Core Viewpoint - The transformation of the Yangtze River's ecological environment in Jiangxi is highlighted, emphasizing the importance of ecological protection and high-quality development in the Yangtze River Economic Belt [1][2][3]. Group 1: Ecological Restoration and Development - The construction of the Yangtze River National Cultural Park has initiated significant ecological restoration efforts, focusing on protecting the river while promoting sustainable development [2][3]. - Jiangxi, with 97.7% of its area in the Yangtze River basin, plays a crucial role in ecological protection and high-quality development [1][2]. - The transformation of previously degraded riverbanks into green spaces demonstrates a commitment to ecological safety and community engagement [2][3]. Group 2: Economic Transition for Local Communities - The shift from fishing to cultural tourism is evident in areas like Wucheng Town, where former fishermen have transitioned to new roles in the tourism industry [3][4]. - The renovation of historical districts, such as the 32,000 square meter area in Wucheng, integrates cultural preservation with new economic opportunities for local residents [4]. - The implementation of a ten-year fishing ban has led to a focus on cultural and tourism development, enhancing local economies and ecological health [4][5]. Group 3: Industrial Transformation and Financial Support - Chemical companies in Jiangxi are focusing on pollution reduction and green transformation, with significant investments in technology upgrades and environmental management [5][6]. - Financial institutions are actively supporting green initiatives, providing loans and incentives for companies to adopt sustainable practices [7][8]. - The total balance of green loans in Jiangxi reached 1.13 trillion yuan, reflecting an 18.3% increase, indicating strong financial backing for ecological projects [8][9]. Group 4: Innovative Financial Products - Financial products tailored for green transformation, such as "transformation upgrade loans" and "circular economy loans," are being developed to meet the needs of local enterprises [9][10]. - The collaboration between financial institutions and local businesses is fostering a supportive environment for sustainable development initiatives [10].

Core Viewpoint - The transformation of the Yangtze River's ecological environment in Jiangxi has become a symbol of green development, emphasizing the importance of ecological protection and high-quality development in the Yangtze River Economic Belt [2][3]. Group 1: Ecological Restoration and Development - The construction of the Yangtze River National Cultural Park has initiated significant ecological restoration efforts, focusing on protecting the river while promoting sustainable development [3][4]. - Jiangxi, with 97.7% of its area in the Yangtze River basin, plays a crucial role in ecological protection and high-quality development [2][3]. - The transformation of previously degraded riverbanks into green spaces demonstrates a commitment to ecological safety and community engagement [3][4]. Group 2: Economic Transition for Local Communities - The shift from fishing to cultural tourism has provided new employment opportunities for local fishermen, integrating historical preservation with modern tourism [5][6]. - The renovation of historical districts, such as the Paigong Lane, has created a vibrant tourism hub while preserving cultural heritage [5][6]. - The local government has actively promoted the integration of culture and tourism, aiming to build a "Golden Tourism Belt" along the Yangtze River [5][6]. Group 3: Industrial Transformation and Green Finance - Chemical companies in Jiangxi are focusing on pollution reduction and carbon neutrality through technological upgrades and process improvements [6][7]. - Financial institutions are playing a vital role in supporting green transformation projects, providing loans and incentives for companies to adopt sustainable practices [9][10]. - The total green loan balance in Jiangxi reached 1.13 trillion yuan, reflecting a significant increase and highlighting the financial sector's commitment to supporting ecological initiatives [10][11].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - China's current butadiene plants are mainly integrated, with state - owned enterprises accounting for 81.22%, mostly concentrated in PetroChina and Sinopec. High production costs have led to the shutdown of most oxidation - dehydrogenation process plants [2][7][12] - The proportion of butadiene plants with downstream support is 42.7%, and state - owned plants in this category account for 67.66%, with nearly half located in East China [2][12][36] - The four major areas with high demand for butadiene are cis - butadiene rubber, styrene - butadiene rubber, ABS, and SBS, accounting for 86.45% of the total demand. Their capacity changes and operating rates are the main factors affecting butadiene demand fluctuations [24][37] - Currently, East China is the main area with a butadiene shortage, while North China, Northeast China, Northwest China, South China, and Central China have varying degrees of surplus. Despite this, China still imports some butadiene due to shortages of certain types [30][32][37] Group 3: Summaries by Related Catalogs 1. Introduction - This is the third in the series of in - depth analyses of chemical plants, focusing on the ownership, distribution of butadiene upstream and downstream plants, and marginal plants. The topic is divided into two parts. The first part analyzes the butadiene plants themselves and the