Investment Rating - The report maintains a "Recommended" rating for the SOFC industry, indicating a favorable outlook driven by AI electricity demand and an upcoming boom cycle [8][37]. Core Insights - The SOFC industry is expected to experience significant growth due to increasing electricity demand from AI data centers, with projections of 35GW of new data center capacity in the next five years, which is more than six times the average annual energy capacity of New York City [5][31]. - The demand for chromium salts is anticipated to rise sharply, with estimates suggesting that 1GW of SOFC demand will require 0.82 million tons of metallic chromium and 2.95 million tons of sodium dichromate, while a 10GW market space will correspond to 8.2 million tons of metallic chromium and 29.55 million tons of sodium dichromate [4][32]. - The report highlights that the chromium salt industry is undergoing a value reassessment, driven by increased demand from AI data centers and commercial aircraft engines, with the potential for chromium salts to become a scarce resource in AI electricity development [6][34]. Summary by Sections SOFC Demand Growth - SOFC technology features a simple manufacturing process that significantly reduces costs, with the structure comprising an anode, electrolyte, and cathode [16]. - The metallic interconnects in SOFCs, primarily composed of chromium alloys, are crucial for the system's performance and are expected to drive up the demand for chromium salts and metallic chromium [23][31]. Market Projections - The report projects that by 2028, the supply-demand gap for chromium salts will reach 340,900 tons, with a gap ratio of 32% [4][34]. - The global production capacity for sodium dichromate is expected to grow at a CAGR of 2.5% from 2024 to 2028, while demand is projected to increase at a CAGR of 10.9% during the same period [9][35]. Key Companies and Investment Strategy - The report recommends focusing on key companies such as Zhihua Co., Ltd. (global leader in chromium salts), Sanhuan Group (core supplier of electrolyte membranes), Yishitong (key supplier of solid oxide fuel cell materials), and Weichai Power (actively promoting SOFC commercialization) [8][37][38]. - The earnings forecasts for these companies indicate a positive outlook, with Zhihua Co., Ltd. expected to have an EPS of 0.85 in 2025, reflecting strong growth potential [38].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October 2025, the restart of unprofitable new shares issuance led to an increase in the monthly fundraising amount, and the new shares on the first - day of listing had no break - even, with an average increase of 219%. The new share subscription income remained high, and the "entry" strategy was the optimal one [2]. - The performance of new shares in different sectors and industries varies. The first - day performance of unprofitable new shares on the Science and Technology Innovation Board was excellent, and the choice of restricted - sale plans for unprofitable new shares had a significant impact on income enhancement [11][17]. Summary by Related Catalogs 1. Issuance and Listing Rhythm - In October 2025, there were 9 new listings on the Shanghai, Shenzhen, and Beijing stock exchanges, with a total initial public offering (IPO) fundraising of 1.2869 billion yuan. From January to October 2025, there were 87 new listings, and the total fundraising was 9.0172 billion yuan, a 9% increase in the number of new listings and a 71% increase in fundraising compared to the same period in 2024 [2][8]. - The 3 unprofitable new shares listed in October 2025 had a relatively large fundraising volume, driving the monthly fundraising amount to increase year - on - year and month - on - month [2][8]. 2. First - day Gain Performance - In October 2025, the 6 new shares listed in the Shanghai and Shenzhen markets were all issued offline. The new shares on the first - day of listing had no break - even, with an average increase of 219%, the same as in September. The average first - day increase of the first 3 unprofitable new shares on the Science and Technology Innovation Board with agreed restricted sales was 158% [2][11]. - Among the new shares on the Main Board in October, Daosheng Tianhe had a first - day increase of 351%, Chaoying Electronics had a first - day increase of 339%, and Marco Polo had a first - day increase of 148% [11]. 3. New Share Subscription Income Calculation - In October 2025, with the support of unprofitable new share income, the monthly new share subscription income remained high. Without considering unprofitable new shares, the new share subscription income of Class A/B accounts in October was 287,700/277,200 yuan respectively. Conservatively, if all 3 unprofitable new shares selected Plan A3, the total monthly full - subscription income of Class A/B was 623,400/608,800 yuan; optimistically, if all 3 unprofitable new shares selected Plan A1, the total monthly full - subscription income of Class A/B was 3,971,500/608,800 yuan [2][17]. 4. New Share Subscription Strategy at the Current Stage - The "entry" strategy is still the optimal one. It is recommended to actively participate in low - price, small - floating - stock new shares with expected first - day gains and large - market - value new shares with a large offline allocation volume. Among the registered but unlisted enterprises, companies such as Moore Threads are worth paying attention to [2][20]. - The performance of new shares in different sectors is affected by various factors. The Main Board new shares have had good performance and high first - day gains since 2023; the Science and Technology Innovation Board new shares are affected by market heat and policy support; the ChiNext Board is recommended to participate in low - price, small - market - value new shares [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under pressure at the bottom of the cycle, but profits from salt cavern gas storage are expected to be released [6] - The company has a cost advantage in its salt chemical main business and is entering a new growth phase with the implementation of salt cavern gas storage [9] Summary by Sections Market Performance - The closing price is 10.67 yuan, with a market cap of 8,340.29 million yuan and a circulating market cap of 8,293.23 million yuan [4] Financial Data - For 2025, the company is projected to have revenues of 5,092 million yuan, a decrease of 4.72% year-on-year, and a net profit of 556 million yuan, a decrease of 27.74% year-on-year [8] - The company reported a revenue of 33.6 billion yuan for the first three quarters of 2025, down 17.0% year-on-year, and a net profit of 4.1 billion yuan, down 37.5% year-on-year [9] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.6 billion yuan, 6.6 billion yuan, and 7.7 billion yuan, with corresponding growth rates of -27.7%, +18.1%, and +17.8% [9] - The current price-to-earnings ratios are projected to be 15.0, 12.7, and 10.8 for 2025, 2026, and 2027 respectively [9] Business Insights - The company has shown resilience in performance despite industry pressures, with a production increase of 6.8% in salt and salt chemical products during the first three quarters of 2025 [9] - The salt cavern gas storage project is expected to start contributing profits in Q4 2025, marking a new growth opportunity for the company [9]

