Core Insights - China Haisum (002116) reported that its engineering business in the new energy materials sector includes semiconductor materials and lithium battery materials, with new engineering service contracts signed in this field amounting to approximately 3.22 billion yuan over the past three years [1] Group 1 - The company specializes in new energy materials, particularly in semiconductor and lithium battery materials [1] - The total value of new engineering service contracts in the new energy materials sector over the last three years is around 3.22 billion yuan [1]

Group 1 - Shanshan Group and a consortium of investors signed a restructuring investment agreement to advance the restructuring process of Shanshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd [2][3] - TCL Technology announced its participation in the restructuring through its subsidiary, investing up to 500 million yuan to acquire 1.94% of Shanshan shares at a price of 11.44 yuan per share [3] - Shanshan Holdings is a leading company in the global lithium battery anode material market, with significant partnerships with major panel manufacturers like BOE and TCL Huaxing [3][4] Group 2 - The restructuring is driven by the increasing demand for lithium battery materials, with the global market for anode materials expected to reach 42 billion yuan in 2024, with China accounting for 70% of global capacity [4] - The consortium aims to acquire a total of 23.36% of Shanshan's shares through various methods, including direct acquisition and trust agreements [4][5] - If the restructuring is successful, the actual controller of Shanshan will change to Ren Yuanlin, the actual controller of Xinyangzi Commerce, which is a major domestic investment platform [5] Group 3 - As of September 30, Shanshan's stock price was 15.9 yuan per share, representing a premium of approximately 39% over the restructuring pricing of 11.44 yuan per share [6]

Core Insights - The Lianhong Gelun integrated project for new energy materials and biodegradable materials has achieved overall handover in Zaozhuang, Tengzhou, and is expected to be fully operational by the end of this year [1] - The project represents a significant investment of 12.5 billion yuan and covers an area of approximately 1,700 acres, with production capacities including 1.3 million tons/year of methanol-to-olefins (DMTO), 200,000 tons/year of ethylene-vinyl acetate copolymer (EVA), 300,000 tons/year of propylene oxide (PO), 50,000 tons/year of polycarbonate (PPC), and 240,000 tons/year of polyether polyols (PPG) [1] - The project commenced site leveling in February 2023 and will see full construction starting in April 2024, with peak on-site personnel exceeding 12,000 [1] - The chairman of Lianhong Group emphasized the project's importance in solidifying the company's future development and aims for it to become a model of safety, innovation, and efficient operation in the industry [1] Future Plans - By the end of 2025, all projects planned under Lianhong's strategic phase 2.0 are expected to be implemented, leading to clearer business segments in new energy materials, biological materials, electronic materials, and specialty materials, with a richer product variety and enhanced scale [2]

Group 1 - The core viewpoint of the article is that Yuegui Co., Ltd. is intensifying its investment in the mining sector by acquiring mining rights for quartzite in Guangdong Province, which aligns with the company's strategic development plan for sustainable growth [2][3] - Yuegui Co., Ltd.'s subsidiary, Jingyuan Mining, won the bidding for mining rights at a price of 222 million yuan, with a resource reserve of 18.163 million cubic meters and an annual production capacity of 2.6 million tons [2] - The company reported that its mining sector is the largest revenue source, contributing 39.59% of total income, with mining, sugar, paper, and chemical businesses generating revenues of 538 million yuan, 292 million yuan, 198 million yuan, and 186 million yuan respectively [3] Group 2 - In the first half of 2025, Yuegui Co., Ltd. achieved a revenue of 1.359 billion yuan, a year-on-year increase of 1.29%, and a net profit of 234 million yuan, reflecting a significant year-on-year growth of 72.99% [4] - The company's net profit has shown consistent growth over seven consecutive quarters, with notable increases in each quarter, including a staggering 163.26 times increase in one quarter [5] - The company's debt-to-asset ratio improved to 33.84% by the end of the first half of 2025, down from 37.61% in the same period of 2024, indicating better financial health [5]

