Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given reports. 2. Core Viewpoints - The current core contradictions affecting the propylene trend include the potential repeated submission of "anti - involution" with no actual progress, coal price weakness driving the futures market down, spot price fluctuations due to individual device operations, sufficient supply and weak demand in the PP market, and continuous losses in PDH profits [2]. - There are both positive and negative factors in the propylene market. Positive factors are that device overhauls in some enterprises such as Binhuahua, Haiwei, and Xintai have led to a rebound in spot prices. Negative factors are that PDH has not shown significant negative feedback in the short - term despite losses, and the downstream market, especially the PP market, remains weak [3]. 3. Summary by Directory 3.1 Propylene Price Forecast and Hedging Strategies - The monthly price range forecast for propylene is 5700 - 6200 yuan/ton, with a current 20 - day rolling volatility of 0.121 and a 3 - year historical volatility percentage of 0.5432 [1]. - For inventory management, when the finished product inventory is high and there are concerns about price drops, it is recommended to short - sell propylene futures (PL2603) at a 50% hedging ratio when the price is between 6100 - 6200 yuan/ton and short - sell call options (PL2601C6000) at a 25% ratio when the price is between 60 - 80 yuan. For procurement management, when the regular inventory is low, it is recommended to buy propylene futures (PL2603) at a 25% hedging ratio when the price is between 5700 - 5800 yuan/ton and short - sell put options (PL2601P5800) at a 25% ratio when the price is between 60 - 80 yuan [1]. 3.2 Industry Data - **Upstream raw material prices**: On November 19, 2025, Brent crude oil was at $63.16/barrel, down $1.2 from the previous day; WTI was at $59.41/barrel, down $1.16. Other upstream raw materials such as MOPJ, NWE NAP, etc., also showed price changes. For example, MOPJ was at $561.94/ton, down $9.39 [5]. - **Mid - stream propylene prices**: On November 19, 2025, the price of propylene in the East China region was 5925 yuan/ton, up 10 yuan from the previous day; the price difference between CFR China and FOB South Korea remained at $35/ton [5]. - **Downstream product prices**: On November 19, 2025, the price of polypropylene powder was 6200 yuan/ton, unchanged from the previous day; the price of polypropylene granules was 6440 yuan/ton, also unchanged. Other downstream products like acrylonitrile, acrylic acid, etc., also had corresponding price changes [5]. - **Profit situation**: Main refinery profit was 704.12 yuan/ton, and MTO monomer profit was - 179.17 yuan/ton. PDH profit was in a continuous loss state, with propylene PDH profit - FEI at - 225.20 yuan/ton [5]. - **Price difference situation**: The price difference between MOPJ and propylene was 1829.03 yuan/ton, and the price difference between PP powder and propylene was not available on November 19, 2025 [5].

Core Viewpoint - Hezhong Electric's stock price has shown volatility, with a year-to-date increase of 54.44%, but recent trends indicate a decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Hezhong Electric reported revenue of 2.778 billion yuan, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 334 million yuan, up 31.99% year-on-year [2][3]. Stock Market Activity - As of November 19, Hezhong Electric's stock price was 30.64 yuan per share, with a market capitalization of 14.025 billion yuan. The stock experienced a net outflow of 18.1537 million yuan in principal funds [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent instance on August 12, where it recorded a net buy of -274 million yuan [1]. Shareholder Information - As of October 31, 2025, Hezhong Electric had 72,000 shareholders, an increase of 2.09% from the previous period. The average number of circulating shares per shareholder decreased by 2.05% to 6,358 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [3].

Summary of Key Points Core Viewpoint - The company has announced the provision of a guarantee for its wholly-owned subsidiary, Suzhou Hewei, to secure a credit limit of 250 million yuan from Bank of China Suzhou Wuzhong Branch for various financial activities, reflecting the company's support for its subsidiary's operations and financial stability [3][4][7]. Group 1: Guarantee Overview - On November 17, 2025, the company signed a maximum guarantee contract with Bank of China Suzhou Wuzhong Branch to provide a guarantee for Suzhou Hewei's credit limit of 250 million yuan [3]. - The guarantee is intended for short-term loans, overdrafts, bank acceptance bills, trade financing, and other credit-related activities, with a validity period from November 17, 2025, to October 30, 2026 [3]. - The company has a total guarantee limit of up to 3.8 billion yuan for wholly-owned subsidiaries with an asset-liability ratio exceeding 70% [5]. Group 2: Internal Decision-Making Process - The guarantee was approved by the company's board of directors on March 13, 2025, and subsequently ratified by the annual general meeting of shareholders in 2024 [4][8]. - The company has disclosed previous announcements regarding the expected guarantees for its wholly-owned subsidiaries [4]. Group 3: Financial Implications - As of the announcement date, the company has provided a guarantee balance of 81,113.66 yuan for Suzhou Hewei, which accounts for 18.86% of the company's latest audited net assets [5]. - The available guarantee amount for wholly-owned subsidiaries with an asset-liability ratio above 70% is 1.466976 billion yuan [5]. - The total external guarantee amount provided by the company is 5.5251894 billion yuan, representing 128.44% of the latest audited net assets, with guarantees to wholly-owned subsidiaries totaling 4.8973691 billion yuan [9].