Core Viewpoint - Titanium Chemical's stock has experienced fluctuations, with a recent decline of 2.17% and a year-to-date increase of 27.81% [1][2] Financial Performance - For the period from January to September 2025, Titanium Chemical reported revenue of 5.765 billion yuan, representing a year-on-year growth of 11.97% [2] - The company's net profit attributable to shareholders was 316 million yuan, showing a decrease of 29.40% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Titanium Chemical reached 115,700, an increase of 0.80% from the previous period [2] - The average number of circulating shares per shareholder decreased by 0.79% to 32,240 shares [2] Dividend Distribution - Since its A-share listing, Titanium Chemical has distributed a total of 773 million yuan in dividends, with 433 million yuan distributed over the past three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 66.475 million shares, an increase of 39.109 million shares from the previous period [3] - Penghua Zhongzheng Subdivision Chemical Industry Theme ETF Connect A (014942) entered the top ten circulating shareholders, holding 40.016 million shares [3]

Key Points - The article discusses the recent developments in the China-Europe export control dialogue held in Brussels, emphasizing the constructive communication between both parties to stabilize supply chains [4] - It highlights the significant asset restructuring planned by Yaxing Chemical, which involves acquiring control of Tianyi Chemical, leading to a stock suspension [12] - The termination of the listing of *ST Gaohong is noted, as the company failed to maintain a stock price above 1 yuan for twenty consecutive trading days [2][15] Group 1: China-Europe Export Control Dialogue - The "upgraded" China-Europe export control dialogue took place from October 31 to November 1, 2025, focusing on mutual concerns in the export control field [4] - Both parties agreed to maintain communication to promote stability and smoothness in the China-Europe industrial and supply chains [4] Group 2: Corporate Developments - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring and related party transaction, leading to a stock suspension starting November 4 [12] - *ST Gaohong has received a decision for stock termination due to its stock price being below 1 yuan for twenty consecutive trading days [2][15] - Other companies like Pingtan Development and Huanyu Century reported no significant changes in their operational environments [7][9]

