公司报告 | 年报点评报告 瑞联新材（688550） 证券研究报告 显示材料贡献收入增量，成本管控显著，利润高增 事件：瑞联新材公布 2024 年年度报告，2024 年公司实现营业收入 14.59 亿元，同比+20.7%，实现归母净利润 2.52 亿元，同比+87.6%，其中第四季 度实现营业收入 3.65 亿元，同比+32.3%，环比-8.68%，实现归母净利润 0.66 亿元，同比+83.9%，环比-26.2%。公司发布 2025 年一季报，一季度实现营 业收入 3.44 亿元，同比+4.8%，环比-5.83%，实现归母净利润 0.46 亿元， 同比+32.9%，环比-31.3%。 2024 年显示材料贡献收入增长，公司收入结构变化、成本管控显著 公司 2024 年营业收入中，显示材料/医药板块/电子材料分别实现营业收入 12.8/1.5/0.3 亿元，三大板块同比分别+23.69%/13.59%/-29.90%。 显示材料板块中，随着 OLED 面板在中大尺寸屏幕领域渗透率的稳步攀升， 市场潜力持续释放。公司紧抓市场机遇，通过提升订单响应速度、稳定产 品质量、严控生产成本等手段，2024 年 OLED ...

三是明确目标，升级一批重点企业。与市生态环境局联合印发《菏泽市重点行业重点企业提档升级行动工作方案》，将全市化 工及危险化学品企业，以及处于试生产阶段的企业纳入范围，确保提档升级全覆盖。全市现有纳入评估范围的企业186家，蓝色 等级企业4家、黄色等级企业102家、橙色企业等级企业113家、红色等级企业1家。2025年底前，计划达到蓝色等级企业21家(占 比11.3%)，黄色等级企业65家(占比34.9%)，橙色等级企业100家(占比53.8%)，无红色等级企业。 四是跟踪提升，开展一批帮扶指导。聘请责任心强、专业水平高、实践经验丰富的专家和高水平安全服务机构，按照市级 30%、县区70%的比例对企业进行全覆盖帮扶评估，对评估中发现的管理短板及问题隐患，制定整改指导意见书，帮助企业迅速 整改问题隐患，提升安全生产保障能力。针对评估后仍未达到目标等级的企业，采取集中约谈、定期帮扶等方式，补齐企业管 理短板。截至目前，除1家长期停产的红色企业外，剩余11家红色企业已全部提升完毕，脱离红色等级。 齐鲁晚报.齐鲁壹点周千清 为进一步加强危险化学品安全生产工作，提升安全监管效能，构建企业安全分级管控机制，推动我市重点行业 ...

证券研究报告·固定收益·固收点评 固收点评 20250617 电化转债：动力电池锰系材料主供商 2025 年 06 月 17 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《建议重估中低价转债期权价值》 2025-06-16 《周观：债市窄幅震荡态势何时能够 结束？（2025 年第 23 期）》 [Table_Summary] 事件 观点 2025-06-15 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 电化转债（127109.SZ）于 2025 年 6 月 16 日开始网上申购：总发行规 模为 4.87 亿元，扣除发行费用后的募集资金净额用于年产 3 万吨尖晶 石型锰酸锂电池材料项目。 ◼ 当前债底估值为 99.57 元，YTM 为 2.35%。电化转债存续期为 6 年,中 诚信国际信用评级有限责任公司资信评级为 AA/AA,票面面值为 100 元，票面利率第一年至第六年分别 ...

Core Viewpoint - The chemical industry is experiencing a structural optimization and upgrade driven by global capacity restructuring and domestic policies, leading to a recovery in demand and a new upward cycle, with significant stock price increases in the basic chemical sector, particularly for companies like United Chemical [1] Group 1: Company Performance - United Chemical achieved a revenue of 53.46 million yuan in 2024, a year-on-year increase of 24.80%, and a net profit of 5.64 million yuan, up 66.81% [2] - In Q1 2025, the company reported a revenue of 13.00 million yuan, a slight increase of 0.52%, and a net profit of 1.65 million yuan, up 17.97% [2] - The company specializes in the R&D, production, and sales of azo organic pigments and water-based inks, with applications in various industries including printing, packaging, and cosmetics [2] Group 2: R&D and Innovation - United Chemical's R&D investment grew by 27.16% in 2024, with R&D expenses accounting for 4.53% of revenue [3] - The company aims to enhance its core technology and innovation through independent R&D, focusing on developing high-performance, environmentally friendly pigment products [3] - The company holds 12 invention patents and 19 utility model patents, participating in the formulation of 48 national and industry standards [2][3] Group 3: Strategic Expansion - United Chemical is expanding into the electronic chemicals sector, leveraging its experience in fine chemical synthesis and surface treatment [4] - In May 2025, the company established a joint venture, Qichen Semiconductor, to develop and produce various semiconductor materials, including photolithography monomers and electronic-grade solvents [4] - The initial production capacity for the photolithography monomer project is designed at 200 tons per year, with plans for future expansion based on market demand [4][5]

