Group 1: Macro and Strategy - The report indicates that the valuation of electric equipment and semiconductors continues to be strong, with significant fluctuations in emerging industries, particularly in semiconductor and integrated circuit sectors, which saw increases of over 6% [8][11] - The A-share market showed mixed performance, with large-cap indices like the Shanghai Composite Index and CSI 300 outperforming small-cap indices, indicating a preference for larger, more stable companies in the current market environment [9][10] - The report highlights that essential consumer sectors, particularly food and beverage, exhibit favorable valuation metrics, suggesting potential for recovery and growth in these areas [10] Group 2: Banking Industry - The banking sector has maintained stable asset quality despite a declining GDP growth rate, attributed to a gradual clearing of non-performing loans over the past 15 years across various sectors [11][12] - The report notes that banks have proactively adjusted their loan structures to mitigate risks, which has helped maintain profitability and stability in their financial statements [12] - Investment recommendations focus on banks with strong asset quality and low valuation, such as Chengdu Bank and Changsha Bank, anticipating an improvement in the industry’s fundamentals in the coming year [13] Group 3: Chemical Industry - The report discusses the rapid development of efficient cooling technologies in data centers, particularly liquid cooling solutions, which address high energy consumption and heat generation issues [14][15] - It predicts that by 2024, China's computing centers will consume approximately 166 billion kWh of electricity, highlighting the growing demand for advanced cooling solutions [14] - The liquid cooling market is expected to see significant growth, with a forecasted demand for approximately 89,000 tons of cooling liquid by 2028 due to the expansion of AI data centers [16][17] Group 4: Communication Industry - The report emphasizes that liquid cooling is becoming the mainstream cooling technology for intelligent computing centers, driven by the increasing power density of AI chips [18] - It forecasts that the global market for liquid cooling solutions in data centers could reach $10 billion by 2026, with significant growth potential in both North America and China [18][19] - The report highlights the competitive landscape, noting that while traditional overseas cooling companies have early advantages, domestic manufacturers are positioned to benefit from high cost-performance ratios and customization capabilities [19] Group 5: Media and Internet - The media sector has shown a slight increase of 0.47%, underperforming compared to broader market indices, indicating challenges in the current market environment [20] - The report notes a significant number of game approvals in September, suggesting a potential boost for the gaming industry, particularly with the upcoming National Day holiday [21] - Investment recommendations include focusing on gaming and media companies that are expected to benefit from product cycles and improving fundamentals, such as Kayi Network and Bilibili [22] Group 6: Social Services - The report highlights a partnership between Kevin Education and Zhiyuan Huazhang to establish a joint venture in AI education, expanding their service offerings [23] - Kevin Education has shown growth in revenue and profitability, indicating a positive trend in the K12 education sector [23] - The report suggests that the social services sector may benefit from government initiatives aimed at boosting consumer spending and improving educational services [24] Group 7: Insurance Industry - The insurance sector has seen a 9.63% year-on-year increase in premium income as of August 2025, driven by growth in life insurance products [25] - The report indicates that the shift towards dividend insurance products is likely to continue, enhancing the sector's appeal in a low-interest-rate environment [25] Group 8: Specific Companies - Zhongtai Co., Ltd. is expected to see a profit increase of 71%-87% in the first three quarters of 2025, driven by overseas orders and entry into the liquid cooling market [26][27] - Yunnan Copper Industry is positioned as a leading copper smelting company with a strong resource base and is expected to benefit from the injection of high-quality assets from its parent company [28][29][30] - The report projects Yunnan Copper's revenue to reach approximately 201.8 billion yuan by 2027, with a significant increase in net profit, reflecting strong operational performance [31]

| 晨会纪要 | | --- | | 数据日期:2025-09-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3853.30 | 13445.89 | 4593.48 | 14440.33 | 3945.94 | 1474.48 | | 涨跌幅度（%） | 0.00 | 0.67 | 0.60 | -0.03 | 0.63 | 1.23 | | 成交金额（亿元） | 10012.11 | 13698.78 | 6698.66 | 4979.76 | 6597.66 | 1029.48 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 证券研究报告 | 2025年09月26日 【常规内容】 宏观与策略 宏观专题:水牛还是价格修复？ 宏观周报:政府债周报-四季度地方债发行计划已披露七千三百亿 固定收益专题研究:债市阿尔法-RWA 债券全维 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Core Viewpoint - Yuntianhua (600096.SH) announced its plans for 2024, indicating the production of approximately 220,000 tons of by-product fluorosilicic acid during phosphate fertilizer production [1] Group 1: Production Capacity - The company’s associated enterprises will produce about 220,000 tons of fluorosilicic acid (pure equivalent) in 2024 [1] - The company’s joint venture has a production capacity of 70,000 tons per year for anhydrous hydrofluoric acid [1] Group 2: Future Plans - The company currently has no plans to produce liquid cooling fluids or PEEK materials [1]