二、搬迁补偿事项具体情况 根据《搬迁协议》，截止 2025 年 12 月 29 日，开化合成原生产基地的整体搬迁 资产处置工作已全部完成，厂区已全部腾空，相关资产的土地使用权证、房屋所有 权证及相关证照原件已全部移交至浙江开化经济开发区管理委员会。公司于 2021 年 至 2025 年期间累计收到搬迁补偿款合计 18,190.16 万元。 三、对公司当期损益的影响 鉴于搬迁工作已全面完成，依据会计准则相关规定及《搬迁协议》，本次搬迁 补偿确认收益预计影响 2025 年度归属于上市公司股东净利润 12,161.13 万元。上述 数据未经审计，具体会计处理及对公司年度利润产生的影响以会计师年度审计确认 后的结果为准。敬请广大投资者注意投资风险。 证券代码：600596 证券简称：新安股份 公告编号：2025-068 号 浙江新安化工集团股份有限公司 关于开化合成整体搬迁进展的公告 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个别及连带责任。 一、搬迁补偿事项概述 浙江新安化工集团股份有限公司（以下简称"公司"）第十届董事会第十一次 会议审 ...

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Market Overview - The agricultural chemical sector experienced a decline of 1.48% on December 29, with Runfeng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Beisimei (300796) with a closing price of 8.76, up 1.39% on a trading volume of 54,300 shares and a turnover of 47.32 million yuan [1] - Nongxin Technology (001231) at 22.72, up 1.38% with a trading volume of 25,600 shares and a turnover of 57.69 million yuan [1] - Baiao Chemical (603360) at 31.68, up 1.38% with a trading volume of 120,500 shares and a turnover of 381 million yuan [1] - Conversely, significant decliners included: - Runfeng Co., Ltd. (301035) at 66.10, down 5.58% with a trading volume of 34,100 shares and a turnover of 228 million yuan [2] - Yanhai Co., Ltd. (000792) at 27.69, down 4.48% with a trading volume of 1,063,600 shares and a turnover of 2.994 billion yuan [2] - Zhejiang Agricultural Co., Ltd. (002758) at 9.83, down 3.91% with a trading volume of 170,200 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 637 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2] - Key stocks with notable capital flows included: - Yuntianhua (600096) with a net inflow of 12.8 million yuan from institutional investors [3] - Baiao Chemical (603360) with a net inflow of 18.96 million yuan from institutional investors [3] - Runfeng Co., Ltd. (301035) had a net outflow of 30.6 million yuan from institutional investors but a net inflow of 20.74 million yuan from retail investors [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the organic silicon industry [3] Core Insights - The organic silicon industry is experiencing a transformation characterized by supply-side optimization and unexpected demand growth in emerging sectors. The report highlights the industry's response to traditional market slowdowns and the potential for structural changes in supply dynamics [1][2][7] - The demand structure for organic silicon is shifting, with traditional sectors like construction declining in share, while emerging sectors such as photovoltaics and electric vehicles are expected to drive significant demand growth [24][27][30] Summary by Sections 1. Overview of Organic Silicon - Organic silicon, primarily polysiloxane, is a versatile chemical compound used across various industries due to its unique properties such as thermal stability and electrical insulation [10][11] 2. Supply Expansion Cycle and Industry Dynamics - China's organic silicon production capacity increased from 1.515 million tons in 2019 to 3.44 million tons in 2024, with a CAGR of 17.8%. The report notes that the supply expansion cycle is nearing its end, with limited new capacity expected to come online [15][16] - The industry is consolidating, with the top four companies projected to control 54.7% of the market by 2025, fostering a more orderly competitive environment [16][17] 3. Demand Structure Optimization - The apparent consumption of organic silicon in China grew at a CAGR of 11.3% from 2019 to 2024. The share of traditional construction applications is expected to decline from 33.1% in 2021 to 25.2% in 2024, while sectors like manufacturing and transportation are gaining share [24][27] 4. Emerging Demand Drivers - Significant demand increases are anticipated from three key emerging sectors: photovoltaics, electric vehicles, and composite insulators. For instance, the photovoltaic sector is expected to contribute an additional 140,000 tons of organic silicon demand in 2025 due to a 30% increase in solar cell production [30][35] - The report estimates that the electric vehicle sector will add approximately 66,000 tons of organic silicon demand in 2025, driven by the rising production of electric vehicles [30][35] 5. Investment Recommendations - The report suggests focusing on companies with upstream self-sufficiency in industrial silicon and energy advantages, as well as those with strong positions in high-value downstream products. Specific companies highlighted include: - Hoshine Silicon Industry (合盛硅业) with significant production capacity and market presence [38] - Xin'an Chemical (新安股份) known for its comprehensive product range and strong market position [38] - Dongyue Silicon Materials (东岳硅材) with integrated production capabilities across the silicon value chain [38]

