机构评级来看，近10日共有5家机构对该股进行评级，9月15日西部证券发布的研报给予公司目标价为 17.10元。 公司发布的半年报数据显示，上半年公司共实现营业收入21.48亿元，同比增长8.51%，实现净利润4.93 亿元，同比增长79.18%，基本每股收益为0.3966元，加权平均净资产收益率5.39%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，东方铁塔所属的基础化工行业，目前整体涨幅为0.38%，行业内，目前股价 上涨的有244只，涨幅居前的有润禾材料、中旗股份、东方铁塔等，涨幅分别为11.14%、8.65%、 7.86%。股价下跌的有156只，跌幅居前的有键邦股份、宏达股份、金浦钛业等，跌幅分别为3.07%、 2.87%、2.71%。 两融数据显示，该股最新（9月15日）两融余额为2.20亿元，其中，融资余额为2.19亿元，近10日增加 5866.51万元，环比增长36.68%。 东方铁塔股价创出历史新高，截至9:36，该股上涨7.86%，股价报14.55元，成交量1393.50万股，成交金 额1.98亿元，换手率1.23%，该股最新A股总市值达181.01亿元，该股A股流通市值1 ...

Group 1 - The chemical sector experienced a pullback on September 16, with the chemical ETF (516020) briefly rising before quickly declining, closing down 1.07% [1][2] - Key stocks in the sector, including Hongda Co. and Tianci Materials, saw significant declines, with both dropping over 3%, while several others fell more than 2%, negatively impacting the sector's performance [1][2] - The chemical ETF (516020) has seen substantial capital inflows recently, with a single-day inflow of 140 million yuan and cumulative inflows exceeding 980 million yuan over the last 10 trading days [1][2] Group 2 - As of the last closing, the chemical ETF (516020) had a price-to-book ratio of 2.29, which is at a low point within the last decade, indicating a favorable long-term investment opportunity [3] - Analysts suggest that the "anti-involution" measures in China may lead to a re-evaluation of the chemical industry, potentially slowing global capacity expansion and enhancing dividend yields for companies in the sector [4] - The Chinese chemical industry is expected to leverage its competitive advantages in cost and technology to fill gaps in the international supply chain, reshaping the global chemical industry landscape [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks, providing investors with opportunities to capitalize on strong performers [5] - Investors can also access the chemical sector through the chemical ETF linked funds (Class A 012537/Class C 012538) for broader exposure [5]

Core Insights - The report highlights the performance of Jiangsu's A-share IPO market in August 2025, indicating a total of 17 new A-share companies in the first eight months, ranking first among all provinces in China [19] - Despite leading in the number of new listings, Jiangsu ranks fourth in total fundraising amount, with a total of 21.86 billion yuan raised in the first eight months [19][7] - The newly listed companies are primarily concentrated in strategic emerging industries such as semiconductors, biomedicine, and new materials, reflecting an ongoing optimization and upgrading of the industrial structure in Jiangsu [19] IPO Quantity and Fundraising - In August 2025, Jiangsu added three new A-share companies: Tianfulong from Yangzhou, Youli Intelligent from Suzhou, and Hansang Technology from Nanjing [19] - The total fundraising amount for A-share IPOs in August reached 40.93 billion yuan, with Jiangsu's contributions being 9.44 billion yuan from Tianfulong, 3.09 billion yuan from Youli Intelligent, and 9.32 billion yuan from Hansang Technology [19][15] - In the first eight months, Suzhou led the province with six new A-share companies, followed by Wuxi, Changzhou, and Yangzhou with two each, and other cities like Nantong, Nanjing, Huai'an, Zhenjiang, and Taizhou each contributing one [19][14] Regional Performance - Suzhou also topped the province in total fundraising, accumulating 21.46 billion yuan in the first eight months [19] - The report indicates a strong performance in the A-share market for Jiangsu, showcasing the province's vibrant corporate activity and its attractiveness to investors [19]

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 15, there are 977 stocks with a circulating market value below 3 billion yuan, and 402 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,659 stocks have a total market value below 5 billion yuan, with 570 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are: Zitian Tui at 101 million yuan, *ST Yuancheng at 560 million yuan, and Bofei Electric at 609 million yuan [1] - The three stocks with the smallest total market values are: Zitian Tui at 102 million yuan, *ST Yuancheng at 560 million yuan, and *ST Suwu at 675 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, construction decoration, and basic chemicals, with notable stocks like Bofei Electric having a P/E ratio of 155.38 [1][2]