Market Overview - The A-share market saw all three major indices close higher, with the Shanghai Composite Index rising by 0.55%, the Shenzhen Component increasing by 0.19%, and the ChiNext Index up by 0.29% [2] - The total trading volume for the day was 2.13 trillion yuan, a decrease of over 210 billion yuan compared to the previous trading day [2] - More than 3,500 stocks closed higher, with 91 stocks hitting the daily limit up [2] Sector Performance - The Hainan Free Trade Zone concept led the market, with stocks like Intercontinental Oil and Gas, Hainan Development, and Haima Automobile hitting the daily limit up [2] - Other sectors that saw gains included dyes, horse racing, and film and television [2] - Conversely, sectors such as fentanyl, PVDF, and battery concepts experienced the largest declines [2] Historical Highs - A total of 44 stocks reached historical closing highs, excluding newly listed stocks from the past year [3] - The electric equipment, machinery, and electronics sectors had a significant concentration of stocks reaching new highs, with 7, 7, and 5 stocks respectively [3] - The average price increase for stocks that reached historical highs was 5.62%, with notable gainers including Aerospace Intelligent Equipment, Yaxiang Integration, and Baiao Chemical [3] Institutional Activity - In the day's trading, 9 stocks were net bought by institutions, with 6 stocks seeing net purchases exceeding 10 million yuan [5] - Aerospace Intelligent Equipment topped the list with a net purchase of 106 million yuan, followed by Aerospace Technology and Jinhua New Materials, both exceeding 35 million yuan [5] - On the sell side, Thinking Control faced the largest net sell-off at 125 million yuan, followed by Kaimete Gas and Rongxin Culture [6] Northbound Capital Flow - Eight stocks were net bought by northbound funds, with Aerospace Intelligent Equipment leading at 93.44 million yuan [8] - Northbound funds sold off 8 stocks, with Kaimete Gas experiencing the largest net sell at 145 million yuan [8] Notable Announcements - Yaxing Chemical is planning to issue shares and pay cash to acquire control of Tianyi Chemical, resulting in a stock suspension [10] - China Mobile's controlling shareholder plans to transfer 41.98 million shares to China National Petroleum Corporation [11] - China Shenhua announced a cash dividend distribution totaling 19.471 billion yuan for the first half of 2025 [12]

Core Insights - The chemical raw materials sector experienced a rise of 0.82% on November 3, with Deer Chemical leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Deer Chemical (920304) saw a closing price of 16.06, with a significant increase of 20.75% and a trading volume of 259,500 shares, amounting to a transaction value of 408 million yuan [1] - Huatai (001217) closed at 14.22, up 7.24%, with a trading volume of 264,800 shares [1] - Other notable performers included Shanshui Technology (301190) with a 6.06% increase, closing at 26.78, and Zhenhua Co. (603067) with a 5.41% increase, closing at 25.51 [1] Fund Flow Analysis - The chemical raw materials sector experienced a net outflow of 237 million yuan from institutional investors, while retail investors saw a net inflow of 236 million yuan [2] - The main stocks with significant fund flow included Baofeng Energy (600989) with a net inflow of 89.53 million yuan from institutional investors [3] - Other stocks like Tianyuan Co. (002386) and Zhenhua Co. (603067) also had notable net inflows from institutional investors, indicating varying levels of investor interest [3]

Strategy Overview - The report indicates that the market is currently in a "slow bull" phase, with short-term corrections not altering the overall trend. Key policies and events impacting the market have been implemented, and November marks a performance gap period. Signals of domestic demand recovery show divergence, with significant recovery in corporate revenue and profits in September, but a weakening PMI in October. The focus will shift to the implementation of incremental macro policies as the year-end approaches [5][6][10]. November Stock Picks - The November stock picks from Zhongyin Securities include: China Eastern Airlines (transportation), COSCO Shipping Specialized (transportation), Hualu Hengsheng (chemicals), Yake Technology (chemicals), CATL (electricity), Bairen Medical (pharmaceuticals), Anjuke Food (food and beverage), Lingnan Holdings (social services), Shenghong Technology (electronics), Industrial Fulian (electronics), and iFlytek (computers) [10][12]. Transportation Industry: China Eastern Airlines - China Eastern Airlines is one of the three major state-owned airlines in China, with a focus on passenger transport, which constitutes over 90% of its revenue. The company is expected to achieve a revenue of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%, with a gross profit margin of 4.26% [12][13]. Transportation Industry: COSCO Shipping Specialized - COSCO Shipping Specialized reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.329 billion yuan, up 10.54%. The company is expanding its fleet and has raised funds through a private placement to support its growth [15][16]. Chemical Industry: Hualu Hengsheng - Hualu Hengsheng's gross profit margin decreased to 18.01% in the first half of 2025, down 3.19 percentage points year-on-year, due to weak market demand. The company is focusing on cost reduction and efficiency improvement, with a significant increase in R&D expenses [17][18]. Chemical Industry: Yake Technology - Yake Technology's revenue grew due to increased sales in LNG and electronic materials. However, net profit growth lagged behind revenue growth due to foreign exchange losses and increased R&D expenses. The company is actively developing new technologies and products in the electronic materials sector [20][21]. Electric Industry: CATL - CATL reported a revenue of 283.072 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.28%, with a profit growth of 36.20%. The company maintains a strong market position, with a global market share of 36.8% in battery installations [24][25]. Pharmaceutical Industry: Bairen Medical - Bairen Medical has seen rapid growth in its revenue and profits, particularly in its heart valve replacement and repair segment, which grew by 64.28% year-on-year. The company is expected to continue its growth trajectory with new product approvals [27][28]. Food and Beverage Industry: Anjuke Food - Anjuke Food's revenue for Q3 2024 was 3.53 billion yuan, a year-on-year increase of 4.6%. The company is focusing on promoting new products, particularly in the frozen food segment, which has shown significant growth [30][31]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 2.09 billion yuan in the first half of 2025, a year-on-year increase of 8.52%. The company is expanding its travel agency and hotel operations, with a focus on enhancing its market presence [32][33]. Electronics Industry: Shenghong Technology - Shenghong Technology reported a revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.31%. The company is leveraging its technological advantages to expand its high-end product offerings [35][36]. Electronics Industry: Industrial Fulian - Industrial Fulian's revenue for the first half of 2025 was 360.76 billion yuan, a year-on-year increase of 35.58%. The company is expected to benefit from the growing demand for AI infrastructure and cloud services [39][40]. Computer Industry: iFlytek - iFlytek's revenue for Q1 2025 was 4.658 billion yuan, a year-on-year increase of 27.74%. The company is focusing on enhancing its cash flow and controlling expenses while investing in R&D for new technologies [42][43].

