Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Supply-side policies are expected to accelerate, focusing on sectors with supply elasticity in the basic chemical industry. The domestic policy emphasizes supply-side reforms, while international raw material costs are rising, leading to capacity exits in European and American chemical companies. In the long term, China's chemical industry has a competitive advantage due to cost and technological advancements, which may reshape the global chemical industry landscape [6][17]. Summary by Sections 1. Industry News and Event Commentary - The "Three-Year Action Plan for Rectifying the Pesticide Industry" was launched, aiming to improve market order and product quality by addressing issues like illegal production and unfair competition. The goal is to enhance compliance awareness among enterprises and optimize the supply structure in the pesticide industry by the end of 2027 [14]. 2. Chemical Sector Weekly Performance - The CSI 300 index rose by 1.69%, while the Shenwan Basic Chemical Index increased by 4.03%, outperforming the market by 2.34 percentage points. The Shenwan Oil and Petrochemical Index rose by 2.58%, also outperforming the market [19][22]. 3. Key Sub-industry Investment Recommendations - Focus on sectors with structural supply optimization, such as organic silicon, membrane materials, chlorine-alkali, and dyes. Key companies to watch include Hesheng Silicon Industry, Xingfa Group, Dongcai Technology, Zhejiang Longsheng, and Runtu Co. Additionally, for sectors with relatively weak supply-demand dynamics, attention should be on leading companies like Baofeng Energy, Juhua Co., Yangnong Chemical, Guangxin Co., and Runfeng Co. [6][18]. 4. Price Data Tracking - Notable price increases for the week included TDI (East China) at 15.58%, organic silicon DMC at 8.45%, and vitamin E at 6.06%. Conversely, hydrochloric acid saw a significant drop of 56.52% [29][30]. 5. Market Trends and Consumer Demand - New consumer trends are driving demand for health additives and sugar substitutes, with regulatory policies promoting the expansion of the food additive industry. Companies focusing on technology and product differentiation, such as Bailong Chuangyuan and Jinhai Technology, are expected to benefit [7][18]. 6. Industry Data Tracking - The report highlights that the overall self-sufficiency rate of new chemical materials in China is approximately 56%, indicating a significant opportunity for domestic substitution and development in various sectors, including semiconductor materials and high-end engineering plastics [7][18].

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The chemical sector has shown significant growth, with the CITIC Basic Chemical Index rising by 3.65% and the Shenwan Chemical Index increasing by 4.03% this week [14][17]. - Key sub-industries such as soda ash, modified plastics, and organic silicon have experienced notable price increases, indicating strong market performance [17][18]. - The report highlights several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][8]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 1.67%, while the ChiNext Index rose by 2.76% this week [14]. - The basic chemical sector outperformed, with significant gains in various sub-industries, particularly soda ash, which saw a 12.49% increase [17][18]. Key Industry Developments - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3]. - A new coal-to-natural gas project in Xinjiang has been announced, with a total investment of 15.488 billion yuan, expected to commence production by the end of 2027 [3]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Phosphate and Fluorine Chemicals**: The report suggests that supply constraints and rising demand in the new energy sector will tighten the supply-demand balance, making companies like Yuntianhua and Juhua attractive [5]. - **Vitamin Supply Disruptions**: BASF's announcement regarding supply issues for vitamins A and E is expected to create market imbalances, presenting investment opportunities in companies like Zhejiang Medicine [8].

