黄生鹏累计任职时间1年303天，现任基金资产总规模3706.14万元，任职期间最佳基金回报53.93%， 任 职期间最差基金回报8.19%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月21日，晨化股份跌5.06%，截至发稿，报11.64元/股，成交5911.13万元，换手率3.08%，总市值 25.03亿元。 责任编辑：小浪快报 资料显示，扬州晨化新材料股份有限公司位于江苏省宝应县淮江大道999号，成立日期1995年5月12日， 上市日期2017年2月13日，公司主营业务涉及以氧化烯烃、脂肪醇、硅氧烷等为主要原料的精细化工新 材料系列产品的研发、生产和销售。主营业务收入构成为：表面活性剂81.58%，阻燃剂11.11%，硅橡 胶6.48%，其他(补充)0.83%。 从基金十大重仓股角度 数据显示，兴华基金旗下1只基金重仓晨化股份。兴华景和混合发起A（024499）三季度持有股数13.02 万股，占基金净值比例为4.17%，位居第八大重仓股。根据测算，今日浮亏损 ...

Core Viewpoint - The report from Changcheng Securities indicates that the performance of Hoshine Silicon Industry is under pressure in the first three quarters of 2025 due to a decline in sales volume and prices of main products, as well as losses from the photovoltaic sector [1] Group 1: Company Performance - Hoshine Silicon Industry's industrial silicon products saw a quarter-on-quarter increase in both volume and price in Q3 2025, while silicone rubber sales also grew quarter-on-quarter [1] - Despite the growth in certain segments, the overall price of main products remains on a downward trend, awaiting a bottoming out of industry conditions [1] Group 2: Industry Outlook - The advancement of the "anti-involution" initiative in the crystalline silicon photovoltaic industry is expected to support a rebound in prices for industrial silicon and organic silicon products, which would benefit the company's performance [1] - The company is implementing an employee stock ownership plan to strengthen team cohesion, which is favorable for long-term development [1] - The report maintains a "buy" rating, optimistic about the recovery of the silicon industry under the "anti-involution" backdrop [1]

11月19日，晨化股份盘中下跌2.02%，截至10:41，报12.10元/股，成交3129.46万元，换手率1.59%，总 市值26.02亿元。 资金流向方面，主力资金净流出216.29万元，大单买入202.03万元，占比6.46%，卖出418.32万元，占比 13.37%。 晨化股份今年以来股价涨23.46%，近5个交易日涨1.00%，近20日涨6.42%，近60日跌7.49%。 资料显示，扬州晨化新材料股份有限公司位于江苏省宝应县淮江大道999号，成立日期1995年5月12日， 上市日期2017年2月13日，公司主营业务涉及以氧化烯烃、脂肪醇、硅氧烷等为主要原料的精细化工新 材料系列产品的研发、生产和销售。主营业务收入构成为：表面活性剂81.58%，阻燃剂11.11%，硅橡 胶6.48%，其他(补充)0.83%。 晨化股份所属申万行业为：基础化工-化学制品-其他化学制品。所属概念板块包括：有机硅、电解液、 磷化工、新材料、小盘等。 截至11月10日，晨化股份股东户数1.57万，较上期增加9.03%；人均流通股10269股，较上期减少 8.28%。2025年1月-9月，晨化股份实现营业收入6.53亿元，同比 ...

Summary of Silicon Industry Conference Call Industry Overview - The organic silicon industry is experiencing rapid growth in downstream demand, particularly in emerging sectors such as electronics, power, and renewable energy, which now account for 40% of consumption, offsetting the decline in traditional construction sectors [1][2][16] - The apparent consumption of organic silicon is projected to grow at an annual rate of nearly 10% from 2008 to 2024, increasing from 360,000 tons in 2008 to 1,820,000 tons in 2024 [2][16] Capacity and Production - Global organic silicon capacity is continuously increasing, with China contributing 75% of the total capacity, which is expected to reach 4.25 million tons by 2024 [3] - Major overseas producers are gradually exiting the market, with Dow's UK Barry plant set to close in 2026, removing 145,000 tons of capacity, marking the first global capacity reduction since 2018 [5][10] Price Trends and Profitability - The current price cycle of the organic silicon industry resembles that of 2016-2018, characterized by the exit of overseas capacity and a lack of new domestic capacity, leading to improved demand from emerging sectors [6][15] - Organic silicon prices have recently increased by 1,000 CNY per ton, providing significant profit elasticity for leading companies like Dongyue and Xin'an, despite many companies currently operating at a loss [4][12] - The price is currently around 11,000 CNY, with expectations for profit recovery as supply-demand dynamics improve and anti-dumping measures are implemented [15][17] Future Outlook - There are no new production capacity plans from Chinese companies for 2025 and 2026, although Xinjiang Qiya Group has proposed a 400,000-ton project, its timeline remains uncertain [7] - The closure of Dow's plant is expected to enhance global supply-demand balance and boost Chinese exports, particularly as Europe faces a ceramics supply gap [10][11] - The industry is shifting towards high-value-added products, such as silicone oils and resins, to stabilize profits and reduce reliance on low-cost raw material supply [14] Key Takeaways - The organic silicon industry is poised for growth driven by emerging sectors, with significant changes in global capacity dynamics favoring Chinese producers [1][3][10] - Price recovery is anticipated, supported by improved supply-demand fundamentals and strategic industry adjustments [4][15][17] - The focus on high-value products and the exit of overseas competitors will likely reshape the competitive landscape, enhancing profitability for leading firms [12][14]

