9月16日，天赐材料跌5.03%，截至发稿，报29.29元/股，成交37.49亿元，换手率9.03%，总市值560.71 亿元。 泉果旭源三年持有期混合A（016709）基金经理为赵诣。 截至发稿，赵诣累计任职时间8年182天，现任基金资产总规模130.81亿元，任职期间最佳基金回报 329.41%， 任职期间最差基金回报-3%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，广州天赐高新材料股份有限公司位于广东省广州市黄埔区云埔工业区东诚片康达路8号，成 立日期2000年6月6日，上市日期2014年1月23日，公司主营业务涉及精细化工新材料的研发、生产和销 售。主营业务收入构成为：锂离子电池材料89.66%，日化材料及特种化学品8.73%，其他1.61%。 从天赐材料十大流通股东角度 数据显示，泉果基金旗下1只基金位居天赐材料十大流通股东。泉果旭源三年持有期混合A（016709） 二季度增持107.78万股，持有股数2530.29万股，占 ...

Core Viewpoint - JinHua New Materials is set to conduct an online issuance on the Beijing Stock Exchange on September 16, with an issuance price of 18.15 yuan per share, corresponding to a price-to-earnings ratio of 11.52 times [1] Company Overview - JinHua New Materials plans to publicly issue 32.66667 million shares, resulting in a total share capital of 130.66667 million shares post-issuance [1] - The company aims to raise 593 million yuan, which will be allocated to the construction of a 60,000 tons/year high-end coupling agent project, a 500 tons/year JH-2 pilot project, and an intelligent factory for the ketoxime industry chain [1] Industry Position - JinHua New Materials is a leading enterprise in the domestic silane crosslinking agent and hydroxylamine salt niche, primarily engaged in the research, production, and sales of ketoxime series fine chemicals [1] - The main products of the company include silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [1]

Core Viewpoint - The company, JinHua New Materials, has initiated its IPO with a price of 18.15 yuan and a P/E ratio of 11.52 times, aiming to raise approximately 5.93 billion yuan for various projects [1][2]. Group 1: IPO Details - The initial issuance quantity is 32.67 million shares, with an online issuance of 26.13 million shares, and a total share capital post-issuance of 131 million shares [1][2]. - The company has authorized Zheshang Securities to allocate an additional 4.90 million shares to online investors, increasing the online issuance to 31.03 million shares [1][2]. - The strategic placement of shares amounts to 6.53 million shares, representing 20% of the initial issuance scale [1][2]. Group 2: Fundraising and Project Allocation - The total expected fundraising amount is 593 million yuan, which could increase to 682 million yuan if the overallotment option is fully exercised [1][2]. - The raised funds will be directed towards several projects, including: - 60kt/a high-end coupling agent project: 506.90 million yuan - Ketoxime silicon new materials research institute: 136.22 million yuan - Intelligent factory construction for the ketoxime industry chain: 63.11 million yuan - Marketing network construction: 38.61 million yuan - 500 tons/year JH-2 pilot project: 23 million yuan [2]. Group 3: Financial Performance - The company’s net profit for 2022, 2023, and 2024 is projected to be 79.59 million yuan, 173 million yuan, and 211 million yuan, respectively, with year-on-year changes of -67.34%, 116.74%, and 22.28% [2]. - Key financial indicators for 2024 include total assets of 1.32 billion yuan, net assets of 842.66 million yuan, and operating income of 1.24 billion yuan [3][4]. - The diluted earnings per share for 2024 is projected at 2.15 yuan, with a return on equity of 28.19% [4].

Core Viewpoint - The article emphasizes the importance of patience in investment strategies, suggesting that investors should either stay invested or wait for the right moment to enter the market, as there are still opportunities for growth despite current market fluctuations [4][5][6][15]. Investment Suggestions - **Stay Invested**: Investors currently in the market should not rush to exit, as there is potential for continued inflow of domestic and foreign capital. The ratio of household deposits to A-share market capitalization is historically high, indicating significant capital available for investment [6][14]. - **Wait for Entry**: For those not yet invested, it is advised to be patient. Current market conditions resemble those of early 2015, where economic fundamentals are stabilizing, and liquidity is improving, suggesting a potential for a more sustainable market rally in the coming years [15][16]. - **No Need to Worry About Downturns**: Even if the market experiences declines, there is no need for concern. The systemic risks that previously affected the market are gradually being controlled, and the resilience of Chinese enterprises and consumer spending remains strong [28][31]. Configuration Directions - **Finding Certainty in Stagflation**: In a stagflation environment, the focus should be on assets that can outperform inflation, such as high-dividend stocks, physical assets, and gold. These assets provide stable cash flow and are less affected by currency depreciation and geopolitical risks [38][39]. - **Technology as a Hope for Breakthrough**: Investment in technology is crucial for overcoming economic stagnation. The article suggests that while identifying leading companies in technology is challenging, diversifying across the tech sector can yield positive returns [40]. - **Alpha in Transition**: Unique opportunities arising from China's economic transition should be explored, particularly in three areas: international expansion, industrial upgrading, and down-market consumption. Companies that successfully navigate these areas are likely to see significant profit growth [41][42].

