本次停产检修是根据年度计划进行的例行检修，对公司的生产经营不会产生 影响。 特此公告。 万华化学集团股份有限公司 关于子公司匈牙利宝思德化学公司装置停产检修的公告 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。 根据化工企业生产工艺特点，为确保生产装置安全有效运行，按照年度检修 计划，本公司子公司匈牙利宝思德化学公司（BorsodChem Zrt.）MDI（40 万吨/ 年）、TDI（25 万吨/年）等一体化装置及相关配套装置将于 2025 年 7 月 23 日开 始陆续停产检修，预计检修 30 天左右。 证券代码：600309 证券简称：万华化学 公告编号：临 2025-43 号 万华化学集团股份有限公司 2025 年 7 月 22 日 ...

万华化学集团股份有限公司 关于高级管理人员买入公司股票的公告 证券代码：600309 证券简称：万华化学 公告编号：临 2025-44 号 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。 万华化学集团股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日收到 公司董事、常务副总裁华卫琦先生通知，华卫琦先生基于看好公司未来发展，于 2025 年 7 月 21 日以自有资金通过集合竞价交易方式买入公司 A 股股票，现将有 关情况公告如下： 特此公告。 万华化学集团股份有限公司 2025 年 7 月 22 日 | 姓名 | 职务 | 本 前 | 次 | 变 | 动 | 本 买 | 次 | 入 | 本次变动后 | 买 入 | 均 | 价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 持股数（股） | | | | 股数（股） | | | 持股数（股） | （元/股） | | | | 华卫琦 ...

万华化学（600309）公告，公司董事、常务副总裁华卫琦于2025年7月21日通过集合竞价交易方式，以 自有资金买入公司A股股票5000股，买入均价为59.49元/股。华卫琦先生看好公司未来发展，并承诺所 购股票自买入之日起六个月内不再卖出。上述交易遵守相关法律法规和监管要求。 ...

万华化学（600309）公告，子公司匈牙利宝思德化学公司(BorsodChem Zrt.)MDI(40万吨/年)、TDI(25万 吨/年)等一体化装置及相关配套装置将于2025年7月23日开始陆续停产检修，预计检修30天左右。本次 停产检修是根据年度计划进行的例行检修，对公司的生产经营不会产生影响。 ...

Investment Rating - The investment rating for the TDI industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The TDI price is rapidly increasing due to supply constraints caused by overseas incidents and recent maintenance of some TDI facilities [3][4] - Global TDI production capacity is accelerating towards China, with Wanhua Chemical maintaining its leading position [3][19] - China's TDI exports have significantly increased, enhancing international competitiveness [3][24] - The current TDI inventory cycle may have transitioned to a passive destocking phase, with a potential shift towards an active restocking phase in the future [3][29] - The retail sales of furniture in China have shown a high year-on-year growth rate, driven by consumption stimulus policies such as "old-for-new" [3][33] Summary by Sections Incident Impact - An electrical fire at Covestro's Dormagen plant in Germany on July 12 caused a supply contraction of TDI due to the interruption of key raw materials like chlorine [2][4] - The affected TDI production capacity includes a 300,000 tons/year facility, with the duration of the force majeure event currently uncertain [2][4] Price Trends - TDI prices have surged, with European producers raising prices by €500/ton (approximately RMB 4,160/ton) on July 17 [5] - Domestic prices in East China for TDI rose from approximately RMB 13,800-14,100/ton to RMB 14,800-15,200/ton within a few days, indicating a daily increase of about RMB 700-1,000 [5] Production Capacity and Market Dynamics - Global TDI capacity is currently 3.367 million tons, with Asia accounting for 2.427 million tons (72.1%), and China's capacity reaching 1.64 million tons (48.7% of global capacity) [18] - By 2026, global TDI capacity is expected to increase to 3.767 million tons, with China's share rising to 2.11 million tons (55.9% of global capacity) [18][19] Company Focus - Wanhua Chemical is highlighted as a key player, with current TDI capacity of 1.11 million tons (33% of global capacity), projected to reach 1.52 million tons (40.4% of global capacity) by 2026 [3][19] - Recent overseas capacity reductions and the exit of several foreign producers have further solidified Wanhua's competitive edge [19] Export Trends - China's TDI exports have transitioned from a net import state to a net export state since 2012, with net exports exceeding 300,000 tons annually from 2021 to 2024 [24][26] - In the first five months of 2025, net exports reached 220,000 tons, a year-on-year increase of 97% [26] Inventory and Demand Outlook - The TDI inventory cycle is currently in a passive destocking phase, with expectations of transitioning to an active restocking phase if demand recovers in line with capacity releases [29] - The demand for TDI is supported by strong retail sales in the furniture sector and growth in the automotive industry, particularly in the context of new energy vehicles [33]