Core Viewpoint - The tightening of environmental regulations is accelerating technological iteration in the lubricating oil additive industry, with increased investment in bio-based additives and low VOC product development, driving companies towards green manufacturing transformation. Additionally, policy support for green and low-carbon development is providing growth momentum for the industry, promoting upgrades towards high-end and intelligent manufacturing [1][5][15]. Industry Development Overview - Lubricating oil consists of base oil and additives, with the latter accounting for approximately 2%-35% of the final product, significantly altering the physical and chemical properties of lubricating oil. Lubricating oil additives are the most technically sophisticated component of lubricating oil, categorized into single agents and composite agents [2][9]. Policy Background - China's lubricating oil additive policies focus on low-carbon emissions, technological upgrades, and industrial chain optimization. Policies encourage the development of low-pollution, biodegradable high-performance products and support the recycling of waste lubricating oil to reduce dependence on petroleum resources [5][6]. Industry Chain - The lubricating oil industry chain in China includes upstream raw material supply, midstream additive processing and manufacturing, and downstream application in specific chemical fields. The industry is a key segment of fine chemicals and specialty chemicals manufacturing [7][9]. Current Industry Status - The rapid development of the electric vehicle market is increasing the demand for new additives such as anti-wear agents and cleaning dispersants. Stricter environmental regulations are accelerating technological iterations, with a projected production of 996,100 tons and a demand of 978,300 tons for lubricating oil additives in 2024, resulting in a market size of 20.53 billion yuan [1][9]. Competitive Landscape - The global lubricating oil additive market is highly concentrated, dominated by four major composite additive manufacturers, which collectively hold an 85% market share. These companies have a long history and deep technological expertise [13]. Development Trends - The lubricating oil additive industry in China is transitioning towards green and low-carbon solutions, with a focus on bio-based additives and the use of renewable resources. The industry is reducing reliance on petroleum-based materials and developing low-sulfur, low-phosphorus products to meet emission standards. Technological upgrades are emphasizing intelligent and high-performance customization, integrating AI, IoT, and big data into R&D and production processes [15][16].

中国质量新闻网讯（许创业）近日，国家知识产权局发布了第二十五届中国专利奖授奖决定，来自深圳 坪山的比亚迪股份有限公司、深圳市联赢激光股份有限公司、富满微电子集团股份有限公司、深圳新宙 邦科技股份有限公司、深圳邦健生物医疗设备股份有限公司、深圳市曼恩斯特科技股份有限公司等分别 荣获不同奖项。其中在新能源汽车产业领域厚积薄发的比亚迪，本次在专利和外观设计上均荣获一项金 奖。 近年来，坪山企业展现出强大的创新能力和知识产权管理能力。以比亚迪为代表的头部企业，在高价值 专利创造上保持了强大的实力和技术创新优势；辖区生物医药、新能源、智能制造等战略新兴产业呈现 蓬勃发展的良好势头，推动辖区创新主体在技术创新领域结果。 坪山区通过深入实施创新驱动发展和知识产权强区战略，全面推进知识产权高质量创造、高效益运用、 高标准保护、高品质服务。PCT国际专利申请量持续增长，高校和科研机构专利转化有新突破，知识产 权服务业规上企业营收增速全市居前，深圳市市场监督管理局坪山监管局查处重大侵权盗版案件获国家 版权局奖励。 2024年，坪山区专利授权总量超1.1万件，其中发明专利授权量占比超1/4；有效发明专利同比增长 24.03%，有效 ...

Group 1 - The Eurozone's industrial and trade sectors faced significant shocks in April, likely influenced by U.S. tariff policies, challenging previous views of Eurozone resilience during economic turmoil [1] - Eurozone industrial output fell by 2.4% month-on-month in April, exceeding the 1.7% decline expected by economists, with all industrial sectors experiencing contraction [1] - The trade surplus for the Eurozone dropped sharply from €37.3 billion in March to €9.9 billion in April, indicating severe pressure on trade [1] Group 2 - Eurozone exports to non-EU countries decreased by 8.2%, while the overall EU export decline reached 9.7%, reflecting broader trade challenges [1] - Exports to the U.S. plummeted from €71.1 billion in March to €47.6 billion in April, primarily driven by a sharp reduction in chemical exports, potentially linked to Ireland's pharmaceutical sector [1] - April's industrial output year-on-year growth was only 0.8%, with only non-durable consumer goods showing annual growth, indicating a significant slowdown [2]

