Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

格隆汇9月17日丨北元集团(601568.SH)在投资者互动平台表示，公司目前尚未与华为技术有限公司在智 能化领域开展相关合作。近年来，公司积极关注AI人工智能等新兴技术的发展，持续探索"工业互联网 +"技术于化工行业的运用，先后开展工业互联网平台项目、ERP项目、安全生产管控平台项目、智慧运 销管理项目、云数据中心项目、工控网络安全项目等。未来，公司将持续推动人工智能、大数据、物联 网等技术与安全、生产、经营管理深度融合，全面推进企业数字化转型。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Caustic Soda**: This week, the caustic soda futures market continued to weaken. After the previous downstream concentrated stockpiling led to a surge in the futures market, the market faced downward pressure after the bullish trading. Next week, there are maintenance plans in the Northwest and Northeast regions, which are expected to cause a decline in the operating rate. The demand from the main alumina enterprises is good, but the alumina market remains in an oversupply situation, and its price has been showing a downward trend recently. In the short - term, it may continue to operate weakly. Most alumina plants have sufficient raw material inventory days. The non - alumina end has entered the peak season with improved demand, but it has limited support for the caustic soda price. Overall, there is a significant inventory build - up in the Shandong region, but the main buyers have a good willingness to purchase, so the spot price may stabilize. Therefore, the decline space of the futures price may be limited. Attention should be paid to the purchasing rhythm of alumina plants and device fluctuations [2]. - **PVC**: This week, the PVC futures market showed signs of stabilizing and stopping the decline, with the main 01 contract fluctuating within a narrow range. Next week, there are many maintenance enterprises, and the output is expected to decline. On the demand side, the operating rate of downstream products has increased slightly, and some enterprises are preparing inventory for the National Day. Therefore, the overall supply - demand pattern shows a marginal improvement trend. On the cost side, the tight supply of raw material calcium carbide has gradually eased, and the price has a narrow downward trend. The ethylene price is weakly stable, and the cost side maintains bottom - support. It is expected that PVC will stop falling and stabilize in September. Attention should be paid to the performance of downstream demand [2]. 3. Summary by Related Catalogs 3.1 Caustic Soda - **Caustic Soda Period and Spot**: The caustic soda futures price has fluctuated due to various factors such as macro - environment changes, supply - demand expectations, and cost fluctuations. For example, the market worried about the weakening of the marginal supply after the return of supply, and the downstream demand was stable. The far - month supply - demand expectations were poor, and the futures price was looking for a bottom due to factors such as cost reduction, new caustic soda production capacity release, and insufficient medium - term alumina support [5]. - **Caustic Soda Profit**: The profit of the caustic soda industry is affected by factors such as raw material prices (including well - mine salt, liquid chlorine, etc.) and electricity prices. The sharp decline in the Shandong liquid chlorine price has impacted the enterprise profit, and the industry operating rate has further declined while the demand remains stable [5]. - **Caustic Soda Supply**: As of this Thursday, the weekly weighted average operating load rate of sample enterprises in major regions across the country was 86.73%, a slight increase of 0.04 percentage points from last week. The Shandong operating rate was 87.35%, an increase of 0.49 percentage points. In terms of inventory, compared with September 3rd, the inventory of 32% liquid caustic soda in the expanded sample enterprises in East China increased by 1.09%, and the inventory in Shandong increased by 16.96% [24]. - **Caustic Soda Device Dynamics**: There are many caustic soda device maintenance situations in different regions. For example, Inner Mongolia Zhonggu Mining in the Northwest has been shut down since July 22, 2023, and is expected to resume on October 15; Inner Mongolia Yili in the Northwest has been shut down since May 5, 2024, and the restart time is undetermined [25]. - **Alumina Impact on Caustic Soda**: From the end of 2024 to 2025, the planned alumina production capacity to be put into operation is 12.3 million tons (including 2 million tons of replacement), and the estimated annual production capacity growth rate is around 10%. It is estimated that the annual alumina output in 2025 will be more than 88 million tons, with a production growth rate of around 6%. The new alumina projects are expected to increase the demand for caustic soda by about 800,000 tons per year, with a relatively concentrated demand increase of 150,000 tons from April to June [29]. - **Caustic Soda Export**: In July, the caustic soda export volume reached a high level, but the estimated export profit has weakened compared with the previous period [54]. 3.2 Polyvinyl Chloride (PVC) - **PVC Period and Spot**: The PVC futures price has fluctuated due to factors such as supply - demand imbalance, macro - environment, and cost. For example, the lack of positive drivers in supply - demand, combined with a poor commodity atmosphere, has led to a continuous decline in the futures price [61]. - **PVC Profit**: The profit of the PVC industry has weakened month - on - month. The profit of the calcium carbide method and ethylene method in East China has been affected by factors such as raw material prices and market supply - demand [67]. - **PVC Supply**: This week, the operating load rate of the domestic PVC powder industry has increased, and the maintenance loss this week has decreased month - on - month. The overall operating load rate of PVC powder this week was 79.39%, a 3.21 - percentage - point increase month - on - month; among them, the operating load rate of calcium carbide - based PVC powder was 80.29%, a 2.64 - percentage - point increase month - on - month; the operating load rate of ethylene - based PVC powder was 77.2%, a 4.61 - percentage - point increase month - on - month [83]. - **PVC Device Dynamics**: There are many PVC device maintenance and shutdown situations in different regions. For example, Julong Chemical in North China has shut down for maintenance since September 20, 2024, and the restart time is undetermined; Ningbo Zhenyang in East China is planned to start operation around September 20 after a temporary shutdown on August 15 [85]. - **PVC Downstream Demand**: The two main downstream industries of PVC, profiles and pipes, are facing great pressure. In addition to demand issues, they also face industry competition, so the industry's contribution is difficult to improve. The real - estate industry still has a negative impact on PVC demand. According to Xuande sample data, the downstream orders are significantly lower than the same period in the past five years, and the raw material and finished - product inventories are at high levels, so the PVC downstream is expected to have no positive drivers [93]. - **PVC Inventory**: The PVC inventory continues to rise, and the total inventory is at the highest level in recent years compared with the same period [101]. - **PVC Outer Market and Export**: In July 2025, the PVC import volume was 24,500 tons, with an average import price of 712 US dollars per ton. The import volume increased by 2.10% month - on - month and 46.98% year - on - year, and the cumulative import volume from January to July increased by 6.03% year - on - year. In July 2025, the PVC export volume was 330,600 tons, with an average export price of 606 US dollars per ton. The export volume increased by 26.17% month - on - month and 112.82% year - on - year, and the cumulative export volume from January to July increased by 56.91% year - on - year. The domestic trade price has adjusted, and the export windows to Southeast Asia and India have opened, with relatively good weekly export transactions [119].

