Core Viewpoint - The announcement details a significant ownership change in Chengzhi Co., with the indirect controlling shareholder, Qingdao Haikong Investment Holdings Co., transferring 100% of its shares in Chengzhi to its wholly-owned subsidiary, Dongjiakou Group, which will indirectly acquire 30.83% of Chengzhi's shares [1][2]. Group 1: Ownership Change - Dongjiakou Group has signed an agreement to acquire 100% of Qingdao Haikong Investment Holdings Co. without any monetary compensation, only incurring necessary fees as per national regulations [2]. - Prior to this acquisition, Dongjiakou Group did not hold any shares in Chengzhi, while Chengzhi Kairong, the current controlling shareholder, holds 375 million shares, representing 30.83% of the total share capital [1][2]. Group 2: Business Operations - Chengzhi Co. operates in industrial gases, basic chemical raw materials, semiconductor display materials, life science products, and industrial hemp cultivation and processing [2]. - The company reported a revenue of 11.066 billion yuan and a net profit of 231 million yuan for the fiscal year 2024, marking a year-on-year increase of 29.98% [2]. Group 3: Strategic Integration - The acquisition aims to promote internal strategic integration within Haikong Group, transferring ownership of Haikong Investment Holdings to Dongjiakou Group [1][2]. - There is no indication of competitive conflict between the businesses of the acquirer and Chengzhi, ensuring no adverse effects on the company's operations or minority shareholders [3].

江苏苏博特新材料股份有限公司 编号：信评委函字2025跟踪 1167 号 江苏苏博特新材料股份有限公司 声 明 中诚信国际信用评级有限责任公司 | 江苏苏博特新材料股份有限公司 | | | | --- | --- | --- | | 本次跟踪发行人及评级结果 | 江苏苏博特新材料股份有限公司 AA-/稳定 | | | 本次跟踪债项及评级结果 | "博 22 转债" AA | | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行跟 | | | | 跟踪评级原因 | | | | 踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | | 本次跟踪维持主体及债项上次评级结论，主要基于江苏苏博特新材料股份有 | | | | 限公司（以下简称"苏博特"或"公司"）拥有较高的行业地位，生产基地 | | | | 评级观点 | 多元化、产品竞争力较强、财务杠杆维持行业较低水平等方面的优势。同时 | | | 中诚信国际也关注到主要产品销售业绩下滑，盈利能力有所下降以及应收类 | | | | 款项规模较大并对资金形成一定占用等因素对其经营和整体信用状况造成 | | | | 的影响。 | | | ...

Group 1 - The company maintains a positive outlook on the industry's future development, anticipating that the second phase of major on-site gas production projects will contribute additional revenue and profit [1][2] - In the previous year, the company achieved a revenue of 2.1 billion yuan, an increase of 14.6% year-on-year, while net profit attributable to shareholders was 248 million yuan, a decrease of approximately 22.42% [1] - The company's helium business faced sales revenue and gross profit declines due to market fluctuations, leading to pressure on overall profitability [1][2] Group 2 - The company holds a leading position in the domestic integrated circuit manufacturing and semiconductor display sectors, with a market share of 41% in newly built on-site gas production projects [2] - The electronic gas market in China is projected to grow to 18.7 billion yuan in 2023, with a slight recovery expected in 2024, reaching 19.5 billion yuan [2] - The company has developed the "Super-N" series ultra-pure nitrogen production technology, capable of meeting the stringent gas supply requirements of integrated circuit manufacturing [3] Group 3 - The company is the largest domestic supplier of helium, with its helium imports accounting for 13.4% of the national total, supporting key materials for first-tier semiconductor and integrated circuit enterprises [3]

电子 | 证券研究报告 — 首次评级 2025 年 5 月 26 日 688548.SH 增持 原评级：未有评级 市场价格:人民币 9.93 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 1.6 (13.4) (7.5) 1.6 相对上证综指 (2.0) (15.8) (7.5) (5.4) 发行股数 (百万) 1,319.40 流通股 (百万) 681.31 总市值 (人民币 百万) 13,101.63 3 个月日均交易额 (人民币 百万) 119.21 主要股东(%) 广州工业投资控股集团有限公司 20.66 资料来源：公司公告， Wind ，中银证券 (26%) (16%) (6%) 3% 13% 22% May-24 Jun-24 Jul-24 Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 广钢气体 上证综指 以 2025 年 5 月 22 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：电子化学品Ⅱ 证券分析师：苏凌瑶 lingyao.su@bocich ...

