Core Viewpoint - The 2025 Global Yushang Conference in Zhengzhou highlighted the importance of collaboration among Yushang entrepreneurs and the potential for investment opportunities in Henan province [5][6][7]. Group 1: Event Overview - The conference took place on March 30, 2025, at the Zhengzhou International Convention Center, attracting numerous guests and fostering a sense of community among attendees [5][6]. - The event featured local delicacies, such as Hu La Tang and steamed buns, symbolizing the warmth and hospitality of Henan [5][6]. Group 2: Economic and Investment Opportunities - Henan province showcased its advantages in transportation, market scale, and industrial foundation, emphasizing the development of new productive forces and brand advantages [6][7]. - Entrepreneurs expressed confidence in Henan's business environment, with plans for significant investments, such as a semiconductor project in Jiaozuo by Sichuan San San Ling Semiconductor Co., Ltd. [6][7]. - The conference facilitated discussions on the automotive manufacturing sector, with companies like BYD demonstrating strong production capabilities [6][7]. Group 3: Entrepreneurial Insights - Notable Yushang entrepreneurs shared their experiences, encouraging others to invest in Henan's growing market [7][8]. - Qin Yinglin, CEO of Muyuan Foods, highlighted the importance of technological innovation in transforming traditional industries, showcasing the potential for high-quality development in Henan [8][9]. Group 4: Regional Development Initiatives - The conference included a focus on the chemical new materials industry, with projects like a 600,000-ton polystyrene facility in Puyang, emphasizing the region's industrial capabilities [11][12]. - Local government support and favorable business conditions were cited as key factors attracting investments to Puyang [12][13]. Group 5: Community and Cultural Connection - The event reinforced the emotional ties of Yushang entrepreneurs to their homeland, with many expressing a desire to contribute to local development and talent attraction [10][11][13].

Core Insights - The global chemical new materials industry is projected to reach a scale of $455 billion in 2024 and $550 billion by 2027, with China's share expected to grow from $165.6 billion in 2024 to $250 billion by 2027, representing a significant increase in market presence [1] Group 1: Industry Growth and Trends - The chemical new materials industry in China has grown 3.4 times over the past decade, accounting for approximately 36.4% of the global market value [1] - During the 14th Five-Year Plan period, China's chemical new materials innovation is expected to enter a new phase characterized by leadership and high-end development [1] Group 2: Development Focus Areas - There is a strong emphasis on developing high-performance materials to meet the needs of strategic emerging industries, including advancements in basic materials and high-end polymers for aerospace and electronics [2] - The industry aims to enhance green production technologies to support carbon neutrality goals, focusing on integrating green hydrogen and electricity into production processes and improving recycling technologies [2] Group 3: Technological Innovations - The development of smart materials that respond to environmental changes is highlighted, with applications in aerospace, smart textiles, and biomedical devices [3] - China Petrochemical Corporation is undertaking significant strategic technology initiatives to fill domestic gaps in chemical new materials, with plans to establish a new research laboratory and a large-scale pilot base for material testing [3]

Core Viewpoint - The company has announced its profit distribution plan for the year 2024, which includes a cash dividend of 0.60 yuan per 10 shares, totaling 80,134,080 yuan, while retaining the remaining profits for future distribution [1][2][3]. Profit Distribution Plan - The company achieved a net profit attributable to shareholders of 234,442,506.28 yuan for the year 2024, with a total distributable profit of 2,661,968,379.95 yuan after legal reserve deductions [1][2]. - The cash dividend distribution is based on a total share capital of 1,335,568,000 shares, with no stock dividends or capital reserve transfers planned [2][3]. - The total cash dividend for 2024 is significantly lower than previous years, with 106,845,440 yuan in 2023 and 267,113,600 yuan in 2022 [2]. Reasonableness of the Profit Distribution Plan - The company emphasizes its focus on developing new materials and sustainable practices, with ongoing projects in new energy materials and biodegradable materials [3]. - The profit distribution plan is aligned with the company's long-term development strategy and complies with relevant laws and regulations [3]. Review Procedures - The profit distribution plan has been reviewed and approved by both the board of directors and the supervisory board, and it will be submitted for approval at the 2024 annual shareholders' meeting [4].