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.83% and closing up 1.53% [1] - Notable stocks in the sector include lithium battery, soda ash, and fluorine chemical companies, with significant gains from Hebang Biological (up 4.76%) and Tianci Materials (up 4.03%) [1] - The chemical sector has attracted significant capital, with a net inflow of 26.418 billion yuan over the past five days, ranking second among 30 sectors [1][3] Group 2 - The "anti-involution" policy is benefiting the lithium battery sector, as it leads to project delays and a healthier supply-demand balance [3] - The chemical industry is currently at the bottom of the cycle, facing challenges from increased competition, but supply-side reforms are expected to optimize the industry structure [4] - The current valuation of the Chemical ETF (516020) is at a low point, suggesting a good opportunity for long-term investment [4] Group 3 - The chemical sector is expected to undergo a re-pricing based on cost factors, focusing on green and low-carbon initiatives [5] - Domestic policies frequently emphasize supply-side requirements, while international uncertainties in chemical supply are increasing [5] - The Chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with a significant portion allocated to large-cap leading stocks [6]

科技日报记者 谢开飞 通讯员 林彬 陈智棋 在位于福建省龙岩市的上杭工业园区，福建晶旭科技有限公司（以下简称"晶旭"）高频声波滤波器 关键器件制备生产线将于不久后建成。该项目投资16.8亿元，有望填补国内在氧化镓压电薄膜新材料领 域的空白。正是凭着这一"杀手锏"，在之前科技部主办的颠覆性技术创新大赛总决赛上，晶旭成为德尔 科技之后，第二家捧得此赛事最高奖的福建龙岩企业。 当前，新材料产业正助力千行百业走向未来，成为国际高技术竞争的关键领域。"龙岩市委、市政 府高度重视新材料新能源产业发展，在产业核心共性技术攻关、创新主体培育、强链补链延链等方面积 极施策。"龙岩市科技局党组书记、局长王汝彬向记者表示，龙岩坚持围绕产业链部署创新链，发挥德 尔科技、赛特新材等科技型骨干企业引领作用，培育更多拥有"杀手锏"的"隐形冠军"和"单项冠军"，建 设高水平公共研发平台等，加速把新材料新能源产业打造成千亿级产业集群。 培育有"杀手锏"技术企业 不锈钢纤维比头发丝细80倍，还能经受反复水洗？对于位于龙岩高新区的福建强纶新材料股份有限 公司，这一问题的答案是肯定的。企业用"百炼钢化作绕指柔"的功夫，用一根"丝"织就金属橡胶产 业 ...

Investment Rating - The report indicates a continued decline in public fund allocation to the chemical industry, with the allocation ratio dropping to 4% in Q2 2025, a year-on-year decrease of 1.8 percentage points and a quarter-on-quarter decrease of 0.1 percentage points, reflecting a historically low level [1][11]. Core Insights - The focus of public funds has shifted towards sectors such as civil explosives, potassium fertilizers, and fluorochemicals, with significant increases in holdings for companies like China National Materials, Guangdong Hongda, and Blue Sky Technology [2][3]. - The polyurethane and tire sectors have seen continuous reductions in holdings, particularly for Wanhua Chemical, due to declining core product prices and a drop in profitability [3][4]. - The report highlights a strong interest in new materials, particularly in the fiberglass sector, driven by high demand in AI applications [3][4]. Summary by Sections Public Fund Allocation in the Chemical Industry - The allocation of public funds to the chemical industry has been on a downward trend since Q2 2022, with a significant drop from 8.5% in Q3 2021 to 4% in Q2 2025 [1][11]. Individual Stock Changes - Key stocks that received increased allocations include China National Materials, Guangdong Hongda, and Blue Sky Technology, while significant reductions were noted for Wanhua Chemical and Satellite Chemical [2][16]. - The top ten stocks by market value in the chemical sector saw a decrease in concentration, with the top 15 companies holding a combined market value of 33.2 billion yuan, down 1.5 percentage points [14][15]. Industry Trends - The civil explosives, potassium fertilizers, and fluorochemical sectors are gaining attention, with the civil explosives sector benefiting from ongoing supply-side reforms and increased demand in regions like Xinjiang and Tibet [3][4]. - The potassium fertilizer market is supported by significant price increases in contracts signed in mid-June, while fluorochemicals are experiencing price rises due to quota implementations [3][4]. Investment Recommendations - The report suggests focusing on sectors with fundamental support, such as potassium fertilizers and fluorochemicals, while also highlighting the importance of domestic demand in the civil explosives sector amid global trade uncertainties [4][5]. - New materials, particularly those related to AI applications, are recommended for investment consideration, alongside traditional cyclical sectors showing positive supply-side changes [4][5].