2025年陕西省咸阳市共安排市级重点建设项目356个，总投资2156.9亿元，年度投资728.5亿元。截至4月 底，完成投资294.18亿元，占年度计划的40.38%，固定资产投资增速稳居陕西省前列。 随着一批批打基础、利长远、增后劲的项目加速落地，咸阳正以有效投资的"含金量""含绿量""含新 量"，书写着"以投资优结构、以项目促转型"的高质量发展新答卷。 以"当下之需"谋划"长远之计"做好项目储备盘 做好重大项目谋划储备工作是积蓄发展后劲、拓展发展空间的重要抓手。 今年以来，咸阳上下抢抓国家一揽子增量政策机遇，围绕基础设施、科技创新、产业升级、民生保障等 重点领域，扎实开展高质量项目谋划储备，主动加强项目申报和资金争取。 咸阳市发改委分管主任带领专家团队赴住建、文旅、城管执法等部门手把手精准指导项目策划包装20余 次，联动市级部门和县市区谋划储备项目累计达到2133个、资金需求1283.2亿元。同时，主动向上对 接，积极争取资金支持，抢抓政策性项目申报"窗口期"，累计申报项目697个、资金需求521.05亿元。 其中，中央预算内投资项目154个、资金需求53.9亿元，省级初审并向国家推送项目85个、资金需求 ...

Core Viewpoint - Hangyang Co., Ltd. is accelerating its internationalization process by establishing a new subsidiary for a large modular cryogenic equipment manufacturing base in Ningbo, with a total investment of approximately 557 million yuan [1][2][3]. Investment and Project Details - The new subsidiary, Ningbo Hangyang Heavy Equipment Co., Ltd., will be jointly established with China Chemical Engineering Sixth Construction Co., Ltd., with Hangyang holding 65% and China Chemical holding 35% [1][2]. - The total investment for the project is estimated at 557 million yuan, including 420 million yuan for fixed assets and 137 million yuan for working capital, with a construction period of 24 months [2]. Business Performance and Market Position - Hangyang is a leading supplier of air separation equipment in China, maintaining a strong market share in low-temperature petrochemical products such as ethylene cold boxes [1][5]. - In 2024, the company faced short-term profit pressure, with a net profit decline of 24.15%, but showed signs of recovery in 2025 with a 7.85% increase in revenue and a 10.82% increase in net profit in Q1 [1][5]. Research and Development - From 2020 to 2024, Hangyang's cumulative R&D expenses reached 2.009 billion yuan, reflecting its commitment to innovation and technology advancement [1][5]. - The company has been granted a total of 605 patents, including 170 invention patents, indicating a strong focus on technological development [5].

