从基金十大重仓股角度 11月27日，长华化学跌5.1%，截至发稿，报41.35元/股，成交2.23亿元，换手率9.92%，总市值57.96亿 元。 资料显示，长华化学科技股份有限公司位于江苏扬子江国际化工园北京路20号，成立日期2010年10月26 日，上市日期2023年8月3日，公司主营业务涉及聚醚产品的研发、生产、销售。主营业务收入构成为： POP65.34%，软泡用PPG26.68%，CASE用聚醚及特种聚醚6.80%，其他(补充)1.18%。 数据显示，鹏华基金旗下1只基金重仓长华化学。鹏华弘和混合A（001325）三季度持有股数9.95万股， 占基金净值比例为4.98%，位居第三大重仓股。根据测算，今日浮亏损失约22.09万元。 鹏华弘和混合A（001325）基金经理为刘方正、姬长春。 姬长春累计任职时间9天，现任基金资产总规模7518.95万元，任职期间最佳基金回报-1.26%， 任职期间 最差基金回报-1.26%。 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 ...

11月20日，长华化学涨4.72%，成交额3.44亿元。两融数据显示，当日长华化学获融资买入额3057.62万 元，融资偿还3662.35万元，融资净买入-604.73万元。截至11月20日，长华化学融资融券余额合计1.20 亿元。 融券方面，长华化学11月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，长华化学科技股份有限公司位于江苏扬子江国际化工园北京路20号，成立日期2010年10月26 日，上市日期2023年8月3日，公司主营业务涉及聚醚产品的研发、生产、销售。主营业务收入构成为： POP65.34%，软泡用PPG26.68%，CASE用聚醚及特种聚醚6.80%，其他(补充)1.18%。 截至10月31日，长华化学股东户数1.21万，较上期减少13.73%；人均流通股4411股，较上期增加 15.91%。2025年1月-9月，长华化学实现营业收入19.91亿元，同比减少9.31%；归母净利润7606.70万 元，同比增长127.81%。 融资方面，长华化学当日融资买入3057. ...

Core Insights - Changhua Chemical's stock price increased by 5.15% on November 11, reaching 38.39 CNY per share, with a trading volume of 294 million CNY and a turnover rate of 15.04%, resulting in a total market capitalization of 5.381 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 8.34% during this period [1] Company Overview - Changhua Chemical Technology Co., Ltd. is located at No. 20 Beijing Road, Jiangsu Yangtze River International Chemical Park. The company was established on October 26, 2010, and went public on August 3, 2023. Its main business involves the research, production, and sales of polyether products [1] - The revenue composition of Changhua Chemical is as follows: POP accounts for 65.34%, soft foam PPG for 26.68%, CASE polyether and specialty polyether for 6.80%, and other (supplementary) products for 1.18% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Changhua Chemical. The Penghua Honghe Mixed A Fund (001325) held 99,500 shares in the third quarter, representing 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 187,100 CNY, with a total floating profit of 279,600 CNY over the three-day increase [2] - The Penghua Honghe Mixed A Fund (001325) was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 54.6%, ranking 737 out of 8147 in its category; the one-year return is 37.83%, ranking 1358 out of 8056; and since inception, the return is 90.08% [2] Fund Manager Profile - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng. As of the report date, Liu has a cumulative tenure of 10 years and 248 days, with total fund assets of 811 million CNY. The best fund return during his tenure is 128.22%, while the worst return is -1.2% [3]

Group 1 - Changhua Chemical's stock increased by 5.21%, reaching 35.54 CNY per share, with a trading volume of 86.99 million CNY and a turnover rate of 4.69%, resulting in a total market capitalization of 4.982 billion CNY [1] - The company, established on October 26, 2010, and listed on August 3, 2023, is located in Jiangsu and specializes in the research, production, and sales of polyether products. The revenue composition is as follows: POP 65.34%, soft foam PPG 26.68%, CASE polyether and specialty polyether 6.80%, and others 1.18% [1] Group 2 - According to data from the top ten holdings of funds, Penghua Fund has one fund heavily invested in Changhua Chemical. The Penghua Honghe Mixed A fund (001325) held 99,500 shares in the third quarter, accounting for 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 175,100 CNY [2] - The Penghua Honghe Mixed A fund was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 56.21%, ranking 748 out of 8148 in its category; the one-year return is 42.16%, ranking 1254 out of 8053; and since inception, the return is 92.06% [2] Group 3 - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng, who has a cumulative tenure of 10 years and 244 days. The current total asset size of the fund is 811 million CNY, with the best fund return during his tenure being 128.22% and the worst being -1.2% [3]

