Core Viewpoint - The report highlights the performance of three funds managed by Chen Jinwei, showing significant returns and a focus on the chemical sector as a core investment area, while also acknowledging the importance of technology stocks for future growth [1][4][7]. Fund Performance - The total assets under management for the three funds reached 1.769 billion yuan, with quarterly returns of 13.90%, 14.09%, and 14.61% respectively [1]. - Year-to-date returns for the funds are 30.56%, 31.05%, and 33.68%, indicating a robust overall performance [1]. Investment Strategy - Chen Jinwei's investment strategy is characterized by a "50-40-10" framework, allocating 50% to good companies, 40% to undervalued stocks, and 10% to industry trends, aiming for sustainable growth with a margin of safety [4][9]. - The report emphasizes a significant allocation to the chemical sector, with leading companies like Luxi Chemical and Huafeng Chemical contributing to substantial gains [2][4]. Sector Focus - The chemical industry is highlighted as having a competitive advantage, with China holding 70%-80% of global production capacity in many sub-sectors, making it difficult for overseas replication of the supply chain [4]. - In addition to chemicals, investments in consumer and pharmaceutical sectors are also noted, with companies like Sanxia Tourism and Huaxia Airlines forming a secondary pillar of the portfolio [4]. Technology Stock Outlook - Despite a current lack of technology stock holdings, Chen Jinwei expresses a positive outlook on technology growth, particularly in artificial intelligence, semiconductors, and new energy sectors [7][8]. - The report discusses the positive externalities of technology stock appreciation, including stimulating entrepreneurship and improving investor sentiment, which can indirectly boost domestic demand [8]. Policy Insights - The report addresses the "anti-involution" policy, clarifying that it is not anti-market but aims to enhance returns on labor, land, and capital, thus serving as a direct stimulus for domestic demand [8][9]. - Observations on reduced working hours suggest a potential surge in service consumption, with a notable increase in sectors like tourism [8]. Market Perspective - Chen Jinwei's "low valuation growth" strategy stands out in a market focused on technology growth, emphasizing the importance of maintaining healthy profit cycles in hard technology sectors through anti-involution measures [9]. - The interconnectedness of industries is highlighted, suggesting that the success of one sector can positively impact others, reinforcing the idea of mutual growth [9].

