根据市场公开信息及6月11日披露的机构调研信息，知名私募煜德投资近期对2家上市公司进行了调研，相关名单如下： 1）北化股份 （煜德投资参与公司特定对象调研&现场方式进行投资者交流） 调研纪要：北化股份在2024年和2025年的经营状况和战略规划进行了详细说明。2024年，公司西安生产线关停导致硝化棉产销量减少，同时防化 及环保产业受专项订货及审价退款等因素影响，营业收入及利润水平出现下滑。2025年，公司预计硝化棉市场需求保持稳定，油墨行业高端彩印 市场增长，含能棉市场需求有所增长。公司持续推进硝化棉产品结构优化，定价机制灵活，随行就市。公司注重安全环保投入，通过多种措施确 保产线安全风险可控。公司2025年一季度营业收入和利润总额分别增加14,690万元和4,572万元。公司计划聚焦主责主业，内生与外延发展并重， 积极论证闲置募集资金投向规划。 上海煜德投资管理中心（有限合伙）由长期业绩卓越、专注价值成长投资的资深基金经理靳天珍先生创办。公司打造出专家型投研团队和复合型 运营团队，2017年为创造新时代业绩再次出发。煜德投资及所管理的基金立足中国证券市场，聚焦A股上市公司投资机会，同时在海外市场及对 冲基金 ...

Group 1 - The core viewpoint of the news is that Hongshang Asset has conducted research on a listed company, Beihua Co., detailing its operational status and strategic planning for 2024 and 2025 [1] - In 2024, Beihua Co. anticipates a decrease in the production and sales volume of nitrocellulose due to the shutdown of its Xi'an production line, alongside a decline in revenue and profit levels influenced by special orders and refund issues in the chemical and environmental protection industries [1] - For 2025, Beihua Co. expects stable market demand for nitrocellulose, growth in the high-end color printing market within the ink industry, and an increase in demand for energetic cotton [1] - The company is focusing on optimizing the product structure of nitrocellulose, maintaining a flexible pricing mechanism, and ensuring safety and environmental investments to control production line safety risks [1] - In Q1 2025, Beihua Co. reported an increase in operating revenue and total profit of 146.9 million yuan and 45.72 million yuan, respectively [1] - Beihua Co. plans to concentrate on its core business while balancing internal and external development, actively evaluating the allocation of idle raised funds [1] Group 2 - Hongshang Asset was established in October 2013, created by a team from public funds and global venture capital giant Sequoia Capital, and is the only equity securities asset management platform for Sequoia Capital in China [2] - The company has received multiple industry awards, including the Golden Sunshine, Golden Changjiang, and Golden Bull awards, establishing itself as a well-known private equity fund company in China [2] - Hongshang Asset focuses on absolute return objectives in equity investment strategies, with fundamental research-driven asset management capabilities as its core competitive advantage [2] - The investment research team includes senior professionals from large fund companies, foreign investment research supervisors, and award-winning analysts, ensuring robust investment research capabilities [2]

Group 1 - The company Inner Mongolia Boyuan Chemical Co., Ltd. plans to provide loan guarantees for its wholly-owned subsidiary, Inner Mongolia Boyuan Yingen Mining Co., Ltd.'s subsidiary, Inner Mongolia Boyuan Yingen Chemical Co., Ltd., totaling 330 million yuan [2][3] - The loan guarantees include 280 million yuan for a project loan with a term of up to 8 years, 30 million yuan for a general credit line with a term of 1 year, and 20 million yuan for a comprehensive credit line with a term of 15 months [3][9] - The total amount of external guarantees provided by the company and its subsidiaries exceeds 50% of the company's latest audited net assets, amounting to 1,205.07 million yuan, which is 83.13% of the net assets [12] Group 2 - The board of directors has approved the loan guarantee proposal, which will be submitted for approval at the upcoming shareholders' meeting [4][50] - The company asserts that the guarantees will not adversely affect its financial status or operational results, and the risks are considered manageable [11][12] - The company has scheduled the second extraordinary general meeting of shareholders for June 27, 2025, to discuss the guarantee proposal and other matters [15][53]

