Core Viewpoint - The strong demand for lithium batteries is expected to sustain the price increase of PVDF, with projected demand for lithium-grade PVDF in China reaching approximately 78,700 tons in 2025, a year-on-year increase of 65.4% [1][2]. Industry Status - As of November 20, the mainstream market price of PVDF has risen from 49,000 CNY/ton at the beginning of November to 52,000 CNY/ton [1]. - The average market prices for PVDF used in lithium iron phosphate, ternary batteries, and membrane coating are reported at 60,000 CNY/ton, 119,500 CNY/ton, and 182,000 CNY/ton respectively, showing increases from mid-year lows [1][2]. Supply and Demand Dynamics - The downstream applications of PVDF primarily include lithium batteries, photovoltaics, coatings, and water films. In the first ten months of 2025, the total installed capacity for lithium iron phosphate batteries in China is 1,240 GWh, and for ternary batteries, it is 265 GWh [2]. - Assuming production remains stable in November and December, the estimated demand for lithium-grade PVDF could reach 78,700 tons in 2025, with a potential increase to 110,000 tons in 2026 if the growth rate in battery production continues [2]. Production Capacity Insights - The current effective production capacity of the PVDF industry is approximately 180,000 tons, with nominal new capacity reaching 157,000 tons. However, the actual new capacity may be lower than expected due to high barriers to entry in the supply chain [3]. - The supply chain for lithium-grade PVDF is concentrated among a few key players, including companies like Dongyue Group, Haohua Technology, and Juhua Co., Ltd. The actual supply increase may be significantly lower than anticipated due to the concentration of new effective capacity among existing suppliers [3].

Core Viewpoint - The chemical industry has faced declining profits for three consecutive years since 2022, with some sectors experiencing intense competition and overall losses. However, there are signs of potential recovery driven by industry self-regulation and improved supply-demand balance, which may enhance profitability [1]. Group 1: Industry Performance - As of November 20, 2025, the CSI Sub-Industry Chemical Theme Index rose by 0.17%, with notable increases in stocks such as Hongda Co. (+8.66%), Tongcheng New Materials (+4.35%), and Salt Lake Co. (+3.71%) [1]. - The basic chemical industry's price-to-book (PB) ratio is currently close to the bottom levels observed in 2019 and 2024, indicating that the valuation remains low [1]. Group 2: Future Outlook - Huatai Securities predicts that the basic chemical sector may see an upward trend starting in 2026, suggesting a focus on resilient domestic and foreign demand as well as improved market conditions [1]. - Since June 2025, there has been a significant decline in capital expenditure growth within the industry, which, combined with self-regulation efforts, is expected to facilitate supply-side coordination and the elimination of outdated capacity [1]. - Domestic demand is anticipated to recover further, supported by exports to Asia, Africa, and Latin America, leading to a gradual recovery in bulk chemicals [1]. Group 3: Investment Opportunities - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.83% of the index, with major players including Wanhua Chemical and Salt Lake Co. [2]. - Investors can also explore investment opportunities in the chemical sector through the Chemical ETF (159129), which closely tracks the CSI Sub-Industry Chemical Theme Index [2][3].

Group 1 - The company announced the resignation of its board secretary, Liu Yunhua, due to work adjustments [2][3] - Liu Yunhua will continue to serve as a director and in other roles within the company, ensuring that there are no unfulfilled commitments [3] - The company will promptly initiate the selection process for a new board secretary, with the current finance head, Wang Xiaoming, temporarily assuming the responsibilities [3]

Core Points - The company, Juhua Co., Ltd. (stock code: 600160), announced the resignation of its board secretary, Liu Yunhua, due to work adjustments [1] Summary by Category - **Company Announcement** - Juhua Co., Ltd. has received a written resignation report from its board secretary, Liu Yunhua [1]

Group 1 - Liu Yunhua has resigned as the Secretary of the Board of Directors of the company due to work adjustments, but he will continue to serve as a director and in other roles within the company [1] - The company's revenue composition for the period from January to December 2024 indicates that the chemical industry accounts for 84.88% of total revenue, while other businesses contribute 15.12% [1] Group 2 - The current market capitalization of the company is 93.8 billion yuan [2]

