Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is expected to undergo a new round of supply-side reforms, driven by the government's initiatives to eliminate outdated production capacity and improve industry structure [1][21] - The "anti-involution" policy is anticipated to support the exit of old capacities, benefiting leading companies in sub-industries such as refining, fertilizers, pigments, organic silicon, soda ash, and chlor-alkali/PVC [1][21] Summary by Sections Refining - Strict control of refining capacity and low operating rates of local refineries in Shandong are expected to improve the profitability of major refineries [2][24] - As of 2024, China's refining capacity is projected to be 934 million tons, with a target to keep crude oil processing capacity below 1 billion tons by 2025 [24][25] Urea - Future supply is expected to decrease, with only 493,000 tons of new urea capacity projected by 2025, representing 6.5% of the current total capacity [2][26] - The industry is likely to benefit from supply reductions and potential export opportunities, particularly for leading companies capable of upgrading their facilities [26] Soda Ash and PVC - Increased demand from infrastructure projects is expected to drive recovery in the soda ash and PVC markets [3][27] - New soda ash capacity planned for 2025-2026 is estimated at 868,000 tons, accounting for 20% of the total capacity in 2024 [28] - The PVC industry is also expected to see limited new capacity, with a projected increase of 500,000 tons by 2025-2026, representing 17% of the total capacity in 2024 [29] Investment Recommendations - The report suggests focusing on leading companies in various sub-industries, including: - Refining: China Petroleum, Sinopec, Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong [4] - Fertilizers: Hualu Hengsheng, Chuanheng Co., Hubei Yihua, Salt Lake Potash, Yara International, Sinochem Fertilizer [4] - Pigments: Qicai Chemical, Baihehua, Xinkai Technology, Zhejiang Longsheng, Runtu Co. [4] - Chlor-alkali/PVC: Yangmei Chemical, Chlor-alkali Chemical, Xinjiang Tianye [4] - Organic Silicon/Industrial Silicon: Hoshine Silicon, Xin'an Chemical, Silbond Technology [4] - Soda Ash: Sanyou Chemical, Boyuan Chemical, Shandong Haihua [4]

Group 1: Market Trends - The "anti-involution" policy has led to a surge in market sentiment, with pure soda futures rising for five consecutive trading days from July 21 to July 25 [1] - Major companies in the pure soda sector, such as Boyuan Chemical and Shuanghuan Technology, have seen significant stock price increases, reflecting the strong correlation between futures and stock prices [1][8] - The futures market has experienced substantial gains, with pure soda futures rising by 5.57% in a single day and a cumulative increase of 17.46% for the week [3] Group 2: Policy Impact - The "anti-involution" policies introduced in July aim to regulate low-price competition and promote product quality across various industries, including steel and petrochemicals [2] - The National Development and Reform Commission has released a draft amendment to the Price Law, focusing on government pricing and standards for identifying unfair pricing behaviors [2] Group 3: Industry Dynamics - The pure soda industry has faced significant market fluctuations, with a reported average price of 1953 yuan/ton in 2024, down 29.6% year-on-year [4] - In the first half of 2025, the industry is expected to see an increase in production capacity by 2.4 million tons, leading to a total capacity of 40.78 million tons, while demand growth is anticipated to decline [4][6] - The industry is experiencing high inventory levels, with companies like Zhongyan Chemical reporting a 5.76% decline in revenue and an 88.04% drop in net profit in the first half of 2025 [7] Group 4: Future Outlook - Analysts suggest that the recent price increases in pure soda futures may not be sustainable due to underlying supply-demand imbalances, with expectations of a wide price fluctuation in the near future [3][8] - The potential for further capacity expansion in the pure soda sector could exacerbate existing supply-demand issues, despite the positive impact of the recent price increases [6][8]

港股市场惊现"乌龙指"交易 东方电气盘中一度飙涨逾700% 东方电气在上午9时30分22秒出现一笔异常成交，以119.9港元/股的价格成交400股，较上一笔交易19.32 港元/股暴涨520%。该笔交易后，东方电气股价迅速回落至20.85港元/股附近。市场分析认为，这很可 能是交易员原本想以19.9港元买入，却误输入为119.9港元。受此影响，东方电气盘中一度飙涨 703.62%，创下历史最大单日波动。截至午间收盘，该股涨幅收窄至77.28%，报26.45港元/股。（上证 报） 年内已诞生3只主动权益"翻倍基" 全部来自创新药 今年以来，创新药板块逐步积累投资热度，主动权益基金中诞生出来的3只翻倍基，全部出自创新药板 块。其中，长城医药产业精选以119.66%的回报领跑今年以来的主动权益基金；永赢医药创新智选、中 银港股通医药净值亦同步狂飙，年内回报分别达106.37%、105.43%。（智通财经） 易方达基金张坤最新持仓曝光 郭良金任中国稀土董事长 天眼查App信息显示，7月18日，中国稀土发生工商变更，杨国安卸任法定代表人、董事长，由郭良金 接任，同时多位高管发生变更。中国稀土集团资源科技股份有限公司成立 ...

