Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Core Insights - A block trade of 243,400 shares of Hechang Polymer (920089) occurred on November 17, with a transaction value of 3.408 million yuan at a price of 14.00 yuan, representing a discount of 28.79% compared to the closing price of the day [2] Trading Details - The block trade involved a volume of 243,400 shares and a transaction amount of 3.408 million yuan, with a transaction price of 14.00 yuan [2] - The buyer was HuLong Securities Co., Ltd. Lanzhou Donggang West Road Securities Business Department, while the seller was CITIC JianTong Securities Co., Ltd. Gansu Branch [2] Stock Performance - Hechang Polymer's closing price on the same day was 19.66 yuan, reflecting a decline of 1.50%, with a turnover rate of 3.15% and a total transaction amount of 58.2192 million yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 4.79% [2] Company Background - Suzhou Hechang Polymer Materials Co., Ltd. was established on June 9, 1999, with a registered capital of 150.668 million yuan [2]

Core Insights - A block trade occurred for Hechang Polymer (stock code: 920089) on November 17, 2025, at a price of 14 CNY per share, representing a discount of 28.79% from the closing price of 19.66 CNY [1] Group 1 - The transaction involved 243,400 shares, amounting to a total value of 3.408 million CNY [1] - The buying brokerage was HuLong Securities Co., Ltd., while the selling brokerage was CITIC JianTong Securities Co., Ltd. [1]

Group 1 - Hechang Polymer's stock price reached a historical high, increasing by 12.77% to 22.07 yuan, with a trading volume of 7.01 million shares and a transaction amount of 158 million yuan, resulting in a turnover rate of 7.50% [2] - The latest total market capitalization of Hechang Polymer in A-shares is 3.325 billion yuan, with a circulating market value of 2.064 billion yuan [2] - In the basic chemical industry, which has an overall decline of 0.49%, 91 stocks are rising, with Hechang Polymer, Xianfeng New Materials, and Hangyang Co., Ltd. leading the gains at 12.77%, 8.03%, and 6.56% respectively [2] Group 2 - The latest margin trading data shows that as of October 29, the margin balance for Hechang Polymer is 31.94 million yuan, with a financing balance of 31.94 million yuan, reflecting a decrease of 3.83 million yuan over the past 10 days, a decline of 10.72% [2] - The company's Q3 report indicates that for the first three quarters, it achieved operating revenue of 1.379 billion yuan, a year-on-year increase of 23.73%, and a net profit of 129 million yuan, a year-on-year increase of 41.87%, with basic earnings per share of 0.8600 yuan and a weighted average return on equity of 11.04% [2]

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-086 苏州禾昌聚合材料股份有限公司 2025 年第一次职工代表大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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法律 责任。 一、 会议召开和出席情况 本次会议的召开和表决程序符合《公司法》等法律法规和《公司章程》的有关规 定。 二、 议案审议情况 （一） 会议召开情况 1. 会议召开时间：2025 年 9 月 19 日 2. 会议召开地点：公司三楼会议室 3. 会议召开方式：现场方式 4. 发出会议通知的时间和方式：2025 年 9 月 8 日以书面通知方式发出 5. 会议主持人：职工代表武哲女士 6. 会议出席人员：职工代表 57 人 7. 召开情况合法、合规、合章程性说明： 经核查，本次选举的职工代表董事陈丽娟女士未被纳入失信联合惩戒对象名单， 不属于失信联合惩戒对象，符合《公司法》、中国证监会和北京证券交易所以及《公 司章程》规定的任职条件。 具体内容详见公司于 2025 年 9 月 22 日在北京证券交易所信息披露平台 （http ...