Group 1 - The core viewpoint indicates that the expectation of economic prosperity may continue to influence style performance, with growth and cyclical sectors leading the market, increasing by 0.72% and 0.37% respectively [5][12][28] - The Producer Price Index (PPI) showed a narrowing year-on-year decline in August, with a decrease of 2.9%, which is 0.7 percentage points less than the previous month, indicating improved supply-demand relationships in certain industries [17][21][28] - Import and export data for the first eight months of 2025 shows exports at 17.61 trillion yuan, up 6.9%, while imports decreased by 1.2% to 11.96 trillion yuan, reflecting a narrowing decline [21][28] Group 2 - The report emphasizes that stable funding is crucial for market support, with the Shanghai Composite Index showing a fluctuation range of 1.52% from September 8 to September 12, 2025, indicating a recovery in market sentiment [27][28] - The industry and thematic allocation suggests focusing on growth sectors such as technology and advanced manufacturing, as well as industries benefiting from domestic demand policies, including machinery, home appliances, and consumer electronics [28][39] - The report highlights the performance of various industry indices, with significant attention on sectors like electric equipment and basic chemicals, which are expected to benefit from the "anti-involution" policy [28][39]

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Viewpoints - The company is advancing its "Bio + AI" strategy to build a multi-dimensional product system, which includes amino acids, vitamins, and bio-based new material monomers. This diversification is expected to enhance profitability and growth potential as new products are gradually launched and technical upgrades are completed [9][10][11]. - The company reported a revenue of 1.489 billion yuan in the first half of 2025, a year-on-year increase of 46.54%, while the net profit attributable to the parent company was 115 million yuan, a decrease of 23.26% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: The projected revenue for 2025 is 2.617 billion yuan, with a year-on-year growth rate of 20.1%. The revenue is expected to continue growing to 3.098 billion yuan in 2026 and 3.591 billion yuan in 2027 [1][11]. - **Net Profit**: The net profit attributable to the parent company is projected to be 240 million yuan in 2025, recovering to 298 million yuan in 2026 and 381 million yuan in 2027, with corresponding growth rates of 26.6%, 24.3%, and 27.6% respectively [1][11]. - **Profitability Ratios**: The return on equity (ROE) is expected to improve from 7.2% in 2024 to 12.2% in 2027, indicating a recovery in profitability [1][11]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.96 yuan in 2025, increasing to 1.19 yuan in 2026 and 1.52 yuan in 2027 [1][11]. Cash Flow and Financial Health - The net cash flow from operating activities in the first half of 2025 was 75 million yuan, a decrease of 9.93% year-on-year. The net cash flow from investing activities was -261 million yuan, an increase of 40.91% year-on-year, primarily due to reduced cash payments for fixed assets and intangible assets [3]. - The company’s cash and cash equivalents at the end of the period were 379 million yuan, a decrease of 3.63% year-on-year [3]. Market Conditions and Product Pricing - The overall gross profit margin for the first half of 2025 was 24.11%, a decline of 7.49 percentage points compared to the same period in 2024. This decline is attributed to rising costs of amino acids and vitamins, as well as a decrease in the prices of certain products [2][4]. - The price of L-alanine dropped approximately 42.86% from early 2025 to the end of June 2025, which has exerted pressure on the company's performance [4]. Strategic Initiatives - The company is focusing on enhancing its research and development capabilities, particularly in the integration of AI technology within its operations. This initiative aims to improve production efficiency and product quality, thereby supporting sustainable growth [10].

