企业名称：湖北丰山新材料科技有限公司 许可范围：4-氯甲苯24500吨/年、2-氯甲苯25500吨/年、2,4-二氯甲苯6000吨/年、3,4-二氯甲苯1500吨/ 年、2,6-二氯甲苯7600吨/年，副产盐酸79977吨/年，次氯酸钠溶液7800吨／年。** 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 江苏丰山集团股份有限公司（以下简称"公司"）于2025年1月9日披露了《关于募投项目建设进展的公 告》（公告编号：2025-004），由公司全资子公司湖北丰山新材料科技有限公司（以下简称"湖北丰 山"）实施的"年产 24,500 吨对氯甲苯等精细化工产品建设项目"于2025年1月进入试生产阶段。目前， 该项目已通过安全设施竣工验收，湖北丰山于近日取得由湖北省应急管理厅颁发的《安全生产许可 证》，现将相关情况公告如下： 一、《安全生产许可证》主要内容 证书编号：（鄂）WH安许证〔2025〕1323号 江苏丰山集团股份有限公司董事会 2026年1月1日 同时，湖北丰山的对氯甲苯产品已作为公司氟乐灵产品的原料投入使用，进一步完善 ...

2025年12月31日，欧陆通披露接待调研公告，公司于12月29日至12月31日接待睿远基金、天风证券、国 华兴益保险资管、国信证券、招商证券自营、华福证券等53家机构调研。 欧陆通（300870）股价报221.00元，较前一交易日收盘价上涨2.04元，涨幅为0.93%，总市值242.79亿 元。从行业市盈率来看，欧陆通所处的电源设备行业滚动市盈率平均100.08倍，行业中值58.69倍，欧陆 通72.90倍排名第16位。 天眼查资料显示，深圳欧陆通电子股份有限公司成立于 1996年05月29日，是一家以从事计算机、通信 和其他电子设备制造业为主的企业。截至2025年09月30日，欧陆通股东户数21551户，较上次增加4376 户，户均持股市值112.66万元，户均持股数量0.51万股。招商银行股份有限公司-睿远成长价值混合型证 券投资基金为欧陆通前十大股东。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9685，近一年增长64.70%。 声明：市场有风险，投资需 ...

站在"十四五"深化产业变革的关键节点，化工行业面临绿色转型与高端材料"卡脖子"的双重挑战。 《"十四五"智能制造发展规划》明确提出"推动石化化工行业智能化改造，培育一批智能制造示范工 厂"，《石化化工行业稳增长工作方案(2025—2026年)》将"数字化转型""核心技术突破"列为重点任务。 历经4年实践，巨化集团以技术创新突破国外垄断，以数智化手段提升组织效能，构建起"技术突破—数 智赋能—产业升级"的新质生产力培育路径。如今，在巨化集团的生产车间，巡检机器人沿轨道穿梭， 实时传输设备数据；中控室的全域智控系统动态模拟装置运行状态，操作人员通过系统界面即可完成参 数调整，这场深刻的变革，让这家"老"国企持续焕发新生机。 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000 ...

来源：上海清算所 2025年12月19日，上海清算所举办银行间利率衍生品业务交流会，中国外汇交易中心代表以及来自国有 银行、股份制银行、城商行、外资银行、证券公司、银行理财子公司及保险资管等21家市场机构的30余 位业务专家参会。 会上，上海清算所业务一部回顾了今年银行间利率衍生品清算业务的发展和运行情况。一是拓展银行间 利率衍生品标的、期限和配套机制，丰富利率风险管理工具箱。先后上线3、7年期国开标准债券远期实 物交割合约和1年期同业存单标准利率互换合约的集中清算业务，拓展利率互换集中清算期限至最长30 年。持续优化配套功能，全力推进利率衍生品清算系统升级。二是发挥中央对手清算优势，扎实开展市 场培育，帮助各类型金融机构筑牢风险防控底线。紧密联系人民银行分支机构开展中央对手清算助力金 融机构风险管理等主题的市场培育，推动更广泛参与者运用简单透明的银行间利率衍生品管理风险。三 是立足国际化发展战略，支持金融高水平开放。"互换通"拓展挂钩LPR标的利率互换集中清算，支持新 增3家报价商展业，引入中银香港成为上海清算所首家境外清算会员直接开展银行间利率衍生品业务。 截至2025年11月，银行间利率衍生品业务集中清 ...

