Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Group 1 - The latest stock price of Jiangfeng Electronics is 70.27 yuan, an increase of 0.49 yuan from the previous trading day [1] - The company opened at 69.69 yuan, reached a high of 70.33 yuan, and a low of 69.30 yuan on the same day, with a trading volume of 54,383 hands and a transaction amount of 380 million yuan [1] - Jiangfeng Electronics specializes in the research, production, and sales of high-purity metal sputtering targets, primarily used in the semiconductor, flat panel display, and solar cell industries [1] Group 2 - As of July 31, 2025, Jiangfeng Electronics had 44,800 shareholders, an increase of 363 from July 18 [1] - The total share capital of the company is 265 million shares, with 221 million shares in circulation, and the average holding per shareholder is 4,932 shares [1] - The Shenzhen Stock Connect holds 4.4673 million shares, accounting for 1.68% of the circulating share capital [1] Group 3 - On August 6, 2025, the net outflow of main funds for Jiangfeng Electronics was 12.0632 million yuan, representing 0.08% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 143.7903 million yuan, accounting for 0.93% of the circulating market value [1]

Core Viewpoint - The company has approved the third unlock period for the reserved grant of restricted stock under the second equity incentive plan, allowing 150,000 shares to be released for trading for five eligible incentive recipients [1][20]. Summary by Sections Approval Process - The company held board and supervisory meetings on August 1, 2025, to approve the unlocking of restricted stock as per the second equity incentive plan [1]. - The plan was initially approved on December 27, 2021, with subsequent confirmations and adjustments made through various meetings [2][3][4]. Unlocking Conditions - The third unlock period for the reserved grant of restricted stock is set to occur 36 months after the registration completion date, which was July 27, 2022, allowing for a 20% unlock ratio [20]. - The company met the necessary conditions for unlocking, including no adverse audit opinions and achieving a revenue growth rate of 126.17% from 2021 to 2024, surpassing the required 45% growth [20][22]. Stock Details - A total of 150,000 shares will be unlocked for five core technical personnel, representing 20% of the total restricted stock granted to them [20]. - The total share capital of the company will remain at 265,320,683 shares after this unlocking event [30]. Historical Context - The company has undergone several adjustments to its equity incentive plan, including changes in the number of incentive recipients and stock quantities over the years [3][4][5]. - The company has also executed stock buybacks and adjustments to repurchase prices in response to various circumstances, including the departure of incentive recipients [5][6][7].

证券代码：300666 证券简称：江丰电子 公告编号：2025-083 宁波江丰电子材料股份有限公司 关于第二期股权激励计划预留授予限制性股票第三个解除 限售期解除限售股份上市流通的提示性公告 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、本次解除限售的激励对象合计 5 名，本次解除限售的限制性股票数量为 15.00 万股，占公司目前总股本的 0.0565%。 2、本次解除限售股份上市流通的日期：2025 年 8 月 8 日 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2025 年 8 月 1 日 召开第四届董事会第二十二次会议和第四届监事会第十九次会议，审议通过《关 于第二期股权激励计划预留授予限制性股票第三个解除限售期解除限售条件成 就的议案》，根据公司第二期股权激励计划（以下简称"本次激励计划"或"本 计划"）的相关规定以及公司 2022 年第一次临时股东大会的授权，公司董事会为 符合解除限售条件的 5 名激励对象办理了 15.00 万股限制性股票解除限售并上市 流通的相关事宜，现将有关事项说明如下： 一、本次激励计划已履行的相 ...

Economic News - The Ministry of Commerce has decided to extend the investigation period for safeguard measures on imported beef until November 26, 2025, due to the complexity of the case [1] - The State Council has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergartens from childcare fees for the last year [1] - The China Iron and Steel Association reported that the steel inventory of key steel enterprises was 14.78 million tons in late July 2025, a decrease of 5.6% month-on-month [1] - The China Passenger Car Association has raised its sales forecast for 2025, predicting a 6% increase in retail sales of passenger cars, a 14% increase in exports, and a 27% increase in wholesale sales of new energy vehicles [1] - The State Administration for Market Regulation is soliciting public opinions on the revised "Market Supervision Complaint Handling Measures," which includes 43 articles with several modifications [1] - The National Development and Reform Commission has issued a management method for enterprise training bases, focusing on supporting emerging fields with significant skill gaps and traditional industries with strong employment absorption [1] - Shanghai is supporting key technology breakthroughs in embodied intelligence, with a maximum support of 30% of total investment, not exceeding 50 million yuan [1] - The global manufacturing PMI for July was reported at 49.3%, indicating continued weakness in the manufacturing sector [1] Company News - The stock price of Shunwei New Materials has surged by 1,320.05% from July 9 to August 5, 2025, leading to multiple instances of trading anomalies [4] - Haiguang Information reported a 45.21% year-on-year increase in revenue for the first half of 2025, reaching 5.464 billion yuan, with a net profit increase of 40.78% [4] - Zhongke Shuguang's total revenue for the first half of 2025 was 5.854 billion yuan, a 2.49% increase year-on-year, with a net profit growth of 29.89% [4] - Changsheng Bearing plans to reduce its shareholding by transferring 7.8855 million shares, accounting for 2.65% of the total share capital [4] - Vanke A's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 1.681 billion yuan to the company for debt repayment purposes [4] Port Industry Analysis - The port sector is characterized by stable cash flow and has the potential to become a high-dividend sector, with an overall dividend payout ratio above 30% [6][7] - The current high capital expenditure in the port industry is a constraint on dividend increases, but a peak in capital expenditure is expected in 2024, which may enhance dividend capabilities [8][9] - The analysis indicates that if capital expenditures decrease, many port companies could support higher dividend payouts, similar to trends observed in the highway sector post-2018 [9][10]

（原标题：江丰电子在武汉投资成立新公司） 企查查APP显示，近日，武汉丰科晶晟电子材料有限公司成立，法定代表人为王学泽，经营范围包含： 显示器件销售；半导体器件专用设备制造；半导体器件专用设备销售；金属材料制造等。企查查股权穿 透显示，该公司由江丰电子（300666）间接全资持股。 ...

