Core Viewpoint - Binhua Co., Ltd. has shown a positive stock performance with a year-to-date increase of 17.52% and a recent net inflow of funds, indicating investor confidence in the company's growth potential [1][2]. Financial Performance - For the period from January to September 2025, Binhua Co., Ltd. achieved a revenue of 11.148 billion yuan, representing a year-on-year growth of 47.35% [2]. - The net profit attributable to shareholders for the same period was 192 million yuan, reflecting a modest year-on-year increase of 1.63% [2]. Stock Market Activity - As of November 5, the stock price of Binhua Co., Ltd. was 4.36 yuan per share, with a trading volume of 89.0641 million yuan and a turnover rate of 1.02% [1]. - The company experienced a net inflow of main funds amounting to 8.237 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, the number of shareholders for Binhua Co., Ltd. was 76,400, a decrease of 4.13% from the previous period [2]. - The average number of circulating shares per shareholder increased by 4.31% to 26,575 shares [2]. Dividend Distribution - Since its A-share listing, Binhua Co., Ltd. has distributed a total of 2.358 billion yuan in dividends, with 465 million yuan distributed over the past three years [3]. Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 23.3822 million shares as a new shareholder [3]. - The Southern CSI 1000 ETF (512100) was the ninth largest circulating shareholder, holding 18.806 million shares, which is a decrease of 185,500 shares from the previous period [3].

Group 1 - The stock price of Jinshi Resources increased by 2.10% on November 4, reaching 18.49 CNY per share, with a trading volume of 1.56 billion CNY and a market capitalization of 15.562 billion CNY [1] - The company has seen a year-to-date stock price increase of 9.27%, with a 3.99% rise over the last five trading days, a 0.38% increase over the last 20 days, and a 16.88% increase over the last 60 days [1] - Jinshi Resources specializes in the investment and development of fluorite mines, as well as the production and sales of fluorite products, with main revenue sources being anhydrous hydrofluoric acid (52.55%), fluorite concentrate (38.03%), and others (9.42%) [1] Group 2 - As of September 30, the number of shareholders for Jinshi Resources increased by 35.62% to 27,500, with an average of 30,617 circulating shares per person, up by 3.13% [2] - For the period from January to September 2025, Jinshi Resources reported a revenue of 2.758 billion CNY, representing a year-on-year growth of 50.73%, while the net profit attributable to shareholders decreased by 5.88% to 236 million CNY [2] Group 3 - Since its A-share listing, Jinshi Resources has distributed a total of 624 million CNY in dividends, with 340 million CNY distributed over the past three years [3]

Core Viewpoint - Shida Shenghua, established in December 2002 and listed on the Shanghai Stock Exchange in May 2015, is the world's largest production base for carbonate series products, focusing on deep processing of basic organic chemical products and creating a complete industrial chain around carbonate products [1] Group 1: Business Performance - In Q3 2025, Shida Shenghua reported revenue of 4.635 billion yuan, ranking 23rd out of 44 in the industry, significantly lower than the top competitor Zhongwei Co. at 33.297 billion yuan and second-place Greeenmei at 27.498 billion yuan, as well as below the industry average of 6.52 billion yuan and median of 4.845 billion yuan [2] - The main business composition includes dimethyl carbonate series, contributing 1.26 billion yuan, accounting for 41.85% of total revenue [2] - The net profit for the same period was -124 million yuan, ranking 33rd out of 44, with a notable gap compared to the first-place Putailai at 1.872 billion yuan and second-place China Baowu at 1.319 billion yuan, also below the industry average of 198 million yuan and median of 16.084 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shida Shenghua's debt-to-asset ratio was 50.55%, down from 54.15% year-on-year and below the industry average of 51.96% [3] - The gross profit margin for the same period was 4.52%, a decrease from 5.31% year-on-year, and also lower than the industry average of 10.89% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.68% to 42,000, with an average holding of 4,825.94 circulating A-shares, a decrease of 11.25% from the previous period [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest circulating shareholder, holding 3.3536 million shares as a new shareholder [5] Group 4: Executive Compensation - The chairman, Guo Tianming, received a salary of 1.397 million yuan in 2024, an increase of 12,200 yuan from 2023 [4] - The general manager, Yu Haiming, had a salary of 1.308 million yuan in 2024, up from 1.303 million yuan in 2023 [4]

