1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The semiconductor industry is expected to continue its steady growth in the next few years, driven by the continuous demand from AI, cloud infrastructure and other fields, which will drive the demand growth of electronic specialty gases [27] 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Huat Gas, belonging to the electronic chemicals industry, and the reception time is September 23, 2025. The listed company's reception personnel include the chairman, general manager, independent director, financial director and board secretary [17] 3.2 Detailed Research Institutions - The reception objects include investors and others [20] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Information - In the reporting period, the company's operating revenue was 676.5288 million yuan, a year - on - year decrease of 5.77%. The net profit attributable to the parent company's shareholders was 77.9072 million yuan, a year - on - year decrease of 18.97%. The company's total assets increased by 5.29% compared with the beginning of the report, and the net assets attributable to listed company shareholders increased by 4.29% [24] - In the first half of the year, the industry showed the characteristics of "recovery on the demand side and pressure on the price side". Although the sales volume of some core special gas products increased significantly, due to intensified price competition, the overall sales revenue declined year - on - year [24] - This year, the company will focus on R & D of key gas products in fields such as integrated circuits, new energy, and medical and health. In the integrated circuit field, it will promote the transformation of high - end electronic special gas products and expand the market [25] - Driven by the demand from AI and cloud infrastructure, the global semiconductor market sales are expected to reach 700.9 billion US dollars in 2025, a year - on - year increase of 11.2%, and continue to grow by 8.5% in 2026. The semiconductor manufacturing materials market is expected to grow by nearly 8% in 2025, and the overall semiconductor materials market will have a CAGR of 5.6% from 2023 to 2028 and exceed 84 billion US dollars in 2028 [27]

Core Viewpoint - Zhongjuxin Technology Co., Ltd. experienced a 5.1% decline in stock price, closing at 9.12 CNY per share, with a total market capitalization of 13.473 billion CNY as of September 23 [1] Company Overview - Zhongjuxin was established on December 25, 2017, and went public on September 8, 2023. The company is based in Quzhou, Zhejiang Province, and specializes in the research, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials [1] - The revenue composition of Zhongjuxin is as follows: electronic wet chemicals account for 76.63%, electronic specialty gases and precursors for 21.25%, and other sources for 2.12% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongjuxin, Bosera Fund's Bosera SSE STAR 100 ETF Linked A (019857) increased its holdings by 867,000 shares in Q2, bringing its total to 4.1924 million shares, which represents 0.73% of the circulating shares [2] - As of the latest data, the fund has incurred an estimated floating loss of approximately 2.0543 million CNY [2] Fund Performance - The Bosera SSE STAR 100 ETF Linked A (019857) was established on December 1, 2023, with a current size of 383 million CNY. Year-to-date, it has achieved a return of 48.25%, ranking 598 out of 4220 in its category. Over the past year, the return is 104.32%, ranking 469 out of 3814, and since inception, the return is 33.48% [2]

Market Performance - The electronic chemicals sector rose by 2.06% on September 22, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Weiteou (301319) closed at 42.08, with a significant increase of 19.99% and a trading volume of 158,600 shares, amounting to a transaction value of 633 million [1] - Other notable gainers include: - Siquan New Materials (301489) at 267.98, up 11.75% [1] - Dinglong Co., Ltd. (300054) at 35.10, up 5.69% [1] - Nanda Optoelectronics (300346) at 37.72, up 4.63% [1] Market Capital Flow - The electronic chemicals sector saw a net inflow of 15.1 million from institutional investors, while retail investors experienced a net outflow of 24.2 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Nanda Optoelectronics (300346) had a net inflow of 25.2 million from institutional investors, while retail investors saw a net outflow of 23.1 million [3] - Zhongshi Technology (300684) experienced a net inflow of 15.8 million from institutional investors, with retail investors facing a net outflow of 16.4 million [3] - Shanghai Xinyang (300236) had a net inflow of 43.1 million from institutional investors, while retail investors saw a net outflow of 62.9 million [3]

