编号：2025 -002 投资者关系活动记录表 证券代码：002054 证券简称：德美化工 广东德美精细化工集团股份有限公司 | 投资者关系活动类别 | ☐ 特定对象调研 分析师会议 | ☐ | | --- | --- | --- | | | ☐ 媒体采访 业绩说明会 | ☐ | | | 新闻发布会 路演活动 ☐ | ☐ | | | 现场参观 ☐ | | | | 其他（2025年广东辖区投资者集体接待日暨辖区上市公司中 | | | | 报业绩说明会） | | | 参与单位名称及人员姓 | 投资者网上提问 | | | 名 | | | | 时间 | 2025年9月19日 (周五) 14:00-17:00 | 下午 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | | 董事长：黄冠雄 | | | 上市公司接待人员姓名 | 副总经理、董秘：朱闽翀 | | | | 财务总监：徐伟 | | | | 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： | | | 投资者关系活动主要内 ...

Core Insights - The emergence of China's first commercial electron beam lithography machine marks a significant advancement in quantum chip research, allowing for greater independence from foreign technology [1][4] - The new technology enables precise circuit patterning without the need for complex optical lenses or masks, showcasing Chinese innovation in the semiconductor industry [1][4] - China's ability to produce chips at 0.6 nanometers demonstrates its competitive edge over foreign counterparts, who are still focused on 1 nanometer technology [3] Group 1: Electron Beam Lithography Machine - The introduction of the "Xizhi" electron beam lithography machine allows for flexible and precise arrangement of quantum bits, overcoming previous limitations imposed by foreign equipment [4] - This technology is positioned as a new path for China, diverging from traditional methods and focusing on quantum and new material chips [4] - The machine's development reflects the dedication and effort of numerous researchers in China, emphasizing the country's capability to achieve top-tier technology [4] Group 2: Huawei's Chip Technology - Huawei's chip stitching technology allows multiple chips to work together, significantly enhancing data processing speeds and addressing performance limitations [3] - The technology enables the combination of lower-process chips to outperform leading foreign chips, such as those from NVIDIA, demonstrating China's innovative approach to chip performance [3] - This advancement challenges the perception of foreign dominance in high-end chip performance and showcases China's growing capabilities in the semiconductor sector [3]

Group 1 - Tesla is hiring personnel to test its driving assistance technology in New York City, indicating a potential expansion into the ride-hailing market in the U.S. [2] - Amazon has launched same-day delivery for fresh groceries in over 1,000 towns across the U.S., with plans to expand to over 2,300 towns by the end of the year [4] - Google plans to invest an additional $9 billion in Oklahoma over the next two years, supporting the construction of new data centers and expanding existing facilities [8] Group 2 - The Chinese aviation industry has developed a new 12-meter horizontal dual five-axis mirror milling equipment to address manufacturing challenges in large aircraft skin processing [3] - The domestic market for pickup trucks saw sales of 41,000 units in July 2025, a year-on-year increase of 1.7% but a month-on-month decrease of 15% [9] - The first domestically produced commercial electron beam lithography machine has entered application testing, marking a significant advancement in quantum chip research [10] Group 3 - The majority of models in China now use over 60% Chinese data, with some reaching 80%, indicating a significant improvement in the quality and availability of Chinese data for model training [6][7] - A new regulatory notice emphasizes that driver assistance systems should not be mistaken for autonomous driving, and companies must provide clear safety information to consumers [11] - Apple is developing a desktop AI virtual companion robot and a home security camera, aiming to enhance automation and user interaction in domestic settings [13]

