Investment Rating - The report indicates a positive outlook for the basic chemical industry, particularly for refrigerants and glyphosate, with a focus on the refining sector due to policy catalysts [1][4]. Core Insights - Glyphosate prices continue to rise, driven by strong downstream demand and sufficient orders from overseas markets, with the price reaching 26,899 CNY/ton, an increase of 200 CNY/ton from the previous week [3][17]. - The demand for refrigerants, particularly R32, is increasing due to high summer temperatures, with R32 prices rising by 1,000 CNY/ton to 58,500 CNY/ton [4][32]. - The refining industry is gaining attention due to policy changes in South Korea and China, which may lead to capacity reductions and increased operational efficiency [4][5]. Summary by Sections (1) Key Chemical Product Price Tracking - The report tracks significant price changes in various chemical products, with notable increases in acrylic acid and PTA, while some products like tetrachloroethylene saw declines [13][14]. (2) Polyurethane: MDI and TDI Price Trends - MDI prices have decreased due to weak demand from end-users, while TDI prices have also dropped amid seasonal demand pressures [15][16]. (3) Agricultural Chemicals: Glyphosate and Urea Price Increases - Glyphosate prices are on the rise, with a reported weekly production of 8,600 tons and a slight decrease in inventory levels [17][21]. - Urea and potassium chloride prices have also increased, attributed to export agreements and tight supply conditions [21][25]. (4) Fluorochemicals: R32 and Refrigerant Price Increases - R32 and other third-generation refrigerants have seen price increases due to steady demand and supply constraints [26][32]. (5) Tire Industry: Rubber and Additive Price Movements - The report notes fluctuations in rubber prices, with a slight increase in styrene-butadiene rubber and stable prices for other additives [34][36].

Group 1: Market Trends in AI and Computing Power - China's computing power platforms are accelerating construction, with 10 provinces officially connected, and a projected growth of over 40% in intelligent computing power by 2025 [8] - Deepseek has optimized data formats UE8M0 FP8 to address the computing power limitations of domestic AI chips, with Zhongke Shuguang completing a full industry chain layout in computing power [11] - The domestic supernode penetration rate is expected to accelerate, with significant performance elasticity anticipated for related companies like Shengke Communication and Feiling Kesi [16][18] Group 2: Company Performance and Developments - Cambridge Technology reported a 15.48% revenue increase and a 51.12% net profit increase in the first half of 2025, driven by high-end product breakthroughs and AI data center demand [20][21] - Shengyi Electronics achieved a revenue of 3.769 billion (up 91%) and a net profit of 531 million (up 452%) in the first half of 2025, with a focus on the 800G market [22] - Haiguang Information's DCU series products are among the few domestic GPGPU products capable of full precision floating-point and various integer data calculations, leading to a 36.74% increase in stock price [25][26] Group 3: Liquid Cooling Technology - AI model updates and application deployments are driving demand for liquid cooling solutions, with the global AI liquid cooling market expected to reach $8.6 billion by 2026 [35] - The main liquid cooling medium is expected to shift towards perfluorinated compounds, with companies like Xinzhou Bang and Bayi Shikong showing significant stock price increases [36][40] - The cessation of PFAS production by 3M by the end of 2025 presents an opportunity for Chinese fluorochemical companies to enter the high-end market, with Sanmei Co. experiencing a stock surge [38][39] Group 4: Investment Opportunities - The potential for investment in companies related to AI and computing power is highlighted, with significant stock price increases observed in companies like Zhongke Shuguang, Cambridge Technology, and Haiguang Information [11][20][25] - The liquid cooling market is also seen as a growth area, with companies like Xinzhou Bang and Sanmei Co. benefiting from the transition to liquid cooling technologies [36][38]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 2.83 billion yuan (up 38.6% year-on-year) and net profit attributable to shareholders at 990 million yuan (up 159.2% year-on-year) [2][6]. - The growth in revenue and profit is primarily driven by the continuous rise in refrigerant prices, with the second quarter alone generating revenue of 1.62 billion yuan (up 49.4% year-on-year) and net profit of 590 million yuan (up 159.0% year-on-year) [2][6]. - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) to all shareholders [6]. Financial Performance - In Q2, the company sold 35,000 tons of refrigerants (up 3.1% year-on-year, up 28.6% quarter-on-quarter) at an average price of 40,300 yuan per ton (up 55.1% year-on-year, up 7.8% quarter-on-quarter) [12]. - The average domestic market prices for refrigerants R22, R32, R134a, and R125 increased by 5.7%, 12.8%, 6.8%, and 4.1% respectively compared to Q1 2025 [12]. - The company expects the upward trend in refrigerant prices to continue, with projected revenues of 2.46 billion, 3.21 billion, and 3.67 billion yuan for 2025, 2026, and 2027 respectively [12]. Industry Outlook - The refrigerant industry is experiencing a sustained recovery, and the company, as one of the industry leaders, is expected to benefit significantly from the improved industry conditions [12]. - The company is actively enhancing its integrated supply chain in the fluorochemical industry, with several projects in various stages of development [12].

