格隆汇11月14日｜莱特光电公告，拟发行可转债募资不超过7.66亿元，募资金额用于蒲城莱特光电新材 料生产研发基地建设项目生产车间 1、生产车间 3 和生产车间 4 项目，蒲城莱特生产车间数智化升级改 造项目，钙钛矿材料研发及器件验证创新平台建设项目等。 ...

Market Overview - The electronic chemicals sector experienced a decline of 2.02% on November 14, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable performers in the electronic chemicals sector included: - Guanghua Technology (002741) with a closing price of 23.17, up 2.39% [1] - Anji Technology (688019) closed at 202.50, up 0.70% [1] - Siquan New Materials (301489) led the decline with a closing price of 176.27, down 7.23% [2] - The sector saw significant trading volumes, with Guanghua Technology recording a volume of 41.10 million shares [1] Capital Flow - The electronic chemicals sector experienced a net outflow of 8.79 billion yuan from institutional investors, while retail investors saw a net inflow of 6.56 billion yuan [2] - The capital flow for specific stocks showed: - Guanghua Technology had a net inflow of 93.31 million yuan from institutional investors [3] - Siquan New Materials had a significant net outflow of 8.58 billion yuan [2][3]

Core Viewpoint - The company, Aisen Co., Ltd. (688720), has reported a significant revenue growth of 40.70% in the first three quarters of 2025, driven by the semiconductor industry's recovery and technological advancements in its products [2][3]. Group 1: Financial Performance - In the first three quarters of 2025, the company's main revenue reached 439 million yuan, an increase of 40.71% year-on-year [3]. - The net profit attributable to shareholders for the same period was approximately 34.48 million yuan, up 44.67% year-on-year [3]. - The company's net profit excluding non-recurring items was about 31.70 million yuan, reflecting an increase of 86.8% year-on-year [3]. - In Q3 2025 alone, the company reported a single-quarter main revenue of 160 million yuan, a year-on-year increase of 26.12% [3]. - The single-quarter net profit attributable to shareholders was approximately 17.69 million yuan, up 75.35% year-on-year [3]. - The company's debt ratio stood at 24.96%, with a gross profit margin of 28.57% [3]. Group 2: Market and Product Insights - The revenue growth is primarily attributed to increased demand from leading wafer manufacturers and advanced packaging plants, as well as contributions from overseas operations [2]. - The company's Malaysian subsidiary, INOFINE, contributed approximately 7% to the overall revenue [2]. - The company has made significant advancements in its KrF photoresist technology, achieving a deep-to-width ratio (R) greater than 13, which is applicable in high aspect ratio structures such as CIS isolation [2]. Group 3: Analyst Ratings and Predictions - Recently, one institution has given a buy rating for the stock within the last 90 days [4]. - Profit forecasts for the next three years indicate a projected net profit of 49 million yuan for 2025, 73 million yuan for 2026, and 108 million yuan for 2027 [4]. - The stock has seen a net inflow of 141 million yuan in financing over the past three months, indicating increased investor interest [4].

Core Points - The stock of Shenzhen New Zobon Technology Co., Ltd. dropped by 5.1% on November 14, trading at 61.02 CNY per share with a transaction volume of 1.407 billion CNY and a turnover rate of 4.20%, resulting in a total market capitalization of 45.63 billion CNY [1] Company Overview - Shenzhen New Zobon Technology Co., Ltd. was established on February 19, 2002, and went public on January 8, 2010. The company specializes in the research, production, sales, and service of new electronic chemicals and functional materials [1] - The revenue composition of the company is as follows: battery chemicals account for 66.43%, organic fluorine chemicals 17.03%, electronic information chemicals 16.03%, and others 0.50% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Bosera Asset Management holds a significant position in New Zobon. The Bosera Hengyu Holding Period Mixed A Fund (009332) held 25,000 shares in the third quarter, representing 0.83% of the fund's net asset value, ranking as the ninth largest holding [2] - The Bosera Hengyu Holding Period Mixed A Fund was established on May 18, 2020, with a latest scale of 126 million CNY. Year-to-date returns are 3.41%, ranking 7370 out of 8140 in its category, while the one-year return is 3.08%, ranking 7194 out of 8056 [2] - The fund manager, Li Rui, has been in position for 3 years and 2 days, with total assets under management of 161 million CNY. The best fund return during his tenure is 7.79%, while the worst is -0.1% [2]