金十图示：2025年07月21日（周一）富时中国A50指数成分股今日收盘行情一览：银行板块全天表现低迷，能源、汽车板块集体 收涨 富时中国A50指数连续 -0.03(-0.53%) +0.04(+0.47%) -0.08(-0.68%) 光大银行 2522.95亿市值 6.05亿成交额 4.27 -0.03(-0.70%) 保险 中国太保 中国平安 中国人保 帆 3723.66亿市值 3526.82亿市值 10414.43亿市值 15.20亿成交额 26.71亿成交额 5.53亿成交额 36.66 57.19 8.42 -0.43(-1.16%) +0.12(+0.21%) +0.03(+0.36%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18126.93亿市值 2199.47亿市值 4757.30亿市值 37.80亿成交额 23.04亿成交额 16.64亿成交额 180.29 1443.00 122.56 +6.00(+0.42%) -1.22(-0.99%) -0.81(-0.45%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2309.49亿市值 2434.80亿市值 3176.67亿市值 1 ...

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report highlights strong price support for TDI, with multi-crystalline and mono-crystalline silicon responding positively to the "anti-involution" policy. The focus is on preventing cutthroat competition in sectors such as silicon materials, coal chemical, and chlor-alkali chemical, with attention on performance and price increases in potassium fertilizer, phosphorus fertilizer, TDI, and pesticides as the mid-year report period approaches [5][9] - The basic chemical sector has shown a weekly increase of 1.77%, outperforming the CSI 300 index, which increased by 1.09%, resulting in a 0.69 percentage point advantage [6][19] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3635.87, with a 52-week high of 3635.87 and a low of 2687.54 [2] Price Movements - Major price increases were observed in multi-crystalline silicon (28.21%), liquid chlorine (21.78%), and TDI (18.83%) [9][25] - The report also notes a decline in prices for strontium carbonate (-16.67%) and vitamin K3 (-6.85%) [10][27] Stock Performance - Notable stock performances include significant increases for companies such as Shangwei New Materials (148.85%) and Dongcai Technology (33.16%) [7][20] - Conversely, stocks like Xingmin Zhitong (-16.56%) and Hongbai New Materials (-14.77%) experienced substantial declines [8][22] Key Companies and Ratings - Key companies with investment ratings include: - Wanhua Chemical: Buy, closing price 59.7, market cap 186.95 billion, 2025E EPS 139.5, PE 13.4 [12] - Runfeng Co.: Buy, closing price 61.6, market cap 17.31 billion, 2025E EPS 10.4, PE 16.6 [12] - Yangnong Chemical: Buy, closing price 61.1, market cap 24.78 billion, 2025E EPS 13.8, PE 17.9 [12] - Sailun Tire: Buy, closing price 13.3, market cap 43.57 billion, 2025E EPS 43.1, PE 10.1 [12]

Market Overview - The FTSE China A50 Index showed mixed performance with banks and insurance sectors declining, while energy and automotive sectors mostly advanced [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 252.295 billion with a trading volume of 391 million, experiencing a slight decline of 0.03 (-0.70%) [3]. Insurance Sector - Key insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of 369.27 billion, 349.31 billion, and 1,037.255 billion respectively, with trading volumes of 1.066 billion, 1.782 billion, and 0.345 billion. They experienced declines of 0.78 (-2.10%), 0.11 (-0.19%), and 0.04 (-0.48%) [3]. Alcohol Industry - Leading companies in the alcohol sector, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,811.450 billion, 218.056 billion, and 475.070 billion respectively, with trading volumes of 2.287 billion, 1.577 billion, and 0.913 billion. Kweichow Moutai saw a slight increase of 5.01 (+0.35%), while the others faced declines [3]. Semiconductor Sector - Notable semiconductor firms like North Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 231.057 billion, 244.680 billion, and 317.063 billion respectively, with trading volumes of 1.070 billion, 2.435 billion, and 1.138 billion. North Huachuang experienced a decline of 4.99 (-1.53%) [3]. Oil Industry - Major players in the oil sector, including Sinopec, PetroChina, and China Railway, had market capitalizations of 273.495 billion, 715.347 billion, and 1,634.377 billion respectively, with trading volumes of 0.732 billion, 0.426 billion, and 0.427 billion. Sinopec saw an increase of 0.08 (+1.37%) [3]. Coal Industry - Companies like Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 749.639 billion and 189.440 billion respectively, with trading volumes of 0.536 billion and 0.911 billion. Shenhua Energy reported an increase of 0.33 (+0.88%) [3]. Automotive Sector - BYD, a leading automotive manufacturer, had a market capitalization of 1,827.526 billion with a trading volume of 2.984 billion, experiencing an increase of 3.49 (+1.06%) [3]. Securities Sector - Major securities firms such as CITIC Securities and Guotai Junan reported market capitalizations of 425.350 billion and 347.129 billion respectively, with trading volumes of 2.668 billion and 1.636 billion. CITIC Securities saw an increase of 0.36 (+1.27%) [4]. Consumer Electronics - Companies like Hon Hai Precision Industry and Luxshare Precision reported market capitalizations of 534.617 billion and 276.157 billion respectively, with trading volumes of 1.553 billion and 2.572 billion. Hon Hai experienced a decline of 0.19 (-0.70%) [4]. Home Appliances - Leading home appliance firms such as Haier Smart Home and Gree Electric Appliances had market capitalizations of 266.739 billion and 243.580 billion respectively, with trading volumes of 0.713 billion and 0.309 billion. Haier reported a decline of 0.26 (-0.54%) [4]. Pharmaceutical Sector - Major pharmaceutical companies like Heng Rui Medicine and Muyuan Foods had market capitalizations of 255.221 billion and 384.958 billion respectively, with trading volumes of 1.833 billion and 1.230 billion. Heng Rui experienced a decline of 0.76 (-1.29%) [4].

