万华化学集团股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 10 月 28 日 烟 台 万华化学 2025 年第一次临时股东大会会议资料 万华化学集团股份有限公司 2025 年第一次临时股东大会日程和议程安排 一、会议时间：2025 年 10 月 28 日（星期二）14:30 二、会议地点：山东省烟台市经济技术开发区三亚路 3 号，万华化学集团股 份有限公司会议室 三、会议召开方式：现场和网络表决结合 四、参加会议人员：公司部分董事、监事及高级管理人员；2025 年 10 月 22 日在中国证券登记结算有限责任公司上海分公司登记在册的本公司股东或股东代 表；公司聘请的律师。 五、会议审议议题 公司于 2025 年 10 月 10 日召开的第九届董事会 2025 年第三次会议提交的议 案： | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 《关于减少注册资本、修改<公司章程>并取消监事会的 | √ | | 议案》 | | | | 2 | 《关于修改<万华化学集团股份有限公司股东大会议事 ...

Market Overview - The Shandong state-owned enterprise reform sector experienced a decline of 0.42% on October 20, with Baoding Technology leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers in Shandong State-Owned Enterprises - Chui Mu Co., Ltd. (002083) saw a significant increase of 10.00%, closing at 6.16 with a trading volume of 481,000 shares and a transaction value of 296 million [1] - Lu Xin Investment (600783) rose by 6.25%, closing at 14.10 with a trading volume of 226,200 shares and a transaction value of 314 million [1] - Bo Shen Co., Ltd. (002282) increased by 4.31%, closing at 7.50 with a trading volume of 152,800 shares and a transaction value of 113 million [1] Underperformers in Shandong State-Owned Enterprises - Baoding Technology (002552) experienced a decline of 8.88%, closing at 17.04 with a trading volume of 381,600 shares and a transaction value of 659 million [2] - Shandong Gold (600547) fell by 6.34%, closing at 37.94 with a trading volume of 816,300 shares and a transaction value of 3.132 billion [2] - Dongjie Intelligent (300486) decreased by 3.48%, closing at 20.27 with a trading volume of 257,000 shares and a transaction value of 526 million [2] Capital Flow Analysis - The Shandong state-owned enterprise reform sector saw a net outflow of 543 million from institutional investors, while retail investors contributed a net inflow of 770 million [2][3] - Notable net inflows from retail investors were observed in several stocks, including Chui Mu Co., Ltd. (002083) with a net inflow of 72.05 million [3] - Conversely, significant net outflows from institutional investors were noted in stocks like Langxin Information (000977) with a net outflow of 61.54 million [3]

Industry Investment Rating - The investment rating for the basic chemical industry is "Outperform" [1] Core Views - The basic chemical industry is currently under pressure due to global trade sentiment, with a focus on cyclical bottoming and potential recovery in leading companies such as Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng [4][5] - The basic chemical sector has experienced a decline of 5.83% this week, underperforming the CSI 300 index by 3.61 percentage points [5][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3951.07, with a 52-week high of 4195.72 and a low of 3081.91 [1] Market Performance - The basic chemical sector has underperformed the CSI 300 index year-to-date, with a decline of 18.96 percentage points compared to the index's increase of 33.31% [18] - This week, the sector's performance was marked by significant fluctuations, with notable gainers including Sanfu Co. (up 33.17%) and Chengxing Co. (up 25.12%) [6][18] Price Movements - Key products in the lithium battery materials sector have seen price increases, with liquid chlorine rising by 184.91% and lithium cobalt oxide by 19.74% [8][23] - Conversely, R22 prices have dropped significantly by 51.52% [9][25] Key Companies and Investment Ratings - Wanhua Chemical: Buy rating, closing price at 61.5, market cap of 192.56 billion, 2025E EPS of 135.5 [11] - Yangnong Chemical: Buy rating, closing price at 68.8, market cap of 27.89 billion, 2025E EPS of 13.9 [11] - Hengli Petrochemical: Buy rating, closing price at 24.6, market cap of 52.29 billion, 2025E EPS of 37.3 [11]

