Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

Investment Rating - The report rates the commercial aerospace industry as "Outperform" [2] Core Insights - The commercial aerospace index experienced a decline of 2.54% during the week of March 9 to March 13, 2026, with a current PE ratio at the 35.94% percentile over the past three months [2] - The report highlights the acceleration of satellite manufacturing and launch demand in China, driven by advancements in commercial remote sensing technology and the "Qianfan Constellation" satellite launch progress [2][17] - The report emphasizes the decreasing unit launch costs of SpaceX's Starship, which is expected to enhance commercial demand for large space facilities [2][17] Summary by Sections Industry Overview - The commercial aerospace sector is witnessing a shift from technology validation to scaling, with significant developments in satellite constellations and launch capabilities [2][17] - The report notes that the "Qianfan Constellation" has launched 108 satellites, with plans for global coverage by 2026, indicating a scaling release of satellite manufacturing and launch services [2][17] Market Performance - The report identifies the top-performing companies in the commercial aerospace sector, including Okai Yi (+21.59%), China Power Construction (+20.64%), and Dinggu Jichuang (+19.78%) [2][13] - Conversely, the companies with the largest declines include Aerospace Technology (-18.44%), Qiaoyuan Co. (-17.45%), and Taijia Co. (-16.33%) [2][13] Future Catalysts - The report anticipates an acceleration in China's commercial aerospace launch cadence, with the successful testing of the "Liyuan No. 1" rocket expected to validate multi-satellite launch capabilities [2][17] - The ongoing validation of heavy-lift rocket capabilities, particularly SpaceX's Starship, is expected to enhance the feasibility of large-scale satellite deployments and infrastructure development in the commercial aerospace sector [2][17] Investment Recommendations - The report suggests focusing on companies such as Western Materials (300124), Guoji Precision (002046), and Huazhu High-Tech (688433) as potential investment opportunities within the commercial aerospace sector [2][17]

证券代码：301286 证券简称：侨源股份 公告编号：2026-007 四川侨源气体股份有限公司 关于公司为全资子公司提供担保进展的公告 本公司及董事会全体成员保证信息披露内容的真实、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 四川侨源气体股份有限公司（以下简称"公司"）分别于 2025 年 4 月 21 日、 2025 年 5 月 15 日召开第五届董事会第十四次会议和 2024 年年度股东大会，审 议通过了《关于 2025 年度对子公司担保额度预计的议案》，同意公司 2025 年度 为合并报表范围内的子公司阿坝汶川侨源气体有限公司（以下简称"阿坝侨源"）、 侨源气体（眉山）有限公司（以下简称"眉山侨源"）、侨源（金堂）气体有限 公司（以下简称"金堂侨源"）的融资提供合计不超过 8 亿元（含）的担保总额。 其中，对阿坝侨源的担保额度为 2 亿元，对眉山侨源的担保额度为 2 亿元，对金 堂侨源的担保额度为 4 亿元。上述担保额度可在子公司之间进行调剂，但在调剂 发生时，对于资产负债率超过 70%的担保对象，仅能从资产负债率超过 70%的 担保对象处获得担保额度。 本次担保方式包括但不 ...

四川侨源气体股份有限公司（以下简称"公司"）全资子公司侨源（金堂） 气体有限公司（以下简称"金堂侨源"）基于其空分生产线建设项目固定资产投 资的专项资金需求，以部分自有资产抵押的方式向成都农村商业银行股份有限公 司天府新区支行（以下简称"农商银行"）申请人民币 2.5 亿元的固定资产借款。 具体情况公告如下： 证券代码：301286 证券简称：侨源股份 公告编号：2026-008 四川侨源气体股份有限公司 关于全资子公司以部分自有资产抵押向银行申请借款的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、金堂侨源基本情况 1、公司名称：侨源（金堂）气体有限公司 2、统一社会信用代码：91510121MA67KTM10D 3、注册资本：10,000 万元人民币 4、注册地址：四川省成都市金堂县成都—阿坝工业集中发展区吉林北路 6 号 5、经营范围：许可项目：危险化学品生产；危险化学品经营；食品添加剂 生产；危险化学品包装物及容器生产；药品生产；药品零售；药品批发。（依法 须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许 ...