Core Viewpoint - Jinhua New Materials (920015.BJ) has initiated its subscription on September 16, with an issue price of 18.15 CNY per share and a maximum subscription limit of 1.5516 million shares, reflecting a price-to-earnings ratio of 11.52 times. The company specializes in the research, production, and sales of ketoxime series fine chemicals, with applications across various industries including construction materials, energy, electronics, new energy vehicles, pesticides, pharmaceuticals, metal extraction agents, ion exchange resins, and environmentally friendly dyes [1]. Company Overview - Jinhua New Materials focuses on the development of silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are essential for producing organic silicon sealants and adhesives, widely used in strategic emerging industries [1][2]. - The company has established stable partnerships with multinational corporations such as Bayer and Braskem, as well as listed companies like Wanhua Chemical and Xin'an Chemical [2]. Market Position - The domestic market share of Jinhua New Materials for silane crosslinking agents is projected to increase from 27.85% in 2022 to 38.16% in 2024. For hydroxylamine salts, the market share is expected to shift from 34.86% in 2022 to 42.37% in 2024 [2]. Financial Performance - The company reported revenues of approximately 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 79.59 million CNY, 173 million CNY, and 211 million CNY [3][4]. - Total assets are projected to grow from approximately 859.68 million CNY in 2022 to 1.322 billion CNY in 2024, with total equity increasing from approximately 477.59 million CNY to 842.66 million CNY over the same period [4]. Investment Projects - The net proceeds from the current issuance will be allocated to several projects, including a high-end coupling agent project with an investment of approximately 50.69 million CNY, a pilot project with an investment of approximately 2.3 million CNY, and an intelligent factory construction project for the ketoxime industry chain with an investment of approximately 6.31 million CNY [3]. Profitability Metrics - The gross profit margin is expected to improve from 17.72% in 2022 to 27.94% in 2024. The net profit margin is projected to increase from 8.01% in 2022 to 17.00% in 2024 [5]. - The company’s basic earnings per share are forecasted to rise from 0.8291 CNY in 2022 to 2.1525 CNY in 2024 [5].

Core Viewpoint - Jinhua New Materials (920015.BJ) has initiated its subscription with an issue price of 18.15 CNY per share and a price-to-earnings ratio of 11.52, focusing on the development, production, and sales of ketoxime series fine chemicals, with significant applications across various industries [1][2]. Group 1: Company Overview - Jinhua New Materials specializes in ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are used in construction materials, energy, electronics, new energy vehicles, pesticides, pharmaceuticals, metal extractants, ion exchange resins, and environmentally friendly dyes [1]. - The company's silane crosslinking agents are key raw materials for producing silicone sealants and adhesives, widely used in strategic emerging industries, particularly in new materials [1][2]. Group 2: Market Position and Growth - The domestic market share of Jinhua New Materials for silane crosslinking agents is projected to increase from 27.85% in 2022 to 38.16% in 2024, while the market share for hydroxylamine salts is expected to rise from 34.86% in 2022 to 42.37% in 2024 [2]. - The company has established stable partnerships with major multinational corporations such as Bayer and Braskem, as well as listed companies like Wanhua Chemical and Xinan Co., Ltd. [2]. Group 3: Financial Performance - Jinhua New Materials reported revenues of approximately 994 million CNY in 2022, 1.115 billion CNY in 2023, and projected 1.239 billion CNY in 2024, with net profits of 79.59 million CNY, 173 million CNY, and 211 million CNY respectively [3][4]. - The total assets of the company increased from approximately 859.68 million CNY in 2022 to about 1.322 billion CNY in 2024, with total equity rising from 477.59 million CNY to 842.66 million CNY during the same period [4]. - The gross profit margin improved from 17.72% in 2022 to 27.94% in 2024, indicating enhanced profitability [5].