Core Insights - The electronic chemicals sector experienced a 2.05% increase on November 13, with Siquan New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Siquan New Materials (301489) closed at 190.00, up 11.57% with a trading volume of 84,500 shares and a transaction value of 15.64 billion [1] - Debang Technology (688035) closed at 52.30, up 8.60% with a trading volume of 64,000 shares and a transaction value of 3.27 billion [1] - Rui Lian New Materials (688550) closed at 49.80, up 4.53% with a trading volume of 63,400 shares and a transaction value of 3.14 billion [1] - Other notable performers include Guoci Materials (300285) up 4.08% and Zhongshi Technology (300684) up 3.68% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 300 million in main funds, while retail funds experienced a net outflow of 176 million [2] - Main funds showed significant inflow into Siquan New Materials with 178 million, while retail funds had a net outflow of 157 million [3] - Other companies like Guoci Materials and Zhongshi Technology also saw positive net inflows from main funds [3]

Group 1: Interest Rates and Central Bank Operations - DR001 closed at 1.42 with a -9.02bp change, DR007 at 1.49 with a -2.21bp change, GC001 at 1.54 with a -10.00bp change, and GC007 at 1.50 with a -3.00bp change [3] - SHBOR 3M remained at 1.58 with no change, and LPR 5 - year stayed at 3.50 with no change [3] - 1 - year, 5 - year, and 10 - year Chinese government bonds closed at 1.35 (-1.80bp), 1.52 (-2.00bp), and 1.80 (-1.60bp) respectively, while 10 - year US Treasury bonds closed at 4.09 with a 2.00bp increase [3] - The central bank conducted 1955 billion yuan of 7 - day reverse repurchase operations, with 655 billion yuan of reverse repurchases maturing, resulting in a net injection of 1300 billion yuan [3] - This week, 4958 billion yuan of reverse repurchases will mature, with 783 billion, 1175 billion, 655 billion, 928 billion, and 1417 billion maturing from Monday to Friday respectively [4] Group 2: Monetary Policy - The central bank's Q3 2025 China Monetary Policy Implementation Report stated that it will maintain a moderately loose monetary policy, use various tools to keep social financing conditions relatively loose, improve the monetary policy framework, and strengthen policy implementation and transmission [4] - Promoting a reasonable recovery of prices is an important consideration for monetary policy to keep prices at a reasonable level [4] Group 3: Stock Indexes and Futures - The CSI 300 fell 0.13% to 4645.9, the SSE 50 rose 0.32% to 3044.3, the CSI 500 fell 0.66% to 7243.2, and the CSI 1000 fell 0.72% to 7486.4 [5] - The trading volume of the Shanghai and Shenzhen stock markets was 19450 billion yuan, a decrease of 486 billion yuan from the previous day [5] - Industry sectors showed more declines than gains, with insurance, mining, pharmaceutical commerce, medical devices, and beauty care sectors leading the gains, while photovoltaic equipment, non - metallic materials, wind power equipment, power supply equipment, power grid equipment, and electronic chemicals sectors leading the losses [5] - IF, IH, IC, and IM contracts showed different price changes and volume/position changes. For example, IF volume increased by 93 to 120690, and its open interest increased by 3.9% to 273421 [5] Group 4: Market Outlook - The macro news was calm, and the stock index continued to fluctuate. The current macro situation is a mix of positives and negatives, lacking a core driving force [6] - There are disagreements in the market regarding the further increase of technology stock valuations and the transition from a structural market to a full - fledged slow - bull market [6] - Short - term market differences are expected to be digested during the stock index's volatile adjustment, and new driving factors such as overseas liquidity release or domestic fundamental improvement will be key for the market to rise [6] Group 5: Futures Contract Premium/Discount - IF showed premiums of 0.79%, 3.80%, 2.76%, and 3.15% for the current, next, current - quarter, and next - quarter contracts respectively [7] - IH had a - 3.33% discount for the current contract and premiums for other contracts [7] - IC and IM contracts generally showed premiums [7]

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 1.11%, outperforming the ChiNext index by 0.46% [1] - Over the past five trading days, the synthetic biology index rose by 3.07%, while semiconductor materials fell by 4.58%, electronic chemicals decreased by 2.53%, biodegradable plastics increased by 3.46%, industrial gases dropped by 1.29%, and battery chemicals surged by 8.24% [1] Price Tracking - Amino acids prices showed mixed results: valine at 12,550 CNY/ton (up 1.21%), arginine at 21,500 CNY/ton (down 0.69%), tryptophan remained unchanged at 32,500 CNY/ton, and methionine at 20,250 CNY/ton (down 2.64%) [2] - Biodegradable materials prices remained stable for PLA (FY201 injection grade at 17,800 CNY/ton and PLA (REVODE201 film grade at 17,000 CNY/ton), while PBS decreased by 1.69% to 17,500 CNY/ton and PBAT fell by 0.51% to 9,800 CNY/ton [2] - Vitamins prices remained unchanged: vitamin A at 63,000 CNY/ton, vitamin E at 52,500 CNY/ton, vitamin D3 at 212,500 CNY/ton, calcium pantothenate at 42,000 CNY/ton, and inositol at 30,500 CNY/ton [2] - Industrial gases and wet electronic chemicals prices remained stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 6,100 CNY/ton [2] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton (down 13.44%) [2] Investment Recommendations - The State Council released a white paper on "China's Action for Carbon Peak and Carbon Neutrality," emphasizing the focus on renewable energy such as wind power for future development [3] - The white paper projects that by 2030, China's cumulative installed wind power capacity will reach 1.3 billion kW, with expectations of 2 billion kW by 2035 and 5 billion kW by 2060 [3] - The wind power industry is expected to maintain a high prosperity pattern, presenting significant development opportunities for upstream materials, with recommendations to focus on companies like Times New Material and Mega Chip Color [3] Lithium Hexafluorophosphate Price Recovery - Lithium hexafluorophosphate, a key raw material for electrolytes, saw a price rebound, rising from a low of 50,000 CNY/ton to 121,500 CNY/ton as of November 7, 2025 [4] - The demand from the downstream electric vehicle and energy storage industries has surged, significantly increasing the procurement volume of lithium hexafluorophosphate by electrolyte manufacturers [4] - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity leading to industry consolidation, suggesting potential for further price increases and recovery of profitability in the supply chain [4]