阿科力收盘下跌1.55%，最新市净率5.44，总市值 40.07亿元 3月25日，阿科力今日收盘41.87元，下跌1.55%，最新市净率5.44，总市值40.07亿元。 股东方面，截至2024年9月30日，阿科力股东户数7089户，较上次增加1454户，户均持股市值35.28万 元，户均持股数量2.76万股。 无锡阿科力科技股份有限公司主营业务为聚醚胺、光学级聚合物材料用树脂、高透光材料等化工新材料 产品的研发、生产和销售。公司的主要产品为脂肪胺、光学材料。公司自主研发的聚醚胺制备技术的技 术水平达到了国际先进。公司为国家级专精特新小巨人企业、江苏省高新技术企业、江苏省重点企业研 发机构，拥有国家级博士后工作站分站、江苏省研究生工作站、江苏省新型功能聚合物材料工程技术研 究中心，公司连续获得中国石油和化学工业协会颁发的"中国石油和化工行业技术创新示范企业"称号。 2023年7月公司成功进入工信部生物医用材料创新任务揭榜挂帅（第一批）入围揭榜单位名单。 最新一期业绩显示，2024年三季报，公司实现营业收入3.65亿元，同比-11.85%；净利润-6784991.59 元，同比-131.69%，销售毛利率8.77 ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry, specifically highlighting electronic chemicals and UHMWPE fibers as key areas of focus [1]. Core Insights - The demand for electronic chemicals is driven by the AI boom, with a notable push for domestic high-end material localization in the semiconductor sector. Companies such as Lianrui New Materials, Tongcheng New Materials, Dinglong Co., and Jinhong Gas are recommended for attention [5]. - UHMWPE fibers are recognized for their superior mechanical properties and are increasingly used in military protection and emerging technologies like robotics. Companies such as Tongyi Zhong are suggested for further observation [5]. Summary by Sections 1. Key Industry and Product Tracking - Electronic Chemicals: The AI trend has reignited interest in domestic electronic chemical materials, with a focus on semiconductor materials and the urgent need for domestic high-end material substitution [3][5]. - UHMWPE Fibers: These fibers are utilized in lightweight materials and protective gear, with significant applications in military and robotics sectors. The technology for high-end UHMWPE fiber production in China has made notable progress [4][5]. 2. Price Tracking of Key Chemical New Materials - The report provides a detailed price tracking of various chemical products, indicating price increases in refrigerants and stability in EVA prices, with specific figures such as R134a at 45,500 yuan/ton, reflecting a 1.11% increase [12][13]. 3. Electronic Chemicals Industry Characteristics - The electronic chemicals sector is characterized by a wide variety of specialized products, high technical barriers, and rapid product updates, driven by advancements in downstream industries like 5G and AI [15][19][20]. 4. Market Size and Growth - The global semiconductor materials market grew from $46.5 billion in 2017 to $66.7 billion in 2023, with a CAGR of 6%. In China, the market expanded from 52.5 billion yuan to 95.1 billion yuan during the same period, achieving a CAGR of 10% [20][21][22]. 5. Emerging Technologies and Applications - The report highlights the growth of the humanoid robotics market, which reached 3.91 billion yuan in 2023, a year-on-year increase of 85.7%. PEEK materials are identified as crucial for humanoid robots due to their mechanical and thermal properties [32][33].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company is a global leader in new materials, focusing on electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It is actively developing its electronic materials business, particularly semiconductor photoresists and display panel photoresists, to address the localization of key materials. The gradual release of production capacity in the electronic materials sector and the large-scale introduction of new photoresist products are expected to drive strong growth in operating performance [2][18]. Summary by Sections 1. Company Overview - The company is a leading new materials service provider with a focus on three main areas: electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It has been expanding its electronic materials business significantly in recent years [18]. - The company has a concentrated shareholding structure, with the controlling shareholder holding over 60% of the shares, allowing for strategic decision-making and resource allocation [24]. 