Core Viewpoint - Four listed companies, Fudan Fuhua, Sike Rui, Juewei Food, and Chuangyi Information, announced financial fraud, leading to risk warnings and a collective trading suspension, affecting nearly 200,000 shareholders [1][3][4] Group 1: Company Announcements - The four companies will be placed under special treatment ("ST") due to financial fraud, with trading suspended for one day starting Monday [1][4] - The announcement has caused significant concern among shareholders, including long-term investors and new entrants [3] Group 2: Regulatory Environment - The regulatory authorities have taken a strong stance against financial fraud, with recent cases leading to trading suspensions for companies like ST Hongyang and ST Zhongli [4][5] - The China Securities Regulatory Commission (CSRC) is intensifying its focus on information disclosure, which has become a critical area of scrutiny [5][7] Group 3: Market Reactions - The market has shown cautious trading behavior, with a notable decrease in trading volume and mixed performance across sectors [9] - Despite the recent turmoil, there are positive signals from foreign investment, with Goldman Sachs recommending an overweight position in Chinese stocks [11] Group 4: Economic Context - The People's Bank of China and other financial regulators are expected to provide insights into the financial sector's development during an upcoming press conference [8] - The recent interest rate cut by the Federal Reserve may positively impact domestic equity assets, particularly growth-oriented stocks [12]

Market Overview - A-shares experienced a contraction in trading volume, with the three major indices slightly declining and total trading volume decreasing by 811.3 billion yuan compared to the previous day [1][2] - The Shanghai Composite Index fell by 0.30% to close at 3820.09 points, while the Shenzhen Component and ChiNext Index saw minor declines of 0.04% and 0.16%, respectively [2] Policy Signals - The State Council Information Office is set to hold a press conference on September 22, 2025, to discuss the achievements of the financial industry during the 14th Five-Year Plan period, which is highly anticipated by investors for potential policy signals [1][2] Index Adjustments - The FTSE Russell index adjustments effective after the close on September 19 led to notable movements in several large-cap stocks, with stocks like BeiGene and NewEase rising, while others like China Nuclear Power and China Unicom fell [3] - The adjustments included the inclusion of stocks such as BeiGene and NewEase into the FTSE China A50 Index, reflecting international investors' structural optimism towards the Chinese market, particularly in the innovative drug and technology sectors [3] Interest Rate Cuts - The Federal Reserve's recent decision to cut interest rates by 25 basis points is expected to shift the focus from inflation control to stabilizing growth and employment, which historically has led to improved returns in domestic equity markets [4] - Analysts predict that the resumption of the Fed's rate-cutting cycle will enhance global risk appetite and improve liquidity expectations in emerging markets, benefiting both A-shares and Hong Kong stocks [4] Investment Outlook - Despite a strong performance of A-shares compared to Hong Kong stocks since late June, the market has entered a consolidation phase in September, with increased volatility [5] - Structural opportunities in technology growth, low-volatility dividends, and sectors experiencing recovery are highlighted as areas of interest, with expectations of a "policy-driven + profit improvement" support for a potential upward trend in the fourth quarter [5] - AI is anticipated to be a key market theme moving forward, with the overseas computing power industry expected to positively impact the A-share market [5]

Market Overview - The electronic chemicals sector increased by 2.04% on September 19, with Tongyu New Materials leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the electronic chemicals sector showed significant price increases, with Tongyu New Materials rising by 12.14% to a closing price of 212.40 [1] - Other notable performers included Tiantong Co., which increased by 10.03%, and Xilong Science, which rose by 10.02% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 1.073 billion yuan from institutional investors, while retail investors experienced a net outflow of 579 million yuan [2] - Tiantong Co. attracted the highest net inflow from institutional investors at 732 million yuan, while retail investors had a net outflow of 387 million yuan [2] - Xilong Science also saw significant institutional support with a net inflow of approximately 297 million yuan [2]

分红方面，强力新材A股上市后累计派现2.05亿元。近三年，累计派现0.00元。 资料显示，常州强力电子新材料股份有限公司位于江苏省常州市武进区遥观镇钱家工业园，成立日期 1997年11月22日，上市日期2015年3月24日，公司主营业务涉及电子材料领域各类光刻胶专用电子化学 品的研发、生产和销售及相关贸易业务。主营业务收入构成为：其他用途光引发剂27.33%，PCB光刻胶 光引发剂18.98%，LCD光刻胶光引发剂17.93%，化工原料贸易11.18%，PCB光刻胶树脂10.14%，半导 体光刻胶光引发剂6.96%，其他化合物6.81%，其他0.68%。 截至6月30日，强力新材股东户数7.53万，较上期增加20.23%；人均流通股5297股，较上期减少 16.83%。2025年1月-6月，强力新材实现营业收入4.58亿元，同比减少1.58%；归母净利润-1709.48万 元，同比减少1733.02%。 责任编辑：小浪快报 9月18日，强力新材涨2.13%，成交额5.72亿元。两融数据显示，当日强力新材获融资买入额4852.06万 元，融资偿还4465.59万元，融资净买入386.48万元。截至9月18日，强 ...