Report Industry Investment Rating - Not provided Core View - The stock index continued to adjust today, with relatively large declines in small and medium - cap stock indices. The market is currently dominated by the game between policy - driven positive expectations and the increasing willingness of funds to take profits. In the short - term, the news is relatively flat, and the signal of favorable policies is weakening, increasing the pressure for index correction. The decline in the Asia - Pacific market today has further increased the downward pressure on A - shares. The previously strong chemical and battery sectors have corrected, while the AI sector has strengthened, showing a high - to - low rotation. The basis of stock index futures shows differentiation. For IF, except for the next - quarter contract whose basis declined, the basis of other contracts converged. The basis of IH contracts declined, while the basis of IC and IM contracts rebounded significantly, breaking away from the historical percentile below 10%. The basis of stock index futures of stock indices with large declines for two consecutive days has strengthened significantly. Coupled with the slight rebound of the index in the late trading today, it indicates that there is support below, and the market sentiment is not completely pessimistic. In general, it is expected to continue to adjust in the short - term, but the expectation of favorable policies provides support at the bottom, and the downward space of the stock index is limited [5]. Market Review - The stock indices closed down collectively today, with the large - cap stock indices relatively more resilient. For example, the CSI 300 index closed down 0.65%. In terms of funds, the trading volume of the two markets increased by 1.5277 billion yuan. In the stock index futures market, IH declined with shrinking volume, while other varieties declined with increasing volume [3]. Important Information - The China - Germany High - Level Financial Dialogue was held in Beijing, reaching a number of achievements and consensuses, ending the trade tension. The favorite candidate for the Fed Chairman, Fed Governor Waller, supports a rate cut in December, while Fed Vice - Chairman Jefferson emphasizes a cautious and slow - paced policy [4]. Strategy Recommendation Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.41 | -0.23 | -0.85 | -0.69 | | Trading volume (10,000 lots) | 12.1863 | 5.4759 | 13.444 | 21.7767 | | Trading volume change (10,000 lots) | 0.7571 | -0.2437 | 1.7523 | 2.044 | | Open interest (10,000 lots) | 27.8688 | 9.7691 | 25.4019 | 36.202 | | Open interest change (10,000 lots) | 0.5967 | -0.3423 | 0.8185 | 0.6867 | [6] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | -0.81 | | Shenzhen Component Index change (%) | -0.92 | | Ratio of rising to falling stocks | 0.31 | | Trading volume of the two markets (100 million yuan) | 1926.068 | | Trading volume change (100 million yuan) | 1.5277 | [7]

证券代码：603063 证券简称：禾望电气 公告编号：2025-100 深圳市禾望电气股份有限公司 关于为全资子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | | 苏州禾望电气有限公司（以下简称"苏州禾望"） | | --- | --- | --- | --- | | | 本次担保金额 | 25,000 | 万元 | | 担保对象 | 实际为其提供的担保余额 | 56,113.66 | 万元（不含本次） | | | 是否在前期预计额度内 | √是 | □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 | √否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司 | 552,518.94 | | 对外担保总额（万元） | | | 对外担保总额占上市公司最近一期经审 计净资产的比例（%） | 128.44 ...

