Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience a reversal in prosperity driven by anti-involution measures, with significant opportunities arising from supply-side reforms and the optimization of competitive structures [4][30] - The current economic environment, including the exit of European chemical capacities and the slowdown of new capacities in China, is likely to accelerate the restructuring of the domestic chemical industry [4] - Key sectors to focus on include polyurethane, private refining, low-carbon olefins, coal chemicals, phosphorus chemicals, pesticides, and chromium salts [4][5] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 5.4% over the last month, 12.0% over the last three months, and 22.8% over the last year, outperforming the CSI 300 index [2] Investment Recommendations - The report highlights four major investment opportunities: 1. Low-cost expansion with companies like Wanhua Chemical and Satellite Chemical [4] 2. Improved prosperity in sectors such as chromium salts and phosphorus ores [5] 3. New materials with high growth potential and low domestic production rates [6] 4. High dividend opportunities in state-owned enterprises like China Petroleum and China National Offshore Oil [6] Key Price Movements - Notable price increases include TDI at 15,500 CNY/ton (+23.02% week-on-week) and DMC at 3,900 CNY/ton (+5.41% week-on-week) [8] - The report also tracks various chemical prices, indicating a general upward trend in key products [8][9] Company Tracking - Specific companies are highlighted for their performance and potential, including: - Wanhua Chemical: MDI price stable at 16,700 CNY/ton [9] - Hengli Petrochemical: Polyester filament inventory increased to 26.5 days [12] - Yuntianhua: Phosphate prices stable at 1,038 CNY/ton [13] Market Outlook - The report anticipates a recovery in demand and a continued rise in the prosperity of certain sectors, particularly those with supply constraints [30]

Core Viewpoint - The trend of A-share companies seeking secondary listings in Hong Kong continues, with Linglong Tire submitting its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, and global marketing strategy improvement [1][10]. Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications for different applications. The company is the largest OE tire manufacturer in China and ranks third globally, while being the largest OE tire manufacturer in the new energy vehicle sector for five consecutive years [4][10]. Financial Performance - Linglong Tire has shown robust growth, with a compound annual growth rate (CAGR) of 13.9% in revenue over the past three years. Revenue figures for 2022, 2023, and 2024 are 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB, respectively [5][6]. - The passenger and light truck tire segment is the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.429 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [5][6]. - Linglong Tire's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for 2022, 2023, and 2024, respectively, leading to gross margins of 11%, 17.9%, and 19.7% [6]. Global Expansion Strategy - The company has implemented a "7+5" strategy, establishing seven domestic factories and five overseas factories, with two overseas bases in Thailand and Serbia. This strategy aims to accelerate global expansion [7][10]. - Linglong Tire's global tire market is growing, with 2023 global tire sales reaching 1.784 billion units, where the replacement market accounts for approximately 74% of demand [8]. Market Position and Competitive Landscape - The tire industry is highly concentrated, with the top three players (Michelin, Bridgestone, and Goodyear) holding nearly 40% of the market share. Linglong Tire is positioned to compete with these giants as it expands its market presence [8][10]. - The company is also focusing on high-end market segments, having become a supplier for several premium brands, including Volkswagen, and aims to enhance its brand image [10]. Future Outlook - Linglong Tire plans to achieve a production target of 330,900 tons of off-road tires by the end of 2030, capitalizing on the growing demand in this segment [11]. - The funds raised from the Hong Kong listing will support the company's global expansion, technological upgrades, and brand enhancement, solidifying its position in the domestic and international markets [10][11].

