Investment Rating - The report maintains an "Outperform" rating for the chemical industry [6] Core Views - The chemical sector is experiencing a mixed performance, with the overall market indices showing declines, while specific sub-sectors like food and feed additives are performing positively [2][16] - Key investment themes include the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [3][4][5] Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.28%, the ChiNext Index by 2.95%, and the CSI 300 by 1.37% during the week [16] - The CITIC Basic Chemical Index decreased by 1.36%, and the Shenwan Chemical Index dropped by 1.19% [16] - The top-performing sub-sectors included food and feed additives (0.65%), membrane materials (0.32%), and potassium fertilizers (0.26) [18] Major Industry Developments - Wanhua Chemical's 1.2 million tons/year ethylene plant commenced production successfully on April 3, 2025 [3][25] - TBEA announced a large-scale coal-to-natural gas project with an investment of approximately 17.034 billion yuan, expected to start production in the fourth year [3] Investment Themes - **Tire Sector**: Domestic tire companies are becoming increasingly competitive, with a focus on scarce growth stocks such as Sailun Tire and Linglong Tire [3] - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from the improving demand in the panel supply chain [4] - **Cyclical Industries**: Emphasis on industries with strong resilience and inventory destocking, particularly in phosphate and fluorine chemicals [5] - **Leading Companies**: As the economy improves, leading companies in the chemical sector are expected to benefit significantly from the recovery in prices and demand [5][10] - **Vitamin Supply**: Attention is drawn to vitamin products due to supply disruptions announced by BASF, which may lead to a supply-demand imbalance [10]

Core Viewpoint - Despite facing performance pressure, TBEA Co., Ltd. (特变电工) has announced a significant investment plan of 170.4 billion yuan in a coal-to-natural gas project to enhance its operational resilience and explore new profit avenues [1][5]. Financial Performance - TBEA's net profit has been declining, with a reported net profit of 107.03 billion yuan in 2023, down 32.75% year-on-year. For 2024, the company expects a net profit of 39 to 43 billion yuan, representing a decrease of 59.81% to 63.55% [2][3]. - The company's revenue for the first three quarters of 2024 was 723.41 billion yuan, a decline of 1.79% year-on-year, with a net profit of 42.97 billion yuan, down 54.17% [2]. Reasons for Performance Decline - The decline in performance is attributed to significant losses in the polysilicon business due to market prices falling below production costs, and a decrease in coal sales prices affecting profitability [2][3]. - TBEA has also made provisions for asset impairments totaling 21.49 billion yuan, including 14.74 billion yuan for polysilicon and related fixed assets, and 6.75 billion yuan for four self-operated photovoltaic power stations [2][3]. Investment in Coal-to-Natural Gas Project - TBEA's investment in the coal-to-natural gas project aims to extend the coal business's industrial chain, optimize the coal industry structure, and improve the efficiency of coal utilization [1][5]. - The project is expected to produce 20 billion cubic meters of natural gas annually, with a construction period of three years and production expected to reach 80% capacity in the fourth year [7]. Industry Context - The coal-to-natural gas industry in China is expanding, with several projects already operational and others in development. The overall industry is currently experiencing good profitability [6]. - TBEA's project aligns with national and regional development strategies, supporting energy security and self-sufficiency in oil and gas [5][7].

