上 市 公 司 基础化工 2025 年 07 月 12 日 三美股份 (603379) ——"黄金赛道"业绩持续兑现，制冷剂价格和盈利同环 比大增，业绩略超预期 报告原因：强调原有的投资评级 投资要点： 财务数据及盈利预测 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 11.25 | | 资产负债率% | 11.84 | | 总股本/流通 A 股（百万） | 610/610 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 05-11 06-11 07-11 -40% -20% 0% 20% 40% 三美股份 沪深300指数 (收益率) 相关研究 证券分析师 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,040 | 1,212 | 6,569 | ...

丨证券研究报告丨 公司研究丨点评报告丨巨化股份（600160.SH） [Table_Title] 业绩同比实现大幅增长，制冷剂价值进一步凸显 报告要点 [Table_Summary] 公司发布 2025 年上半年业绩预告，预计 2025H1 实现归母净利润为 19.7-21.3 亿元，同比增 长 136%到 155%，预计 2025H1 实现扣非净利润 19.5-21.1 亿元，同比增长 146%到 166%。 其中预计 2025Q2 单季度实现归母净利润 11.6-13.2 亿元，同比增长 121.6%-152.1%,预计 2025Q2 单季度实现扣非净利润 11.6-13.2 亿元，同比增长 129.5%-161.2%。 分析师及联系人 research.95579.com 1 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% 巨化股份（600160.SH） cjzqdt11111 [Table_Title 业绩同比实现大幅增长，制冷剂价值进一步凸 2] 显 [T ...

【环球网科技综合报道】从2022到2025，新紫光集团重组焕新的这三年恰逢全球智能化热潮奔涌、数字 中国建设加速的关键窗口期。正是在这风云激荡的三年间，在新紫光集团的坚定支持下，新华三集团完 成了一次华丽的智变跃迁—— 从数字化解决方案提供者成长为数字化及 AI 解决方案领导者。 一次品牌焕 新，三年战略深耕，新紫光集团以资源聚合与生态重构为支点，撬动新华三集团在方兴未艾的智能新时 代进一步筑牢数字化及AI解决方案领导者地位。 在智算基础设施领域，新华三持续深化"AI in ALL"技术战略，依托全新一代智算产品，持续塑造智算 领域全产业链布局优势：推出基于DDC架构（Diversified Dynamic-Connectivity，多元动态联接）的新 一代无损网络解决方案及算力集群核心交换机S12500AI系列，可高效支撑千卡至万卡级别的高速无损 算力集群互联，带宽利用率提升107%；加速CPO技术规模商用，800G CPO光电共封装交换机S9827系 列已经成功应用于头部互联网企业的大型数据中心网络场景，为高性能AI计算提供高带宽、低延迟的 网络支撑；实现64卡高速互联超节点算力集群落地部署，相比8台8卡 ...

吃喝板块今日继续上攻！反映吃喝板块整体走势的食品ETF（515710）开盘后持续拉升，盘中场内价格 最高涨幅达到1.34%，午后有所回落，最终逆市收涨0.67%。 值得注意的是，食品ETF（515710）尾盘溢价明显，收盘溢价率更是达到0.28%，反映买盘资金较为强 势。 成份股方面，白酒、大众品均有亮眼表现。截至收盘，燕京啤酒大涨2.22%，山西汾酒、迎驾贡酒、酒 鬼酒等多股涨超1%，贵州茅台、五粮液、泸州老窖等亦小幅收红。 经历了前期较大幅度的回调，食饮板块近期呈现企稳态势。广发证券认为，白酒行业2025年有望迎 来"估值-业绩"双底，当前或已进入中周期买点。板块股息率与十年期国债收益率比值较高，配置性价 比显现。建议关注行业出清后的需求恢复。 经前期回调后，吃喝板块估值已至近10年低位，数据显示，截至昨日（7月8日）收盘，食品ETF （515710）标的指数细分食品指数市盈率为19.83倍，位于近10年来2.94%分位点，中长期配置性价比凸 显。 责任编辑：杨红卜 展望后市，国信证券指出，2024年9月24日以来，宏观政策暖风频吹，并重点强调提振消费。3月高层印 发《提振消费专项行动方案》，旨在全方位扩 ...