截至发稿，崔涛累计任职时间2年162天，现任基金资产总规模1.6亿元，任职期间最佳基金回报 25.69%， 任职期间最差基金回报-6.1%。 黄生鹏累计任职时间1年295天，现任基金资产总规模3706.14万元，任职期间最佳基金回报53.93%， 任 职期间最差基金回报6.55%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，兴华基金旗下1只基金重仓晨化股份。兴华景和混合发起A（024499）三季度持有股数13.02 万股，占基金净值比例为4.17%，位居第八大重仓股。根据测算，今日浮盈赚取约7.94万元。 兴华景和混合发起A（024499）成立日期2025年6月12日，最新规模2514.21万。成立以来收益25.9%。 兴华景和混合发起A（024499）基金经理为崔涛、黄生鹏。 11月13日，晨化股份涨5.09%，截至发稿，报12.59元/股，成交9193.70万元，换手率4.63%，总市值 27.07亿元。 资料显示，扬州晨化新材料股 ...

Core Insights - The company, Chenhua Co., has an annual production capacity of 8,500 tons for silicone rubber [2] - Currently, there are no direct customers in the humanoid robot sector for the company's silicone rubber products [2] - The company plans to increase R&D investment and monitor market changes to identify new product application opportunities based on market and customer needs [2]

Core Viewpoint - The company, Chenhua Co., Ltd. (晨化股份), has a silicone rubber annual production capacity of 8,500 tons and currently does not have direct customers in the humanoid robot sector. The company plans to increase R&D investment and monitor market changes to identify new product applications based on market and customer needs [1]. Group 1 - The annual production capacity of silicone rubber is 8,500 tons [1] - There are currently no direct customers in the humanoid robot application field [1] - The company will continue to increase R&D investment and focus on market changes [1]

