国泰海通晨报 2025 年 07 月 31 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【非银】综合金融：中国香港地区稳定币发行相关监管细则落地，文件明确了申请人资质要求、 申请流程、储备资产要求、反洗钱、原有发行人过渡期等内容，稳定币申牌在即。 2、【海外科技】谷歌：AI 搜索进展顺利，Token 调用量实现翻倍，多模态搜索降低搜索门槛，AI 时代下谷歌的搜索大盘仍相对稳固。 3、【医药生物】药明康德：药明康德作为全球 CRDMO 龙头，2025 年上半年业绩超预期，利润 率大幅提升，Tides 业务强劲，截至 25H1 在手订单+37%，公司上调全年指引 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880515050001 孙坤(分析师) 021-38038260 sunkun@gtht.com S08805 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1][2]. Core Insights - The establishment of the first 100-ton KrF photoresist resin production line in China is a significant milestone, expected to generate over 100 million yuan in revenue upon reaching full capacity [1]. - The first domestic industrialization unit for amino alcohol has been successfully launched, marking a breakthrough in the production of high-performance additives, with market prices ranging from 60 to 150 yuan per kilogram [1]. - The report highlights the challenges in the domestic semiconductor materials market, particularly the low localization rates for various types of photoresists, indicating a substantial opportunity for growth [2]. Summary by Sections Industry Development Dynamics - The first 100-ton KrF photoresist resin production line has been completed by Bayi Shikong, with plans to expand capacity to 200-300 tons annually over the next five years, aiming for a revenue scale in the tens of millions by 2025 [1]. - Xuyang Group has launched the first domestic amino alcohol production unit, capable of producing 5,000 tons per year, filling a gap in the domestic market and becoming the second company globally to industrialize this product [1]. Investment and Financing Dynamics - Hengkun New Materials' IPO has been postponed, with plans to raise approximately 1.007 billion yuan for projects related to semiconductor precursor materials and advanced materials [2]. - The report notes that Hengkun New Materials is a key player in the integrated circuit materials sector, with significant market share in domestic sales of SOC and BARC products [2].

Group 1: Company Performance and Rankings - Company ranked 322nd in the 2025 Fortune China 500 list, improving by 17 positions from the previous year [1] - Revenue reached 47.54 billion yuan, a growth of 3.2% year-on-year, with total assets at 59.841 billion yuan (+11.2%) and net assets at 15.877 billion yuan (+9.7%) [1][2] - Company has been listed in the Fortune China 500 for seven consecutive years since its IPO in March 2019 [1] Group 2: Business Strategy and Global Expansion - Company has established nine production parks in China and Indonesia, focusing on coking and chemical industries, with a total coking capacity of 23.8 million tons per year [2][3] - The overseas coking park in Indonesia achieved a sales volume of 2.22 million tons and generated revenue of 730 million USD in 2024 [3] - Company is expanding its international presence with seven overseas subsidiaries and offices, targeting emerging markets in Mongolia, the Middle East, and South America [3] Group 3: Innovation and R&D - Company is transitioning to a service-oriented and innovation-driven model, establishing a three-tier R&D system with over 1,000 researchers [4][5] - Investment of 1.21 billion yuan in 146 digital projects, leading to the development of an intelligent manufacturing system [7] - Successful launch of a 5,000-ton/year amino alcohol production facility, marking a significant technological breakthrough in high-end fine chemicals [12][13] Group 4: Sustainability and Environmental Responsibility - Company has invested 9.32 billion yuan in environmental protection projects, achieving a 100% wastewater recovery rate and over 99% recycling of cooling water [18][19] - Maintains a record of zero major safety incidents and implements a comprehensive safety management system [18] - Achieved ultra-low emissions in several parks and actively engages in energy-saving technology upgrades [19] Group 5: Product Quality and Market Competitiveness - Company focuses on quality management, developing products that meet high standards, such as the "Xuyang No. 1" coke for large blast furnaces [20] - Achieved significant international market competitiveness with solid products, including solid amine exports doubling [20]

氨基醇全称"2-氨基-2-甲基-1-丙醇"，是一种高性能助剂，被广泛应用于电子、新能源、高端涂料等众 多领域，但其合成工艺复杂、反应条件苛刻。此次投产的氨基醇合成新工艺反应条件温和、副产物少、 安全性高，解决了传统硝化工艺安全性较差、收率较低等缺点，并可在生产过程中根据市场需求实现主 副产品自主调节，大大提高了中间产物的选择性和技术的经济性。 据了解，此前该集团建成有中试装置，经过稳定运行验证，产品销往国内和美国、印度、荷兰、意大 利、日本、韩国等，为年产5000吨产业化装置的决策建设和投产后的生产奠定了基础。 未来，旭阳集团将根据全球市场空间有序扩产，逐步形成氨基醇系列产品，打造又一优势产业链。 中化新网讯 7月4日，旭阳集团自主创新研发的5000吨/年氨基醇装置全线贯通，在河北定州园区一次开 车成功并产出合格产品。该装置为国内首套拥有完全自主知识产权的氨基醇产业化装置，成功填补了国 内氨基醇生产空白，旭阳集团也成为全球第二家工业化生产氨基醇的企业。 "该项目打破国外技术壁垒，形成全球首创的非硝化成套绿色环保技术路线，能实现氨基醇产品替代进 口和国产化。"旭阳集团定州园区总经理王华东说，这一产业化装置采用旭 ...