Group 1 - As of October 17, the total market financing balance is 2.41 trillion yuan, a decrease of 273.03 billion yuan from the previous trading day [1] - The financing balance for the Shanghai Stock Exchange is 1.22 trillion yuan, down by 137.33 billion yuan, while the Shenzhen Stock Exchange's balance is 1.18 trillion yuan, decreasing by 134.61 billion yuan [1] - A total of 1,373 stocks received net financing purchases on October 17, with 277 stocks having net purchases exceeding 10 million yuan, and 14 stocks exceeding 100 million yuan [1] Group 2 - The stock with the highest net financing purchase on October 17 is Zhongji Xuchuang, with a net purchase amount of 1.38 billion yuan [2] - Other notable stocks include Zijin Mining and Sanhua Intelligent Control, with net purchases of 370 million yuan and 269 million yuan, respectively [2] - Industries with significant net purchases include basic chemicals, electronics, and communications, with three stocks from each of the first two industries and two from communications [1][2] Group 3 - The average ratio of financing balance to circulating market value for stocks with large net purchases is 4.36% [2] - Beijing Junzheng has the highest financing balance to market value ratio at 10.77%, followed by Guangqi Technology and Boyuan Shares at 8.42% and 7.11%, respectively [2] - The top net purchase stocks include Zhongji Xuchuang, Zijin Mining, and Sanhua Intelligent Control, with respective price changes of 1.81%, -0.98%, and 0.93% on October 17 [2][3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Chemicals** industry, focusing on the implications of new U.S. port fees on ethane carriers for Chinese companies, particularly **Wanhua Chemical** [2][7]. Core Insights and Arguments 1. **New U.S. Port Fees**: Effective October 14, 2025, the U.S. Trade Representative (USTR) will impose a port service fee of **$50 per ton** on ethane carriers owned or operated by Chinese entities, escalating to **$80, $110, and $140** per ton in subsequent years [2][7]. 2. **Impact on Wanhua Chemical**: Wanhua, which imports U.S. ethane for its ethylene crackers, may face increased costs estimated at **Rmb1 billion** in 2026, rising to **Rmb2 billion** by 2028. This represents **6% to 7.6%** of the current consensus net profit for FY26/27 [2][7]. 3. **Mitigation Strategies**: Wanhua is reportedly working on strategies to mitigate these costs; however, failure to do so may lead to downward revisions in consensus earnings [2][7]. 4. **Geopolitical Tensions**: The combination of geopolitical tensions and China's anti-involution measures could lead to a significant slowdown in China's chemical capacity additions from **2026 to 2030** [2][7]. 5. **Stock Recommendations**: Preferred regional companies in light of these developments include **PetroChina, LG Chem, Hengli, PTTGC, and Reliance** [2][7]. Additional Important Points 1. **Limited Impact on Satellite Chemical**: Satellite Chemical operates a fleet of vessels that are largely unaffected by the new U.S. port fees, as most are owned by non-Chinese companies [11]. 2. **Delays in Satellite's ECC Phase 3**: Construction of Satellite Chemical's third ethylene cracker has been paused due to U.S.-China tensions, which may lead to downward revisions in consensus earnings for **2027-28** [11]. 3. **Wanhua's Ethylene Cracker Updates**: Wanhua's Yantai 2 ethylene cracker is fully operational, while the Yantai 1 cracker is undergoing feedstock conversion and is expected to restart in November 2025 [11]. 4. **Potential Benefits for Non-Chinese Projects**: The slowdown in Chinese ethane demand may benefit ethane cracking projects outside China, with companies like **Reliance** and **ONGC** planning to switch to ethane for better economics [11]. 5. **Market Dynamics**: A significant slowdown in Chinese net chemical capacity additions is anticipated, which may lead to a rebalancing of global supply and demand dynamics, positively impacting regional chemical companies [11]. Conclusion The conference call highlights significant challenges and potential shifts in the China Chemicals industry due to new U.S. port fees and geopolitical tensions. Companies like Wanhua Chemical may face increased costs, while other regional players could benefit from changing market dynamics.