证券时报·数据宝统计显示，近一个月共有66家北交所公司获机构调研，调研机构类型显示，券商共对 66家公司进行调研；基金调研56家；阳光私募调研50家；保险调研34家；海外机构调研8家。 根据调研日期截止日统计，近一个月（8月16日至9月15日），共有66家北交所公司获机构调研，其中， 纳科诺尔最受关注，参与调研的机构有114家。 机构调研榜单中，纳科诺尔参与调研的机构合计达114家，最受关注；其次是科隆新材、奥迪威、海达 尔，参与调研的机构分别有67家、65家、64家。 按申万行业分类，获机构调研的北交所公司分属于17个行业，机械设备、基础化工、电子等行业较为集 中，分别有13家、9家、9家公司上榜。 机构调研次数来看，优机股份机构调研最为密集，共获机构3次调研。科隆新材、奥迪威、海达尔等机 构调研也较为密集，均被机构调研2次。 市场表现方面，获机构调研的北交所公司近一个月平均上涨5.67%。其间股价上涨的有42只，涨幅居前 的有贝特瑞、开特股份、海达尔等，分别上涨50.86%、46.11%、30.37%；从换手率来看，获调研的北 交所公司中，近一个月日均换手率平均值为6.76%，日均换手率居前的有盖世食品、 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - A-share market continued to rebound this week with an oscillating upward trend. The growth style performed well, driving up TMT-themed funds. However, many quantitative index-enhanced products still had mediocre excess returns. The weekly average daily trading volume of the two markets decreased by 10.63% week-on-week. If the trading volume continues to shrink, the chips in high-position sectors will loosen and differentiate, and the market will shift from a unilateral rise to a range-bound pattern. It is recommended to focus on the supplementary rise opportunities of low-position sectors. The basis of four types of stock index futures contracts showed differentiation, with the IM contract having a large discount and the IF contract having a large premium. In the upcoming week with a dense schedule of important macroeconomic events, the A-share market is likely to maintain a volatile and relatively strong market. It is recommended to focus on technology frontier tracks such as robotics and AI computing power, and also seize the rotation and supplementary rise opportunities of sectors such as securities, pig cycles, and games. After a deep adjustment, the national debt market has shown rare allocation value, and investors are advised to moderately increase the allocation ratio [1][11][16]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The A-share market continued to rebound this week, with the growth style performing well and driving up TMT-themed funds. The weekly average daily trading volume of the two markets was 2.3 trillion yuan, a week-on-week decrease of 10.63%. The basis of four types of stock index futures contracts showed differentiation, and the average and median returns of neutral hedge funds this week were -0.06% and -0.08% respectively. This week, the electronics, real estate, agriculture, forestry, animal husbandry, and fishery, media, and computer sectors led the gains. The real estate and agriculture, forestry, animal husbandry, and fishery sectors had a relatively large increase in the weekly trading volume ratio compared with last week, while the trading activity of the comprehensive finance and national defense and military industry sectors decreased significantly. The real estate sector rose 5.82% this week, and the weekly trading volume ratio increased to a new high in the past four weeks at 1.50%. The power equipment and new energy sector only rose 0.50% this week, and the weekly trading volume ratio was a new high in the past four weeks at 9.04%, and the sector may face short-term adjustment pressure [11]. 3.1.2 Market Style - This week, the growth style index rose 3.56%, and the weekly trading volume ratio slightly decreased to 58.73%. The consumption style index rose 0.88%, and the weekly trading volume ratio increased to 11.85%. The financial style index performed weakly in the past month, rising only 0.24% this week, and the weekly trading volume ratio decreased significantly to a new low in the past four weeks at 5.59%. The cyclical style index rose 1.87%, and the weekly trading volume ratio increased to a new high in the past four weeks at 20.69%. The stable style index rose 1.14%, and the weekly trading volume ratio increased significantly to a new high in the past four weeks at 3.13%. Based on the CSI A-share index, the CSI 500 index led the gains this week, rising 3.38%, and the weekly trading volume ratio was a new high in the past four weeks at 19.03%, while the Shanghai and Shenzhen 300 index only rose 1.38%, and the weekly trading volume ratio decreased to 27.65%. In the past three months, the market has shown highly structured characteristics, and the CSI 500 index has performed strongly. In an environment with abundant liquidity, funds clearly prefer opportunities with certainty, driving the collective supplementary rise of high-quality leading stocks in various industries [15]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Thematic Tracks This Week - The report screened single-track and double-track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cycle. Single-track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double-track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report listed the top five funds in each sector in terms of performance this week [20][21]. 3.2.2 Funds with Excellent Performance in Different Strategy Classifications - The report improved the growth, BP, and profit factors to obtain growth, valuation, and quality factors, and divided the funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness. It also listed the funds with relatively excellent performance in different types of funds this week [22]. 3.3 Index-Enhanced Funds 3.3.1 Distribution of Excess Returns of Index-Enhanced Funds This Week - This week, the Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, the STAR 50 rose 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. The representative indexes of the value style sector, such as the Shanghai 50, CSI 100, and Shanghai and Shenzhen 300, rose 0.89%, 1.54%, and 1.38% respectively, while the representative indexes of the growth style sector, such as the Small and Medium 100, CSI 500, CSI 1000, and CSI 2000, rose 3.66%, 3.38%, 2.45%, and 2.16% respectively. The report also listed the average and median excess returns of different index-enhanced funds and the top three funds in terms of excess returns in each category this week [25][26][30]. 3.4 This Week's Fund High-Frequency Position Detection - After excluding funds with high positions in Hong Kong stocks and Beijing Stock Exchange stocks, funds with a scale of less than 200 million yuan, industry-themed funds, and quantitative funds, the results showed that active equity funds significantly increased their positions in the basic chemical (0.61%), machinery (0.24%), and power equipment and new energy (0.19%) industries this week, and significantly reduced their positions in the electronics (0.55%), computer (0.41%), and national defense and military industry (0.19%) industries. From a one-month perspective, the positions in the electronics (2.12%) and communication (0.97%) industries increased significantly, while the positions in the banking (1.11%) and automobile (1.04%) industries decreased significantly [3][43].

