Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The chemical industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices. Key areas of focus for June include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to export dynamics, and the importance of self-sufficiency in electronic materials [4][11] - The report suggests a mid-to-long-term investment strategy focusing on high oil prices, robust performance in the oil and gas extraction sector, and the growth potential in new materials, particularly in electronic and renewable energy materials [4][11] Summary by Sections Industry Dynamics - As of June 29, the TTM price-to-earnings ratio for the SW basic chemicals sector is 22.34, at the 63.93 percentile historically, while the price-to-book ratio is 1.83, at the 14.09 percentile historically. For the oil and petrochemical sector, the TTM price-to-earnings ratio is 10.98, at the 15.69 percentile historically, and the price-to-book ratio is 1.19, at the 2.39 percentile historically [4][11] Price Changes - In the week of June 23-29, 38 chemical products saw price increases, 38 saw decreases, and 24 remained stable. The average price of WTI crude oil fell by 12.56% to $65.52 per barrel, while Brent crude fell by 12.00% to $67.77 per barrel. The average price of MDI decreased by 1.59% to 15,500 CNY/ton, while H acid increased by 5.39% to 44,000 CNY/ton [10][28][30] Investment Recommendations - The report recommends focusing on companies with strong dividend policies and those in high-growth sectors such as oil and gas, electronic materials, and new energy materials. Specific companies highlighted for investment include China Petroleum, China National Offshore Oil Corporation, and several others in the electronic materials sector [4][11]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid downstream demand growth. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry for other sectors [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [5]. - The global semiconductor manufacturing industry is projected to maintain strong growth, with capacity expected to grow at a CAGR of 7% from the end of 2024 to 2028, reaching a record monthly output of 11.1 million wafers. Advanced process capacity (7nm and below) is anticipated to increase from 850,000 wafers per month in 2024 to a historical high of 1.4 million wafers per month by 2028, representing a growth of approximately 69% and a CAGR of about 14%, which is double the industry average [6][28]. 2. Aerospace Sector - Focus on PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - Focus on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - As of May 2025, China's cumulative installed photovoltaic capacity has surpassed 1 billion kilowatts, reaching 1.08 billion kilowatts, which is equivalent to about 48 Three Gorges power stations and accounts for 30% of the total installed capacity in China, nearly half of the global photovoltaic installed capacity [10]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorption resins, membrane materials, and biodegradable plastics [13]. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023, 2024E, and 2025E, along with their price-to-earnings (PE) ratios and investment ratings. For example, Ruihua Tai (688323.SH) has a stock price of 14.45 with an EPS forecast of 0.29 for 2025, rated as "Increase" [17].

Core Viewpoint - The 2025 High-tech New Energy Materials Industry Conference will focus on the industrialization paths of new battery materials such as solid-state batteries and sodium batteries, gathering leaders from upstream and downstream enterprises in the lithium battery materials industry [1]. Group 1: Conference Details - The conference will be held on July 8-9, 2025, at the Chengdu Qionglai Yang'an New Town Conference Center [1]. - The theme of the conference is "New Materials, New Dynamics, New Ecology" [1]. - The event is sponsored by Yinglian Composite Current Collector and will feature three main sessions: Opening Ceremony, Innovation Paths of New Materials and Zero Carbon Intelligent Manufacturing, and Industrialization and Cost Reduction of Solid-State Battery Materials [1]. Group 2: Participating Companies - A diverse range of companies will participate, including: - Qingdao Lanke Tumo Materials Co., Ltd. - Jiangxi Ganfeng Lithium Co., Ltd. - Shenzhen Dufang Nano Technology Co., Ltd. - Hubei Rongtong High-tech Advanced Materials Group Co., Ltd. [4][5][6][7][8][9][10][11]. - The first batch of participating companies has been announced, showcasing a strong representation from various sectors within the new energy materials industry [1].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-039 厦门厦钨新能源材料股份有限公司 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 股东持股的基本情况 截止本公告披露日，厦门厦钨新能源材料股份有限公司（以下简称"厦钨新 能"或"公司"）股东宁波海诚领尊创业投资合伙企业（有限合伙） （以下简称"宁 波海诚"）持有公司股份 27,920,634 股，占公司总股本比例的 6.64%。 ? 减持计划的主要内容 因自身资金需求，股东宁波海诚拟自本公告披露之日起十五个交易日后的三 个月内，通过集中竞价方式减持公司股份，减持不超过 4,200,000 股，即不超过 目前公司总股本的 1%。 公司于 2025 年 6 月 27 日在上海证券交易所网站（www.sse.com.cn）刊载披 露了《厦门厦钨新能源材料股份有限公司 2024 年年度权益分派实施公告》 （公告 关于持股 5%以上股东股份减持计划公告 拟减持股份来源 首次公开发行股票前及资本公积转增取得的股份 拟减持原因 自身资金 ...