Core Viewpoint - Linglong Tire, the second-largest tire manufacturer in China, is accelerating its IPO process in Hong Kong, aiming for a dual listing in A-shares and H-shares, with a consortium of six underwriters [1][2]. Company Overview - Established in 1994, Linglong Tire has seen its net profit grow fivefold in just two years, with a steady increase in gross margin [2][4]. - The company is primarily engaged in the design, development, production, and sales of tires, with major products including passenger and light truck tires, truck and bus tires, and off-road tires [4]. - Linglong Tire holds a significant market position, ranking as the sixth-largest tire manufacturer globally and the second-largest in China, following Zhongce Rubber [4][9]. Financial Performance - Revenue for Linglong Tire has shown a compound annual growth rate (CAGR) of 13.9%, with figures of 17.006 billion yuan, 20.165 billion yuan, and 22.058 billion yuan from 2022 to 2024 [6]. - Net profit figures for the same period were approximately 292 million yuan, 1.391 billion yuan, and 1.752 billion yuan, indicating a fivefold increase in two years [6]. - In Q1 2025, the company reported revenue of 5.697 billion yuan, a year-on-year increase of 12.92%, but net profit decreased by 22.78% due to rising raw material costs [6]. Market Position and Strategy - Linglong Tire has established a global presence with seven domestic and two overseas production bases, implementing a "7+5" global strategy and a "3+3" off-road tire production strategy [10][11]. - The company has plans to invest approximately 11.9 billion USD (about 87.1 billion yuan) in a new factory in Brazil, which is expected to generate an annual net profit of 1.66 billion USD (about 12.13 billion yuan) [11][12]. - The overseas revenue contribution has reached nearly half of the total sales, with domestic sales at 11.08 billion yuan and overseas sales at 10.73 billion yuan in 2024 [13]. Industry Context - The global tire market is experiencing steady growth, with an expected increase in tire sales from 1.659 billion units in 2020 to 1.931 billion units in 2024, reflecting a CAGR of 3.9% [9]. - Linglong Tire's growth is supported by the high demand in the tire industry, particularly in the context of the rising popularity of electric vehicles [10].

Core Insights - Linglong Tire has been awarded the title of "China Excellent Management Company" for the first time, recognizing its outstanding comprehensive management capabilities [1][2] - The BMC project, organized by Deloitte China, Hong Kong University of Science and Technology Business School, and Harvard Business Review Chinese Edition, evaluates companies based on a global framework across four dimensions: strategy, capability, commitment, and financial strength [1] - Linglong Tire is a leading tire manufacturer in China and ranks first globally in the sales of tires for new energy vehicles [1] Company Strategy - The company focuses on a multi-regional global strategy and is accelerating the construction of intelligent production bases while implementing a digital transformation strategy [1][2] - Linglong aims to create advanced factories that are intelligent, automated, and environmentally friendly, establishing a global manufacturing network [1] Competitive Strength - Linglong Tire enhances its core competitiveness through product, channel, and brand development, continuously launching mid-to-high-end products and leading technological breakthroughs [1] - The company has achieved excellent product quality, with some products rated at 3A level under the EU labeling law, reaching an internationally advanced level overall [1] Digital Transformation - The company is significantly advancing its digital transformation by integrating big data and artificial intelligence into manufacturing, creating an industry-leading "smart brain" [2] - Collaboration between smart manufacturing and smart retail optimizes inventory, improves delivery efficiency, and enhances operational effectiveness [2] Sustainable Development - Linglong Tire is committed to sustainable development, focusing on "new quality productivity" and actively engaging in "green," "harmonious," and "smart" initiatives [2] - The company emphasizes ESG principles to build a low-carbon industrial chain benchmark and values global talent development through innovative training models and deepening industry-academia collaboration [2] Recognition and Future Goals - The recent award signifies international recognition of Linglong's comprehensive strength in strategic layout, operational management, innovation capability, and sustainable development [2] - The company will continue to deepen its global strategy and digital transformation while adhering to ESG principles, driving high-quality development towards the goal of becoming a world-class tire enterprise [2]