Group 1 - A breakthrough method has been developed by the Korea Institute of Basic Science to produce millimeter-sized graphite films with grain sizes approximately 10,000 times larger than traditional artificial graphite. The mechanical testing results show that the Young's modulus of the graphite film reaches 969 GPa, and the tensile strength is 1.29 GPa, approaching the theoretical limits of single-crystal graphite. The in-plane thermal conductivity is as high as 2034 W/m·K, exceeding that of copper, and the electrical conductivity is 22500 S/cm, setting a new performance record for macroscopic artificial graphite [2]. - A multifunctional robot developed by a team from Northwestern Polytechnical University can operate in extreme cold environments down to -50°C. This robot, based on a new type of electroactive polymer, is capable of autonomous heating, inspection, and ice melting, making it advantageous for applications such as aircraft engine blade inspection and operations in cold regions [2]. - The first domestically produced commercial electron beam lithography machine, named "Xizhi," has entered application testing in Hangzhou. This machine boasts precision comparable to mainstream international equipment and signifies a significant advancement in quantum chip research and development in China [2]. - Samsung Electronics plans to invest 25 billion yen (approximately 170 million USD) to establish an advanced chip packaging research center in Yokohama, Japan. The center is expected to open by March 2027 and aims to strengthen collaboration with Japanese semiconductor material and equipment manufacturers as well as the University of Tokyo [2].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The central bank has carried out large - scale reverse repurchase operations, injecting medium - term liquidity, and the market expects the central bank to increase the volume of MLF renewal. The Fed's September interest - rate cut expectation has been frustrated due to high PPI data. Various industries are facing different situations, such as the shipping industry getting regulatory relaxation, the banking industry promoting "anti - involution" measures, and the express delivery industry showing growth in business volume and revenue [9][10][11]. - Different futures varieties have different trends. For example, some agricultural products are in a state of weak supply and demand, and energy - chemical products are affected by factors such as supply and demand and seasonal demand. Industrial metals are affected by factors such as supply guidance and inventory, and the option - financial market is affected by market sentiment and macro - data [6][14][19][20][23]. 3. Summary by Directory 3.1 Chemicals - **Price Changes**: On August 15, 2025, compared with August 14, 2025, the prices of most chemical products changed. For example, methanol rose by 4.359% (from 2,340.00 to 2,442.00), while 20 - number rubber fell by 0.080% (from 12,490.00 to 12,480.00) [6]. 3.2 Macro - News - **Central Bank Operations**: The central bank carried out 500 billion yuan of 6 - month (182 - day) outright reverse repurchase operations on August 15, and the cumulative outright reverse repurchase operations this month have exceeded the renewal amount by 30 billion yuan. The market expects the central bank to increase the volume of MLF renewal after 300 billion yuan of MLF matures this month [9]. - **Fed Interest - Rate Cut Expectation**: The US July PPI soared, with a year - on - year increase of 3.3% and a month - on - month increase of 0.9%, frustrating the Fed's September interest - rate cut expectation. Some Fed officials oppose a 50 - basis - point rate cut in September [9]. - **Other News**: The State Council added a new K - type visa for foreign young scientific and technological talents. The National Data Bureau will introduce more than 10 systems such as data property rights. The financial regulatory authorities in some regions advocate "anti - involution" in the banking industry. The US President Trump relaxed commercial space regulations. The US Treasury Secretary clarified that he was not pressuring the Fed to cut interest rates. The express delivery business volume and revenue in July increased year - on - year. The first domestic commercial electron - beam lithography machine entered the application test [9][10][11]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - **Peanuts**: The peanut market is in a state of weak supply and demand, with prices fluctuating slightly. In the short term, it is expected to fluctuate strongly, but the downward trend remains [14]. - **Sugar**: The sugar futures price is in a high - level shock. The US Department of Agriculture has raised the new - year sugar production forecast, but the concerns about Brazilian production and the Fed's interest - rate cut expectation support the raw sugar price. It is recommended to operate in the range of 5,650 - 5,680 yuan/ton [14]. - **Corn**: The corn futures price showed a rebound with a reduction in positions. The supply side has limited remaining grain in the Northeast, but the low - price listing of new - season corn in Jiangsu has a suppressing effect. The demand side is in a wait - and - see state. It is recommended to participate in the short - term rebound near the support level of 2,270 yuan [14]. - **Pigs**: The national pig price was stable with a slight increase. The supply side has enhanced resistance to price drops, and the demand side has improved. The futures market is in a pattern of near - term weakness and long - term strength, and is expected to fluctuate within a range [14]. - **Eggs**: The national egg spot price is stable. The spot market may rebound due to downstream stocking demand, but the futures market may fall to repair the basis. It is recommended to short on rebounds and conduct reverse spreads between months [14][15]. - **Cotton**: ICE US cotton futures rose and then fell. Zhengzhou cotton futures rose slightly. The cotton market sentiment is cautious, and the spot market has slightly improved. The cotton price is supported by factors such as tight commercial inventory and the conversion of demand from off - season to peak season. It is expected to fluctuate strongly in the short term [17]. 3.3.2 Energy - Chemicals - **Urea**: The domestic urea market price continued to decline slightly. The supply pressure is expected to increase, and the demand is weak. The futures price is expected to fluctuate weakly, and attention should be paid to the support level of 1,700 yuan/ton [19]. - **Caustic Soda**: The supply of caustic soda decreased this week, and the inventory decreased. With the arrival of the demand peak season in September, the demand has increased. It is recommended to pay attention to the 9 - 11 reverse spread [19][20]. - **Coking Coal and Coke**: The coking coal market is cautious, and the six - round price increase of coke has been implemented. The iron - water daily output has increased, and the decline of coking coal and coke prices is expected to slow down [20]. 3.3.3 Industrial Metals - **Copper and Aluminum**: The copper price continued to oscillate and consolidate due to the lack of favorable drivers. The aluminum inventory has exceeded 550,000 tons, and the price is expected to continue high - level adjustment [20]. - **Alumina**: The supply of alumina has increased, the demand is relatively stable, and the spot price has limited upward momentum. It is expected to continue to fluctuate within a range, and attention should be paid to the supply interference of bauxite [20]. - **Rebar and Hot - Rolled Coil**: The rebar night - session price fell, and the inventory increased. The hot - rolled coil production and demand both increased, and the inventory increase slowed down. The decline of the black - series is expected to slow down, and it will oscillate and adjust in the short term [20]. - **Ferroalloys**: The prices of ferrosilicon and ferromanganese fell. The supply of ferrosilicon and ferromanganese increased last week, and the demand was weak in the off - season. The alloy prices are expected to fluctuate within a range with a rising center of gravity [20][21]. - **Lithium Carbonate**: The futures and spot prices of lithium carbonate both strengthened. The supply is expected to increase in August, and the demand for cathode materials is also expected to increase. Attention should be paid to the support level of 85,000 yuan and the pressure level of 87,000 yuan. It is recommended to lay out long positions at low prices [21]. 3.3.4 Option - Financial - **Stock Index Options**: On August 14, the three major A - share indexes rose and then fell. The trading volume of the stock market exceeded 2 trillion yuan for two consecutive days. Different stock - index futures and options have different trends, and investors can pay attention to arbitrage opportunities and volatility strategies [21][23]. - **Stock Indexes**: The A - share market has been rising driven by liquidity, but there are signs of divergence and differentiation. The market may have short - term shock and pull - back pressure. It is not advisable to chase high, and it is recommended to enter the market at dips [23][25].