Group 1 - The China Chemical Industry Theme Index (000813) saw a strong increase of 1.83% as of August 25, 2025, with notable gains from constituent stocks such as Sanmei Co., Ltd. (603379) up 10.00%, Xinzhoubang (300037) up 9.85%, and Sankeshu (603737) up 6.76% [1] - The Chemical ETF (159870) rose by 1.80%, reaching a latest price of 0.68 yuan and a total scale exceeding 9 billion yuan [1] - The chemical sector experienced significant growth, particularly in sub-sectors like fluorine chemicals, chlor-alkali, phosphate fertilizers, and phosphorus chemicals, with leading paint company Sankeshu showing substantial gains [1] Group 2 - According to Zheshang Securities, the penetration rate of immersion liquid cooling is expected to increase, leading to a significant rise in demand for fluorinated liquids [2] - Future research predicts that the global immersion cooling liquid market for data centers will reach 970 million USD by 2030, with a compound annual growth rate (CAGR) of 21.2% over the next few years [2] - Perfluoropolyether (PFPE) is anticipated to become a mainstream product in the fluorinated cooling liquid market due to its excellent chemical stability, thermal stability, high thermal conductivity, high dielectric strength, and non-corrosive properties [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the China Chemical Industry Theme Index (000813) include Wanhua Chemical (600309), Yalake Co., Ltd. (000792), and Juhua Co., Ltd. (600160), collectively accounting for 43.54% of the index [3]

Group 1 - The core point of the article is that Fujian Del Technology Co., Ltd. has terminated its main board IPO application due to the withdrawal of the application by the company and its sponsor [1] - The Shanghai Stock Exchange announced the termination of the IPO review process based on relevant regulations [1] - Fujian Del's IPO application was accepted on June 30, 2023, and it entered the inquiry stage on July 27, 2023 [1] Group 2 - Fujian Del primarily engages in the research, production, and sales of fluorine-based materials, including fluorochemical basic materials, new energy lithium battery materials, special gases, and semiconductor wet electronic chemicals [1]

Group 1 - The core viewpoint of the news is that Sanmei Co., Ltd. has shown significant stock performance and financial growth, indicating strong market interest and operational success [1][2]. - As of August 25, Sanmei's stock reached a 10.0% limit-up, trading at 60.63 yuan per share, with a transaction volume of 728 million yuan and a turnover rate of 2.02%, resulting in a total market capitalization of 37.013 billion yuan [1]. - Sanmei Co., Ltd. is a private enterprise based in Wuyi County, Zhejiang Province, specializing in the research, production, and sales of fluorochemical products, with a global market presence in over 100 countries [1]. Group 2 - As of September 30, the number of shareholders for Sanmei Co., Ltd. was 18,100, with an average of 33,700 circulating shares per shareholder [2]. - For the period from January to September 2024, Sanmei Co., Ltd. achieved an operating income of 3.039 billion yuan, representing a year-on-year growth of 16.50%, and a net profit attributable to shareholders of 561 million yuan, reflecting a substantial year-on-year increase of 135.63% [2].