Group 1 - The core point of the news is that Changhua Chemical's stock price increased by 5.23% to 34.80 CNY per share, with a total market capitalization of 4.878 billion CNY as of the report date [1] - Changhua Chemical, established on October 26, 2010, and listed on August 3, 2023, specializes in the research, production, and sales of polyether products, with its main business revenue composition being 65.34% from POP, 26.68% from soft foam PPG, 6.80% from CASE polyether and specialty polyethers, and 1.18% from other sources [1] Group 2 - From the perspective of fund holdings, Penghua Fund has a significant position in Changhua Chemical, with its Penghua Honghe Mixed A fund holding 99,500 shares, accounting for 4.98% of the fund's net value, making it the third-largest holding [2] - The Penghua Honghe Mixed A fund, established on May 25, 2015, has a latest scale of 13.9925 million CNY and has achieved a year-to-date return of 60.4%, ranking 616 out of 8,154 in its category [2] - The fund manager, Liu Fangzheng, has a tenure of 10 years and 237 days, with the fund's total asset size at 811 million CNY, achieving a best return of 128.22% during his tenure [2]

Group 1 - The core viewpoint of the news is that Changhua Chemical experienced a decline in stock price and significant changes in financing activities on October 17, 2023 [1] - On October 17, Changhua Chemical's stock fell by 2.80%, with a trading volume of 149 million yuan. The financing buy amount was 15.18 million yuan, while the financing repayment was 21.63 million yuan, resulting in a net financing buy of -6.45 million yuan [1] - As of October 17, the total balance of margin trading for Changhua Chemical was 127 million yuan, with the financing balance accounting for 7.06% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Changhua Chemical increased to 14,000, a rise of 45.12%, while the average circulating shares per person decreased by 31.09% to 3,805 shares [2] - For the first half of 2025, Changhua Chemical reported an operating income of 1.23 billion yuan, a year-on-year decrease of 15.80%, but the net profit attributable to shareholders increased by 62.71% to 41.13 million yuan [2] - Since its A-share listing, Changhua Chemical has distributed a total of 93.33 million yuan in dividends [2]

Core Viewpoint - The company is planning to issue A-shares to specific investors in 2025, which may dilute immediate returns for existing shareholders, and has outlined measures to mitigate this dilution risk [1][2][5]. Financial Impact of the Stock Issuance - The total amount to be raised from the issuance is estimated at 230 million yuan, with the number of shares to be issued being approximately 12.5 million, not exceeding 30% of the total shares before the issuance [2][4]. - The company's net profit for 2024 is projected at 58.1551 million yuan, with different growth scenarios for 2025 being 20%, 10%, or flat compared to 2024 [2][4]. - The basic earnings per share (EPS) under different profit growth scenarios are as follows: - Scenario 1 (20% growth): Pre-issuance EPS is 0.41 yuan, post-issuance EPS is 0.49 yuan [4]. - Scenario 2 (10% growth): Pre-issuance EPS is 0.41 yuan, post-issuance EPS is 0.45 yuan [4]. - Scenario 3 (flat): Pre-issuance EPS is 0.41 yuan, post-issuance EPS remains 0.41 yuan [4]. Necessity and Reasonableness of the Issuance - The issuance is aligned with the company's main business of developing, producing, and selling polyether products, including a new project for carbon dioxide polyether, which supports green economic policies [6][7]. - The project aims to enhance product structure and meet market demand, thereby improving overall competitiveness and profitability [7][8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to implement various measures to enhance operational performance and ensure effective use of raised funds, including strict supervision of fund usage and improving investment decision-making processes [10][12]. - The company will focus on increasing market share, optimizing production processes, and reducing costs to enhance profitability [11][12]. Commitments from Major Stakeholders - The controlling shareholder and management have made commitments to not interfere with company operations or harm company interests, ensuring adherence to measures aimed at mitigating return dilution [13][14].