Core Viewpoint - Jianlong Micro-Nano (688357) announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the immaturity of conditions for the major asset restructuring [2][5] Group 1: Acquisition Details - Jianlong Micro-Nano initially intended to acquire a majority stake in Hanxing Energy through cash payment [2][5] - The acquisition aimed to enhance the synergy between the two companies, as they operate in related sectors within the hydrogen energy industry [5][6] - Hanxing Energy specializes in hydrogen production, transportation, storage, and related technologies, serving major clients such as China Petroleum and China Petrochemical [5] Group 2: Strategic Partnership - Despite the termination of the acquisition, Jianlong Micro-Nano and Hanxing Energy have established a comprehensive strategic partnership to explore collaborative opportunities in various fields, including oil refining and renewable energy [6] - The partnership will focus on market development, product and technology complementarity, and new product/technology development [6] - Jianlong Micro-Nano aims to seek further development opportunities and integrate quality resources to enrich its product matrix in the future [6]

证券研究报告 晨会 hyzqdatemark 2025 年 11 月 26 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年11月26日 华源晨会精粹 20251126 家电 华宝新能(301327.SZ)首次覆盖：全球便携储能龙头，第二曲线快速成长。公 司成立于 2011 年，深耕消费级绿色能源解决方案，目前业务覆盖便携式储能、阳台 光储、移动家储等领域。截至 2025H1，公司业务已覆盖全球 50 多个主流国家和地 区，2014-2024 年公司营业收入、归母净利润 CAGR 分别达 38.9%、47.3%。24-29 年全球便携式储能行业规模有望维持双位数增长，产品大容量、高安全、轻量化或 将成为便携式储能未来发展趋势。公司在本轮"轻量化、大容量"的产品迭代周期 中占据先机，快速丰富产品矩阵，新品轻量化、高性价比优势突出，公司 25 年 1-10 月在美国亚马逊、日本亚马逊等核心渠道份额重回第一。展望未来，随着市场规模 增长及公司不断迭代产品与拓展渠道，公司便携式储能业务有望保持稳步发展。新 品类移动家储、阳台光储开启第二增长曲线。全球家庭储能市场发展空间广阔，未 来随着阳台储能市场的快速 ...

Core Viewpoint - The company, Jianlong Micro-Nano, announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the unavailability of favorable conditions for the major asset restructuring [1][2]. Group 1: Acquisition Details - Jianlong Micro-Nano initially intended to acquire a significant stake in Hanxing Energy, which is a downstream enterprise, to enhance its capabilities across the entire value chain from high-performance molecular sieve material development to customer service [4]. - The acquisition was aimed at transforming Jianlong Micro-Nano from a material manufacturer to a technology service provider, leveraging synergies with Hanxing Energy in various business applications [4]. Group 2: Business Impact - The termination of the acquisition will not adversely affect Jianlong Micro-Nano's business operations or financial status, as the company believes there is substantial business synergy value with Hanxing Energy [5]. - Despite the termination, Jianlong Micro-Nano has established a comprehensive strategic partnership with Hanxing Energy, focusing on areas such as oil refining, petrochemicals, coal chemicals, and renewable energy [5]. Group 3: Future Outlook - The company plans to actively seek more development opportunities and integrate quality resources in a diversified manner to enrich its product matrix at an appropriate time [6].

证券代码：002408 证券简称：齐翔腾达 淄博齐翔腾达化工股份有限公司投资者关系活动记录表 编号：20251126 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 电话会议 □ 其他 参与单位名称及 人员姓名 长城财富资管 王卫华 寒武纪投资 刘备 田园 方正证券 杨宇禄 东方财富证券 梅宇鑫 时间 2025 年 11 月 26 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 姜能成 证券事务代表 车俊侠 投资者关系活动 主要内容介绍 一、公司董事会秘书姜能成先生就公司生产经营情况进行 介绍。 二、调研的主要问题： 1、公司 MMA 产品当前的市场行情，下一步是否有继续向下 游延伸的规划？ 回复：公司当前 MMA 的价格约为 9500 元/吨，处于行业主流 价格区间。装置产能稳定，能够满足现有市场需求。公司正积极 推进产业链延伸布局，计划依托 MMA 产品的优势，向下游高端材 料领域拓展，重点延伸至 PMMA（聚甲基丙烯酸甲酯）等高性能 树脂材料领域，以提升产品附加值。目前，公司正与相关科研院 所开展 PMMA ...