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Jiummu Chemical, has received an acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares to unspecified qualified investors and list on the exchange [1] Company Overview - Jiummu Chemical primarily engages in the research, development, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [4] - Wanrun Co., Ltd. holds 85 million shares in Jiummu Chemical, accounting for 45.33% of the total share capital, making it the controlling shareholder [4] Financial Performance - Revenue for Jiummu Chemical during the reporting period (2022 to the first quarter of 2025) was 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan respectively [5] - The net profit excluding non-recurring gains and losses for the same periods was 197 million yuan, 203 million yuan, 246 million yuan, and 46.5 million yuan [5] - The company's main revenue source, OLED sublimation materials and intermediates, accounted for 93.65%, 94.38%, 95.84%, and 95.47% of total revenue during the reporting periods [5] Sales and Market Dynamics - Jiummu Chemical's sales are primarily export-oriented, with overseas sales accounting for 82.15%, 88.51%, 92.69%, and 89.69% of total revenue [7] - The company relies heavily on a few key customers, with sales to the top five customers representing 72.93%, 71.40%, 77.45%, and 67.93% of total revenue [7] Risks and Challenges - The company faces potential risks from fluctuations in exchange rates, as its overseas sales are primarily priced in USD, which can impact revenue and foreign exchange gains or losses [8] - Jiummu Chemical reported negative foreign exchange gains of -11.5 million yuan, -6.94 million yuan, -13.98 million yuan, and -2.00 million yuan during the reporting periods [8] - The company has a high inventory risk, with inventory values of 314 million yuan, 393 million yuan, 418 million yuan, and 436 million yuan at the end of each reporting period, representing a significant portion of current assets [9]

晶瑞电材（300655）(300655.SZ)披露2025年员工持股计划(草案)。参加本员工持股计划的总人数不超过 60人，其中董事(不含独立董事)、高级管理人员3人。公司员工持股计划的资金来源为公司提取的奖励 基金，本员工持股计划的资金规模总额不超过1224.9063万元，本员工持股计划涉及的标的股票规模不 超过188.7375万股，占目前公司股本总额的0.18%。员工持股计划受让公司回购专用证券账户所持有的 公司股份的受让价格为6.49元/股。本员工持股计划的存续期为48个月，自公司公告最后一笔标的股票 过户至本员工持股计划名下之日起算。 ...

Market Overview - On September 18, the electronic chemicals sector rose by 1.96%, led by Siquan New Materials, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Top Performers in Electronic Chemicals Sector - Siquan New Materials (301489) closed at 231.08, up 5.76% with a trading volume of 41,100 shares and a transaction value of 943 million [1] - Zhongjuxin (688549) closed at 9.95, up 4.85% with a trading volume of 1,426,600 shares and a transaction value of 1.416 billion [1] - Dinglong Co., Ltd. (300054) closed at 33.00, up 3.22% with a trading volume of 480,000 shares and a transaction value of 1.595 billion [1] Underperformers in Electronic Chemicals Sector - Lier Technology (688683) closed at 36.28, down 5.25% with a trading volume of 24,000 shares and a transaction value of 88.918 million [2] - Guanggang Gas (688548) closed at 11.20, down 3.53% with a trading volume of 242,300 shares and a transaction value of 275 million [2] - Guoci Materials (300285) closed at 22.50, down 2.47% with a trading volume of 350,200 shares and a transaction value of 796 million [2] Capital Flow Analysis - The electronic chemicals sector experienced a net outflow of 764 million from institutional investors, while retail investors saw a net inflow of 731 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Individual Stock Capital Flow - Strong New Materials (300429) had a net inflow of 40.744 million from institutional investors, but a net outflow of 21.407 million from retail investors [3] - Weiteou (301630) saw a net inflow of 32.697 million from institutional investors, with a significant net outflow from retail investors of 28.427 million [3] - Macro Electronic (603002) had a net inflow of 13.911 million from institutional investors, while retail investors contributed a net inflow of 2.451 million [3]