Group 1: Financial Performance - The company expects a significant increase in profit, with a projected growth of approximately 51% in 2024 compared to the previous year [29] - The semiconductor precursor business is anticipated to generate revenue of 1.95 billion CNY in 2024, with over 50% of this revenue coming from domestic clients [3][6] - The company's overall revenue growth in the semiconductor materials sector is expected to exceed the industry average [33] Group 2: Market Position and Competition - The company holds a leading position in the domestic market for semiconductor precursors, with substantial room for import substitution [3][6] - The company has established a strong presence in the domestic semiconductor manufacturing sector, covering all major domestic chip manufacturers [5][6] - The company is actively pursuing new product development and customer acquisition to enhance its market competitiveness [32] Group 3: Product Development and Innovation - The company is focusing on the development of semiconductor photoresists and has made progress in the validation of High-K precursors for advanced processes below 28nm [8][10] - The company is committed to continuous innovation and product line expansion in response to market demands [40] - The company is exploring potential acquisitions to strengthen its competitive barriers in the semiconductor materials sector [20][26] Group 4: Strategic Planning and Investor Relations - The company plans to implement a market value management system and increase investor communication to improve market perception [41][42] - The company acknowledges the need for proactive market management to enhance institutional investor participation [21][22] - The company is considering share buyback or major shareholder increase plans to boost investor confidence [2][5]

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于 江苏雅克科技股份有限公司 2024 年年度股东大会的 法律意见书 中国 上海 山西北路 99 号苏河湾中心 25-28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于江苏雅克科技股份有限公司 2024 年年度股东大会的法律意见书 致：江苏雅克科技股份有限公司 江苏雅克科技股份有限公司（以下简称"公司"）2024 年年度股东大会现场 会议于 2025 年 5 月 19 日（星期一）下午 13:30 在江苏省宜兴市经济技术开发区 荆溪北路 88 号公司会议室召开。国浩律师（上海）事务所（以下简称"本所"） 接受公司的委托，指派冯璐律师、沈文律师（以下简称"本所律师"）出席会议 并见证。现依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和《江苏雅克科技股份有限公司章程》 （以下简称"《公司章程 ...

证券代码：002409 证券简称：雅克科技 公告编号：2025-018 1、公司于2025年4月28日在《证券时报》及指定信息披露网站巨潮资讯网上 刊登了《江苏雅克科技股份有限公司关于召开2024年年度股东大会的通知》。 2、本次股东大会无否决或修改提案的情况，无新提案提交表决的情况，也 无涉及变更前次股东大会决议的情况。 3、本次股东大会以现场投票和网络投票相结合的方式召开。 二、会议召开情况 1、会议召开时间： 现场会议时间：2025年5月19日（星期一）下午13:30。 江苏雅克科技股份有限公司 2024年年度股东大会决议公告 特别提示：本公司及全体董事、监事、高级管理人员保证公告内容真实、准 确和完整，不存在虚假记载、误导性陈述或者重大遗漏。 一、重要内容提示： 1、出席会议的总体情况 通过现场和网络投票的股东371人，代表股份237,115,774股，占公司有表 决权股份总数的49.8218％。 2、现场会议出席情况 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月19日 上午9:15-9:25，9:30－11:30，下午13:00－15:00；通过深圳证券交易所互 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

Investment Rating - The report suggests a focus on companies in the refrigerant sector such as Juhua Co., Ltd. and Sanmei Co., Ltd. due to the sustained high prices of refrigerants, enhancing profitability [5]. Core Insights - Refrigerant prices remain high, with significant year-on-year increases, indicating strong demand and profitability potential in this sector [3][5]. - The low-altitude economy and robotics industry are moving towards commercialization, leading to increased demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) [5][30]. Summary by Sections 1. Key Sub-industry and Product Tracking - Refrigerants: Prices for R22, R32, R125, and R134a have increased by 2.04%, 1.05%, and 1.11% respectively compared to the previous week, with R22 at 36,000 CNY/ton and R32 at 50,000 CNY/ton [3][12]. - Electronic Chemicals: Prices for electronic-grade ammonia, developing solutions, and etching solutions have decreased significantly, with electronic-grade ammonia down 50% year-on-year [4][12]. - High-performance fibers and lightweight materials are gaining attention due to advancements in robotics and the low-altitude economy [4][5]. 2. Market Performance - The basic chemical index increased by 1.38% during the week, with the overall chemical industry showing a mixed performance [68][74]. - The report highlights the significant price fluctuations in various chemical products, with some sectors like polyester showing strong gains [74]. 3. Key Company Announcements and Industry News - The report emphasizes the importance of monitoring technological breakthroughs and material import substitutions in the electronic chemicals sector [14][24]. - Companies such as Yake Technology, Lianrui New Materials, and Dinglong Co. are highlighted as key players in the semiconductor materials market, which is expected to grow significantly [21][24]. 4. Focused Targets - The report recommends attention to the carbon fiber industry and companies involved in the production of lightweight materials due to the anticipated growth in demand from the low-altitude economy and robotics sectors [5][30].