| 行业 | 最新融资余额（亿元） | 融资余额增加额（亿元） | 增幅（%） | | --- | --- | --- | --- | | 电力设备 | 1889.97 | 209.84 | 12.49 | | 电子 | 3215.30 | 190.25 | 6.29 | | 有色金属 | 1102.00 | 76.98 | 7.51 | | 通信 | 1030.77 | 61.72 | 6.37 | | 计算机 | 1784.50 | 44.23 | 2.54 | | 机械设备 | 1238.74 | 40.63 | 3.39 | | 非银金融 | 1855.38 | 38.41 | 2.11 | | 医药生物 | 1628.58 | 15.19 | 0.94 | | 银行 | 739.29 | 8.88 | 1.22 | | 基础化工 | 913.98 | 8.35 | 0.92 | | 家用电器 | 333.39 | 7.01 | 2.15 | | 商贸零售 | 251.78 | 5.31 | 2.15 | | 房地产 | 335.72 | 5.05 | 1.53 | | 汽车 | 1179.50 | ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the Chinese stock market, specifically the Shanghai Composite Index and the ChiNext Index, along with various sectors such as TMT (Technology, Media, and Telecommunications), real estate, and cyclical industries. Core Points and Arguments 1. **Market Status**: The current market is in a systematic bull phase, rebounding from declines since 2015, with a target of at least 4,130 points for the Shanghai Composite Index [1][4][5]. 2. **Index Performance**: The Shanghai Composite Index has completed a four-wave adjustment and is expected to continue its upward trend after a short-term adjustment around 3,700 points [1][5]. The ChiNext Index has recently reached new highs but faces technical resistance [3][6]. 3. **Market Dynamics**: The market is driven by liquidity and investor sentiment, leading to increased volatility and shorter adjustment periods [1][7]. Historical comparisons indicate that rapid adjustments are normal in liquidity-driven bull markets [8]. 4. **Sector Performance**: The TMT sector, particularly the electronics industry, is performing exceptionally well, driven by positive news from Oracle and strong market sentiment [10][14]. The real estate sector is also gaining attention, showing signs of a long-term bottom [15]. 5. **Cyclical Industries**: Cyclical sectors such as steel, non-ferrous metals, and basic chemicals are performing well, while the banking sector has seen the largest declines [16]. 6. **Investment Strategy**: Investors are advised to maintain mid-term positions and consider increasing allocations during market fluctuations, particularly in lower-valued sectors like real estate and infrastructure [24][28]. 7. **Future Market Expectations**: The market is expected to experience further upward movement, with potential fluctuations before reaching the 4,130-point target. The timeline for this movement is estimated to be two to three months [19][18]. Other Important but Possibly Overlooked Content 1. **Technical Analysis**: The 4,100-4,130 range is identified as a significant resistance level based on Fibonacci retracement and trendline analysis [20]. 2. **Market Signals**: Recent strong performances in the ChiNext and the Science and Technology 50 Index are seen as reversal signals, indicating the end of the four-wave adjustment [11]. 3. **Investment Focus**: There is a shift towards soft technology sectors like computing and media, while hard technology stocks are recommended for reduction due to their higher valuations [25][26]. 4. **Brokerage Sector Outlook**: Smaller brokerages are expected to continue their upward trajectory, while larger brokerages have reached historical highs and may not be the focus for new investments [27]. 5. **Overall Market Style**: The current market is characterized by a growth style, with a transition towards cyclical stocks as the economy recovers [29]. This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current market landscape and investment strategies.