◎记者 胡嘉树 随着上市公司半年度业绩预告陆续发布，各细分行业上半年经营图景逐渐明晰。据上海证券报记者统 计，截至7月23日晚，已有938家上市公司披露半年度业绩预告，其中496家公司实现归母净利润同比增 长（不含扭亏为盈），占比达52.88%。 从行业来看，有色金属、基础化工、生物医药等行业公司上半年业绩表现亮眼，多家公司业绩预增幅度 超过100%。从业绩驱动因素来看，供需关系改变、市场需求旺盛带动细分行业公司产品价格明显上 涨，由此大幅提振公司业绩。 量价齐升 有色金属公司业绩亮丽 农药领域上市公司业绩亮眼。先达股份预计上半年实现净利润1.30亿元至1.50亿元，同比增长2443.43% 至2834.73%。公司表示，业绩大幅增长，得益于公司主打产品烯草酮的市场售价上涨，带动产品毛利 率的增长，公司创制产品吡唑喹草酯为毛利贡献了新的增长点，以及公司不断强化成本管控等。 类似的还有苏利股份，公司预计上半年实现净利润7200万元至8600万元，同比增长1008.39%至 1223.91%。由于主要产品杀虫剂及杀菌剂量价齐升，利民股份预计上半年实现归母净利润2.60亿元至 2.80亿元，同比增长719.25%至 ...

Economic Performance - In the first half of the year, Baotou's GDP reached 232.28 billion yuan, with a year-on-year growth of 7.0%, outperforming the national growth rate of 5.3% and the regional rate of 5.4% by 1.7 and 1.6 percentage points respectively [1] - The contribution rates to economic growth from the primary, secondary, and tertiary industries were 0.8%, 60.7%, and 38.5% respectively, with the secondary industry showing a significant increase of 9.6% [1] Industrial Development - Baotou has four trillion-yuan industries: rare earth, crystalline silicon photovoltaic, steel, and aluminum, with significant growth in rare earth (16.7%), crystalline silicon photovoltaic (14.1%), and onshore wind power equipment (32.6%) [2] - The industrial added value of Baotou's new industries, including fluorochemical, carbon fiber, and hydrogen energy storage, grew by 12.5%, slightly above the overall industrial growth rate [2] Investment Trends - Investment in the wind power industry increased by 300% year-on-year, contributing 12.0 percentage points to total investment growth, while investment in the rare earth industry surged by 93.4%, adding 2.9 percentage points [3] - Baotou aims to achieve a total GDP of around 500 billion yuan by the end of the year, marking a significant step towards reaching its historical peak [2]