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Insights - The IC testing industry has significant potential for domestic growth, with the independent third-party testing model gaining traction as semiconductor processes advance and reliability requirements increase [7][9] - The market size for IC testing in mainland China is estimated to be approximately 38.3 billion RMB in 2023, with a year-on-year growth of 6% [8][22] - Taiwan's IC testing output is projected to reach approximately 200.2 billion NTD in 2024, reflecting a year-on-year growth of 5.04% [21] Summary by Sections 1. IC Testing Industry Domestic Growth Potential - IC testing is a critical segment of the semiconductor supply chain, encompassing CP testing for processed wafers and FT testing for packaged chips [7][13] - The independent third-party testing model is emerging as a response to increasing demands for chip performance verification [7][13] 2. Investment Recommendations - Focus on the domestic IC testing industry chain, with particular attention to companies like Changdian Technology and Tongfu Microelectronics, as high-end testing and reliability testing are expected to see increased demand [31][32] - The computing power industry is also highlighted, with recommendations to monitor companies like Tongfu Microelectronics and Yake Technology due to the growth in AI applications [33] - The recovery of consumer electronics and the launch of AI terminal products suggest a positive outlook for companies like Luxshare Precision [34]

Investment Rating - The report suggests a positive outlook for refrigerants and materials related to the low-altitude economy and robotics industry, recommending attention to companies like Juhua Co., Ltd. and Sanmei Co., Ltd. [5] Core Insights - Refrigerant prices remain high, enhancing profitability for related companies [5] - The low-altitude economy and robotics industry in China are moving towards commercialization, potentially increasing demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene [5] Summary by Sections 1. Sub-industry Tracking - Refrigerants: Prices are stable and high, with R22 averaging 36,000 CNY/ton, R32 at 50,000 CNY/ton, R125 at 45,500 CNY/ton, and R134a at 48,000 CNY/ton, showing increases of 2.04%, 1.11%, 1.05%, and 0% respectively compared to last week [3][12] - Electronic Chemicals: Prices for electronic-grade ammonia water have dropped by 12.5% to 3,500 CNY/ton, while developing liquid and etching liquid prices have decreased by 3.57% and 3.13% respectively [4][12] 2. Market Performance - The basic chemical index increased by 1.38% during the week, ranking 9th among 30 major industries [68] - The basic chemical industry rose by 3.79% this month, ranking 11th among 30 major industries [71] 3. Key Company Announcements and Industry News - The report highlights the importance of technological breakthroughs and material import substitution in the electronic chemicals sector [14][17] - Companies such as Yake Technology, Lianrui New Materials, and Dinglong Co. are noted for their potential in the semiconductor materials market [24]

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 1.20%, with a latest price of 1.07 yuan, while it has increased by 30.22% over the past year [3][4] - The liquidity of the semiconductor materials ETF shows a turnover rate of 0.95% with a transaction volume of 302.02 million yuan, and an average daily transaction volume of 16.30 million yuan over the past year, ranking it among the top two comparable funds [3] - The ETF's scale has grown significantly, with an increase of 609.55 million yuan over the past week, placing it second among comparable funds [3] Group 2 - The semiconductor materials ETF has reached a new high of 296 million shares, marking a peak in the last month [3] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 542.63 million yuan, totaling 1.30 billion yuan, and an average daily net inflow of 325.99 million yuan [3] - As of May 14, 2025, the tracking error of the semiconductor materials ETF over the past two months is 0.013%, the highest among comparable funds [4] Group 3 - The semiconductor sector is expected to see a recovery in overall performance in 2024, with the first quarter of this year showing a continued recovery trend [4] - The integrated circuit manufacturing and analog sub-sectors have returned to profitability, while other sub-sectors have achieved double-digit year-on-year growth in net profit, driven by terminal recovery, AI computing power construction, and demand in materials and advanced packaging [4] - The index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [4] Group 4 - The top ten weighted stocks in the semiconductor materials equipment index account for 62% of the index, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6] - The weightings of the top stocks include Northern Huachuang at 16.44%, Zhongwei Company at 13.55%, and Hu Silicon Industry at 5.61% [6]

