关于举办2024年年度报告网上业绩说明会的公告 特别提示：本公司及董事会全体成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。 江苏雅克科技股份有限公司（以下简称"公司"）已于2025年4月28日在巨潮资 讯网上披露了《2024年年度报告》，为使投资者进一步了解公司的财务状况、经营 情况及公司发展规划，公司将于2025年5月16日(星期五)15:00-17:00在深圳证券交 易所"互动易"平台（http://irm.cninfo.com.cn）举办2024年年度报告网上业绩 说明会，本次说明会将采用网络远程文字交流的方式举行。投资者可登录深圳证券 交易所"互动易"平台，进入"云访谈"栏目参与本次网上业绩说明会。 出席本次说明会的人员有：公司董事长兼总经理沈琦先生，财务总监兼董事会 秘书覃红健先生，独立董事李锦春先生（如遇特殊情况，参会人员可能进行调整）。 为提升交流的针对性，以便公司在本次说明会上对投资者普遍关注的问题进行 作答，公司就2024年年度报告网上业绩说明会提前向投资者征集相关问题，广泛听 取投资者的意见和建议。投资者可提前登录"互动易"平台"云访谈"栏目，进入 "业绩说明 ...

方正证券表示，国产半导体设备供应商初露锋芒，收入及利润高速增长，空间广阔，毛利率与海外龙头 接近，净利率仍有提升空间。晶圆厂稼动率低点已过，半导体材料厂商多点开花，替代深化，半导体零 部件进入产品拓展、客户导入快车道。 中航证券表示，海外半导体设备景气度下行，但国内光刻机产业逆势增长，看好半导体产业未来机遇。 全球周期下行不掩国产替代锋芒。半导体设备国产化持续推进，业绩延续高增。内资坚定扩产，自主产 能逐步爬坡，国内设备景气度有望延续。 数据显示，截至2025年4月30日，半导体材料ETF（562590）及其联接基金（A类：020356；C类： 020357）前十大权重股分别为北方华创(002371)、中微公司(688012)、沪硅产业(688126)、华海清科 (688120)、南大光电(300346)、拓荆科技(688072)、鼎龙股份(300054)、长川科技(300604)、安集科技 (688019)、雅克科技(002409)，前十大权重股合计占比62%。 （文章来源：每日经济新闻） 截至2025年5月13日 13:24，中证半导体材料设备主题指数下跌0.21%。成分股方面涨跌互现，芯源微领 涨4.4 ...

宏观政策发力，投资品如何布局？20250512 摘要 • 红利策略在经济下行背景下凸显重要性，叠加公募基金高质量发展行动方 案的推动，红利资产配置需求增加，成为跑赢基准的趋势。关注分红比例 提高的公司，将其作为底仓配置。 • AI 应用领域虽催化剂众多，但兑现需时，预期偏高。经济压力可能导致二 次调整，但幅度有限。AI 应用仍是主线，关注长期发展潜力。 • 油价下跌是城市燃气降本的主要逻辑，2024 年进口 LNG 价格中枢下降。 若 LNG 价格进一步下跌，国内现货具备赚取价差空间，看好降本带来的盈 利能力改善。 • 黄金价格受地缘冲突和美国经济韧性驱动，高位震荡。利润框架向信用框 架切换是长期上涨背景，短期调整是买入机会。板块估值仍偏低，关注龙 头公司业绩。 • 有色金属板块中，铜、铝等品种估值偏低。中国加码逆周期政策降低关税 影响，回调风险可控。关注长期景气高位且具备分红属性的品种，以及受 政策驱动的小金属。 Q&A 当前宏观政策持续发力，资本市场在国家政策中的定位如何变化？对投资策略 有何影响？ 公用事业行业一季度表现如何？各子领域有哪些差异？ 一季度能源需求较弱，无论是天然气还是电力需求增速均有所下 ...

