being 53.93% and the worst being 8.19% [4]

11月19日，晨化股份盘中下跌2.02%，截至10:41，报12.10元/股，成交3129.46万元，换手率1.59%，总 市值26.02亿元。 资金流向方面，主力资金净流出216.29万元，大单买入202.03万元，占比6.46%，卖出418.32万元，占比 13.37%。 晨化股份今年以来股价涨23.46%，近5个交易日涨1.00%，近20日涨6.42%，近60日跌7.49%。 资料显示，扬州晨化新材料股份有限公司位于江苏省宝应县淮江大道999号，成立日期1995年5月12日， 上市日期2017年2月13日，公司主营业务涉及以氧化烯烃、脂肪醇、硅氧烷等为主要原料的精细化工新 材料系列产品的研发、生产和销售。主营业务收入构成为：表面活性剂81.58%，阻燃剂11.11%，硅橡 胶6.48%，其他(补充)0.83%。 晨化股份所属申万行业为：基础化工-化学制品-其他化学制品。所属概念板块包括：有机硅、电解液、 磷化工、新材料、小盘等。 截至11月10日，晨化股份股东户数1.57万，较上期增加9.03%；人均流通股10269股，较上期减少 8.28%。2025年1月-9月，晨化股份实现营业收入6.53亿元，同比 ...

Core Viewpoint - The company is focusing on the research and development of fine chemical additives, bio-based biodegradable materials, and new energy battery materials over the next three years [2] Group 1 - The company has signed a technical promotion cooperation agreement with Dalian Jiangda Industrial Catalysis Co., Ltd. for the promotion of new production processes and catalyst technologies for carbonate solvents used in electrolytes [2] - The company will disclose any significant progress in this collaboration in a timely manner [2]

格隆汇11月18日丨晨化股份(300610.SZ)在投资者互动平台表示，公司目前正在研发锂电池电解液相关 产品，暂未生产。 ...

格隆汇11月18日丨晨化股份(300610.SZ)在互动平台表示，公司经营的甲基膦酸二甲酯、乙基膦酸二乙 酯可用于电子材料的灌封材料，但目前在电解液中的阻燃应用尚不成熟。 ...

Core Viewpoint - The company, Chenhua Co., Ltd. (300610.SZ), has indicated that its products, dimethyl methylphosphonate and diethyl phosphonate, are utilized as encapsulation materials in electronic applications, but their flame-retardant applications in electrolytes are still underdeveloped [1] Group 1 - The company operates in the field of electronic materials, specifically focusing on dimethyl methylphosphonate and diethyl phosphonate [1] - The current application of these products in electrolytes is not yet mature, indicating potential for future development [1]

Core Viewpoint - The company, Chenhua Co., Ltd. (300610), emphasizes its commitment to safety and environmental standards in its production processes while increasing R&D investments to meet market demands [1] Group 1: Company Operations - The company's production base in Baoying is a key monitoring point for chemicals in Yangzhou and is not located within a chemical park [1] - New projects will need to consider safety, environmental protection, and compliance with regulations [1] Group 2: Research and Development - The R&D department is increasing its investment and focusing on market changes [1] - The company is developing new products based on market and customer needs, with plans to disclose information as it meets disclosure standards [1]

Core Viewpoint - Morning Chemical announced on November 17 that its production capacity for polyether at the Baoying production base is 9,500 tons per year, with a diverse range of applications in various industries [1] Company Summary - The company has a production capacity of 9,500 tons/year for polyether at its Baoying production base [1] - Key raw materials used include ethylene oxide, propylene oxide, and propylene glycol [1] - Main products include allyl polyether, polyether polyols, fatty alcohol polyether, and end-capped polyether [1] Industry Applications - The products are widely used in textiles, coatings, polyurethane, pesticides, biochemistry, and pharmaceuticals [1]