Investment Rating - The report assigns a "Recommended" rating to the photoinitiator industry, marking its first coverage [2]. Core Viewpoints - The supply-demand dynamics in the photoinitiator industry are improving, leading to a potential recovery in industry profitability [3][10]. - The demand side is witnessing a revival in traditional sectors, while emerging applications are opening new opportunities [6][10]. - The industry is expected to see a concentration of production capacity among companies with scale, cost, and technological advantages [9][10]. Summary by Sections Supply and Demand Dynamics - The prices of various photoinitiator products have increased significantly in 2025, with notable price changes: - Photoinitiator 907: 88 CNY/kg (+27.54% since the beginning of the year) - Photoinitiator 184: 45 CNY/kg (+32.35%) - Photoinitiator TPO: 83 CNY/kg (+10.67%) - Photoinitiator ITX: 155 CNY/kg (+16.54%) [5]. - The photoinitiator market in China is projected to grow, with the UV coating market reaching 6.2 billion CNY in 2023 (+8% YoY), UV ink at 5.5 billion CNY (+11% YoY), and UV adhesive at 2.6 billion CNY (+238% YoY) [6][7]. Demand Drivers - The demand for photoinitiators is expected to rise due to recovery in the real estate sector and growth in downstream applications such as UV inks and adhesives used in electronics and packaging [7][10]. - The global 3D printing industry is projected to grow from 20 billion USD in 2023 to 21.9 billion USD in 2024 (+9.1%), with a compound annual growth rate (CAGR) of 18% expected from 2024 to 2034 [7]. - The PCB market is also on an upward trend, with a projected value of 73.6 billion USD in 2024 (+5.8% YoY) and an expected market size of 94.7 billion USD by 2029 [8]. Supply Side and Industry Structure - The production capacity of leading photoinitiator companies in China for 2024 is as follows: - Jiu Ri New Materials: 23,000 tons - Qiang Li New Materials: 17,000 tons - Wo Kai Long: 13,000 tons [9]. - The industry is experiencing a consolidation trend, with production capacity increasingly concentrated among companies with competitive advantages [9][10]. Investment Strategy - The report suggests that the photoinitiator industry is poised for a rebound in profitability as supply-demand conditions improve, and it highlights the potential for price recovery [10]. - Key companies to watch include Jiu Ri New Materials, Qiang Li New Materials, Yang Fan New Materials, and Xin Han New Materials [11].

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]

Core Viewpoint - Yangfan New Materials (300637.SZ) announced that its wholly-owned subsidiary, Jiangxi Yangfan New Materials Co., Ltd., has completed rectification following a fire incident and has been approved to resume production on July 4, 2025 [1] Group 1 - Jiangxi Yangfan has received approval from local safety supervision authorities to resume production after expert verification [1] - The company and its legal representative, Yu Lizhi, were fined 50,000 yuan and 40,000 yuan respectively for violations of the Production Safety Law of the People's Republic of China, with fines already paid [1] - The fire incident is expected to have a certain impact on the company's performance in 2025 [1]

证券代码：300637 证券简称：扬帆新材 公告编号：2025-027 扬帆新材料（浙江）股份有限公司 关于全资子公司火灾事故进展的公告 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。 2025 年 6 月 9 日，扬帆新材料（浙江）股份有限公司（以下简称"公司"）全 资子公司江西扬帆新材料有限公司（以下简称"江西扬帆"）的 109 车间发生一起 火灾事故。公司已就事故情况进行了披露，具体内容详见公司于 2025 年 6 月 10 日在巨潮资讯网（www.cninfo.com.cn）上刊登的《关于全资子公司发生火灾事故 的公告》（公告编号：2025-026 号）。 以上行为江西扬帆违反了《中华人民共和国安全生产法》第二十八条第一款、 第四十一条第二款和五十七条第一款的规定，给予累计人民币伍万元的行政处罚； 江西扬帆法定代表人兼总经理余立志违反了《中华人民共和国安全生产法》第二 十一条第二、三、五项的规定，给予人民币肆万元的行政处罚。目前相关主体和 人员均已完成罚款的缴纳。 二、江西扬帆采取的整改措施 火灾事故发生后，江西扬帆对监管部门现场检查提出的相关问题制定 ...