公开资料显示，华夏线上经济主题精选混合基金成立于2020年8月26日，截至2025年3月31日，华夏线上 经济主题精选混合规模13.63亿元，基金经理为黄文倩。 简历显示：黄文倩女士:复旦大学金融学硕士。曾任中国国际金融有限公司高级经理。2011年11月加入 华夏基金管理有限公司,曾任投资研究部研究员、投资经理、华夏新兴消费混合型证券投资基金基金经 理(2018年11月7日至2020年5月7日期间)等,现任投资研究部总监,华夏消费升级灵活配置混合型证券投资 基金基金经理(2016年2月3日起任职)。华夏线上经济主题精选混合型证券投资基金基金经理(2020年8月 26日起任职)。2021年2月3日起任职华夏消费龙头混合型证券投资基金基金经理。2021年4月20日至2023 年11月13日任职华夏核心价值混合型证券投资基金基金经理。 来源：金融界 金融界2025年5月12日消息，华夏线上经济主题精选混合(010020) 最新净值0.7775元，增长1.03%。该基 金近1个月收益率3.71%，同类排名1325|2039；近6个月收益率0.92%，同类排名774|1991；今年来收益 率4.28%，同类排名855| ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - Refrigerant prices remain high, enhancing profitability; companies such as Juhua Co., Ltd. and Sanmei Co., Ltd. are recommended for attention [5] - The low-altitude economy and robotics industry are moving towards commercialization, increasing demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene [5] Summary by Sections 1. Key Sub-industry and Product Tracking - Refrigerants: Prices remain high, with R22 at 36,000 CNY/ton, R32 at 49,000 CNY/ton, R125 at 45,000 CNY/ton, R134a at 47,500 CNY/ton, and R142b at 27,000 CNY/ton, all stable compared to last week [3][12] - Vitamins: Prices continue to decline, with Vitamin A at 65 CNY/kg (down 4.41% week-on-week) and Vitamin E at 105 CNY/kg (down 1.41% week-on-week) [4][12] 2. Electronic Chemicals - The electronic chemicals sector is characterized by high technical barriers and a high degree of market segmentation, with a focus on wet electronic chemicals, photoresists, and CMP polishing materials [14][16] 3. New Quality Productivity - Carbon Fiber: A high-strength material with applications in wind power, photovoltaics, and aerospace, experiencing a price stabilization after a decline [35] - Ultra-high molecular weight polyethylene (UHMWPE): Known for its superior strength and durability, it is a high-tech product with significant technical barriers [39] - PEEK materials: Demand for PEEK has grown significantly, with a compound annual growth rate of 42.84% from 2012 to 2021 [40] 4. Lithium Battery/Storage Materials - Conductive agents: Prices for multi-walled carbon nanotube powder are at 64,000 CNY/ton, while conductive paste is at 27,500 CNY/ton, both showing a downward trend [43] - Sodium battery materials: Prices for Prussian blue compounds are at 45,000 CNY/ton, and hard carbon negative materials are at 70,000 CNY/ton, with recent price stability [45] 5. Photovoltaic/Wind Power Materials - EVA prices have shown slight rebounds, with the market average at 11,143 CNY/ton, indicating a stable market environment [50] 6. Bio-based Materials and Energy - Biodiesel prices are stable at 8,100 CNY/ton, while sustainable aviation fuel (SAF) is priced at 1,757 USD/ton [62] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials in plastic packaging from 4.8% in 2018 to 10.0% in 2021 [64] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the rapid development of wearable devices and smart home appliances [71]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Group 1 - The top ten funds with the largest net value declines from January 1 to May 9, 2025, are all managed by Caitong Fund, with the largest decline being 37.89% for the Galaxy Junrong Mixed I fund [2][4] - Excluding the Galaxy Junrong Mixed I fund, the remaining top ten funds are all Caitong Fund products, including Caitong Craftsmanship Preferred One-Year Holding Mixed C and A, and Caitong Wisdom Growth Mixed C and A [4] - The fund manager for these ten funds is Jin Zicai, who currently manages a total fund size of 4.61 billion yuan [4] Group 2 - Jin Zicai's performance has shown significant volatility over the past few years, with rankings fluctuating from 468th in 2022 to 5th in 2024, but dropping to 2132nd in 2025 [5] - The performance of Caitong Craftsmanship Preferred One-Year Holding Mixed C is characterized by a "quick in and out" trading style [5][8] - The top ten holdings of the funds have changed significantly over time, with only a few stocks remaining in the top positions from previous years [7][8]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI demand recovery and ongoing domestic substitution trends [5]. Core Insights - The semiconductor industry has entered a recovery phase since the second half of 2023, with revenue and net profit growth expected to continue into 2024 and Q1 2025 [5][23]. - The overall revenue for the semiconductor sector in 2024 is projected to reach CNY 602.23 billion, a year-on-year increase of 21.10%, with net profit expected to be CNY 35.34 billion, up 12.82% [13]. - In Q1 2025, the sector is anticipated to generate revenue of CNY 128.13 billion, reflecting a 14.35% year-on-year growth, and net profit of CNY 7.90 billion, a 28.75% increase [13]. Summary by Sections Overall Industry Performance - The semiconductor sector is experiencing an overall upward trend, with both revenue and net profit showing year-on-year growth for 2024 and Q1 2025 [5][13]. - The first quarter of 2025, typically a slow season, is expected to show resilience due to strong demand for computing chips and recovering consumer chip demand [5][23]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector is benefiting from ongoing domestic substitution, with 2024 revenue projected at CNY 71.85 billion, a 38.59% increase, and net profit at CNY 12.18 billion, up 22.76% [24]. - In Q1 2025, revenue is expected to reach CNY 17.88 billion, a 33.38% increase, with net profit of CNY 2.57 billion, up 24.12% [24]. 2. **Semiconductor Materials** - The semiconductor materials sector is projected to achieve revenue of CNY 40.94 billion in 2024, a 12.46% increase, but net profit is expected to decline by 23.90% to CNY 2.03 billion [41]. - In Q1 2025, revenue is anticipated to be CNY 10.41 billion, a 10.93% increase, with net profit expected to rise by 40.35% to CNY 0.67 billion [41]. 3. **Digital Chip Design** - The digital chip design sector is expected to see revenue of CNY 149.20 billion in 2024, a 28.17% increase, and net profit of CNY 13.60 billion, up 213.62% [53]. - In Q1 2025, revenue is projected at CNY 37.97 billion, a 20.27% increase, with net profit of CNY 3.26 billion, up 20.59% [53]. 4. **Analog Chip Design** - The analog chip design sector is showing signs of recovery, particularly in industrial and automotive applications, with revenue growth expected in the second half of 2024 [5]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector is expected to show steady revenue growth, with major companies reporting improved performance in 2024 and Q1 2025 [5]. 6. **Discrete Devices** - The discrete devices sector is experiencing a weak recovery, with Q1 2025 profits expected to rebound due to improved demand from the automotive sector [5]. 7. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector is projected to see a revenue increase of 15.89% in 2025, but net profit is expected to decline by 36.39% due to rising costs and competitive pressures [5][27]. Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductor equipment, materials, AI computing, and AI terminal chips, given the clear trends of AI penetration and domestic substitution [5].