数据显示，招商基金旗下1只基金位居同兴科技十大流通股东。招商量化精选股票发起式A（001917） 三季度新进十大流通股东，持有股数123.93万股，占流通股的比例为1.18%。根据测算，今日浮盈赚取 约187.14万元。 11月20日，同兴科技涨6.56%，截至发稿，报24.54元/股，成交3290.39万元，换手率1.33%，总市值 32.08亿元。 资料显示，同兴环保科技股份有限公司位于安徽省合肥市包河区滨湖金融港B10栋，成立日期2006年6 月19日，上市日期2020年12月18日，公司主营业务涉及主要为钢铁、焦化、建材等非电行业工业企业提 供超低排放整体解决方案,包括除尘、脱硫、脱硝项目总承包及低温SCR脱硝催化剂。主营业务收入构 成为：烟气治理工程与设备61.32%，催化剂38.26%，其他(补充)0.30%，吸收剂0.11%。 从同兴科技十大流通股东角度 招商量化精选股票发起式A（001917）基金经理为王平。 截至发稿，王平累计任职时间15年156天，现任基金资产总规模212.47亿元，任职期间最佳基金回报 272.68%， 任职期间最差基金回报-70.61%。 风险提示：市场有风险，投资需谨 ...

Core Insights - The company is actively exploring new application scenarios for its core products to enhance added value and market space [1] - The company is expanding its acetone business into the electronic-grade semiconductor cleaning sector to meet the high-purity chemical demands of advanced manufacturing [1] - The research and development of MMA downstream optical-grade PMMA is accelerating, aiming to break foreign monopolies and expand applications in new energy vehicles and new display technologies [1] - The company's subsidiary, Qilu Keli, is extending its catalyst business to develop catalyst technologies required for products like propylene oxide and MMA [1]

Group 1 - The 8th China International Import Expo (CIIE) is being held from November 5 to 10, attracting participation from 155 countries and regions, with 4,108 overseas companies exhibiting [1] - Johnson & Johnson has been investing in Suzhou for 20 years, establishing a comprehensive medical technology industrial base, showcasing a 7mm ultrasonic knife at the expo, highlighting its commitment to the Chinese market [1] - DuPont has deepened its localization strategy through the CIIE, evolving from a single production base to a comprehensive industrial cluster in Suzhou, reflecting the favorable business environment [2] Group 2 - Dow Chemical's Zhangjiagang base is its largest production facility in the Asia-Pacific region, with new projects signed at the expo, including an organic silicon expansion to meet market demands [2] - Honeywell has established an integrated production base and R&D center in Zhangjiagang, showcasing a catalyst technology for converting waste cooking oil into sustainable aviation fuel, indicating strong future investment plans [3] - The CIIE serves as a platform for foreign companies to embrace opportunities in China, with Suzhou being a strategic location for investment and growth [3]

榆林市相关负责人表示，榆林作为国家重要的能源化工基地，正全力推进能源革命创新示范区建 设。此次与赢创携手共建科创中心，是榆林链接全球创新资源、推动产业迈向高端的关键一步，将为榆 林现代煤化工产业高质量发展注入新动能。 11月6日，省政府国际高级经济顾问单位赢创工业集团与榆林高新科创建设集团有限公司签署合作 协议，共同建设榆林赢创融合科创中心。 据悉，榆林赢创融合科创中心将集成国际先进中试设备与管理模式，打造集技术研发、成果转化、 人才培养于一体的开放平台，探索并实践能源化工绿色低碳发展的新技术与新方案。此次合作不仅是榆 林扩大对外开放、推动高质量发展的具体实践，还为中外企业深化创新合作提供了有益借鉴，将进一步 提升陕西在能源化工领域的全国影响力和国际竞争力。（记者：杨光 雪野） 本次签约是陕西省及榆林市积极融入进博会国际开放合作平台、推动高端能化产业国际合作与科技 创新的重要举措。根据协议，榆林高新科创建设集团有限公司与赢创（上海）投资管理有限公司将聚焦 精细化工与新材料产业链，围绕催化剂开发制备与回收、煤化工低碳工艺等重点方向，共建中试平台与 概念验证中心，加快推动气相法乙烯制醋酸乙烯、生物质和二氧化碳转化 ...