证券代码：301286 证券简称：侨源股份 公告编号：2026-006 四川侨源气体股份有限公司 关于拟签署《高纯电子特气与医用气体生产基地项目补充协议》 暨对外投资的进展公告 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、 误导性陈述或者重大遗漏。 一、对外投资概述 四川侨源气体股份有限公司（以下简称"公司"）于 2025 年 8 月 4 日召开第五届 董事会第十六次会议，审议通过了《关于拟签署电子级医用级特种气体生产基地投资 合作协议暨对外投资的议案》，同意公司与成都新材料产业功能区管委会签订《投资 合作协议》，并拟在成都新材料产业化工园区投资电子级医用级特种气体生产基地项 目。具体内容详见公司于 2025 年 8 月 4 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于拟签署电子级医用级特种气体生产基地投资合作协议暨对外投资的公告》 （公告编号：2025-044）。 2025 年 9 月 10 日，作为上述项目实施主体，公司全资子公司四川侨源乐贸易 有限公司及控股子公司四川侨源乐科技有限公司均已完成工商登记手续，并取得 了彭州市行政审批局核发的营 ...

证券代码：301286 证券简称：侨源股份 公告编号：2026-005 四川侨源气体股份有限公司 二、董事会会议审议情况 1、审议通过《关于拟签署<高纯电子特气与医用气体生产基地项目补 充协议>的议案》 经审议，董事会同意公司与成都新材料产业功能区管委会签署《高纯 电子特气与医用气体生产基地项目补充协议》，公司高纯电子特气与医用 气体生产基地项目拟选址成都新材料产业化工园区内，占地约 90 亩；项 目拟计划总投资 4.86 亿元，建设 2 万吨/年电子级二氧化碳、2 万吨/年医 用级二氧化碳、4 万吨工业级二氧化碳、1,000 标方/小时的氢气回收提纯 装置，建设 30,000 标方/年电子级氪气、3,000 标方/年氙气提纯生产线、 2,000 吨/年超纯氧、氩、氮提纯生产线，40 万瓶/年标准气及混合气（部 分含氟激光气体）生产线以及相关配套设施。同时，提请董事会授权董事长 及其转授权人士负责本次投资的具体实施及日常事务管理的相关事项，包括但不 限于签署本次投资各项文件、办理相关手续、执行和调整相关安排等。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披 露的《关于 ...

证券代码：301286 证券简称：侨源股份 公告编号：2026-004 四川侨源气体股份有限公司 关于全资子公司经营范围变更并完成工商变更登记的公告 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、误导性陈述或者重大遗漏。 四川侨源气体股份有限公司之全资子公司四川侨源乐贸易有限公司因业务 发展需要，于近日变更了经营范围，并已完成工商变更登记手续，取得了彭州市 市场监督管理局换发的《营业执照》。 一、变更后营业执照的具体情况 名称：四川侨源乐贸易有限公司 法定代表人：李宏 注册资本：陆佰陆拾伍万元整 成立日期：2025 年 9 月 9 日 住所：四川省成都市彭州市石化北路东段 2 号技术创新中心大楼 1-4-10 号 经营范围：一般项目：气体、液体分离及纯净设备销售；站用加氢及储氢设 施销售；机械电气设备销售；特种设备销售；特种设备出租；机械设备租赁；气 体压缩机械销售；实验分析仪器销售；租赁服务（不含许可类租赁服务）；智能 仪器仪表销售；仪器仪表销售；技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动）许可项目：危 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Core Viewpoint - Qiaoyuan Co., Ltd. is a key gas supplier in Southwest China, providing a range of gases including high-purity oxygen, high-purity nitrogen, high-purity argon, and specialty gases [1] Group 1 - The company has established partnerships with several core military and aerospace units in Sichuan province [1] - Some of the company's gas products are already being utilized in the aerospace sector [1]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The industrial gas market is expected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [3] - The competitive landscape is becoming more concentrated, with the top four companies holding 54% of the global market share and the top six in China holding 72% [3] - Growth drivers include increased outsourcing of gas supply, accelerated demand from sectors like semiconductors and new energy, and short-term benefits from macroeconomic recovery and gas price elasticity [3] Market Space - The global industrial gas market is valued at over 1 trillion, while the domestic market is around 200 billion [3] - The market is projected to grow to 284.2 billion yuan in China by 2026, with a CAGR of 9.68% from 2022 to 2026 [21] - The market is characterized by high concentration, with the top five companies holding approximately 69% of the market share [21] Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a growth rate of 25% year-on-year [4] - The market is expected to grow at a CAGR of 22% from 2019 to 2024, driven by larger equipment sizes and increased export demand [4] Electronic Specialty Gases - The semiconductor market is expected to remain strong, with a projected 30% year-on-year increase in global semiconductor sales by November 2025 [5] - There is significant potential for domestic electronic specialty gas manufacturers to replace imports and expand into global markets [5] Investment Recommendations - The report recommends focusing on leading companies in the industrial gas sector, such as Hangyang Co., and key players in electronic specialty gases like China Shipbuilding Gas and Guanggang Gas [6]