Investment Rating - The report maintains a "Recommended" investment rating for the basic chemical industry [2] Core Views - The basic chemical industry is expected to see a layout period at the end of the year, with a high overall weighted operating rate and low price differentials indicating potential for a reversal [14] - The tire industry has shown signs of recovery, with leading companies expected to return to high growth by 2026 due to easing tariffs and recovering raw material costs [15] - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical and Chemical Industry (2025-2026)" is anticipated to accelerate industry transformation and upgrading [16] Summary by Sections Industry Basic Data - The industry comprises 494 listed companies with a total market value of 54,965.58 billion and a circulating market value of 48,900.97 billion [2] Price and Performance - The report indicates a 2.0% absolute performance increase over one month, 28.6% over six months, and 25.6% over twelve months [3] - Key price increases this week include Henry natural gas (+18.5%), ethane (+10.4%), and octanol (+7.8%) [13] Sector Tracking - The tire sector is highlighted for its recovery, with nine out of eleven listed companies reporting profit growth in Q3 [15] - The agricultural chemical sector is noted for recent price increases in small pesticide varieties and the essential nature of fertilizers [7] - The phosphorous chemical sector is under observation for changes in industry dynamics due to favorable policies [7] Investment Strategies - Suggested investment routes include early-stage recovery stocks, scarce resource leaders, high-growth potential companies, and sectors with favorable supply-demand structures [14] - The report emphasizes the importance of focusing on the fluorine, silicon, and phosphorus sectors for their valuation elasticity and potential for new cycle star products [17][18] Policy and Regulatory Developments - The Ministry of Industry and Information Technology has initiated discussions on PTA industry development to prevent excessive competition and promote stable operations [16] - The report notes that the petrochemical sector is expected to undergo significant changes due to new policies aimed at optimizing supply and enhancing technological innovation [19]

Core Viewpoint - Guizhou Tyre Co., Ltd. has announced its 2025 interim profit distribution plan, which includes a cash dividend of 0.40 RMB per 10 shares for eligible shareholders, totaling approximately 61.94 million RMB [2][3][5]. Group 1: Profit Distribution Plan - The company will distribute a cash dividend of 0.40 RMB per 10 shares based on 1,548,599,004 shares eligible for profit distribution, amounting to a total of 61,943,960.16 RMB [2][3][5]. - The total number of shares eligible for profit distribution remains unchanged from the time of the announcement to the implementation of the plan [3][4]. - The distribution plan is consistent with the board's approval and will be adjusted based on the number of shares eligible for distribution at the time of implementation [3][5]. Group 2: Key Dates - The record date for the distribution is set for December 4, 2025, and the ex-dividend date is December 5, 2025 [6]. Group 3: Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their securities companies on the ex-dividend date [8]. - The company will bear all legal responsibilities for any discrepancies in cash dividends due to changes in shareholders' accounts during the distribution application period [9]. Group 4: Additional Information - The company will adjust the repurchase price of restricted stock options in accordance with its 2022 incentive plan if there are changes affecting the total share capital or stock price [10]. - For inquiries, the company has provided contact details for its board secretary's office [11].

（文章来源：证券日报） 证券日报网讯 11月28日晚间，贵州轮胎发布公告称，本公司2025年中期权益分派方案为：以公司有利 润分配权的股份1，548，599，004股（公司现有总股本1，554，624，504股剔除已回购股份6，025， 500股）为基数，向全体股东每10股派发现金红利0.400000元人民币现金（含税）。股权登记日为2025 年12月4日，除权除息日为2025年12月5日。 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-067 贵州轮胎股份有限公司 2025 年中期权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、根据《公司法》的规定，贵州轮胎股份有限公司（以下简称"公司"） 通过回购账户持有的本公司 6,025,500 股股份，不享有参与利润分配的权利，不 参与本次权益分派。公司 2025 年中期利润分配方案为：以公司有利润分配权的 股份 1,548,599,004 股为基数，向全体股东每 10 股派发现金红利 0.40 元（含税）， 实际利润分配总额为 61,943,960.16 元（含税）；不送红股；不以公积金转增股 本。 2、本次权益分派实施后计算除权除息参考价时，按股权登记日的总股本折 算每股现金红利=实际现金分红总额÷股权登记日的总股本=61,943,960.16÷ 1,554,624,504=0.0398449 元（含税）（保留七位小数，最后一位直接截取，不 四舍五入）。本次权益分派实施后的除权除息参考价=股权登记日股票收盘价- 按股权登记日的总股本折算每股现金红利 ...