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 355 million, which remained flat year-on-year, while net profit attributable to shareholders was 25.2 million, a decrease of 16.47% [4] - The decline in profit was primarily due to the recognition of employee stock incentive expenses and increased depreciation from new projects [4] - The company's asset-liability ratio rose to over 70% in Q1 2025, but short-term solvency is not expected to be affected due to sufficient liquidity and strong asset turnover [4] Group 2: Strategic Goals and Market Position - The company aims to enhance market share and sales volume in the industrial gas sector by launching new projects and focusing on two major specialty gas industrial parks [2][3] - The long-term strategic goals remain unchanged despite short-term challenges, aligning with national development needs for emerging industries [3] - The company is targeting a revenue goal of 5 billion for the 14th Five-Year Plan period, although progress has been slower than planned [3] Group 3: Industry Outlook and Growth Drivers - The industrial gas market in China is projected to grow from 238.1 billion in 2024 to 284.2 billion by 2026, with a compound annual growth rate of approximately 10% [9] - The company is focusing on the semiconductor, display panel, and photovoltaic sectors, which are expected to drive demand for specialty gases [9] - The company has signed a nitrogen supply contract with Yichang Bangpu Times for 40,000 cubic meters per hour, which is anticipated to positively impact 2025 performance [8] Group 4: Operational Challenges and Responses - The company is addressing the challenges of declining prices in the bulk industrial gas market by enhancing customer service and optimizing operational processes [7] - The management is committed to improving profitability and operational efficiency through the stable production of products from the two major industrial parks [5][8] - The company plans to increase R&D expenditure to approximately 50 million in 2024, reflecting a year-on-year increase of 28.71% [6]

证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-029 上海华谊集团股份有限公司 2025 年一季度主要经营数据公告 四、报告期内无其他对公司生产经营具有重大影响的事项。 主要产品 2025 年 1-3 月 生产量 2025 年 1-3 月 销售量 2025 年 1-3 月 销售金额（元） 甲醇、醋酸及酯（吨） 624,186.62 437,247.42 1,089,419,080.80 工业气体（千立方米） 279,166.46 279,166.46 294,449,139.33 丙烯及下游产品（吨） 621,175.18 314,596.18 2,382,247,228.38 涂料及树脂（吨） 8,852.69 8,893.18 236,255,310.37 轮胎（条） 4,097,833.00 4,429,811.00 2,643,467,752.33 一、主要产品的产量、销量及收入实现情况 二、主要产品的价格情况 | 主要产品 | 单位 | 2025 年 1-3 月 | | --- | --- | --- | | | | 平均售价 | | 甲醇、醋酸及酯 | 元 ...

证券代码：600955 证券简称：维远股份 公告编号：2025-011 利华益维远化学股份有限公司 2025年第一季度主要经营数据公告 本公司及董事会全体成员保证本公告内容不存在虚假记载、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个别及连带责任。 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： 第十三号——化工》的相关要求，利华益维远化学股份有限公司（以下简 称"公司"）现将 2025 年第一季度主要经营数据披露如下： 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 1 主要产品 2025 年 1-3 月产量 （吨） 2025 年 1-3 月外销量 （吨） 2025 年 1-3 月销售金额 （万元） 酚酮相关产品 295,115.39 181,116.76 116,187.96 新能源新材料 相关产品 120,158.27 64,175.80 47,841.64 专用化学品 350,201.85 173,961.18 62,721.11 工业气体 304,365.73 187,845.17 8,593.03 一、主要产品的产量、销量及收入实现 ...

证券代码：600955 证券简称：维远股份 公告编号：2025-010 利华益维远化学股份有限公司 2024年度主要经营数据公告 本公司及董事会全体成员保证本公告内容不存在虚假记载、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个别及连带责任。 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： 第十三号——化工》的相关要求，利华益维远化学股份有限公司（以下简 称"公司"）现将 2024 年度主要经营数据披露如下： 注：1、酚酮相关产品主要包括：苯酚、丙酮、异丙醇、双酚 A。 2、新能源新材料相关产品主要包括：碳酸二甲酯、碳酸丙烯酯、聚碳酸酯、聚碳酸酯改性 合金等产品。 3、专用化学品主要包括：丙烯、环氧丙烷、双氧水、碳四、丙二醇等。 4、工业气体主要包括：氢气、氮气、氧气、仪表空气、二氧化碳、液氧、液氮、液氩等。 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 1 主要产品 2024 年度产量（吨） 2024 年度外销量 （吨） 2024 年度销售金额 （不含税）（万元） 酚酮相关产 品 1,167,532.87 640,843.01 449,56 ...