证券日报网讯 9月29日晚间，中巨芯发布公告称，公司于2025年8月25日召开第二届董事会第八次会 议，审议通过了《关于取消监事会、变更经营范围、修订〈公司章程〉并授权办理工商变更登记、修订 及制定公司部分管理制度的议案》，并于2025年9月11日召开公司2025年第二次临时股东大会，审议通 过了《关于取消监事会、变更经营范围、修订〈公司章程〉并授权办理工商变更登记的议案》。近日， 公司完成了相应的工商变更登记和备案手续，并取得了由浙江省市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

中巨芯科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开第 二届董事会第八次会议，审议通过了《关于取消监事会、变更经营范围、修订〈公 司章程〉并授权办理工商变更登记、修订及制定公司部分管理制度的议案》，并 于 2025 年 9 月 11 日召开公司 2025 年第二次临时股东大会，审议通过了《关于 取消监事会、变更经营范围、修订〈公司章程〉并授权办理工商变更登记的议案》。 具体内容详见公司分别于 2025 年 8 月 27 日、2025 年 9 月 12 日披露于上海证券 交易所网站（www.sse.com.cn）的《关于取消监事会、变更经营范围、修订〈公 司章程〉并授权办理工商变更登记及修订、制定和废止公司部分管理制度的公告》 （公告编号：2025-028）、《2025 年第二次临时股东大会决议公告》（公告编号： 2025-036）。 近日，公司完成了相应的工商变更登记和备案手续，并取得了由浙江省市场 监督管理局换发的《营业执照》，变更后的《营业执照》相关登记信息如下： 名称：中巨芯科技股份有限公司 统一社会信用代码：91330802MA29U4396U 证券代码：688549 证券 ...

Group 1: Industry Insights - The price of third-generation refrigerants continues to rise, indicating a sustained high level of industry prosperity. The supply of refrigerants is constrained by quotas, coupled with increased downstream demand, significantly optimizing the supply-demand balance. Prices for R32, R134a, and R125 have increased by 44.19%, 22.35%, and 8.33% respectively as of September 19, 2025 [5][6][7] - In the basic chemical industry, the supply-side is expected to undergo structural optimization. Domestic policies frequently emphasize supply-side requirements, while rising raw material costs and capacity exits in Europe and the U.S. have created uncertainties in overseas chemical supply. China's chemical industry is poised to fill gaps in the international supply chain due to its competitive advantages [7][8] - The food additive industry is expected to expand due to new consumption trends and supportive regulations promoting health. Companies focusing on technology and product differentiation are likely to benefit, with key players identified as Bailong Chuangyuan and Jinhai Industrial [8] Group 2: Company Analysis - Juxing Technology (002444) has established a global multi-tier sales channel through mergers and acquisitions, enhancing its manufacturing capabilities. In the first half of 2025, the company achieved a revenue of 7.027 billion yuan, a year-on-year increase of 4.87%, and a net profit of 1.273 billion yuan, up 6.63% year-on-year. The U.S. and Europe accounted for 65.00% and 25.66% of its revenue respectively [10][11][12] - The tools industry is maturing, with stable long-term demand driven by active housing markets and industrial production expansion. The global tools market is projected to reach $67.3 billion by 2026, with a CAGR of approximately 4% from 2024 to 2026. Smart electric tools are expected to drive growth in the sector [11][12] - Juxing Technology is actively advancing its globalization strategy, having established a logistics and distribution system across China, the U.S., and Europe, along with 23 manufacturing bases worldwide. The company is investing in new facilities in Vietnam and Thailand to enhance its supply chain flexibility [12]

Group 1 - The core point of the article highlights a significant block trade of Zhongjuxin-U on September 24, with a transaction volume of 707,000 shares and a transaction amount of 5.8257 million yuan, executed at a price of 8.24 yuan, which represents a discount of 19.22% compared to the closing price of the day [1][2] - The closing price of Zhongjuxin-U on the same day was 10.20 yuan, reflecting an increase of 5.05%, with a turnover rate of 18.09% and a total transaction amount of 1.069 billion yuan, indicating a net inflow of main funds amounting to 117 million yuan [1][2] - Over the past five days, the stock has seen a cumulative increase of 7.48%, although there has been a total net outflow of funds amounting to 68.092 million yuan during this period [1][2] Group 2 - The latest margin financing balance for Zhongjuxin-U is reported at 337 million yuan, which has increased by 65.6871 million yuan over the past five days, marking a growth rate of 24.23% [2] - Zhongjuxin Technology Co., Ltd. was established on December 25, 2017, with a registered capital of 1.477276 billion yuan [2]

