Group 1: Company Performance - On December 3, Tongkun Co., Ltd. experienced a decline of 0.84% in stock price, with a trading volume of 330 million yuan. The margin trading data indicated a financing buy of 31.83 million yuan and a repayment of 39.23 million yuan, resulting in a net financing outflow of 7.40 million yuan. The total margin trading balance reached 2.08 billion yuan as of December 3 [1] - For the period from January to September 2025, Tongkun Co., Ltd. reported a revenue of 67.40 billion yuan, a year-on-year decrease of 11.38%. However, the net profit attributable to shareholders increased by 53.83% to 1.55 billion yuan [2] - The company has distributed a total of 3.20 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the past three years [3] Group 2: Shareholder and Market Data - As of September 30, 2025, the number of shareholders for Tongkun Co., Ltd. was 50,100, a decrease of 28.96% from the previous period. The average number of circulating shares per shareholder increased by 40.76% to 47,780 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fifth largest with 35.92 million shares, an increase of 9.47 million shares from the previous period. The Penghua CSI Segmented Chemical Industry Theme ETF ranked eighth with 25.27 million shares, marking a new entry, while the Southern CSI 500 ETF reduced its holdings by 482,300 shares [3]

桐昆集团股份有限公司 2025 年 第三次临时股东会会议材料 桐昆集团股份有限公司 2025 年 12 月 1 目录 | 桐昆集团股份有限公司 2025 年第三次临时股东会通知 3 | | --- | | 桐昆集团股份有限公司 2025 年第三次临时股东会会议须知 4 | | 桐昆集团股份有限公司 年第三次临时股东会会议议程 2025 6 | | 议案一：关于调整 年限制性股票激励计划回购价格并回购注销部分限制性股 2023 | | 票的议案 7 | | 议案二：关于变更注册资本并修订《公司章程》的议案 11 | 2 各位股东及股东代表： 桐昆集团股份有限公司 2025 年第三次临时股东会拟于 2025 年 12 月 10 日下午 14：00 时在桐昆集团股份有限公司总部会议室召开。 本次股东会审议和表决议题如下： 1、《关于调整 2023 年限制性股票激励计划回购价格并回购注销部分限制性股 票的议案》。 2、《关于变更注册资本并修订<公司章程>的议案》。 上述议案经 2025 年 11 月 21 日召开的公司第九届董事会第二十一次会议审议 通过，并于 2025 年 11 月 22 日在《上海证券报》《中国证 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-074 桐昆集团股份有限公司 关于召开2025年第三次临时股东会的提示性公告 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 ●现场会议召开时间：2025年12月10日 14：00 ●网络投票时间： 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自 2025 年 12 月 10 日 本次股东会将通过上海证券交易所网络投票系统向社会公众股股东提供网络形 式的投票平台，根据中国证监会《关于加强社会公众股股东权益保护的若干规定》 （证监发【2004】118号）的要求，现发布召开本次股东会的提示性公告如下： 一、会议召开时间 现场会议召开时间：2025年12月10日 14：00 网络投票起止时间：自2025年12月10日至2025年12月10日 1 网络投票系统：上海证券交易所股东会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13 ...

Core Viewpoint - The report highlights the growth of China's primary plastic production, indicating a significant increase in both monthly and cumulative production figures for 2025, suggesting a positive outlook for the industry [1] Industry Summary - In September 2025, China's primary plastic production reached 12.67 million tons, marking a year-on-year growth of 10.4% [1] - From January to September 2025, the cumulative production of primary plastics in China totaled 109.703 million tons, reflecting a cumulative growth of 11.6% [1] - The data indicates a robust growth trend in the primary plastic sector, which is expected to continue in the coming years [1] Company Summary - Listed companies in the plastic industry include Hengyi Petrochemical, Rongsheng Petrochemical, Shanghai Petrochemical, Sinopec, China National Petroleum, Huajin Co., Tongkun Co., Hengli Petrochemical, Satellite Chemical, and ST Hongda [1] - These companies are positioned to benefit from the anticipated growth in the plastic production market as indicated by the statistical data [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Insights - The global chemical competition landscape is being reshaped, with European and Japanese companies facing capacity exits due to high energy costs and environmental pressures, while Chinese companies are rapidly gaining market share due to significant cost advantages [1][15]. - The EU chemical capacity utilization rate has decreased from 75.6% in Q2 2025 to 74.6% in Q3 2025, significantly below the long-term average of 81.3% [2][31]. - China's chemical industry is characterized by high capital investment and R&D, leading to a strong cost advantage and enhanced global competitiveness [3][36]. Summary by Sections 1. Europe: Dual Dilemma of High Energy Costs and Environmental Pressure - European chemical companies are heavily reliant on natural gas, with over 40% of raw materials sourced from it, leading to increased production costs [20]. - The average wholesale electricity price in the EU rose by 30% year-on-year to $90 per megawatt-hour in H1 2025, expected to be twice that of the US and 1.5 times that of China [2][20]. - The EU's carbon emissions trading system (ETS) and the Carbon Border Adjustment Mechanism (CBAM) are tightening regulations, further squeezing the competitiveness of European chemical products [23][29]. 