Group 1 - The core viewpoint is that the air conditioning market is expected to maintain stable growth by 2026, with the supply and demand of the mainstream third-generation refrigerant R32 remaining in a tight balance [1] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [1] - The supply-demand relationship for R125 is also expected to be tight due to a small internal quota ratio and reduced social inventory [1] Group 2 - The refrigerant industry faces challenges with some companies having incomplete quota varieties and limited quota numbers, which may lead to adjustments in the production of high GWP refrigerants when prices rise [1] - Guosen Securities predicts that the mainstream third-generation refrigerants will maintain a tight supply-demand balance, with a long-term trend of tightening refrigerant quota constraints [1] - The development of the liquid cooling industry is viewed positively, as it is expected to increase the demand for fluorinated liquids and refrigerants [1] Group 3 - Jinshi Resources, a leading upstream fluorite resource company, announced plans to invest 257 million yuan to acquire a 15.7147% stake in Zhejiang Noah Fluorochemical Co., becoming its second-largest shareholder [2] - This transaction is seen as a strategic extension into the high value-added fine fluorochemical sector by Jinshi Resources [2] - Noah Fluorochemical specializes in the R&D, manufacturing, and sales of fluorinated electronic chemicals, with a current production capacity of 5,000 tons of fluorinated liquids [2]

Group 1 - The fluorochemical sector has seen an overall increase of 2.13% as of December 23, with specific stocks such as Duofu Duo, Tianji Co., and Tianci Materials reaching their daily limit up [1][2] - According to Juhua Co., the air conditioning market is expected to maintain stable growth by 2026, with R32 supply and demand remaining in a tight balance [2] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [2] Group 2 - R125 is expected to experience tight supply due to a small internal quota ratio and reduced social inventory [2] - The tightening of refrigerant quotas is seen as a long-term trend, with major refrigerants like R32, R134a, and R125 expected to maintain a favorable market outlook and significant price upside potential [2] - The liquid cooling industry is projected to enhance the demand for fluorinated liquids and refrigerants [2]

浙江巨化股份有限公司 关于投资者接待日活动情况的公告 股票代码：600160 股票简称：巨化股份 公告编号：临 2025-59 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个别及连带责任。 ●前瞻性陈述的风险提示： 本次会议交流中涉及的未来计划、市场发展战略、市场预测等前瞻性陈述不 构成本公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异，注意投资风险。 为进一步加强与投资者沟通交流，解答投资者关心的各类问题，倾听投资者 的意见和建议，便于广大投资者全面、深入地了解公司经营与发展情况，浙江巨 化股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日召开投资者接待日 活动。活动具体情况如下： 一、活动基本情况 1、活动时间：2025 年 12 月 19 日（星期五）14:00-17:00。 2、活动地点：浙江省衢州市柯城区衢化宾馆。 3、出席人员：公司董事、总经理韩金铭先生，董事、董事会秘书、财务负 责人王笑明先生。 4、来访投资者：开源证券、国海证券、盛远德诚、 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-58 浙江巨化股份有限公司 关于为控股子公司提供担保进展情况的公告 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。 重要内容提示： | | | | 实际为其提供的担 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | | 被担保人名称 | 本次担保金额 | | 保余额（不含本次 | 期预计额 | 是否有反 | | | | | 担保金额） | 度内 | 担保 | | 浙江晋巨化工有限公司（以 下简称"晋巨公司"） | | 3,995.43 万元 | 62,303.99 万元 | 是 | 否 | | 宁波巨化化工科技有限公司 | 100 | 万美元，折合人民 | 0 元 | 是 | 否 | | （以下简称"宁化公司"） | 币 | 707.89 万元 | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（万 ...

Core Viewpoint - Juhua Co., Ltd. has shown significant stock performance with a year-to-date increase of 55.88%, reflecting strong financial results and market interest in its chemical products [1][2]. Financial Performance - For the period from January to September 2025, Juhua Co., Ltd. achieved a revenue of 20.394 billion yuan, representing a year-on-year growth of 13.89% [2]. - The net profit attributable to shareholders for the same period was 3.248 billion yuan, marking a substantial increase of 158.29% year-on-year [2]. Stock Market Activity - As of December 22, Juhua's stock price rose by 2.03% to 37.24 yuan per share, with a trading volume of 304 million yuan and a turnover rate of 0.31% [1]. - The company’s market capitalization reached 100.539 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 76,800, up by 49.11% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 32.93% to 35,172 shares [2]. Dividend Distribution - Juhua Co., Ltd. has distributed a total of 5.973 billion yuan in dividends since its A-share listing, with 1.647 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 64.509 million shares, a decrease of 20.4115 million shares from the previous period [3]. - New institutional shareholders include Penghua CSI Subdivision Chemical Industry Theme ETF and E Fund CSI 300 ETF, indicating growing interest in the company [3].