资金流向方面，今日主力资金净流入1365.00万元，占比成交额3.56%。其中，超大单净流入1115.07万 元、占成交额2.91%，大单净流入249.92万元、占成交额0.65%，中单净流出流出1040.04万元、占成交 额2.72%，小单净流出324.95万元、占成交额0.85%。 江丰电子最新一期业绩显示，截至2025一季报，公司营业总收入10.00亿元、同比增长29.53%，归属净 利润1.57亿元，同比增长163.58%，扣非净利润9149.01万元，同比增长30.36%，流动比率1.533、速动比 率1.018、资产负债率50.25%。 天眼查商业履历信息显示，宁波江丰电子材料股份有限公司，成立于2005年，位于宁波市，是一家以从 事金属制品业为主的企业。企业注册资本26532.0683万人民币，实缴资本16407万人民币。公司法定代 表人为姚舜。 金融界消息 截至2025年8月5日收盘，江丰电子（300666）报收于69.78元，上涨1.01%，换手率2.49%， 成交量5.51万手，成交金额3.83亿元。 通过天眼查大数据分析，宁波江丰电子材料股份有限公司共对外投资了50家企业，参与招投标项目 ...

企查查APP显示，近日，宁波丰科晶成电子材料有限公司成立，法定代表人为王学泽，注册资本为1000 万元，经营范围包含：电子专用材料制造；电子专用材料研发；电子元器件制造；半导体器件专用设备 制造等。企查查股权穿透显示，该公司由江丰电子（300666）间接全资持股。 （原标题：江丰电子新设电子材料公司，含半导体相关业务） ...

Core Viewpoint - The legal opinion letter from Guohao Law Firm confirms that Ningbo Jiangfeng Electronic Materials Co., Ltd. has met the conditions for the third release period of its second equity incentive plan, allowing for the release of 150,000 restricted stocks for five eligible incentive recipients [1][11][12]. Group 1: Legal Framework and Compliance - The law firm conducted its review based on the Company Law, Securities Law, and relevant regulations from the China Securities Regulatory Commission, ensuring compliance with legal standards [1][3]. - The firm confirmed that the company provided all necessary original documents and that the facts stated in the legal opinion are true, accurate, and complete [3][6]. Group 2: Decision-Making Process - The decision to release the restricted stocks was approved by the company's board of directors and the remuneration and assessment committee, confirming that the conditions for the release had been met [5][6]. - The board authorized the handling of all matters related to the release of the restricted stocks for the eligible recipients [5][6]. Group 3: Release Period and Conditions - The third release period for the restricted stocks is defined as starting from the first trading day after 36 months from the completion of the stock grant registration, lasting until the last trading day within 48 months [6][9]. - The company has met the performance assessment requirements, with a revenue growth rate of 126.17% for 2024 compared to 2021, exceeding the required minimum of 45% [9]. Group 4: Eligible Recipients and Stock Quantity - The release of stocks pertains to five recipients, as one originally included recipient lost eligibility [10]. - A total of 750,000 restricted stocks were granted, with 150,000 stocks eligible for release during this period, representing a 20% release ratio [10][11].

Core Viewpoint - The company has successfully achieved the conditions for the third unlock period of its second equity incentive plan, allowing 5 eligible participants to unlock a total of 150,000 restricted stocks, which represents 0.0565% of the company's total share capital [1][22][34]. Summary by Sections Incentive Plan Approval Process - The second equity incentive plan was approved by the board and supervisory committee on December 27, 2021, with independent directors providing consent and legal opinions from Guohao Law Firm [1][2]. - The initial public announcement of the incentive objects was made from December 27, 2021, to January 6, 2022, with no objections received [2]. - The first grant of restricted stocks was adjusted from 317 participants to 315, with the total number of stocks reduced from 3.2 million to 3.14 million on January 27, 2022 [3]. Unlock Conditions Achievement - The third unlock period for the reserved grant of restricted stocks began on June 22, 2022, and the conditions for unlocking were met as of August 1, 2025 [22][23]. - The company reported a revenue of approximately 3.6 billion yuan in 2024, achieving a growth rate of 126.17% compared to the 2021 audited revenue of approximately 1.59 billion yuan, thus meeting the performance criteria for unlocking [25][26]. Eligible Participants and Stock Details - A total of 5 participants are eligible to unlock 150,000 restricted stocks, with each participant's performance evaluated as "A" grade, allowing for full unlocking [26][34]. - The total number of restricted stocks that can be unlocked represents 20% of the total granted stocks to these participants [27]. Legal and Supervisory Opinions - The independent directors and supervisory committee have both confirmed that the conditions for unlocking have been met and have approved the related resolutions [34][35]. - Legal opinions from Guohao Law Firm affirm that the unlocking process complies with relevant regulations and the company's incentive plan [34].