2. China: Scale Effects and Cost Advantages of Super Factories - China leads globally in chemical capital expenditure and R&D, accounting for 47% and 32% of the global total, respectively [36][38]. - The production capacity of ethylene in China has doubled from 26.69 million tons in 2019 to 54.49 million tons in 2024, with import dependency decreasing from 8.8% to 5.0% [10]. - Major Chinese companies like Wanhua Chemical are expected to further reduce costs through technological upgrades and capacity expansions, enhancing their competitive edge [9][12]. 3. Domestic Chemical Core Assets Exhibit Strong Competitive Strength - The report highlights the increasing global influence of Chinese chemical companies, which are leveraging cost, scale, and technological advantages to expand their market presence [12]. - Key players in the industry include Wanhua Chemical, Hualu Hengsheng, and others, which are positioned to benefit from the ongoing industry consolidation and optimization [12].

Investment Rating - The report maintains a neutral investment rating for the petrochemical industry, with specific recommendations for various companies based on their performance and market conditions [16]. Core Insights - Natural gas demand is expected to recover in 2026 after a significant slowdown in 2025, with global demand growth projected at 2% [6][10]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with improved outlooks for companies like Tongkun Co. and Wankai New Materials [16]. - Oil prices are expected to stabilize, with a neutral outlook for 2026, while companies like China Petroleum and CNOOC are recommended for their high dividend yields [16]. Summary by Sections Natural Gas Market - Global natural gas demand growth for 2025 is projected at only 0.5%, primarily driven by Europe, while Asian demand remains flat [6]. - In 2026, demand growth is expected to recover to 2%, with Asia-Pacific leading the increase at around 5% [6][10]. - Current low inventory levels in Europe and Japan are anticipated to support relatively strong gas prices during the heating season [8]. Oil Market - Brent crude oil prices have shown a slight increase, closing at $63.20 per barrel, while WTI prices reached $58.55 per barrel [20]. - The report notes a decrease in the number of active oil rigs in the U.S., indicating a potential slowdown in production growth [29]. - Global oil demand is expected to grow by 790,000 barrels per day in 2025, with the U.S., China, and Nigeria being the main contributors [42]. Petrochemical Sector - The downstream polyester sector is experiencing a tightening supply-demand balance, with recommendations for companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The report indicates that the refining sector is seeing improved margins, with domestic refining margins increasing by 244 RMB/ton month-on-month [50]. - Ethylene prices in Northeast Asia have stabilized, while the price spread between ethylene and naphtha has increased, indicating favorable conditions for ethylene production [59][62].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, with specific recommendations for various companies based on their performance and market conditions [3]. Core Insights - Natural gas demand is expected to recover, with short-term price stability anticipated due to low inventory levels during the heating season of 2025-2026. The International Energy Agency (IEA) forecasts a global natural gas demand growth of 2% in 2026, with Asia-Pacific demand potentially reaching 5% [5][6][8]. - The upstream sector is experiencing a mixed trend, with oil prices showing a slight increase while drilling day rates for self-elevating platforms are rising. Brent crude oil futures closed at $63.20 per barrel, reflecting a 1.02% increase week-on-week [5][23]. - The refining sector is seeing a decline in overseas refined oil crack spreads, while olefin spreads are increasing. The Singapore refining margin for major products dropped to $19.61 per barrel, a decrease of $7.03 from the previous week [5][60]. - The polyester sector is witnessing a mixed performance, with PTA profitability rising while polyester filament profitability is declining. The PTA price in East China averaged 4625 RMB per ton, down 0.04% week-on-week [5][57]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $63.20 per barrel, with a week-on-week increase of 1.02%. The U.S. commercial crude oil inventory rose to 427 million barrels, up 2.78 million barrels from the previous week [5][23][25]. - The number of U.S. drilling rigs decreased to 544, down 10 rigs week-on-week and 38 rigs year-on-year [34][37]. Refining Sector - The Singapore refining margin for major products was reported at $19.61 per barrel, down $7.03 from the previous week. The U.S. gasoline RBOB-WTI spread was $17.96 per barrel, slightly up from the previous week [5][60][65]. Polyester Sector - The PTA price in Asia was reported at $827.37 per ton, down 0.22% week-on-week. The PTA-PX spread increased to 266.40 USD/ton, up 7.05 USD/ton from the previous week [5][57]. Investment Recommendations - The report recommends focusing on quality companies in the polyester sector such as Tongkun Co. and Wan Kai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in profitability [5][18].