Core Viewpoint - The chemical industry is currently at a dual bottom in valuation and profitability, with potential for a turning point driven by anti-involution policies and a recovering demand environment [1] Group 1: Industry Performance - As of November 20, the chemical sector has seen a 37% increase, primarily driven by technology-related themes [1] - The basic chemical sector reported a net profit of 116 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 7.45%, with varied performance across sub-sectors [1] - The supply side shows a 12.4% year-on-year decrease in the total amount of ongoing projects in the basic chemical sector for H1 2025 [1] Group 2: Demand and Supply Dynamics - The demand side is expected to improve due to the Federal Reserve's resumption of interest rate cuts and a stabilizing global political situation, with domestic exports and the automotive sector supporting demand [1] - The fertilizer sector anticipates a price increase for potash in 2026, with a tight supply-demand balance expected from 2026 to 2028 [2] - The refrigerant market is experiencing a steady increase in demand due to quota restrictions and the accelerated reduction of second-generation refrigerants [2] Group 3: Material and Technology Trends - The demand for high-performance new materials is accelerating, driven by AI and semiconductor needs, with a notable rise in demand for high-frequency and high-speed resins [3] - The semiconductor materials sector is focusing on domestic production to enhance supply chain security [3] - The cooling liquid market is evolving, with immersion cooling becoming a significant future direction due to increasing server power requirements [3] Group 4: Investment Recommendations - Recommended companies in the potash sector include Dongfang Tower, Yaqi International, and Salt Lake Co [4] - In the phosphochemical sector, suggested companies are Chuanheng Co, Yuntu Holdings, and Xingfa Group [4] - For refrigerants, companies like Juhua Co, Sanmei Co, and Yonghe Co are highlighted [4]

前不久，一批新能源汽车因冷却液问题启动召回，引发行业关注。根据召回通知，该批次（产品） 冷却液防腐性能不足，特定条件下会导致冷却回路中动力电池和前电机控制器的冷却铝板腐蚀渗漏，导 致车辆出现故障灯点亮、动力受限及无法上电的情形，极端情况下会造成动力电池热失控，存在安全隐 患。 一直以来在产业链中扮演"配角"的冷却液，由此被推至舆论中心。随着汽车产业从传统燃油时代迈入电 动化时代，冷却液的作用已从单一的发动机热管理介质，扩展至对电池、电控、电机三电系统的综合热 管理。在此过程中，其技术路线与性能标准亦面临全面升级。在新的技术条件下，冷却液究竟经历了怎 样的迭代演进？此次召回事件背后，又折射出哪些被长期忽视的产业隐忧？ 虽不起眼但作用不可或缺 最新数据显示，2024年，中国汽车冷却液销量达187.93万吨，同比增长8％。在汽车产业向电动化转型 的大背景下，随着新能源汽车渗透率持续攀升，叠加环保政策推动和消费需求升级等多重因素，冷却液 行业正迎来新的发展机遇。 冷却液在汽车产业链中算不上"明星"产品。据了解，它通过对乙二醇、纯净软水、防冻剂、缓蚀剂、消 泡剂、着色剂、防霉剂、防垢剂等成分精确配比，按照严格工艺流程复 ...

—论坛信息— —初步日程— 11月27日上午 液冷数据中心创新方案与应用实践 ——浪潮通信信息 浸没式含氟冷却液研究进展 ——浙江省化工研究院有限公司 海斯福含氟冷却液方案 ——海斯福(深圳)科技有限公司 氟化液在液冷技术中的应用和案例分享 ——浙江诺亚氟化工有限公司 液冷材料在不同热管理场景下的选用模型 ——杭州云酷智能科技有限公司 会议名称 ： 冷却液与液冷技术论坛2025 会议时间： 11月27-28日 会议地点： 浙江嘉兴 主办单位： 亚化咨询 工业参观 ： 乌镇之光国家超算中心 可快速部署高密度液冷算力舱技术特点及未来趋势 ——兰洋（宁波）科技有限公司 低碳数据中心液冷技术应用研究 —— 深圳绿色云图科技有限公司 聚焦浸没液冷，共探能源发展新路径 ——杭州京工电科技有限公司 高端电子氟化液国产化替代及液冷产业应用 ——氟相新材料有限责任公司 11月27日下午 极致液冷，极致算力——新华三全栈液冷加速算力绿色时代到来 ——新华三集团 浸没液冷智算中心绿色低碳实践分享 ——浙江巨冷科技有限公司 浸没式单相数据中心冷却液应用研究 ——山西潞安太行润滑科技股份有限公司 基于国产基础油的浸没式冷却液关键技术研 ...