Summary of TDI Market Conference Call Industry Overview - The TDI market is currently experiencing tight supply and demand dynamics globally, with significant impacts from production disruptions in Europe and varying demand across regions [1][13][21]. Key Points European TDI Market - A production incident at Covestro has affected half of the European TDI capacity, which totals 600,000 tons, primarily from Covestro in Germany and Wanhua in Hungary [1][3]. - The expected recovery time for the affected facility is approximately one month, with a repair period of 3 to 4 weeks followed by testing [2]. - The incident may lead to a supply shortage in Europe, increasing the need for imports [1]. U.S. TDI Market - The U.S. TDI market is performing well, with a total capacity of 390,000 tons from Covestro and BASF, maintaining an operating rate of around 90% [1][5]. - Demand is primarily driven by the furniture and automotive sectors, with a focus on domestic self-sufficiency [6]. Asian TDI Market - Asia is a major TDI production region, with high operating rates in South Korea, although Hanwha faces cost pressures [1][7]. - Japan's Mitsui Chemicals has reduced its capacity from 120,000 tons to 50,000 tons, focusing on domestic needs and reducing exports [8]. - Saudi Arabia's TDI production is stable but of lower quality, while India and Iran have smaller capacities with varying operational stability [9][10]. Chinese TDI Market - China's TDI capacity is concentrated in Wanhua and Shanghai Covestro, with significant expansions planned for 2025 [10]. - Domestic operating rates are generally above 80%, with some facilities scheduled for maintenance [11][12]. Demand and Pricing Trends - Domestic TDI demand is expected to slightly increase to 970,000-980,000 tons in 2025, influenced by the furniture and automotive industries [4][18]. - Recent price increases have seen TDI prices rise from approximately 10,000 yuan to between 15,000 and 16,000 yuan per ton, driven by traders rather than direct factory pricing [21]. - Export demand has surged, increasing by over 80% year-on-year, with low inventory levels across the supply chain [23][24]. Future Market Outlook - The global TDI market is expected to remain tight, with new capacity largely dependent on leading companies like Wanhua, facing high marginal costs that may delay new projects [13][14]. - The overall inventory level is low, with upstream and downstream inventories at reduced levels due to previous market conditions [24]. - Future price trends are anticipated to continue rising, influenced by external market conditions and potential supply disruptions [21][22]. Additional Insights - The furniture sector, accounting for 40% of TDI demand, has seen a 20% increase in retail sales, although overall growth is tempered by a decline in exports [18]. - The automotive sector's TDI demand has increased due to higher production rates, while other sectors like coatings and elastomers show stable demand [18][19]. - There is a lack of specialized data tracking for soft furniture that uses TDI, complicating market analysis [20]. This summary encapsulates the current state and future outlook of the TDI market, highlighting key regional dynamics, demand trends, and pricing movements.

Group 1 - The report maintains an optimistic view on the market's ability to continue breaking through, driven by strong risk appetite and multiple signals supporting market upward momentum [8][9][10] - Key sectors showing strong performance include construction materials, non-bank financials, non-ferrous metals, agriculture, and household appliances, with high-growth sectors identified as media, agriculture, construction materials, transportation, and non-bank financials [9][10] - The report highlights the importance of the TMT sector, particularly AI hardware and gaming, as significant drivers of market interest and investment [8][9] Group 2 - The report emphasizes the potential of the low-altitude economy, with significant developments in eVTOL aircraft and related infrastructure, supported by government policies and local initiatives [53][54] - Companies like Xiaopeng Heavens and Times Technology are noted for their recent financing and order achievements, indicating strong market interest and growth potential in the low-altitude sector [53][54] - The report suggests that the low-altitude economy is experiencing a comprehensive rollout from macro to micro levels, with various applications being tested and developed [53][54] Group 3 - The food and beverage sector is facing challenges with slowing retail sales growth, particularly in the restaurant and alcohol segments, due to external factors such as subsidy controls and strict regulations [56] - Despite the pressures, there are opportunities for investment in leading liquor companies as valuations have reached low points, suggesting potential for recovery in the second half of the year [56] - The report indicates that the overall consumer demand needs to be stimulated, with a focus on the clearing of livestock and new demand drivers [56]