Core Viewpoint - Sanmei Co., Ltd. has experienced a significant increase in stock price this year, with a 50.62% rise, while also showing fluctuations in recent trading days [2] Group 1: Stock Performance - As of October 30, Sanmei's stock price was 56.65 CNY per share, with a market capitalization of 34.584 billion CNY [1] - The stock has increased by 1.96% over the last five trading days and 23.23% over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Sanmei reported a revenue of 4.429 billion CNY, representing a year-on-year growth of 45.72% [2] - The net profit attributable to shareholders for the same period was 1.591 billion CNY, showing a remarkable increase of 183.66% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.46% to 22,600, while the average circulating shares per person decreased by 20.92% to 27,014 shares [2] - The company has distributed a total of 1.122 billion CNY in dividends since its A-share listing, with 755 million CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder, increasing its holdings by 3.3558 million shares to 8.2222 million shares [3] - New institutional shareholders include Penghua Zhongzheng Fine Chemical Industry Theme ETF and Southern Zhongzheng 500 ETF, holding 3.6896 million shares and 3.5482 million shares, respectively [3]

Market Overview - The Shanghai Composite Index closed at 3988.22 points, down 0.22%, with a trading volume of 940.8 billion yuan. The Shenzhen Component Index fell 0.44% to 13430.10 points, with a trading volume of 1207.1 billion yuan. The ChiNext Index decreased by 0.15% to 3229.58 points, with a trading volume of 573.27 billion yuan. The STAR Market 50 Index dropped 0.84% to 1471.73 points, with a trading volume of 87.8 billion yuan. The total trading volume for both markets was 2147.9 billion yuan, a decrease of 192.23 billion yuan from the previous trading day [1]. Sector Performance - Among industry sectors, defense and military, transportation, textiles and apparel, communications, and environmental protection showed the highest gains. In contrast, sectors such as non-ferrous metals, beauty care, steel, construction decoration, coal, pharmaceutical biology, securities, and oil and petrochemicals experienced significant declines [3]. - The fluorochemical and PCB concepts were particularly strong, with ST Zhongdi achieving an 8-day consecutive limit-up [2][4]. Individual Stock Performance - A total of 2284 stocks rose while 2714 stocks fell, with 156 stocks remaining flat and 10 stocks suspended. Excluding newly listed stocks, there were 71 stocks that hit the daily limit-up and 11 that hit the limit-down [3]. - The top net inflow stocks included Sanhua Intelligent Control with a net inflow of 1.098 billion yuan, followed by Duofluor and Heyuan Biological with inflows of 955.6 million yuan and 825 million yuan, respectively [10][11]. Fund Flow Analysis - The net outflow of main funds from the Shanghai and Shenzhen markets was 34.079 billion yuan, with the ChiNext experiencing a net outflow of 11.392 billion yuan and the CSI 300 seeing a net outflow of 10.192 billion yuan. The electronic sector had the largest net outflow of 10.889 billion yuan [5]. - Five sectors saw net inflows, with the defense and military sector leading with a net inflow of 999.3 million yuan [5]. Institutional Activity - Institutional investors had a net buy of approximately 370 million yuan, with Hengbao Co. being the most purchased stock at a net buy of about 193 million yuan. The most sold stock was Zhongtung High-tech, with a net sell of approximately 105 million yuan [17][19].

Group 1 - The stock price of Huayi Group fell by 2.01% on October 28, trading at 7.82 CNY per share, with a total market capitalization of 16.601 billion CNY [1] - Year-to-date, Huayi Group's stock price has increased by 14.66%, but it has seen a decline of 12.63% in the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on October 22, where it recorded a net buy of -559.63 million CNY [1] Group 2 - Huayi Group, established on August 5, 1992, is located in Shanghai and primarily engages in the research, production, and sales of tires, energy chemicals, fine chemicals, and chemical services [2] - The main business revenue composition includes fine chemicals (19.84%), tire manufacturing (12.51%), and energy chemicals (8.71%) among others [2] Group 3 - As of September 30, Huayi Group had 55,200 shareholders, a decrease of 4.81% from the previous period, with an average of 0 circulating shares per shareholder [3] - For the period from January to September 2025, Huayi Group achieved a revenue of 35.987 billion CNY, a year-on-year increase of 4.43%, while the net profit attributable to shareholders decreased by 34.50% to 395 million CNY [3] Group 4 - Since its A-share listing, Huayi Group has distributed a total of 4.298 billion CNY in dividends, with 1.064 billion CNY distributed in the last three years [4] - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 13.8265 million shares, an increase of 3.1768 million shares from the previous period [4]

Core Viewpoint - Hubei Yihua's stock price has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 7.65%, indicating mixed market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, Hubei Yihua achieved a revenue of 19.167 billion yuan, representing a year-on-year growth of 41.76%, while the net profit attributable to shareholders was 812 million yuan, up 7.01% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 1.337 billion yuan, with 645 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 30.23% to 83,100, while the average circulating shares per person increased by 43.33% to 12,723 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 10.0535 million shares to 15.3499 million shares [3]. Market Activity - Hubei Yihua's stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 16, where it recorded a net buy of -164 million yuan [1]. - The stock's trading volume on October 28 was 348 million yuan, with a turnover rate of 2.43% and a total market capitalization of 14.55 billion yuan [1]. Business Overview - Hubei Yihua, established on September 6, 1993, and listed on August 15, 1996, is primarily engaged in the production and sale of fertilizers and chemical products, with revenue composition including phosphate fertilizers (26.07%), polyvinyl chloride (18.92%), and urea (13.86%) [1]. - The company operates within the basic chemical industry, specifically in agricultural chemical products and nitrogen fertilizers, and is involved in various concept sectors such as biodegradable products and state-owned enterprise reform [2].

