Summary of the Conference Call on the Beijing Stock Exchange (北交所) Industry Overview - The Beijing Stock Exchange (BSE) is positioned to serve innovative small and medium-sized enterprises, particularly focusing on "specialized, refined, unique, and innovative" small giants, creating differentiated competition with the Shanghai and Shenzhen stock exchanges [1][8][10]. Key Points and Arguments - **Investment Framework**: The BSE emphasizes high scarcity, high growth, and high dividends, aiming to uncover alpha (active return opportunities) and beta (elasticity-driven opportunities) [3][5]. - **Market Performance**: In the first half of 2025, the BSE outperformed A-shares with significant price increases, reflecting market confidence despite high valuations [1][7][25]. - **Liquidity Improvement**: The liquidity of the BSE has significantly improved, with turnover rates surpassing those of the Sci-Tech Innovation Board and the ChiNext, attracting more quality companies to list [1][9][15]. - **Geographical Distribution**: Companies listed on the BSE are widely distributed across regions, with a notable presence in Jiangsu and Guangdong, and are concentrated in sectors such as machinery, new energy, chemicals, TMT (Technology, Media, and Telecommunications), and pharmaceuticals [1][12][13]. - **New Stock Performance**: The average first-day gain for new stocks in 2025 reached 329%, indicating a strong profit-making effect for investors [1][17][19]. Additional Important Insights - **Unique Advantages**: The BSE has unique advantages, including a 30% price fluctuation limit, a significant amount of capital (nearly 700 billion) allocated for new stock subscriptions, and a high proportion (about 60%) of specialized small giants among its listed companies [5][6][22]. - **Future Prospects**: The BSE is expected to continue attracting quality companies and institutional investors, with significant growth potential in allocation space compared to other exchanges [2][28]. - **Investment Focus**: Investors are encouraged to focus on companies with high growth potential, scarcity, and strong competitive advantages, particularly in emerging industries [19][30][31]. - **Sectoral Opportunities**: Key sectors for investment include high-end equipment manufacturing, new energy, chemicals, TMT, and pharmaceuticals, with a growing emphasis on AI and innovative consumption [13][32][37]. Conclusion - The BSE is positioned as a vital platform for innovative enterprises, contributing to China's economic transformation by providing financing opportunities for emerging industries and offering diverse investment options for investors [10][37].

Summary of Key Points Core Viewpoint - The A-share IPO market showed significant recovery in July 2025, with a total of 8 companies completing IPOs and raising 241.64 billion yuan, a 164.3% increase compared to June 2025 [1][16][17]. IPO Market Overview - In July 2025, only 1 new company was accepted for IPO, a sharp decline from the 150 companies in June [1][3]. - The approval rate for IPOs in July was 88.89%, with 8 out of 9 companies passing the review, breaking the previous 100% approval rate for the year [1][3][6]. IPO Termination - Six companies terminated their IPO processes in July, a decrease from 10 in June [2][11]. - Notably, Guizhou Duocai New Media terminated its IPO after 28 months post-approval, raising questions about the efficiency of the underwriting process [14][15]. Specific Company Analysis: Hengkun New Materials - Hengkun New Materials was the only company whose IPO review was postponed, leading to a drop in the approval rate of its underwriter, CITIC Securities, from 100% to 80% [6][10]. - The main concerns raised by regulators included potential intellectual property disputes and the appropriateness of revenue recognition methods [6][7][8]. - The company's revenue from self-produced products increased significantly from 28.22% in 2021 to 63.77% in 2024, while revenue from introduced products decreased correspondingly [8][9]. Financial Performance of Newly Listed Companies - The average issuance price-to-earnings ratio for newly listed companies in July was notably high, with Yitang Co. achieving a ratio of 51.55, significantly above the industry average of 29.44 [21]. - The underwriting fees for newly listed companies varied, with Hanhai Group having the highest fee rate at 9.72% [21][22]. - Hanhai Group reported a dramatic increase in net profit from 0.57 billion yuan in 2020 to 5.2 billion yuan in 2024, indicating strong financial performance despite high issuance costs [23].

行 华福证券 基础化工 2025 年 08 月 11 日 业 研 究 行 基础化工 新材料周报：2025 年全球十大半导体厂商资本支 出同比增长 7%，英伟达正式获得 H20 对华出口 许可 投资要点： 业 定 期 报 告 本周行情回顾。本周（2025.08.04-2025.08.08），Wind 新材料指数收报 4182.68 点，环比上涨 2.57%。其中，涨幅前五的有皇马科技(16.52%)、仙鹤股 份(12.23%)、国恩股份(10.69%)、普利特(9.94%)、金发科技(9.85%)；跌幅前五 的有阳谷华泰(-5.08%)、联瑞新材(-4.2%)、福斯特(-3.71%)、金博股份(-3.34%)、 确成股份(-2.85%)。六个子行业中，申万三级行业半导体材料指数收报 6489.25 点，环比上涨 2.91%；申万三级行业显示器件材料指数收报 1096.63 点，环比 上涨 0.7%；中信三级行业有机硅材料指数收报 6667.77 点，环比上涨 0.9%； 中信三级行业碳纤维指数收报 1288.95 点，环比下跌 0.01%；中信三级行业锂 电指数收报 1927.17 点，环比上涨 2.01%；W ...