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [76]. Core Insights - The polyurethane sector shows mixed price movements with pure MDI averaging 17,914 CNY/ton (+336 CNY/ton), polymer MDI at 14,493 CNY/ton (-293 CNY/ton), and TDI at 13,315 CNY/ton (-150 CNY/ton) [2]. - In the oil, coal, and gas olefin sector, ethane and propane prices decreased, while coal remained stable. Ethylene averaged 5,580 CNY/ton (-124 CNY/ton) and polypropylene remained unchanged at 6,800 CNY/ton [10]. - The coal chemical sector saw slight increases in synthetic ammonia and acetic acid prices, with synthetic ammonia at 2,175 CNY/ton (+3 CNY/ton) and acetic acid at 2,430 CNY/ton (+15 CNY/ton) [10]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 17,914 CNY/ton, 14,493 CNY/ton, and 13,315 CNY/ton respectively, with corresponding gross profits of 4,716 CNY/ton, 2,295 CNY/ton, and 2,106 CNY/ton [2][17][20]. 2. Oil, Coal, and Gas Olefin Sector - Ethane and propane prices are 1,343 CNY/ton (-130 CNY/ton) and 3,763 CNY/ton (-46 CNY/ton) respectively. Ethylene's theoretical profit from ethane cracking is 949 CNY/ton (+39 CNY/ton) [2][10][34]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,175 CNY/ton, 1,596 CNY/ton, 3,929 CNY/ton, and 2,430 CNY/ton respectively, with gross profits of 195 CNY/ton, -68 CNY/ton, -194 CNY/ton, and 160 CNY/ton [2][10][41]. 4. Related Listed Companies - Key companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and Xinheng [2].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of the PVC industry are poor, with the supply-demand situation being supply - strong and demand - weak. The comprehensive profit of enterprises has declined to a low level for the year, but the supply - side maintenance volume is small, and the output is at a historical high. In the short term, multiple new devices will start trial operations. Domestically, downstream construction has declined, and domestic demand is weak. Regarding exports, the anti - dumping tax rate in India is expected to be implemented soon, and the export outlook for the fourth quarter is poor. Although the short - term valuation has declined to a low level, it still cannot support the supply - demand situation that is weaker than in the first half of the year. In the medium term, pay attention to short - selling opportunities on rallies [11]. 3. Summary by Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - **Cost and Profit**: The price of Wuhai calcium carbide is 2,425 yuan/ton, up 25 yuan/ton week - on - week; the price of Shandong calcium carbide is 2,830 yuan/ton, down 60 yuan/ton week - on - week; the price of medium - grade semi - coke in Shaanxi is 730 yuan/ton, unchanged week - on - week. The comprehensive profit of chlor - alkali integration has slightly recovered, while the profit from ethylene - based production is at a low level, and the current valuation is moderately low [11]. - **Supply**: The PVC capacity utilization rate is 76.7%, a 5.9% decline from the previous week. Among them, the utilization rate of calcium carbide - based production is 74.7%, down 8.2% week - on - week, and that of ethylene - based production is 81.3%, down 0.6% week - on - week. Last week, the supply - side load decreased mainly due to maintenance at enterprises such as Xinfeng, Lutai Chemical, Inner Mongolia Junzheng, Jinyuyuan, Tianye, and Zhongtai. The load is expected to rebound next week. The overall load in October is still expected to be high, and multiple devices are expected to start trial operations, resulting in continuous high supply pressure [11]. - **Demand**: Regarding exports, the anti - dumping tax rate in India is expected to be implemented in October - November, and exports are expected to decline after implementation. The construction rates of the three major downstream sectors decreased last week. The load of the pipe sector is 32.8%, down 7.6% week - on - week; the load of the film sector is 68.9%, up 5% week - on - week; the load of the profile sector is 