Group 1: Real Estate Industry - The core conclusion indicates that differentiation is an effective way to address industry challenges, with optimism for core quality new homes and related beneficiaries, while rationally viewing the pressure on the second-hand housing market [2][10] - The report highlights structural opportunities in the real estate sector, emphasizing that despite overall market pressure, several stocks have achieved over 40% gains, indicating a potential turning point for structural differentiation and total improvement [7][8] - Key investment logic includes focusing on quality real estate companies like Yuexiu Property, which is expected to see improved operational performance and profit expectations, and recommending companies like Binjiang Group and Longfor Group for their potential in core urban areas [10][9] Group 2: Biopharmaceutical Industry - The report on Fuhong Hanlin (2696.HK) predicts revenue growth from 60.34 billion to 70.13 billion from 2025 to 2027, with a notable increase in 2027 of 17.8%, reflecting significant potential due to innovative drug layouts and clinical data catalysts [3][14] - WuXi XDC (2268.HK) is projected to see substantial revenue growth from 60.01 billion to 107.36 billion from 2025 to 2027, with a compound annual growth rate (CAGR) of 102% from 2022 to 2024, driven by strong industry demand and capacity expansion [4][17] - The reports emphasize the importance of innovative drug development and the potential for biopharmaceutical companies to benefit from global market expansion and increasing demand for biosimilars [12][15] Group 3: Basic Chemicals Industry - The report on Shengquan Group (605589.SH) forecasts net profit growth from 12.63 billion to 18.99 billion from 2025 to 2027, highlighting the company's leadership in phenolic resin and casting resin, with expectations for steady growth due to industry changes [5][18] - The company is positioned as a "platform-type" enterprise in electronic and battery materials, with significant potential in traditional resin business as market conditions improve [18][19] - Shengquan Group's strategic expansion into electronic materials and new energy materials is expected to capture more potential products, supported by its strong R&D capabilities [19]

Core Viewpoint - The company Tianqi Materials (002709.SZ) has signed a cooperation agreement with Ruipu Lanjun Energy Co., Ltd. for the procurement of at least 800,000 tons of electrolyte products by the end of 2030 [1] Group 1 - The agreement is effective from the date of signing until December 31, 2030 [1] - The specific procurement volume, unit price, and specifications will be confirmed through procurement orders agreed upon by both parties [1]

Investment Rating - The report gives an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 1.263 billion, 1.483 billion, and 1.899 billion yuan for the years 2025 to 2027, respectively, benefiting from its leading position in domestic phenolic resin and casting resin, as well as the transformation of the resin system in the electronic and new energy materials industry [2][18]. - The report highlights that while the market believes the value of the company has been fully priced in during the current resin demand upcycle, there is potential for recovery in traditional resin business and the company is positioned as a "technology platform" enterprise in new materials, which may capture more potential products through its ongoing R&D capabilities [2][15]. Summary by Sections 1. Business Development and Financial Performance - The company has a solid foundation in traditional resin business with a production capacity of 648,600 tons for phenolic resin and 143,300 tons for casting resin as of 2023, which supports its ability to navigate through cycles [3][49]. - The company reported a significant increase in net profit of 51.19% year-on-year for the first half of 2025, reaching 5.01 billion yuan, driven by growth in advanced electronic materials and battery materials [24][37]. 2. Electronic Chemicals and New Materials - The company is a leader in domestic electronic materials, with a full production capacity of its four PPO production lines and plans to expand its production capacity for various resin products [3][12]. - The demand for PPO resin is expected to grow significantly, with projections of 6,964 tons and 10,446 tons for 2025 and 2026, respectively, driven by the AI server market [3][15]. 3. Battery Materials - The company is actively expanding its production capacity for silicon-carbon anodes and porous carbon, with plans for 10,000 tons per year of silicon-carbon anodes and 15,000 tons per year of porous carbon [3][27]. - The company has established a production line for hard carbon anodes for sodium batteries, which is expected to see increased demand [3][27]. 4. Biomass Chemical Products - The company is optimizing its Daqing project, which focuses on high-value biomass products, and is expected to turn profitable [13][24]. - Revenue from biomass chemical products is projected to grow steadily, with expected revenues of 1.1 billion, 1.265 billion, and 1.454 billion yuan for 2025 to 2027 [13][14]. 5. Market Position and Competitive Advantage - The company holds a leading position in the phenolic resin market, with a production capacity that ranks among the highest globally, and benefits from significant cost advantages [3][49]. - The report emphasizes the company's strong market position in high-end phenolic resin products, which have a higher added value compared to low-end products [54][55].