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

Core Viewpoint - Shandong Linglong Tire Co., Ltd. is seeking to raise funds through an IPO in the Hong Kong market due to deteriorating financial conditions, including rising debt levels and declining profitability, despite some revenue growth in recent years [1][10]. Financial Performance - The company's net profit has significantly declined since 2020, with a drop of 64.48% in 2021 and 63.03% in 2022, and while there is revenue growth in 2023 and 2024, net profit has not returned to 2020 levels [1][10]. - In Q1 2025, revenue increased by 12.92% to 5.697 billion yuan, but net profit fell by 22.78% to 341 million yuan due to pricing pressures and raw material cost fluctuations [1][3]. Cost Structure - The cost of key raw materials, including natural rubber and synthetic rubber, has increased by 14% year-on-year in Q1 2025, contributing to profit volatility [3]. - The company's inventory has been rising, reaching 5.916 billion yuan by Q1 2025, up from 4.472 billion yuan in 2022 [3]. Debt and Liquidity - The asset-liability ratio has been increasing, recorded at 48.51% in 2022 and projected to reach 53.94% in 2024 [5]. - As of Q1 2025, the company faces a short-term debt and cash gap of approximately 10.139 billion yuan, with short-term debts totaling 14.661 billion yuan against cash reserves of only 4.522 billion yuan [7]. Previous Financing Efforts - Since its A-share listing in 2016, the company has raised a total of 6.4 billion yuan through multiple financing rounds, including a 2.5 billion yuan initial public offering and subsequent fundraising efforts [7][8]. Market Conditions - The company's stock price has dropped over 70% from its peak of 55.2 yuan per share in April 2021, leading to a market capitalization decline from over 750 billion yuan to around 200 billion yuan [9][10]. - The IPO in Hong Kong is seen as a potential solution to the company's financial struggles, but there are concerns about market reception and valuation risks due to the company's current operational challenges [10][15]. Strategic Initiatives - The funds raised from the Hong Kong IPO are intended for various purposes, including financing a new factory in Brazil, enhancing R&D capabilities, and improving global marketing strategies [12]. - The company plans to invest 8.71 billion yuan in the Brazilian factory, which is expected to generate annual revenues of 7.758 billion yuan and net profits of 1.213 billion yuan upon completion [13]. Operational Efficiency - The utilization rate of the company's production facilities is below 60%, with only 6 out of 17 major projects achieving over 70% utilization [13][14].

Core Viewpoint - The major shareholder, Linglong Group, has increased its stake in Linglong Tire from 53.70% to 54.00%, reflecting confidence in the company's future development and value [1][2]. Group 1: Shareholder Information - Linglong Group, the controlling shareholder, has committed to providing accurate and complete information regarding its shareholding changes [1]. - The increase in shareholding does not violate any prior commitments or plans made by the shareholder [1][2]. Group 2: Shareholding Changes - Linglong Group plans to increase its shareholding by investing between RMB 200 million and RMB 300 million through the Shanghai Stock Exchange, without setting a price range for the purchases [1][2]. - From May 7 to July 9, 2025, Linglong Group has already invested approximately RMB 64.82 million to increase its stake [2]. Group 3: Impact and Future Plans - The increase in shareholding is not expected to significantly impact the company's governance structure or ongoing operations [2]. - The company will continue to monitor the progress of the shareholding increase and fulfill its information disclosure obligations as required [2].

证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-051 山东玲珑轮胎股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 玲珑集团有限公司 | ☑ | 控股股东/实控人 | | | | □ | 控股股东/实控人的一致 | 91370685165240379N ☑ | | | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | 重要内容提示： 权益变动方向 比例增加☑ 比例减少□ 权益变动前合计比例 53.70% 权益变动后合计比例 54.00% 本次变动 ...

关于控股股东部分股份质押的公告 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个别及连带责任。 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-050 重要内容提示: 山东玲珑轮胎股份有限公司 山东玲珑轮胎股份有限公司（以下简称"公司"）控股股东玲珑 集团有限公司（以下简称"玲珑集团"）持有上市公司股份586,776,327 股，占公司总股本 40.09%。玲珑集团持有上市公司股份累计质押 156,710,000 股（含本次），占其持股数量的 26.71%，占公司总股本 的比例为 10.71%。 公司于 2025 年 7 月 8 日获悉玲珑集团所持有公司的部分股份被 质押，具体情况如下： | 股东名称 | 是否为 控股股 | 本次质押股 | 是否为 限售股 （如 | 是否 补充 | 质押起 | 质押到 | 质权人 | 占其所 持股份 | 占公司 总股本 | 质押融 资资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...