Group 1 - The core viewpoint of the article is that Wanhua Chemical has outlined its investment plans for 2024 and 2025, focusing on expanding its production capacity and developing new materials, particularly in the polyurethane and high-performance materials sectors [1][2]. - In 2024, Wanhua Chemical plans to invest a total of 454 billion yuan, with an actual investment completion of 428.3 billion yuan, covering projects related to polyurethane and high-performance materials [1]. - For 2025, the planned investment is 294.3 billion yuan, with a focus on key projects such as MDI capacity expansion and the industrialization of green functional additives and battery materials [1]. Group 2 - The first project mentioned is the HEMA Phase II technical transformation and capacity expansion project, which aims to increase the HEMA production capacity by 20,000 tons per year, bringing the total capacity to 55,000 tons per year [3][4]. - HEMA is a functional organic polymer monomer widely used in medical high polymer materials and various applications such as automotive coatings and 3D printing [4][5]. - The second project is the expansion of the lemon aldehyde HCTA and BRA units, which will increase the MDO capacity from 5,400 tons to 10,000 tons per year [7][8]. - Lemon aldehyde is an important fine chemical widely used in flavors, cosmetics, and pharmaceuticals, particularly as a key intermediate in vitamin A production [7][8].

Core Viewpoint - The 10th Bio-based Conference and Exhibition (Bio-based 2025) will take place from May 25-27, 2025, in Shanghai, focusing on the integration of technology and industry innovation in the bio-based sector, aiming to accelerate the development of upstream and downstream enterprises in the industry [4][47]. Group 1: Event Overview - The event will feature over 100 top experts and industry leaders, with more than 2000 participants expected [4]. - The conference will include three main components: industry conference, innovation exhibition, and New Leaf Award selection and ceremony [4]. - The agenda includes various forums, special sessions, and networking opportunities to facilitate collaboration and innovation in the bio-based materials industry [4][47]. Group 2: Key Themes and Topics - The conference will address critical topics such as market reshaping, policy coordination, and technological breakthroughs in the bio-based materials sector [47]. - Specific sessions will focus on bio-based alcohols, acids, amines, and polyesters, as well as sustainable applications in automotive and packaging industries [27][30][33]. - The event will also explore international cooperation and the latest trends in bio-based materials, with participation from global experts and organizations [47][50]. Group 3: Participating Organizations - Key organizations involved include Zhejiang Provincial Key Laboratory of Bio-based Polymer Materials, Ningbo Detaizhong Research Information Technology Co., Ltd., and various industry associations [9][10]. - Notable exhibiting companies include Wanhua Chemical Group, Mitsubishi Chemical, and Hefei Lif Biotechnology, showcasing innovations in bio-based materials [12][13]. Group 4: Awards and Recognition - The New Leaf Award will recognize outstanding innovations in materials, applications, and industry solutions, highlighting the importance of sustainability in the bio-based sector [25][47]. - The awards will include categories such as Innovation Material Award and Most Commercially Valuable Award [25]. Group 5: Networking and Collaboration Opportunities - The conference will facilitate direct connections between end brands and bio-based material solution providers, enhancing collaboration opportunities [48]. - A special session will be dedicated to technology cooperation and project roadshows, aiming to promote the commercialization of innovative bio-based projects [41][48].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material opportunities, especially in the agricultural sector [13]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels, while distillate and propane inventories saw decreases [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutes, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material substitutes, especially in the agricultural sector [13][14]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels to 225.7 million barrels, while distillate fuel inventory decreased by 1.1 million barrels to 106.7 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [9][15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

Investment Rating - The report maintains a "Positive" rating for the basic chemical industry [2][3]. Core Viewpoints - The energy price center is expected to decline year-on-year in 2024, but terminal demand remains weak, leading to a bottoming out of chemical price spreads. The average price of Brent crude oil in 2024 is projected to be $80.93 per barrel, down 2% year-on-year [2][3]. - In Q1 2025, oil prices stabilized, and post-holiday terminal replenishment demand improved, leading to a recovery in basic chemical profitability. The report highlights a "V"-shaped bottom reversal in market conditions [2][3]. - The report emphasizes that while terminal demand was weak in 2024, certain sectors like chlor-alkali, compound fertilizers, and nylon saw significant performance improvements [2][3]. Summary by Sections 1. Industry Overview - The chemical sector experienced a "W"-shaped trend in 2024, with construction projects peaking and then declining. The overall revenue for the chemical sector in 2024 was 2.81% higher year-on-year, while net profit decreased by 2.68% [2][3][36]. - In Q1 2025, the chemical sector's revenue reached 496.9 billion yuan, a 6% increase year-on-year, with net profit rising by 9% to 32.8 billion yuan [2][3][41]. 2. Sector Performance - The report identifies specific sectors with improved profitability in Q1 2025, including fluorochemicals, food and feed additives, pesticides, potassium fertilizers, and compound fertilizers [2][3]. - The report notes that the overall asset-liability ratio for the chemical industry is 49.3%, indicating a historical low, and highlights a significant slowdown in capital expenditure growth [2][3][43]. 3. Investment Opportunities - The report suggests focusing on traditional cyclical companies with strong fundamentals, such as Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy, as well as specific sectors like fluorochemicals and agricultural chemicals [2][3][4]. - It also highlights growth opportunities in semiconductor materials and panel materials, emphasizing companies with low valuations and strong performance potential [4][5].

