晨光新材所属申万行业为：基础化工-化学制品-有机硅。所属概念板块包括：有机硅、小盘、气凝胶、 融资融券、太阳能等。 截至12月19日，晨光新材股东户数2.55万，较上期减少7.90%；人均流通股12223股，较上期增加 8.57%。2025年1月-9月，晨光新材实现营业收入7.93亿元，同比减少9.06%；归母净利润-3378.85万元， 同比减少173.67%。 分红方面，晨光新材A股上市后累计派现2.90亿元。近三年，累计派现1.59亿元。 责任编辑：小浪快报 1月6日，晨光新材盘中上涨2.05%，截至10:13，报13.96元/股，成交2558.94万元，换手率0.59%，总市 值43.59亿元。 资金流向方面，主力资金净流入33.24万元，大单买入283.14万元，占比11.06%，卖出249.90万元，占比 9.77%。 晨光新材今年以来股价涨3.25%，近5个交易日跌0.36%，近20日跌7.30%，近60日涨9.92%。 资料显示，江西晨光新材料股份有限公司位于江西省九江市湖口县金砂湾工业园，成立日期2006年9月 29日，上市日期2020年8月4日，公司主营业务涉及功能性硅烷基础原料、中间体和 ...

（文章来源：证券日报） 证券日报网讯 12月8日，江瀚新材在互动平台回答投资者提问时表示，公司生产的功能性硅烷品种齐 全，在医用材料、柔性材料中均需应用。 ...

Investment Rating - The report gives a "Buy" investment rating for Jianghan New Materials [2][5]. Core Views - Jianghan New Materials is the largest silane coupling agent producer in China and the third largest globally, with a market share of nearly 20% [3][11]. - The demand for functional silanes is expected to rise due to emerging needs in new energy, photovoltaics, and semiconductors, which will likely drive price recovery [3][52]. - The company has a strong competitive edge due to low-cost advantages, high-quality customer resources, robust R&D capabilities, and ample cash flow [4][68]. Summary by Sections 1. Company Overview - Jianghan New Materials has over 20 years of experience in product R&D and operations, maintaining the largest market share in China and ranking among the top three globally [3][11]. - The company has a comprehensive "silicon powder-silane-high-end materials" integrated industrial chain, with over 100 varieties across 14 series of silane products [3][25]. 2. Demand Growth Drivers - The demand structure shows that silicone rubber accounts for the largest share at 32%, followed by composite materials at 18.5% and adhesives at 16.7% [42][44]. - The production of rubber tires, especially green tires, is expected to increase the demand for sulfur-containing silanes, with domestic new energy vehicle sales reaching 8.33 million units in 2025, a year-on-year increase of 15.37% [51][52]. - The CAGR for new photovoltaic installations is projected at 14% from 2024 to 2028, which will boost the demand for high-end silanes in encapsulation films and backsheet materials [52]. 3. Competitive Advantages - The company has achieved significant cost control through large-scale production and a closed-loop chlorine element recycling process, with a gross margin of 27.91% in H1 2025 [4][69]. - Jianghan New Materials has established long-term framework agreements with several high-end clients, ensuring stable order fulfillment [4][74]. - R&D investment remains high, with R&D expenses accounting for 3.30% of revenue in H1 2025, reflecting a commitment to innovation [4][81]. 4. Financial Performance and Forecast - The company forecasts net profits of 450 million, 595 million, and 698 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.20, 1.59, and 1.87 yuan per share [5][6]. - The report indicates that the company's profitability is expected to recover as the market for functional silanes begins to improve [5][68].

证券代码：605399 证券简称：晨光新材 公告编号：2025-050 江西晨光新材料股份有限公司 2025 年前三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 注 2：上述产品的产量、销量为合并报表层面的统计数据。以上销售金额为 不含税金额。 二、主要产品和原材料的价格变动情况 注：以上价格为不含税价格。 （二）主要原材料价格变动情况 一、主要产品的产量、销售及收入实现情况 主要产品 2025 年 1-9 月份 产量（吨） 2025 年 1-9 月份销 量（吨） 2025 年 1-9 月份销 售金额（万元） 功能性硅烷 62,541.50 49,233.29 70,636.12 功能性硅烷原料 及中间体 97,122.65 13,183.72 6,954.63 江西晨光新材料股份有限公司（以下简称"公司"）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》《上市公司行业 信息披露指引第十三号——化工》有关规定，将公司 2025 年前三季度主要经营 数据披露如下： （ ...

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]

Investment Rating - The report maintains a "Buy" rating for Jianghan New Materials [1][10][13] Core Views - The decline in silane prices has negatively impacted the company's performance, but there are signs that prices may have bottomed out, which could benefit the company in the long term [5][9][10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.425 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 322 million yuan, down 29.50% year-on-year [5][6] - In Q3 2025, the company reported revenue of 480 million yuan, a year-on-year decline of 9.40%, but a quarter-on-quarter increase of 5.89%. The net profit for the same period was 112 million yuan, down 22.85% year-on-year and down 1.63% quarter-on-quarter [5][6] Sales and Margins - The average selling price of functional silane in Q3 2025 was 15,229 yuan per ton, a decrease of 2,255 yuan per ton year-on-year and a decrease of 658 yuan per ton quarter-on-quarter. The sales volume increased to 31,200 tons, up 2,080 tons year-on-year and up 3,125 tons quarter-on-quarter [7][9] - The gross margin for Q3 2025 was 29.29%, down 5.46 percentage points year-on-year and down 1.14 percentage points quarter-on-quarter [8][10] Future Outlook - The report forecasts the company's revenue for 2025-2027 to be 1.95 billion, 2.564 billion, and 3.184 billion yuan, respectively, with net profits of 418 million, 571 million, and 719 million yuan, respectively. The corresponding P/E ratios are projected to be 23, 17, and 13 times [10][12] - The report suggests that the functional silane industry may be recovering, as prices have recently increased from their lows, which could benefit Jianghan New Materials as a leading player in the sector [9][10]