指数早盘集体走强，创指半日涨近2%。板块方面，PEEK材料概念领涨，双一科技、超捷股份双双 20cm涨停；锂矿概念股集体大涨，盛新锂能、天齐锂业等盘中涨停；临近午盘CPO概念拉升，威尔高 20cm涨停；下跌方面，黄金概念弱势震荡，武商集团领跌；银行股走弱，浙商银行、浦发银行跌幅居 前；电力股持续回调，华银电力、乐山电力领跌。总体来看，个股呈普涨态势，上涨个股超4200只。截 至午间收盘，沪指报3653.50点，涨0.51%；深成指报11293.25点，涨1.48%；创指报2380.29点，涨 1.99%。盘面上，PEEK材料、能源金属、元件板块涨幅居前，贵金属、中船系、银行板块跌幅居前。 ...

Group 1: Event Overview - The 12th World Games opened in Chengdu, Sichuan, with over 5,000 athletes from more than 100 countries competing in 35 major sports and over 250 minor events, showcasing the event as an "innovation laboratory" for niche sports and related chemical new materials [1] Group 2: Nanomaterials for Cooling Solutions - Sichuan Tianfu Xinglong Lake Laboratory showcased cooling vests and hats designed for staff and volunteers, utilizing nanomaterials to reduce heat absorption and enhance radiation heat dissipation, maintaining a cooler environment [2] - The cooling vest's fabric features a radiation cooling material with a surface filled with nanostructures that filter out infrared rays, achieving a temperature difference of up to 8°C compared to conventional materials [2] - The radiation cooling material, manufactured by China Architecture Southwest Design and Research Institute, has a solar reflectance exceeding 98.6% and an infrared radiation rate over 99%, representing the highest performance level reported globally for similar products [2] Group 3: 3D Printing in Sports Equipment - 3D printing technology is utilized for custom sports equipment in niche events, such as freestyle diving, allowing for personalized fins tailored to athletes' specific foot dimensions and performance needs [3] - High-end freestyle diving fins are made from 100% aerospace-grade carbon fiber, enabling customization of size and stiffness to enhance performance through resonance principles [3] - Advanced roller skates are also produced using 3D printing, incorporating carbon fiber composites and thermoplastic polyurethane (TPU) for improved strength, weight reduction, and shock absorption [3] Group 4: Plastic Materials in Sports Facilities - Soft hockey, also known as dry land hockey, increasingly utilizes polypropylene (PP) plastic for its flooring, equipment, and barriers, promoting recyclability and resource sustainability [4] - The use of PP materials ensures safety and cost-effectiveness in event preparation, with properties such as impact resistance and UV stability extending the lifespan of the equipment [4] - For speed skating, acrylic materials are preferred for flooring due to their durability and slip resistance, enhancing athlete performance and safety during competitions [4]

Core Viewpoints - Recent price performance of refrigerants and biomass energy products is strong, suggesting investment opportunities in companies like Zhuoyue New Energy and refrigerant-related firms [4] - The low-altitude economy and robotics industry are moving towards commercialization, increasing demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene [4] Price Trends - Biobased aviation fuel (SAF) in Europe reached a high-end price of $2070 per ton, up 2.48% from last week [1][2] - Bromine in Shandong is priced at 28000 yuan per ton, an increase of 4.48% from last week [1][2] - Refrigerant R32 averages 56500 yuan per ton, up 2.73% from last week; R22 averages 35500 yuan per ton, up 1.43%; R134a averages 50500 yuan per ton, up 1% [1][2] - Year-to-date, refrigerant prices have shown strong performance, significantly enhancing the profitability of related companies [1][2] Price Declines - Sodium battery hard carbon anode material is priced at 60000 yuan per ton, down 14.29% from last week [2] - The benchmark price of polysilicon is 49560 yuan per ton, down 6.82% from last week [2] - BDO averages 7950 yuan per ton, down 3.64% from last week; other materials like phosphoric acid, caprolactam, vitamin E, and PA66 have also seen varying declines [2] Industry Focus - High-performance fibers and lightweight materials are gaining attention due to the robotics and low-altitude economy sectors [3] - Ultra-high molecular weight polyethylene fiber (UHMWPE) is recognized as a third-generation high-performance fiber with applications in military protection, maritime, aerospace, and aquaculture [3]