Group 1 - Haitong Development reported a net profit of 86.87 million yuan for the first half of 2025, a year-on-year decrease of 64.14% [1] - Haitong Development achieved an operating income of 1.8 billion yuan, a year-on-year increase of 6.74% [1] - Crystal Integrated expects a net profit increase of 39.04% to 108.55% for the first half of 2025, with projected revenue between 5.07 billion yuan and 5.32 billion yuan [1] Group 2 - Aerospace Universe anticipates a net profit increase of 50.59% for the first half of 2025, with a projected net profit of 34.38 million yuan [2] - Aerospace Universe's net profit excluding non-recurring gains is expected to grow by 94.90% [2] Group 3 - Guodian Power reported a total power generation of 206.03 billion kWh for the first half of 2025, a year-on-year decrease of 3.61% [3] - The company's market-based transaction electricity accounted for 91.84% of the total electricity sold [3] Group 4 - Shanghai Pharmaceuticals announced that its tranexamic acid injection has passed the consistency evaluation for generic drugs [5] - The drug is primarily used for treating various bleeding disorders [5] Group 5 - Sanyou Chemical received approval to issue up to 900 million yuan in technology innovation corporate bonds [7] - The bond issuance is valid for 24 months from the date of approval [7] Group 6 - Baiyuntian's BAT4406F injection drug has received approval for clinical trials for additional indications [9] - The drug is a next-generation fully human anti-CD20 antibody [9] Group 7 - Huason Pharmaceutical received three drug re-registration approval notices [10] - The approved drugs include Ganji Bingmei tablets and other formulations [10] Group 8 - Shanying International plans to establish the Zhiyuan Fund with a total scale of 100 million yuan [13] - The fund will primarily invest in product companies related to industrial scenarios [13] Group 9 - Yiqiu Resources announced the sale of two properties in Malaysia for a total of approximately 3.67 million yuan [15] - The sale is part of the company's asset management strategy [15] Group 10 - Guizhou Bailing plans to apply for loans totaling no more than 920 million yuan from multiple banks [16] - The loans will be used to replace maturing loans and supplement working capital [16] Group 11 - Samsung Medical's subsidiary won a transformer procurement contract in Brazil worth approximately 341 million yuan [16] - The contract is part of the company's expansion into international markets [16] Group 12 - Changying Tong expects a net profit increase of 72.12% to 110.33% for the first half of 2025 [17] - The projected revenue is between 173 million yuan and 211 million yuan [17] Group 13 - Canqin Technology anticipates a net profit increase of 50.14% to 61.85% for the first half of 2025 [17] - The expected revenue is between 286 million yuan and 290 million yuan [17] Group 14 - Daya Shengxiang signed a lease agreement with an annual rent of 17 million yuan for a production facility [18] - The lease term is for 3 years and 4 months, including a 4-month rent-free period [18] Group 15 - Zhongzai Zihuan announced the resignation of its general manager due to work adjustments [20] - The company will appoint an interim general manager while searching for a permanent replacement [20] Group 16 - Fuwei Co. received a project notification from a well-known luxury brand for seat development [22] - The total sales amount for the project is expected to reach 4.9 billion yuan [22] Group 17 - Meili Technology's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [26] - The issuance is subject to further approval from regulatory authorities [26] Group 18 - Jinzhik Technology announced a stock suspension due to potential control changes [27] - The suspension is expected to last no more than two trading days [27] Group 19 - Zhongtian Technology plans to distribute a cash dividend of 3 yuan per 10 shares [28] - The dividend distribution date is set for July 25, 2025 [28] Group 20 - Huahai Chengke plans to distribute a cash dividend of 0.2002 yuan per share [30] - The dividend distribution date is set for July 29, 2025 [30] Group 21 - Dasheng Intelligent won a smart transportation project contract worth 122 million yuan [31] - The project involves comprehensive monitoring systems for urban rail transit [31] Group 22 - Dongyue Silicon reported a fire incident affecting production operations [32] - The fire has been controlled, but the extent of damage is still being assessed [32] Group 23 - Shaanxi Guotou A reported a net profit of 726 million yuan for the first half of 2025, a year-on-year increase of 5.74% [35] - The company's operating income decreased by 2.95% [35] Group 24 - Yibo Technology announced a plan to reduce shareholding by up to 3% [37] - The reduction is due to the shareholder's funding needs [37] Group 25 - Xiling Information announced a stock suspension due to potential control changes [39] - The suspension is expected to last no more than two trading days [39] Group 26 - Tianli Lithium Energy plans to reduce shareholding by 4.55% through block trading [40] - The reduction is due to the fund's operational timeline nearing its end [40] Group 27 - Sihui Fushi announced plans for a combined shareholding reduction of up to 3% [42] - The reduction is due to the shareholders' personal funding needs [42] Group 28 - Jinma Leisure announced a plan for a combined shareholding reduction of up to 4.83% [44] - The reduction is due to personal funding needs of the controlling shareholder and executives [44] Group 29 - *ST Zitian's stock may be terminated due to financial reporting issues [46] - The company is under regulatory scrutiny for failing to rectify its financial statements [46]

