Core Viewpoint - The new materials sector is identified as a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand, supported by policy initiatives and technological breakthroughs [1] Industry Overview - The new materials industry is considered a foundational sector, providing the material basis for the development of other industries, including electronic information, new energy, biotechnology, and environmental protection [1] - Analysts are focusing on upstream core supply chains, companies with strong R&D capabilities, and those with excellent management in the new materials sector [1] Market Dynamics - The new materials industry is catalyzed by downstream application sectors, gradually entering a prosperous cycle [1] - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of the sector [1] Investment Characteristics - The New Materials Index exhibits high growth and innovation characteristics, with a focus on sectors such as chemicals, non-ferrous metals, and electronic materials [1]

Core Viewpoint - The stock of Youyan New Materials has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 37.72% [1] Group 1: Stock Performance - As of November 5, Youyan New Materials' stock price is 21.43 yuan per share, with a market capitalization of 18.142 billion yuan [1] - The stock has seen a net outflow of 29.1153 million yuan in principal funds, with significant selling pressure in the last trading days [1] - Year-to-date, the stock has risen by 37.72%, but has declined by 7.15% in the last five trading days and 4.92% in the last twenty days [1] Group 2: Company Overview - Youyan New Materials Co., Ltd. was established on March 12, 1999, and listed on March 19, 1999, focusing on advanced functional materials such as semiconductor materials and rare earth materials [2] - The company's revenue composition includes high-purity metal materials (74.75%), rare earth materials (23.52%), infrared optical materials (2.18%), and medical device materials (0.73%) [2] - As of October 10, the number of shareholders is 151,900, a decrease of 2.70% from the previous period, with an average of 5,572 circulating shares per person, an increase of 2.78% [2] Group 3: Financial Performance - For the period from January to September 2025, Youyan New Materials achieved a revenue of 6.770 billion yuan, a year-on-year increase of 0.16%, and a net profit attributable to shareholders of 245 million yuan, a year-on-year increase of 114.14% [2] - The company has distributed a total of 562 million yuan in dividends since its A-share listing, with 290 million yuan distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings for some [3]

Core Insights - Guangsheng Nonferrous Metals has seen a significant stock price increase of 83.46% year-to-date, but has recently experienced a decline of 10.71% over the past five trading days [2] - The company reported a revenue of 4.634 billion yuan for the period from January to September 2025, a decrease of 46.97% year-on-year, while net profit attributable to shareholders increased by 146.30% to 128 million yuan [2] Financial Performance - As of September 30, 2025, Guangsheng Nonferrous Metals had a total market capitalization of 17.165 billion yuan, with a stock price of 51.02 yuan per share [1] - The company has a total of 60,900 shareholders, an increase of 9.77% from the previous period, with an average of 5,522 circulating shares per shareholder, down by 8.90% [2] Shareholder Composition - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.7215 million shares as a new shareholder [3] - New institutional shareholders include Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A and Harvest CSI Rare Earth Industry ETF, among others [3] Trading Activity - On November 5, the stock experienced a net outflow of 17.1905 million yuan in principal funds, with significant selling pressure observed [1]

Core Viewpoint - The stock of Huicheng Environmental Protection has experienced fluctuations, with a year-to-date increase of 57.34%, but recent declines in the short term indicate potential volatility in investor sentiment [1][2]. Company Overview - Huicheng Environmental Protection Technology Group Co., Ltd. was established on February 27, 2006, and went public on May 22, 2019. The company primarily provides waste catalyst treatment services for refining enterprises and develops, produces, and sells FCC catalysts and other resource utilization products [2]. - The revenue composition of Huicheng Environmental Protection includes: 62.93% from hazardous waste treatment services, 30.15% from resource utilization products, 3.97% from other products, 2.43% from three waste governance, and 0.53% from other sources [2]. Financial Performance - For the period from January to September 2025, Huicheng Environmental Protection reported operating revenue of 875 million yuan, a year-on-year increase of 1.47%. However, the net profit attributable to the parent company was 27.55 million yuan, reflecting a year-on-year decrease of 36.59% [2]. - The company has distributed a total of 85.27 million yuan in dividends since its A-share listing, with 40.27 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Huicheng Environmental Protection increased to 23,000, up by 105.96% from the previous period. The average number of circulating shares per shareholder decreased by 51.18% to 6,847 shares [2]. - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 1.4045 million shares and 1.2554 million shares, respectively [3].

