联合化学作为国内有机颜料龙头企业，是全球油墨行业巨头DIC 株式会社在中国最大的供应商及战略合 作伙伴。基于行业趋势和技术协同的战略升级，公司设立合资公司启辰半导体进军半导体光刻胶材料领 域，通过战略投资方式入股卓光芮把握国内精密光学行业和半导体投影式曝光机行业的良好发展机遇。 在有机颜料领域，联合化学持续深耕新技术开发与应用，加大研发投入，加速产品升级迭代，以更好地 满足市场需求。公司持续加码环保型高性能颜料研发，耐候等级达7 级，高端产品占比从20%提升至 40%，并通过"零排放"生产线降低能耗20%。随着环保型无粉尘颜料等新品放量，推动颜料收入实现稳 定增长。同时，公司持续拓展产品在新能源、电子行业、食品与医药、3D 打印材料等领域的应用。 投资建议：联合化学有机颜料业务具备较强抗压能力，依托在精细化工方面的合成经验和表面处理等经 验布局光刻胶材料领域，通过战略投资方式入股卓光芮充分把握国内精密光学行业和半导体投影式曝光 机行业的良好发展机遇。在不考虑投资卓光芮产生的相关损益前提下，我们预计公司2025-2027 年营收 分别为5.43/5.75/6.22 亿元，归母净利润分别为0.62/0.69/0. ...

Core Insights - The A-share market has seen a strong performance in the photoresist sector, with several stocks experiencing significant gains [1] Group 1: Stock Performance - Saiwei Electronics (300456) increased by 14.01%, with a total market capitalization of 22.3 billion and a year-to-date increase of 77.59% [2] - Tengjing Technology (688195) rose by 11.15%, with a market cap of 19.5 billion and a remarkable year-to-date increase of 275.25% [2] - Guofeng New Materials (000859) saw a gain of 9.97%, with a market cap of 6.424 billion and a year-to-date increase of 41.70% [2] - Tongcheng New Materials (603650) increased by 7.06%, with a market cap of 25.3 billion and a year-to-date increase of 19.30% [2] - Dongfang Jiasheng (002889) rose by 6.37%, with a market cap of 6.118 billion and a year-to-date increase of 13.31% [2] - Nanda Optoelectronics (300346) increased by 4.32%, with a market cap of 26.9 billion and a year-to-date increase of 21.84% [2] - Xinlai Materials (300260) rose by 3.64%, with a market cap of 22.6 billion and a year-to-date increase of 105.07% [2] - Xingye Co., Ltd. (603928) increased by 3.32%, with a market cap of 4.162 billion and a year-to-date increase of 93.98% [2] - United Chemical (301209) rose by 3.26%, with a market cap of 13 billion and a year-to-date increase of 500.15% [2] - Jiaxian Co., Ltd. (920489) increased by 3.14%, with a market cap of 2.78 billion and a year-to-date increase of 25.17% [2]

Group 1 - The core viewpoint of the news is that the A-share market for photoresist concept stocks has shown strong performance, with several companies experiencing significant stock price increases [1] Group 2 - Saiwei Electronics (300456) saw a stock price increase of 14.01%, with a total market capitalization of 22.3 billion and a year-to-date increase of 77.59% [2] - Tengjing Technology (688195) experienced an 11.15% rise, with a market cap of 19.5 billion and a year-to-date increase of 275.25% [2] - Guofeng New Materials (000859) increased by 9.97%, with a market cap of 6.424 billion and a year-to-date increase of 41.70% [2] - Tongcheng New Materials (603650) rose by 7.06%, with a market cap of 25.3 billion and a year-to-date increase of 19.30% [2] - Dongfang Jiasheng (002889) increased by 6.37%, with a market cap of 6.118 billion and a year-to-date increase of 13.31% [2] - Nanda Optoelectronics (300346) saw a 4.32% increase, with a market cap of 26.9 billion and a year-to-date increase of 21.84% [2] - New Lai Materials (300260) rose by 3.64%, with a market cap of 22.6 billion and a year-to-date increase of 105.07% [2] - Xingye Co., Ltd. (603928) increased by 3.32%, with a market cap of 4.162 billion and a year-to-date increase of 93.98% [2] - United Chemical (301209) saw a 3.26% increase, with a market cap of 13 billion and a year-to-date increase of 500.15% [2] - Jiaxian Co., Ltd. (920489) rose by 3.14%, with a market cap of 2.78 billion and a year-to-date increase of 25.17% [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Core Insights - The company Tonglian Precision announced a preliminary inquiry transfer price of 43.67 yuan per share based on the inquiry subscription situation as of November 18, 2025 [1] - A total of 14 institutional investors participated in the inquiry transfer bidding, including fund management companies, securities firms, qualified foreign institutional investors, and private fund managers [1] - The shares intended for transfer have been fully subscribed, with 13 institutional investors preliminarily confirmed as the buyers, intending to acquire a total of 4.8419 million shares [1]

Group 1 - The core viewpoint of the news is that Longkou United Chemical Co., Ltd. has experienced significant stock price fluctuations and trading activity, with a notable increase in stock price year-to-date and recent trading days [1][2] - As of November 18, the stock price of United Chemical was 111.50 CNY per share, with a market capitalization of 12.488 billion CNY and a year-to-date stock price increase of 481.37% [1] - The company has been active in the stock market, appearing on the "Dragon and Tiger List" seven times this year, with the most recent appearance on October 16, where it recorded a net buy of -54.3266 million CNY [1] Group 2 - United Chemical's main business involves the research, production, and sales of azo organic pigments and water-based inks, with 97.24% of its revenue coming from pigments [1][2] - For the period from January to September 2025, the company reported operating revenue of 388 million CNY, a year-on-year decrease of 1.31%, while net profit attributable to shareholders increased by 7.56% to 47.4154 million CNY [2] - The company has distributed a total of 46.4 million CNY in dividends since its A-share listing [3]

（文章来源：证券日报） 证券日报网讯联合化学11月17日在互动平台回答投资者提问时表示，截至2025年11月10日收盘后，公司 股份持有人（合并普通账户和融资融券信用账户）数为7711户。 ...