Core Points - The company, Shanghai Jinhua Adhesive New Materials Co., Ltd., disclosed its major operating data for Q2 2025, including production, sales, and revenue figures for its main products [1]. Group 1: Main Products Performance - The production and sales of electronic adhesive materials reached 1,252.97 tons and 1,863.01 tons, respectively, with revenue of 13,706.18 million yuan [1]. - Industrial adhesive materials produced 13,148.53 tons and sold 13,361.76 tons, generating revenue of 25,571.70 million yuan [1]. - Optical adhesive film materials had a production of 273.04 tons and sales of 310.65 tons, with revenue amounting to 3,452.40 million yuan [1]. Group 2: Price Changes - The average price of industrial adhesive materials decreased by 1.04% to 1.91 yuan per square meter [1]. - The average price of chemical new materials dropped by 30.38% to 12.97 yuan per kilogram [1]. - The average price of optical adhesive film materials was reported at 10.26 yuan per square meter, reflecting an increase of 8.71% [1]. Group 3: Raw Material Price Changes - The price of paper base decreased by 4.60% to 13.27 yuan per kilogram, while resin increased by 1.64% to 13.01 yuan per kilogram [1]. - Rubber prices rose by 17.07% to 15.77 yuan per kilogram [1]. - The price of PET film increased by 8.71% to 13.86 yuan per kilogram, while the price of release agent rose by 6.17% to 11.01 yuan per kilogram [1]. Group 4: Other Information - No other significant events affecting the company's production and operations were reported during the reporting period [1].

根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将上海晶华胶粘新材料股份有限公司（以 下简称"公司"）2025 年第二季度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 2025 | 4-6 | 月产 | 年 2025 4-6 | 月销量 | 年 2025 | 月销售金 4-6 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | 1,252.97 | | | 1,863.01 | | 13,706.18 | | 工业胶粘材料 | | 13,148.53 | | | 13,361.76 | | 25,571.70 | | 光学胶膜材料 | | 273.04 | | | 310.65 | | 3,452.40 | | 化工新材料（吨） | | 5,728.59 | | | 728.32 | | 657.93 | | 特种纸 | | 19,624.35 ...

Group 1 - The establishment of Beijing Jingzhi Sensor New Materials Company by Jinghua New Materials focuses on flexible multi-modal sensors for applications in robotics, medical, and consumer electronics [2] - The demand for high-performance copper-clad laminates is increasing due to the growth of cloud computing and AI technologies, leading to rapid growth in the performance of downstream PCB material customers [2] - Solid-state batteries are becoming the preferred power source for high-end electric vehicles and low-altitude eVTOLs due to their high energy density and safety [2] Group 2 - According to SEMI, global silicon wafer shipments are projected to reach 3.327 billion square inches in Q2 2025, representing a 9.6% increase from 3.035 billion square inches in the same period of 2024 [3] - The global robotics market is expected to exceed $400 billion by 2029, with China accounting for nearly half of the market and leading with a compound annual growth rate of nearly 15% [3] Group 3 - Jingrui Electric Materials decided not to lower the conversion price of "Jingrui Convertible Bonds 2" during its recent board meeting [4] - LeKai Film has completed the construction of its TAC film production line and is currently in the trial production phase [4] - Zhengdan Co. reported a revenue of 1.429 billion yuan for the first half of 2025, a year-on-year increase of 3.37%, with a net profit of 630 million yuan, up 120.35% [4]

Group 1: Industry Overview - Weifang is recognized as a major chemical city, with high-end chemicals being a crucial pillar industry [1] - The local government emphasizes the importance of "Shandong Good Brands" in the industrial chain [1] Group 2: Company Profile - Shandong Dongfang Hongye Chemical Co., Ltd. was established in October 2009, covering an area of 1,500 acres with a registered capital of 164 million yuan [1][2] - The company employs over 600 staff and has an annual output value exceeding 3 billion yuan [1][2] Group 3: Research and Development - The company focuses on new product development and values technological iteration, actively applying "Four New" technologies (new technology, new process, new materials, new equipment) [2] - It has established deep collaborations with institutions such as the Chinese Academy of Sciences and several universities, creating a robust "industry-university-research" partnership [2] - The company has over 200 patents, including 40 invention patents, and has participated in drafting 6 national standards [2] Group 4: Achievements and Recognition - Shandong Dongfang Hongye Chemical has been recognized as a national-level specialized and innovative "little giant" enterprise and a national intellectual property advantage enterprise [2] - It has received multiple accolades, including being listed among the top 100 excellent private enterprises in the petroleum and chemical industry in China and recognized as a "hidden champion" in Shandong Province [2]