万华化学集团股份有限公司 期纸货套期保值业务管理制度 第一章 总则 第一条 为规范万华化学集团股份有限公司（以下简称"公司"或"集团"） 及下属子公司套期保值业务，控制套期保值业务风险，同时充分发挥套期保值 功能，利用境内期货、境外纸货的套期保值功能，防范和规避市场价格波动风 险，根据《中华人民共和国证券法》《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 5 号——交易与关联交易》以及《公司章 程》及相关管理制度，参照《关于切实加强金融衍生业务管理有关事项的通知》 （国资发财评规〔2020〕8 号）、《关于进一步加强金融衍生业务管理有关事 项的通知》（国资厅发财评〔2021〕17 号）等相关规范性文件的规定，结合公 司实际情况，制订本制度。 第二条 本制度适用于万华化学集团股份有限公司及下属子公司开展的套 期保值业务及风险管控过程。 第三条 套期保值：在现货市场和期纸货市场对同一种类的商品同时进行 数量相等但方向相反的买卖活动，即在买进或卖出实货的同时，在期纸货市场 上卖出或买进同等数量的期纸货，经过一段时间，当价格变动使现货买卖上出 现盈亏时，可由期纸货交易上的亏盈得到抵消或弥补。从 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-48 号 万华化学集团股份有限公司 2025年半年度主要经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十三号——化工》的相关规定，现将万华化学集团股份有限公司 2025 年半年度主要 经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 2025 年上半年公司聚氨酯系列产品实现销售收入 3,688,779 万元，石化系列产 品和贸易实现销售收入 3,493,356 万元，精细化学品及新材料系列产品实现销售收 入 1,562,807 万元。 | 主要产品 | 产量（万吨） | 销量（万吨） | | --- | --- | --- | | 聚氨酯系列 | 298 | 303 | | 石化系列 | 295 | 285 | | 精细化学品及新材料系列 | 124 | 119 | 注：以上销量为各系列产品产量对应的销售量，包含产品系列之间的内部使用量。 二、主要产品和 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-47 号 万华化学集团股份有限公司 第九届董事会 2025 年第二次会议决议公告 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个别及连带责任。 重要内容提示： 公司应出席的董事11人，实际出席会议的董事人数11人。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 （二）本次董事会于 2025 年 8 月 1 日以电子通讯的方式发出董事会会议通 知及材料。 （三）本次董事会于 2025 年 8 月 9 日在公司三楼会议室采用现场方式召开。 （四）本次董事会会议应出席的董事 11 人，实际出席会议的董事人数 11 人。 （五）会议由公司董事长廖增太先生主持，公司部分高管及监事列席会议。 二、董事会会议审议情况 （一）审议通过《万华化学集团股份有限公司 2025 年半年度报告》，同意票 11 票，反对票 0 票，弃权票 0 票。 公司审计及合规管理委员会审议通过本项议案，并同意提交公司第九届董事 会 202 ...

万华化学集团股份有限公司2025 年半年度报告 公司代码：600309 公司简称：万华化学 万华化学集团股份有限公司 2025 年半年度报告 1 / 173 万华化学集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人廖增太、主管会计工作负责人李立民及会计机构负责人（会计主管 人员）聂辉强声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report highlights a positive performance in the PEEK sector, with key companies such as Wanhua Chemical, Yangnong Chemical, and Hualu Hengsheng being recommended for investment. The focus is also on pesticide anti-involution strategies, particularly with Limin Co. [5][6] - The basic chemical sector has shown a weekly increase of 2.33%, outperforming the CSI 300 index by 1.1 percentage points [6][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is at 3814.15, with a 52-week high of 3814.15 and a low of 2687.54 [2] - Year-to-date performance shows the basic chemical index has decreased by 10.38%, while the CSI 300 index has increased by 21.22%, indicating a lag of 10.84 percentage points [18] Weekly Performance - The report notes significant stock price fluctuations, with notable increases in companies like Kexin New Energy (53.05%), Anli Co. (51.60%), and Xinhang New Materials (45.88%) [7][19] - Conversely, companies such as Lianhua Technology (-10.41%) and Cangzhou Dahua (-8.80%) experienced declines [8][21] Commodity Price Movements - Key commodities that saw price increases include formic acid (28.62%), broiler chicks (21.93%), and dichloromethane (17.50%) [9][24] - Notable price decreases were observed in commodities like sucralose (-28.00%) and eggs (-8.48%) [27][28] Key Company Ratings and Forecasts - Wanhua Chemical is rated "Buy" with a closing price of 60.8 CNY and a market cap of 190.33 billion CNY [11] - Yangnong Chemical is also rated "Buy" with a closing price of 64.7 CNY and a market cap of 26.23 billion CNY [11] - Other companies such as Hualu Hengsheng and Sailun Tire are similarly rated "Buy" with respective closing prices of 23.8 CNY and 13.1 CNY [11]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

型HET AKO R 会使养大师思想、我中学前学班学 融合今今所被誉。或即前往贸合点 足球手机 新天 十八十八十十 《大道至简： 大师投资说》 复利王子 海 天 著 上海财经大学出版社 2025年1月出版 如何穿越投资迷雾 ——读《大道至简：大师投资说》 *** KX+ + %, X 79 : E TH, LED - LEN, DEP - ZER. HIL - 24 的数,的看、方网 · 六年,新城 · 中国、日本区 · 五世界、第8世 · 和智能发展。 苹果, 加入平, 重平, 1800; 品中, 品产, 品质 NAS OF STERNET 大運東同 大原因 ◎墨 云 在复杂多变的股市中，《大道至简：大师投资说》以其独特的视角和深刻的洞见，为投资者提供了一种 回归投资本质的思考方式。本书不仅系统地梳理了价值投资的核心理念，还提出了具有本土化特色的投 资策略和方法论，旨为在市场波动中迷失方向的投资者探索前行的方向。 回归本质与践行长期主义 作者在书中开宗明义地指出，价值投资的核心在于理解股票的本质：股票不仅仅是一张纸或一个代码， 而是企业的一部分。投资者购买股票，实际上是在与企业共同成长，分享企业的长期价值创 ...