raw material balance between regional plants and their downstream counterparts, while the second part will detail the ownership, distribution, and marginal plants of each major downstream area of butadiene [6] 2. Butadiene Plant Analysis - **Capacity Ownership and Distribution**: As of now, there are 71 butadiene plants in China, including 7 shut - down, 8 under construction, and 56 in production. After excluding shut - down (430,000 tons) and under - construction (1.19 million tons) capacities, the total butadiene capacity is 7.137 million tons. State - owned enterprises account for 81.22%, private enterprises 13.03%, and foreign - funded enterprises 5.74%. Carbon - four extraction process plants account for 93.15%, and butene oxidation - dehydrogenation plants 6.85%. Most plants are integrated, with only a few needing to purchase external raw materials [7] - **Shut - down Plants**: Shut - down plants are mainly in East China (5 plants, 370,000 tons) and North China (2 plants, 60,000 tons). Five are state - owned (250,000 tons, 58%), and 2 are private (180,000 tons, 42%). Most shut - down plants use the oxidation - dehydrogenation process due to high production costs [8] - **Under - construction Plants**: There are 8 under - construction plants with a total capacity of 1.19 million tons. Three are in East China (360,000 tons, 30.25%), 2 in Northeast China (360,000 tons, 30.25%), and the rest in South China, Northwest China, and Central China. The capacity with downstream support is 480,000 tons, accounting for 40.33% [8] - **In - production Plants**: Among the 56 in - production plants, 30 are in East China (3.743 million tons, 52.45%), 8 in South China (1.095 million tons, 15.34%), 7 in Northeast China (930,000 tons, 13%), 4 in North China (575,000 tons, 8%), 3 in Northwest China (404,000 tons), 3 in Central China (240,000 tons), and 1 in Southwest China (150,000 tons). State - owned capacity accounts for 48.8% of the total 6.937 million tons [9][10] 3. Marginal Capacity Analysis of Butadiene - **Plants with Downstream Support**: There are 20 existing plants with a total capacity of 3.076 million tons, accounting for 43.1%. There are also 3 under - construction plants with a total capacity of 480,000 tons, expected to be completed from the fourth quarter of this year to 2026 and 2027. Thirteen are state - owned (2.026 million tons, 65.86%), 3 are mixed - ownership (700,000 tons), 3 are private (220,000 tons), and 1 is a Hong Kong, Macao, and Taiwan joint - venture (130,000 tons). Eleven are in East China (1.661 million tons, 54%) [16] - **Plants without Downstream Support**: There are currently 36 plants with a total capacity of 4.061 million tons. There are also 5 under - construction plants with a total capacity of 710,000 tons. Five plants were shut down between 2008 and 2017, involving a total capacity of 340,000 tons. After excluding shut - down and under - construction capacities, the capacity of plants without downstream support accounts for 43.1% of the existing total. Nineteen are in East China (2.082 million tons), 7 in South China (945,000 tons), 3 in North China (440,000 tons), 3 in Central China (240,000 tons), 3 in Northeast China (290,000 tons), and 1 in Northwest China (64,000 tons). Twenty - six are state - owned (3.071 million tons), 8 are private (710,000 tons), 1 is foreign - owned (200,000 tons), and 1 is a Hong Kong, Macao, and Taiwan joint - venture (80,000 tons) [16][17][18] 4. Butadiene Downstream Demand Proportion and Regional Raw Material Balance Analysis - **Downstream Demand Distribution**: Butadiene is widely used downstream, mainly in cis - butadiene rubber, styrene - butadiene rubber, ABS, SBS, ESBS, and nitrile rubber, as well as two latex categories (nitrile latex and styrene - butadiene latex). The four major demand areas (cis - butadiene rubber, styrene - butadiene rubber, ABS, and SBS) account for 86.45% of the total demand. For downstream plants with external raw material procurement needs, the top four demand areas remain the same, but the structure changes. The external procurement capacity of styrene - butadiene rubber is significantly smaller than that of SBS, and the external procurement capacity of nitrile latex also accounts for a large proportion [24] - **Regional Raw Material Balance Analysis**: By matching the external sales volume of butadiene in major regions with the external procurement demand of downstream areas, it is found that East China is the main area with a butadiene shortage, while North China, Northeast China, Northwest China, South China, and Central China have varying degrees of surplus. The total surplus capacity is basically the same as the shortage capacity, indicating that China's butadiene plants are generally self - sufficient. However, due to shortages of certain types, China still imports some butadiene every year, mainly from South Korea, Southeast Asia, the Middle East, Europe, and the United States [30][31][32]