王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 [Table_Main] 证券研究报告 | 行业点评 基础化工 优于大市（维持） 证券分析师 王友舜 邮箱：wangys5＠tebon.com.cn 市场表现 资料来源：德邦研究所，聚源数据 -17% -9% 0% 9% 17% 26% 2024-07 2024-11 2025-03 基础化工 沪深300 相关研究 1.《供需关系存在改善预期，光引发 剂景气有望修复》，2025.6.30 2.《SAF 价格持续回升，光引发剂景 气有望修复》，2025.6.30 3. 《 关 注 钾 肥 板 块 投 资 机 会 》， 2025.6.22 4.《钾肥大合同落地，关注钾肥景 气！》，2025.6.16 5.《涨价主线！关注活性染料、生物 柴油等》，2025.6.16 PCB 需求复苏+行业集中度提升， 光引发剂协同行情或水到渠成 ——光引发剂更新② [Table_Summary] 投资要点： 基础化工 2025 年 07 月 03 日 请务必阅读正文之后的信息披露和法律声明 事件：据百川盈孚，因下游 PCB 行 ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -18% -12% -6% 0% 6% 12% 18% 24% 31% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《关注钾肥板块投资机会》， 2025.6.22 2.《钾肥大合同落地，关注钾肥景 气！》，2025.6.16 3.《涨价主线！关注活性染料、生物 柴油等》，2025.6.16 4.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 5.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 基础化工 2025 年 06 月 30 日 SAF 价格持续回升，光引发剂景气有 望修复 [Table_Summary] 投资要点： 本周基础化工板块表现好于大盘。根据 Wind，本周（6/20-6/27）上证综指涨跌幅 为+1.9%，创业板指数涨跌幅为+5.7%；申万基础化工行业指数涨跌幅为+3 ...

Core Viewpoint - The company announced a fire incident at its wholly-owned subsidiary, Jiangxi Yangfan New Materials Co., Ltd., on June 9, 2025, in workshop 109, and has activated its emergency response plan to evacuate personnel and assist firefighting efforts [1] Group 1 - The fire occurred at Jiangxi Yangfan New Materials Co., Ltd., which is a wholly-owned subsidiary of the company [1] - The company promptly initiated an emergency response plan following the incident [1] - Personnel were evacuated, and the company cooperated with firefighting departments for rescue operations [1]

证券代码：300637 证券简称：扬帆新材 公告编号：2025-026 扬帆新材料（浙江）股份有限公司 关于全资子公司发生火灾事故的公告 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。 年度经营业绩产生一定的影响。江西扬帆后期将全面开展设备维修及安全隐患排 查工作，并将统筹调整生产流程和布局，最大限度保障客户订单交付，公司将采 取一切必要措施降低损失。 公司将认真吸取本次火灾事故教训，深入开展公司及下属各子公司全面安全 检查，加强安全生产管理，防止此类事故的再次发生。 一、全资子公司火灾事故说明 此外，公司将根据本次事故的进展，及时按照相关规定履行信息披露义务， 敬请广大投资者注意投资风险。 三、备查文件 2025 年 6 月 9 日晚上 8 时左右，扬帆新材料（浙江）股份有限公司（以下 简称"公司"）全资子公司江西扬帆新材料有限公司（以下简称"江西扬帆"）的 109 车间发生一起火灾事故。 事故发生后，公司立即启动突发应急预案，迅速采取措施疏散人员，并全力 配合当地消防部门实施现场灭火救援。在当地消防应急等部门共同努力下，相关 火情已获得控制并扑灭。本次事故 ...

证券代码：300637 证券简称：扬帆新材 公告编号：2025-025 扬帆新材料（浙江）股份有限公司 一、公司名称变更的说明 公司于 2025 年 4 月 23 日召开第五届董事会第二次会议，于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过了《关于拟变更公司名称及修订<公司章 程>的议案》。具体内容详见 2025 年 4 月 25 日、2025 年 5 月 16 日在巨潮资讯 网（http://www.cninfo.com.cn）披露的相关公告。公司变更公司名称，证券简称、 证券代码不变，具体如下： | 项目 | 变更前 | 变更后 | | --- | --- | --- | | 中文名称 | 浙江扬帆新材料股份有限公司 | 扬帆新材料（浙江）股份有限公司 | | 英文名称 | ZHE JIANG YANG FAN NEW | Yangfan New Materials (Zhejiang) | | | MATERIALS CO.,LTD. | Co., Ltd. | | 证券简称 | 扬帆新材（不变） | | | 英文简称 | Yangfan New Materials（不变） ...

证券代码：300637 证券简称：扬帆新材 公告编号：2025-024 浙江扬帆新材料股份有限公司 关于为子公司提供担保的公告 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： 浙江扬帆新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开了第 五届董事会第二次会议、第五届监事会第二次会议，审议通过了《关于 2025 年度对外 担保额度预计的议案》。该议案已经公司 2025 年 5 月 16 日召开的 2024 年年度股东大会 审议通过。 为满足公司及合并报表范围内的子公司日常经营和业务发展资金需要，提高公司融 资决策效率，公司计划在授权期限内为合并报表范围内的内蒙古扬帆新材料有限公司、 浙江寿尔福化工贸易有限公司、江西扬帆新材料有限公司担保合计最高余额不超过折合 人民币 8 亿元。 担保授权期限自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度股东 大会召开之日止。该额度在以上期限内可循环使用。具体内容详见同日登载于巨潮资讯 网的《关于 2025 年度对外担保额度预计的公告》（2025-016）。 ...