Core Viewpoint - The article highlights multiple strategic partnerships announced during the 8th China International Import Expo, focusing on sustainable solutions in the new materials sector, particularly in automotive coatings, synthetic leather, and other applications, with an emphasis on bio-based and recycled materials [2]. Group 1: Strategic Partnerships - Covestro and Nippon Paint have established a strategic cooperation focusing on automotive and industrial coatings, aiming for low-carbon material development and VOC reduction [3]. - DuPont and Amcor are deepening their partnership to enhance sustainable medical packaging, aligning with China's "Healthy China 2030" initiative [4]. - Henkel and Datong CRRC Coal Chemical Co. are collaborating on lightweight materials and noise reduction technologies for rail transit vehicles [5]. - Honeywell has signed multiple agreements with companies like Sinochem Energy and China National Petroleum Corporation to enhance catalyst and adsorbent technologies for sustainable production [6]. - Evonik has partnered with Yulin High-tech Innovation Construction Group to develop catalysts and low-carbon processes in the fine chemicals and new materials sector [6]. Group 2: Focus on Sustainable Development - Evonik and Asahi Kasei are working together to develop environmentally friendly synthetic leather products using solvent-free polyurethane technology [7]. - The synthetic leather market in China is rapidly growing, driven by stricter environmental regulations and increasing consumer demand for sustainable products [8]. - Evonik has announced the establishment of an innovation fund in China, focusing on investments related to sustainable topics such as bio-based solutions and circular economy [9]. - Evonik and Hebei Yadong Chemical Group are collaborating to develop high-performance polyurethane solutions tailored to the Chinese market [10]. Group 3: Innovations in Material Science - Dow has signed agreements with various companies, including 3M China and Zhejiang Pengfulong, to explore green materials and sustainable packaging solutions [12][13]. - Dow's collaboration with Qingdao Qinghe focuses on sustainable packaging resins, integrating recycled materials to enhance resource efficiency [14]. - Dow and Zhongnan Construction are working together to promote high-quality green building development through advanced material technologies [15][16].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, while showing improvement in cash flow from operating activities [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 15.206 billion yuan, a year-on-year decrease of 25.35% [1] - The net profit attributable to shareholders was -0.321 billion yuan, a year-on-year decline of 122.1% [1] - The net profit after deducting non-recurring items was -0.271 billion yuan, down 120.61% year-on-year [1] - The net cash flow from operating activities was 3.727 billion yuan, an increase of 104.94% year-on-year [1] - In Q3 2025, the company reported operating revenue of 5.430 billion yuan, with a year-on-year decrease of 23.51% and a quarter-on-quarter increase of 19.42% [1] - The net profit attributable to shareholders in Q3 was 0.076 billion yuan, down 84.12% year-on-year but up 111.52% quarter-on-quarter [1] - The net profit after deducting non-recurring items in Q3 was 0.262 billion yuan, a year-on-year decrease of 37% and a quarter-on-quarter increase of 135% [1] Group 2: Product Performance - In Q3 2025, the sales volumes for industrial silicon, silicone rubber, silicone oil, and cyclic siloxane were 347,000 tons, 194,700 tons, 14,300 tons, and 5,100 tons, respectively, with changes of +61.69%, +19.18%, -10.30%, and -4.47% quarter-on-quarter [2] - The prices of industrial silicon, silicone rubber, silicone oil, and cyclic siloxane changed by +8.11%, -8.49%, -11.09%, and -7.10% quarter-on-quarter, respectively [2] - The decline in raw material prices, particularly for ores, has contributed to a recovery in profitability [2] - The gross profit margin for Q3 2025 was 8.67%, a year-on-year decrease of 10.94 percentage points, while the net profit margin was 1.36%, down 5.25 percentage points year-on-year [2] Group 3: Market Dynamics - The photovoltaic industry is addressing low-price competition through policies, leading to an increase in product prices above cost lines and a rise in demand for polysilicon products [3] - The organic silicon market faced weak orders in Q3 2025, resulting in continuous price declines, but there are expectations for price recovery in Q4 due to seasonal demand and maintenance [3] Group 4: Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 1.33 billion yuan, 1.334 billion yuan, and 2.404 billion yuan for 2025-2027, with corresponding PE ratios of 488.83X, 48.62X, and 26.97X [4] - The investment rating is maintained at "Buy" [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - In Q3 2025, the company reported a quarterly profit turnaround with both volume and price of industrial silicon increasing sequentially [2] - The company achieved a revenue of 15.206 billion yuan in the first three quarters, a year-on-year decline of 25.35%, and a net profit attributable to shareholders of -321 million yuan, a year-on-year decline of 122.1% [3] - The third quarter revenue was 5.430 billion yuan, a year-on-year decline of 23.51% but a sequential increase of 19.42% [3] Summary by Sections Revenue and Profitability - In Q3 2025, the company’s industrial silicon, silicone rubber, silicone oil, and silicone resin sales volumes were 34.70, 19.47, 1.43, and 0.51 million tons, respectively, with sequential changes of +61.69%, +19.18%, -10.30%, and -4.47% [4] - The average prices for industrial silicon, silicone rubber, silicone oil, and silicone resin changed sequentially by +8.11%, -8.49%, -11.09%, and -7.10% [4] - The gross profit margin for Q3 2025 was 8.67%, a year-on-year decrease of 10.94 percentage points, while the net profit margin was 1.36%, a year-on-year decrease of 5.25 percentage points [4] Market Dynamics - The photovoltaic industry’s "anti-involution" policy has addressed the issue of low-price disorder, leading silicon material companies to raise prices above cost levels, which has positively impacted the market sentiment for metallic silicon [5] - The organic silicon market remained weak in Q3 2025 due to insufficient orders, but prices are expected to recover in the traditional peak season of Q4 [5] Financial Forecast - The company’s projected net profits for 2025-2027 are 1.33 billion, 13.34 billion, and 24.04 billion yuan, with corresponding P/E ratios of 488.83X, 48.62X, and 26.97X [6]