Group 1 - The company, Beiyuan Group (601568.SH), is currently advancing research on key technologies for the hydrogenation of carbon dioxide to produce aviation kerosene [1]

Core Viewpoint - The report highlights a decline in key financial metrics for Shaanxi Beiyuan Chemical Group Co., Ltd. during the first half of 2025, indicating potential challenges in revenue generation and profitability [1]. Financial Performance - Total assets at the end of the reporting period amounted to CNY 14,006.58 million, a decrease of 3.54% compared to the previous year-end [1]. - Operating revenue for the period was CNY 4,565.87 million, reflecting an 8.06% decline from CNY 4,966.07 million in the same period last year [1]. - Total profit was reported at CNY 145.39 million, down 13.34% from CNY 167.77 million year-on-year [1]. - The net profit attributable to shareholders was not specified, but the net cash flow from operating activities showed a significant negative shift to -CNY 2.07 million from CNY 177.04 million in the previous year, indicating cash flow challenges [1]. - The weighted average return on equity increased slightly to 1.18%, up by 0.04 percentage points from 1.14% [1]. - Basic and diluted earnings per share remained stable at CNY 0.03 [1]. Shareholder Information - The largest shareholder, Shaanxi Coal and Chemical Industry Group Co., Ltd., holds 35.31% of the shares, amounting to 1,402.68 million shares [2]. - Other notable shareholders include Wang Wenming with 4.68% and Sun Junliang with 2.34% [2]. - There are indications of share pledges and freezes among certain shareholders, which may affect liquidity and control [2].