证券代码：832089 证券简称：禾昌聚合 公告编号：2025-085 一、董事任命的基本情况 苏州禾昌聚合材料股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开 2025 年第一次职工代表大会，审议通过了《关于选举公司第五届董事会职工代表董事 的议案》。 选举陈丽娟女士为公司职工代表董事，任职期限至第五届董事会任期届满之日止， 自 2025 年 9 月 19 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信 联合惩戒对象。 本次选举职工代表董事工作完成后，公司第五届董事会成员由 7 名增至 8 名，其中 独立董事 3 人，职工代表董事 1 人，非职工董事 4 人。陈丽娟女士将与公司第五届董事 共同组成公司第五届董事会。 苏州禾昌聚合材料股份有限公司 职工代表董事任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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法律责任。 2025 年 9 月 22 日 本次职工代表董事任命符合《公司法》及《公司章程》等相关规定，符合公司治理 结构要求，不会对公司生产、经营活动产生不利影 ...

苏州禾昌聚合材料股份有限公司 章 程 二〇二五年九月 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 3 | | 第三节 | 股份转让 4 | | 第四章 | 股东和股东会 5 | | 第一节 | 股东 6 | | 第二节 | 控股股东和实际控制人 9 | | 第三节 | 股东会的一般规定 10 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案与通知 16 | | 第六节 | 股东会的召开 17 | | 第七节 | 股东会的表决和决议 20 | | 第五章 | 董事和董事会 25 | | 第一节 | 董事的一般规定 25 | | 第二节 | 董事会 29 | | 第三节 | 独立董事 36 | | 第四节 | 董事会专门委员会 39 | | 第六章 | 高级管理人员 40 | | 第七章 | 财务会计制度、利润分配和审计 43 | | 第一节 | 财务会计制度 43 | | 第二节 | 会计师事务所的聘任 47 | | 第三节 | 内部审计 ...

安徽承义律师事务所关于 苏州禾昌聚合材料股份有限公司 召开 2025 年第二次临时股东会的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：合肥市怀宁路 200 号置地广场栢悦中心 5 层 邮编：230022 传真：0551-65608051 电话：0551-65609815 1 安徽承义律师事务所关于 苏州禾昌聚合材料股份有限公司 召开 2025 年第二次临时股东会的法律意见书 （2025）承义法字第 00211 号 致：苏州禾昌聚合材料股份有限公司 安徽承义律师事务所（以下简称"本所"）接受苏州禾昌聚合材料股份有限公 司（以下简称"禾昌聚合"或"公司"）的委托，指派陈家伟、万晓宇律师（以 下简称"本所律师"）出席 2025 年第二次临时股东会会议，并依据《中华人民 共和国证券法》《中华人民共和国公司法》（以下简称"《公司法》"）等法律、 法规和规范性文件及《苏州禾昌聚合材料股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 本所律师依法对公司 2025 年第二次临时股东会召集、召开程序是否合法及 是否符合《公司章程》、召集人资格及出席会议人员资格的合法有 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、会议召开和出席情况 证券代码：832089 证券简称：禾昌聚合 公告编号：2025-082 苏州禾昌聚合材料股份有限公司 2025 年第二次临时股东会决议公告 本次股东会召集、召开、议案的审议程序符合《公司法》《证券法》等法律 法规、部门规章、规范性文件和《公司章程》的有关规定。 （一）会议召开情况 1.会议召开时间：2025 年 9 月 5 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场投票和网络投票相结合方式 （二）会议出席情况 出席和授权出席本次股东会的股东共 7 人，持有表决权的股份总数 79,433,121 股，占公司有表决权股份总数的 52.7206%。 其中通过网络投票参与本次股东会的股东共 1 人，持有表决权的股份总数 64,881 股，占公司有表决权股份总数的 0.0431%。 4.会议召集人：公司董事会 5.会议主持人：董事长赵茜菁女士 6.召开情况合法合规的说明： 4.公司高级管理人员列席本次会议。 二、议案审议情况 ...

Group 1 - The plastic sector experienced a decline of 0.57% on September 2, with Dongcai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the plastic sector included Shangwei New Materials, which rose by 14.66%, and Dadongnan, which increased by 10.11% [1] Group 2 - The net outflow of main funds in the plastic sector was 5.92 billion yuan, while retail investors saw a net inflow of 5.64 billion yuan [3] - The table provided details on individual stock performance and trading volumes within the plastic sector [3]