Core Viewpoint - The bio-based 1,3-propanediol (PDO) industry in China is transitioning from "technology validation" to "scale production" by 2025, driven by the demand for green transformation in downstream markets such as textiles and cosmetics [2]. Group 1: PDO Production Capacity and Technological Advances - By 2025, multiple companies are accelerating the construction of large-scale production bases for bio-based PDO, with significant investments and technological breakthroughs [4][5]. - Companies like Qingda Zhixing and Heng Carbon Technology have successfully developed fermentation methods for PDO production, breaking the technological monopoly of foreign firms [5][6]. - Heng Carbon Technology has established a unique production base with an annual capacity of 15,000 tons, utilizing a revolutionary "three non-four no" technology that is highly environmentally friendly [6][7]. Group 2: Market Expansion and Applications - PDO is widely applicable in various industries, including polyester, cosmetics, polyurethane, pharmaceuticals, and coatings [10]. - The global bio-based PTT market, which utilizes PDO as a core monomer, is projected to grow from approximately 3.4 billion yuan in 2023 to 8.3 billion yuan by 2030, with a compound annual growth rate of 13.1% [13]. - Companies are forming strategic partnerships to create integrated industrial bases that enhance competitiveness in the bio-based PTT market [13][14]. Group 3: Emerging Companies and Innovations - New companies are emerging with innovative production techniques, such as Shandong Xiangchi Jianyuan Biotechnology, which is implementing advanced fermentation methods to enhance production efficiency [9]. - Zhongke Baiyijin has successfully produced bio-based PDO with a purity of 99.9% using biomass as a raw material [9]. - The industry is witnessing a structural expansion in downstream markets, particularly in textiles and cosmetics, benefiting from reduced raw material costs and increased production capacity [14].

Group 1 - The core view of the report indicates that the chemical industry in China is expected to see a bottoming out and improvement in supply-demand dynamics, with a marginal recovery in industry prosperity anticipated for 2026 [4][5][45] - In 2025, the chemical price index is projected to decline slightly, remaining in a low prosperity phase, but global energy costs have retreated from their highs, leading to positive changes in supply, demand, and inventory [4][15][45] - The report highlights that supply-side investment growth in the chemical industry is slowing, driven by anti-competitive policies and the exit of outdated overseas production capacities, which alleviates supply-side pressure [4][30][37] Group 2 - The report identifies three key investment directions for 2026: sub-industries with improving supply-demand dynamics, leading companies driven by capital expenditure and R&D, and high-end chemical new materials benefiting from increased demand or domestic substitution [5][46][57] - Sub-industries expected to see recovery include titanium dioxide, certain pesticide varieties, chemical fibers, and refrigerants, as traditional demand stabilizes and new industries emerge [5][49][57] - Leading companies are expected to concentrate capital expenditure on capacity expansion and high-value downstream products, with significant capital expenditures noted for companies like China Petroleum and Wanhua Chemical [6][51][52] Group 3 - The report emphasizes the ongoing domestic substitution in high-end chemical new materials, particularly in electronic chemical materials and ceramics, driven by the growth of emerging industries such as AI and biomedical applications [7][54][56] - The demand for electronic chemical materials is anticipated to increase as domestic companies make technological advancements and penetrate supply chains for semiconductor and display panel materials [55] - The ceramic materials market is expected to grow significantly due to new applications in biomedical fields, providing a new growth engine for high-end ceramic materials [56]

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

Group 1 - The PVDF concept sector experienced a decline of 3.09%, ranking among the top losers in the market, with companies like Zhongchuang Environmental Protection, Jinming Precision Machinery, and Huitian New Materials showing significant losses [1] - The top gainers in the market included the duty-free shop sector with a rise of 1.44%, while the superconducting concept saw a decline of 3.32% [2] - The PVDF concept sector faced a net outflow of 516 million yuan from major funds, with 16 stocks experiencing net outflows, and 12 stocks seeing outflows exceeding 10 million yuan [3] Group 2 - The stock with the highest net outflow was Duofluor, which saw a net outflow of 264 million yuan and a decline of 3.73% in its stock price [3] - Other notable companies with significant net outflows included Dongyangguang with 37.43 million yuan, Juhua Co. with 34.51 million yuan, and Putailai with 24.95 million yuan [3] - Zhongchuang Environmental Protection had a notable decline of 7.44% with a net outflow of 22.13 million yuan [4]