Core Viewpoint - Huafeng Chemical reported a net profit attributable to shareholders of 1.462 billion yuan for the first three quarters, a year-on-year decrease of 27.45% [1] Financial Performance - In Q3, the net profit attributable to shareholders was 478 million yuan, reflecting a year-on-year decline of 3.68% and a quarter-on-quarter decrease of 0.17% [1] - The overall profitability of the company remained stable on a quarter-on-quarter basis despite the ongoing bottoming out of spandex and adipic acid prices [1] Market Conditions - The price spread of adipic acid has slightly decreased, with no new production capacity expected in 2025 [1] Production Capacity - The Chongqing base has 150,000 tons of differentiated spandex capacity under construction, which is expected to gradually release additional output [1] - The Chongqing base has significant cost advantages over peers and the Ruian base in terms of raw material costs, energy, and depreciation [1] Investment Rating - The company maintains a "Buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a bottoming out in the industry, awaiting recovery, with strong profit resilience due to low-cost expansion [1] - The third quarter of 2025 saw a revenue of 18.109 billion yuan, a year-on-year decrease of 11.11%, and a net profit attributable to shareholders of 1.462 billion yuan, down 27.45% year-on-year [5] - The company anticipates a gradual recovery in demand for spandex and adipic acid, with a forecasted increase in prices over the coming years [5][6] Financial Performance Summary - For Q3 2025, the company reported a revenue of 5.973 billion yuan, a year-on-year decrease of 9.89%, and a net profit of 478 million yuan, down 3.68% year-on-year [5] - The average price of spandex in Q3 2025 was approximately 23,049 yuan/ton, a decrease of 2.23% from the previous quarter [5] - The company expects to achieve net profits of 1.994 billion yuan, 3.535 billion yuan, and 3.642 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21.83, 12.31, and 11.95 [8] Industry Outlook - The spandex market is currently facing weak supply and demand, leading to price declines, but a reduction in new capacity is expected to support a recovery in demand [5] - The company has a competitive advantage in cost structure due to its production base in Chongqing, which is expected to contribute to profit resilience [7] - No new capacity for adipic acid is expected in 2025, with a projected average price of 7,063 yuan/ton in Q3 2025, reflecting a 2.09% decrease [6]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, indicating short-term performance pressure due to pricing challenges in its main products [1] Financial Performance - For Q3 2025, the company achieved revenue of 5.973 billion yuan, a year-on-year decrease of 10%, and a net profit attributable to shareholders of 478 million yuan, down 4% year-on-year [1] - The overall revenue for the first three quarters of 2025 was 18.109 billion yuan, reflecting an 11% year-on-year decline, with a net profit of 1.462 billion yuan, down 27% [1] - The gross margin for Q3 2025 was 14.7%, an increase of 1 percentage point year-on-year, while the expense ratio remained stable at 6.4% [1] Product Pricing and Market Conditions - Prices for key products such as spandex, polyurethane raw materials, and adipic acid were reported at 23,417 yuan/ton, 14,675 yuan/ton, and 7,019 yuan/ton respectively, showing year-on-year declines of 13%, 12%, and 20% [1] - The price spread for spandex and adipic acid reached historical lows, with significant inventory levels in the spandex industry at 53 days, up 14% year-on-year [1] - The upstream raw material prices continue to decline, lacking cost support, which is expected to maintain pressure on short-term performance [1] Industry Outlook - The long-term supply-demand dynamics in the spandex industry are expected to improve, with the company poised to benefit from this trend [2] - The recent decision by Korea's Taekwang Group to suspend part of its spandex production in China, with an annual output of nearly 30,000 tons, may lead to capacity reduction in the industry [2] - The company holds the largest spandex production capacity in China and the second largest globally, providing it with significant bargaining power [2] - The company's production base in Chongqing has advantages in energy, labor, and transportation costs, which may enhance its competitive position as consumer demand evolves [2] Investment Recommendation - The company is projected to achieve net profits of 2.03 billion yuan, 2.79 billion yuan, and 3.34 billion yuan for the years 2025 to 2027, respectively, with an initial coverage rating of "recommended" [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company demonstrates resilience at the bottom of the cycle, with a focus on the anticipated turning points for spandex and adipic acid prices [7][8]. - The company reported a revenue of 18.109 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.11%, and a net profit attributable to shareholders of 1.462 billion yuan, down 27.45% year-on-year [6][11]. - The gross profit margin for the company was 14.1%, a decline of 1.5 percentage points year-on-year, while the net profit margin was 8.1%, down 1.8 percentage points year-on-year [6][11]. Summary by Relevant Sections Financial Performance - In Q3 2025, the company achieved a revenue of 5.973 billion yuan, a year-on-year decrease of 9.9%, but a quarter-on-quarter increase of 2.6% [6][7]. - The net profit for Q3 2025 was 478 million yuan, a decrease of 3.7% year-on-year and a slight decrease of 0.2% quarter-on-quarter [6][7]. - The gross profit margin for Q3 2025 was 14.7%, showing a year-on-year increase of 1.1 percentage points and a quarter-on-quarter increase of 0.6 percentage points [6][7]. Market Position and Competitive Advantage - The company is a leader in the domestic spandex and adipic acid industries, with significant cost advantages at the bottom of the product cycle [8]. - The spandex industry is nearing the end of new capacity additions, with some smaller capacities exiting the market, leading to increased industry concentration [8]. - The adipic acid industry is expected to reach a bottom, with no new capacity planned for 2025 and some projects postponed, which may boost demand due to domestic technological breakthroughs [8]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 25.6 billion yuan, 28 billion yuan, and 30 billion yuan, respectively, with corresponding net profits of 1.96 billion yuan, 2.5 billion yuan, and 3.09 billion yuan [11][17]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 22, 17, and 14 for the years 2025, 2026, and 2027, respectively, reflecting its strong market position and cost advantages [11][17].