Core Viewpoint - The silicon-based new materials industry is a crucial component of strategic emerging industries such as electronic information, new energy, and environmental protection, with significant government support driving its development [1][8]. Industry Overview - Silicon-based new materials are essential for various strategic emerging industries, including semiconductors, new energy, and aerospace, and include types such as organic silicon, silicon carbide, and microcrystalline silicon [4][10]. - The industry has seen substantial advancements in technology and capacity expansion, breaking foreign monopolies and enhancing overall competitiveness [1][8]. Market Size and Growth - The market size of China's silicon-based new materials industry is projected to reach 58.901 billion yuan in 2024, reflecting a year-on-year increase of 10.9% [1][9]. - The production volume of silicon-based new materials is expected to grow from 1.5265 million tons in 2019 to 5.4563 million tons by 2024, with a compound annual growth rate of 29.0% [9][10]. Industry Chain - The industry chain consists of upstream raw materials (metal silicon, silicon wafers), midstream manufacturers (producers of various silicon-based materials), and downstream applications (semiconductors, photovoltaic cells, and new energy vehicles) [5][6]. Competitive Landscape - The competitive landscape is characterized by a mix of leading enterprises and emerging market participants, with major players like Hoshine Silicon Industry, Jianghan New Materials, and Dongyue Silicon Materials dominating the market [11][12]. Future Trends - Market demand for silicon-based new materials is expected to expand further, driven by growth in sectors such as photovoltaics, semiconductors, and new energy vehicles [15]. - Technological innovation and industry upgrades will provide new momentum for the sector, with increasing requirements for material purity and performance in semiconductor applications [16]. - Continuous government support and policies aimed at promoting new material research and industrialization will create a favorable environment for the industry's growth [17].

Group 1: Company Overview - Zhejiang Xin'an Chemical Group Co., Ltd. is located in Jiande City, Zhejiang Province, and was established on May 12, 1993, with its listing date on September 6, 2001 [2] - The company's main business involves agrochemical products, silicon-based new materials, with revenue composition as follows: agrochemical self-produced products 40.89%, silicon-based basic products 15.27%, silicon-based terminal and special silane products 13.96%, chemical new materials 10.37%, others 8.67%, agrochemical trading products 7.95%, and other (supplement) 2.90% [2] - Xin'an shares belong to the Shenwan industry classification of basic chemicals - agrochemical products - pesticides, and are associated with concepts such as biopesticides, organic silicon, glyphosate, genetically modified organisms, and lithium batteries [2] Group 2: Financial Performance - As of September 30, 2025, Xin'an shares reported a total revenue of 11.699 billion yuan, a year-on-year decrease of 1.09%, and a net profit attributable to shareholders of 71.376 million yuan, a year-on-year decrease of 47.90% [2] - The company has cumulatively distributed 3.867 billion yuan in dividends since its A-share listing, with 1.129 billion yuan distributed in the last three years [3] Group 3: Stock Performance - On December 19, Xin'an shares rose by 2.03%, reaching 11.08 yuan per share, with a trading volume of 1.22 billion yuan and a turnover rate of 0.83%, resulting in a total market capitalization of 14.954 billion yuan [1] - Year-to-date, Xin'an shares have increased by 27.65%, with a 3.45% rise over the last five trading days, a 0.54% increase over the last 20 days, and a 3.94% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on November 13, where it recorded a net purchase of 12.9726 million yuan, with total purchases of 186 million yuan, accounting for 18.79% of total trading volume [1]

