Group 1 - The photoresist concept sector increased by 1.45%, ranking second in the concept sector's growth, with 43 stocks rising, including Strong New Materials which hit the daily limit of 20% [1] - Notable gainers in the photoresist sector include Jingrui Electric Materials, Yanggu Huatai, and Jiaxian Co., which rose by 11.25%, 9.11%, and 6.86% respectively [1] - The sector saw a net inflow of 857 million yuan from main funds, with 38 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [2] Group 2 - Strong New Materials led the net inflow with 461 million yuan, followed by Jingrui Electric Materials, Kent Catalysts, and Yanggu Huatai with net inflows of 98.38 million yuan, 78.77 million yuan, and 71.71 million yuan respectively [2][3] - The net inflow ratios for Kent Catalysts, Strong New Materials, and Baichuan Co. were 29.65%, 27.48%, and 10.77% respectively, indicating strong investor interest [3]

Core Points - Xinghua Co., Ltd. experienced a limit down on the trading day, with a turnover rate of 9.08% and a total transaction amount of 468 million yuan, reflecting a price fluctuation of 9.67% [2] - Institutional investors net sold 98,900 yuan, while the total net selling by brokerage seats amounted to 4.87 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to a daily price deviation of -9.40% [2] Trading Data - The top five brokerage seats accounted for a total transaction amount of 75.65 million yuan, with buying transactions at 35.34 million yuan and selling transactions at 40.31 million yuan, resulting in a net selling of 4.97 million yuan [2] - Among the brokerage seats, two institutional specialized seats were involved, with a total buying amount of 7.55 million yuan and a selling amount of 7.64 million yuan, leading to a net selling of 9,890 yuan [2] Fund Flow - The stock saw a net inflow of 2.72 million yuan from main funds, with a net outflow of 930,200 yuan from large orders and a net inflow of 3.65 million yuan from major orders [2] - Over the past five days, the main funds experienced a net outflow of 120 million yuan [2]

Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, focusing on the approval of the 2024 financial report and dividend distribution plan, amidst a challenging economic environment that has impacted its profitability [1][35]. Meeting Details - The shareholder meeting is scheduled for June 26, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be hosted by the company's chairman, Mr. Luo Liguo [1]. Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including speaking, questioning, and voting, and must adhere to the meeting's order and regulations [2][3]. - Shareholders must register and provide valid identification to participate in the meeting [2]. Financial Performance - In 2024, the company reported a revenue of RMB 26.69 billion, a slight increase of 0.41% year-on-year, but net profit decreased by 33.64% to RMB 1.74 billion due to economic fluctuations and declining product prices [12][33]. - The company’s total assets reached RMB 90.77 billion, reflecting an 8.91% increase from the previous year [33]. Operational Highlights - The company maintained its leading position in the industrial silicon and organic silicon sectors through refined management and technological innovation, achieving stable gross margins despite market price fluctuations [8][12]. - Significant projects include the production line for high-purity polysilicon and the carbon silicon particle project, which have commenced operations [8]. Research and Development - The company is enhancing its R&D capabilities, focusing on high-value downstream products and breaking through technological barriers in key materials [9][10]. - Investments in R&D are aimed at developing new products for emerging sectors such as 5G and electric vehicles [24]. Sustainability Initiatives - The company is committed to green development, aligning with national carbon reduction strategies, and is implementing measures to enhance energy efficiency and reduce carbon emissions [12][25]. - A digital transformation strategy is being pursued to improve operational efficiency and sustainability across the supply chain [11][25]. Future Plans - The company plans to optimize production management, enhance resource allocation, and continue investing in core business areas to maintain competitive advantages [23][24]. - Key initiatives for 2025 include strengthening the innovation management system and advancing digital transformation efforts [24][25].