证券代码：603281 证券简称：江瀚新材 公告编号：2025-055 湖北江瀚新材料股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《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》及 其附件《第十三号——化工》规定，湖北江瀚新材料股份有限公司（以下简称"公 司"）将 2025 年第三季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 单位：吨、万元 | 序号 | 产品名称 | 产量 | 销量 | 营业收入 | | --- | --- | --- | --- | --- | | 1 | 功能性硅烷 | 86,705.45 | 87,582.15 | 139,870.33 | | 2 | 功能性硅烷中间体 | 133,251.75 | 1,081.50 | 1,552.47 | 注：功能性硅烷中间体主要用于合成制备功能性硅烷产品，仅少量对外销售。 二、主要产品的销售价格及其同比变化幅度 单位：元/吨 | 序号 | 产品名称 | 本期销售均价 ...

Group 1 - The core viewpoint of the news is that Chenguang New Materials has seen a stock price increase of 5.39%, reaching 13.10 yuan per share, with a total market capitalization of 4.09 billion yuan [1] - Chenguang New Materials, established on September 29, 2006, and listed on August 4, 2020, specializes in the research, production, and sales of functional silane raw materials, intermediates, and finished products [1] - The company's main business revenue composition includes functional silane at 88.31%, functional silane raw materials and intermediates at 8.72%, and others at 2.97% [1] Group 2 - From the perspective of fund holdings, a fund under Yinhua Fund has a significant position in Chenguang New Materials, holding 30,300 shares, which accounts for 0.72% of the fund's net value [2] - The Yinhua Specialized and New Quantitative Optimal Stock Fund A (014668) has achieved a return of 41.23% this year, ranking 588 out of 4,218 in its category [2] - The fund manager, Yang Teng, has been in position for 3 years and 327 days, with a total asset scale of 1.59 billion yuan [2]

Investment Rating - The investment rating for Jianghan New Materials is "Buy" with a target price not specified [5] Core Views - The company experienced a slight decline in production and sales due to low industry sentiment, with a revenue of 945 million yuan in the first half of 2025, down 19.5% year-on-year [1] - The gross profit margin showed a recovery in the second quarter, indicating strong cost management capabilities [3] - The company is a leading global producer of functional silanes and is expanding into electronic-grade silicon-based materials, which may enhance its product offerings and market reach [4] Financial Performance - In the first half of 2025, the company achieved a gross profit of 264 million yuan, with a gross margin of 27.9%, down 5.9 percentage points year-on-year [3] - The second quarter of 2025 saw a revenue of 453 million yuan, a decrease of 22.85% year-on-year, but a net profit of 114 million yuan, which was a 17.79% increase quarter-on-quarter [1][3] - The average selling price of functional silanes decreased by 13.8% year-on-year to 16,400 yuan per ton in the first half of 2025 [2] Industry Context - The global macroeconomic environment has led to a significant decline in the export scale of the company's functional silane products, with a year-on-year decrease of approximately 20% [2] - The company’s domestic and overseas revenues in the first half of 2025 were 478 million yuan and 467 million yuan, respectively, reflecting a decline of 8.4% and 28.4% year-on-year [2] - The company is investing in new projects, including 10,000 tons of optical-grade silicon tetrachloride and 5,000 tons of electronic-grade ethyl silicate, expected to be operational by October 2027 [4]

Group 1: Report Basic Information - The research object is Chenguang New Materials, belonging to the chemical products industry, and the reception time was on September 15, 2025 [17] - The listed company's reception staff included Director and General Manager Ding Bing, Director, Board Secretary and Deputy General Manager Liang Qiuhong, Financial Controller Lu Jianping, Independent Director Yang Pinghua, and Securities Affairs Representative Feng Yifan [17] Group 2: Detailed Research Institutions - The reception objects included investors and others [20] Group 3: Main Content Profit Contribution in H1 2025 - In H1 2025, the company's profit was mainly contributed by regular products, supplemented by new products. The reasons for product contribution included market scale expansion, cost optimization, and new product capacity ramping up [24] Impact of New Capacities on H2 Performance - The company will formulate scientific and reasonable production and sales policies based on internal and external environments and corporate strategies. Specific performance data can be found in subsequent regular reports [24] New Capacity Projects - The first - phase of the "Annual Production of 300,000 Tons of Silicon - based and Aerogel New Materials Project" of the company's wholly - owned subsidiary Ningxia Chenguang New Materials Co., Ltd. is in formal production [24] - The first - phase of the "Annual Production of 300,000 Tons of Functional Silane Project" of the company's wholly - owned subsidiary Anhui Chenguang New Materials Co., Ltd. reached the trial - production condition in early August. The company will promote capacity release reasonably according to upstream and downstream, inventory, and production - sales situations [26] R & D Investment in H1 2025 - In the functional silane field, the company developed new functional silanes, optimized reaction process routes, and increased downstream application research [26] - In the aerogel field, the company conducted research on products suitable for new energy, construction, and industrial insulation, and on production process technology, and increased application research in fields such as coatings and building insulation [26] - In special organic silicon products, the company carried out research on special silicone resins and surface - functionalized organic silicon materials. Some laboratory samples passed customer verification, laying a foundation for subsequent industrialization [26] - Overall, the company focused on the silicone industry chain, continued research on new silicone small - molecule and polymer products, improved production processes towards green development, and carried out downstream application research [26]