Core Viewpoint - The China Chemical Safety Association (CCSA) is actively implementing the spirit of the Central Eight Regulations to enhance party conduct and improve safety in the hazardous chemicals sector through education, self-examination, and rectification efforts [1][2][3][4][5] Group 1: Learning and Education - CCSA prioritizes learning and discussion as a continuous task, conducting seven collective learning sessions to deeply understand the importance of party conduct and the Central Eight Regulations [2] - The organization integrates learning into daily activities through various methods, ensuring no party member is left behind [2] - CCSA emphasizes the importance of party discipline by sharing typical cases of violations and conducting monthly theme days to reinforce awareness [2] Group 2: Self-Examination and Problem Identification - CCSA conducts a thorough self-assessment against the Central Eight Regulations, identifying issues through various feedback mechanisms [3] - The organization focuses on analyzing the effectiveness of industry self-regulation and the work ethic of its experts, ensuring a comprehensive review of both individual and organizational conduct [3] - A problem list and rectification ledger are established to address identified issues, with clear responsibilities assigned for corrective actions [3] Group 3: Rectification and Implementation - CCSA is committed to immediate and effective rectification of identified issues, translating educational outcomes into practical improvements [4] - The association has developed self-regulation agreements and ethical guidelines for member units to enhance safety standards and industry image [4] - CCSA promotes frugality by implementing regulations on public spending and ensuring compliance with the Central Eight Regulations during events [4] Group 4: Internal Management and Culture - CCSA is enhancing its internal management system and expert team development, recognizing the Central Eight Regulations as critical guidelines for behavior [5] - The organization emphasizes the importance of maintaining discipline and a serious approach to safety consultations and training [5]

机构简介： 珠海市广恒盛基金管理企业（有限合伙） 成立于 2015年9月，注册资本1000万，xa0在中国证券投资基 金业协会备案（P1026462），成为观察会，可开展基金管理、私募证券投资、资产管理业务的私募机 构。 根据市场公开信息及6月12日披露的机构调研信息，知名私募广恒盛基金近期对1家上市公司进行了调 研，相关名单如下： 1）容大感光 （广恒盛基金参与公司特定对象调研&现场参观） 调研纪要：容大感光介绍了PCB光刻胶市场的现状及公司发展情况。公司在国内湿膜光刻胶市场占有 50%份额，感光阻焊光刻胶占25%，干膜光刻胶刚进入市场。公司是领先的感光电子化学品供应商， 2025年订单情况正常，主要客户销售占比预计与上年相当。公司计划稳固PCB光刻胶市场，加大感光干 膜、显示用/半导体光刻胶、特种油墨及光伏光刻胶市场开拓。公司产品毛利率处于较好阶段，主要驱 动因素为研发投入、深耕存量市场、开拓新市场。PCB光刻胶（液态）占总销售额86.12%，感光干膜光 刻胶占7.8%，平板显示/半导体光刻胶占3.51%。公司未来重点拓展PCB感光干膜光刻胶、平板显示光刻 胶、半导体光刻胶及光伏光刻胶等产品。公司并购原则 ...

每经记者｜郑步春 每经编辑｜彭水萍 继周一及周二来回震荡后，周四A股转为窄幅横盘，消息面暂时平静。截至收盘，上证综指微涨0.01% 至3402.66点；深综指微涨0.15%，创业板综指涨0.43%，科创50指数跌0.3%，北证50指数跌0.25%。全A 总成交额为13036亿元，较周三的12867亿元微有放大。 从行业来看，贵金属、美容护理、珠宝首饰、多元金融、文化传媒、家用轻工、生物制品等板块涨幅居 前，航运港口、酿酒行业、电子化学品等板块跌幅居前。 汇市方面，已横盘数日的美元指数于周三后半盘开始明显走弱，周三美元指数最终跌0.42%，周四亚欧 交易时段再度下跌，至北京时间16时左右暂跌0.3%至98.33点。人民币汇率周三小幅贬值，周四明显升 值，至上述时间暂于7.185上下波动。 美元下跌与新公布物价数据相关，隔夜美国公布的5月CPI同比涨2.4%，低于预期的2.5%；5月CPI环比 涨0.1%，低于预期的0.2%。在数据公布前，市场中曾有个说法，即关税战有可能使5月物价指标大幅超 预期，故事实上弱于预期的CPI数据公布后即对美元构成些压力，因市场认为美联储或有更大理由降 息。 顺便说下，美国总统特朗普 ...