Core Viewpoint - Wanhua Chemical's stock price decreased by 1.02% to 61.96 yuan as of July 29, 2025, with a trading volume of 307,875 hands and a transaction amount of 1.914 billion yuan [1] Group 1: Company Performance - Wanhua Chemical's main business includes polyurethane, petrochemicals, fine chemicals, and new materials, making it a global leader in MDI manufacturing, with applications in home appliances, automotive, and construction sectors [1] - In Q1 2025, the company achieved a revenue of 43.068 billion yuan and a net profit of 3.082 billion yuan [1] Group 2: Production Updates - On July 29, 2025, Wanhua Chemical announced the resumption of normal production at its Fujian Industrial Park, which includes an 800,000 tons/year MDI unit, a 360,000 tons/year TDI unit, and a 400,000 tons/year PVC unit, after maintenance that began on June 5 [1] Group 3: Financial Metrics - The company's current price-to-earnings ratio is 15.73 times, and the price-to-book ratio is 2.02 times [1] - On the same day, the net outflow of main funds was 98.3764 million yuan [1]

福建工业园复产公告 万华化学集团股份有限公司 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。 2025年7月30日 股票简称：万华化学 股票代码：600309 公告编号：临2025-45号 特此公告。 万华化学集团股份有限公司 根据公司于2025年5月23日发布的"万华化学集团股份有限公司福建工业园停产检修公告"（公告编号： 临2025-32号），福建工业园80万吨/年MDI装置、36万吨/年TDI装置、40万吨/年PVC装置及相关配套装 置于2025年6月5日开始停产检修。 截至目前，上述装置的停产检修已经结束，恢复正常生产。 ...

Group 1 - The TDI market is experiencing significant price increases due to supply tightness caused by accidents and maintenance shutdowns at major production facilities [1][2][4] - As of July 29, the average domestic TDI price in China reached 15,875 RMB per ton, up 350 RMB per ton (2.25%) from the previous working day, and over 30% since the beginning of the month [3] - The supply tightness is further exacerbated by a chlorine leak incident at Mitsui Chemicals' TDI facility, which is their only production base, reducing capacity to 50,000 tons per year [2][4] Group 2 - Wanhua Chemical has resumed normal production at its facilities, which may alleviate the current TDI supply tightness [5] - Shanghai Covestro has suspended pricing due to a surge in overseas orders, indicating a strong demand in the market [4] - The market is characterized by a mix of high selling prices and low purchasing sentiment from downstream buyers, with many holding onto inventory [3]

证券日报网讯 7月29日晚间，万华化学发布公告称，根据公司于2025年5月23日发布的"万华化学集团股 份有限公司福建工业园停产检修公告"（公告编号：临2025-32号），福建工业园80万吨/年MDI装置、36 万吨/年TDI装置、40万吨/年PVC装置及相关配套装置于2025年6月5日开始停产检修。截至目前，上述 装置的停产检修已经结束，恢复正常生产。 （编辑 楚丽君） ...

