证券代码：301518 证券简称：长华化学 公告编号：2025- 长华化学科技股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金的情况概述 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意长华化 学科技股份有限公司首次公开发行股票注册的批复》 （证监许可20231113 号） 同意注册，长华化学科技股份有限公司（以下简称"公司"）向社会公开发行人 民币普通股（A 股）3,505 万股，发行价格为 25.75 元/股，本次发行募集资金总 额为 902,537,500.00 元，扣除相关发行费用 77,478,130.19 元（不含税）后， 实际募集资金净额为 825,059,369.81 元。 为规范公司募集资金管理，保护投资者权益，根据《上市公司募集资金监管 规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等有关法律法规及公司《募集资 金管理制度》的规定，经公司第三届董事会第十五次会议及第三届监事会第十一 次会议审议通过《关于部分募投项目增加实施主体及实施地 ...

本次发行前，张驰任同宇新材董事长、总经理，直接持有同宇新材1,199.73万股股份，占同宇新材股份 总数的39.99%，同时，张驰为四会兆宇企业管理合伙企业(有限合伙)(以下简称"四会兆宇")唯一普通合 伙人并通过四会兆宇间接控制同宇新材5.26%的表决权。张驰控制的同宇新材表决权比例合计为 45.25%，为同宇新材的控股股东。 张驰和苏世国于2021年12月9日签署了《一致行动协议》，双方确认，自同宇新材2015年12月23日成立 至今，双方作为直接或间接通过第三方持有同宇新材股权的股东，对同宇新材生产经营及其他重大事务 决定在事实上保持一致，对行使同宇新材的股东权利从而依法决定或影响同宇新材的生产经营及其他重 大事务在事实上保持一致，双方作为同宇新材的经营管理决策者的，对同宇新材的生产经营及其他重大 事务的依法决定或执行在事实上保持一致。基于上述事实，自同宇新材成立至今，双方存在事实上一致 行动关系。同时，双方约定自协议签署之日起在同宇新材日常生产经营及其他重大事宜决策等诸方面保 持一致行动，出现意见不一致时，以张驰意见为准。 中国经济网北京7月10日讯同宇新材料(广东)股份有限公司(股票简称：同宇新材， ...

三美股份（603379）公告，预计2025年半年度实现归属于上市公司股东的净利润为9.48亿元到10.42亿 元，与上年同期相比，将增加5.64亿元到6.59亿元，同比增长146.97%到171.67%。预计2025年半年度实 现归属于上市公司股东的扣除非经常性损益的净利润为9.39亿元到10.34亿元，与上年同期相比，将增加 5.65亿元到6.6亿元，同比增长151.01%到176.34%。 ...

+0.03(+0.52%) +0.09(+0.74%) -0.05(-0.57%) 光大银行 2623.40亿市值 9.22亿成交额 4.44 +0.01(+0.23%) 得經 中国平安 中国太保 中国人保 明 3798.84亿市值 3619.17亿市值 10403.51亿市值 47.27亿成交额 8.03亿成交额 15.55亿成交额 57.13 8.59 37.62 +0.52(+1.40%) +1.23(+2.20%) +0.07(+0.82%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17919.66亿市值 2178.12亿市值 4758.08亿市值 55.03亿成交额 19.84亿成交额 12.73亿成交额 1426.50 178.54 122.58 +7.62(+0.54%) +0.26(+0.15%) +0.98(+0.81%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2380.06亿市值 2190.06亿市值 3140.41亿市值 15.03亿成交额 45.22亿成交额 14.81亿成交额 135.11 523.50 329.83 -1.32(-0.40%) -11.50(-2.15% ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The approval of D-Allulose as a food ingredient marks a significant milestone for the company, positioning it as the second enterprise in China to receive approval for enzyme-based production of D-Allulose, enhancing its competitive edge in the functional sweetener market [3][4]. - The company currently has an annual production capacity of 10,000 tons for D-Allulose and is evaluating the potential for further expansion, indicating a strong growth trajectory in the sweetener segment [3][4]. - The financial projections for the company show a recovery in net profit, with expected figures of 1.17 billion, 2.12 billion, and 2.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant growth rate [4][3]. Summary by Sections Company Overview - The company is recognized for its technological leadership in the functional sweetener sector, particularly with the recent approval of its enzyme product for D-Allulose production [3]. Financial Performance - The projected revenue for 2025 is 6.63 billion yuan, with a growth rate of 25.03% compared to the previous year [4]. - The expected EBITDA for 2025 is 1.83 billion yuan, indicating a strong operational performance [4]. - The net profit for 2025 is projected to be 1.17 billion yuan, with a remarkable growth rate of 110.40% [4]. Market Position - The approval of D-Allulose aligns the company with international standards, as it follows similar approvals in the US, Canada, Australia, and New Zealand, suggesting a robust market potential both domestically and internationally [2][3].