Group 1 - The core transaction involved 707,000 shares of Zhongjuxin, with a total transaction value of 5.8257 million yuan, representing 0.54% of the total trading volume on that day [1][2] - The transaction price was 8.24 yuan per share, which is a discount of 19.22% compared to the market closing price of 10.2 yuan [1][2] - The transaction was executed through an institutional special account, indicating significant interest from institutional investors [2]

Core Viewpoint - Zhongjuxin's stock performance shows a mixed trend with a slight increase of 1.04% on September 23, 2023, and significant trading activity in margin financing and securities lending [1] Group 1: Financial Performance - For the first half of 2025, Zhongjuxin achieved operating revenue of 567 million yuan, representing a year-on-year growth of 20.40% [2] - The net profit attributable to shareholders for the same period was 8.14 million yuan, a decrease of 64.57% year-on-year [2] Group 2: Shareholder and Market Activity - As of June 30, 2025, Zhongjuxin had 33,600 shareholders, a decrease of 1.91% from the previous period, with an average of 17,215 circulating shares per shareholder, an increase of 1.95% [2] - On September 23, 2023, Zhongjuxin's margin financing balance was 337 million yuan, accounting for 5.88% of its market capitalization, indicating a high level compared to the past year [1] - The company has seen significant activity in securities lending, with a lending balance of 1.76 million yuan and a remaining quantity of 181,500 shares, also at a high level compared to the past year [1] Group 3: Shareholder Composition - As of June 30, 2025, notable institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which is the third-largest shareholder with 13.98 million shares, and several other ETFs that have increased their holdings [3]

Investment Rating - The report gives an "Overweight" rating for the chemical industry [1] Core Viewpoints - The supply side is expected to undergo structural optimization, with a focus on selecting elastic and advantageous sectors. Domestic policies frequently emphasize supply-side requirements, while rising raw material costs and capacity exits in Europe and the U.S. have impacted overseas chemical companies. In the long term, China's chemical industry has a clear competitive advantage, with significant cost benefits and technological advancements, allowing Chinese companies to fill gaps in the international supply chain [6][16] Summary by Sections 1. Industry News and Event Commentary - Prices of third-generation refrigerants continue to rise, indicating a high level of industry prosperity. The supply of refrigerants is constrained by quotas, and increased downstream demand has significantly optimized the supply-demand balance. Prices for R32, R134a, and R125 have increased by 44.19%, 22.35%, and 8.33% respectively this year. Major refrigerant producers have seen substantial profit growth, with companies like Juhua Co., Sanmei Co., and Yonghe Co. reporting net profit increases of 145.84%, 159.22%, and 140.82% year-on-year in the first half of 2025 [15][8] 2. Chemical Sector Weekly Performance - For the week of September 15-21, 2025, the CSI 300 index fell by 0.44%, while the Shenwan Chemical Index dropped by 1.33%, underperforming the market by 0.89 percentage points. The Shenwan Oil and Petrochemical Index decreased by 1.99%, also underperforming the market [18][21] 3. Key Product Price Trends - The top price increases for the week included butyl acrylate (3.86%), bisphenol A (3.75%), and phenol (3.31%). Conversely, the largest price declines were seen in nitric acid (-3.11%), liquid ammonia (-2.71%), and caustic soda (-2.44%) [29][31]

