（文章来源：证券日报） 证券日报网讯 1月28日，禾昌聚合发布公告称，公司第五届董事会、董事会各专门委员会及高级管理人 员的任期将于2026年1月31日届满。目前公司正在积极筹备换届选举相关工作。为了确保相关工作的准 确性、连续性和稳定性，公司董事会、董事会各专门委员会及高级管理人员将适当延期换届，相关人员 的任期亦相应顺延。 ...

Core Viewpoint - Hechang Polymer announced the approval of several proposals by its fifth board of directors, including applications for comprehensive credit limits from financial institutions for the year 2026 [2] Group 1 - The company approved a proposal to apply for comprehensive credit limits from financial institutions for the year 2026 [2] - The company also approved a proposal to provide guarantees for bank credit for itself and its subsidiaries for the year 2026 [2] - Additionally, the company approved a proposal to engage in accounts receivable factoring business for the year 2026 [2]

证券日报网讯1月19日，禾昌聚合发布公告称，公司将于2026年2月3日召开2026年第一次临时股东会。 ...

证券日报网讯 1月19日，禾昌聚合发布公告称，公司于2026年1月19日召开第五届董事会第十七次会 议，审议通过了《关于2026年度公司及下属子公司为获取银行授信提供担保的议案》。基于业务发展需 要，公司及下属子公司（含现有及授权期内新设立的纳入公司合并报表范围的下属公司）拟在2026年度 为获取银行综合授信额度提供不超过（含）80，000万元人民币的担保。前述担保包括公司为下属公司 担保、下属公司之间互相担保、下属公司为公司担保等，不包括为公司及下属公司以外的主体提供担 保。上述担保累计总额度包括现已实际发生但尚未到期的有效担保、续期担保及新增担保的金额。本次 预计担保额度的授权有效期为自股东会审议通过之日起至2026年12月31日止。 （文章来源：证券日报） ...

12月16日，苏州禾昌聚合材料股份有限公司（920089.BJ，以下简称"禾昌聚合"）发布公告称，通过合并报表范围内涉税事项自查，需补缴税款及滞纳金合 计1129.95万元。 公告显示，本次应补缴款项中，税款金额为1029.57万元，滞纳金为100.38万元。该补缴事项不属于前期会计差错，不涉及前期财务数据追溯调整，将全部计 入禾昌聚合2025年度当期损益。 禾昌聚合的主营业务为改性塑料的研发、生产与销售，主要产品包括改性PP、改性PA、改性ABS、改性PC/ABS、改性PBT等。 ...

Group 1 - The core viewpoint of the report is that Huachang Polymer (920089.SH) is rated as "Buy" due to the ongoing trends of "plastic replacing steel" and "plastic replacing wood," positioning China as the largest modified plastics market globally [1] - The company focuses on modified plastic particles and sheets, covering sectors such as automotive and home appliances [1] - Capacity release is expected to support the growth trajectory in the automotive sector, while the Southeast Asia expansion enriches the business dimensions [1]

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]