Core Viewpoint - The acquisition of 60% equity in Shanghai Huayi San Aifu New Materials Co., Ltd. by Huayi Group for approximately RMB 4.09 billion is a strategic move to enhance its presence in the new energy, new materials, and new environmental sectors [1][3][5]. Company Summary - Huayi Group plans to acquire 60% of San Aifu's equity from its controlling shareholder, Shanghai Huayi, for RMB 4.09 billion, based on the valuation of San Aifu's total equity as of December 31, 2024 [3]. - The transaction is classified as a related party transaction and does not constitute a major asset restructuring as per relevant regulations [3]. - The funding for the acquisition will come from the company's own or self-raised funds, without utilizing raised funds [3]. Business Overview - Huayi Group operates in five core business areas: energy chemicals, green tires, advanced materials, fine chemicals, and chemical services, with a dual-core development model of "manufacturing + services" [3]. - In 2024, Huayi Group achieved a revenue of RMB 44.645 billion, a year-on-year increase of 9.27%, and a net profit attributable to shareholders of RMB 911 million, up 5.76% [4]. Target Company Overview - San Aifu, established in 2016, is a leading fluorochemical technology enterprise in China, focusing on the R&D, production, and sales of various fluorinated chemicals [4]. - In 2024, San Aifu reported a revenue of RMB 4.619 billion and a net profit of RMB 253 million, showing a decline compared to 2023 due to market fluctuations affecting product prices [4]. Strategic Rationale - The acquisition is aimed at expanding Huayi Group's business in the fluorochemical sector, enhancing its competitive edge in emerging markets such as lithium batteries and aerospace [5]. - This move is expected to facilitate Huayi Group's transition from a traditional chemical enterprise to a high-end manufacturing and high-tech company, optimizing its overall business structure [5]. Industry Context - The trend of state-owned enterprises engaging in mergers and acquisitions for business expansion and industry optimization is increasing, supported by policies from various government bodies [6]. - Shanghai aims to cultivate competitive listed companies in key industries through strategic mergers and acquisitions, with a target of achieving a transaction scale of RMB 300 billion by 2027 [6].

Group 1: Financial Performance - The company's 2024 operating revenue increased by 17.60%, while net profit decreased by 45.10% due to rising costs and slow accounts receivable recovery [4][5] - The gross profit margin for the main business in 2024 was 37.62%, indicating a good profitability level [4] - The net cash flow from operating activities increased by 121.62% year-on-year, reflecting improved cash flow management [4] Group 2: Business Strategy and Market Position - The company aims to enhance its market share in water environment governance through technological innovation and project management [3][6] - In the waste incineration and solid waste resource recovery sector, revenue grew by 15.07%, with strategies to broaden waste sources and improve operational efficiency [3][4] - The company plans to optimize its debt structure and reduce financial costs by replacing high-interest loans with lower-rate options [5] Group 3: Research and Development - In 2024, the company invested CNY 22.11 million in R&D, a year-on-year increase of 18.95%, to strengthen its competitive edge [6] - The company focuses on integrating modern information technology with core environmental technologies to provide comprehensive pollution control solutions [3][6] Group 4: Industry Outlook and Challenges - The environmental protection industry is expected to face greater opportunities and challenges as China accelerates the development of a green, low-carbon economy [5][6] - The company is committed to maintaining a stable growth trajectory in its dual main businesses of water and solid waste management [4][5]

丨证券研究报告丨 公司研究丨点评报告丨凯盛科技（600552.SH） [Table_Title] 经营改善，期待新业务放量 报告要点 [Table_Summary] 2025Q1 公司实现收入 12.65 亿，同比增长 0.1%；实现归属净利润 0.24 亿，同比增长 73.0%； 实现扣非归属净利润 0.12 亿，去年同期亏损 0.31 亿。 分析师及联系人 [Table_Author] [Table_Title2] 经营改善，期待新业务放量 [Table_Summary2] 事件描述 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 凯盛科技（600552.SH） cjzqdt11111 2025Q1 公司实现收入 12.65 亿，同比增长 0.1%；实现归属净利润 0.24 亿，同比增长 73.0%； 实现扣非归属净利润 0.12 亿，去年同期亏损 0.31 亿。 事件评论 风险提示 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-05-0 ...