Core Viewpoint - The precursor market in the semiconductor industry is experiencing significant growth driven by increasing demand for high-purity and high-stability materials essential for advanced chip manufacturing processes [1][5]. Group 1: Current Status of the Precursor Industry - The production of semiconductor precursors requires highly specialized technology and knowledge across chemical synthesis, materials science, and semiconductor processes [3]. - Rapid innovation is necessary as the semiconductor industry evolves quickly, necessitating close collaboration between precursor manufacturers and semiconductor producers to meet new demands [3]. - Quality control is critical, with manufacturers needing to establish strict systems to ensure the purity, stability, and consistency of precursors [3]. - There is a growing demand for customized precursors tailored to specific processes and applications, requiring manufacturers to work closely with clients [3]. Group 2: Development Trends of Precursors - There is an increasing requirement for high purity and stability in precursors due to the shrinking size and enhanced performance of semiconductor devices [4]. - New types of precursors are being developed to meet the needs of next-generation semiconductor devices, including those for two-dimensional materials and novel memory applications [4]. - The trend towards atomic layer deposition (ALD) necessitates the development of more precise precursors to achieve higher atomic layer control and film uniformity [4]. - Precursors must be adaptable to both high-temperature and low-temperature applications, with a focus on developing suitable low-temperature precursors for film growth [4]. Group 3: Global Precursor Market Analysis - The global precursor market is projected to reach $1.786 billion in sales by 2024 and $3.056 billion by 2031, with a compound annual growth rate (CAGR) of 8.15% from 2025 to 2031 [7]. - The Chinese precursor market is expected to grow from $380.21 million in 2024 (21.28% of the global market) to $812.66 million by 2031 (26.59% of the global market) [7]. - Taiwan is currently the largest consumer market for precursors, with a projected market share of 28.58% in 2024, followed by South Korea and mainland China [7]. - Europe is the largest production region for precursors, holding a 50.32% market share in 2024, while mainland China is expected to experience the fastest growth [7]. Group 4: Product and Application Insights - High-k precursors are expected to hold a significant market share, projected to reach 38.62% of revenue by 2031 [10]. - The PVD/CVD/ALD applications are anticipated to account for approximately 91.99% of revenue in 2024, with a CAGR of about 8.34% in the coming years [10]. Group 5: Key Manufacturers - Major global precursor manufacturers include Merck, UP Chemical, Air Liquide, SK Materials, DNF, SoulBrain, and others [13][17]. - The report provides insights into the production capacity, sales volume, revenue, and market share of these key players [15].

Group 1 - The core point of the article highlights the performance and holdings of the Huaxia Emerging Economy One-Year Holding Mixed A Fund, which has a latest net value of 0.9160 yuan, reflecting a decrease of 0.92% [1] - The fund's performance over the past month shows a return of 3.58%, ranking 1423 out of 2282 in its category; over the past three months, it has a return of -1.96%, ranking 1612 out of 2260; and since the beginning of the year, it has a return of 0.14%, ranking 1604 out of 2247 [1] - The top ten stock holdings of the fund account for a total of 42.55%, with significant positions in Meituan-W (5.08%), Guoneng Rixin (5.03%), and Mingyang Electric (5.00%) among others [1] Group 2 - The Huaxia Emerging Economy One-Year Holding Mixed A Fund was established on July 27, 2021, and as of March 31, 2025, it has a total scale of 1.324 billion yuan [1] - The fund manager, Sun Yijia, has a background in finance with a master's degree from Shanghai Jiao Tong University and has held various positions in the financial industry since 2008, including roles at China International Capital Corporation and Huaxia Fund Management [2]