期货研究 烧碱：现货承压，趋势偏弱 陈嘉昕 投资咨询从业资格号：Z0020481 chenjiaxin023887@gtjas.com 【基本面跟踪】 烧碱基本面数据 09合约期货价格 山东最便宜可交割 现货32碱价格 山东现货32碱折盘面 基差 2288 830 2594 306 2025 年 6 月 20 日 资料来源：隆众资讯，国泰君安期货 【现货消息】 山东地区主要氧化铝厂家采购 32%离子膜碱自 6 月 20 日起价格下调 20 元/吨，执行出厂 780 元/吨。 【市场状况分析】 高利润，高产量的格局将始终影响烧碱，做空烧碱利润将变成年度级别的策略和主逻辑。魏桥持续下调 采购价格，在现货有降价预期时，下游和贸易商的囤货需求明显放缓，加剧市场负反馈。同时，由于现货的 快速下跌，近月多头接货压力加剧，近月补贴水的逻辑也难以支撑市场。 在利润或被持续压缩的背景下，烧碱也不是没有反弹的空间，从历史的角度看，近三年季节性旺季都出 现过 1000 元/吨以上的利润。主要因为液体化工品短期供需错配带来的巨大价格弹性。 下半年重点关注氧化铝和出口方向的囤货，非铝环节金九银十的备货。全国样本库存 30 万吨以下，烧 ...

Group 1 - The core viewpoint of the news is that YuDe Investment has conducted research on BaTian Co., focusing on its phosphate mining operations and market performance [1] - BaTian Co. primarily mines at the XiaoGaoZhai phosphate mine, with current mining activities in the B layer, specifically at elevations 760 and 770 [1] - The phosphate ore grade is approximately 27%-29%, with low-grade phosphate being sent for beneficiation [1] Group 2 - Monthly phosphate sales are around 300,000 tons, with an average price of 820-860 yuan per ton including tax [1] - The profit for phosphate ore with a grade above 28% is approximately 400 yuan per ton [1] - The sales target for the second quarter is set at 900,000 to 1,000,000 tons, while the first quarter sales were around 450,000 tons [1] Group 3 - The approval for the second phase of the mine expansion is expected in the third quarter, managed by the emergency management department [1] - Phosphate prices are considered reasonable, and surrounding mines are facing delays in production due to construction difficulties [1] - The company primarily engages directly with large users, leveraging the quality advantage of its phosphate ore, and most shareholders are optimistic about the company's long-term development with no short-term plans for share reduction [1]

英力士，在"爱与恨"的焦虑纠结中，终于还是"放手"！ 【DT新材料】 获悉，近日， 世界上最大的苯酚和丙酮生产商 英力士苯酚， 宣布打算永久停止在德国格拉德贝克的生产 ， 具体日期待定。 据悉，格拉德贝克工厂 始建于1954年， 每年可生产65万吨产品， 是世界上同类工厂中最大的工厂之一， 产品苯酚和丙酮主要用于生产汽车前后灯簇、印制电路板和风力涡轮机叶片制造所必需的树脂、汽车刹车片用树脂和制造业的溶剂等。 点击扩展阅读： 英力士：欧洲的化工业正面临灭绝 4月28日，英力士再次发文，其 格兰奇茅斯工厂（英国） 面临着另一项二氧化碳排放税，这次是1500万英镑。如果不支付，由于罚款，费用将上升到惊 人的6500万英镑。 再往前， 今年1月 ，英力士宣布关闭英国唯一一个，欧洲 仅存的两家合成乙醇工厂之一； 去年10月 ，英力士表示位于比利时Geel的精对苯二甲酸 (PTA) 工厂面临关闭的危险。 不仅英力士，进入2025年，我们看到欧洲的很多企业或者其他企业在欧洲的业务密集的战略调整，大多涉及化工中间产品，降本增效或果 断止损。 比如： 德国西格里碳素集团 决定关闭其位于葡萄牙Lavradio亏损的碳纤维生产基地 ...

Core Viewpoint - Zhongyan Chemical (600328) announced that Zhongyan Alkali Industry won the mining rights for natural soda in the Daqintala area of Naiman Banner, Tongliao City, Inner Mongolia, for 6.809 billion yuan [1] Group 1 - Following friendly negotiations between both shareholders, the company plans to agree to Taihu Investment's exit from all its equity and related rights in Zhongyan Alkali Industry through capital reduction [1] - After the capital reduction, Zhongyan Chemical will hold 100% equity in Zhongyan Alkali Industry, which will be included in the company's consolidated financial statements [1] - This transaction is expected to constitute a major asset restructuring as defined by the "Measures for the Administration of Restructuring of Listed Companies" [1]

