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is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected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]

Market Overview - The Shanghai Composite Index is at 3819.79 points, slightly down by 0.05%, with a total trading volume of 10194.57 billion yuan [1] - 130 A-shares have surpassed the half-year line, indicating a positive market trend [1] Notable Stocks - The stocks with the largest deviation rates above the half-year line include: - Jinghua Laser (603607) with a deviation rate of 5.16% and a price increase of 5.56% [1] - Zhongying Technology (300936) with a deviation rate of 4.33% and a price increase of 6.13% [1] - Guanshang Technology (301213) with a deviation rate of 3.59% and a price increase of 7.34% [1] - Other stocks that have just crossed the half-year line with smaller deviation rates include: - Zhejiang Longsheng, Ruimaite, and Shenzhou High-speed Railway [1] Trading Data - The trading data for stocks that broke the half-year line includes: - Jinghua Laser: Latest price 24.67 yuan, half-year line 23.46 yuan, turnover rate 4.03% [1] - Zhongying Technology: Latest price 40.36 yuan, half-year line 38.68 yuan, turnover rate 6.95% [1] - Guanshang Technology: Latest price 55.72 yuan, half-year line 53.79 yuan, turnover rate 5.97% [1] - Additional stocks with notable performance include: - Nanjing Chemical Fiber (600889) with a price increase of 5.33% and a deviation rate of 3.16% [1] - Zhongke Tongda (688038) with a price increase of 5.87% and a deviation rate of 3.10% [1]

Group 1 - The chemical sector experienced fluctuations on September 17, with the chemical ETF (516020) initially weakening but later rising by 0.27% at the time of reporting [1] - Key stocks in the sector included Jinfa Technology, which surged over 9%, and Guangdong Hongda, which rose over 5% [1] - The chemical ETF (516020) has seen significant capital inflow, accumulating over 8.1 billion yuan in the last 10 trading days and over 17 billion yuan in the last 20 trading days [2] Group 2 - The pesticide industry is experiencing a reduction in inventory, with some products starting to increase in price, indicating a potential recovery in the sector [3] - As of the last closing, the chemical ETF (516020) had a price-to-book ratio of 2.27, which is at a low point historically, suggesting a favorable long-term investment opportunity [3] - The basic chemical industry showed a turning point in fixed asset growth in Q4 2023, with a year-on-year increase in fixed assets reported for Q2 2025 [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap stocks [5] - Investors can also access the chemical sector through the chemical ETF linked funds (A class 012537/C class 012538) for better investment efficiency [5]

Company Overview - Zhejiang Longsheng Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on March 23, 1998. The company was listed on August 1, 2003. Its main business includes dyes, intermediates, water-reducing agents, as well as inorganic chemical products such as soda ash and synthetic ammonia [2]. Business Segmentation - The revenue composition of Zhejiang Longsheng is as follows: Dyes 55.83%, Intermediates 23.14%, Additives 7.33%, Inorganic Products 5.08%, Real Estate 3.48%, Other Businesses 1.88%, Auto Parts 1.23%, Color Standards and Sustainable Development Solutions 1.22%, and Other (Supplementary) 0.81% [2]. Stock Performance - As of September 17, the stock price of Zhejiang Longsheng increased by 2.05%, reaching 10.43 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 0.40%. The total market capitalization is 33.932 billion CNY [1]. - Year-to-date, the stock price has risen by 3.88%, with a slight increase of 0.10% over the last five trading days, a decrease of 1.60% over the last 20 days, and an increase of 4.61% over the last 60 days [2]. Financial Performance - For the first half of 2025, Zhejiang Longsheng reported a revenue of 6.505 billion CNY, a year-on-year decrease of 6.47%. The net profit attributable to shareholders was 928 million CNY, reflecting a year-on-year increase of 2.84% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Zhejiang Longsheng is 118,700, a decrease of 4.67% from the previous period. The average circulating shares per person increased by 4.90% to 27,417 shares [2]. - The company has distributed a total of 11.145 billion CNY in dividends since its A-share listing, with 3.717 billion CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 225 million shares, an increase of 20.88 million shares from the previous period. The Southern CSI 500 ETF ranks as the sixth-largest circulating shareholder, holding 38.6017 million shares, an increase of 5.3487 million shares [3].