日前，甘肃省生态环境厅拟对甘肃巨化新材料有限公司高性能氟氯新材料一体化提升项目环境影响评价 文件作出审批意见。 项目详情： 项目名称：甘肃巨化新材料有限公司高性能氟氯新材料一体化提升项目 项目概况： （1）HFP装置：主要新增反应器2台，并调整现有HFP设备，新增六氟丙烯（HFP）产能2.1万t/a；项目 实施后，全厂HFP产能达到5.0万t/a。新增HFP部分供H-yf装置使用，富余部分（1.4万t/a）作为产品出 厂。 （2）H-yf装置：新建2套装置，形成年产2万吨2,3,3,3-四氟丙烯（1234yf）的生产能力；该套装置采用 六氟丙烯（HFP）--五氟丙烷（R245eb）--2,3,3,3-四氟丙烯（1234yf）的工艺路线。项目实施后，企业 将取消生产第三代制冷剂五氟丙烷（R245eb），延伸产业链发展第四代制冷剂2,3,3,3-四氟丙烯 （1234yf）。 （3）T-yf装置：新增2套装置，形成年产1.5万吨2,3,3,3-四氟丙烯（1234yf）的生产能力；该套装置采用 四氯化碳--四氯丙烷--2,3,3,3-四氟丙烯（1234yf）的工艺路线。四氯化碳原料来自现有项目甲烷氯化物 装置。 （4 ...

每经AI快讯，12月23日，欧陆通在互动平台表示，公司主要产品包括电源适配器、数据中心电源和其 他电源等。其中，数据中心电源主要为机房内的设备电源且支持宽范围AC和DC输入。在服务器电源产 品及解决方案上，公司已推出了包括3,200W钛金M-CRPS服务器电源、1,300W-3,600W钛金CRPS服务器 电源、3,300W-5,500W钛金和超钛金GPU服务器电源、浸没式液冷服务器电源及机架式电源解决方案等 核心产品，研发技术和产品处于领先水平。 ...

Project Overview - The project is named "Gansu Juhua New Materials Co., Ltd. High-Performance Fluorochlorine New Materials Integration Upgrade Project" [2][7] - The construction unit is Gansu Juhua New Materials Co., Ltd., located in the Yumen Economic Development Zone, Chemical Industrial Park [2][7] - The project is a new construction with a total investment of 201,645.58 million yuan [2][7] - The project covers an area of 8,118.13 acres (541.22 hectares) within the existing factory area, with no new land required [2][7] Construction Details - The project includes several new facilities: - HFP unit: Adding 2 reactors to increase hexafluoropropylene (HFP) production capacity by 21,000 tons per year, bringing total HFP capacity to 50,000 tons per year [2][7] - H-yf unit: Constructing 2 new units to produce 20,000 tons of 2,3,3,3-tetrafluoropropene (1234yf) annually, using a process route involving HFP and R245eb [2][7] - T-yf unit: Adding 2 units to produce 15,000 tons of 1234yf annually, utilizing a process route involving carbon tetrachloride [3][8] - Methyl chloride unit: Adding 3 units to produce 100,000 tons of methyl chloride annually to meet market demand [3][8] Market and Industry Context - Gansu Juhua New Materials Co., Ltd. was established on March 15, 2023, as a wholly-owned subsidiary of Juhua Group [4][9] - The parent company, Juhua Group, specializes in the production of fluorochemical products and basic chemical raw materials, forming a comprehensive chemical industry chain [4][9] - The company has a national-level enterprise technology center and is a key player in the fluorochemical and sulfanilamide production sectors in China [4][9]