Industry Overview - The Chinese oil extraction industry, referred to as "oil and gas extraction," is the upstream segment of the energy industry chain, focusing on exploration, development, and production of crude oil and natural gas. It is a foundational and strategic industry for the national economy, directly impacting energy security, industrial production, transportation, and social life [1] - The development of this industry is influenced by international oil prices, national policies, geological resources, and technological levels, characterized by capital intensity, technology intensity, and high risk [1] Market Characteristics - The market is highly concentrated, dominated by the "Big Three" oil companies: China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), which control the majority of domestic oil and gas resources [6] - The industry is strongly policy-driven, with national strategies and guidelines, such as the "14th Five-Year Plan," focusing on energy security and low-carbon transition [6] - High costs and risks are prevalent as the focus shifts from easily extractable conventional resources to unconventional fields like deep-sea and shale oil, leading to increased exploration and development costs [6] - Domestic oil companies' revenues and profits are highly correlated with international oil prices, but domestic price controls and long-term contracts create a lag in performance fluctuations [6] Current Industry Status - In 2023, China's crude oil production reached 209 million tons, a 2.0% year-on-year increase, driven by continued capital investment in key basins [7] - However, domestic production growth lags behind consumption growth, with crude oil imports reaching 564 million tons in 2023, resulting in a dependency rate of approximately 72% [7] - The government is promoting market-oriented reforms in oil and gas exploration, opening certain exploration blocks to private and foreign enterprises [7] Future Trends - The core focus remains on "increasing reserves and production" to ensure energy security, with expectations for the "Big Three" to maintain domestic crude oil production above 200 million tons [13] - Unconventional oil and gas, along with deep-sea resources, are expected to be the main growth areas, with investment and technological breakthroughs being critical for industry development [13] - Digitalization and smart technologies are seen as essential for reducing costs and enhancing efficiency in the face of high operational costs [13] - Major oil companies are transitioning towards integrated and comprehensive energy suppliers, expanding into downstream high-value chemical products and renewable energy sectors [13] Challenges and Opportunities - The industry faces challenges such as resource constraints, high costs of unconventional and deep-sea oil and gas, and long-term pressures from carbon neutrality goals [13] - However, there are opportunities for growth through strong policy support for energy security, potential technological breakthroughs in key areas, and the rising demand for natural gas as a cleaner fossil fuel during the energy transition [13]

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 17 products increasing in price, 52 decreasing, and 31 remaining stable during the week of October 13-19. The report highlights the need to focus on quarterly earnings, undervalued industry leaders, and the impact of "anti-involution" on supply in related sub-industries [1][2][3]. Industry Dynamics - During the week of October 13-19, among 100 tracked chemical products, 17 saw price increases, 52 saw decreases, and 31 remained stable. Specifically, 29% of products had a month-on-month average price increase, while 56% experienced a decrease, and 15% remained unchanged [3]. - The products with the highest weekly price increases included sulfur (Zhejiang Juhua 98%), vinyl acetate (East China), propylene oxide (East China), hydrochloric acid (Yangtze River Delta 31%), and pure MDI (East China). Conversely, the largest price decreases were seen in WTI crude oil, acetone (East China), NYMEX natural gas, naphtha (Singapore), and vitamin E [3]. Oil Market Overview - International oil prices fell during the week, with WTI crude oil futures closing at $57.54 per barrel, a weekly decline of 2.31%, and Brent crude oil futures at $61.29 per barrel, also down 2.30%. The report notes geopolitical developments, including a ceasefire agreement in Gaza and India's commitment to halt oil purchases from Russia [4]. - U.S. crude oil production averaged 13.636 million barrels per day, an increase of 0.7 thousand barrels from the previous week and up 13.6% year-on-year. However, U.S. oil demand decreased to an average of 19.726 million barrels per day, down 226.4 thousand barrels from the previous week [4]. - EIA forecasts indicate that Brent crude prices may drop from an average of $69 per barrel in 2025 to $52 per barrel in 2026 due to oversupply [4]. Specific Chemical Products - Methionine prices decreased, with an average price of 21.15 yuan/kg on October 17, down 0.94% week-on-week and 2.76% month-on-month. Production remained stable at 14,700 tons, with a utilization rate of 71.46% [6]. - Lithium hexafluorophosphate prices increased, with an average price of 75,000 yuan/ton on October 19, up 7.14% week-on-week and 33.93% month-on-month. Production levels are high, and demand from electrolyte manufacturers is strong [7]. Investment Recommendations - As of October 17, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 24.76, at the 73.39% historical percentile, while the P/B ratio is 2.16, at the 49.29% historical percentile. The SW oil and petrochemical sector's P/E ratio is 11.53, at the 24.01% historical percentile, and the P/B ratio is 1.14, at the 19.57% historical percentile [8]. - Investment focus for October includes quarterly earnings, undervalued industry leaders, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials [2][8]. - Long-term investment themes include sustained high oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and the growth potential in new materials [9]. Recommended companies include China Petroleum, China National Offshore Oil Corporation, and various technology and chemical firms [9][10].