Core Insights - The company is currently in the trial production phase of its 30,000 tons/year tetrahydrofuran project, with ongoing optimization of process equipment leading to steady improvements in operational efficiency and production load [1] - The advancements in tetrahydrofuran production are expected to enhance the product's profitability and strengthen its market competitiveness [1] Company Overview - The company focuses on green manufacturing technology research, industrialization, and technical services, having successfully commercialized self-developed technologies in tetrahydrofuran and toluene oxidation series products [1] - It produces and sells related fine chemicals, while also providing solutions to clients in the energy, chemical, and new materials sectors through technology licensing, key equipment, and catalysts [1] - The company's efforts aim to help clients improve resource and energy utilization efficiency and enhance their green development levels [1]

Core Insights - The company held an investor meeting on September 15, 2025, to discuss its half-year performance and new patent developments [1] Group 1: Patent Developments - The company added 3 new authorized patents in the first half of 2025, focusing on mercury-free ionic liquid catalytic synthesis for vinyl chloride production [1] - The new technology utilizes ionic liquid catalysts and a gas-liquid catalytic reaction system, addressing mercury pollution and enabling larger equipment while improving thermal efficiency [1] - The authorization and application of these new patents are expected to help the company explore new markets and meet customer demands, enhancing its competitive edge [1] Group 2: Business Operations - The company specializes in green manufacturing technology research, industrialization, and technical services, with successful commercialization in areas like tetrahydrofuran and toluene oxidation products [1] - It provides solutions to clients in energy, chemicals, and new materials sectors through technology licensing, key equipment, and catalysts, aiming to improve resource and energy utilization efficiency [1] - The focus on green development aligns with industry trends towards sustainable practices and enhances the company's market position [1]

Core Insights - On September 12, Dinglong Technology experienced a decline of 2.38% with a trading volume of 147 million yuan, indicating a negative market sentiment towards the company [1] - The company reported a financing net buy of -2.26 million yuan on the same day, suggesting a higher level of selling pressure compared to buying [1] - As of September 12, the total margin balance for Dinglong Technology was 147 million yuan, which accounts for 10.15% of its circulating market value, indicating a high level of leverage [1] Financing and Margin Data - On September 12, Dinglong Technology had a financing buy amount of 17.44 million yuan, while the financing balance stood at 147 million yuan, exceeding the 90th percentile of the past year [1] - There were no shares sold or repaid in the securities lending market on the same day, with a balance of 0 shares, indicating a lack of short-selling activity [1] Company Performance - As of September 10, the number of shareholders for Dinglong Technology increased by 11.62% to 20,500, while the average circulating shares per person decreased by 10.41% to 2,875 shares [2] - For the first half of 2025, Dinglong Technology reported a revenue of 351 million yuan, representing a year-on-year growth of 9.70%, and a net profit attributable to shareholders of 86.34 million yuan, up 20.47% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Dinglong Technology has distributed a total of 102 million yuan in dividends [3] - As of June 30, 2025, the largest circulating shareholder was Ping An Advanced Manufacturing Theme Stock Fund, holding 1.1254 million shares, an increase of 479,400 shares from the previous period [3] - New shareholders include Hong Kong Central Clearing Limited and Southern Technology Innovation Mixed A Fund, while several funds exited the top ten circulating shareholders list [3]

Core Viewpoint - The article discusses the upcoming IPOs of five new stocks in the A-share market, highlighting their potential and industry significance. Group 1: Upcoming IPOs - Five new stocks are set for subscription from September 15 to September 19, including companies in the fields of new energy vehicles, medical devices, and electronic components [1]. - The companies include: - United Power: A leader in new energy vehicle power systems [1]. - Jianfa Zhixin: A national distributor of high-value medical devices [3]. - Jinhua New Materials: A leader in silane crosslinking agents and hydroxylamine salts [5]. - Yunhan Xincheng: A B2B leader in electronic components [7]. - Ruili Kemi: A leader in active safety systems for commercial vehicles [8]. Group 2: Company Profiles - **United Power**: - Focuses on electric drive systems and power systems for smart electric vehicles [2]. - Revenue projections for 2022-2024 are 5.027 billion, 9.365 billion, and 16.178 billion yuan, with net profits of -179 million, 186 million, and 936 million yuan respectively [2]. - **Jianfa Zhixin**: - Engages in direct sales and distribution of medical devices, providing centralized operation services for medical consumables [3]. - Revenue projections for 2022-2024 are 11.882 billion, 15.443 billion, and 17.923 billion yuan, with net profits of 174 million, 196 million, and 228 million yuan respectively [3][4]. - **Jinhua New Materials**: - Specializes in the research, production, and sales of fine chemicals, particularly silane crosslinking agents [5][6]. - Revenue projections for 2022-2024 are 994 million, 1.115 billion, and 1.239 billion yuan, with net profits of 80 million, 173 million, and 211 million yuan respectively [6]. - **Yunhan Xincheng**: - An innovative high-tech enterprise focusing on electronic component distribution and industrial internet integration [7]. - Revenue projections for 2022-2024 are 4.333 billion, 2.637 billion, and 2.577 billion yuan, with net profits of 136 million, 79 million, and 88 million yuan respectively [7]. - **Ruili Kemi**: - Develops and produces core components for active safety systems in vehicles [8]. - Revenue projections for 2022-2024 are 1.326 billion, 1.760 billion, and 1.977 billion yuan, with net profits of 97 million, 236 million, and 269 million yuan respectively [8][9].