Group 1 - The core stock price of Huayi Group increased by 2.06% on October 27, reaching 7.93 CNY per share, with a total market capitalization of 16.834 billion CNY [1] - Year-to-date, Huayi Group's stock price has risen by 16.28%, but it has experienced a decline of 10.19% over the last five trading days [1] - The company has seen a net inflow of main funds amounting to 12.1228 million CNY, with significant buying activity from large orders [1] Group 2 - Huayi Group, established on August 5, 1992, specializes in tire research, production, and sales, as well as energy chemicals and fine chemicals [2] - The main business revenue composition includes fine chemicals (19.84%), tire manufacturing (12.51%), and energy chemicals (8.71%) among others [2] - The company is categorized under the basic chemical industry, specifically coal chemicals, and is involved in several concept sectors including fluorine chemicals and methanol [2] Group 3 - As of September 30, Huayi Group had 55,200 shareholders, a decrease of 4.81% from the previous period, with an average of 0 circulating shares per shareholder [3] - For the period from January to September 2025, Huayi Group reported a revenue of 35.987 billion CNY, reflecting a year-on-year growth of 4.43%, while the net profit attributable to shareholders decreased by 34.50% to 395 million CNY [3] Group 4 - Since its A-share listing, Huayi Group has distributed a total of 4.298 billion CNY in dividends, with 1.064 billion CNY distributed over the last three years [4] - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, increasing its holdings by 3.1768 million shares [4] - The Southern CSI 1000 ETF has exited the top ten circulating shareholders list [4]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][6][23] Core Viewpoints - The release of the 2026 refrigerant quota allocation plan indicates long-term constraints on the supply side for both second and third-generation refrigerants, suggesting a continuation of favorable market conditions for refrigerant products [3][4] - The reduction in second-generation refrigerant quotas, particularly for R22, is expected to improve the supply-demand balance [3][5] - The flexibility in adjusting third-generation refrigerant quotas has increased, allowing companies to adapt production based on actual supply and demand, which benefits firms with a comprehensive product range and higher quota allocations [3][8] - The tightening of refrigerant quotas is seen as a long-term trend, with expectations that mainstream refrigerants like R32 and R134a will maintain a favorable market outlook and significant price upside potential [3][19] Summary by Sections Quota Allocation Changes - In 2026, the production quota for R22 is reduced by 3,000 tons, and the quota for R141b is eliminated entirely. The total production quota for HCFCs is set at 151,400 tons, with a reduction of 71.5% from the baseline [2][5] - The total production and usage quotas for HCFCs in 2026 will be 79,700 tons, reflecting a reduction of 76.1% from the baseline [5] Market Dynamics - The average price of R22 has decreased to approximately 15,000-18,000 yuan/ton, with expectations of price stabilization [9] - R32 has shown strong performance with an average price reaching 59,000 yuan/ton, indicating a robust market demand [10] - R134a prices have also increased due to ongoing quota consumption, with current prices around 53,000 yuan/ton [10] Investment Recommendations - The report suggests focusing on leading fluorochemical companies with complete industrial chains, advanced technology, and strong quota positions, such as Juhua Co., Dongyue Group, and Sanmei Co. [3][19]

Core Viewpoint - Yonghe Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the fluorochemical industry [1][2]. Financial Performance - As of September 30, 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion yuan, representing a year-on-year growth of 12.04% [2]. - The net profit attributable to shareholders reached 469 million yuan, marking a substantial increase of 220.39% year-on-year [2]. - The company has distributed a total of 310 million yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3]. Stock Market Activity - On October 24, 2023, Yonghe's stock price rose by 2.01% to 26.86 yuan per share, with a trading volume of 175 million yuan and a turnover rate of 1.31% [1]. - The stock has increased by 33.76% year-to-date, although it has seen a decline of 2.72% over the last five trading days and 3.28% over the last twenty days [1]. Shareholder Information - The number of shareholders increased by 29.73% to 24,000 as of September 30, 2025, with an average of 20,908 circulating shares per person, up by 2.23% [2]. - Notable institutional holdings include Xin'ao Cycle Power Mixed A, which is the seventh largest shareholder with 6.2843 million shares, an increase of 3.1695 million shares from the previous period [3].