Core Viewpoint - The company, Hunan Baile Engineering Technology Co., Ltd., reported a significant decline in revenue for the year 2024, with total revenue of 1.217 billion yuan, a year-on-year decrease of 41.19% due to project implementation delays [1][2]. Group 1: Business Performance - The company has experienced a slowdown in project implementation, leading to a substantial drop in revenue [1]. - As of December 31, 2024, accounts receivable and contract assets amounted to 1.184 billion yuan, representing 42% of total assets, an increase of 6.58 percentage points [1]. - Major projects include: - BASF Shanshan Battery Materials Co., Ltd. project, with a contract value of 126 million yuan, completed construction but still undergoing adjustments [1]. - Anhui Haichuang New Energy Materials Co., Ltd. project, with a contract value of 61 million yuan, also completed but not yet finalized [1]. Group 2: Project Details - The company provided a list of ongoing projects, including: - Sichuan Haichuang Shangwei New Energy Technology Co., Ltd. project, expected completion by the end of 2025, with a contract value of 414.157 million yuan [2]. - Guizhou Phosphate Kai Rui Technology Co., Ltd. project, with a contract value of 447.9357 million yuan, currently in the early stages [3]. - The company has identified potential impairment risks associated with accounts receivable and contract assets due to project delays [2][3]. Group 3: Bad Debt Provisions - The company has fully provisioned for bad debts amounting to 543 million yuan related to six companies, indicating a cautious approach to credit risk management [1][4]. - Specific details on bad debt provisions include: - Shandong Tengzhou Ruida Chemical Co., Ltd. project, with a total contract value of 269.7 million yuan, facing significant repayment uncertainties [4]. - The company has initiated legal proceedings to recover debts from clients with poor credit ratings [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Zhongwei New Materials regarding its overseas listing application, focusing on compliance with foreign investment regulations and the operational scope of the company and its subsidiaries [1][2]. Group 1: Regulatory Compliance - The CSRC requires Zhongwei New Materials to clarify whether its business operations fall under the "Negative List of Foreign Investment Access (2024 Edition)" [1]. - The company must provide details on its technology export activities over the past three years, including compliance status [2]. - Zhongwei New Materials is also asked to explain the regulatory procedures related to overseas investments and foreign exchange registrations for its foreign subsidiaries [2]. Group 2: Company Overview - Zhongwei New Materials is an innovative company focused on new energy materials, leading the global market in the shipment of nickel and cobalt lithium battery precursor materials (pCAM) for five consecutive years since 2020 [2]. - As of the first quarter of 2025, the company is the top supplier of phosphate pCAM in the global export market [2]. - The company aims to contribute to global low-carbon and energy transformation through high-performance and environmentally friendly new energy materials [2]. Group 3: Research and Development - Zhongwei New Materials has established a comprehensive R&D platform covering mineral metallurgy, new energy material research, production process development, equipment design, product testing, and recycling [3]. - The company is at the forefront of industry innovation, developing new products that meet customer needs and employing advanced technologies to enhance efficiency [3]. - Notable innovations include the industry's first ultra-high nickel pCAM, high-voltage cobalt pCAM, and environmentally friendly OESBF pyrometallurgical technology for smelting laterite nickel ore [3].

Core Viewpoint - GuoMin Technology has officially submitted an application for overseas listing of shares on the Hong Kong Stock Exchange, aiming to list H-shares on the main board [1] Company Overview - GuoMin Technology is a platform-based integrated circuit design company that provides high-security control chips and system solutions for smart terminals [1] - The company's products are widely used in various fields including consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics [1] - Since its establishment in 2000, the company has expanded its product line from specialized market chips to general-purpose MCUs and high-end products like edge AI computing [1] Market Position - According to Zhaoshang Consulting, GuoMin Technology ranks among the top five Chinese companies in the global platform MCU market based on 2024 revenue [1] - In the global 32-bit platform MCU market, the company is among the top three Chinese enterprises [1] - GuoMin Technology holds the leading position in the Chinese MCU market for embedded commercial encryption algorithm modules [1] Technological Advancements - The company achieved mass production of general-purpose MCU products based on 40nm eFlash process in 2019 [1] - GuoMin Technology leverages core technologies such as multi-core heterogeneous architecture, AI algorithm support, encryption modules, and power consumption control to implement products in edge intelligence, energy storage control, and humanoid robots [1] Business Diversification - In addition to its chip business, GuoMin Technology is simultaneously developing lithium battery anode materials, forming a dual-main business layout of "integrated circuits + new energy materials" [2] - The lithium battery anode materials business focuses on artificial graphite and explores various technological routes including silicon-carbon and hard carbon, with applications in new energy vehicles, energy storage systems, and portable devices [2] Market Growth - The global MCU market is expected to grow from approximately $29.9 billion in 2024 to about $48 billion by 2029 [2] - The company's listing in Hong Kong aims to expand international financing channels, accelerate the construction of a domestic and international dual circulation pattern, and promote overseas strategic layout [2]