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。 唐山三友化工股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会于 2025 年 7 月 15 日出具的《关于同意唐山三友 化工股份有限公司向专业投资者公开发行科技创新公司债券注册的 批复》（证监许可[2025] 1462 号），就公司公开发行科技创新公司债 券事项批复如下： 证券代码：600409 证券简称：三友化工 公告编号：临 2025-032 号 唐山三友化工股份有限公司 关于向专业投资者公开发行科技创新公司债券 获得中国证监会注册批复的公告 四、自同意注册之日起至本次科技创新公司债券发行结束前，公 司如发生重大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规和批复文件的要求及公司股东大会的 授权，办理本次科技创新公司债券发行的相关事宜，并及时履行信息 披露义务。 特此公告。 唐山三友化工股份有限公司 2025 年 7 月 22 日 一、同意公司向专业投资者公开发行面值总额不超过 9 亿元科技 创新公司债券的注册申请。 二、本次发行科技创新公司债券 ...

金十数据7月21日讯，三友化工公告，公司近日收到中国证券监督管理委员会批复。同意公司向专业投 资者公开发行面值总额不超过9亿元科技创新公司债券的注册申请。本次发行科技创新公司债券应严格 按照报送上海证券交易所的募集说明书进行。本批复自同意注册之日起24个月内有效，公司在注册有效 期内可以分期发行科技创新公司债券。 三友化工：向专业投资者公开发行总额不超过9亿元科技创新公司债券获注册批复 ...