Company News - China Heavy Industry announced on August 14 that it has submitted an application for voluntary termination of its A-share listing [7] - China Telecom reported a net profit of 23.02 billion yuan for the first half of the year and plans to distribute an interim dividend of 16.58 billion yuan [8] - Tianpu Co. announced that its actual controller is planning a change in company control, and its stock will be suspended from trading starting tomorrow [9] Industry News - The number of investors participating in margin trading reached 523,400 on August 13, marking a new high for the year, with an increase of 46,100 from the previous trading day, a 9.67% month-on-month growth [4] - The China Chemical and Physical Power Industry Association released a draft proposal on August 14 to maintain fair competition and promote healthy development in the energy storage industry, with 152 energy storage companies participating in the initiative [6] - Jiangsu Province announced on August 14 that it will waive towing and lifting fees for vehicle rescue services on highways starting in September, making it the first province to fully exempt these fees [6] - The Guizhou Provincial Government issued a three-year action plan for the high-quality development of the low-altitude economy, aiming to establish a basic low-altitude management mechanism by 2027 [6] Global Market - The U.S. stock market saw most indices rise, with the S&P 500 index reaching a new record closing high for three consecutive trading days, up 0.03% [10] - International crude oil futures prices increased by approximately 2%, with WTI crude oil futures for September rising by 2.09% [11] - COMEX gold futures fell by 0.77%, settling at $3,382 per ounce, while silver futures dropped by 1.46% to $38.04 per ounce [11]

