Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]

Core Viewpoint - Sanmei Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in revenue and net profit year-on-year, indicating strong market positioning in the fluorochemical industry [1][2]. Financial Performance - As of September 30, 2025, Sanmei Co., Ltd. achieved a revenue of 4.429 billion yuan, representing a year-on-year growth of 45.72% [2]. - The net profit attributable to shareholders reached 1.591 billion yuan, marking a substantial increase of 183.66% compared to the previous year [2]. - The company's stock price has increased by 53.79% year-to-date, with a 2.74% rise over the last five trading days and a 5.80% increase over the last 20 days [1]. Shareholder Information - The number of shareholders increased by 26.46% to 22,600 as of September 30, 2025, while the average circulating shares per person decreased by 20.92% to 27,014 shares [2]. - Sanmei Co., Ltd. has distributed a total of 1.122 billion yuan in dividends since its A-share listing, with 755 million yuan distributed over the last three years [3]. Stock Market Activity - On November 13, 2025, Sanmei Co., Ltd.'s stock price reached 57.84 yuan per share, with a trading volume of 334 million yuan and a turnover rate of 0.96% [1]. - The net inflow of main funds was 2.1328 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - Sanmei Co., Ltd. specializes in the research, production, and sales of fluorochemical products, including fluorocarbon chemicals and inorganic fluorine products [1]. - The main revenue sources are fluorinated refrigerants (85.55%), hydrofluoric acid (9.77%), foaming agents (3.46%), and other sales [1].

证券日报网讯 11月11日晚间，三美股份发布公告称，公司于2025年11月11日收到长江证券承销保荐有 限公司（简称"长江保荐"）《关于更换浙江三美化工股份有限公司持续督导工作保荐代表人的函》。长 江保荐作为公司首次公开发行股票并上市项目的保荐机构，原指定保荐代表人王海涛先生和章睿鹏先生 负责公司的持续督导工作，持续督导期至2021年12月31日止。因募集资金尚未使用完毕，长江保荐继续 对剩余募集资金的管理与使用情况履行持续督导义务。由于原保荐代表人王海涛先生因个人原因无法继 续担任公司的持续督导工作的保荐代表人，为保证持续督导工作有序开展，长江保荐决定由保荐代表人 武石峰先生接替其负责持续督导工作，继续履行保荐职责。 （编辑 任世碧） ...

本次保荐代表人变更后，公司首次公开发行股票并上市项目持续督导保荐代 表人为章睿鹏先生和武石峰先生，持续督导期至中国证券监督管理委员会和上海 证券交易所规定的持续督导义务结束为止。 本次保荐代表人变更不会改变相关材料中长江保荐及保荐代表人已出具文 件的结论性意见，不涉及更新长江保荐已出具的相关材料；长江保荐及保荐代表 人将继续对之前所出具的相关文件之真实性、准确性和完整性承担相应的法律责 任。 证券代码：603379 证券简称：三美股份 公告编号：2025-074 浙江三美化工股份有限公司 关于变更保荐代表人的公告 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法律责任。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日收到 长江证券承销保荐有限公司（以下简称"长江保荐"）《关于更换浙江三美化工股 份有限公司持续督导工作保荐代表人的函》。长江保荐作为公司首次公开发行股 票并上市项目的保荐机构，原指定保荐代表人王海涛先生和章睿鹏先生负责公司 的持续督导工作，持续督导期至 2021 年 12 月 31 日止。因 ...

中国经济网北京11月11日讯 三美股份（603379.SH）昨日晚间披露《控股股东减持股份计划公告》。 根据公告，控股股东、实际控制人胡荣达计划自公告披露之日起15个交易日后的3个月内（即2025年12月3日 至2026年3月2日），通过集中竞价交易及大宗交易的方式减持其持有的公司无限售条件流通股不超过18,314,370 股，约占公司总股本的3%。 其中，通过集中竞价交易方式减持的，在任意连续90日内减持股份的总数不超过公司总股本的1%，即不超过 6,104,790股；通过大宗交易方式减持的，在任意连续90日内减持股份的总数不超过公司总股本的2%，即不超过 12,209,580股。减持价格按市场价格确定。 按上一交易日公司收盘价57.00元计算，胡荣达拟减持套现合计约1,043,919,090元。 截至公告披露日，胡荣达持有公司股份225,229,140股，约占公司总股本的36.8938%；其一致行动人胡淇翔持 有公司股份103,738,226股，约占公司总股本的16.9929%，武义三美投资有限公司持有公司股份48,937,288股，约占 公司总股本的8.0162%。胡荣达及其一致行动人合计持有公司股份3 ...