Core Viewpoint - The Hong Kong IPO market has shown signs of recovery since 2025, with a notable increase in investor participation, although the performance of newly listed stocks has been mixed, as evidenced by the case of New Qi An [1][3]. Group 1: Market Performance - As of June 10, 2025, 32 companies have listed on the Hong Kong main board, with 9 of them (28.13%) experiencing a drop in share price on their first trading day, compared to 36.8% for the entire year of 2024 [1]. - New Qi An's stock price surged by 72.49% in the dark market before its listing, but it opened at a 60.05% premium and closed the first day with a gain of only 21.43% [1][3]. - On the second trading day, New Qi An's stock price fell to 17.76 HKD, dropping below its issue price of 18.9 HKD, marking a decline of approximately 6% [3]. Group 2: IPO Structure and Allocation - New Qi An's IPO involved issuing 10,585,400 shares, with 10% allocated for public sale and 90% for international placement. However, the public offering was oversubscribed by 149.37 times, while the international placement was only 0.93 times [5][6]. - The actual allocation for public sale was only 15.7%, significantly lower than the expected 50% due to a "routine reallocation" strategy, indicating a preference to keep shares concentrated among a few investors [5][6]. - The top three underwriters hold 60.52% of the actual tradable shares, suggesting a high concentration of ownership that could influence stock price movements [7][8]. Group 3: Company Overview and Financial Performance - New Qi An is a manufacturer of glycine and sucralose, with a significant portion of its revenue derived from international markets, accounting for nearly 80% of sales in 2024 [10][12]. - The company has experienced revenue fluctuations, with reported revenues of 761.5 million RMB in 2022, 447 million RMB in 2023, and 569 million RMB in 2024, largely due to declining product prices [13]. - Recent trends indicate a recovery in product prices, particularly for sucralose, which has seen a price increase of 150% from July 2024 to March 2025, benefiting New Qi An's financial outlook [14].

Core Viewpoint - The company plans to apply for a comprehensive credit limit of up to RMB 590 million from various banks to support its operational development [1][2] Group 1: Credit Application Details - The company intends to apply for credit limits from multiple banks, including RMB 100 million from China Construction Bank, RMB 80 million from Agricultural Bank of China, and several other banks with varying limits totaling RMB 590 million [1] - The credit types include loans, acceptance bills, discounts, letters of credit, advances, guarantees, payments, and factoring, with the final terms subject to bank approval [1] - The credit application has been approved by the company's board and does not require shareholder meeting approval [1] Group 2: Management Authorization - The board has authorized the management to handle the credit and financing business within the approved limits and to sign relevant agreements on behalf of the company [2]

中国磷酸一钠市场规划预测及投资战略研究报告2025-2031年 本文源自：中赢信合研究网 1 磷酸一钠市场概述 1.1 磷酸一钠行业概述及统计范围 1.2 按照不同产品类型，磷酸一钠主要可以分为如下几个类别 1.2.1 不同产品类型磷酸一钠规模增长趋势2019 VS 2025 VS 2031 1.2.2 食品级磷酸一钠 1.2.3 工业级磷酸一钠 1.3 从不同应用，磷酸一钠主要包括如下几个方面 1.3.1 不同应用磷酸一钠规模增长趋势2019 VS 2025 VS 2031 1.3.2 食品饮料 1.3.3 饲料 1.3.4 水处理 1.3.5 其他 1.4 行业发展现状分析 1.4.1 磷酸一钠行业发展总体概况 1.4.2 磷酸一钠行业发展主要特点 1.4.3 磷酸一钠行业发展影响因素 1.4.4 进入行业壁垒 2 行业发展现状及"十五五"前景预测 2.1 全球磷酸一钠供需现状及预测（2019-2031） 2.1.1 全球磷酸一钠产能、产量、产能利用率及发展趋势（2019-2031） 2.1.2 全球磷酸一钠产量、需求量及发展趋势（2019-2031） 2.1.3 全球主要地区磷酸一钠产量及发展趋势（20 ...