Core Viewpoint - Zhongjuxin Technology Co., Ltd. experienced a 5.1% decline in stock price, closing at 9.12 CNY per share, with a total market capitalization of 13.473 billion CNY as of September 23 [1] Company Overview - Zhongjuxin was established on December 25, 2017, and went public on September 8, 2023. The company is based in Quzhou, Zhejiang Province, and specializes in the research, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials [1] - The revenue composition of Zhongjuxin is as follows: electronic wet chemicals account for 76.63%, electronic specialty gases and precursors for 21.25%, and other sources for 2.12% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongjuxin, Bosera Fund's Bosera SSE STAR 100 ETF Linked A (019857) increased its holdings by 867,000 shares in Q2, bringing its total to 4.1924 million shares, which represents 0.73% of the circulating shares [2] - As of the latest data, the fund has incurred an estimated floating loss of approximately 2.0543 million CNY [2] Fund Performance - The Bosera SSE STAR 100 ETF Linked A (019857) was established on December 1, 2023, with a current size of 383 million CNY. Year-to-date, it has achieved a return of 48.25%, ranking 598 out of 4220 in its category. Over the past year, the return is 104.32%, ranking 469 out of 3814, and since inception, the return is 33.48% [2]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.72%, closing at 1380.35 points, with a total trading volume of 6.879 billion shares and a turnover of 361.047 billion yuan, resulting in an average turnover rate of 3.66% [1] - Among the tradable stocks on the STAR Market, 175 stocks closed higher, with 11 stocks increasing by over 10%, including DeKeLi and HuaFeng Technology, which hit the daily limit [1] - The distribution of turnover rates shows that 4 stocks had turnover rates exceeding 20%, while 47 stocks had rates between 10% and 20% [1] High Turnover Stocks - LiYang Chip had the highest turnover rate at 24.65%, closing up by 5.38% with a trading volume of 1.865 billion yuan [1][3] - ZhongJuXin followed with a turnover rate of 24.21%, closing up by 4.85% and a trading volume of 1.416 billion yuan [1][3] - Other notable stocks with high turnover rates include HuaFeng Technology (23.25%), MaiWei Biology (21.87%), and ZhongYan Co. (19.10%) [1][3] Sector Analysis - Among stocks with a turnover rate exceeding 5%, the electronics sector had the most representation with 83 stocks, followed by machinery and computer sectors with 29 and 27 stocks, respectively [2] - The top gainers in this category included DeKeLi and HuaFeng Technology, both rising by 20.00%, and HuiCheng Co. with a 14.16% increase [2] Fund Flow - In terms of fund flow, 82 stocks experienced net inflows from main funds, with HuaFeng Technology, MaiWei Biology, and ZhongWei Company seeing the highest net inflows of 337 million yuan, 298 million yuan, and 220 million yuan, respectively [2] - Conversely, DongXin Co., ZhongXin International, and PuRan Co. faced significant net outflows of 819 million yuan, 731 million yuan, and 284 million yuan, respectively [2] Leverage Fund Movements - A total of 127 stocks received net purchases from leveraged funds, with notable increases in financing balances for ZhongXin International (1.988 billion yuan), XinYuan Co. (1.012 billion yuan), and Green Harmony (373 million yuan) [2] - Stocks with significant reductions in financing balances included HuaHong Company, Aerospace Hongtu, and YingShi Innovation, with decreases of 242 million yuan, 115 million yuan, and 114 million yuan, respectively [2]

Market Overview - On September 18, the electronic chemicals sector rose by 1.96%, led by Siquan New Materials, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Top Performers in Electronic Chemicals Sector - Siquan New Materials (301489) closed at 231.08, up 5.76% with a trading volume of 41,100 shares and a transaction value of 943 million [1] - Zhongjuxin (688549) closed at 9.95, up 4.85% with a trading volume of 1,426,600 shares and a transaction value of 1.416 billion [1] - Dinglong Co., Ltd. (300054) closed at 33.00, up 3.22% with a trading volume of 480,000 shares and a transaction value of 1.595 billion [1] Underperformers in Electronic Chemicals Sector - Lier Technology (688683) closed at 36.28, down 5.25% with a trading volume of 24,000 shares and a transaction value of 88.918 million [2] - Guanggang Gas (688548) closed at 11.20, down 3.53% with a trading volume of 242,300 shares and a transaction value of 275 million [2] - Guoci Materials (300285) closed at 22.50, down 2.47% with a trading volume of 350,200 shares and a transaction value of 796 million [2] Capital Flow Analysis - The electronic chemicals sector experienced a net outflow of 764 million from institutional investors, while retail investors saw a net inflow of 731 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Individual Stock Capital Flow - Strong New Materials (300429) had a net inflow of 40.744 million from institutional investors, but a net outflow of 21.407 million from retail investors [3] - Weiteou (301630) saw a net inflow of 32.697 million from institutional investors, with a significant net outflow from retail investors of 28.427 million [3] - Macro Electronic (603002) had a net inflow of 13.911 million from institutional investors, while retail investors contributed a net inflow of 2.451 million [3]