2. Electronic Materials - The company aims to build a platform company in electronic materials, capitalizing on the trend of domestic substitution. The semiconductor photoresist market is expanding, with the company positioned as a domestic leader [2][38]. - The semiconductor photoresist segment is experiencing significant growth, with sales expected to reach 128 million yuan in the first half of 2024, a year-on-year increase of 54.43% [3][54]. - The display panel photoresist segment is also growing, with the company being the largest domestic supplier, achieving a market share of 25.9% in the first half of 2024 [4][63]. 3. Specialty Rubber Additives - The company is the largest supplier of specialty materials for tires globally, with a production volume of 135,000 tons in 2023, representing a year-on-year increase of 16.7% [5]. - The specialty rubber additives business remains the dominant segment, accounting for 77.7% of the company's main revenue in 2023 [28]. 4. Fully Biodegradable Materials - The company has introduced BASF's PBAT technology, becoming a leader in the biodegradable materials sector. However, due to market oversupply, the PBAT production facility is temporarily halted in 2024 [5][10]. 5. Financial Forecast - The company is expected to achieve revenues of 3.278 billion yuan, 3.750 billion yuan, and 4.370 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.37%, 14.40%, and 16.53% [11][13]. - The net profit attributable to shareholders is projected to be 572 million yuan, 656 million yuan, and 768 million yuan for the same years, with growth rates of 40.57%, 14.69%, and 17.19% [11][13]. 6. Research and Development - The company has invested over 700 million yuan in R&D from 2018 to 2023, with R&D expenses increasing year-on-year. In the first three quarters of 2024, R&D expenses reached 148 million yuan, a 12.65% increase [34]. - The company has established a professional R&D platform to address high-end material needs in the semiconductor and display industries, with a total of 597 patent applications and 420 patents granted as of 2023 [34].

Core Viewpoint - Zhejiang Province has experienced significant population growth, leading the nation in population increase for four consecutive years, attributed to its robust private economy and wealth distribution model [1][11][28]. Population Growth - In 2024, Zhejiang's permanent population reached 66.7 million, an increase of 430,000 from 2023, marking the highest growth among provinces that have reported data [1][5]. - From 2021 to 2024, Zhejiang's population increased by 2.02 million, with annual increases of 720,000 in 2021, 370,000 in 2022, and 500,000 in 2023 [2][3]. Comparison with Other Provinces - Among the 31 provinces, only six have reported population data, with Zhejiang being the only one showing positive growth [1][4]. - In contrast, Guangdong's population growth remains uncertain, with Shenzhen reporting an increase of 199,400, nearly double that of Hangzhou [6][7]. Economic Strength - Zhejiang's private economy is a key driver of its population growth, contributing over 50% of tax revenue, 60% of GDP, and 90% of new employment [11][12]. - The private sector's value added is projected to account for 67.4% of the province's GDP in 2024, with a total of 10.95 million registered businesses [12][15]. Industrial Development - Zhejiang's industrial structure is characterized by a mix of traditional and emerging industries, with a focus on digital economy, advanced manufacturing, and trade services [21][24]. - The province's digital economy is projected to contribute significantly to GDP, with core industry value added expected to reach 7.6 billion yuan in 2024 [24][33]. Wealth Distribution - Zhejiang ranks third in per capita disposable income in China, with an expected income of 67,013 yuan in 2024, significantly higher than many other provinces [28][29]. - The province's cities, including Hangzhou and Ningbo, dominate the list of cities with the highest per capita disposable income [29]. Talent Acquisition Strategies - Hangzhou has implemented aggressive talent acquisition strategies, offering substantial living subsidies to attract high-educated individuals [30][32]. - The city aims to enhance its manufacturing sector, focusing on high-tech industries and innovation-driven development [34][35].