Macro Dynamics - In the first half of the year, state-owned enterprises' total operating revenue decreased by 0.2% year-on-year, amounting to 4,074.96 billion yuan, while total profit fell by 3.1% to 218.25 billion yuan [1] - The taxes payable by state-owned enterprises also saw a decline of 0.8%, totaling 300.26 billion yuan [1] - As of the end of June, the asset-liability ratio of state-owned enterprises increased by 0.3 percentage points to 65.2% [1] Financial Institutions - Wang Xiaohang, former vice president of Ant Group, has been appointed as the Chief Technology Officer (CTO) of Ping An Group, bringing nearly 20 years of experience in the "finance + technology" sector [7] Market Data - The ChiNext Index rose by 1.86%, with strong performances in the pharmaceutical and steel sectors, while the overall market saw a trading volume exceeding 1.8 trillion yuan [8] - As of July 28, the financing balance on the Shanghai Stock Exchange reached 989.90 billion yuan, an increase of 11.71 billion yuan from the previous trading day [9] Company Dynamics - Apple announced the closure of its first direct store in Dalian, marking its first store closure in China, effective August 9, 2025 [11] - WuXi AppTec plans to adjust the upper limit of its share repurchase price from 90.72 yuan to 114.15 yuan per share, with its stock price rising significantly following the announcement [12] - Wanhua Chemical has resumed normal production at its facilities in Fujian after a maintenance shutdown [13] - China Chang'an Automobile has become the indirect controlling shareholder of Hunan Tianyan following a corporate restructuring [14] - Zhixiang Jintai received approval for clinical trials of its dual-specific antibody for passive immunity against rabies in children and adolescents [15]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For copper, the short - term supply is loose due to tariff implementation, while the medium - to - long - term supply is tight. The market is bearish in the short term and bullish in the medium - to - long term [8] - For lithium carbonate, the supply - side looseness will ease, but high inventory restricts upward movement. Caution is needed [9][10] - For crude oil, it is expected to oscillate in the near term. Attention should be paid to OPEC+ production policies in September [11] - For asphalt, it is expected to oscillate recently [13] - For PP, it is expected to oscillate in the near term, and a 09 - 01 reverse spread is recommended [14] - For plastics, it is expected to oscillate recently, and a 09 - 01 reverse spread is recommended [16] - For PVC, it is expected to oscillate downward in the near term, and a 09 - 01 reverse spread is recommended [18] - For coking coal, due to high volatility, cautious operation is advisable [19] - For urea, it is expected to remain weakly oscillating [21] Summary by Related Catalogs Futures Market Overview - As of the close on July 29, most domestic futures contracts declined. Polysilicon rose nearly 4%, while glass dropped over 7%. In stock index futures, most contracts rose, and in treasury bond futures, most contracts declined [4] Capital Flows - As of 15:14 on July 29, rebar 2510, soda ash 2509, and glass 2509 had capital inflows of 1.39 billion, 1.272 billion, and 1.225 billion respectively. Lithium carbonate 2509, CSI 1000 2509, and ferromanganese silicon 2509 had capital outflows of 1.658 billion, 1.36 billion, and 827 million respectively [5] Individual Commodity Analysis Copper - The supply is currently loose due to tariff influence and may tighten in the long run. The market is bearish in the short term and bullish in the medium - to - long term [8] Lithium Carbonate - The price is declining. The supply - side looseness will ease, but high inventory restricts upward movement [9][10] Crude Oil - It is in the seasonal travel peak. OPEC+ will increase production. Prices are expected to oscillate [11] Asphalt - Supply and demand indicators show mixed trends. It is expected to oscillate recently [13] PP - Downstream开工率 is low. Supply and cost factors interact. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [14] Plastics - Downstream开工率 is low. Supply increases. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [16] PVC - Supply is high, demand is weak, and inventory is high. It is expected to oscillate downward, and a 09 - 01 reverse spread is recommended [18] Coking Coal - Supply is stable, and demand is strong. High volatility requires cautious operation [19] Urea - Supply is sufficient, demand is weak, and inventory removal slows. It is expected to remain weakly oscillating [21]