Core Viewpoint - In 2024, China's chemical industry carbon emissions are projected to be approximately 1.58 billion tons, reflecting a year-on-year increase of 1.28%, with a deceleration in growth rate compared to 2023 [1][12] Industry Overview - Carbon neutrality technology in the chemical industry aims to reduce CO2 emissions during production or achieve net-zero emissions through carbon capture, utilization, and storage (CCUS) [2] - The carbon neutrality technologies can be categorized into carbon reduction, zero-carbon, negative carbon, and circular economy technologies [2] Industry Development History - The development of carbon neutrality technology in China's chemical industry has progressed through three stages: introduction and exploration (before 2015), planning (2015-2020), and implementation and promotion (2021-present) [4] - Since 2021, significant advancements have been made in energy consumption and carbon emission control, with major companies like Sinopec actively participating in carbon neutrality initiatives [4] Industry Chain - The upstream of the carbon neutrality technology industry chain includes raw materials, equipment, and technical services, while the midstream involves the implementation of carbon neutrality technologies [6] - Key equipment includes carbon capture devices, low-carbon energy utilization devices, and high-efficiency energy-saving devices [6] Current Industry Status - In 2024, China's total CO2 emissions are expected to be 12.6 billion tons, remaining stable compared to 2023, with GDP growth of 5.0% and a decrease in carbon emission intensity by 3.4% [10] - The increase in non-fossil energy consumption and the growth of clean energy generation are contributing to the transition away from fossil fuels [10] Key Enterprises - Major companies in the sector include China National Chemical Corporation, Wanhua Chemical, and Zhongcai Energy, focusing on carbon capture and low-carbon technologies [18][20] - Wanhua Chemical has made significant strides in carbon neutrality technology, expanding into new materials and renewable energy sectors [18] Industry Development Trends - The chemical industry is expected to accelerate technological innovation and green transformation, with a focus on replacing traditional fossil materials with bio-based and renewable resources [22] - Integration of the industry chain and collaborative development will be emphasized, with companies extending their operations from raw materials to downstream fine chemical products [23] - The market landscape will shift significantly under carbon neutrality policies, with increased attention on new energy materials and carbon capture technologies [24]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Group 1 - Wanhua Chemical announced a share buyback plan to be approved at the first meeting of the ninth board of directors on April 12, 2025 [1] - The top ten unrestricted shareholders as of May 9, 2025, hold a total of approximately 1.818 billion shares, accounting for 57.9% of the total shares [1] - The largest shareholder, Yantai Guofeng Investment Holding Group Co., Ltd., holds about 678 million shares, representing 21.59% of the total [1] Group 2 - Yantai Zhongcheng Investment Co., Ltd. is the second-largest shareholder with approximately 330 million shares, accounting for 10.52% [1] - Ningbo Zhongkai Xin Venture Capital Co., Ltd. holds around 302 million shares, representing 9.61% [1] - Other notable shareholders include Prime Partner International Limited and Hong Kong Central Clearing Limited, holding 5.51% and 4.55% respectively [1]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-25 号 万华化学集团股份有限公司关于 回购股份事项前十大股东和前十大无限售条件股东持股情况的公告 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。 万华化学集团股份有限公司（以下简称"公司"）于2025年4月12日召开第 九届董事会2025年第一次会议，审议通过了《关于以集中竞价交易方式回购公 司部分股份的议案》，具体内容详见公司于2025年4月16日在上海证券交易所网 站披露的《万华化学集团股份有限公司关于以集中竞价交易方式回购股份方案 的公告》 （公告编号：临2025-20号）。上述事项尚需公司2024年度股东大会审议。 根据《上市公司股份回购规则》 《上海证券交易所上市公司自律监管指引第 数量、比例情况公告如下： 序号 股东名称 持股数量（股） 持股比例 中国工商银行－上证50交易型开放式指数证券投 资基金 中国工商银行股份有限公司－华泰柏瑞沪深300 交易型开放式指数证券投资基金 中国建设银行股份有限公司－易方达沪深300交 易型开放式指数发起式 ...

| 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 烟台国丰投资控股集团有限公司 | 677,764,654 | 21.59% | | 2 | 烟台中诚投资股份有限公司 | 330,379,594 | 10.52% | | 3 | 宁波市中凯信创业投资股份有限公司 | 301,808,357 | 9.61% | | 4 | Prime Partner International Limited | 172,993,229 | 5.51% | | 5 | 香港中央结算有限公司 | 142,888,996 | 4.55% | | 6 | 中国证券金融股份有限公司 | 73,348,508 | 2.34% | | 7 | 中国工商银行－上证50交易型开放式指数证券投 资基金 | 38,585,568 | 1.23% | | 8 | 中国工商银行股份有限公司－华泰柏瑞沪深300 交易型开放式指数证券投资基金 | 34,756,232 | 1.11% | | 9 | 中国建设银行股份有限公司－易方达沪深300交 易型开放式指数发起式证券投资基金 ...