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 0.9107 yuan, reflecting a growth of 2.31% [1] - The fund's performance over the past month shows a return of -0.86%, ranking 3466 out of 4685 in its category; over the past three months, it has a return of -1.24%, ranking 3354 out of 4623; and year-to-date, it has a return of -0.44%, ranking 3474 out of 4586 [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]

【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 关税影响暂时趋于缓和，但中期展望贸易形势仍旧较为复杂，我们看好以内需为主导，景气度长期向上的可控 核聚变、核电、军工等标的，同时建议关注机器人材料在政策引导下的板块回暖，以及半导体相关材料和零部件 自主可控和国产替代的持续演绎。 可控核聚变：5月1日BEST项目工程总装工作正式 【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 核聚变关键零部件在国内均有成熟供应体系，受外部冲击较小，作为新基建可拉动产业链需求释放。 建议关注国光电气、合锻智能、永鼎股份等。 核电：中越、中马联合声明提及核电合作，我们判断核电出口预期加强，有望进一步打开市场空间，建议关注 大西洋、中核科技、中密控股等。 人形机器人：板块回调较早且幅度较深，政策驱动下反弹趋势更为确定，建议关注南山智尚、同益中、福莱新 材、聚杰微纤。 半导体：美国特朗普政府可能最快于本周公布针对半导体加征关税的细节，市场预估税率可能高达25%～ 100%，国内将加快科技自立自强步伐，国 ...