活化历史遗存，延续千年文脉。徐州，这座古老而现代的城市，日益焕发新的生机活力。 作者：新华每日电讯记者王圣志 陈刚 朱程 游客在江苏徐州云龙湖的观景台上欣赏美景。白雪 摄 九里山前，楚汉鏖兵争雄；《大风歌》起，豪情震古烁今。 徐州，刘邦故里，汉文化重要发祥地。漫步云龙山水之间，目光拂过历史的时光褶皱——这里，6000汉 俑列阵，金戈铁马气势如虹；这里，刀笔石刻"汉书"，市井繁华跃然千年；这里，汉墓凿山为室，錾痕 尽显工匠精神；这里，汉玉莹莹生辉，温润光华流转古今……丰富的汉代遗存，写就一部立体的史诗， 璀璨的汉文化光芒闪耀。 山移水转，皆是历史的回响；古今交融，轰鸣文化的音浪。 游客在徐州"彭城壹号"街区游玩。新华每日电讯记者毛俊 摄 在徐州，"城下城"一眼纵览千年，文化轴一脉贯通南北，"彭城七里"宛若穿越千年的历史剧场。霓裳广 袖掠过青砖巷陌，汉服雅韵与快闪律动交相辉映，复刻着汉代市井的繁华。"拔剑泉边"的非遗市集，将 传统文化糅进烟火人间。听汉乐、赏汉舞、品汉宴，历史文脉轴上的每一帧图景，都是徐州文旅的亮丽 名片，让每一位旅人，都成为汉风故事的续写者。 汉风灼灼 以城市古称命名的彭城广场，商场林立、车水马 ...

Core Insights - The article highlights a surge in institutional research activities among companies listed on the Beijing Stock Exchange since September, focusing on product development, technological reserves, and market expansion as key areas of interest for investors [1] Group 1: Company Performance - Shuguang Digital's revenue increased by 43.23% year-on-year in the first half of the year, driven by the deployment of its new C8000 immersion liquid cooling products, with immersion liquid cooling revenue growing by 212.82% [1] - Kaite's actuator product sales rose by 77.41% year-on-year, with sales proportion increasing from 36.67% to 44.91% [2] - Wantong Hydraulic's overseas revenue grew by 41.24% year-on-year, attributed to enhanced product adaptability and performance [2] Group 2: Research and Development - Shuguang Digital's R&D expenses increased, focusing on core technology breakthroughs and expanding the application boundaries of their products [3] - Wantong Hydraulic's R&D expenses rose by 15.93% year-on-year, with investments in high-precision planetary roller screws and innovative oil-gas separation balance equipment for humanoid robots [3] - Yuanchuang Precision is advancing the development of ultra-thin nickel-based materials, achieving a key technological upgrade [3] Group 3: Market Expansion - Shuguang Digital has a robust order backlog, with expectations for fourth-quarter revenue to maintain growth levels seen in the first half of the year [4] - Kaite is actively advancing its fundraising projects and expanding production capacity, aiming for quicker market entry [5] - Wuxi Jinghai is expanding into the amino acid market for special medical foods and microelectronics cleaning, anticipating increased demand in various sectors [5]

格隆汇9月12日丨久日新材(688199.SH)在投资者互动平台表示，公司光刻胶项目中的半导体光刻胶为半 导体i-线和g-线光刻胶，目标客户主要是半导体芯片、LED芯片和功率芯片等企业。公司的半导体光刻 胶已经向客户送样，部分产品已通过下游客户验证，已累计形成吨级订单。 ...

Core Viewpoint - The company, Jiu Ri New Materials (688199.SH), is actively developing semiconductor photoresists, targeting clients in the semiconductor chip, LED chip, and power chip industries, with initial samples already sent to customers and some products validated by downstream clients [1] Group 1 - The semiconductor photoresist project includes i-line and g-line photoresists [1] - The company has received ton-level orders as a result of customer validation [1]

Core Insights - The photoinitiator industry is characterized by dual features of "technology iteration driving demand upgrade and supply contraction reshaping market structure" [1] - The global manufacturing industry's shift towards precision and intelligence is increasing the penetration of photopolymerization technology, with China expected to see its production rise from 50,500 tons in 2022 to 59,000 tons in 2024 [1][11] - The market is projected to exceed 9 billion yuan by 2030, with a compound annual growth rate of 9.3% from 2024 to 2030 [1][12] Industry Overview - Photoinitiators are key compounds that absorb energy under specific wavelengths of light to initiate chemical reactions, transforming liquid resins into solid polymer networks [2][3] - The industry is experiencing significant growth due to innovations such as the widespread adoption of UV LED light sources and breakthroughs in water-based systems [1][9] Supply and Demand Dynamics - The supply side is facing a contraction of 12%-18% due to environmental regulations and safety incidents leading to the shutdown of companies like Ningxia Wokailong and Yangfan New Materials [1][11] - The demand side is driven by the transition of global manufacturing towards precision and intelligence, with demand expected to reach approximately 45,000 tons by 2025 [1][11] Competitive Landscape - The market is dominated by leading companies such as Jiu Ri New Materials and Qiangli New Materials, which hold a combined market share of 52.7% in the mid-to-low-end market [1][12] - Foreign companies like IGM dominate over 30% of the profit space through high-end products, creating a "low-end internal competition, high-end monopoly" scenario [1][12] Future Trends - The industry is expected to evolve along three main paths: technological advancement (visible light response and bio-based materials), market globalization (accelerated domestic substitution and deepening Southeast Asia layout), and ecological industrialization (low-carbon process transformation and regional standard co-construction) [1][15] - Innovations in photoinitiators are anticipated to enhance curing efficiency by 30% and reduce energy consumption by 40% [1][15]