并且， 这种材料具有与传统聚乙烯相同的耐用性和性能，并且可在现有的聚乙烯回收流程中完全回收 利用 。两家公司还表示，其生物基含量可测量、可追溯，并且符合行业标准。 Braskem生物聚合物业务发展总监古斯塔沃・隆巴迪表示："我们很高兴将下一代'I'm green™'生物基 HDPE 产品推向市场。这款产品是布拉斯科'I'm green™'生物基产品系列在非织造布应用领域的重大进 展，体现了我们对创新、可持续发展以及以市场为导向目标的承诺。" 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文仅作生物基新材料相关领域介绍，本文不构成任何 投资建议！转载请注明来源！ Braskem 和无纺布制造商 Fitesa 宣布，将把 Braskem的 "I'm green™" 生物基高密度聚乙烯 （HDPE） 应用于 无纺布领域。两家公司表示，这种特定等级的生物基 HDPE 是专为无纺布生产工艺 而开发的。 Braskem和 Fitesa指出，这一进展标志着他们在双组分 无纺布市场上的影响力进一步扩大。这种材料专 为纺粘工艺优化， 其生物基原料来自甘蔗生物乙醇 ，据报道具有负碳足迹 。 该材料展现出更 ...

Core Viewpoint - The commencement of the 60,000 tons/year formaldehyde project by Xinjiang Xinye Energy Chemical Co., Ltd. marks a significant step in the company's strategy to expand into high-end new materials and strengthen its position in the coal chemical industry [3][4]. Group 1: Project Development - The 60,000 tons/year formaldehyde project broke ground in April 2025, following the successful completion of a 40,000 tons/year project in July 2023, which filled a historical gap in Xinjiang's formaldehyde sector [3][4]. - The new project aligns with the regional strategic initiatives, aiming to leverage opportunities from the "Ten Industrial Clusters" and "Three Bases and One Corridor" development plans [3]. Group 2: Industry Significance - Formaldehyde, as one of the five major engineering plastics, is widely used in automotive and electronics sectors, serving as an ideal substitute for metal materials and other plastics [3]. - The successful production of formaldehyde by Xinjiang Xinye Energy Chemical Co. since 2021 has established it as one of the first local companies in Xinjiang to produce this product, achieving full production and sales with considerable profits [3]. Group 3: Future Outlook - Upon full production, the total capacity for formaldehyde will reach 100,000 tons/year, with an expected annual output value exceeding 1 billion yuan, positioning the company as the largest and most efficient formaldehyde production base in Northwest China [4].

Core Insights - The article highlights the ranking of the top 10 fluorosilicon chemical industrial parks in China, with Quzhou Intelligent Manufacturing New City High-tech Zone taking the first place [1] - Quzhou Intelligent Manufacturing New City is recognized as a key hub for the fluorosilicon new materials industry, featuring a complete industrial chain from fluorite resource development to high-end fluorosilicon products [1][2] - The park is home to 78 fluorosilicon new materials enterprises, with an expected annual output value of 68.04 billion yuan in 2024, forming a modern industrial cluster with international competitiveness [2][3] Industrial Overview - The fluorosilicon chemical industry is characterized by high-performance new materials centered around fluorine and silicon, encompassing fluorochemical and organic silicon sectors [3] - The industry relies on upstream resources such as fluorite and silicon ore, with midstream production of fluoropolymers and organic silicon monomers, and downstream applications in renewable energy, electronics, high-end manufacturing, and medical consumption [3] - Quzhou Intelligent Manufacturing New City has established a full-cycle innovation ecosystem, integrating basic research, pilot transformation, and industrial application, supported by high-level platforms and research institutions [2][3]