Core Viewpoint - Guizhou Tire Co., Ltd. is undergoing a potential change in its controlling shareholder and actual controller due to the planned transfer of over 51% of the shares of its controlling shareholder, Guiyang Industrial Investment Co., Ltd. [2][3] Group 1: Shareholder Structure Changes - The current controlling shareholder of Guizhou Tire is Guiyang Industrial Investment Co., Ltd., which holds 340,696,340 shares, accounting for 21.92% of the total share capital [2] - The shareholders of Guiyang Industrial Investment Co., Ltd. plan to transfer their shares to Guizhou Provincial Industrial Development Co., Ltd., which will change the indirect controlling shareholder of Guizhou Tire [3][5] - The actual controller will shift from the Guiyang Municipal Government State-owned Assets Supervision and Administration Commission to the Guizhou Provincial Government State-owned Assets Supervision and Administration Commission [3][5] Group 2: Impact on Company Operations - The shareholding structure of Guiyang Industrial Investment Co., Ltd. will change, but the number of shares it holds in Guizhou Tire will remain the same, meaning Guizhou Tire's business structure and financial status will not be adversely affected [3][16] - The company emphasizes that this change will not impact its operational independence, financial independence, or asset integrity [3][16] Group 3: Transaction Details - The acquisition is currently in the preliminary planning stage, and the finalization of the share transfer agreement is uncertain [3][16] - The parties involved have signed a letter of intent for the share acquisition, which is non-binding and subject to further due diligence and negotiations [15][16]

格隆汇11月21日丨贵州轮胎(000589.SZ)公布，公司控股股东贵阳市工业投资有限公司（简称"贵阳工 投"，持有本公司340,696,340股股份，占本公司现有总股本的21.92%）的股东贵阳产业发展控股集团有 限公司、贵阳市外贸发展集团有限公司和贵阳市矿产能源投资集团有限公司（分别持有贵阳工投的股权 比例79%、13%和8%），合计拟将其持有的贵阳工投51%以上股权转让至贵州省产业发展有限公司，上 述各方已于近日签署了股权收购意向书。 本次收购尚处于初步筹划阶段，后续若顺利推进并实施完成，将导致贵阳工投股权结构和控股股东、实 际控制人发生变化，暨导致本公司间接控股股东和实际控制人发生变化。贵阳工投持有本公司股份的数 量不发生改变，本公司控股股东仍为贵阳工投，间接控股股东将由贵阳产业发展控股集团有限公司变更 为贵州省产业发展有限公司，实际控制人将由贵阳市人民政府国有资产监督管理委员会变更为贵州省人 民政府国有资产监督管理委员会，具体以最终交易结果及监管认定为准。本次事项不会导致本公司业务 结构发生变化，不会对本公司主营业务和财务状况产生重大不利影响，亦不会影响本公司的人员独立、 财务独立和资产完整。 ...

Core Viewpoint - Guizhou Tyre (000589.SZ) announced that its controlling shareholder, Guiyang Industrial Investment Co., Ltd. (holding 340,696,340 shares, accounting for 21.92% of the total share capital), is in the process of transferring over 51% of its shares to Guizhou Provincial Industrial Development Co., Ltd. This change will affect the equity structure and actual controller of the company, but will not impact its business operations or financial status significantly [1][1][1]. Group 1 - The shareholders of Guiyang Industrial Investment Co., Ltd. include Guiyang Industrial Development Holding Group Co., Ltd. (79% stake), Guiyang Foreign Trade Development Group Co., Ltd. (13% stake), and Guiyang Mineral Energy Investment Group Co., Ltd. (8% stake) [1]. - The acquisition is currently in the preliminary planning stage, and if successfully completed, it will change the indirect controlling shareholder from Guiyang Industrial Development Holding Group Co., Ltd. to Guizhou Provincial Industrial Development Co., Ltd. [1][1]. - The actual controller will change from the Guiyang Municipal Government State-owned Assets Supervision and Administration Commission to the Guizhou Provincial Government State-owned Assets Supervision and Administration Commission, pending final transaction results and regulatory approval [1][1][1]. Group 2 - The number of shares held by Guiyang Industrial Investment Co., Ltd. in Guizhou Tyre will remain unchanged, and the company's controlling shareholder will still be Guiyang Industrial Investment Co., Ltd. [1][1]. - The company confirms that this matter will not lead to changes in its business structure, nor will it have a significant adverse impact on its main business and financial condition [1][1][1]. - The independence of personnel, financial integrity, and asset completeness of the company will not be affected by this transaction [1].