Core Insights - The company reported a revenue of 1.655 billion yuan for the first half of 2025, representing a year-on-year growth of 4.97%, and a net profit attributable to shareholders of 351 million yuan, up 12.07% year-on-year [1] - In Q2 2025, the company achieved a revenue of 799 million yuan, with a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 191 million yuan, growing 13.05% year-on-year [2] Business Performance - The electronic materials segment generated revenue of 442 million yuan, accounting for over 26% of total revenue. The semiconductor photoresist segment saw a revenue of nearly 200 million yuan, with a year-on-year growth exceeding 50% [3] - The display materials photoresist business achieved revenue of 180 million yuan, reflecting a year-on-year increase of 13.6%, with a market share of approximately 29%, maintaining the position of the second-largest supplier in China [3] - The CMP polishing pad business has successfully commenced mass production, with an annual production capacity of 250,000 advanced polishing pads for semiconductor chips [4] - The company is making progress in producing resin for photoresists, with stable production of high-end I-line photoresist resin and increasing output and quality of KrF photoresist resin [4] Investment Outlook - The company is expected to maintain steady growth in the photoresist market due to ongoing capacity investments and rapid growth in advanced processes. The domestic substitution process is accelerating amid international trade frictions [5] - Revenue projections for 2025-2027 are 3.592 billion, 4.238 billion, and 5.187 billion yuan, with year-on-year growth rates of 9.85%, 17.98%, and 22.38% respectively. Net profits are projected to be 560 million, 683 million, and 883 million yuan, with growth rates of 8.34%, 21.97%, and 29.37% respectively [5]

Core Viewpoint - The company, Tongcheng New Materials, reported a solid performance in the first half of 2025, with revenue and net profit growth driven by both traditional and emerging business segments [1] Financial Performance - The company achieved operating revenue of 1.655 billion yuan, a year-on-year increase of 4.97% [1] - Net profit attributable to shareholders reached 351 million yuan, up 12.07% year-on-year [1] - The net profit excluding non-recurring items was 326 million yuan, reflecting a significant growth of 43.07% year-on-year [1] Business Segments - The company focuses on three main business segments: automotive tire rubber chemicals, electronic chemicals, and biodegradable materials [1] - The automotive tire rubber chemicals segment saw a sales volume increase of over 1,000 tons, with a year-on-year growth of 1.5% [3] - The biodegradable materials segment is expanding its applications in agricultural materials, express packaging, medical packaging, and food and industrial packaging [3] Electronic Chemicals - The semiconductor photoresist business generated nearly 200 million yuan in revenue, with a growth rate exceeding 50% for two consecutive years [2] - The company has nearly 50 ongoing R&D projects in the semiconductor photoresist field, with about half being key projects [2] - The I-line chemical amplification thick film resin has achieved stable and rapid application expansion among several 12-inch customers [2] Market Position - The company's photoresist products achieved sales revenue of 180 million yuan, with a year-on-year increase of 13.6% and a sales volume growth of 12.5% [3] - The domestic market share for the company's products is approximately 29%, maintaining its position as the second-largest supplier in the domestic market [3]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on strengthening its core business, optimizing production capacity, and enhancing market competitiveness while maintaining investor interests [1][8]. Group 1: Business Performance and Strategy - In the first half of 2025, the company achieved a net profit attributable to shareholders of -9.0573 million yuan, a reduction in loss by 3.8239 million yuan compared to the same period last year, indicating a 29.69% improvement in loss narrowing [1]. - The company has successfully implemented a price increase strategy for its photoinitiator products, leading to a slight profit in Q2 2025 and an overall positive operational trend [1]. - The company has completed the development of 29 semiconductor g-line and i-line photoresist products, with 13 successfully introduced to the market, indicating strong market acceptance [3]. Group 2: Production and Capacity Optimization - The company has optimized the use of 50 million yuan of previously unutilized fundraising to support the H4 ketone project at its subsidiary, enhancing production efficiency and self-sufficiency in key intermediates [2]. - The overall capacity utilization rate of the company's subsidiary in Inner Mongolia has significantly improved, with several products reaching or nearing design capacity [2]. - The company is advancing digital capabilities, including the launch of an AI-driven customer service system to enhance response speed and resource allocation [3]. Group 3: Innovation and Product Development - The company holds 192 patents, including 128 invention patents, and has developed a range of macromolecular products, with significant sales in UV LED photoinitiators and cationic photoinitiators [5]. - The company has established a project database to track customer needs and provide comprehensive solutions, enhancing its market promotion efforts [5]. - An internal innovation competition has been held to stimulate employee creativity, with rewards provided to winning teams to encourage ongoing innovation [6]. Group 4: Governance and Compliance - The company is enhancing its internal governance structure and compliance awareness among key personnel through targeted training sessions [7]. - A special task force has been established to revise internal control systems, ensuring compliance and effective governance [7]. - The company has been recognized as a "Green Supply Chain Management Enterprise" for its commitment to sustainable development and carbon reduction initiatives [7]. Group 5: Investor Relations and Communication - The company emphasizes investor relations, conducting multiple communication initiatives, including a performance briefing and interactive Q&A sessions, achieving a 100% response rate to investor inquiries [8]. - The company has utilized new media platforms to enhance communication with investors, publishing 27 articles to keep them informed [8]. - Continuous evaluation of the action plan will be conducted to ensure alignment with investor interests and market expectations [8].