Market Performance - On August 14, 2025, the Shanghai Composite Index closed down 0.46% after breaking through 3700 points, with the Shenzhen Component Index down 0.87% and the ChiNext Index down 1.08%[2] - The total market turnover was 23062.82 billion CNY, an increase of 1310.72 billion CNY from the previous trading day[2] - A total of 734 stocks rose while 4648 stocks fell across the market[2] Sector and Style Analysis - The performance ranking of indices was: Stability > Cyclical > Consumer > 0 > Financial > Growth[20] - Among the 30 CITIC first-level industries, the top performers were Construction (1.38%), Steel (1.26%), and Nonferrous Metals (1.19%), while the worst performers were Computer (-2.13%), Electronics (-1.22%), and Media (-1.03%)[20] Fund Flow - On August 14, 2025, the net outflow of main funds was 750.81 billion CNY, with large orders seeing a net outflow of 373.56 billion CNY and small orders continuing to see a net inflow of 854.57 billion CNY[3] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +5.77 billion CNY and +5.70 billion CNY respectively[28] Global Market Overview - On August 14, 2025, major Asia-Pacific indices closed mixed, with the Hang Seng Index down 0.37% and the Nikkei 225 down 1.45%[32] - European indices generally rose on August 13, 2025, with the DAX up 0.67% and the CAC40 up 0.66%[5]

Market Overview - The market experienced a mixed performance with the Shanghai Composite Index briefly surpassing 3700 points, but ultimately closed up 0.2% while the Shenzhen Component and ChiNext fell by 0.15% and 0.23% respectively [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.41 trillion yuan, an increase of 101.2 billion yuan compared to the previous trading day [1] - Over 4200 stocks declined, indicating a broad market pullback, particularly in small and mid-cap stocks [1] Sector Performance - Financial stocks, including brokerages and insurance companies, showed resilience with notable gains, such as Changjiang Securities rising over 9% [2][4] - Digital currency stocks were particularly strong, with several stocks hitting the daily limit, including Hengbao Co. and Jibei Fang [1][8] - The brain-computer interface sector also saw significant activity, with companies like Innovation Medical achieving five consecutive trading limits [4][5] Individual Stock Highlights - A total of 34 stocks hit the daily limit, with a 42% limit-up rate and 11 stocks achieving consecutive limit-ups [1] - Notable performers included Dayuan Pump Industry with four consecutive limit-ups and Fenghuo Electronics with three [1] - In the semiconductor sector, companies like Haiguang Information and Hanwha Microelectronics both rose over 9% [5] Regulatory and Policy Developments - The establishment of a digital RMB international operation center was proposed at the 2025 Lujiazui Forum, which is expected to facilitate cross-border payments and promote the internationalization of the RMB [3] - Recent policies from multiple government departments aim to drive innovation in the brain-computer interface industry, indicating a supportive regulatory environment for this sector [5] Data Infrastructure Initiatives - The National Data Bureau announced the establishment of 25 data circulation node cities, with plans to expand to around 50 by the end of the year, enhancing the infrastructure for data flow across regions [30] - New regulations regarding data property rights and other systems are expected to be introduced, further developing the data market in China [31]

Group 1 - The A-share market saw a rebound on August 14, with chip stocks continuing to strengthen, particularly the Tianhong Chip ETF (159310), which rose by 2.88% [1] - Key component stocks of the Tianhong Chip ETF included Haiguang Information, which increased by over 11%, and Cambrian-U, which rose by over 9%, reaching a historical high [1] - As of August 13, the Tianhong Chip ETF had a circulating scale of 1.013 billion yuan, making it the largest in its category in the Shenzhen market [1] Group 2 - The first domestically produced commercial electron beam lithography machine, "Xizhi," has entered application testing, marking a significant advancement in quantum chip research in China [2] - Guosen Securities has raised TSMC's projected overall revenue growth for 2025 from approximately 25% to 30%, driven by strong AI demand [2] - Zhongyin Securities noted that the domestic AI application ecosystem is accelerating, with many industry players working together to build a robust AI computing foundation [2]

Core Viewpoint - The article highlights the successful application testing of China's first domestically produced commercial electron beam lithography machine, "Xizhi," which signifies a major advancement in quantum chip research and development, providing a "Chinese knife" for the industry [1]. Group 1: Product Development - The "Xizhi" machine has entered application testing and is designed for quantum chip and new semiconductor research, showcasing precision comparable to international mainstream equipment [1]. - The machine operates with a precision of 0.6nm and a line width of 8nm, allowing for flexible design modifications without the need for a mask, making it particularly suitable for the initial stages of chip development [1]. Group 2: Technological Significance - The development of "Xizhi" represents a significant leap in the ability to create intricate circuit designs on silicon substrates using high-energy electron beams, likened to a "nano brush" that can intricately "paint" circuits on chips [1]. - The project is backed by a provincial key laboratory, indicating strong institutional support for advancing semiconductor technology in China [1].