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-50 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。 公司将根据《上海证券交易所股票上市规则》《公司董事会秘书工作制度》 等有关规定，尽快完成董事会秘书的选聘工作。 为保证董事会工作的正常进行，公司在聘任新的董事会秘书之前，暂由公司 董事、财务负责人王笑明先生代行董事会秘书职责。 刘云华先生担任公司董事会秘书期间勤勉尽责，为公司的健康发展做出了积 极贡献。公司及董事会对此表示衷心感谢。 浙江巨化股份有限公司 关于董事会秘书离任的公告 重要内容提示： 浙江巨化股份有限公司（以下简称"公司"）董事会于近日收到公司董事会 秘书刘云华先生的书面辞职报告。因工作调整，刘云华先生辞去公司董事会秘书 职务。 一、提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | | | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职 务（如 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The company announced the resignation of its board secretary, Liu Yunhua, due to work adjustments, while he will continue to serve as a board member and in other roles [1] Group 1 - Liu Yunhua submitted a written resignation report to the board, effective upon delivery [1] - The company will expedite the selection of a new board secretary [1] - Until a new board secretary is appointed, the responsibilities will be temporarily assumed by Wang Xiaoming, the company's director and financial officer [1]

Core Viewpoint - The petrochemical sector is experiencing a strong upward trend, with significant gains in the sector index and individual stocks, indicating a positive market sentiment and potential investment opportunities [1][3]. Group 1: Market Performance - As of November 19, 2025, the China Petrochemical Industry Index rose by 1.37%, with notable increases in stocks such as Tongcheng New Materials (up 5.63%) and China Petroleum (up 4.83%) [1]. - The Petrochemical ETF (159731) increased by 1.44%, reaching a price of 0.85 yuan, and has seen a total net inflow of 8.51 million yuan over the past three days [1]. - The Petrochemical ETF's net asset value has risen by 26.56% over the past six months, with a maximum monthly return of 15.86% since its inception [3]. Group 2: Investment Insights - According to CITIC Securities, the chemical sector is currently trading based on three main themes: 1. Increased demand for energy storage materials, particularly in lithium battery supply chains [3]. 2. Ongoing self-regulation within the chemical industry, which may lead to a recovery in chemical prices [3]. 3. High growth potential in the chemical sector's core businesses [3]. - The top ten weighted stocks in the China Petrochemical Industry Index account for 56.05% of the index, with Wanhua Chemical and China Petroleum being the largest contributors [3]. Group 3: Stock Performance - The performance of key stocks within the index includes: - Wanhua Chemical: -0.37% (10.47% weight) - China Petroleum: +4.05% (7.63% weight) - Salt Lake Co.: +5.58% (6.44% weight) - China Petrochemical: +4.83% (6.44% weight) [5].

Group 1: Oil and Gas - The oil supply-demand situation is under short-term pressure due to OPEC+ production increases, but medium to long-term oil prices are expected to have bottom support, with Brent crude oil price forecasts for 2025 and 2026 at $68 and $62 per barrel respectively [2][46] - The demand for natural gas in China is expected to continue growing, supported by low import costs, which will enhance profitability in the domestic industry chain [49] Group 2: Bulk Chemicals - A turning point in capital expenditure growth in the chemical raw materials and products industry has been observed since the second half of 2025, with expectations for a new round of recovery in 2026 driven by domestic demand improvements and export support [3][54] - The supply-demand situation for bulk chemical products is expected to improve, with policies supporting supply optimization and demand recovery anticipated to lead to a new round of prosperity [9][54] Group 3: Chemical Products and Fine Chemicals - The recovery in demand for chemical products and fine chemicals is expected to continue, driven by growth in sectors such as automotive, home appliances, military, and electronics, alongside cost improvements in raw materials [4][54] - The chemical industry is likely to see ongoing development in new materials and technologies, with a focus on high-end supply enhancement as emphasized in national policies [4][24] Group 4: Recommended Companies - The report recommends several companies for investment, including China Petroleum (A/H), China National Offshore Oil Corporation (A/H), and various chemical companies such as LUXI Chemical, Hualu Hengsheng, and Wanhua Chemical, indicating their potential for value reassessment and growth [7][23][24]

Group 1 - The PVDF concept sector experienced a decline of 3.53%, ranking among the top declines in the concept sector, with stocks like Putailai and Duofluoride hitting the daily limit down [1] - Major stocks within the PVDF concept, such as Duofluoride and Putailai, saw significant drops, with Duofluoride down by 9.99% and Putailai also down by 9.99% [2][3] - The PVDF concept sector faced a net outflow of 2.148 billion yuan, with 14 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 30 million yuan, led by Duofluoride with a net outflow of 1.436 billion yuan [2] Group 2 - Other concept sectors showed varied performance, with the Xiaohongshu concept rising by 3.16% and the sodium-ion battery concept declining by 3.76% [2] - The top net inflow stocks included Dongyangguang, Jinming Precision Machinery, and Shengjingwei, with net inflows of 33.5148 million yuan, 4.946 million yuan, and 254,300 yuan respectively [2][3] - The trading volume for Duofluoride was notably high, with a turnover rate of 20.77% alongside a significant net outflow of 1.436 billion yuan [2]