Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - Oil prices experienced a slight decline this week, with a focus on leading companies that have strong alpha and are less correlated with oil prices, suggesting a bottom-fishing strategy. The report emphasizes the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [17][9][5]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The increase in U.S. commercial crude oil inventory and OPEC+ production expectations contributed to this decline. As of May 16, U.S. crude oil commercial inventory was 443.2 million barrels, with a weekly increase of 1.3 million barrels [13][2]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [14][9]. Price Spread Changes - The top three price spread increases this week were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The largest declines were in acrylic acid butyl ester spread (down 710.1%), R410a spread (down 100.0%), and lithium hexafluorophosphate spread (down 20.7%) [19][9]. - Monthly, the top three price spread increases were in styrene (up 192.7%), oil head ethylene glycol spread (up 130.1%), and MTO spread (up 119.6%). The largest declines were in acrylic acid butyl ester spread (down 2675.6%), BDO (phenol method) spread (down 370.9%), and R410a spread (down 100.0%) [19][9]. Investment Recommendations - Recommended companies include: - Wanhua Chemical (600309, Buy): Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with global formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading domestic differentiated formulation company in the plant growth regulator industry [17]. - Hualu Hengsheng (600426, Buy): Core product price recovery combined with falling coal prices leads to continuous improvement in spreads [17].

◎记者 高志刚 郭成林 A股罕见的牛散"谏言"上市公司全球遴选控股股东一事，仅过一日便被董事会"驳回"。 银禧科技5月22日晚发布公告称，董事会收到持有公司3%以上股份的股东彭朝晖提交的三项临时提案， 包括建议上市公司引入控股股东、改选董事会和监事会、加强市值管理等议题。 一石激起千层浪。据查，彭朝晖是A股知名牛散，其于今年一季度以3.42%的持股比例新进成为银禧科 技第一大股东。5月23日晚，银禧科技公告，董事会经过审查后认为，彭朝晖的临时提案不符合相关规 定及无具体决议事项等，决定不予提交股东大会审议。 上海中因律师事务所高级合伙人钟建表示，该案例具有标志性意义：中小股东通过临时提案等方式参与 公司治理的趋势显著增强。此类实践对完善公司治理结构、制衡大股东和管理层权利、提升公司决策质 量等多个方面，均具有重要的积极意义。 牛散提出三大提案 具体来看，彭朝晖分别从控股股东、战略转型、资本价值等方面对银禧科技提出三项提案。 第一项提案为，引入、遴选控股股东以优化治理结构、增强发展动能。 彭朝晖表示，鉴于公司长期无实际控制人在资源整合、战略落地、资本运作等方面存在掣肘，建议董事 会启动全球范围内公开引入和遴选具 ...

大会现场。王东 摄 据了解，当前，攀枝花正按照四川省委赋予的"两区三地一中心一粮仓一门户"发展新定位新要求，紧紧 围绕市委"两试引领、五市并进、共富共美"工作体系，以科技创新引领钒钛钢铁新材料、清洁能源等9 个产业生态"建圈"，聚焦钒产业、钛产业、先进钢铁材料等21条重点产业"强链"。 中新网四川新闻5月24日电 (记者 安源)投资四川·攀枝花钒钛钢铁新材料投资推介会暨供需合作大会于24 日在成都举行。180余家国内外知名企业、重点行业商协会负责人相聚一堂，以钒钛钢铁新材料为媒， 共享发展机遇，共商合作大计，共话美好未来。 攀枝花市委书记吴群刚在大会上致辞，攀枝花市委副书记、市长范继跃主持大会，攀枝花市人民政府副 市长刘建波作投资推介，企业嘉宾代表发言。 大会现场。王东 摄 会上，攀枝花市人民政府与矿冶科技集团有限公司签订了战略合作协议，6个合作金额达88.5亿元(人民 币，下同)的供需合作协议以及6个投资47.5亿元的招商项目进行了现场签约。还发布了《攀枝花市钒钛 钢铁新材料产业生态圈图谱》及《攀枝花市钒钛钢铁新材料产业投资机遇清单》。 《攀枝花市钒钛钢铁新材料产业生态圈图谱》包含钒、钛、钒钛低微合金耐磨铸 ...