Core Viewpoint - The Hong Kong stock market experienced a strong rally, with the Hang Seng Index closing up by 2.42%, driven primarily by gains in technology and oil sectors [1][3]. Group 1: Market Performance - The Hang Seng Technology Index opened significantly higher and saw a peak increase of 3.9% during the day, ultimately closing up by 3% [3]. - Notable performers in the technology sector included NetEase, which surged by 5.18%, and Alibaba, which rose by 4.86%. Over ten stocks, including JD Health, SMIC, Baidu, NIO, and Tencent, recorded gains exceeding 3% [3]. - The oil sector also showed strong performance, with the index closing up by 2.54%. China Petroleum led the gains with a rise of 5.05%, followed by China National Offshore Oil Corporation (CNOOC) at 2.31%, and Sinopec at 1.49% [3]. Group 2: Weak Sectors - The real estate and banking sectors underperformed, with the real estate index closing up by only 0.62% and the banking index by 1.04%. Both sectors experienced a rebound after initial declines but could not maintain momentum [3]. - Specific companies in the real estate sector, such as Longfor Group and Jianfa International Group, saw declines of 1.63% and 1.61%, respectively. In the banking sector, Chongqing Rural Commercial Bank fell by 1.51% [3].

Group 1 - The combustible ice concept sector rose by 3.86%, ranking second among concept sectors, with 10 stocks increasing, including DeSheng Co., which hit the daily limit, and ShenKong Co. and Petrochemical Machinery also reaching the limit [1] - Leading stocks in the combustible ice sector included QianNeng HengXin, HaiMo Technology, and XinJin Power, which rose by 3.63%, 3.57%, and 2.21% respectively [1] - The stocks with the largest declines included NanSteel Co., Guangzhou Development, and China International Marine Containers, which fell by 0.58%, 0.14%, and 0.12% respectively [1] Group 2 - The combustible ice sector saw a net inflow of 305 million yuan from main funds today, with six stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow [2] - ShenKong Co. led the net inflow with 161 million yuan, followed by China Petroleum & Chemical Corporation, Petrochemical Machinery, and DeSheng Co. with net inflows of 65.33 million yuan, 51.01 million yuan, and 42.43 million yuan respectively [2] - The net inflow ratios for ShenKong Co., Petrochemical Machinery, and DeSheng Co. were 44.51%, 24.72%, and 17.80% respectively [3] Group 3 - The top stocks in the combustible ice sector based on net inflow included ShenKong Co. with a daily increase of 10.04% and a turnover rate of 10.98%, followed by Petrochemical Machinery with a 10.03% increase and a turnover rate of 3.25% [3] - Other notable stocks included China Petroleum & Chemical Corporation, which increased by 1.11% with a turnover rate of 0.15%, and DeSheng Co., which increased by 19.98% with a turnover rate of 8.25% [3] - Stocks with declines included NanSteel Co. with a decrease of 0.58% and a turnover rate of 0.50%, and Guangzhou Development with a decrease of 0.14% and a turnover rate of 0.76% [4]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

1. Report Industry Investment Rating - The investment view on butadiene rubber is "oscillation", and the trading strategy suggests a unilateral "oscillatory upward" trend and an arbitrage strategy of "long BR, short NR/RU" [3]. 2. Core View of the Report - The fundamentals of butadiene provide some support, and the profit has improved. The valuation of cis - butadiene rubber has recently been repaired. However, attention should still be paid to the impact of changes in production start - up and inventory clearance progress on the spot trading rhythm [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - This cycle, Sinopec's high - cis butadiene rubber price was cumulatively reduced by 300 yuan/ton, and PetroChina's main sales companies reduced the price by 500 yuan/ton. The cost situation of cis - butadiene rubber has slightly improved. Due to device maintenance, Sinopec's short - and medium - term circulation resources are expected to decrease. Affected by macro news and downstream price - pressing purchases, the spot negotiation price has declined. At the end of the cycle, the price of the cis - butadiene rubber futures and spot markets rebounded rapidly [7]. 