15.9%, down 23% week - on - week. The overall downstream load is 39.2%, down 8.6% week - on - week, indicating weak overall downstream construction. Last week, the pre - sales volume of PVC was 55.6 tons, a decrease of 2.8 tons from the previous week [11]. - **Inventory**: Last week, the in - factory inventory was 36 tons, a decrease of 2.3 tons from the previous week; the social inventory was 103.4 tons, a decrease of 0.3 tons from the previous week; the total inventory was 139.4 tons, a decrease of 2.6 tons from the previous week; the number of warehouse receipts remained at a high level. The industry is still in the inventory accumulation cycle, with upstream inventory gradually shifting to the mid - stream. Given the supply - strong and demand - weak situation, the inventory accumulation is expected to continue [11]. 3.2 Futures and Spot Market - Multiple graphs are presented, including those showing the PVC term structure, the price of East China SG - 5 PVC, the PVC spot basis, the 1 - 5 spread of PVC, the positions and trading volumes of active PVC contracts, and the total positions and trading volumes of PVC. These graphs are sourced from WIND, Steel Union, and the research center of Wukang Futures [15][16][25][27]. 3.3 Profit and Inventory - **Inventory**: The overall inventory decreased this week, and the number of warehouse receipts was at a high level. Graphs show the in - factory inventory of calcium carbide - based PVC, the social inventory of PVC, the combined in - factory and social inventory of PVC, and the number of PVC warehouse receipts [32][39]. - **Profit**: Graphs show the comprehensive profit of chlor - alkali integration with externally purchased calcium carbide in Shandong, the profit of calcium carbide - based PVC production, the profit of ethylene - based PVC production, and the profit of calcium carbide production in Inner Mongolia [40]. 3.4 Cost Side - **Calcium Carbide**: Calcium carbide prices have stabilized. Graphs show the prices of Wuhai and Shandong calcium carbide, calcium carbide inventory, and calcium carbide production start - up rate [46][47]. - **Semi - coke and Caustic Soda**: The prices of semi - coke and caustic soda have remained stable. Graphs show the market price of medium - grade semi - coke in Shaanxi, the self - pick - up price of 32% liquid caustic soda in Shandong, and the market price of liquid chlorine in Shandong [48][49]. - **Ethylene**: The graph shows the CFR spot price of Northeast Asian ethylene [52]. 3.5 Supply Side - In 2025, the capacity expansion of PVC is significant, mainly concentrated in the third quarter. Graphs show the historical trend of PVC capacity, the newly - added PVC production capacity in 2025, and the raw materials consumed by the newly - added PVC production capacity in 2025 [57][60][62]. 3.6 Demand Side - **Downstream Construction**: The construction rates of the three major downstream sectors of PVC have declined. Graphs show the construction rates of PVC downstream sectors, including film, profile, and pipe sectors [73][75][77]. - **Exports**: The anti - dumping tax rate in India is expected to be implemented soon, which may lead to a decline in exports. Graphs show the export volume of PVC and the export volume of PVC to India [82][85]. - **Pre - sales**: The pre - sales volume of PVC has decreased. The graph shows the pre - sales volume of PVC [87]. - **Real Estate Indicator**: The graph shows the rolling cumulative year - on - year change in China's housing completion area [89].

化工板块今日（10月17日）随市深度回调。反映化工板块整体走势的化工ETF（516020）几乎全天单边 下行，截至发稿，场内价格跌2.01%。 成份股方面，钾肥、其他化学原料、合成树脂、氟化工等板块部分个股跌幅居前。截至发稿，藏格矿业 大跌超4%，杭氧股份、圣泉集团、巨化股份金发科技等多股跌超3%，拖累板块走势。 | | | 分财 多日 1分 5分 15分 30分 60分 日 周 · | | | | | F9 盘前盘后 图加 九转 测线 工具 @ 2 > | | 4. TETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CARA | | | | | 516020(化工ETF) 13:45 6) 0.730 股跌 -0.015(-2.01%) [36] 0.737 限交通 194 IOPV 0.7311. | | | | 0.730 | | -0.015 -2.01% | | | | | | | | | | | SSE CNY 13:45:50 交易中 | | 104 | ...