Core Viewpoint - Longpan Technology's stock has experienced a decline of 5.02% on November 21, with a cumulative drop of 8.18% over three consecutive days, indicating potential concerns among investors regarding the company's performance and market conditions [1] Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, China. The company specializes in the sales of automotive fine chemicals and lithium iron phosphate (LFP) cathode materials [1] - The company's revenue composition includes 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [1] Fund Holdings - Tianzhi Fund has a significant holding in Longpan Technology, with its Tianzhi Research-Driven Mixed A Fund (350009) holding 27,000 shares, representing 1.96% of the fund's net value, making it the fourth-largest holding [2] - The fund has incurred a floating loss of approximately 25,400 yuan today, with a total floating loss of 45,100 yuan during the three-day decline [2] Fund Manager Performance - The fund manager of Tianzhi Research-Driven Mixed A Fund, Liang Li, has been in the position for 4 years and 222 days, with the fund's total asset size at 64.314 million yuan. The best return during her tenure is 30.51%, while the worst return is -64.85% [3]

Core Viewpoint - Dragon Power Technology (02465) has seen a nearly 4% increase in stock price, attributed to the recovery of lithium prices and the growing demand for energy storage globally [1] Group 1: Market Trends - Lithium iron phosphate (LFP) prices have been recovering, with a rise of approximately 10% since October, driven by stabilizing lithium prices and proactive strategies from automotive manufacturers and battery producers [1] - As of November 13, the average price of LFP is around 36,900 CNY per ton, reflecting an increase of 3,300 CNY per ton since early October [1] Group 2: Company Developments - Dragon Power Technology has announced plans to enhance its operations in the new energy and new materials sectors, focusing on the development of LFP cathode materials and expanding overseas production capacity [1] - The company aims to strengthen its product promotion in the fields of new energy vehicles, energy storage, and data centers, particularly for its cooling liquid products [1] - In the third quarter, the company significantly reduced its losses and is implementing cost-cutting and efficiency-boosting strategies to improve its operational performance [1]

Core Viewpoint - Longpan Technology (龙蟠科技) shares have increased nearly 4%, reflecting positive market sentiment driven by the recovery in lithium prices and the growing demand for energy storage solutions [1] Group 1: Market Trends - Lithium prices have stabilized after hitting a low, with phosphoric iron lithium prices showing a recovery, increasing approximately 10% since October [1] - As of November 13, the average price of phosphoric iron lithium is about 36,900 yuan per ton, up 3,300 yuan per ton from early October, representing a 10% increase [1] Group 2: Company Developments - Longpan Technology has announced plans to actively advance its layout in the new energy and new materials sectors, focusing on the development of phosphoric iron lithium cathode materials, including overseas capacity expansion and new product promotion [1] - The company is also increasing its efforts in the cooling liquid products sector, targeting applications in new energy vehicles, energy storage, and data centers [1] - In the third quarter, Longpan Technology significantly narrowed its losses and aims to improve its operational status through cost reduction and efficiency enhancement strategies, as well as increasing shipments of high-voltage products [1]

Summary of Key Points from Conference Call Industry Overview - The chemical industry is currently in a phase of profit recovery after a decline from the peak in 2021, similar to the cycle observed from 2012 to 2015 [1][3] - Raw material prices are stable, with gross margins and price spreads at historical lows, but the pressure from oversupply is easing, and demand from mid and downstream sectors is steadily growing [1][3] - Capital expenditure in the chemical industry is expected to expand rapidly from 2022 to 2024, but a significant decline is anticipated in 2025, indicating a peak in capacity growth [1][3] Market Dynamics - The refrigerant market is entering a long-term upward cycle starting from the end of 2023, with prices for major varieties expected to continue rising, such as the price of 2,332 reaching 63,000 yuan, three times higher than the same period last year [1][5] - Major refrigerant companies have reported significant profit increases, with Yonghe's profit growth reaching 450% in the first three quarters [1][5] - The refrigerant quota policy is expected to remain stable, transitioning from annual to quarterly pricing, which will facilitate more frequent performance realization [1][5] Cooling Liquid Market - The cooling liquid market is categorized into three types: water-based, oil-based, and fluorinated liquids, with fluorinated liquids showing promising applications in immersion cooling [1][6] - Companies like Juhua and Yonghe have already established a good layout in fluorinated liquids, positioning them for better growth as demand for liquid cooling increases [1][6] Price Trends and Expectations - Refrigerant prices are likely to see a slight increase starting in November due to year-end rigid demand and the exhaustion of annual quotas [1][7] - The natural gas market is under pressure due to the predicted La Niña phenomenon and ongoing geopolitical tensions, with a projected increase in consumption as winter approaches [2][8] Investment Opportunities - The chemical industry is currently at a low valuation, with a price-to-book (PB) ratio of approximately 2.2, indicating potential for upward movement [3][9] - Investment opportunities are identified in the refrigerant, natural gas, and phosphate industry chains, particularly influenced by the demand for electric vehicle batteries [3][9]