Group 1: Report Information - Report Title: Nanhua Coal and Coke Industry Risk Management Daily Report [1] - Date: November 17, 2025 [1] - Research Team: Nanhua Research Institute, Black Research Team [2] - Analyst: Zhang Xuan, License No. Z0022723 [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [2] Group 2: Price Forecast and Volatility - **Price Range Forecast (Monthly)** - Coking Coal: 1100 - 1350 [3] - Coke: 1550 - 1850 [3] - **Current Volatility (20 - day Rolling)** - Coking Coal: 36.02% [3] - Coke: 28.42% [3] - **Current Volatility Historical Percentile** - Coking Coal: 69.61% [3] - Coke: 60.19% [3] Group 3: Risk Management Strategies - **Inventory Hedging** - Scenario: Steel mills' profit margins are shrinking, making it difficult for coke producers to raise prices. Coke producers are worried about future price drops and want to lock in sales prices in advance. - Strategy: Short the Coke 2601 contract. - Hedging Tool: J2601 (Sell) - Recommended Hedging Ratio: 25% at (1780, 1830); 50% at (1830 - 1880) [3] - **Procurement Management** - Scenario: Macroeconomic sentiment is fluctuating. Coking coal mine production rates are seasonally low. Factors such as over - production checks and anti - cut - throat competition in the fourth quarter are affecting coking coal supply. Coking plants are worried about future price increases and want to lock in procurement prices in advance. - Strategy: Long the Coking Coal 2605 contract. - Hedging Tool: JM2605 (Buy) - Recommended Hedging Ratio: 25% at (1150, 1180); 50% at (1120, 1150) [3] Group 4: Black Warehouse Receipt Daily Report | Commodity | Unit | 2025 - 11 - 17 | 2025 - 11 - 14 | 2025 - 11 - 10 | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | | Rebar | Tons | 108272 | 111927 | 128592 | - 3655 | - 20320 | | Hot - Rolled Coil | Tons | 150567 | 144083 | 127028 | 6484 | 23539 | | Iron Ore | Lots | 900 | 900 | 800 | 0 | 100 | | Coking Coal | Lots | 100 | 100 | 100 | 0 | 0 | | Coke | Lots | 2070 | 2070 | 2070 | 0 | 0 | | Ferrosilicon | Contracts | 8450 | 8450 | 5699 | 0 | 2751 | | Ferromanganese | Contracts | 19863 | 18663 | 14358 | 1200 | 5505 | [4] Group 5: Core Logic and Strategy Recommendations - **Core Logic** - Recently, the National Development and Reform Commission emphasized stable energy production and supply and peak - period energy security, but this is a routine policy and not the core reason for the downward trend in the futures market. - The key factors are the large increase in coking coal and thermal coal spot prices, low acceptance from downstream users, strong market wait - and - see sentiment, and miners' fear of high prices leading to faster sales. - Downstream steel mills' losses are increasing, more steel mills plan to conduct maintenance, iron - water production is expected to decline, and coal - coke demand is seasonally weakening. It is difficult for the fourth round of coke price increases to be implemented. - In the short term, futures and spot prices may face adjustment pressure. In the long term, over - production checks and safety production policies will limit coking coal supply elasticity. With the upcoming winter storage demand, the downward space for coking coal spot prices is limited. [4] - **Strategy Recommendations** - Coking Coal reference range: (1100, 1350); Coke reference range: (1600, 1850). If prices fall to the lower end of the range and show signs of stabilization and rebound, consider going long. [4] Group 6:利多 and利空解读 - **利多解读** - In the fourth quarter, under the constraints of "anti - cut - throat competition" and "over - production checks" policies, domestic mine production rates face a theoretical upper limit, restricting coking coal supply elasticity. - As the starting year of the "14th Five - Year Plan" in 2026, the long - term market outlook has improved significantly, and this year's winter storage scale is expected to be better than last year, providing phased support for coal - coke prices. [6] - **利空解读** - Recently, steel mills' profits have been damaged, the number of maintenance steel mills has increased, iron - water production has decreased month - on - month, end - users generally believe that current coking coal spot prices are too high, and their willingness to purchase is low. Coal - coke demand has reached a phased peak, and short - term prices may face adjustment. [7] Group 7: Coal - Coke Futures and Spot Prices - **Futures Prices** - Multiple indicators such as coking coal and coke warehouse receipt costs, basis, spreads between different contracts, and related ratios (e.g., coking profit, ore - coke ratio, etc.) are provided with specific values and their daily and weekly changes. [8] - **Spot Prices** - Spot prices of various coking coal and coke products, including domestic and imported ones, are given, along with their daily and weekly changes. Import and export profits for different types of coal and coke are also presented. [9][10]