Economic Performance - Baotou's GDP for the first half of the year reached 232.28 billion yuan, with a year-on-year growth of 7.0%, surpassing national (5.3%) and regional (5.4%) averages by 1.7 and 1.6 percentage points respectively [2] - The GDP composition by industry shows the primary sector at 2.2 billion yuan (4.9% growth), secondary sector at 109 billion yuan (9.6% growth), and tertiary sector at 121.08 billion yuan (4.9% growth), with respective contributions to economic growth of 0.8%, 60.7%, and 38.5% [2] Industrial Growth - The industrial output value in Baotou increased by 12.3% year-on-year, significantly higher than the national (6.4%) and regional (7.1%) averages, marking 58 consecutive months of double-digit growth [3] - Key industries include rare earth, crystalline silicon photovoltaic, steel, and aluminum, with respective growth rates of 16.7%, 14.1%, and 32.6% for rare earth, crystalline silicon photovoltaic, and onshore wind power equipment [3] Investment Trends - Baotou is focusing on wind power and rare earth industries, with wind power investments increasing by 300% year-on-year and rare earth investments growing by 93.4% [4] - The city aims to achieve an economic total of around 500 billion yuan by the end of the year, indicating a significant step towards reaching its historical peak [4] Strategic Transition - Baotou is actively seeking a "second growth curve" by transforming its resource-based economy, leveraging its rich resources and financial strength [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has reported a significant increase in profits due to rising refrigerant prices and a gradual recovery in specialty product orders, with Q2 2025 performance exceeding expectations [8] - The integration of Sinochem Blue Sky has enhanced the company's profitability, and the refrigerant business is expected to provide earnings elasticity [8] - The company is expanding its high-end chemical materials into consumer markets, which is anticipated to drive new growth [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15,666 million, with a year-on-year growth rate of 12.2% [7] - The net profit attributable to the parent company for 2025 is estimated at 1,606 million, reflecting a significant year-on-year increase of 52.4% [7] - Earnings per share for 2025 is forecasted to be 1.24 yuan, with a gross margin of 26.1% [7] Performance Highlights - The company expects to achieve a net profit of 5.90-6.50 billion for the first half of 2025, representing a year-on-year growth of 59-76% [8] - In Q2 2025, the estimated net profit is projected to be 4.05-4.65 billion, with a quarter-on-quarter growth of 119-151% [8] - The average prices of key refrigerants have increased significantly, contributing to the company's strong performance [8] Market Comparison - The company's market capitalization is 27,425 million, with a price-to-book ratio of 1.9 [2] - The stock has shown a price range of 35.33 to 23.57 over the past year, indicating volatility [2] Strategic Developments - The company is focusing on enhancing its competitive advantage through integrated operations and ongoing project developments [8] - Key projects include the establishment of a high-performance civil aviation tire production line and advancements in fluoropolymer and lithium battery materials [8]

Investment Rating - The report assigns an "Increase" rating for the industry [4]. Core Viewpoints - The second-generation refrigerant quota is set to be reduced as scheduled, while the third-generation refrigerant policy will continue, leading to an optimized supply-demand structure under quota constraints. Prices for second and third-generation refrigerants are expected to maintain an upward trend in 2025, indicating a favorable refrigerant market cycle. Domestic companies with strong comprehensive capabilities, complete product matrices, and advanced technology reserves will benefit from the refrigerant quotas [2][17]. Summary by Sections Market Review & Key Announcements - During the week of July 14-18, 2025, the fluorochemical sector saw significant stock price increases, with Zhongxin Fluorine Materials rising by 14.34%, Dongyue Group by 4.25%, and Yonghe Co. by 3.26% [7]. - Key announcements include Haohua Technology expecting a net profit of 590 million to 650 million yuan for H1 2025, a year-on-year increase of 10% to 21.18%. Juhua Co. anticipates a revenue of 11.712 billion yuan, a 27.29% increase year-on-year, with net profit projections of 1.970 billion to 2.130 billion yuan, reflecting a year-on-year growth of 136% to 155% [7][8]. Industry Dynamics: Refrigerant Price Trends - Refrigerant prices continue to rise, with R22 priced at 36,000 yuan/ton, R32 at 53,500 yuan/ton, R134A at 50,000 yuan/ton, and others showing varying weekly and monthly increases. The cost side shows stability with prices for raw materials like fluorite and sulfuric acid remaining relatively unchanged [10][11]. Inventory Levels and Operating Rates - Inventory levels are normal, with R22, R32, R134A, and R125 stocks at 4,165 tons, 3,843 tons, 3,305 tons, and 2,697 tons respectively, indicating a healthy supply situation. Operating rates for refrigerants have increased, with R22 at 55.42% and R32 at 66.20% as of June 2025 [12]. Demand Side: Production and Export Growth - The production of air conditioners reached 163.296 million units in the first half of 2025, a year-on-year increase of 3.97%, while exports totaled 41.05 million units, up 6.85% year-on-year [14]. Investment Recommendations - The report recommends investing in Juhua Co. and Dongyue Group, with related stocks including Sanmei Co., Haohua Technology, and Yonghe Co. These companies are expected to benefit from the favorable market conditions and strong domestic capabilities [17][18].