一方面的方目解 投资咨询业务资格: 班监许可【2011】1292号 2025年7月9日 操作建议 来到新一轮美国贸易政策谈判窗口期,指数已经突 破短期震荡区间上沿,中枢继续上移,考虑买入低 执行价看跌期权同时卖出高执行价看跌期权,做牛 市价差策略。 T2509短期波动区间或在108.8-109.2。单边策 略上建议适当逢调整多配,接近前高注意止盈,关 注资金利率走向。曲线策略上继续推荐关注做陡。 | | 国债 | TF2509 TS2509 | 资金利率筑底叠加股债跷跷板效应,期债短期或呈窄幅震荡 | 略上建议适当逢调整多配,接近前高注意止盈,关 | | --- | --- | --- | --- | --- | | 金融 | | TL2509 | | 注资金利率走向。曲线策略上继续推荐关注做陡。 | | | | | | 短期关注美国通胀和关税影响,金价维持在3300 | | | 贵金属 | AU2508 | 市场消化部分美国关税影响 美元走强黄金回落 | 美元(765元)附近波动,卖出790以上虚值黄金 | | | | AG2508 | | 看涨期权;白银走势受到黄金和有色工业品影响反 | | | 集运指数 ...

经济日报记者 乔金亮 当前，全国夏粮收获九成半，冬小麦收获基本结束，夏播粮食进度过八成，各地正接茬推进夏季田管。 入夏以来，各地区各部门毫不放松抓好夏收夏种夏管，全力以赴夺取夏粮丰收，全面打牢秋粮生产基础，金 色麦浪转化为青葱禾苗并茁壮成长。这不仅是一场农时接力，更是"藏粮于技"的生动注脚。 农机手操作联合收割机在河北省唐山市丰南区大齐各庄镇的田间收割小麦。新华社记者 杨世尧摄 夏收跑出"加速度" 数十万台收割机追逐着小麦成熟的节奏，由南到北作业，成为"三夏"生产的一道风景。据农业农村部数 据，今年夏收全国投入联合收割机80多万台，其中跨区作业的超20万台，国产9公斤/秒至10公斤/秒大喂入量 联合收割机成为跨区作业主力机型；单机日均收获面积达80亩，效率比5年前提高了30%以上，麦收总体进度 比常年快了2天至3天。预计今年全国小麦平均机收损失率继续控制在1%以内的较好水平，为夏粮丰收到手和 全年粮食稳产提供了有力保障。 随着农机装备补短板行动加力推进、农机购置与应用补贴等惠农政策调整优化，农机装备加快迭代升 级。潍柴雷沃是国家农机装备产业链"链主"企业。潍柴雷沃收获机械研究院技术工程师付善宁介绍，公司推 出 ...

Group 1 - The supply-demand pattern in the light curing agent industry is improving, leading to potential profitability recovery [3][4][8] - The demand side shows a rebound in traditional sectors and new opportunities in emerging applications such as UV coatings, inks, and adhesives [4][5] - The light curing agent market in China is projected to grow, with a demand increase of 9% in 2023, reaching 35,000 tons [5][6] Group 2 - The production capacity of leading light curing agent companies in China is concentrated, with major players like Jiu Ri New Materials and Qiangli New Materials holding significant market shares [7][8] - The industry is expected to see a further increase in concentration as weaker players exit the market, enhancing competitive dynamics [6][8] - The light curing agent industry is rated as "recommended" due to the anticipated recovery in profitability and demand [8] Group 3 - The refrigerant market is experiencing a price increase due to quota restrictions, with R32 and R134a showing significant price rises [11][12] - The demand for refrigerants is driven by the growth in household and automotive air conditioning markets, with production expected to rise [15][16] - The refrigerant industry is rated as "recommended" based on tightening supply-demand relationships and continuous demand growth [16][17] Group 4 - The macroeconomic environment in China is showing resilience, with a stable growth outlook supported by strong consumer demand and manufacturing investment [19][20] - The government is implementing proactive fiscal policies, including increased budget deficits and special bond issuances to stimulate economic growth [27][28] - The export sector is expected to maintain resilience, supported by diversified trade partners and optimized product structures [45][46]

