Group 1 - The core viewpoint is that the new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid downstream demand growth, supported by policy and technological breakthroughs [1] - The new materials industry is foundational, supporting the development of key fields such as electronic information, new energy, biotechnology, and environmental protection [1] - In the electronic information sector, focus areas include display materials and 5G materials; in aerospace, attention is on PI films, precision ceramics, and carbon fibers; in new energy, the focus is on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials; in biotechnology, the emphasis is on synthetic biology and scientific services; and in environmental protection, key materials include adsorption resins, membrane materials, and biodegradable plastics [1] Group 2 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which primarily covers listed companies engaged in the research and production of advanced foundational materials, key strategic materials, and cutting-edge new materials [1] - The index constituents are characterized by high technological content and high added value, widely distributed across the chemical, non-ferrous metals, and electronics industries, reflecting the overall performance of listed companies in the new materials sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng New Materials Theme ETF Initiated Link A (014908) and Guotai Zhongzheng New Materials Theme ETF Initiated Link C (014909) [1]

Group 1 - The core viewpoint of the article emphasizes the shift in chemical demand from traditional sectors to emerging growth areas such as new energy, robotics, and biotechnology [1][5][6] - Traditional chemical demand can be categorized into two segments: real estate and infrastructure, which are weak, and consumer-related sectors like home appliances and textiles, which show moderate performance [2][5] - New materials related to new energy, AI, and robotics are highlighted as bright spots in chemical demand, indicating a transition towards high-strength, lightweight materials [2][6] Group 2 - Economic indicators from August show a weak performance in traditional sectors, particularly in real estate investments and construction, while new energy vehicles and industrial robots demonstrate strong growth [3][5] - The chemical industry is currently at the bottom of a traditional cycle but is expected to transition to an upward cycle, aided by policies against over-competition [6][9] - The overall profitability of the chemical industry remains low, but there are signs of a potential recovery driven by new material demands and a shift in economic dynamics [8][9] Group 3 - The article suggests that the recent interest in the chemical sector is due to the performance of new energy and AI sectors, which have a spillover effect on chemical demand [9] - The chemical sector is characterized by a complex and diverse range of sub-sectors, with significant opportunities for investment through ETFs that cover both traditional and emerging growth areas [9]

Group 1 - The historical development of human civilization is closely tied to materials, with significant industrial revolutions relying on specific materials such as steel, non-ferrous metals, and silicon [1] - The materials industry in China had an output value of approximately 8 trillion yuan last year, highlighting its importance as a strategic emerging industry [1] - New materials are considered the driving force behind the development of strategic emerging industries [1] Group 2 - There is a consensus in the industry that "one generation of materials leads to one generation of equipment," emphasizing the foundational role of materials in high-end equipment manufacturing [2] - The performance of battery materials is crucial for the development of the new energy vehicle industry, as it directly impacts driving range [2] - The cost of photovoltaic power generation has decreased by 85% over the past decade, primarily due to advancements in battery materials [2] Group 3 - Future dominant industries such as energy, information, and health are closely related to materials, with challenges like nuclear fusion requiring innovative materials to contain high-energy particles [3] - The development of low-energy consumption artificial intelligence technologies relies on breakthroughs in efficient ion transport materials [3] - Material science innovation must be prioritized in the overall strategy for industrial development to drive transformative changes [3]

国投证券股份有限公司 关于厦门嘉戎技术股份有限公司 调整部分募投项目投资结构和募投项目延期的核查意见 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 简称"国投证券"、"保荐机构"）作为厦门嘉戎技术股份有限公司（以下简称 "嘉戎技术"或"公司"）首次公开发行股票并在创业板上市的保荐机构，负责 嘉戎技术上市后的持续督导工作，对嘉戎技术调整部分募投项目投资结构和募投 项目延期的事项进行了核查，核查情况如下： 一、募集资金基本情况 单位：万元 | 序 | | | 项目投资 | 拟投入募 | 截至期末累 | | | --- | --- | --- | --- | --- | --- | --- | | | | 项目名称 | | | 实施主体 | | | 号 | | | 总额 | 集资金 | 计投入金额 | | | | | | | | 嘉戎技术、优 | | | | | | | | 尼索 | | | | DTRO | 膜组件产能扩充及特种 | | | | 嘉戎技术、 | 优 分离膜组件产业化项目 尼索 嘉戎技术、河 南嘉戎 经中 ...