江西宏柏新材料股份有限公司 期货和衍生品交易管理制度 第一章 总则 第一条 为规范江西宏柏新材料股份有限公司（以下简称"公司"或"本公司"） 及控股子公司的期货和衍生品交易行为，防范投资风险，强化风险控制，保证公 司资金、财产的安全，维护公司及股东利益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《中华人民共和国期货和衍生品法》《中华人民共和国外 汇管理条例》《上市公司信息披露管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等法律法 规、业务规则，以及《江西宏柏新材料股份有限公司章程》（以下简称"公司章 程"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称期货交易是指以期货合约或者标准化期权合约为交易标 的的交易活动。本制度所称衍生品交易是指期货交易以外的，以互换合约、远期 合约和非标准化期权合约及其组合为交易标的的交易活动。期货和衍生品的基础 资产既可以是证券、指数、利率、汇率、货币、商品等标的，也可以是上述标的 的组合。 第三条 公司开展期货和衍生品交易的基本原则 （六）公司从事期货和衍生品交易的，原则上应当控制现货与期货 ...

Core Viewpoint - The company, Jiangxi Hongbai New Materials Co., Ltd., aims to mitigate the risks associated with raw material price fluctuations by engaging in commodity futures hedging and trading activities, specifically focusing on industrial silicon, which is a key raw material for its operations [1][5]. Summary by Sections Overview of Commodity Futures Hedging and Trading - The company plans to conduct futures hedging and trading to reduce the impact of raw material price volatility on its production costs, thereby ensuring stable and sustainable business operations for itself and its subsidiaries [1]. Financial Limits and Funding Sources - The maximum margin required for the commodity futures hedging and trading activities will not exceed 40 million RMB, and the highest contract value held at any single point in time will not exceed 200 million RMB, with these limits being subject to rolling use during the approval period [2]. - The funding for these activities will come from the company's own funds and will not involve raised capital [2]. Risk Analysis and Control Measures - The company will adhere to a prudent approach, avoiding speculative trading, and will base its hedging and trading activities on normal operational needs to mitigate price fluctuation risks [3]. - Identified risks include market risk, funding risk, internal control risk, technical risk, and policy risk, which the company aims to manage through established protocols [3]. Risk Management Policies - The company has established a comprehensive trading management system that outlines principles, approval authority, management processes, risk control, and information disclosure [4]. - It will align its futures trading with its production operations, strictly control positions, and continuously optimize the scale and duration of hedging activities [4]. Accounting Policies - The accounting policies and principles for the commodity futures hedging and trading will comply with relevant Chinese accounting standards, ensuring proper financial reporting and measurement [4]. Sponsor's Review Opinion - The sponsor, CITIC Securities, believes that the company's engagement in commodity futures hedging and trading will help mitigate operational risks from raw material price fluctuations and enhance financial stability, with all procedures adhering to legal and regulatory requirements [5].

Core Insights - The signing ceremony for major projects in the Nanhu District took place on June 18, featuring the high-performance catalytic new materials project by Satellite Chemical and the global manufacturing headquarters project for automotive-grade power devices by SIDA Semiconductor [2][4]. Group 1: Company Overview - Satellite Chemical focuses on the production of precious metal catalysts and is recognized as the world's second-largest and China's largest producer of acrylic acid, with a projected revenue exceeding 100 billion yuan and tax contributions surpassing 10 billion yuan in 2024 [4]. - SIDA Semiconductor is a leading player in the domestic power semiconductor industry, ranking fifth globally and first in China for IGBT module market share [4]. Group 2: Economic Impact - Both companies have significantly contributed to the high-quality development of Jiaxing and Nanhu, with Satellite Chemical establishing a global marketing center and a 300,000-ton resin project in the district [4]. - SIDA Semiconductor has implemented projects such as 6-inch automotive-grade SiC MOSFET chips and high-voltage specialty power chips, enhancing the microelectronics industry in Nanhu and supporting the city's innovation in manufacturing [4]. Group 3: Strategic Initiatives - The Nanhu District government emphasizes collaboration with leading enterprises, supporting their expansion and innovation efforts, and aims to strengthen the new materials and microelectronics industries through strategic partnerships [5]. - The district's leadership is committed to providing excellent service to local enterprises, ensuring timely project initiation and completion, and fostering a conducive environment for investment and growth [5].