Group 1 - The board of directors of Shaanxi Beiyuan Chemical Group Co., Ltd. held its 14th meeting of the third session on August 28, 2025, via communication voting, with all 11 directors participating [1] - The board unanimously approved the 2025 semi-annual report and its summary, with the audit committee providing a favorable review [1] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025 [2] Group 2 - The board agreed on a continuous risk assessment report regarding Shaanxi Coal and Chemical Group Financial Co., Ltd., which was submitted by independent directors [2] - The board approved the "Quality Improvement and Efficiency Enhancement" action plan for 2025 [2] - The company decided to recognize impairment losses totaling 349,408,149.72 yuan for certain assets, including accounts receivable, inventory, and fixed assets [3] Group 3 - The board approved revisions to several internal control and audit management regulations, which will take effect upon board approval [3]

证券代码：601568 证券简称：北元集团 公告编号：2025-048 陕西北元化工集团股份有限公司 关于召开 2025 年半年度业绩说明会的预告公告 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： 陕西北元化工集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日在上海证券交易所网站（http://www.sse.com.cn）披露《陕西北元化工集团股 份有限公司 2025 年半年度报告》。为便于广大投资者更全面深入地了解公司 2025 年上半年的经营成果、财务状况等，公司计划举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会采用网络文字交流及视频直播方式召开，公司将针对 2025 年半年度的经营与财务情况等与投资者进行互动交流，在法定信息披露允许的范 围内就投资者普遍关注的问题进行说明。 二、 说明会召开的时间、地点 时间：2025 年 9 月 9 日（星期二）15:00-17:00 地点："全景路演"（网址：http://rs.p5w.n ...

Core Viewpoint - North Yuan Group reported a decline in revenue but an increase in net profit, indicating resilience in a challenging market environment [1][2]. Financial Performance - The company achieved operating revenue of 4.566 billion yuan, a year-on-year decrease of 8.06% [1]. - Net profit attributable to shareholders was 138 million yuan, reflecting a year-on-year increase of 1.89% [1]. - The net profit excluding non-recurring gains and losses was 139 million yuan, up 8.63% year-on-year [1]. Operational Highlights - North Yuan Group focused on safety and environmental standards, achieving a 100% compliance rate for pollutant emissions [2]. - The company optimized production efficiency, creating 356 job performance indicators and achieving historical best levels in five consumption metrics related to PVC and caustic soda [2]. - Cost control measures included the identification of 83 cost drivers and 89 management actions, leading to a reduction in procurement costs by 4.89 million yuan through various procurement strategies [2]. Industry Context - The chlor-alkali industry is experiencing rapid development with increasing capacity, but demand is shrinking due to a downturn in the real estate sector, leading to intensified market competition [3]. - North Yuan Group aims to transition its development model from scale-driven to precision, specialization, and differentiation, enhancing its product structure and expanding into high-end markets [3]. - The company is committed to developing a low-carbon, efficient, and green chemical product industry chain, focusing on high-value specialty resins and promoting high-quality industry development [3].

Core Viewpoint - Beiyuan Group (601568.SH) reported its 2025 mid-year results, showing a slight increase in net profit and improvements in several financial metrics, indicating a stable performance in a competitive industry [1] Financial Performance - Total revenue reached 4.566 billion yuan, ranking 17th among disclosed peers [1] - Net profit attributable to shareholders was 138 million yuan, ranking 13th among disclosed peers, with an increase of 2.5618 million yuan, representing a year-on-year growth of 1.89% [1] - Operating cash flow was negative at 207.11 thousand yuan [1] Financial Ratios - The latest debt-to-asset ratio stood at 18.72%, ranking 6th among disclosed peers, a decrease of 2.15 percentage points from the previous year [1] - Gross profit margin was 18.32%, ranking 20th among disclosed peers, with an increase of 4.77 percentage points year-on-year, marking two consecutive years of growth [1] - Return on equity (ROE) was 1.21%, up by 0.04 percentage points from the same period last year [1] Earnings and Efficiency - Diluted earnings per share were 0.03 yuan [1] - Total asset turnover ratio was 0.32 times, ranking 23rd among disclosed peers [1] - Inventory turnover ratio was 10.35 times, ranking 4th among disclosed peers, with an increase of 2.54 times year-on-year, reflecting a growth of 32.47% compared to the previous year [1] Shareholder Structure - The number of shareholders was 64,200, with the top ten shareholders holding 2.931 billion shares, accounting for 73.78% of the total share capital [1] - The largest shareholder is Shaanxi Coal and Chemical Industry Group Co., Ltd. with 353 million shares [1]

Core Viewpoint - Beiyuan Group announced the approval of multiple proposals during the 14th meeting of its third board of directors held on August 28 [2] Group 1 - The company held its 14th meeting of the third board of directors [2] - Several proposals were reviewed and approved during the meeting [2]