Investment Rating - The report maintains a "Recommended" rating for the refrigerant industry, indicating a positive outlook on the industry's fundamentals and performance relative to the market index [1]. Core Insights - The refrigerant industry is expected to experience a price uptrend due to supply constraints from production quotas and increasing demand driven by the growth in household air conditioning and automotive sectors [5][9]. - Recent adjustments in production quotas for HFC-32 and HFC-134a show slight increases, while HFC-125's quota has decreased, reflecting a stable yet limited supply environment [6][7][8]. - The demand for refrigerants is projected to rise as the production of household air conditioners and automobiles continues to grow, with significant increases in production volumes noted in recent years [9]. Summary by Sections Industry Performance - The refrigerant prices have shown significant increases, with R32 priced at 53,000 RMB/ton (+3.92% month-on-month), R134a at 49,500 RMB/ton (+2.06%), while R22 and R125 have seen slight declines or stability [5]. - The production quotas for HFC-32 and HFC-134a are being utilized at high levels, with HFC-32's production accounting for 54.38% of its adjusted quota and HFC-134a at 50.28% [5]. Market Demand - The domestic air conditioning market has seen a compound annual growth rate of 5.40% from 2014 to 2024, with production expected to reach 266 million units by 2024 [9]. - The automotive sector is also rebounding, with a projected production of 31.56 million vehicles in 2024, contributing to increased demand for refrigerants in automotive air conditioning systems [9]. Investment Focus - Key companies to watch in the refrigerant sector include Juhua Co., Ltd., Sanmei Chemical, Haohua Technology, Dongyue Group, Yonghe Co., Ltd., and Jinshi Resources, which are highlighted for their potential growth and investment opportunities [9][10].

Core Insights - Tolremo Therapeutics is a Swiss biotech company founded in 2017, focusing on the development of CBP/p300 bromodomain inhibitors to combat non-genetic cancer drug resistance [2][4][6] - The company has identified a key mechanism governing transcriptional resistance pathways and developed an oral small molecule inhibitor, TT125-802, which targets CBP/p300 [6][8] - Tolremo has completed a $39 million Series A financing round to accelerate the clinical development of TT125-802, which has shown promising preclinical efficacy in combination with targeted therapies for specific advanced tumors [9] Company Overview - Tolremo Therapeutics is a spin-off from ETH Zurich, founded by Stefanie Flückiger-Mangual, who serves as the CEO [2] - The company aims to reverse non-genetic drug resistance in cancer through targeted transcriptional reprogramming [4][7] Product Development - TT125-802 is designed to block the interaction between CBP/p300 and DNA, preventing early transcriptional escape mechanisms in cancer cells [8] - The inhibitor has demonstrated significant clinical activity in preclinical models of non-small cell lung cancer, colorectal cancer, and prostate cancer when used in combination with existing targeted therapies [8] Clinical Trials and Milestones - In November 2023, Tolremo announced the completion of its first human clinical trial for TT125-802, marking a significant milestone in its development [8] - The company plans to continue clinical trials to evaluate the efficacy of TT125-802 in combination with targeted therapies for specific advanced tumors, including those with EGFR and KRAS mutations [9] Recognition and Innovation - Tolremo Therapeutics was listed in the 2024 TOP100 Swiss Startups, highlighting its status as one of the most innovative and promising companies in Switzerland [11]

化工板块午后猛拉！反映化工板块整体走势的化工ETF（516020）震荡上行，截至发稿，盘中场内价格 最高涨幅达到1.48%，截至发稿，涨1.32%。 主力资金狂扫70亿元！化工板块午后猛拉，化工ETF（516020）上探1.48%，板块估值仍处十年低位！ 东兴证券指出，我国化工行业景气有望底部回暖，行业供需格局预期改善。2025年上半年，化工品价格 指数小幅震荡下行，化工行业仍处于低景气阶段，但目前全球能源类成本已从高位回落，同时，从供 给、需求、库存角度看，行业已出现积极变化。综合来看，在行业供需格局预期改善的背景下，我国化 工行业景气有底部回暖的迹象。 方正证券表示，2025年2季度化工景气底部延续，市场风格以事故驱动的涨价及主题行情为主，基础化 工整体估值在底部区间稍有修复。机构持仓方面，2025年1季度主动基金降低化工板块配置，景气度较 好的氟化工板块为主要加仓方向。从交易的时间窗口期看，当前化工子版块位于底部也有两年时间跨度 了，离反转或已不远。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF （516020）跟踪中证细分化工产业主题指数，全面覆盖化 ...