浙江健立化学有限公司成立于2022年2月，位于浙江省台州市仙居县，是浙江司太立制药股份有限公司的成员企 业。 司太立 成立于1997年，是一家专注于研发、生产、销售X-CT非离子型造影剂系列和 喹诺酮类 系列原料 药及中间体的高新技术企业，在国内造影剂仿制药领域规模大、品种全。此次健立化学的新能源材料项目，是司 太立在新领域的重要布局。 END 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：氟务在线 作为浙江省重大产业项目、第三批减污降碳协同试点和第二批标杆项目，项目总建筑面积约4万平方米，生产锂 离子电池所需的电解质等相关产品。 据了解， 浙江健立化学 年产2000吨六氟磷酸锂项目 归属 浙江健立化学有限公司年产2万吨六氟磷酸锂、5000 吨双氟磺 酰亚胺 锂、2000吨 碳酸亚乙烯酯 、5万吨锂电池电解液新能源材料建设项目 ，建设地址为浙江台州 仙居经济开发区现代医药化工园区。 整体项目 总投资518000万元 ，具体生产内容包含年产2万吨六氟磷酸锂、5000吨双氟磺酰亚胺锂、2000吨 碳 酸亚乙烯酯 、5万吨锂电池电解液，同时生产100498吨/ ...

中国经济网北京6月11日讯晨光新材（605399）(605399.SH)2024年年度报告显示，2024年，公司实现营业收 入11.60亿元，同比下降0.42%；归属于上市公司股东的净利润4136.01万元，同比下降59.14%；归属于上市公 司股东的扣除非经常性损益的净利润895.06万元，同比下降84.64%；经营活动产生的现金流量净额为4035.97 万元，同比下降79.76%。 晨光新材首次公开发行股票募集资金总额为6.05亿元，扣除发行费用后，募集资金净额为5.60亿元。晨光新 材于2020年7月22日发布的招股说明书显示，该公司拟募集资金5.60亿元，分别用于年产6.5万吨有机硅新材 料技改扩能项目、功能性硅烷开发与应用研发中心建设项目和补充流动资金。 晨光新材首次公开发行股票的发行费用为4522.73万元，其中，国元证券获得承销费用、保荐费用合计 3366.93万元。 | 归属于 | | | | | | | --- | --- | --- | --- | --- | --- | | 上市公 | | | | | | | 司 股 东 | 41,360,061.84 | 101,230,194.69 ...

Core Viewpoint - The phenol market has been experiencing a downward trend since the second quarter, with prices dropping over 10% from a peak of 7350 yuan per ton in April to around 6600 yuan in June, amid unresolved supply-demand conflicts and the upcoming commissioning of new production facilities [1] Supply Side Pressure - Domestic phenol and acetone production capacity has rapidly increased, leading to an oversupply situation that has persisted into the second quarter of this year, with production capacity expected to reach 6.39 million tons per year by 2024 [2] - In April, phenol prices peaked at 7350 yuan but fell back to 6900 yuan in May due to weak demand and oversupply, resulting in a year-on-year price drop of over 13% for the month [2] - Despite some production facilities undergoing maintenance, the overall operating rate of phenol and acetone plants increased by 2.1 percentage points to 77%, leading to a 6.24% rise in phenol output month-on-month, which further suppressed price increases [2] Cost Side Drag - Pure benzene, which accounts for about 40% of phenol production costs, has seen a continuous decline in price, failing to provide cost support for phenol [3] - In April, pure benzene prices in East China dropped over 800 yuan, falling below 6000 yuan, and reached a low of 5700 yuan before recovering slightly due to tariff negotiations, but remained under pressure from increased imports and inventory [3] - Propylene prices also faced downward pressure, hitting a new low of 6350 yuan at the end of May, with weak demand limiting any potential price recovery [3] Weak Demand - The largest downstream application of phenol is bisphenol A, which has been experiencing declining prices due to oversupply and slow demand recovery, leading to a cautious purchasing strategy among phenol buyers [4] - The market for bisphenol A is expected to remain weak in the short term, with ongoing price pressure from buyers and limited purchasing activity, although further price declines may be limited as current prices approach cost levels [4] - Overall, the phenol market is facing triple pressures from oversupply, cost declines, and weak demand, making it difficult to reverse the current weak market trend in the short term [4]

甲醇聚烯烃早报 研究中心能化团队 2025/06/11 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/06/0 4 | 801 | 2312 | 2308 | 2340 | 2500 | 2320 | 2475 | 261 | 320 | 51 | 45 | -962 | | 2025/06/0 5 | 801 | 2317 | 2300 | 2345 | 2500 | 2320 | 2493 | 262 | 320 | 38 | 42 | -966 | | 2025/06/0 6 | 801 | 2322 | 2313 | 2350 | 2500 | ...