Core Viewpoint - The article discusses the latest developments in energy storage technology, highlighting new patents that indicate significant advancements in core technologies, safety measures, and market applications, which are expected to reshape the energy landscape and enhance operational efficiency. Group 1: Network-type Energy Storage Technology - The State Grid's Gansu Electric Power has developed a digital twin network control algorithm that enables millisecond-level adaptive regulation of the grid, reducing frequency fluctuation suppression time from 500ms to 150ms [2] - The State Grid's Hubei Electric Power has created a multi-scenario collaborative network device with a dual-polar topology structure, achieving frequency stability of ±0.1Hz and voltage fluctuation rate of less than 1.5% in island operation mode [4] - Yiwei Lithium Energy has established a real-time battery health state assessment model using the Kalman filter algorithm, compressing the response time for charge and discharge strategy adjustments to 50ms [5][6] Group 2: Essential Safety Technology - CATL has introduced a high-pressure direct-connected energy storage valve system that improves battery capacity degradation prediction accuracy to less than 2%, tripling the precision of traditional models [7] - Sunwoda has developed a three-level linkage protection system that includes temperature, gas, and smoke sensors, ensuring proactive safety measures in energy storage systems [8] - BYD has optimized solid electrolyte interface technology, achieving a room temperature ionic conductivity of 2.3×10^-4 S/cm and a cycle life exceeding 15,000 cycles [9][10] Group 3: Scene-based Innovation - TBEA has integrated a photovoltaic inverter, energy storage system, and DC charging pile into a unified control device, achieving a power factor of 0.98 and meeting Class A energy quality standards [12][13] - Envision Energy has developed a collaborative control algorithm for offshore wind power and energy storage, reducing the cost of electricity by 0.15 yuan per kilowatt-hour [14][15] - State Grid Tianjin Electric Power has implemented a super-fast charging pile that reduced voltage fluctuation rates from 8.2% to 0.8%, increasing daily charging volume by 42% [16][17] Group 4: Patent Competition and Industry Trends - The energy storage patent landscape is witnessing increased technological route differentiation, with companies like Tianneng introducing rapid charging technology for lead-carbon batteries [19] - Cross-industry integration is becoming common, as seen with Midea's multi-mode switching control patent for energy storage systems [20][21] - Material innovations are emerging, such as the modification of silicon-carbon anode materials by Shanshan, which controls expansion rates to within 15% [22] - The new technologies are projected to yield significant economic benefits, with network-type energy storage technology potentially reducing grid transformation costs by 18% [24]

Mergers and Acquisitions, Capital Increases - Xidi Micro plans to issue shares and pay cash to acquire 100% of Chengxin Micro for a transaction price of 100 million yuan [1] - Chengdu Xian Dao intends to acquire approximately 65% of Nanjing Haina Pharmaceutical Technology Co., Ltd [1] - Yiyuan Communication plans to raise no more than 2.3 billion yuan through a private placement for expansion projects related to automotive and 5G modules, AI computing power modules, and upgrading headquarters and R&D centers [1] Shareholding Increases, Transfers, and Buybacks - Ruixin Technology's Kaitou Linding plans to acquire 24.19% of the company's total share capital, changing the actual controller to Huangshan State-owned Assets Supervision and Administration Commission [2] - Qingtang City’s controlling shareholder intends to increase holdings by 1%-2% [2] - Shankai Intelligent's shareholder Liu Tao plans to transfer 5% of his shares to Linchang Investment for a total transfer price of 70 million yuan [2] - Glodon plans to repurchase 5 million to 10 million shares at a price not exceeding 21 yuan per share [2] External Investments and Daily Operations - TBEA's subsidiary Xinjiang Tianchi Energy is investing in a coal-to-natural gas project with a total investment of 17.03 billion yuan, along with a supporting coal supply project costing 808 million yuan [3] - Runjian Co., Ltd. plans to engage in an asset pool business with a budget of up to 5 billion yuan to meet funding needs for its computing network and other business developments [3] - Kuaijishan has raised prices on some key products by 4%-9% [3] - Jiangshan Co. plans to invest 92.777 million yuan in a digital center project [3] - Fuchuang Precision intends to acquire a 21.58% stake in Compart [3] - Wanye Enterprises plans to sell a 21.8539% stake in Zhejiang Puxin for 830 million yuan [3] Performance Changes - Shuanglin Co. expects a net profit growth of 93.35%-132.02% year-on-year in Q1 2025, driven by strong demand in the domestic new energy vehicle market [4] - Tianyuan Environmental Protection anticipates a net profit increase of 80.22%-110.26% in Q1 2025 due to operational capacity release from waste incineration and sewage treatment projects [4] - Hesong New Materials expects a net profit rise of 72.14%-90.07% in Q1 2025 following the production line launch of high-end intelligent composite materials [4] - Satellite Chemical forecasts a net profit growth of 41.79%-61.35% in Q1 2025, attributed to stable production, technological innovations, and market expansion [4] - Helin Micro expects a net profit of approximately 27 million yuan in Q1, marking a turnaround due to increased customer shipments and new market developments [4]