Core Viewpoint - GuoMin Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. Company Overview - GuoMin Technology is a platform-based integrated circuit design company focused on providing high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals. The company has established a diverse product matrix across key sectors such as consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics [5][6]. - According to ZhiShi Consulting, by 2024 revenue, GuoMin ranks among the top five Chinese companies in the global platform MCU market and among the top three in the global 32-bit platform MCU market. It holds the first position in the Chinese MCU market for embedded commercial password algorithm modules [5]. Product Development - Since its establishment in 2000, the company has transitioned from specialized market chips to general-purpose MCUs and high-end products like edge AI computing. The company has expanded its product range to include BMS chips and RF chips, particularly after defining its direction as a platform-based integrated circuit design company in 2018 [6]. - The company has launched multiple 32-bit MCU products based on Cortex-M0 to M7, continuously optimizing chip size, power consumption, and performance, thus enhancing its market competitiveness in high-performance computing and high-end control [6]. Market Potential - The global MCU market is projected to grow from approximately $29.9 billion in 2024 to about $48 billion by 2029, with a compound annual growth rate (CAGR) of 9.9%. Emerging applications in AI, robotics, new energy, and low-altitude economy are expected to drive significant growth [7]. - GuoMin's advanced technologies, including multi-core heterogeneous architecture, AI algorithm support, and power consumption control, align with industry trends, particularly in edge intelligence and energy storage control [7]. Financial Performance - For the fiscal years 2022, 2023, and 2024, GuoMin reported revenues of approximately RMB 1.195 billion, RMB 1.037 billion, and an estimated RMB 1.168 billion, respectively. The company incurred losses of approximately RMB 18.93 million, RMB 594 million, and RMB 256 million during the same periods [11][12]. Business Diversification - In addition to its chip business, GuoMin is developing lithium battery anode materials, creating a dual-main business model of "integrated circuits + new energy materials." The anode materials focus on artificial graphite and explore various technological routes, widely applied in electric vehicles, energy storage systems, and portable devices [8]. - The company aims to integrate battery management system control chips with lithium battery anode materials within the same customer base, enhancing system-level efficiency, safety, and cost control [8].

Group 1 - The company has completed the registration of its subsidiary and obtained a business license from the local market supervision administration [1] - The newly registered subsidiaries include Vikesen Guxin (Dalian) Technology Co., Ltd. and Vikesen (Hefei) Power Technology Co., Ltd., focusing on technology exchange, research and development of new energy technologies, battery manufacturing, and sales [1] - The company's main business remains in water treatment specialty chemicals and automated online dosing systems, while the new energy advanced materials business has not yet formed stable revenue and does not currently impact overall performance [1]

Core Insights - Yangzhou Nali New Materials Technology Co., Ltd. is a specialized enterprise in the new energy industry chain, focusing on the research and production of advanced atomic deposition collectors and functional interface collectors, established in January 2022 with headquarters in Yangzhou [1] Group 1: Company Development - Yangzhou Nali has achieved significant accomplishments in the advanced atomic deposition collector field, becoming a global leader and expanding its business into key markets such as power, energy storage, and emerging consumer electronics batteries [3] - The company has received strong support from local government and development committees, enabling rapid project development and investment, with the second phase of its project nearing completion [3] Group 2: Research and Innovation - The company is led by international experts and has a team of full-time PhDs, with over 1,200 domestic and international patents filed, including more than 250 PCT international patents [4] - Yangzhou Nali aims to enhance its technological innovation capabilities and strengthen partnerships with universities to achieve more original results in key core technologies of new energy materials [4] Group 3: Certifications and Recognition - The company has obtained various quality and environmental management certifications, including ISO9001, IATF 16949, and ISO14001, and has been recognized as a high-tech enterprise and a potential unicorn in Jiangsu Province [5] Group 4: Financial Support and Market Position - Yangzhou Nali has attracted significant attention from capital markets, successfully raising nearly 1 billion yuan in A+ round financing, which reflects strong confidence in its future development [6] - The successful financing has solidified the company's leading position in the industry and laid a strong foundation for future market competition [6] Group 5: Vision and Mission - The company is committed to transforming the energy world and creating a better life, aspiring to become a world-class supplier of new energy materials while contributing to energy conservation and emission reduction [8]