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Viewpoints - Short-term focus on the new order cycle and accelerated delivery leading to improved capacity utilization and reduced variable costs, indicating a potential turnaround for companies in the sector [2] - Long-term attention on the reform dividends from equipment procurement and supply system changes, emphasizing the strategic importance of the types of equipment produced and the innovative leadership in processes, materials, and components [2] Summary by Sections 2024A & 2025Q1 Financial Analysis - The defense and military industry reported total revenue of 680.77 billion yuan in 2024, a year-over-year decline of 2.09%, with a net profit of 24.22 billion yuan, down 38.69% year-over-year [5][9] - The first quarter of 2025 showed total revenue of 130.11 billion yuan, a decline of 2.84% year-over-year, with a net profit of 6.22 billion yuan, down 18.37% year-over-year [5][9] - The industry is expected to enter a new procurement cycle in 2025, following the resolution of negative factors affecting performance [5][9] Structural Differentiation - The recovery of the sector is accompanied by increasing structural differentiation among various sub-sectors and companies, with significant growth in missile-related operations and fixed assets maintaining over 10% growth [5][9] - The industry is characterized by a co-existence of downward cycles in performance and upward cycles in supply-side capabilities, indicating a solid long-term fundamental outlook [5][9] Key Companies to Watch - Companies to focus on include: - Aviation mainframe manufacturers: AVIC Shenyang Aircraft, AVIC Harbin Aircraft, AVIC Engine, and AVIC Xi'an Aircraft [16][17] - New materials: Fushun Special Steel, Steel Research Institute, and others [19][20] - Military electronics: Huazhong University of Science and Technology, and others [21][22] - Missile manufacturers: North Navigation, and others [30][31] Financial Metrics - The overall gross margin for the defense and military sector was 19.77% in 2024, with a net profit margin of 3.56% [9][10] - The sector's fixed assets and construction in progress grew by 6.86% in 2024, indicating ongoing investment despite short-term challenges [14][26] Market Trends - The industry is witnessing a shift towards informationization and smart technologies, with new models expected to drive demand in the coming years [23] - The focus on military-civilian integration is expected to enhance the growth of new materials, with increasing penetration of military applications in civilian products [20]

浙江金固股份有限公司投资者关系活动 记录表 编号：20250523 A：公司独有的阿凡达铌微合金材料与阿凡达加工工 艺，以其卓越的高强度、轻量化、低成本等特点，在具有 轻量化、增加强度、降低成本需求的行业具有广泛的应用 可能性。 目前公司围绕主营业务发展，同时立足于现有的新材 料、新工艺、新技术的基础之上，加大研发力度，开展探 此外，公司成立了横向应用事业部，引入专业人才组 建团队，立足于现有的新材料、新工艺、新技术的基础之 上，加大研发力度，开展探索更多横向产品的开发和应用 场景，主要致力于市场发展潜力巨大且与公司主业具有相 通性的机器人、低空飞行器等行业。 二、问答环节 Q1：公司阿凡达产线扩产规划？ A：为了更好地服务客户、提供更优质的产品与服务， 公司将根据市场需求及在手订单情况，围绕核心客户不断 完善产能布局，弥补产能缺口，满足日益增长的订单需求。 在国内市占率稳步提升的同时，公司也将积极开拓海外市 场，通过建设海外生产基地，为海外主机厂客户提供更具 有竞争力的产品与服务。 Q2：公司在机器人产业的规划？ | 投资者关系活动类别 | □特定对象调研□分析师会议 | | --- | --- | | | ...

Core Viewpoint - The stock of 8Yuan Space (688181) shows a strong score of 57.50, indicating a robust performance in the market, but the short-term and mid-term trends are unclear, awaiting direction from major funds [1][2]. Price and Cost Analysis - Current main cost is 29.12 CNY, with a 5-day main cost of 30.18 CNY, a 20-day main cost of 29.16 CNY, and a 60-day main cost of 28.74 CNY [1]. - The stock has experienced one limit-up and one limit-down in the past year [1]. Technical Analysis - Short-term resistance is at 30.95 CNY, while short-term support is at 28.94 CNY [2]. - The K-line patterns indicate potential market tops with "Three Black Crows" and "Two Black Gaps" suggesting a possible downturn [2][3]. Fund Flow Data - On May 23, 2025, the net outflow of major funds was 32.25 thousand CNY, accounting for 0% of total trading volume [2]. - Large orders saw a net outflow of 42.33 thousand CNY, while super large orders had a net inflow of 10.07 thousand CNY, and retail investors experienced a net outflow of 77.19 thousand CNY [2][3]. Financial Data - Earnings per share are reported at 0.18 CNY, with an operating profit of 0.30 billion CNY [2][3]. - The net profit stands at approximately 23.04 million CNY, with a sales gross margin of 42.626% [2][3]. Related Industry Performance - The stock is associated with various sectors, including Optical and Optoelectronic (-1.28%), Lithium Battery (-0.79%), Lithography Machine (Glue) (+0.83%), and New Materials (-0.28%) [2][3].