Core Points - The stock price of Huate Gas dropped by 2.01% on November 5, reaching 60.05 CNY per share, with a market capitalization of 7.224 billion CNY [1] - The company has seen a year-to-date stock price increase of 32.50%, but has experienced a decline of 12.07% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Huate Gas reported a revenue of 1.044 billion CNY, a year-on-year decrease of 1.36%, and a net profit attributable to shareholders of 119 million CNY, down 10.32% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 288 million CNY, with 180 million CNY distributed over the past three years [3] Business Overview - Huate Gas, established on February 5, 1999, and listed on December 26, 2019, focuses on the research, production, and sales of specialty gases, alongside ordinary industrial gases and related equipment and engineering services [1] - The revenue composition of Huate Gas includes specialty gases (62.52%), ordinary industrial gases (22.01%), equipment and engineering (11.98%), and other sources (3.49%) [1]

Investment Rating - The industry investment rating is "Increase Holding" which indicates a potential increase of over 15% compared to the CSI 300 index [100]. Core Insights - The global ethylene industry is entering a phase of capacity clearing, with outdated capacity accounting for 18% of the total global ethylene capacity of 230 million tons in 2024 [47]. - The European ethylene market is experiencing a shutdown trend, with companies like Shell closing down significant production facilities [47]. - The domestic ethylene market is expected to achieve supply-demand balance within three years, driven by the growth of downstream demand [57]. - The plastic recycling market has significant growth potential under the backdrop of carbon reduction, with global plastic recycling rates currently below 10% [59]. Summary by Sections Ethylene Industry - Global ethylene capacity is projected to reach 230 million tons in 2024, with a significant portion of this capacity being outdated [45]. - The trade dynamics of ethylene are expected to be restructured as supply-demand conditions tighten in regions like Japan, Africa, and Europe [48]. Domestic Market - The domestic ethylene market is anticipated to balance supply and demand in approximately three years, influenced by the growth in downstream sectors [57]. - The development of new materials driven by emerging fields such as photovoltaics and lithium batteries is accelerating the domestic market's transition [57]. Recycling and Sustainability - The global plastic recycling market is poised for growth, driven by policy and capital investments, despite current low recycling rates [59]. - The polyester recycling sector shows significant scale effects and carbon reduction benefits, making it a key area for development [59]. Company Developments - Several domestic companies are actively developing the RPET (Recycled PET) industry chain, with various technological approaches and production capacities planned for the coming years [64].

Core Viewpoint - Lianlong's stock price has shown a significant increase of 32.59% year-to-date, despite a recent decline of 2.13% over the last five trading days, indicating volatility in the market performance of the company [2]. Financial Performance - For the period from January to September 2025, Lianlong achieved a revenue of 4.509 billion yuan, representing a year-on-year growth of 5.72%. The net profit attributable to shareholders was 392 million yuan, reflecting a substantial increase of 24.92% [2]. - Cumulative cash dividends since the company's A-share listing amount to 450 million yuan, with 243 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, Lianlong's stock price was 39.95 yuan per share, with a market capitalization of 9.173 billion yuan. The trading volume was 37.688 million yuan, with a turnover rate of 0.43% [1]. - The net outflow of main funds was 2.2304 million yuan, with large orders accounting for 6.53% of total purchases and 12.44% of total sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders was 14,200, a decrease of 20.10% from the previous period. The average circulating shares per person increased by 25.15% to 15,752 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 2.1619 million shares as a new shareholder [3]. Business Overview - Lianlong, established on August 8, 2003, and listed on January 19, 2017, specializes in the research, production, and sales of polymer material anti-aging chemical additives. The main business revenue composition includes 78.97% from anti-aging additives, 20.72% from lubricant additives, and 0.31% from other sources [2]. - The company is classified under the basic chemical industry, specifically in the category of other chemical products, and is associated with concepts such as new materials, margin financing, smart glasses, small-cap stocks, and OLEDs [2].