Group 1 - The company Zhejiang Longsheng announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.20 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 23, 2025, with the ex-dividend date and cash dividend payment date both scheduled for September 24, 2025 [2]

浙江龙盛集团股份有限公司 证券代码：600352 证券简称：浙江龙盛 公告编号：2025-040 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.20元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/23 | － | 2025/9/24 | 2025/9/24 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 9 月 9 日的2025年第一次临时股东大会审议 通过。 二、分配方案 1.发放年度：2025年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本3,253,331,860股为基 ...

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].

Group 1 - The core viewpoint of the article highlights that Zhejiang Longsheng's net profit attributable to shareholders for the first half of the year is 928 million yuan, reflecting a year-on-year increase of 2.84% [1] - The company announced an interim dividend plan, proposing a cash dividend of 2.00 yuan per 10 shares (tax included), resulting in a dividend payout ratio of 70.12% for the first half of 2025 [1] - The dye industry is expected to recover, and the company maintains a strong market position with significant cost advantages, supporting a high dividend level and a "buy" rating [1] Group 2 - In the dye and additive sectors, the company holds the leading market share in the industry [1] - The company has approved a proposal to acquire the remaining 37.57% shares of Desida Global Holdings (Singapore) Limited, with the project already submitted for record registration to the National Development and Reform Commission and the Ministry of Commerce as of the mid-2025 report [1] - The company is extending its business into other fine chemical products based on an integrated industrial chain, enhancing cost advantages and environmental competitiveness [1] Group 3 - The real estate business is progressing steadily, and high-quality assets are expected to support the company's cash flow [1]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 10.51 and a sector rating of "Outperform" compared to the market [2][4]. Core Views - The company reported a significant increase in Q2 performance, with a proposed cash dividend of RMB 2.00 per 10 shares, reflecting a high dividend payout ratio of 70.12% for H1 2025. Despite a decline in revenue, the company maintains a strong market position and cost advantages in the dye industry, supporting the "Buy" rating [4][6]. Financial Performance Summary - For H1 2025, the company achieved total revenue of RMB 6.505 billion, a year-on-year decrease of 6.47%. The net profit attributable to the parent company was RMB 927.89 million, up 2.84% year-on-year. The second quarter revenue was RMB 3.269 billion, down 5.71% year-on-year but up 1.07% quarter-on-quarter [10][11]. - The dye business generated revenue of RMB 3.632 billion in H1 2025, a decrease of 3.17% year-on-year, with a gross margin increase of 4.40 percentage points to 34.17% [9][10]. - The company’s overall gross margin for H1 2025 was 29.80%, an increase of 1.87 percentage points year-on-year, with a net profit margin of 16.14%, up 1.39 percentage points year-on-year [9][10]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 are RMB 0.69, RMB 0.73, and RMB 0.83, respectively, with corresponding price-to-earnings (PE) ratios of 15.2x, 14.3x, and 12.7x. The company’s strong scale advantages and steady progress in real estate are expected to contribute to growth [6][8]. Industry Position - The company holds a leading market share in the dye and additive sectors, with ongoing efforts to enhance its direct sales business. The real estate segment is also progressing, with a high sell-through rate of 95.1% for available units in the Bay project [9][10].

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on September 9, 2025, at the company's office building in Shaoxing, Zhejiang Province [2] - The meeting was presided over by the chairman of the board, Mr. Ruan Weixiang, and complied with the relevant laws and regulations [2][3] Resolutions Passed - The following resolutions were approved during the meeting: - Proposal for the 2025 interim profit distribution plan [4] - Proposal to cancel the supervisory board and amend the company's articles of association [4] - Proposal to amend the company's rules for shareholder meetings [5] - Proposal to amend the company's rules for board meetings [5] - Proposal to amend the independent director working rules [5] - Proposal to amend the related party transaction decision-making rules [5] - The proposal to cancel the supervisory board was a special resolution and required a two-thirds majority, which was achieved [5] Legal Verification - The meeting was witnessed by Zhejiang Tian Ce Law Firm, confirming that the procedures and voting results were in compliance with legal and regulatory requirements [6] Organizational Changes - The supervisory board has been canceled, and the audit committee of the board will assume the responsibilities previously held by the supervisory board [7][8] - The company expressed gratitude to the supervisory board members for their contributions during their tenure [8] Management Changes - Mr. He Xubin resigned from his position as a director and vice president due to work adjustments but will continue to hold other positions within the company [12] - Mr. He Xubin was elected as the employee representative director of the tenth board of directors, maintaining the total number of board members [13][14]