Core Insights - Inner Mongolia is accelerating major project construction to drive economic growth, focusing on optimizing investment structure and fostering new productive forces [5][6] - Significant projects include the Inner Mongolia Great Wall Computer Intelligent Manufacturing Base, which aims for full domestic production of key components, and the Feihe Dairy deep processing project, which addresses core supply challenges in the dairy industry [2][3] - The region's development strategy includes a robust project planning system and improved business environment to facilitate project approvals and execution [5][6] Group 1: Major Projects - The Inner Mongolia Great Wall Computer Intelligent Manufacturing Base has a total investment of 320 million yuan, with an expected annual output value of 500 million yuan upon full production [2] - The Feihe Dairy project, with an investment of 220 million yuan, aims to produce 9,000 tons of demineralized whey and 5,600 tons of casein annually, generating over 880 million yuan in annual output value [3] - Nanda Optoelectronics' project in Ulanqab, with an investment of 800 million yuan, will produce 17,200 tons of high-purity electronic-grade nitrogen trifluoride, becoming a leading global production base [4] Group 2: Economic Impact - As of the end of Q3, Inner Mongolia has resumed work on 3,341 major projects, with a total investment of 809.9 billion yuan, marking a 4.9% increase from the previous year [5] - The region's projects are expected to create significant economic and social benefits, including over 200 jobs and approximately 30 million yuan in annual tax revenue from the Nanda Optoelectronics project [4][6] Group 3: Government Initiatives - The Inner Mongolia government has implemented a three-level project planning system to enhance coordination and efficiency in project management [5] - Various cities, such as Bayannur and Ordos, have introduced streamlined approval processes to improve the business environment and reduce bureaucratic delays [6][7] - The government emphasizes the importance of effective investment and project execution to meet annual growth targets and stabilize the economy [7]

Market Overview - On October 31, the chemical raw materials sector rose by 0.28% compared to the previous trading day, with Shanshui Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers in Chemical Raw Materials Sector - Shanshui Technology (301190) closed at 25.25, up 6.59% with a trading volume of 71,400 shares and a turnover of 181 million yuan [1] - Anada (002136) closed at 11.74, up 5.58% with a trading volume of 207,000 shares and a turnover of 242 million yuan [1] - ST Yatai (1690000) closed at 11.73, up 5.01% with a trading volume of 200,100 shares and a turnover of 233 million yuan [1] - Binhu Chemical (601678) closed at 4.32, up 3.10% with a trading volume of 629,200 shares and a turnover of 272 million yuan [1] Underperformers in Chemical Raw Materials Sector - Shilong Industrial (002748) closed at 12.01, down 4.38% with a trading volume of 392,100 shares and a turnover of 475 million yuan [2] - Jinneng Technology (603113) closed at 6.28, down 3.38% with a trading volume of 157,700 shares and a turnover of 98.69 million yuan [2] - Jiaxian Co. (920489) closed at 20.80, down 1.84% with a trading volume of 47,300 shares and a turnover of 99.32 million yuan [2] Capital Flow Analysis - The chemical raw materials sector experienced a net outflow of 404 million yuan from institutional investors, while retail investors saw a net inflow of 403 million yuan [2] - The top stocks with significant net inflows from retail investors include ST Yatai and Anada, while Shanshui Technology saw a net inflow of 720,020 yuan from institutional investors [3]