Company Overview - Fujian Del Technology Co., Ltd. (referred to as "Fujian Del") has withdrawn its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange [1] - The company specializes in fluorochemical basic materials, new energy lithium battery materials, specialty gases, and semiconductor wet electronic chemicals [1] - Fujian Del aims to align its development with national strategic emerging industries, focusing on high-end fluorochemical value chains and expanding into semiconductor wet electronic chemicals [1] Financial Performance - Fujian Del's revenue has fluctuated significantly due to market factors, particularly the sharp decline in lithium hexafluorophosphate prices [2] - The company's revenues for 2022, 2023, and 2024 are reported as 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively [2] - The net profit attributable to the parent company for the same years is 184.41 million yuan, 35.74 million yuan, and 86.18 million yuan, respectively [2] Business Segmentation - The revenue contribution from fluorochemical basic materials has increased from 32.81% in 2021 to 50.33% in the first half of 2024, while the contribution from new energy battery materials has decreased significantly [2] - The combined revenue from these two segments has consistently accounted for over 50% of the company's total revenue during the reporting period [2] Industry Context - The fluorochemical industry is experiencing capacity expansion, leading to increased competition [3] - If the growth rate of new capacity exceeds that of downstream market demand, there may be an oversupply of products like anhydrous hydrogen fluoride and lithium hexafluorophosphate, potentially resulting in price declines [3] - Fujian Del's latest prospectus indicates a fundraising target of 1.945 billion yuan, reduced by nearly 1 billion yuan from the previous version, with funds allocated for various semiconductor material projects [3]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a price increase of 1.85% as of the report, peaking at 2.13% [1] - Key stocks in the sector include Sanmei Co., which surged over 8%, and other companies like Hangjin Technology, Juhua Co., and Hualu Hengsheng, which saw increases of over 6%, 5%, and 3% respectively [1] - There are plans for comprehensive adjustments in the petrochemical industry in China, focusing on phasing out small-scale facilities and upgrading old ones, while investing in new materials [2] Group 2 - Open Source Securities indicates that "anti-involution" will be a policy focus for 2025 and beyond, targeting capacity governance in industries with severe competition [3] - The chemical industry is expected to see the elimination of some outdated capacities, leading to an optimized competitive landscape and potential recovery in profitability [3] - Current valuation metrics suggest that it may be a good time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.19, which is at a low point historically [3] Group 3 - Guohai Securities forecasts that anti-involution measures will reshape the Chinese chemical industry, potentially slowing global capacity expansion and increasing dividend yields [4] - The changes in supply dynamics are expected to lead to a recovery in industry conditions, with chemical stocks likely to exhibit both high elasticity and high dividend advantages [4] Group 4 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co. [5] - The ETF provides a more efficient way to invest in the chemical sector, allowing investors to capture opportunities across different segments [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance in the first half of 2025 met expectations, with a significant increase in revenue and net profit driven by rising refrigerant prices and strong demand [6][5] - The company is expected to benefit from the new dual-phase cold plate technology, particularly with the potential adoption by Nvidia, which could enhance the demand for R134a refrigerant [6] - The company is investing in the fourth-generation refrigerant project to strengthen its integrated supply chain in the fluorochemical industry [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 6,569 million yuan, with a year-on-year growth rate of 62.6% [5] - The net profit attributable to the parent company is expected to reach 2,212 million yuan in 2025, reflecting a year-on-year growth of 184.1% [5] - The earnings per share (EPS) forecast for 2025 is 3.62 yuan, with a price-to-earnings (PE) ratio of 15 [5][6]

Core Viewpoint - Fujian Del's IPO application has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Overview - Fujian Del Technology Co., Ltd. specializes in the research, production, and sales of fluorinated new materials, including fluorochemical basic materials, new energy lithium battery materials, specialty gases, and semiconductor wet electronic chemicals [4] - The company is recognized as a national high-tech enterprise with core independent intellectual property rights [4] Product Lines - In the field of fluorinated electronic specialty gases, Fujian Del is one of the few domestic manufacturers that cover the entire production process, from hydrogen fluoride preparation to waste gas recovery services [4] - The company has achieved large-scale production of electronic-grade trifluorochlorine, marking a significant technological advancement in the domestic fluorinated electronic specialty gas sector [4] - For new energy lithium battery materials, Fujian Del currently has an annual production capacity of 5,475 tons of lithium hexafluorophosphate, with plans to increase capacity to 10,000 tons [4] Semiconductor Chemicals - Fujian Del produces high-end semiconductor-grade wet electronic chemicals and TFT functional mixed reagents, with capabilities to produce G5 grade electronic-grade hydrofluoric acid and other advanced chemicals [5] - The company holds 305 domestic and 6 foreign authorized invention patents and has participated in the establishment of various national and industry standards [5] Financial Performance - Fujian Del's revenue for 2022, 2023, and 2024 was 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively, with net profits of 221 million yuan, 119 million yuan, and 131 million yuan [5] IPO Journey - Fujian Del's IPO was accepted in June 2023, with plans to raise 1.945 billion yuan for various projects, but the company ultimately withdrew its application after a series of inquiries [6]