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-066 本公司于 2025 年 11 月 21 日收到控股股东贵阳工投发来的《贵阳市工业投资 有限公司关于公司股权结构拟发生变动暨控股股东、实际控制人可能发生变更的 提示性告知函》，现将相关内容公告如下： 一、基本情况 贵州轮胎股份有限公司 关于控股股东股权结构拟发生变动暨公司 间接控股股东和实际控制人可能发生变化的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1．贵州轮胎股份有限公司（以下简称"本公司"或"贵州轮胎"）控股股东 贵阳市工业投资有限公司（以下简称"贵阳工投"，持有本公司 340,696,340 股股 份，占本公司现有总股本的 21.92%）的股东贵阳产业发展控股集团有限公司、贵 阳市外贸发展集团有限公司和贵阳市矿产能源投资集团有限公司（分别持有贵阳 工投的股权比例 79%、13%和 8%），合计拟将其持有的贵阳工投 51%以上股权转让 至贵州省产业发展有限公司，上述各方已于近日签署了股权收购意向书。 2．本次收购尚处于初步筹划阶段，后续若顺利推进并实施完成 ...

Core Viewpoint - Guizhou Tire announced that its controlling shareholder, Guiyang Industrial Investment, is in the preliminary stages of transferring over 51% of its shares to Guizhou Provincial Industrial Development Company, which will result in changes to the shareholding structure and actual controller of Guizhou Tire [1] Group 1 - The transfer of shares is currently in the initial planning phase [1] - If successfully completed, the transaction will change the indirect controlling shareholder and actual controller of Guizhou Tire [1] - The transaction is not expected to have a significant adverse impact on Guizhou Tire's main business and financial status [1]

Investment Rating - The report maintains a "Buy" recommendation for the basic chemical industry, highlighting price increases in key products such as folic acid, lithium hexafluorophosphate, and concentrated nitric acid [2]. Core Insights - The basic chemical industry is expected to see a turnaround, with the overall weighted operating rate at historical highs and price differentials at the bottom, indicating potential for recovery [15][18]. - The report suggests four investment strategies: prioritize early turnaround stocks, focus on scarce resource products, invest in growth-oriented companies, and target sectors with favorable supply-demand structures [15]. - The tire industry is showing signs of recovery, with major companies expected to return to high growth by 2026 due to easing tariffs and stabilizing raw material costs [16]. - The Ministry of Industry and Information Technology has introduced a growth plan for the petrochemical industry, aiming for an average annual growth of over 5% from 2025 to 2026 [17]. - The report emphasizes the importance of the fluorine, silicon, and phosphorus sectors, which are expected to have significant valuation elasticity and potential for new cycle star products [19]. Summary by Sections Investment Strategy - The Huachuang Chemical Industry Index is at 67.92, with a week-on-week increase of 1.66% and a year-on-year decrease of 21.52% [14]. - Key products with significant price increases include folic acid (+25.8%), lithium hexafluorophosphate (+22.2%), and concentrated nitric acid (+20.1%) [14]. Price and Price Differential Changes - The report notes that the industry price percentile is at 15.54% over the past decade, indicating a relatively low price level [14]. - The industry inventory percentile is at 87.36%, suggesting a high level of inventory compared to historical data [14]. Tracking Basic Chemical Sub-sectors - The report tracks various sub-sectors, including tire, agricultural chemicals, phosphorus chemicals, coal chemicals, and chlor-alkali, providing insights into their performance and market conditions [7]. - The tire industry is highlighted for its recovery potential, with nine out of eleven listed companies reporting profit growth in Q3 [16]. - The phosphorus chemical sector is noted for favorable policy developments and potential market changes [7][19]. Trading Data - The report includes trading data and performance metrics for various chemical products, indicating trends in supply and demand dynamics [7].