Market Overview - The electronic chemicals sector experienced a decline of 1.71% on November 12, with Huate Gas leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Sanhu Xinke (688359) with a closing price of 78.40, up 3.43% [1] - Kaihua Materials (920526) at 26.17, up 1.87% [1] - Xingfu Electronics (688545) at 37.73, up 0.96% [1] - Major decliners included: - Huate Gas (688268) at 61.36, down 4.26% [2] - Nanda Optoelectronics (300346) at 36.98, down 4.07% [2] - Jinhong Gas (688106) at 21.16, down 3.56% [2] Trading Volume and Capital Flow - The electronic chemicals sector saw a net outflow of 748 million yuan from institutional investors, while retail investors had a net inflow of 712 million yuan [2] - The trading volume for key stocks included: - Sanhu Xinke with a volume of 29,400 hands and a transaction value of 229 million yuan [1] - Nanda Optoelectronics with a volume of 299,600 hands and a transaction value of 1.116 billion yuan [2] Capital Inflow Analysis - Key stocks with significant capital inflow included: - Sanhu Xinke with a net inflow of 37.08 million yuan from institutional investors [3] - Xingfu Electronics with a net inflow of 11.43 million yuan from institutional investors [3] - Stocks with notable outflows included: - Huate Gas with a net outflow of 4.14 million yuan from institutional investors [3] - Jinhong Gas with a net outflow of 4.14 million yuan from institutional investors [3]

Core Points - The electronic chemicals industry is highly competitive and innovative, with China being the largest manufacturer of electronic products but heavily reliant on imports for high-end electronic chemicals [1] - A high-level conference on wet electronic chemicals and electronic gases is scheduled for November 20-22, 2025, in Fushun County, Sichuan Province, to enhance manufacturing capabilities and application areas [1] Conference Organization - The conference is organized by the China Chemical News Agency and the Fushun County People's Government, with support from various industry associations and local development agencies [1] - The theme of the conference is "Integrating Innovation to Win the Future" [1] Conference Agenda - The main forum will feature prominent speakers discussing the current state and trends of the electronic chemicals industry, innovations in key materials for integrated circuits, and the impact of AI on technological advancements [2] - Parallel sessions will focus on challenges and opportunities in wet electronic chemicals manufacturing and advancements in electronic gases technology [6] Participants - Attendees will include industry experts, production companies, and representatives from the electronic chemicals supply chain, electronic gas producers, packaging companies, and wafer manufacturers [5] Conference Fees - The registration fee is set at 2000 yuan per person, with a fee of 3000 yuan for supporting enterprises, covering meals, materials, and venue costs [7] - Accommodation will be arranged, with costs borne by the participants [7] Contact Information - For inquiries, contact details for the organizing team are provided, including phone numbers and email addresses [7]

Market Overview - The electronic chemicals sector experienced a decline of 0.31% on November 11, with Tiancheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Sanhu Xinke (688389) with a closing price of 75.80, up 5.72% on a trading volume of 30,800 shares and a turnover of 229 million [1] - Guanghua Technology (002741) closed at 22.14, up 2.59% with a trading volume of 271,800 shares and a turnover of 600 million [1] - Dinglong Co., Ltd. (300054) closed at 35.18, up 1.97% with a trading volume of 219,500 shares and a turnover of 784 million [1] Capital Flow - The electronic chemicals sector saw a net outflow of 334 million from institutional investors, while retail investors contributed a net inflow of 281 million [2] - The sector's capital flow indicated that: - Nanda Optoelectronics (300346) had a net inflow of 71.76 million from institutional investors, but a net outflow of 94.75 million from retail investors [3] - Guanghua Technology (002741) experienced a net inflow of 45.18 million from institutional investors, but a net outflow of 41.77 million from retail investors [3]