1. Report Industry Investment Rating - Not provided in the doc 2. Core Views 2.1纯碱市场 - 检修带动短期产量偏低但后续将提升，计划内检修较少；国外价格到国内暂无优势，进口窗口未开，国内价格低位出口较好；终端备货充足，需求有回落预期，库存压力难解；市场正反馈情绪回落后维持偏空思路，短期防范风险观望为主 [7][9] 2.2玻璃市场 - 部分前期点火产线等待出品，供应端存政策端利多导向但暂未落地；近周末市场氛围受盘面走强提振，观察梅雨季后市场情绪变化；需求情绪走强库存下行；低位多单持有思路，情绪转弱则灵活离场 [153][155] 3. Summary by Directory 3.1纯碱市场 3.1.1市场综述 - 当期总产量70.89万吨，环比持平，预计后续提升；重质产量40.01万吨，环比增0.43万吨；轻质产量30.88万吨，环比降0.43万吨；进口0.03万吨，环比持平；出口4.1万吨，环比持平；浮法玻璃日熔量158425t/d，环比增650t/d；光伏玻璃日熔量91400t/d，环比降600t/d；重碱消费量33.70万吨，环比增0.02万吨；轻碱表需29.57万吨，环比增0.88万吨；纯碱表需65.50万吨，环比降1.13万吨；碱厂库存186.34万吨，环比增5.39万吨；社会库存23.80万吨，环比增1.00万吨；样本终端原料天数23.36天，环比增1.54天；氨碱法成本1281元，环比持平；氨碱法利润 -81元，环比增40元；联碱法成本1142元，环比降8元；联碱法利润8元，环比增48元；华中重碱 - 轻碱价差0元，环比持平；沙河市场价基差 -75元，环比降48元 [7] 3.1.2月度供需 - 展示了2020 - 2025年各月纯碱当月产量、进口量、表观需求量、出口量数据 [15][17][18][20] 3.1.3基差价差 - 展示了纯碱和玻璃期现货价格对照、纯碱合约基差、跨期价差、玻璃 - 纯碱合约/现货价差数据 [24][25][26][27][29][31][32][34][35][36][38][39][40][41] 3.1.4市场价格 - 沙河区域重质纯碱当期价1207元，环比上周涨23元，环比去年降693元；轻重碱区域价格有不同变化；展示了各区域重质、轻质纯碱价格及价差数据 [44][48][68] 3.1.5供应 - 目前多家企业检修/降负荷，部分企业有计划检修；当期国内纯碱开工率81.32%，环比上周持平，环比去年降6.01%；周产量70.89万吨，环比上周持平，环比去年降1.91%；重质纯碱产量40.01万吨，环比上周增0.43万吨，环比去年降2.47万吨；轻质纯碱产量30.88万吨，环比上周降0.43万吨，环比去年增0.56万吨；重质化率56.44%，环比上周增0.61%，环比去年降1.91%；产销比92.40%，环比上周降1.59%，环比去年降18.59% [74][75] 3.1.6需求 - 展示了浮法、光伏玻璃在产日熔量、重质纯碱日耗量、周度需求、周度表观消费量、产销率及光伏玻璃价格数据 [122][124][126][128][130][131][134][135] 3.1.7库存 - 当期纯碱企业库存186.34万吨，环比增5.39万吨，环比去年增87.98万吨；轻质纯碱企业库存79.13万吨，环比降1.35万吨，环比去年增20.80万吨；重质纯碱企业库存107.21万吨，环比增6.74万吨，环比去年增67.18万吨；库存天数15.45天，环比增0.45天，环比去年增7.19天 [139] 3.1.8仓单数量/有效预报 - Not provided in the doc 3.1.9地产相关数据 - Not provided in the doc 3.2玻璃市场 3.2.1市场综述 - 当期浮法玻璃日熔量158425t/d，环比增650t/d；周产量110.90万吨，环比增0.45万吨；表观消费量120.81万吨，环比增9.71万吨；厂库库存335.51万吨，环比降9.92万吨；天然气线成本1408元，环比增8元；天然气线利润 -178元，环比降8元；煤制气线成本931元，环比增12元；煤制气线利润214元，环比降6元；石油焦线成本1051元，环比增8元；石油焦线利润19元，环比降8元；华东 - 华中价差160元，环比持平；沙河5mm大板基差 -79元，环比降47元 [153] 3.2.2月度供需 - 展示了2020 - 2025年平板玻璃当月产量、浮法玻璃当月进口量、当月产量同比、当月出口量数据 [160][162][163][165] 3.2.3基差价差 - 展示了纯碱和玻璃期现货价格对照、玻璃合约基差、跨期价差、玻璃 - 纯碱合约/现货价差数据 [169][170][171][172][174][175][176][178][180][181][183][184][185][186] 3.2.4市场价格 - 展示了浮法玻璃5mm区域价格，包括沙河、华北、华东等地区不同规格价格及环比情况；还展示了各区域浮法玻璃5mm市场价及沙河、湖北部分企业5mm大板含税价数据 [190][192][193][195][196][198][200][202][204][206][208][210][211][213][215][216][217][219][221][223] 3.2.5供应 - 当期浮法玻璃煤制气企业利润108.78元，环比增22.80元；石油焦企业利润 -50.47元，环比增34.29元；天然气企业利润 -183.11元，环比增5.57元 [227] 3.2.6需求 - Not provided separately in the doc 3.2.7库存 - 厂库库存335.51万吨，环比降9.92万吨，预计后续继续下降 [153]

Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry, indicating a positive outlook for the sector [1]. Core Insights - Dow Chemical plans to close its basic siloxane plant in Barry, UK, by mid-2026 as part of its European asset optimization strategy, which will reduce siloxane production capacity by 145,000 tons per year, representing nearly one-third of Europe's total capacity [5]. - The closure is expected to enhance the pricing of organic silicon materials and improve the industry's overall profitability, while also creating significant opportunities for Chinese exporters to fill the supply gap left by the European exit [5]. - The report highlights a steady increase in industrial silicon prices, which supports the upward trend in organic silicon prices, with the average market price reaching 8,881 CNY per ton as of July 10, 2025, up 245 CNY from June 11, 2025 [6][7]. Summary by Sections Recent Trends - The organic silicon industry has shown a positive performance relative to the basic chemical sector and the CSI 300 index over the past year, with a 12-month increase of 17.4% for basic chemicals and 15.8% for CSI 300 [3]. Investment Highlights - The anticipated exit of major overseas producers from the market is expected to enhance the industry's outlook, with a notable increase in demand for organic silicon intermediates, which saw a 5.77% year-on-year increase in exports from China in the first five months of 2025 [5]. - The report emphasizes the importance of monitoring companies with organic silicon intermediate DMC production capacity, such as Xingfa Group, Luxi Chemical, Dongyue Silicon Materials, and others [8]. Key Companies and Earnings Forecast - The report provides earnings per share (EPS) forecasts for several key companies, indicating a positive growth trajectory for firms like Hoshine Silicon Industry and Xingfa Group, with projected EPS of 1.72 and 1.85 for 2025, respectively [8].