Core Viewpoint - The company has developed a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance operational efficiency, strengthen market competitiveness, and ensure investor rights while promoting sustainable development [2]. Group 1: Business Performance - The company achieved operating revenue of 185.05 million yuan, a year-on-year increase of 0.27% [2]. - Operating profit was 15.11 million yuan, a decrease of 16.82% compared to the previous year [2]. - Net profit attributable to the parent company was 15.01 million yuan, down 19.30% year-on-year [2]. Group 2: Research and Development - The company has increased R&D investment to enhance its core technology reserves and maintain product leadership [2]. - As of June 30, 2025, the company had filed 244 intellectual property projects and received authorization for 187 projects [3]. - The company has improved its intellectual property management system to support high-quality development [3]. Group 3: Investor Returns - The company has established a long-term, stable, and sustainable shareholder dividend mechanism to protect shareholder rights [3]. - A proposal was made to distribute a cash dividend of 1.16 yuan per 10 shares, totaling 20.05 million yuan [3]. - The company aims to provide continuous and stable returns to investors while boosting market confidence [3]. Group 4: Information Disclosure - The company emphasizes transparency in information disclosure and regularly publishes annual and quarterly reports [4]. - An earnings briefing was held to explain operational data and future plans to investors [4]. - Various communication channels are used to enhance interaction with investors [4]. Group 5: Corporate Governance - The company focuses on the responsibilities of key personnel in its operations and supports their participation in training [5]. - Training is organized to enhance compliance knowledge and awareness among board members and senior management [5]. - Continuous efforts are made to improve corporate governance and mitigate risks [5].

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Market Performance - The A-share market is experiencing a significant rise, with the Kexin New Materials ETF (589180) increasing by 2.65% [1] - Notable stocks include China Shipbuilding Gas, which hit the daily limit with a 20% increase, and Guanggang Gas, which rose over 13% [1] New Materials Industry Outlook - The new materials sector is identified as a crucial direction for the chemical industry, currently witnessing rapid downstream demand growth [3] - With policy support and technological breakthroughs, the domestic new materials industry is expected to enter an accelerated growth phase [3] Sector Focus Areas 1. **Electronic Information Sector** - Key areas of focus include semiconductor materials, display materials, and 5G materials [4] - In Q2 2025, global silicon wafer shipments reached 3,327 million square inches, a 9.6% increase year-over-year [4] 2. **Aerospace Sector** - Focus on PI films, precision ceramics, and carbon fibers [5] - The successful launch of the "Forged Star 1" satellite marks a significant milestone in space manufacturing technology [5] 3. **New Energy Sector** - Key areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [6] 4. **Biotechnology Sector** - Focus on synthetic biology and scientific services [7] - Hainan Province is enhancing cooperation in biomedicine and high-end consumer goods manufacturing [7] 5. **Energy Conservation and Environmental Protection Sector** - Focus on adsorbent resins, membrane materials, and biodegradable plastics [8] - A new action plan for heavy metal pollution prevention has been issued, aiming for significant improvements by 2030 [8]

Core Viewpoint - The company is accelerating its business layout by acquiring a 15% stake in China National Building Material (Shanghai) Aviation Technology Co., Ltd. for 147 million yuan and increasing its capital by 200 million yuan, aiming to enhance its presence in the civil aviation composite materials sector and support national strategic projects for domestic large aircraft [1][2][3]. Business Acquisition - The company plans to acquire a 15% stake in China National Building Material Aviation for 147 million yuan, increasing its ownership to 40% after the transaction [2]. - Following the acquisition, the company and its partner will inject a total of 500 million yuan into the aviation company, with the company's contribution being 200 million yuan [2]. - The registered capital of the aviation company will increase from 1.05 billion yuan to 1.55 billion yuan post-capital increase [2]. Financial Performance - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 840 million to 1.04 billion yuan, representing a year-on-year growth of 80.77% to 123.81% [1][5]. - The company reported a revenue of 23.98 billion yuan in 2024, a decrease of 7.4% year-on-year, with a net profit of 890 million yuan, down 59.9% [5]. Research and Development - The company is committed to innovation, with R&D expenditures of 1.312 billion yuan in 2024, accounting for 5.47% of its revenue [1][3]. - The number of R&D personnel increased from 2,528 in 2023 to 2,754 in 2024, representing 11.91% of the workforce [3]. Market Position and Strategy - The company focuses on special fibers, composite materials, and new energy materials, maintaining a strong market position in wind power equipment manufacturing and new energy vehicles [5]. - The company aims to expand its overseas market presence, with foreign revenue accounting for approximately 9.95% of total revenue as of 2024 [5][6]. Stock Performance - Since the beginning of 2025, the company's stock price has increased by over 130%, with a closing price of 29.71 yuan per share and a total market capitalization of 49.86 billion yuan as of July 28 [6].

Group 1: Financial Performance - The company's gross profit margin improved due to ongoing production line upgrades and enhanced production efficiency [1] - Supply chain management optimization and domestic material procurement significantly contributed to cost reduction and efficiency gains [1] Group 2: Capacity and Market Demand - Current production capacity can be further enhanced based on equipment upgrades, with infrastructure supporting additional capacity expansion [1] - The company can dynamically adapt its production scale to meet market demand increases, ensuring it does not become a bottleneck for growth [1] Group 3: Competitive Advantages - The company has achieved international advanced levels in product technology, tailored solutions to local application scenarios, and maintains a comprehensive service network [2] - Strong understanding of domestic industry policies and market characteristics allows for precise market trend identification and rapid product iteration [2] Group 4: Subsidiary Performance - The subsidiary, Daziran, leverages unique material properties to create differentiated competitive advantages and has built a stable customer base [3] - Daziran's introduction of a full-home customization brand enhances customer value and brand influence, aiming for stable revenue in 2024 despite challenging operating conditions [3]