Core Viewpoint - Huafeng Chemical (002064.SZ) reported its Q3 2025 results, indicating a total institutional ownership of 2.415 billion shares, accounting for 48.66% of the company's total equity, with a slight decrease of 0.62 percentage points from the previous quarter [1] Institutional Investors - As of October 24, 2025, eight institutional investors disclosed their holdings in Huafeng Chemical, with a combined shareholding of 2.415 billion shares [1] - The institutional investors include Huafeng Group Limited, Hong Kong Central Clearing Limited, and several funds such as Huatai Securities Co., Ltd. - Penghua CSI Sub-Sector Chemical Industry Theme ETF [1] Public Fund Holdings - One public fund, the Chemical ETF, increased its holdings by 0.54% compared to the previous quarter, while another fund, the Southern CSI 500 ETF, saw a slight decrease in holdings [2] - Two new public funds disclosed their holdings in Huafeng Chemical this quarter, namely Taixin Blue Chip Selected Mixed and Taixin Competitive Selection Mixed [2] - A total of 295 public funds did not disclose their holdings this quarter, including several notable funds [2] Social Security Fund Holdings - One social security fund, the National Social Security Fund 413 Combination, increased its holdings slightly this quarter [2] - A new social security fund, the National Social Security Fund 406 Combination, disclosed its holdings in Huafeng Chemical [2] - One social security fund, the National Social Security Fund 101 Combination, did not disclose its holdings this quarter [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly compared to the previous quarter [2]

Group 1 - The core point of the article is that Huafeng Chemical held its 14th meeting of the 9th Board of Directors on October 23, 2025, via telecommunication voting, discussing the establishment of the Audit Committee members and the convener [1] - For the first half of 2025, Huafeng Chemical's revenue composition was 99.44% from industrial operations and 0.56% from logistics services [1] - As of the report date, Huafeng Chemical's market capitalization was 43.5 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, indicating a hot secondary market in biomedicine [1] - There is a contrast presented regarding the fundraising situation in the primary market, which is facing challenges [1]

证券代码：002064 证券简称：华峰化学 公告编号：2025-057 华峰化学股份有限公司 第九届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华峰化学股份有限公司（以下简称"公司"）第九届董事会第十四次会议通 知于 2025 年 10 月 11 日以电子邮件或专人送达方式发出，会议于 2025 年 10 月 23 日以通讯表决的方式召开。会议由董事长尤飞煌先生主持。本次会议应到董 事 9 人，实到 9 人，公司高级管理人员列席会议，符合《公司法》和《公司章程》 的有关规定，会议决议合法有效。 （二）审议通过了《关于选举代表公司执行公司事务的董事暨法定代表人的 议案》。 根据《公司法》及《公司章程》的有关规定，选举尤飞煌先生为代表公司执 行公司事务的董事暨法定代表人，任期自董事会通过之日起至第九届董事会届满 之日止。 二、董事会会议审议情况 （一）审议通过了《2025 年第三季度报告》。 具体内容详见登载于 2025 年 10 月 25 日的证券时报、中国证券报、巨潮资 讯网（http://www.cni ...

华峰化学公告，第三季度营收为59.73亿元，下降9.89%；净利润为4.78亿元，下降3.68%。前三季度营 收为181.09亿元，下降11.11%；净利润为14.62亿元，下降27.45%。 ...

华峰化学股份有限公司 2025 年第三季度报告 3.第三季度财务会计报告是否经过审计 证券代码：002064 证券简称：华峰化学 公告编号：2025-056 华峰化学股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 □是 否 1 华峰化学股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 5,972,881,854.66 | -9.89% | 18,109, ...