| | 产品设计。公司也将运用自身在制造业产业化、行业整合 | | --- | --- | | | 上的经验与优势，在相关行业中积极进行新材料的应用与 | | | 拓展，未来公司将会继续加大资源投入，深化新材料在多 | | | 领域的应用，以技术创新驱动长期价值增长。 | | | 此外，公司通过引入专业人才组建专项团队，为机器 | | | 人等相关新兴领域发展储备技术力量。 | | | Q2：公司稳定核心人才的措施？ | | | A：股权激励是长效激励员工的有效措施之一，公司 | | | 在2017年实施了限制性股票和股票期权激励，在2022年实 | | | 施了员工持股计划，有效的提高了员工的积极性和稳定 | | | 性，为公司发展带来积极作用。 | | | 2024年公司开展了两次回购，分别于2024年11月和 | | | 2025年1月完成。回购的股份都将用于实施股权激励计划 | | | 或员工持股计划，公司会根据业务发展情况，在合适的时 | | | 间，履行相应程序后推出激励计划并及时披露。 | | 关于本次活动是否涉 | 关于本次活动不涉及应披露重大信息。 | | 及应披露重大信息的 | | | 说 ...

Core Viewpoint - Demai Shi (301007) experienced a significant stock price surge, reaching a 20% limit up on May 23, following the announcement of a change in its actual controller to Pan Yi, a notable figure in the industry [1][3]. Company Summary - Demai Shi's controlling shareholder, Dalian Demai Shi, signed a framework agreement to transfer 100% of its equity to Suzhou Huixin Chuangzhi Investment Co., Ltd. for a transaction price of 669 million yuan [3]. - After the transaction, Huixin Chuangzhi will become the indirect controlling shareholder of the listed company, with Pan Yi taking over as the actual controller from He Jianping [3]. - Huixin Chuangzhi was established on April 3, 2023, with a registered capital of 500 million yuan and no paid-in capital [3]. - Pan Yi holds a 60% stake in Huixin Chuangzhi and is supported by several other notable figures from the "Huichuan system" [3][5]. Industry Context - Pan Yi is a co-founder of Huichuan Technology and has held significant positions in various companies, including Hainan Airlines and Huawei [4]. - The entry of Huixin Chuangzhi is aimed at leveraging advantages for business development, improving operational efficiency, and enhancing returns for public shareholders [3]. - Pan Yi's previous investments in Demai Shi through the secondary market indicate a strategic interest in the company prior to the acquisition [5].

Group 1 - The core viewpoint of the news is that Changyu Group has received approval for its IPO on the Shanghai Stock Exchange, marking it as the first IPO accepted in the main board for the year [1] - Changyu Group primarily engages in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [1] - The company aims to raise approximately 700 million yuan, which will be invested in projects including 45,000 tons of ultra-pure oxygen zirconium chloride and deep processing, 10,000 tons of high-performance nylon elastomer products, and 1,000 tons of bioceramics and functional ceramics [1] Group 2 - From 2022 to 2024, Changyu Group's revenue is projected to be approximately 1.669 billion yuan, 1.607 billion yuan, and 1.637 billion yuan, with corresponding net profits of about 257 million yuan, 188 million yuan, and 205 million yuan [4] - The company experienced a decline in both revenue and net profit in 2023, with a slight recovery expected in 2024, although not returning to 2022 levels [4] - The zirconium products segment is the core business, contributing significantly to the company's revenue, with sales of zirconium products accounting for 76.17%, 72.43%, and 70.85% of the main business revenue from 2022 to 2024 [4] Group 3 - The gross margin of zirconium products has been declining and remains below the average level of comparable companies, with gross margins of 30.65%, 23.05%, and 22.41% from 2022 to 2024 [5] - The average selling price of zirconium products has also decreased, with prices of approximately 24,000 yuan/ton, 20,200 yuan/ton, and 18,000 yuan/ton during the same period [5] - The company's R&D expense ratio is consistently lower than that of comparable companies, with rates of 3.39%, 3.19%, and 3.3% from 2022 to 2024 [5] Group 4 - As of the signing date of the prospectus, Liu Qiyong directly holds 38.9% of Changyu Group's shares, while Liu Ce holds 9.36% directly, with both controlling a total of 53.2% of the company's shares [6]