Core Viewpoint - The low-altitude economy is a strategic emerging industry, and the industrialization of humanoid robots is expected to accelerate, driving the demand for new chemical materials [2] Group 1: Low-altitude Economy - The year 2024 is referred to as the "Year of Low-altitude Economy," with 449 general airports and 32 flight service stations established and registered, along with over 440 drone routes [2] - According to the Civil Aviation Administration of China, the market size of the low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] Group 2: Humanoid Robots - The humanoid robot market is a new and vast blue ocean market, with GGI estimating a market size of approximately 1.017 billion USD in 2024, expected to grow to 15 billion USD by 2030, with a CAGR exceeding 56% from 2024 to 2030 [2] - Global sales of humanoid robots are anticipated to increase from 11,900 units to 605,700 units during the same period [2] Group 3: Advanced Materials - Carbon fiber is a new generation of enhanced fiber with excellent mechanical properties and can be used in high-tech fields such as aerospace and military [3] - PEEK is a thermoplastic material with high rigidity and toughness, suitable for various special components, including robotic arms and joints [4] - Engineering plastics are high-performance materials widely used in industrial parts and components of drones, enhancing structural design flexibility and reducing weight [5] - Ultra-high molecular weight polyethylene is expected to play a role in humanoid robots, providing necessary strength and durability [6] - Polyolefin foam materials are anticipated to be used in humanoid robots' electronic skin due to their high resilience and insulation properties [8] Group 4: Market Performance - Over the past five trading days, most sectors in the Shanghai and Shenzhen markets showed a downward trend, with the Shanghai Composite Index down by 1.72% and the Shenzhen Component Index down by 3.46% [9] - The basic chemical sector's performance was relatively stable, with a decline of 0.3%, ranking 12th among all sectors [9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA XLX FERTILISER LTD. * 1866 自願公告 關於6萬噸聚甲醛項目之最新進展 本公告乃自願作出，旨在使中國心連心化肥有限公司（「本公司」，連同其附屬公司統稱為 「本集團」）股東及潛在投資者知悉本公司之最新業務發展。 誠如該公告所披露，該項目是公司高質、高效發展戰略的部署之一，該項目的順利建 成、運行，不僅有利於新疆基地資源利用效率提高，還實現了基礎化工甲醇的產業鏈延 伸升級，符合本集團新疆基地「資源高轉化」的發展定位，有助於本集團收入及利潤的提 升。此外，該項目亦標誌著本集團將更好的發揮研發優勢，形成技術核心競爭力，更好 滿足國內外高端化工新材料領域的消費升級需要。基於上述，董事會認為該項目有利於 本集團的長遠發展，利於提升本集團的整體利益，更好實現高質量發展的社會價值。 - 1 - 本公司股東及潛在投資者於買賣本公司股份時，務請審慎行事。 承董事會命 中國心連心化肥有限公 ...

惠柏新材料科技（上海）股份有限公司 首次公开发行股票并在创业板上市提示公告 保荐人（主承销商）：东兴证券股份有限公司 惠柏新材料科技（上海）股份有限公司（以下简称"发行人"、"惠柏新材"或 "公司"）首次公开发行股票并在创业板上市申请已经深圳证券交易所（以下简称 "深交所"）创业板上市委员会委员审议通过，并已经中国证券监督管理委员会 （以下简称"中国证监会"）同意注册（证监许可[2023]1525号）。《惠柏新材 料科技（上海）股份有限公司首次公开发行股票并在创业板上市招股意向书》 （以下简称"《招股意向书》"）及附件披露于中国证监会指定网站（巨潮资讯网， 网址www.cninfo.com.cn；中证网，网址www.cs.com.cn；中国证 券网，网址 www.cnstock.com ；证券时报网，网址 www.stcn.com ；证券日报网，网址 www.zqrb.cn），并置备于发行人、深交所、本次发行保荐人（主承销商）东兴证 券股份有限公司（以下简称"东兴证券"或"保荐人（主承销商）"）的住所，供公 众查阅。 1、本次网下发行申购日与网上申购日同为2023年10月20日（T日），其中， 网下申购时间为 ...