Core Viewpoint - The company, Zhongyan Chemical, has completed a share buyback program, acquiring a total of 9.03657 million shares, which represents 0.616% of its total share capital [1] Summary by Categories Share Buyback Details - The company has repurchased 9.03657 million shares as of the end of September 2025 [1] - The highest purchase price was RMB 7.98 per share, while the lowest was RMB 6.71 per share [1] - The total amount spent on the buyback was RMB 67.0411 million, excluding transaction fees [1]

证券代码：600328 证券简称：中盐化工 公告编号：2025-093 中盐内蒙古化工股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/12/7 | | --- | --- | | 回购方案实施期限 | 用于员工持股计划或股权激励用途的， 待股东大 | | | 会审议通过后 12 个月 ；用于维护公司价值及股 | | | 东权益用途的，待股东大会审议通过后 个月。 3 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 903.657万股 | | 累计已回购股数占总股本比例 | 0.616% | | 累计已回购金额 | 6,704.11万元 | | 实际回购价格区间 | 6.71元/股~7.98元/股 | 一、回购股份的基本情况 中盐 ...

Group 1 - The company has a current production capacity of 500 tons per year of metallic lithium, which can be used as a material for high-energy density batteries [2] - The company's processing business for metallic lithium is equipped with the technology and production capacity to meet the needs of core downstream customers [2] - The company's wholly-owned subsidiary has completed a project for 3000 tons of battery-grade ultrafine sodium carbonate, which is now in production and capable of supplying raw materials for sodium-ion batteries [2]

Core Viewpoint - The company has completed a project to produce battery-grade ultra-fine sodium carbonate, which supports the supply chain for sodium-ion batteries [2] Group 1 - The company’s wholly-owned subsidiary, Zhongyan Kunshan, has successfully completed a 3,000-ton project for battery-grade ultra-fine sodium carbonate [2] - The new production capability enables the company to provide raw materials for sodium-ion batteries [2] - Investors have inquired about the company's plans for independent research and development in sodium-ion battery technology, specifically regarding liquid and solid electrolyte systems [2]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Core Insights - As of September 22, a total of 131 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Wuzhou Transportation, which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Dongtianwei, Dike Co., Xinqi Microelectronics, China Merchants Securities, Seres, Jingwang Electronics, Zhongyan Chemical, and Huadian International [1]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Investment Rating - The report suggests a cautious approach towards the soda ash industry, highlighting significant cost advantages for companies with natural soda ash production capabilities, such as Boyuan Chemical and Zhongyan Chemical [7][11]. Core Insights - The soda ash industry is experiencing a downward price trend, with significant impacts on profitability and operational performance of listed companies. The report emphasizes the need for industry optimization and potential recovery through demand stimulation and policy support [7][11]. - The supply side is undergoing structural changes, with natural soda ash production increasing its share significantly, which is expected to dominate future capacity expansions [4][12]. - Demand pressures are evident from the real estate sector's decline and short-term fluctuations in the photovoltaic glass market, although long-term growth potential remains [5][13]. Summary by Sections Price Trends - Soda ash prices have been on a continuous decline for seven consecutive quarters, with heavy losses reported across the industry. The price of heavy soda ash peaked at 3681 CNY/ton in October 2021 and fell to a range of 1335-1349 CNY/ton by August 2025 [3][21][22]. Supply Side - The production capacity of soda ash has accelerated, surpassing 40 million tons in 2023, with a year-on-year increase of 19.5%. By 2024, capacity is expected to reach 43.45 million tons, with natural soda ash accounting for a growing share of total production [4][36][64]. - The share of natural soda ash in total production capacity increased from 5% in 2022 to 19% in 2025, driven by new projects from companies like Boyuan Chemical [4][12][50]. Demand Side - The demand for soda ash is primarily driven by the glass industry, with flat glass accounting for 46% of total consumption in 2024. The photovoltaic glass sector is also growing, contributing to a significant portion of soda ash demand [15][66]. - The real estate sector's downturn has negatively impacted flat glass demand, while the automotive sector has provided some support. The photovoltaic glass market is facing short-term challenges but is expected to recover in the long term [5][13][66]. Cost Structure - The cost structure of soda ash production varies significantly by production method, with natural soda ash having the lowest unit cost at approximately 1000-1200 CNY/ton, compared to 1400-1600 CNY/ton for the synthetic methods [6][35]. Industry Outlook - The report outlines a potential path for the industry to counteract the current downward trends through supply optimization, demand recovery, and policy guidance aimed at promoting energy efficiency and the development of green production methods [7][11].

Core Viewpoint - The stock price of Zhongyan Chemical has shown fluctuations, with a recent decline of 2.09% and a year-to-date increase of 3.01%, indicating mixed market sentiment towards the company [1][2]. Company Overview - Zhongyan Chemical, established on December 31, 1998, and listed on December 22, 2000, is located in Alxa League, Inner Mongolia. The company specializes in salt chemical products, including sodium metal and soda ash [2]. - The main revenue sources for Zhongyan Chemical are soda ash and its by-products (50.75%), resin products (27.76%), sodium products (9.72%), and chlor-alkali products (9.19%) [2]. Financial Performance - For the first half of 2025, Zhongyan Chemical reported a revenue of 5.998 billion yuan, a year-on-year decrease of 5.76%, and a net profit attributable to shareholders of 52.7155 million yuan, down 88.04% year-on-year [2]. - The company has distributed a total of 2.364 billion yuan in dividends since its A-share listing, with 1.143 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Zhongyan Chemical was 74,000, a decrease of 4.16% from the previous period. The average circulating shares per person increased by 4.67% to 19,789 shares [2]. - Notable institutional shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.5836 million shares, and Invesco Great Wall CSI Dividend Low Volatility 100 ETF, which decreased its holdings by 148,100 shares [3].

Core Viewpoint - The company, Zhongyan Chemical, announced the approval of the appointment of a general legal advisor during its sixth meeting of the ninth board of directors [2] Summary by Relevant Sections - **Company Announcement** - Zhongyan Chemical held its sixth meeting of the ninth board of directors on September 8, where the proposal to appoint a general legal advisor was approved [2]