Core Viewpoint - Yuanli Technology (元利科技) has officially signed a strategic cooperation memorandum with Lubrizol, a specialty chemicals company under Berkshire Hathaway, to collaborate in the personal care sector, focusing on the development and market application of bio-based and environmentally friendly new materials [1] Company Summary - Yuanli Technology is a leading enterprise in China's fine chemical industry, dedicated to the industrial application of green manufacturing and synthetic biology technology [1] - Lubrizol holds significant influence in the global specialty chemicals market, enhancing the partnership's potential impact [1] Industry Summary - The collaboration aims to build a more resilient and sustainable supply chain, focusing on forward-looking technological cooperation in new materials for personal care [1] - The partnership is expected to accelerate innovation processes through resource integration, providing more efficient and sustainable services to global customers, and promoting technological advancement and green transformation in the personal care industry [1]

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has successfully listed on the Beijing Stock Exchange, marking the second company cultivated by Hengshen Group to go public this year [2] - Since its establishment in 2007, Jinhua New Materials has focused on the research, production, and sales of ketoxime series fine chemicals, with major products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as Bayer and Wanhua Chemical, positioning itself as a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors [4] Group 2 - The successful listing of Jinhua New Materials is seen as a significant event in its development history and a successful practice of Hengshen Group's strategy of precise investment and industrial collaboration [6] - Jinhua New Materials raised a net amount of 549 million yuan from the listing, which will be used for high-end coupling agent projects, pilot projects, and smart factory construction, further enhancing its technological and production capacity advantages [4] - Hengshen Group aims to leverage its capital cooperation and industry chain resource integration capabilities to help Jinhua New Materials fully utilize its technological and management strengths, accelerating the establishment of the world's largest ketoxime industry base [6]

Core Viewpoint - The company, Xinzhou Bang (300037.SZ), has established a strong position in the semiconductor chemicals market, leveraging its experience in fine electronic chemicals and technical advantages to gain customer trust and maintain steady growth in product shipments and sales revenue [1] Group 1: Business Performance - The semiconductor chemicals business has benefited from a well-established quality management system and high-quality products, which have contributed to customer trust [1] - The company has formed partnerships with numerous mainstream customers and continues to deliver products consistently [1] - The overall shipment volume and sales revenue of various products are experiencing steady growth [1] Group 2: Market Dynamics - The global fluorinated liquids market is currently in a supply transition phase due to the exit of a major international fluorochemical company from the market [1] - This market shift has created opportunities for the company's products to fill the gap left by the exiting competitor [1]

Core Insights - New Kaineng is strategically positioning itself in the biopharmaceutical sector through systematic investments and a dual business model of "fine chemicals + precision medicine" [2][5][8] - The company aims to build a robust technology matrix in biomedicine by investing in high-potential firms and focusing on cutting-edge technologies like CAR-T cell therapy [2][3][4] Investment Strategy - The core logic of New Kaineng's investment decisions is to achieve industrial chain synergy, selecting complementary investment targets that enhance existing business capabilities [3] - The company employs a "diversified portfolio + phased dynamic investment" strategy to balance risk and return, allowing for investments in various technological paths to mitigate R&D risks [3][4] Business Transformation - New Kaineng has transitioned from a focus on PVP in fine chemicals to a dual business model that includes precision medicine, driven by the need to overcome development bottlenecks [5][6] - The company is leveraging historical opportunities in the healthcare service industry by establishing specialized medical service platforms [6] Infrastructure Development - The establishment of the Songjiang base is a key strategic move for New Kaineng, serving as a hub for integrating into the Yangtze River Delta biopharmaceutical ecosystem [7][8] - The Songjiang base is designed to enhance resource aggregation and facilitate efficient collaboration across the biopharmaceutical supply chain, significantly improving operational efficiency [7] Future Outlook - New Kaineng anticipates a concentrated release of investment returns in the coming years, with several drug pipelines entering clinical stages and expected approvals within 3 to 5 years [4] - The company aims to create a biopharmaceutical industry matrix that emphasizes technological collaboration and resource sharing, rather than mere diversification [8]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - The company is the first in China to successfully put into production a TBS production device. TBS has excellent performance and a wide range of downstream applications, with good market prospects under the trend of industrial upgrading and import substitution [24][37]. - The company attaches great importance to the strategic value and development potential of cutting - edge technology fields such as synthetic biology. The Taizhou project (Phase I) is an extension of the company's product matrix and technology accumulation, aiming to enrich product categories [25][30][32]. - The company's R & D adopts a model of internal R & D combined with university cooperation. The existing R & D team is mainly composed of senior technical backbones with over 10 years of industry experience, which is in line with the current R & D needs of the company [27][28]. - The company's products are mainly high - molecular new material special monomers and special additives, which have the characteristics of small dosage, great effect, and high added value in the downstream high - molecular new material industry system [38]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Changqing Technology. The reception time was on September 26, 2025. The listed company's reception personnel included the chairman and general manager, the director and board secretary, the financial controller, and the independent director [17]. 3.2 Detailed Research Institutions - The research institutions mainly include investors and others [20]. 3.3 Research Institution Proportion No information provided in the document. 3.4 Main Content Information - **Product Application and Market**: TBS has been sent for sampling and sales in multiple industries and is expected to be applied in more industries. The company's products can be used in multiple fields of the big - health industry, such as high - end medical consumables, biomedicine, and food packaging [24][26]. - **Project Planning**: The Taizhou project (Phase I) is an extension of the company's product matrix and technology accumulation. The second - and third - phase plans will be scientifically demonstrated and decided based on the operation results of the first - phase project, market trends, and R & D progress [25][30][35]. - **New Product Promotion and Production Capacity**: Some new products of the company's fund - raising projects have been sent to customers for sampling or obtained orders, and the production capacity and benefits are gradually being released. The seventh - phase project is in the trial - production stage [27][31][41]. - **R & D and Technology**: The company's R & D adopts a combination of internal R & D and university cooperation. The company's unique technology path is difficult to be imitated by competitors, and the company attaches great importance to technology confidentiality [27][28][34]. - **Market and Sales**: The company's products are sold overseas, with an export proportion of about 35% during the reporting period, mainly to Europe, Japan, South Korea, Southeast Asia and other countries or regions [24][33][37]. - **Production Capacity and Performance**: The company's production capacity is in a stable and rising trend. The production capacity of the fund - raising project is gradually climbing. Regarding the third - quarter performance, please refer to the company's subsequent regular reports [41].