开放共赢，打造引领新材料领域创新发展的风向标。本届大会组织为期3天的新材料展览，共吸引了中 国有研科技集团、中国钢研科技集团、中国建材集团、中国矿冶科技集团等在京材料央企，首钢集团、 金隅集团、一轻控股等市属国企以及北京航空航天大学、北京化工大学、北京工业大学等在京院校和房 山区重点企业共计40余家单位积极参与，集中展示百余项最新研究成果和新材料、新技术、新产品，为 企业搭建了科技创新、应用场景合作的行业交流平台，进一步推动了产业链上下游集聚，为产业创新生 态注入了新动能，助力新质生产力加速发展。 产业赋能，加速科技成果转化与场景落地。大会围绕京津冀"六链五群"产业协同发展任务，充分发挥北 京科技创新优势与津冀产业承载能力，推动新材料在新能源汽车、半导体、高端装备等领域的规模化应 用。本次大会不仅吸引了众多在京材料领域央国企、院校，以及北京优势主体广泛参与，会上，还将有 一批重大项目、联合实验室集中签约落地，依托良乡大学城科技园创新要素集聚优势，加速科技成果转 化和应用场景落地，支撑北京产业链强链补链，推动区域优势产业成链成群，服务协同创新和产业协 作，以高质量发展推进京津冀协同发展迈上新台阶。 协同共进，深 ...

Group 1 - The three major indices opened higher and rose, with the ChiNext Index leading the gains. The sectors of controllable nuclear fusion and new metal materials performed well [1] - The newly launched Free Cash Flow ETF (159201) saw a trading increase of over 0.6%, with a trading volume exceeding 150 million yuan, and its constituent stock, Laibao High-Tech, reached the daily limit [1] - Since its launch, the Free Cash Flow ETF (159201) has attracted a total of 2.708 billion yuan, with the latest scale reaching 3.253 billion yuan and a total of 3.402 billion shares, outperforming similar indices [1] Group 2 - According to浦银国际, the current phase of tariff negotiations between the US and certain countries has increased uncertainty, leading to greater market volatility. It is suggested to increase the allocation weight of the dividend end in a barbell structure during periods of weakened market sentiment [1] - The Free Cash Flow ETF (159201) has the lowest management and custody fee rates in the market. The latest price-to-earnings ratio (PE-TTM) of the index it tracks is 11.65 times, which is below 86.98% of the time over the past year, indicating a historical low and a potential opportunity for low-cost allocation [1]

核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 4 月 25 日美国原油商业库存 4.404 亿桶，周减少 270 桶； 汽油库存 2.255 亿桶，周减少 400 万桶；馏分油库存 1.078 亿桶，周增加 90 万桶； 丙烷库存 0.47206 亿桶，周增加 57.6 万桶。美国原油产量及钻机数：2025 年 4 月 25 日美国原油产量为 1346.5 万桶/天，周度增加 0.5 万桶/天，较一年前增加 36.5 万 桶/天。2025 年 5 月 2 日美国钻机数 584 台，周减少 3 台，年减少 21 台；加拿大钻 机数 120 台，周减少 8 台，年度不变。其中美国采油钻机 479 台，减少 4 台，年度 减少 20 台。 价格变化： 基础化工行业 行业研究 | 行业周报 油价走弱，继续关注内需及国产替代新材 料机会 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 05 月 06 日 看好（维持） | 倪吉 | 021-63325888*7504 | | ...

基础化工行业 行业研究 | 行业周报 油价走弱，继续关注内需及国产替代新材 料机会 核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 4 月 25 日美国原油商业库存 4.404 亿桶，周减少 270 桶； 汽油库存 2.255 亿桶，周减少 400 万桶；馏分油库存 1.078 亿桶，周增加 90 万桶； 丙烷库存 0.47206 亿桶，周增加 57.6 万桶。美国原油产量及钻机数：2025 年 4 月 25 日美国原油产量为 1346.5 万桶/天，周度增加 0.5 万桶/天，较一年前增加 36.5 万 桶/天。2025 年 5 月 2 日美国钻机数 584 台，周减少 3 台，年减少 21 台；加拿大钻 机数 120 台，周减少 8 台，年度不变。其中美国采油钻机 479 台，减少 4 台，年度 减少 20 台。 价格变化： 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 05 月 06 日 看好（维持） | 倪吉 | 021-63325888*7504 | | ...