Core Insights - Tesla is focusing on developing its own AI chips, specifically a fifth-generation "AI5" processor, to support its ambitions in AI and robotics [1][6] - CEO Elon Musk indicated that Tesla may need to construct a large chip fabrication facility, referred to as a "terafab," to meet the anticipated demand for these chips [6] - The company is exploring potential partnerships with Intel to expedite the chip development process [2][6] Company Overview - Tesla is recognized as a global leader in electric vehicles (EVs), battery energy storage, and renewable energy products, with a market capitalization of approximately $1.5 trillion [3] - The company produces popular EV models, including the Models S, 3, X, Y, and the new Cybertruck, while also advancing in self-driving software and humanoid robotics [3] Market Position and Valuation - Tesla's stock has faced challenges, remaining flat in 2025 due to increased competition in the EV market, slowing sales in China, and investor concerns regarding Musk's compensation and AI promises [4] - The company's valuation remains a point of contention, with a forward P/E ratio between 270x and 370x, significantly higher than traditional automakers like Toyota, which trades at approximately 0.9x [5] - Compared to major tech companies, Tesla's valuation multiples are among the highest in the market, raising questions about the sustainability of its stock price [5]

Investment Rating - Industry rating is Neutral (maintained rating) [6] Core Viewpoints - The 2026 allocation plan for ozone-depleting substances and hydrofluorocarbons (HFCs) has been released, indicating a continued reduction in production and usage quotas for HCFCs and HFCs [10][11] - The total production quota for HCFCs in 2026 is set at 151,416 tons, with a usage quota of 79,724 tons, reflecting a significant reduction compared to previous years [2][12] - The room air conditioning sector will see a 70% reduction in usage quotas, while the commercial refrigeration sector will have a 67.5% reduction, consistent with 2025 [2][11] - The new quota scheme is expected to maintain a tight balance in the industry, with a projected increase in demand for R32 to compensate for reductions in R22 [21][22] Summary by Sections HCFCs Production and Usage Quotas - The production quota for HCFCs in 2026 is 151,416 tons, with a usage quota also at 79,724 tons, representing a reduction of 71.5% and 76.1% from baseline values respectively [11][12] - Specific reductions include HCFC-22 with a production quota of 146,068 tons, down by 3,000 tons from 2025 [12] HFCs Allocation and Adjustments - The allocation plan includes an increase of 3,000 tons for HFC-245fa and 50 tons for HFC-41 based on the demand for alternatives to HCFCs [3][15] - The maximum adjustment for any HFC's annual quota is capped at 30% of the allocated amount [15][16] Market Dynamics and Price Trends - The report indicates that the market for three generations of refrigerants remains tight, with companies likely to balance their adjustments across different refrigerant types rather than focusing on a single type [21][22] - Price increases for refrigerants have been significant, with R32 rising by 262% from early 2024 to current prices [22]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved record high revenue in Q3 2025, with total revenue for the first three quarters reaching 3.387 billion yuan, a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 220 million yuan, up 41.53% year-on-year [1][2]. - The company's gross margin for the first three quarters of 2025 was 20.47%, a decrease of 0.81 percentage points year-on-year, while the net margin improved to 6.58%, an increase of 0.69 percentage points year-on-year [2]. - The company is a leader in the domestic AI server power supply market, benefiting from the domestic production wave, with strong growth momentum and high profitability [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 1.267 billion yuan, a year-on-year increase of 19.00% and a quarter-on-quarter increase of 2.81%. The net profit for Q3 was 88 million yuan, up 25.15% year-on-year and 4.54% quarter-on-quarter [2]. - The company's operating expenses have been optimized, with sales expense ratio, management expense ratio, and R&D expense ratio at 2.28%, 3.41%, and 6.22%, respectively, showing year-on-year changes of -0.38 percentage points, -0.72 percentage points, and +0.51 percentage points [2]. Product and Market Position - The company’s core products include high-power server power supplies, which are positioned at the forefront of the domestic market and comparable to international high-end levels. The company has established strong relationships with major domestic server manufacturers [3]. - The company is actively expanding its overseas business, having set up teams in Taiwan and the United States to penetrate global markets [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 340 million yuan, 457 million yuan, and 578 million yuan for 2025, 2026, and 2027, respectively [4]. - The report provides a detailed financial outlook, including projected revenue growth rates and profit margins, indicating a robust growth trajectory [11][13].