Core Viewpoint - Company plans to increase its stake in Shanghai Milai Chip Semiconductor Co., Ltd. from 19.3548% to 37.2760% by investing 200 million yuan, which will support the company's strategic positioning in the semiconductor industry [1][3]. Group 1: Investment Details - The investment of 200 million yuan will be used to enhance Milai Chip's capabilities in securing key equipment and materials for its operations [3]. - The company previously announced a 120 million yuan investment in Zhuoguangrui Technology, acquiring a 19.3548% stake, which was later renamed to Shanghai Milai Chip Semiconductor [3][4]. Group 2: Financial Performance - For 2024, Milai Chip is projected to have a revenue of 27.114 million yuan and a net loss of 15.2463 million yuan; in the first nine months of this year, it reported revenues of 9.7699 million yuan and a net loss of 55.005 million yuan [4]. - As of September 30, 2025, Milai Chip's total assets, liabilities, and net assets were 148 million yuan, 87.8157 million yuan, and 60.5848 million yuan, respectively [5]. Group 3: Strategic Implications - The investment aligns with the company's transformation strategy from traditional manufacturing to a technology-driven model, enhancing its competitive edge in the market [5]. - Milai Chip has a complete R&D team and mature technical experience, positioning it well within the national strategic development direction and the new productive forces [5]. - The company aims to diversify its business types and strengthen its long-term strategic planning through this investment [5]. Group 4: Recent Developments - In addition to Milai Chip, the company also established Qichen Semiconductor New Materials Co., Ltd. to focus on the R&D and production of various semiconductor materials [6]. - The company's Q3 report indicated a revenue of 388 million yuan and a net profit of 47.4154 million yuan, reflecting a year-on-year growth of 7.56% [6].

Group 1 - Company plans to increase its stake in Shanghai Milai Chip Semiconductor Co., Ltd. from 19.35% to 37.28% by investing 200 million yuan [2] - The investment will be used specifically for the research and development of projection exposure machines and related components, and not for dividends or debt repayment [2] - The company aims to enhance its competitiveness in the precision optics and semiconductor projection exposure machine industries, aligning with its long-term strategic development [2] Group 2 - The investment is expected to enrich the company's business types and positively impact its long-term development and strategic layout [3] - The company's main business involves the production and sale of various organic pigments and water-based inks, achieving a net profit of 47.42 million yuan in the first three quarters, a year-on-year increase of 7.56% [3]

Focus on Chengtun Mining - Company plans to invest approximately 1.423 billion RMB (19.995 million USD) in its subsidiary Chengtun Gold International through its wholly-owned subsidiary Hongsheng International Resources [1] Focus on Century Huatong - Company intends to repurchase shares worth between 500 million to 1 billion RMB, with a maximum repurchase price of 28.77 RMB per share [2] Focus on ST Zhongdi - Company stock experienced a significant price increase of 153.19% from October 16 to November 12, 2025, leading to a trading suspension for verification starting November 13, 2025 [3] Performance Highlights - BeiGene reported a revenue of 27.595 billion RMB for the first three quarters of 2025, marking a year-on-year growth of 44.2%, with a net profit of 1.139 billion RMB [4] Capital Increase & Restructuring - *ST Lian Stone received court approval for its restructuring plan, entering the execution phase after the termination of the restructuring process [5] Important Matters - Tuosda is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [6] - North Medical's chairman and president were arrested for criminal charges, but the company's control and operations remain stable [7] - Nanjing Public Utilities is transferring 43.731 million shares, accounting for 7.61% of total shares, to Nanjing Innovation Investment Group for approximately 300 million RMB [8] Company Developments - Kaige Precision Machinery is establishing a joint venture with Zhangjiagang Wuyue Special Materials Technology, with an investment of 1 billion RMB for high-end component projects [9] - Stable Medical is investing approximately 2 billion RMB in a new production base for cotton non-woven fabric [10] - Fuchun Environmental is co-investing 116 million RMB in a combined heat and power project in Hubei [10] - Xingsheng Zhihui is collaborating with Beijing Automotive Group for resource sharing in the new energy vehicle sector [10] Stock Trading Updates - Huazhong Silver's subsidiary is undergoing a year-end maintenance shutdown, expected to last 20 days, with no impact on annual production plans [11] - San Yuan Co. clarified that its seasonal product, milk skin candy, has minimal revenue impact [12] - Chongqing Beer plans to distribute a cash dividend of 1.30 RMB per share, totaling approximately 629 million RMB [12] Stock Suspension - ST Zhongdi's stock is suspended for verification due to significant price fluctuations [15]

Core Viewpoint - The company plans to increase its investment in Shanghai Milai Chip Semiconductor Co., Ltd. by 200 million yuan to enhance its strategic development and competitiveness in the precision optics and semiconductor exposure machine industries [1] Group 1: Investment Details - The company will invest 200 million yuan in cash to subscribe for 5.314283 million yuan of newly registered capital in Milai Chip [1] - Following this investment, the company's ownership stake in Milai Chip will increase from 19.3548% to 37.2760% [1]