3.2 Supply and Demand Analysis 3.2.1 Supply - Last week, China's butadiene production was 102,200 tons (-2.36%), with a capacity utilization rate of 65.79%; high - cis butadiene rubber production was 30,000 tons (0.18%), with a capacity utilization rate of 74.82%. Multiple butadiene and butadiene rubber plants were in a state of maintenance, shutdown, or restart, affecting production volume [3]. 3.2.2 Demand - The capacity utilization rate of China's semi - steel tire sample enterprises was 71.07%, a month - on - month increase of 28.92 percentage points and a year - on - year decrease of 8.57 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 63.96%, a month - on - month increase of 22.43 percentage points and a year - on - year increase of 4.98 percentage points. Most enterprises' capacity utilization rates have returned to pre - holiday levels, but there are differences in shipment performance [3]. 3.3 Inventory Analysis - Last week, the butadiene port inventory was 308,000 tons, a month - on - month increase of 10.99%; the inventory of high - cis butadiene rubber enterprises and traders was 32,760 tons, a month - on - month increase of 1.42%. There is concern about the inventory increase due to the arrival of ocean - going vessels and sufficient expected imports in October [3]. 3.4 Price and Spread Analysis - The BR cross - variety spread and month - to - month spread, as well as the seasonality analysis of RU - BR, NR - BR, and BR - SC, are presented in the report. The RU - BR spread was 3,770 yuan/ton (-7.94%), the NR - BR spread was 1,300 yuan/ton (15.04%), and the BR - SC ratio was 0.52% [3][12]. 3.5 Cost and Profit Analysis - The production gross profit of butadiene by oxidative dehydrogenation was - 124 yuan/ton, and by C4 extraction was 1,816.55 yuan/ton. The production gross profit of cis - butadiene rubber was - 158 yuan/ton, with a gross profit margin of - 1.39% [3]. 3.6 Device Operation Analysis - Multiple butadiene and butadiene rubber plants are in different states of operation, maintenance, or shutdown. For example, many butadiene plants such as Nanjing Chengzhi and Sierbang are in a shutdown state, and some butadiene rubber plants like Qilu Petrochemical and Yangzi Petrochemical are under maintenance [3][11].

Core Viewpoint - The article highlights the advancements in bio-based polycarbonate (PC) technology in China, particularly through a newly authorized patent by Sinopec, which signifies a significant step towards local commercialization of bio-based materials [2][8]. Group 1: Patent and Technology Development - On October 3, Sinopec received authorization for a patent titled "A Bio-based Polycarbonate and Its Preparation Method and Application," indicating progress in bio-based material innovation [2]. - The patented method utilizes isosorbide and diphenyl carbonate (DMC) as raw materials, incorporating cyclic dimer fatty acids to enhance the properties of the resulting bio-based PC, achieving a molecular weight of ≥35,000 and a glass transition temperature of ≤100℃ [3][6]. Group 2: Industrial Production and Market Potential - In early September, a subsidiary of Sinopec, Puyang Shengtong Juyuan New Materials Co., showcased China's first bio-based PC specialty engineering plastic product, with industrial production set to commence by February 2025 [4]. - The bio-based PC production process replaces the co-monomer bisphenol A with renewable isosorbide, achieving surface hardness close to glass and a light transmittance of up to 92%, indicating strong commercial viability [4]. Group 3: Competitive Landscape - Internationally, companies like Mitsubishi Chemical, Covestro, and Teijin are leading in bio-based PC products, with Covestro's bio-based Makrolon® containing 60% bio-based carbon content and Teijin planning to mass-produce 100% bio-based PC by 2025 [7]. - Mitsubishi Chemical has been producing bio-based materials since 2015, utilizing isosorbide in various automotive components, showcasing the competitive edge of international players in the bio-based PC market [7]. Group 4: Industry Challenges and Opportunities - The Chinese PC industry faces a challenge of "high-end shortage and low-end surplus," with 2024 production capacity projected at 3.81 million tons, accounting for 48% of global capacity, while 70% of high-end products are reliant on imports [7]. - The advancements by Sinopec and the local production efforts by Shengtong Juyuan represent critical steps in addressing these challenges and enhancing the domestic bio-based PC market [8].