Group 1 - The core transaction on December 15 involved a block trade of 275,000 shares of Xin'an Co., with a transaction value of 3.0113 million yuan and a transaction price of 10.95 yuan per share [2][3] - The buyer of the block trade was Ping An Securities Co., Ltd., while the seller was China International Capital Corporation [2][3] - Over the past three months, Xin'an Co. has recorded a total of five block trades, amounting to a cumulative transaction value of 35.8193 million yuan [2] Group 2 - As of December 15, Xin'an Co. closed at 10.95 yuan, reflecting an increase of 2.24%, with a daily turnover rate of 1.63% and a total trading volume of 242 million yuan [2] - The net inflow of main funds for the day was 8.4332 million yuan, while the stock has seen a cumulative decline of 3.78% over the past five days, with a total net outflow of 26.8727 million yuan [2] - The latest margin financing balance for Xin'an Co. is 538 million yuan, which has decreased by 4.0483 million yuan, representing a decline of 0.75% over the past five days [3]

Core Viewpoint - The strategic cooperation agreement between Transfar Group and CATL aims to leverage each other's strengths in technology innovation and industrial applications to promote the development of the new energy industry and achieve high-quality growth [1][3][9]. Group 1: Strategic Cooperation Details - The cooperation will focus on four key areas: 1. Joint innovation in new energy materials, including the development of key battery materials and the establishment of a green, low-carbon, and efficient supply chain [3][9]. 2. Building an electric heavy truck battery swap energy hub, utilizing Transfar's nationwide logistics network to promote electric truck demonstrations and infrastructure [4][10]. 3. Exploring innovation in the robotics industry by integrating new energy technologies with intelligent robotics and equipment [4][10]. 4. Creating zero-carbon scenarios and a comprehensive energy ecosystem, covering logistics, commercial energy storage, and smart agriculture [4][10]. Group 2: Company Background - Transfar Group, established in 1986, is a diversified and global industrial group with businesses in chemicals, logistics, technology, agriculture, and coatings, ranking 60th among China's private enterprises and 191st among all enterprises [6][12]. - Transfar Coatings, a subsidiary of Transfar Group, specializes in various types of coatings and has been recognized as a hidden champion and a green factory in Zhejiang Province [6][12]. Group 3: Previous Collaborations - Earlier in June 2023, Transfar Coatings signed a strategic cooperation agreement with Zhongxian Guoxin New Materials to focus on the industrial application of high-performance graphene and silicon-nitrogen materials, aiming to drive technological innovation in the specialty coatings industry [7][13].

| No. 22-4 2002 year 1 kill 45% | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 025-12-15 | 新安股份 | 600596 | 10.95 301.13 | 27.5 | 买家睡觉器器器器 | 顏霜龍號 | KO | 12月15日，新安股份大宗交易成交27.5万股，成交额301.13万元，占当日总成交额的1.23%，成交价 10.95元，较市场收盘价10.95元持平。 ...

Core Viewpoint - The strategic cooperation agreement between Transfar Group and CATL aims to leverage each other's industrial advantages to build a green, intelligent, and sustainable industrial ecosystem [1][2] Group 1: Strategic Cooperation Details - The high-level attendees at the signing ceremony included key executives from both companies, indicating the significance of the partnership [1] - Transfar Group's Chairman Xu Guanju emphasized that CATL's technological innovation will support Transfar's transformation, while Transfar's diverse industrial scenarios will provide application space for CATL [1] - The collaboration will focus on four main areas: joint innovation in new energy materials, building a heavy-duty truck battery swap energy hub, exploring innovations in the robotics industry, and creating zero-carbon scenarios and comprehensive energy ecosystems [2] Group 2: Focus Areas of Collaboration - The first focus area is the joint innovation of new energy materials, aiming to develop key battery materials and establish a green, low-carbon, and efficient supply chain [2] - The second area involves creating an operational system for heavy-duty truck battery swap energy hubs, utilizing Transfar's nationwide logistics network to promote electric truck demonstrations and infrastructure [2] - The third area will explore the integration of new energy technologies with embodied intelligent robots and smart equipment, leveraging innovation platforms for research and application [2] - The fourth focus is on developing zero-carbon scenarios across various sectors, including logistics, commercial energy storage, and smart agriculture, to create replicable green energy solutions [2]