Core Viewpoint - The company has not yet initiated the construction and production of solid-state battery raw materials but has identified key raw materials as a starting point for development [1] Group 1: Project Development - The company is conducting process and equipment verification for solid-state battery raw materials [1] - The identified materials align with the company's existing customer channels in the new energy electrolyte materials sector [1] - The processes are highly compatible with the company's fine chemical capabilities, allowing for potential implementation within the current park [1] Group 2: Future Plans - The company will continue to monitor the progress of industrialization and will promote industrial transformation when the technology matures [1]

Core Viewpoint - The company has not yet initiated the construction and production of solid-state battery raw materials but has identified key raw materials as a starting point for development [1] Group 1 - The company is conducting process and equipment verification for solid-state battery raw materials [1] - The identified materials align with the company's existing customer channels in the new energy electrolyte materials sector [1] - The company's fine chemical capabilities are highly compatible with the processes required for these materials, allowing for potential implementation in the current park [1] Group 2 - The company will continue to monitor the progress of industrialization and will promote industrial transformation when the technology matures [1]

Group 1 - The core viewpoint of the news is that Tianqi Materials has seen a significant increase in stock price and trading volume, indicating strong market interest and potential investment opportunities [1] - As of September 26, Tianqi Materials' stock price rose by 5.8% to 34.49 yuan per share, with a trading volume of 3.658 billion yuan and a turnover rate of 8.00%, resulting in a total market capitalization of 66.026 billion yuan [1] - The company, founded on June 6, 2000, specializes in the research, production, and sales of fine chemical new materials, with lithium-ion battery materials accounting for 89.66% of its main business revenue [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has heavily invested in Tianqi Materials, specifically the China Merchants CSI Battery Theme ETF (561910), which increased its holdings by 76,100 shares in the second quarter [2] - The China Merchants CSI Battery Theme ETF currently holds 962,900 shares of Tianqi Materials, representing 2.59% of the fund's net value, ranking it as the ninth largest holding [2] - The ETF has achieved a year-to-date return of 67.86% and a one-year return of 104.68%, indicating strong performance relative to its peers [2]

Core Viewpoint - Tianqi Materials experienced a 5.8% increase in stock price, reaching 34.49 CNY per share, with a trading volume of 3.658 billion CNY and a turnover rate of 8.00%, resulting in a total market capitalization of 66.026 billion CNY [1] Company Overview - Guangzhou Tianqi High-tech Materials Co., Ltd. is located in Huangpu District, Guangzhou, Guangdong Province, and was established on June 6, 2000. The company was listed on January 23, 2014. Its main business involves the research, production, and sales of fine chemical new materials [1] - The revenue composition of the main business includes lithium-ion battery materials at 89.66%, daily chemical materials and specialty chemicals at 8.73%, and others at 1.61% [1] Shareholder Information - Among the top ten circulating shareholders of Tianqi Materials, E Fund's fund holds a significant position. The E Fund CSI 300 ETF (510310) increased its holdings by 1.5891 million shares in the second quarter, totaling 17.0302 million shares, which accounts for 1.23% of the circulating shares. The estimated floating profit today is approximately 32.1871 million CNY [2] - The E Fund CSI 300 ETF (510310) was established on March 6, 2013, with a current scale of 266.516 billion CNY. Year-to-date returns are 19.34%, ranking 2810 out of 4220 in its category; the one-year return is 38.37%, ranking 2369 out of 3824; and since inception, the return is 135.31% [2] Fund Management - The fund managers of E Fund CSI 300 ETF (510310) are Yu Haiyan and Pang Yaping. As of the report, Yu Haiyan has a cumulative tenure of 14 years and 295 days, managing a total fund size of 385.764 billion CNY, with the best fund return during tenure at 155.37% and the worst at -78.9% [3] - Pang Yaping has a cumulative tenure of 6 years and 345 days, managing a total fund size of 314.865 billion CNY, with the best fund return during tenure at 90.44% and the worst at -37.67% [3]

Core Viewpoint - The company has not yet initiated the construction and production of solid-state battery raw materials but is focusing on key raw materials as a starting point for development [1] Group 1 - The company has confirmed that it is currently not engaged in the construction and production of solid-state battery raw materials [1] - The company has identified key raw materials for solid-state batteries and is conducting process and equipment validation [1] - The materials align well with the company's existing customer channels in the new energy electrolyte materials sector and match its fine chemical capabilities [1] Group 2 - The company has the conditions to implement these materials in its existing park [1] - The company will continue to monitor the progress of industrialization and will promote industrial transformation when the technology matures [1]