Group 1: Northbound Capital Analysis - In Q2 2025, Northbound capital actively increased positions in both traditional economy sectors and new tracks, with significant additions in non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [2][22] - Major reductions were observed in food and beverage, home appliances, and machinery sectors, indicating a shift from core assets to traditional economy and from old tracks to new tracks [2][22] - The absolute holding amounts showed significant decreases for companies like BOE A (-38.39%), Luxshare Precision (-38.29%), and Wuliangye (-30.22%) [23][24] Group 2: Dollar Outlook - The report suggests that the downtrend of the dollar is expected to continue at least until mid-2025, with recent upticks being merely a "rebound" rather than a "reversal" [3][29] - Factors contributing to the dollar's decline include deteriorating U.S. fiscal conditions and a loss of attractiveness as a global reserve currency [3][27] - The report anticipates a potential rebound in Q3 2025, but maintains that the overall downtrend remains dominant [29] Group 3: Credit Bond ETF Strategy - Since May, the credit bond market has exhibited independent trends, driven by rapid growth in credit bond ETF scales and expectations for future space [4][30] - The trading activity of component bonds has significantly increased, with higher turnover rates compared to non-component bonds [30][31] - The report indicates that the valuation of component bonds may further compress, with potential trading opportunities in non-component bonds due to liquidity premiums [32] Group 4: Company-Specific Insights - Daikin Heavy Industries is positioned as the only supplier in the Asia-Pacific region capable of delivering offshore products to the European market, with a strong order backlog [11][35] - The company has transitioned to a DAP (Delivered at Place) product model, enhancing its service offerings and increasing order value [11][35] - Revenue projections for Daikin Heavy Industries are set at 6.51 billion, 8.40 billion, and 9.74 billion yuan for 2025-2027, with net profit estimates adjusted to 1.05 billion, 1.37 billion, and 1.76 billion yuan respectively [11][36] Group 5: Chemical Industry Analysis - Xin'an Chemical is recognized as a leading player in the glyphosate and silicone markets, with expectations for improved market conditions in the silicone sector [12][20] - The company has a glyphosate production capacity of 80,000 tons and is expanding its product range under a "1+2+N" strategy [12][20] - Revenue forecasts for Xin'an Chemical are projected at 15.5 billion, 17.3 billion, and 18.8 billion yuan for 2025-2027, with net profits expected to reach 299 million, 651 million, and 802 million yuan [12][20]

联合精密：上半年净利润预增46.61%-57.61% 7月10日，联合精密（001268）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股东 的净利润4930万元至5300万元，同比增长46.61%-57.61%；预计扣除非经常性损益后的净利润4910万元 至5280万元，同比增长48.58%-59.78%。 资料显示，联合精密成立于2003年8月，主营业务是精密机械零部件的研发、生产及销售。 所属行业：家用电器–家电零部件Ⅱ–家电零部件Ⅲ 映翰通：股东及董事拟合计减持不超过2.79%公司股份 7月10日，映翰通（688080）发布公告称，公司股东常州德丰杰清洁技术创业投资中心（有限合伙）、 深圳市优尼科投资管理合伙企业（有限合伙）-深圳南山阿斯特创新股权投资基金合伙企业（有限合 伙）以及董事、副总经理、核心技术人员韩传俊计划减持公司股份。其中，德丰杰拟减持不超过162.91 万股，占总股本2.21%；南山阿斯特拟减持不超过37.58万股，占总股本0.51%；韩传俊拟减持不超过50 万股，占总股本0.07%。减持原因均为资金需求。 资料显示，映翰通成立于2001年5月，主营业务是工业物联网技术 ...

债券研究 证 券 研 究 报 告 【债券日报】 金价&油价，如何影响通胀？ ——6 月通胀数据解读 拆解核心 CPI 的构成，得出服务占比稳定在 55%，核心消费品占比为 45%， 黄金占比为 0.55%，结合各分项价格变动可推算出 2025 年上半年核心 CPI 环 比累计上涨 0.5%，其中黄金拉动 0.13%，服务拉动 0.17%，剔除黄金的其他核 心消费品拉动 0.2%，体现出今年促消费政策对服务和核心消费品的需求拉动 作用，黄金助涨了核心 CPI 但并非主要因素。需要注意的是剔除黄金后的核 心消费品环比二季度弱于一季度，关注新一轮消费刺激政策可能再次出台。 问题二：6 月油价大幅上涨，为何 PPI 同比反而下行？ 6 月 PPI 环比继续保持-0.4%的降幅，原油价格上涨 9%约拉动 PPI 0.3 个百分 点，但国内生产淡季和"抢出口"效应的弱化抵消了这一作用。 （1）国内生产淡季：根据统计局通稿，黑色金属冶炼和压延加工业、非金属 矿物制品业、煤炭相关行业和电力热力生产和供应业共影响 PPI 环比下降约 0.33 个百分点，与油价的拉动作用基本抵消。 （2）"抢出口"效应弱化后，部分出口行业价格继 ...

Core Viewpoint - The legal dispute between Jinshi Resources and Tianci Materials has seen a significant development, with Tianci Materials withdrawing its lawsuit against Jinshi Resources, while Jinshi Resources maintains its stance on protecting intellectual property rights and is prepared to take legal action if necessary [1][2]. Group 1: Legal Proceedings - On July 9, Jinshi Resources announced that Tianci Materials and Jiujiang Tianci had applied to withdraw their lawsuit, which was approved by the Hangzhou Intermediate People's Court [1]. - The Guangzhou Intellectual Property Court had previously accepted a case filed by Tianci Materials against Jinshi Resources and its subsidiary for alleged infringement of trade secrets [1]. - Jinshi Resources raised a jurisdictional objection, which was initially dismissed by the Guangzhou court, but the Supreme People's Court later ruled in favor of Jinshi Resources, transferring the case back to the Hangzhou court [1]. Group 2: Company Position and Evidence - Jinshi Resources emphasized its commitment to intellectual property protection and innovation, stating that it has submitted substantial evidence to demonstrate that the claimed "trade secrets" are publicly known within the industry and do not qualify as legal trade secrets [2]. - The company expressed its core values of "doing good and mutual benefit," aiming to promote the common development and prosperity of the entire industry chain [2].

兴化股份（002109）公告，控股子公司陕西延长石油榆神能源化工有限责任公司已完成年度检修计划， 并于2025年7月10日全面恢复生产运行。榆神能化按照计划于2025年6月5日进行例行停车检修，预计停 车35天。停车检修期间，榆神能化更换了乙醇羰基化装置催化剂，同时对其他装置进行了消缺整改，以 提升生产设备的性能和运行质量。 ...