Core Viewpoint - The article discusses the recent recall of 11,411 MEGA vehicles by Li Auto due to a cooling liquid issue that poses safety risks, highlighting the financial implications and the company's response to the incident [4][5][8]. Group 1: Incident Overview - Li Auto announced a recall of 11,411 MEGA vehicles due to insufficient corrosion resistance of the cooling liquid, which could lead to safety hazards under specific conditions [5][11]. - The estimated cost of the recall is around 2 billion yuan, with each vehicle's recall cost projected at approximately 180,000 yuan [6][17]. - The company has committed to providing free replacements for the cooling liquid, power battery, and front motor controller for affected vehicle owners [4][17]. Group 2: Technical Analysis - The cooling liquid, composed of antifreeze and corrosion inhibitors, is critical for the thermal management of the power battery system [12]. - Experts suggest that the corrosion of the battery cooling plate could lead to leakage and short circuits, raising concerns about the design and material quality of the cooling system [12][13]. - Li Auto's management has acknowledged the need for further investigation and independent testing to confirm the root cause of the fire incidents [16][18]. Group 3: Market Impact - Following the incident, Li Auto's market value rebounded to approximately 170 billion HKD, with a reduction in the overall impact of the event on the company's valuation [8]. - The MEGA model had previously shown strong sales performance, with over 25,817 units delivered by the end of September, generating significant revenue for the company [40][42]. - The incident has raised concerns among consumers regarding the safety of electric vehicles, particularly in the MPV segment, where safety is a critical purchasing factor [46][47]. Group 4: Company Response and Future Outlook - Li Auto's swift response to the recall has garnered public praise, although some customers remain apprehensive about the safety of their vehicles [18][47]. - The company has emphasized its commitment to ensuring no further incidents occur and plans to enhance its testing and verification processes for chemical materials used in vehicle components [26][48]. - The incident has disrupted the upward momentum of the MEGA model, which had been gaining traction in the market, and could impact the sales of Li Auto's upcoming electric vehicle models [43][46].

Core Viewpoint - Longpan Technology's stock price has experienced significant fluctuations, with a year-to-date increase of 91.41% and a recent decline of 2.03% on November 10, 2023, indicating volatility in investor sentiment and market conditions [1]. Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, China. The company specializes in the sales of automotive fine chemicals and lithium iron phosphate (LFP) cathode materials [2]. - The company's revenue composition includes 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [2]. - Longpan Technology operates in the electric equipment industry, specifically in battery and battery chemicals, and is involved in sectors such as energy conservation, solid-state batteries, energy storage, hydrogen energy, and battery recycling [2]. Financial Performance - As of September 30, 2025, Longpan Technology reported a revenue of 58.25 billion yuan, reflecting a year-on-year growth of 2.91%. However, the net profit attributable to shareholders was -1.10 billion yuan, showing a significant increase of 63.52% compared to the previous period [3]. - The company has distributed a total of 2.56 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 15.35% to 85,800, while the average circulating shares per person increased by 18.14% to 6,589 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.3494 million shares, an increase of 1.7157 million shares from the previous period [4].

Core Insights - The eighth China International Import Expo (CIIE) showcases a significant increase in exhibitors and product diversity, particularly in the agricultural and food products sector, emphasizing the theme "From Global Farms to Chinese Tables" [2][3][4] - The event highlights a shift from global product launches to localized innovations, with companies focusing on establishing R&D centers and smart supply chains to cater to Chinese consumer preferences [2][6] - The expo serves as a platform for global brands to debut new products tailored for the Chinese market, reflecting the growing trend of localization in response to consumer demands [3][4][6] Group 1: Agricultural and Food Products - The agricultural and food products exhibition features over 2,000 companies, marking the largest participation in the event's history [2] - Notable product launches include Brazilian, Argentine, and Australian meat products, as well as innovative dairy products from Chinese brands [3][4] - Companies like Danone and Arla are showcasing new health-focused products, aligning with the increasing demand for nutritious options in the Chinese market [4][6] Group 2: Localization and Innovation - The trend of localization is evident as foreign companies adapt their offerings to meet the specific needs of Chinese consumers, moving from mere product display to localized production [6][8] - The integration of digital technology and precision nutrition is reshaping the agricultural value chain, enhancing product offerings and consumer engagement [2][6] Group 3: Sustainability and Green Development - The expo emphasizes sustainable development, with discussions on ESG (Environmental, Social, and Governance) principles and the promotion of green technologies [11][12] - Companies are showcasing innovations in energy efficiency, circular economy practices, and low-carbon technologies, reflecting a commitment to sustainability [11][12][14] Group 4: AI and Technological Innovations - The technology equipment section highlights advancements in AI and computing power, with companies like Dell and AMD presenting solutions that enhance industrial applications [16][17] - The focus is shifting towards energy-efficient solutions in data centers, with liquid cooling technologies gaining traction due to their effectiveness in managing heat [18][19]