Group 1 - The company expects a net profit of approximately 0.73 billion yuan for the first half of 2025, representing a decrease of about 2.55 billion yuan or a 78% decline compared to the same period last year [1][2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be around 0.46 billion yuan, a decrease of approximately 2.79 billion yuan or an 86% decline year-on-year [2] - The decline in profit is primarily attributed to continuous price drops in the soda ash sector, high raw material prices, and weakened overall profitability, despite some improvements in other segments like chemical fiber, chlor-alkali, and organic silicon [2] Group 2 - The previous year's total profit was 593.45 million yuan, with a net profit attributable to the parent company of 327.65 million yuan, and a net profit excluding non-recurring gains and losses of 324.50 million yuan [2] - The earnings per share for the previous year were 0.1587 yuan [2]

[Summary of Performance Forecast](index=1&type=section&id=Key%20Content%20Highlights) Tangshan Sanyou Chemical announced a significant year-over-year decline in net profit attributable to shareholders and non-recurring net profit for H1 2025, primarily due to weakened profitability from unfavorable market conditions for its main products Key Performance Indicators Forecast | Metric | Change | | :--- | :--- | | **Net Profit Attributable to Shareholders** | Expected decrease of approximately CNY 255 million, down about 78% | | **Non-recurring Net Profit Attributable to Shareholders** | Expected decrease of approximately CNY 279 million, down about 86% | - The performance forecast applies to situations where profitability is achieved, but net profit declines by over **50%** compared to the prior year[2](index=2&type=chunk) [Details of Current Period Performance Forecast (H1 2025)](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company's finance department estimates H1 2025 net profit attributable to shareholders at approximately CNY 73 million and non-recurring net profit at approximately CNY 46 million, with these figures unaudited H1 2025 Performance Forecast Details | Item | Estimated Amount (H1 2025) | Year-over-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Approx. CNY 73 million | Decrease of approx. CNY 255 million (-78%) | | **Non-recurring Net Profit Attributable to Shareholders** | Approx. CNY 46 million | Decrease of approx. CNY 279 million (-86%) | - The forecasted performance figures are unaudited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Review (H1 2024)](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In H1 2024, the company achieved net profit attributable to shareholders of CNY 328 million, non-recurring net profit of CNY 324 million, and basic earnings per share of CNY 0.1587, serving as the basis for current period comparisons H1 2024 Performance Overview | Item | Amount (H1 2024) | | :--- | :--- | | **Total Profit** | CNY 593.451 million | | **Net Profit Attributable to Shareholders** | CNY 327.6495 million | | **Non-recurring Net Profit Attributable to Shareholders** | CNY 324.4971 million | | **Earnings Per Share** | CNY 0.1587 | [Analysis of Performance Decline Reasons](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Decline) The core reason for the significant performance decline is a deteriorating market environment, with main products facing insufficient downstream demand and exacerbated supply-demand imbalances, leading to continuous price drops and high raw material costs, primarily impacting the soda ash segment despite improvements in chemical fiber, chlor-alkali, and organic silicon sectors - Market Environment: Insufficient downstream demand and prominent supply-demand imbalances for main products led to continuous price declines[6](index=6&type=chunk) - Cost Pressure: Upstream raw material prices remained high, eroding the company's profitability[6](index=6&type=chunk) - Segment Performance Divergence: The soda ash segment was the primary source of profit reduction, while improvements in chemical fiber, chlor-alkali, and organic silicon segments were insufficient to offset its negative impact[6](index=6&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company explicitly states that the performance forecast data is a preliminary, unaudited financial estimate, which may differ from the final audited figures, and confirms no other significant uncertainties affecting accuracy, advising investors to refer to the final H1 2025 report and be aware of investment risks - Data Nature: The forecast data represents preliminary calculations and has not been audited by a certified public accountant[7](index=7&type=chunk) - Final Data: The specific and accurate financial data will be based on the company's officially disclosed H1 2025 semi-annual report[8](index=8&type=chunk) - The company declares no significant uncertainties exist that would affect the accuracy of this performance forecast[7](index=7&type=chunk)