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 33 products increasing in price, 31 decreasing, and 36 remaining stable during the week of September 15-21. The international oil prices have slightly decreased, influenced by geopolitical factors and supply-demand dynamics [1][2]. Industry Dynamics - In the week of September 15-21, among 100 tracked chemical products, 33 saw price increases, 31 saw decreases, and 36 remained stable. 40% of the products had a month-on-month average price increase, while 47% experienced a decrease, and 13% remained flat [1]. - The top gainers in weekly average prices included acetic acid (East China), NYMEX natural gas, sulfur (CFR China spot price), calcium carbide (East China), and trichloroethylene (East China). Conversely, the largest price declines were seen in vitamin E, nitric acid (East China), epoxy chloropropane (East China), dichloromethane (East China), and polyester FDY (East China) [1]. - International oil prices saw a slight decline, with WTI crude oil futures closing at $62.68 per barrel (down 0.02%) and Brent crude oil futures at $66.68 per barrel (down 0.46%). The U.S. oil production averaged 13.482 million barrels per day, a decrease of 13,000 barrels from the previous week but an increase of 282,000 barrels year-on-year [2]. - The EIA reported that U.S. oil demand averaged 20.637 million barrels per day, an increase of 85,600 barrels from the previous week, with gasoline demand at 8.810 million barrels per day, up 30,200 barrels [2]. Urea Market - Urea prices decreased, with the domestic average price on September 19 at 1,675 yuan per ton, down 0.95% week-on-week and 11.70% year-on-year. Daily production averaged 193,300 tons, an increase of 5,700 tons from the previous week [3]. - The average operating rate for compound fertilizer was 40.78%, up 1.42 percentage points from the previous week, indicating stable production levels [3]. - The domestic coal market average price was 576 yuan per ton, up 1.77% week-on-week, which may support urea production costs [3]. Methionine Market - Methionine prices fell, with the domestic average price on September 19 at 21.65 yuan per kilogram, down 0.69% week-on-week but up 5.71% year-on-year. The production remained stable at 11,100 tons, with an industry operating rate of 54.09% [4]. - The demand for solid methionine was generally weak, with downstream purchasing being cautious [4][5]. Investment Recommendations - As of September 21, the SW basic chemical sector's P/E ratio (TTM excluding negative values) was 25.29, at the 75.31% historical percentile, while the P/B ratio was 2.21, at the 52.99% historical percentile. The SW oil and petrochemical sector's P/E ratio was 11.50, at the 23.70% historical percentile, and the P/B ratio was 1.14, at the 19.28% historical percentile [6]. - The report suggests focusing on sectors affected by tariff policies, companies in electronic materials, undervalued industry leaders, and energy firms with stable dividend policies [6]. - Long-term investment themes include the sustained high oil prices benefiting the oil and gas exploration sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy changes [6]. Notable Stocks - Recommended stocks include China Petroleum, China Oilfield Services, China Petrochemical, and several others in the new materials and energy sectors [7].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Guangzhou Tinci Materials Technology Co., Ltd. 廣州天賜高新材料股份有限公司 (the "Company") (A joint stock limited company incorp ...

Group 1 - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.67 billion yuan, down 44% year-on-year, and a net loss of 450 million yuan, which has worsened compared to the previous year [1] - In Q2 2025, the company experienced a revenue drop to 780 million yuan, a 49% decrease year-on-year and a 12% decrease quarter-on-quarter, with net losses also increasing [1] Group 2 - The photovoltaic glass segment is facing pressure on both volume and price, with the average selling price of 2mm photovoltaic coated glass at 12.9 yuan/sqm, down 4.0 yuan or 24% year-on-year [2] - The company's total production capacity for photovoltaic glass reached approximately 9,350 t/d, an increase of 35% year-on-year, but sales are expected to decline significantly due to intense industry competition [2] Group 3 - The company is focusing on the integration of thin-film battery assets, with a strategic plan to manage and potentially acquire stakes in various thin-film battery manufacturers, indicating a promising growth outlook [3] - The company has signed agreements to continue managing significant stakes in key subsidiaries, which positions it well within the new energy materials sector [3] Group 4 - The company is expected to see revenue growth from 5.7 billion yuan in 2025 to 6.9 billion yuan in 2027, with net profit projected to turn positive by 2026, indicating a strategic transformation towards photovoltaic glass [4] - The company aims to leverage its scale and cost advantages as new production capacities come online, supported by its affiliations with major groups in the industry [4]