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Viewpoint - The chemical sector has shown significant strength in the market, outperforming major indices like the Shanghai Composite and CSI 300, driven by a "de-involution" trend and favorable supply-demand dynamics [1][2][7]. Group 1: Market Performance - The Shanghai Composite Index weakened towards the end of the trading day, while the ChiNext Index turned negative, with the chemical sector leading the gains [1]. - The Chemical ETF (516020) experienced a daily increase of 1.30%, with a trading volume of 1.13 billion yuan [1]. - The cumulative increase of the Chemical ETF's underlying index reached 26.07% year-to-date, significantly outperforming the Shanghai Composite Index (15.62%) and the CSI 300 Index (14.75%) [2][3]. Group 2: Stock Performance - Notable stocks in the chemical sector included Xin Fengming, which rose by 5.75%, and several others like Lu Xi Chemical and Wan Hua Chemical, which saw increases of over 3% [2][4]. - The trading volume and transaction amounts for leading stocks indicate strong investor interest, with Wan Hua Chemical achieving a transaction amount of 2.464 billion yuan [2]. Group 3: Industry Trends - The solid-state battery concept remains active, with a significant increase in lithium battery material demand, as evidenced by the rise in electrolyte prices from approximately 19,400 yuan/ton at the beginning of the year to 54,250 yuan/ton recently [5]. - The current price-to-book ratio of the chemical sector stands at 2.27, indicating a relatively low valuation compared to historical levels, suggesting potential for long-term investment [5]. Group 4: Future Outlook - The chemical industry is expected to experience a dual uplift in performance and valuation due to the "de-involution" trend, with leading companies likely to gain market share through improved management and energy efficiency [7]. - Analysts predict that the chemical sector may see a cyclical upturn starting in 2026, driven by supply-side reforms and increased demand, particularly as the U.S. enters a rate-cutting cycle [7]. Group 5: Investment Strategy - Investors are encouraged to consider the Chemical ETF (516020) for efficient exposure to the sector, as it tracks the CSI Sub-Industry Chemical Index and includes a diversified portfolio of leading stocks [8].

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping the investment logic in cyclical industries [2] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [4] - The performance improvement in cyclical sectors is sustainable, with a 23% year-on-year increase in the exit scale of backward production capacity in industries like chemicals and non-ferrous metals as of Q3 2025 [4] Group 2: Drivers of Market Style Shift - Three main supports for the current market style switch include: 1. The technology sector's significant cumulative increase, with the electronics industry up 45% and communication equipment over 38% year-to-date as of November 2025, far exceeding the 14.7% rise of the CSI 300 index [6] 2. Institutional holdings in the technology sector nearing historical peaks, with TMT sector holdings surpassing 40.16% [6] 3. Clear policy signals from the Ministry of Industry and Information Technology regarding the chemical industry, enhancing the certainty of supply-side contraction in cyclical industries [6] Group 3: Chemical Industry Insights - The core logic for supply-side improvement in the chemical industry is driven by "downward capacity cycles + policy-guided exit," with fixed asset investment in the chemical raw materials sector decreasing by 5.6% year-on-year from January to September 2025 [8][11] - The chemical industry has significant advantages over traditional cyclical industries in capacity optimization efficiency, industry collaboration, and high-end transformation paths [12] Group 4: Demand Recovery - The recovery in demand for the chemical industry is supported by both domestic and overseas factors, with domestic engines including improved real estate conditions and a resurgence in textile exports [13][14] - China's chemical product sales have maintained the top global position, with sales amounting to approximately €2.24 trillion in 2023, accounting for 43.1% of global sales [16][17] Group 5: Investment Opportunities in the Chemical Sector - Investment opportunities in the chemical industry under the anti-involution wave include: 1. Selecting leading companies with strong management and cost control [20] 2. Focusing on three reversal areas: petrochemicals, coal chemicals, and polyester filament + PTA, with specific companies highlighted for their potential [21][22][23]