Group 1 - Anhui Construction won a joint bid for the Chongqing Rongchang to Sichuan Zigong expressway project, with a total estimated investment of 3.614 billion yuan and a construction period of 3 years [1] - Hongfa Co. reported a net profit of 964 million yuan for the first half of 2025, a year-on-year increase of 14.19%, with revenue of 8.347 billion yuan, up 15.43% [1][2] - Lujiazui's net profit for the first half of 2025 was 815 million yuan, a decrease of 7.87%, despite a revenue increase of 33.91% to 6.598 billion yuan [3] - Enhua Pharmaceutical achieved a net profit of 700 million yuan, up 11.38%, with revenue of 3.010 billion yuan, an increase of 8.93% [4][5] - China CNR signed several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [6] - WanTong Intelligent signed an exclusive sales and cooperation agreement in the embodied intelligence field, gaining global sales rights for specific chip-based products [7][8] Group 2 - Liansheng Technology's subsidiary received a government subsidy of 13.5 million yuan, accounting for 12.24% of the company's latest audited net profit [9] - Guobang Pharmaceutical reported a net profit of 456 million yuan, a year-on-year increase of 12.60%, with revenue of 3.026 billion yuan, up 4.63% [10] - Baotai expects a net loss of 110 to 140 million yuan for the first half of 2025, a reduction in loss compared to the previous year [11] - Sains expects a net profit decrease of 57.53% to 60.13%, with projected revenue growth of 15.17% to 23.59% [12] - Nanya New Materials anticipates a net profit of 80 to 95 million yuan for the first half of 2025, an increase compared to the previous year [13] - Tian Pharmaceutical's subsidiary passed the consistency evaluation for a peritoneal dialysis solution [14] Group 3 - Shede Liquor announced the resignation of director Ni Qiang due to work reasons [15] - Greentown Water plans to transfer assets and liabilities of its ASEAN subsidiary to improve resource allocation [16] - Beibu Gulf Port's subsidiary signed an associated transaction contract worth 11.199 million yuan [17] - Beibu Gulf Port announced multiple resignations of directors and executives [18] - Jidian Co. reported the resignation of its deputy general manager due to work changes [19] - Wanhua Chemical's industrial park in Fujian resumed production after maintenance [20] Group 4 - Shanghai Pharmaceuticals received approval for a clinical trial of a new indication for its B019 injection [21] - Jianbang Co. reported a net profit of 69.66 million yuan, a decrease of 27.72%, with revenue of 307 million yuan, down 15.37% [23] - Jianbang Co. plans to use up to 400 million yuan of idle funds for cash management [25] - Wanfu Bio's subsidiary obtained multiple medical device registrations [28] - Hunan Tianyan announced a change in its controlling shareholder to China Chang'an Automobile Group [29][30] - Xizhuang Co. plans to establish a joint venture for sustainable aviation fuel [32]

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Viewpoints - In Q2 2025, the proportion of public funds holding basic chemical stocks slightly decreased, with a market value allocation of 3.26%, down 0.46 percentage points year-on-year and 0.09 percentage points quarter-on-quarter [2][12] - The market value of basic chemical stocks in A-shares accounted for 3.49%, a decrease of 0.07 percentage points year-on-year and 0.04 percentage points quarter-on-quarter, indicating a low allocation of 0.23% in the basic chemical industry [2][12] - The number of stocks held by public funds in the basic chemical sector has increased, with 154 stocks held as of Q2 2025, an increase of 21 stocks year-on-year and 7 stocks quarter-on-quarter [3][18] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, with complete holdings disclosed within 60 days after the end of the half-year [11] 2. Sector Holding Changes - The holding proportion of basic chemical stocks by public funds decreased slightly in Q2 2025, with a market value allocation of 3.26% [2][12] - The holding proportion of petrochemical stocks has shown a clear upward trend since Q3 2020, reaching a peak of 1.17% in Q1 2024, but fell to 0.38% in Q2 2025 [2][16] 3. Individual Stock Changes - The top five heavy stocks in Q2 2025 are Juhua Co., Sailun Tire, Hualu Hengsheng, Guangdong Hongda, and Wanhua Chemical, with Guangdong Hongda replacing Satellite Chemical in the top five [4][25] - The number of public funds holding leading stocks in the chemical sector has decreased, with a shift towards small and mid-cap stocks [5][27] 4. Market Preference Analysis - The market value of stocks with a market capitalization of over 500 billion accounted for 25.22% of the total market value of the top 50 chemical stocks, down 8.51 percentage points [5] - The number of funds holding leading stocks like Huafeng Chemical and Xinzhou Bang has increased, while those holding Wanhua Chemical and Hualu Hengsheng has decreased [5][27]

福建工业园复产公告 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。 根据公司于 2025 年 5 月 23 日发布的"万华化学集团股份有限公司福建工业园停 产检修公告"（公告编号：临 2025-32 号），福建工业园 80 万吨/年 MDI 装置、36 万 吨/年 TDI 装置、40 万吨/年 PVC 装置及相关配套装置于 2025 年 6 月 5 日开始停产检 修。 截至目前，上述装置的停产检修已经结束，恢复正常生产。 股票简称：万华化学 股票代码：600309 公告编号：临 2025-45 号 万华化学集团股份有限公司 特此公告。 万华化学集团股份有限公司 2025 年 7 月 30 日 ...

万华化学：福建工业园复产 智通财经7月29日电，万华化学(600309.SH)公告称，公司福建工业园80万吨/年MDI装置、36万吨/年TDI 装置、40万吨/年PVC装置及相关配套装置已完成停产检修，恢复正常生产。 ...