特变电工股份有限公司 第四条 公司对外担保的内部控制应遵循合法、审慎、互利、安全的原则，严格 控制担保风险。 第二章 对外担保的决策及信息披露 第五条 公司可以为具有独立法人资格并具有以下条件之一的法人实体提供 担保： （一）公司控股子公司及其他有控制关系的法人实体； 第一章 总则 第一条 为规范特变电工股份有限公司（以下简称"公司"）对外担保管理， 规范公司担保行为，防范担保风险，根据《中华人民共和国公司法》《中华人民 共和国证券法》《中华人民共和国民法典》《上海证券交易所股票上市规则》（以 下简称《上市规则》）《上市公司监管指引第8号——上市公司资金往来、对外担保 的监管要求》等有关法律、法规、规范性文件及《公司章程》的有关规定，制订 本制度。 第二条 公司对外提供担保，包括公司为控股公司提供担保；控股公司发生 的对外担保视为公司对外担保，适用本制度规定。 第三条 公司对外担保实行统一管理，未经公司董事会或股东会的批准、授 权，任何人无权以公司名义签署对外担保的合同、协议或其他类似的法律文件。 （二）因公司业务需要的互保法人实体； （三）与公司具有重要业务关系或潜在业务关系的法人实体。 以后提供的任何担保 ...

特变电工股份有限公司 特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-020 ?本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、召开会议的基本情况 (一)股东大会类型和届次 (二)股东大会召集人：董事会 关于召开 2025 年第二次临时股东大会的通知 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法律责任。 重要内容提示： ? 股东大会召开日期：2025年4月16日 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 16 日 13 点 00 分 召开地点：新疆维吾尔自治区昌吉市北京南路 189 号公司国际会议中心 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 16 日 至 2025 年 4 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-020 特变电工股份有限公司 (一)股东大会类型和届次 2025 年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 16 日 13 点 00 分 关于召开 2025 年第二次临时股东大会的通知 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法律责任。 重要内容提示： 股东大会召开日期：2025年4月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、召开会议的基本情况 召开地点：新疆维吾尔自治区昌吉市北京南路 189 号公司国际会议中心 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 16 日 至 2025 年 4 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-017 特变电工股份有限公司 2025 年第四次临时董事会会议决议公告 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法律责任。 特变电工股份有限公司于 2025 年 3 月 27 日以电子邮件、送达方式发出召开 公司 2025 年第四次临时董事会会议的通知，2025 年 3 月 30 日在公司 21 楼会议 室以现场结合通讯表决方式召开了公司 2025 年第四次临时董事会会议，应当参 会董事 11 人，实际参会董事 11 人，会议由公司董事长张新先生主持，会议召集 召开程序符合有关法律法规和《公司章程》的规定，会议所做决议合法有效。会 议审议通过了以下议案： 一、审议通过了关于投资建设准东 20 亿 Nm3 /年煤制天然气项目的议案。 该项议案同意票 11 票，反对票 0 票，弃权票 0 票。 详见临 2025-018 号《特变电工股份有限公司对外投资公告》。 二、审议通过了关于投资建设准东 20 亿 Nm³/年煤制天然气供煤项目的议 案。 该项 ...

特变电工股份有限公司 特变电工股份有限公司投资者关系管理制度 第一章 总则 第一条 为进一步提升特变电工股份有限公司(以下简称"公司") 投资者 关系管理工作，加强公司与投资者之间的有效沟通，切实保护投资者特别是中小 投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司投资者关系管理工作指引》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》等法律、法规、规范性文件和 《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过为股东行使权利提供便利、信息披露、 互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资 者对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 公司投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度，以及行业普遍遵守的道德规范和行为准则。 （二）平等性原则。公司开展投资者关系 ...

特变电工股份有限公司 特变电工股份有限公司市值管理制度 第一章 总则 第一条 为加强特变电工股份有限公司（以下简称"公司"）市值管理，进一 步规范公司市值管理工作，维护公司投资者的合法权益，提升公司投资价值，增 强投资者回报，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》等法律法 规、规范性文件的规定，结合《特变电工股份有限公司章程》及公司实际情况， 制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。公司应当以高质量可持续发展为 基本，聚焦主业，加快培育新质生产力，推动公司稳健经营和内在价值持续提升。 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是通过制定科学发展战略、完善公司治理、改 进经营管理、培育核心竞争力，切实、可持续地提升公司发展质量和内在价值， 并通过充分合规的信息披露、投资者关系管理，引导公司的市场价值与内在价值 趋同；通过法律法规及监管机构允许的方式，提升公司市场形象与品牌价值，达 到公司整体利益最大化和股东财富增长的目标，获 ...