Core Viewpoint - The semiconductor materials industry is crucial for chip manufacturing, encompassing essential materials like silicon wafers, photolithography resins, and electronic gases, which are vital for technological advancement and industry growth [2][4]. Group 1: Semiconductor Materials Overview - Semiconductor materials play a core role in chip manufacturing, ensuring complete functionality and superior performance of chips, which is significant for technological progress [4]. - The industry includes various generations of materials, from the first generation (germanium, silicon) to the third generation (gallium nitride, silicon carbide), each with unique properties and applications [6][10]. Group 2: Market Dynamics - In 2024, the global semiconductor materials market is projected to reach $628 billion, with a year-on-year growth of 19.1% [30]. - Japan holds a significant market share of 52% in the global semiconductor materials market, indicating its strong position and expertise in this field [19]. - China is focusing on increasing the domestic production rate of high-end semiconductor materials to reduce reliance on imports and ensure supply chain security [23][30]. Group 3: Domestic Developments - China's 12-inch silicon wafer domestic production rate is currently below 10%, but companies like Shanghai Silicon Industry and Lian Micro are expanding capacity to increase market share [26][59]. - The domestic market for ArF photolithography resins is even lower, at less than 5%, although companies like Nanda Optoelectronics are making progress in this area [28]. Group 4: Policy and Investment - The National Integrated Circuit Industry Investment Fund has provided 344 billion yuan to support the semiconductor materials industry, driving technological innovation and stability [29]. - The U.S. CHIPS Act allocates $52 billion to enhance domestic semiconductor manufacturing capabilities, aiming to reduce foreign dependency and promote innovation [31]. Group 5: Industry Trends - The semiconductor materials industry is expected to experience accelerated domestic substitution, with a focus on technological breakthroughs and expanding application scenarios [33]. - By 2028, the domestic production rate of third-generation semiconductor materials is anticipated to exceed 50%, indicating a significant shift towards local manufacturing [134]. Group 6: Key Players and Innovations - Major players in the semiconductor materials sector include companies like TCL Technology, North Huachuang, and Sanan Optoelectronics, which are leading in various segments [101][102]. - Innovations in materials such as silicon carbide substrates and advanced packaging technologies are driving the industry's growth and competitiveness [96][100].

Group 1 - The gold market is experiencing significant volatility, with a large accumulation of options contracts at the $3350 level, equivalent to 38 tons of gold [1] - An Asian client urgently withdrew 6 tons of physical gold bars, indicating heightened demand and urgency in the market [1] - The price of spot gold surged past $3340, with a rapid liquidation of short positions occurring within minutes [1] Group 2 - Technical indicators suggest a potential breakout in gold prices, with a MACD crossover and a narrow Bollinger Band indicating a "calm before the storm" [2] - A private fund's quantitative model predicts a significant price movement within the next twelve hours due to volatility compression [2] Group 3 - The Japanese government intervened in the currency market, utilizing $30 billion to prevent the yen's depreciation, which impacted gold prices [4] - The price of gold fluctuated dramatically, with a notable drop in the price of gold bars at local banks, reflecting market instability [4] Group 4 - The release of the U.S. non-farm payroll report showed stronger-than-expected job growth, leading to a shift in interest rate expectations and a spike in the dollar index [10] - Despite initial fears of a gold price collapse, a late-night tweet from President Trump caused a significant market reaction, resulting in a rebound in gold prices [10] Group 5 - Central banks globally are increasing their gold reserves, with China's central bank purchasing gold for the eighth consecutive month, and Turkey's reserves rising by 142% year-on-year [12] - In May, global central banks collectively bought 24.8 tons of gold, indicating a strong trend towards gold accumulation [12]