Core Viewpoint - Multiple shareholders and actual controllers of various companies are planning to reduce their stakes, indicating potential shifts in ownership and market sentiment [1] Shareholder Reductions - Daily Interaction's actual controller's concerted actor plans to reduce holdings by no more than 1% [1] - MaiPu Medical's shareholder Guoshou Chengda intends to reduce holdings by no more than 1% [1] - New Open Source's director Hua Mengyang plans to reduce holdings by no more than 2 million shares [1] - Colorful Chemistry's shareholder Beijing Fengyan aims to reduce holdings by no more than 0.9829% [1] - Mingchen Health's actual controller Chen Qinfang plans to reduce holdings by no more than 3% [1] - Huayang Intelligent's shareholder Fosun Weiying intends to reduce holdings by no more than 5% [1] - Hesheng Silicon Industry's shareholder Fuda Industrial plans to reduce holdings by no more than 27.0705 million shares [1] - Lianying Laser's actual controller Niu Zengqiang plans to reduce holdings by no more than 3 million shares [1] - Sanmei Co., Ltd.'s controlling shareholder and actual controller Hu Rongda intends to reduce holdings by no more than 3% [1] - Zhongzhou Special Materials' actual controller Feng Mingming plans to reduce holdings by no more than 1.22% [1] - Shoulu Hotel's Ctrip Shanghai has reduced holdings by 2.26% [1] Other Notable Events - *ST Gao Hong's stock is set to be delisted and removed from trading [1] - *ST Yuancheng has received a notice regarding the proposed termination of its stock listing [1]

Key Points - *ST Yuancheng received a notice regarding the proposed termination of its stock listing [1] - Zhongji Xuchuang plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Baiwei Storage's H-share filing materials have been accepted by the China Securities Regulatory Commission [3] - Mindray Medical has submitted an H-share listing application to the Hong Kong Stock Exchange [4] - Tianji Co. is promoting the industrialization of lithium sulfide material preparation patents [5] - *ST Yuanshang confirmed that there is no undisclosed significant information [6] - Shannon Chip Innovation noted reports of rising storage chip prices but stated that its fundamentals have not changed significantly [7] - Sichuan Jinding clarified that its associate company does not engage in space computing-related businesses [8] - Demingli is planning refinancing, with no significant changes in the operating environment [9] - Chengxing Co. warned of potential irrational speculation risks regarding its stock price [10] - Shandong Gold's wholly-owned subsidiary needs to pay back taxes and late fees amounting to 738 million yuan, expected to impact net profit by 230 million yuan [11] Mergers and Acquisitions - Lingzhi Software intends to acquire 100% of Kaimiride's equity, with stock resuming trading on November 11 [12] - Victory Co. plans to acquire gas-related assets from its controlling shareholder, with stock resuming trading on November 11 [13] Shareholding Changes & Buybacks - *ST Kaixin's actual controller plans to transfer 5% of the company's shares [14] - Litong Electronics' actual controller and executives plan to reduce their holdings by up to 3.03% [15] - Mingchen Health's actual controller and executives plan to reduce their holdings by up to 3.27% [16] - Sanmei Co.'s actual controller plans to reduce holdings by up to 3% [17] - Huayang Intelligent's Fosun Weiying plans to reduce holdings by up to 5% [18] - Huading Co.'s Hangzhou Yuejun plans to reduce holdings by up to 3% [19] Contract Awards - Zhongbei Communication signed a comprehensive service framework agreement worth 1 billion yuan [20] - State Grid Information Technology's subsidiaries collectively won a 1.318 billion yuan procurement project from the State Grid [21] - Digital Government's wholly-owned subsidiary jointly won a 109 million yuan smart water project [22] Other Developments - Shangtai Technology plans to invest 4.07 billion yuan to build a project with an annual production capacity of 200,000 tons of lithium-ion battery anode materials [24] - Chaoying Electronics plans to invest approximately 1.468 billion yuan in Thailand to expand AI computing high-end printed circuit board production [24] - Bojun Technology's wholly-owned subsidiary plans to invest 1 billion yuan to establish an automotive parts production base [24]