Report Overview - Report Title: Urea Industry Risk Management Daily Report - Report Date: November 17, 2025 Key Points 1. Price Range Forecast and Volatility - Urea price range forecast (monthly): 1650 - 1950, current volatility (20 - day rolling): 27.16%, current volatility historical percentile (3 - year): 62.1% [2] - Methanol price range forecast (monthly): 2250 - 2500, current volatility (20 - day rolling): 20.01%, current volatility historical percentile (3 - year): 51.2% [2] - Polypropylene price range forecast (monthly): 6800 - 7400, current volatility (20 - day rolling): 10.56%, current volatility historical percentile (3 - year): 42.2% [2] - Plastic price range forecast (monthly): 6800 - 7400, current volatility (20 - day rolling): 15.24%, current volatility historical percentile (3 - year): 78.5% [2] 2. Urea Hedging Strategies Inventory Management - Scenario: High finished - product inventory, worried about urea price decline. - Strategy: Short urea futures to lock in profits and cover production costs, buy put options to prevent sharp price drops, and sell call options to reduce capital costs. - Hedging tools and directions: Sell UR2601, buy UR2601P1850, sell UR2601C1950. - Hedging ratios: 25% for futures, 50% for put options, and relevant for call options. - Suggested entry intervals: 1800 - 1950 for futures, 15 - 20 for put options, 45 - 60 for call options [2] Procurement Management - Scenario: Low procurement of regular inventory, hope to purchase according to order situation. - Strategy: Buy urea futures to lock in procurement costs in advance, sell put options to collect premiums and reduce procurement costs. - Hedging tools and directions: Buy UR2601, sell UR2601P1650. - Hedging ratios: 50% for futures, 75% for put options. - Suggested entry intervals: 1650 - 1750 for futures, 20 - 25 for put options [2] 3. Core Market Analysis - Core contradiction: In November, high urea daily production under policy support and profit repair pressures prices, but export policy adjustments relieve the pressure, and rising coal prices also support urea. The market is in a range between fundamentals and policy, with short - term prices expected to oscillate [3] - Bullish factors: Urea exports are confirmed. Futures are expected to show wide - range oscillations with stronger downside support due to speculative pricing [4] - Bearish factors: Domestic policy pressure requires factories to sell urea at low prices, negatively affecting spot sentiment [5]

禾望电气所属申万行业为：电力设备-风电设备-风电零部件。所属概念板块包括：半导体、中盘、基金 重仓、增持回购、融资融券等。 今年以来禾望电气已经7次登上龙虎榜，最近一次登上龙虎榜为8月12日，当日龙虎榜净买入-2.74亿 元；买入总计4.85亿元 ，占总成交额比13.04%；卖出总计7.58亿元 ，占总成交额比20.41%。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 11月17日，禾望电气盘中下跌2.01%，截至09:48，报31.69元/股，成交1.89亿元，换手率1.29%，总市值 145.06亿元。 截至10月31日，禾望电气股东户数7.20万，较上期增加2.09%；人均流通股6358股，较上期减少2.05%。 2025年1月-9月，禾望电气实现营业收入27.78亿元，同比增长20.19%；归母净利润3.34亿元，同 ...

Market Overview - The wind power equipment sector experienced a decline of 0.66% on November 14, with Delijia leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Changyou Technology (301557) saw a significant increase of 7.78%, closing at 110.80 with a trading volume of 16,700 lots and a transaction value of 182 million [1] - Pangu Intelligent (301456) rose by 4.20%, closing at 31.50 with a trading volume of 74,300 lots and a transaction value of 229 million [1] - Other notable performers included Hongde Co. (301163) with a 1.30% increase and Zhonghuan Hailu (301040) with a 0.84% increase [1] Declining Stocks - Delijia (603092) led the decline with a drop of 4.92%, closing at 62.48 with a trading volume of 73,200 lots and a transaction value of 46.4 million [2] - Other stocks that declined included Weili Transmission (300904) down 2.36% and Mingyang Smart Energy (601615) down 2.03% [2] Capital Flow - The wind power equipment sector saw a net outflow of 157 million from institutional investors, while retail investors contributed a net inflow of 36.27 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Hewei Electric (603063) had a net inflow of 89.62 million from institutional investors, but a net outflow of 72.91 million from retail investors [3] - Pangu Intelligent (301456) experienced a net inflow of 14.43 million from institutional investors, while retail investors showed a net outflow of 1.33 million [3] - Overall, the capital flow data reflects varying levels of investor confidence across different stocks within the sector [3]

Core Insights - The wind power equipment sector experienced a rise of 1.17% on November 13, with Hewei Electric leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Hewei Electric (603063) closed at 32.17, with a gain of 5.23% and a trading volume of 466,200 shares, amounting to a transaction value of 1.484 billion [1] - Changyou Technology (301557) closed at 102.80, up 4.44%, with a trading volume of 11,000 shares [1] - Jixin Technology (601218) closed at 5.99, gaining 2.74% with a trading volume of 1,334,800 shares [1] - Goldwind Technology (002202) closed at 15.35, up 2.47%, with a trading volume of 898,400 shares [1] - Other notable stocks include Tiensun Wind Power (002531) and Daqian Heavy Industry (002487), with respective gains of 1.50% and 1.39% [1] Capital Flow - The wind power equipment sector saw a net outflow of 66.1885 million from institutional investors, while retail investors contributed a net inflow of 249 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Hewei Electric experienced a net inflow of 18.7 million from institutional investors but saw a net outflow of 112 million from speculative funds [3] - Daqian Heavy Industry had a net inflow of 57.5975 million from institutional investors, while speculative funds saw a net outflow of 41.7643 million [3] - Jixin Technology had a net inflow of 21.1361 million from institutional investors, with a net outflow of 39.1975 million from speculative funds [3]