Core Viewpoint - Jiangfeng Electronics experienced a stock price decline of 2.04% on November 5, with a current price of 88.70 CNY per share and a total market capitalization of 23.534 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangfeng Electronics achieved a revenue of 3.291 billion CNY, representing a year-on-year growth of 25.37%. The net profit attributable to shareholders was 401 million CNY, reflecting a year-on-year increase of 39.72% [2] Stock Market Activity - The stock has seen a year-to-date increase of 28.28%, but has declined by 9.66% over the last five trading days and 12.95% over the last twenty days. Over the last sixty days, the stock price has increased by 27.11% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 24, where it recorded a net buy of 2.3706 million CNY [1] Shareholder Information - As of October 20, 2025, the number of shareholders for Jiangfeng Electronics was 63,800, an increase of 2.09% from the previous period. The average number of circulating shares per shareholder was 3,466, a decrease of 2.04% [2] - The company has distributed a total of 279 million CNY in dividends since its A-share listing, with 188 million CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder was E Fund's ChiNext ETF, holding 4.4151 million shares, which is a decrease of 746,900 shares from the previous period. Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Group 1 - The core viewpoint of the news is that Daosheng Tianhe has experienced fluctuations in stock price and trading volume, with a notable decline in stock price this year [1][2] - As of November 5, Daosheng Tianhe's stock price increased by 2.01% to 22.89 CNY per share, with a total market capitalization of 15.094 billion CNY [1] - The company has seen a net inflow of main funds amounting to 2.2073 million CNY, with significant buying and selling activities recorded [1] Group 2 - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. was established on June 11, 2015, and is located in the China (Shanghai) Pilot Free Trade Zone [2] - The company's main business involves the research, production, and sales of new materials, with a revenue composition that includes 68.56% from epoxy resin for wind turbine blades [2] - For the period from January to September 2025, Daosheng Tianhe achieved an operating income of 2.698 billion CNY and a net profit attributable to the parent company of 153 million CNY, reflecting a year-on-year growth of 56.89% [2]

Core Viewpoint - Huaguang New Materials has experienced significant stock price fluctuations, with a year-to-date increase of 141.24% but a recent decline in the short term, indicating potential volatility in investor sentiment and market conditions [2][3]. Stock Performance - As of November 5, Huaguang New Materials' stock price was 48.26 CNY per share, down 2.05% during the trading session, with a market capitalization of 4.348 billion CNY [1]. - The stock has seen a net inflow of 112,600 CNY from main funds, with large orders accounting for 27.41% of purchases and 26.17% of sales [1]. - Over the past five trading days, the stock has decreased by 1.53%, and over the past 20 days, it has dropped by 12.28%, while showing a 17.35% increase over the last 60 days [2]. Company Overview - Huaguang New Materials, established on November 19, 1997, and listed on August 19, 2020, specializes in the research, production, and sales of brazing materials [2]. - The company's revenue composition includes silver brazing materials (42.20%), copper-based brazing materials (34.77%), and other products (22.81%) [2]. Financial Performance - For the period from January to September 2025, Huaguang New Materials reported a revenue of 1.826 billion CNY, representing a year-on-year growth of 33.15%, and a net profit attributable to shareholders of 158 million CNY, which is a 100.79% increase year-on-year [3]. - The company has distributed a total of 83.9708 million CNY in dividends since its A-share listing, with 50.1788 million CNY distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 9,368, up by 54.38%, while the average circulating shares per person decreased by 35.23% to 9,616 shares [3]. - Notably, Guojin Self-Innovation A (010615) has exited the list of the top ten circulating shareholders [4].