Group 1 - Hanwha Chemical has temporarily halted its TDI production due to equipment failure, marking the fourth major TDI production disruption globally this year [1] - The global TDI supply chain has been significantly impacted following incidents at Mitsui Chemicals, Wanhua Chemical's planned maintenance, and Covestro's force majeure event [1] - The top five TDI producers hold approximately 75% of the market share, indicating a highly concentrated industry where disruptions can lead to a "butterfly effect" [1] Group 2 - Hanwha's annual production capacity is 150,000 tons, accounting for about 5% of the global supply, which is expected to directly affect spot supply in the Asia-Pacific region [1] - Domestic TDI spot prices in China have surged above 16,000 yuan per ton, with some prices reaching as high as 17,000 yuan per ton, as major domestic producers have raised their TDI listing prices in August [1] - According to data from the China Chemical Market Research Institute, the average price of domestic TDI in August increased by 17.94% month-on-month and 16.69% year-on-year [1] Group 3 - Wanhua Chemical has a TDI production capacity of 1.11 million tons per year [1] - Cangzhou Dahua has a TDI production capacity of 160,000 tons per year [1] - The current disruptions in global TDI production capacity may lead to price increases exceeding expectations, potentially restoring profits for related companies [1]

Group 1: Analog Chips - Texas Instruments (TI) has announced a significant price increase for over 60,000 product models, with general materials rising by 15%-30% and high-end chips doubling in price, marking a rare large-scale adjustment in recent years [1] - The demand for automotive and industrial-grade high-end analog chips has surged over 25%, limiting the capacity allocated to consumer electronics [1] - The price hike by TI is expected to prompt domestic analog chip companies to follow suit, indicating a potential turning point for the industry [1] Group 2: TDI Market - Hanwha Chemical has temporarily halted TDI production due to equipment failure, marking the fourth major TDI production disruption globally this year [2] - The global TDI supply chain is heavily impacted, with TDI prices in China exceeding 16,000 yuan/ton, and some sources reaching 17,000 yuan/ton, reflecting a 17.94% month-on-month increase [2] - The concentrated nature of the TDI market means that production interruptions can lead to significant price fluctuations and potential profit recovery for related companies [2] Group 3: Electronic Skin Technology - Chengdu Humanoid Robot Innovation Center has launched the world's first AI neural network electronic skin, which offers unprecedented tactile perception capabilities [3] - The electronic skin technology is expected to find applications in robotics, medical monitoring, and other fields, with a projected global market size of approximately $6.3 billion by 2024, growing at a compound annual growth rate of over 17% [3] Group 4: Nuclear Fusion - Jiangxi Fusion New Energy Company introduced its hybrid fusion-fission reactor project "Spark One," aiming to achieve demonstration power generation by 2030 [4] - The project utilizes high-temperature superconducting technology and is expected to address several challenges faced by traditional fusion technology [4] - Nuclear fusion is viewed as a key to sustainable energy, offering a clean and virtually limitless energy source [4] Group 5: Hydrogen Energy - A 30MW pure hydrogen gas turbine energy storage demonstration project has commenced in Inner Mongolia, marking a significant breakthrough in hydrogen energy generation [5] - The project aims to establish a "green electricity to green hydrogen, green hydrogen to power" model, contributing to China's dual carbon goals [5] - The hydrogen energy sector is anticipated to become a trillion-level growth driver, supported by policy and technological advancements [5] Group 6: AI Computing Power - Huawei is set to unveil breakthrough technology in AI inference at an upcoming forum, which may reduce reliance on high-bandwidth memory (HBM) and enhance domestic AI model performance [6] - The demand for computing power is expected to rise alongside advancements in AI models, creating new commercial opportunities in AI applications [6] Group 7: Robotics - Beijing Economic-Technological Development Area has launched a plan to support the development of embodied intelligent robots, introducing ten measures to foster innovation in the sector [7] - The focus is on collaborative technology development, data-driven initiatives, and promoting new business models within the robotics industry [7] - The market for humanoid robots is projected to grow significantly, with estimates suggesting a global market size exceeding $150 billion by 2035 [8]

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened, highlighting China's position as the largest producer and consumer in the global chemical industry [1] - In the fine chemical sector, China's revenue accounts for 50% of the global market share [1] Group 2 - Comprehensive leading companies include Wanhua Chemical, the largest global MDI producer, and New Chemical Materials, which covers the entire industrial chain of polyurethane, petrochemicals, new materials, and fine chemicals [4] - Other leading companies in specific segments include Longbai Group, the world's largest titanium dioxide producer, and Yuntianhua, a domestic leader in phosphate resources [4][5] Group 3 - Potential companies include Yuanli Technology, which has the world's largest production capacity for dimethyl adipate, and Zhongyan Chemical, the global leader in sodium metal production [5]