Financial Data and Key Metrics Changes - The company reported net sales of $1.3 billion for Q3 2025, a decrease from the prior year primarily due to lower lithium market prices, partially offset by higher volumes in Ketjen and energy storage [4][8] - Adjusted EBITDA reached $226 million, representing a 7% year-over-year increase, driven by cost management and productivity improvements [4][8] - Cash generated from operations was $356 million, marking a 57% year-over-year increase [4] - The company anticipates full-year 2025 results to approach the upper end of the $9 per kilogram lithium price scenario, reflecting strong performance and cost controls [10][19] Business Line Data and Key Metrics Changes - Energy storage sales volume growth is expected to be up 10% or more year-over-year, driven by record integrated production and higher spodumene sales [10] - The specialties segment delivered a 35% increase in adjusted EBITDA due to cost improvements across raw materials, manufacturing, and freight [9] - Ketjen is expected to see stronger Q4 performance due to higher CFT and FCC volumes [11] Market Data and Key Metrics Changes - Global EV sales increased by 30% year-to-date, with significant growth in China and the EU [5][15] - Grid storage demand grew by 105% year-to-date, with China being the largest market for stationary storage installations [15][16] - North America is the fastest-growing region for stationary storage, up almost 150% year-to-date, driven by data center and AI investments [16] Company Strategy and Development Direction - The company is focusing on enhancing financial flexibility through asset sales, including a 51% stake in Ketjen's refining catalyst business, expected to generate approximately $660 million in pre-tax cash proceeds [5][6] - The strategy includes optimizing the conversion network and maintaining a disciplined approach to capital expenditures, projecting around $600 million for the year [5][17] - The company aims to maintain a strong competitive position while shifting focus to core businesses in energy storage and specialties [6][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the global lithium supply-demand balance is tightening, with consumption growth up over 30% year-to-date [15] - The company remains optimistic about the lithium market, despite not predicting specific price movements [22][24] - Management emphasized the importance of maintaining a cost-out mentality to navigate market volatility and capture growth opportunities [58][60] Other Important Information - The company expects to achieve full-year cost and productivity improvements of around $450 million, surpassing initial targets [5][17] - The cash position at the end of Q3 was $1.9 billion, with plans to repay Eurobond debt maturing soon [13] Q&A Session Summary Question: Dynamics at Talison and spodumene pricing - Management indicated that they do not predict lithium prices but are optimistic about the market tightening, with margins potentially shifting between spodumene and lithium salts depending on price movements [22][23] Question: Current lithium pricing in China - Management stated that current pricing in China is closer to $10 per kilogram, with a full-year average expected around $9 to $9.50 [27] Question: Capital allocation and liability management - Management clarified that liability management refers to a combination of gross deleveraging and optimizing the debt structure [33] Question: EV demand and energy storage market - Management noted that energy storage currently represents about a quarter of the market and is expected to grow at a faster rate than EVs in the long term [36] Question: Impact of Chinese lepidolite supply curtailments - Management reported that about a third of lepidolite production has been impacted, but the overall effect on the market is minor [41][42] Question: Future of lithium demand forecast - Management indicated that while the demand forecast remains within the same range, it has moved slightly upward due to stronger-than-expected demand [44] Question: Energy storage commercialization and demand - Management highlighted strong growth in energy storage driven by grid stability and renewable energy needs, particularly in North America [86]

Core Viewpoint - Haohua Technology's stock has shown a mixed performance recently, with a year-to-date increase of 10.19% but a slight decline over the past five and twenty trading days [1] Group 1: Company Overview - Haohua Technology, established on August 5, 1999, and listed on January 11, 2001, is based in Beijing and specializes in providing comprehensive services for chemical engineering and petrochemical projects, including technology development, transfer, consulting, and engineering design [2] - The company's main business revenue composition includes high-end fluorine materials (59.91%), high-end manufacturing chemical materials (19.42%), engineering technical services (11.61%), electronic chemicals (7.45%), and trade and others (1.74%) [2] - As of September 30, 2025, Haohua Technology had 27,000 shareholders, an increase of 45% from the previous period, with an average of 39,698 circulating shares per shareholder, a decrease of 18.83% [2] Group 2: Financial Performance - For the period from January to September 2025, Haohua Technology achieved an operating income of 12.301 billion yuan, representing a year-on-year growth of 20.52%, and a net profit attributable to shareholders of 1.232 billion yuan, up 44.69% year-on-year [2] - The company has distributed a total of 2.152 billion yuan in dividends since its A-share listing, with 1.268 billion yuan distributed over the past three years [3] Group 3: Shareholder Structure - As of September 30, 2025, among the top ten circulating shareholders, Huaxia Military Safety Mixed A ranked fifth with 26.1369 million shares, an increase of 7.337 million shares from the previous period [3] - Hong Kong Central Clearing Limited entered the top ten shareholders as the ninth largest, holding 9.1804 million shares [3]