Core Viewpoint - The announcement from Sanmei Co., Ltd. indicates that the controlling shareholder, Hu Rongda, plans to reduce his stake in the company by selling up to 18,314,370 shares, which represents approximately 3% of the total share capital [1] Group 1: Shareholding Structure - Hu Rongda holds 225,229,140 shares, accounting for approximately 36.89% of the total share capital [1] - His associate, Hu Qixiang, holds 103,738,226 shares, representing about 16.99% of the total share capital [1] - Wuyi Sanmei Investment Co., Ltd. holds 48,937,288 shares, which is about 8.02% of the total share capital [1] - Together, Hu Rongda and his associates hold a total of 377,904,654 shares, amounting to approximately 61.90% of the total share capital [1] Group 2: Planned Share Reduction - Hu Rongda intends to reduce his holdings through centralized bidding and block trading within three months after the announcement [1] - The maximum number of shares to be sold through centralized bidding is limited to 1% of the total share capital within any consecutive 90-day period [1] - The maximum number of shares to be sold through block trading is limited to 2% of the total share capital within any consecutive 90-day period [1]

Summary of Key Points Core Viewpoint - On November 10, several A-share listed companies disclosed their shareholding changes, with some announcing share buybacks while others reported share reductions by major shareholders [1]. Group 1: Share Buybacks - Hangcai Co. proposed to use 50 million to 100 million yuan of surplus funds for share repurchase [2]. - Sunong Bank executives plan to increase their holdings by no less than 1.8 million yuan in A-shares within six months [2]. - Jiangsu Cable's controlling shareholder received loan support for increasing A-share holdings [2]. Group 2: Share Reductions - A total of 25 A-share listed companies announced share reductions, including: - Aojing Medical plans to reduce no more than 0.19% of its shares by directors and executives [2]. - Maipu Medical's shareholder Guoshou Chengda intends to reduce no more than 1% of its shares [2]. - Shoulv Hotel's Ctrip Shanghai reduced 25.206 million shares on November 10 [2]. - Mingchen Health's controlling shareholder plans to reduce no more than 3% of the total share capital [2]. - Meiri Interactive's shareholder "I Got a Push" intends to reduce no more than 1% of its shares [2]. - Qicai Chemical's shareholder Beijing Fengyan plans to reduce no more than 0.98% of its shares [2]. - Other companies with planned reductions include Zhongheng Design, Xin Kaipu, Lianying Laser, Hongxin Electronics, and others, with reductions ranging from 0.07% to 5% [2].

2025年11月11日，浙江三美化工股份有限公司（以下简称"三美股份"或"公司"）发布控股股东减持股份 计划公告，公司控股股东、实际控制人胡荣达拟在未来3个月内通过集中竞价及大宗交易方式减持公司 股份，减持数量不超过1831.44万股，占公司总股本的3%。 登录新浪财经APP 搜索【信披】查看更多考评等级 减持主体及持股基本情况 公告显示，本次减持主体为三美股份控股股东、实际控制人胡荣达。截至公告披露日，胡荣达直接持有 公司股份22522.914万股，占公司总股本的36.8938%；其一致行动人胡淇翔持有10373.8226万股，占总 股本16.9929%；武义三美投资有限公司持有4893.7288万股，占总股本8.0162%。胡荣达及其一致行动人 合计持股37790.4654万股，占公司总股本的61.9030%。 股东名称 持股数量（万股） 持股比例 一致行动关系形成原因 胡荣达 22522.914 36.8938% 胡荣达与胡 淇翔系父子关系；胡荣达、胡淇翔分别持有武义三美投资有限公司60%、30%股权 胡淇翔 10373.8226 16.9929% 武义三美投资有限公司 4893.7288 8.0162 ...