Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-30 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：纯碱检修陆续复产，开工率回升，供给抬升；下游浮法和光伏玻璃日熔量走稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1345元/吨，SA2509收盘价为1376元/吨，基差为-31元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存169.10万吨，较前一周减少1.19%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 1、23年以来，纯碱产能 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The report highlights the cost advantages of natural soda ash becoming apparent, and it is optimistic about the growth potential of the company's new projects [6][8] - In 2024, the company achieved operating revenue of 13.26 billion yuan, a year-on-year increase of 10.13%, but the net profit attributable to the parent company decreased by 14.17% year-on-year to 2.07 billion yuan [6][10] - The report anticipates that with the completion of the Alashan Phase II project and the 1.2 million tons of sodium bicarbonate project, the company is expected to further expand its growth space [6][8] Financial Performance Summary - In 2024, the company sold 5.75 million tons of soda ash, a year-on-year increase of 123.88% [7] - The average cost of soda ash for the company in 2024 was 741 yuan per ton, a decrease of 12.31% year-on-year [7] - The projected net profits for 2025, 2026, and 2027 are 1.70 billion yuan, 2.08 billion yuan, and 2.14 billion yuan respectively, with corresponding EPS of 0.45 yuan, 0.56 yuan, and 0.57 yuan [6][10] Project Development - As of the end of 2024, the Alashan natural soda project Phase II had an accumulated investment of 1.406 billion yuan, with a project progress of 25%, expected to be completed by December 2025 [8] - The company plans to build a 1.2 million tons sodium bicarbonate project, with a total investment of 3.56 billion yuan, projected to have a pre-tax internal rate of return of 22.15% [8]

事件描述 公司发布2024 年报，全年实现收入132.6 亿元（同比+10.1%），实现归属净利润18.1 亿元（同比 +28.5%），实现归属扣非净利润20.7 亿元（同比-14.2%）。2025Q1 实现收入28.7 亿元（同比-7.3%，环 比-0.8%），实现归属净利润3.4 亿元（同比-40.4%，环比+5027.5%），实现归属扣非净利润3.3 亿元 （同比-41.1%，环比+19.6%）。公司拟向全体股东每10 股派发现金红利3.0 元（含税），现金分红总额 11.2 亿元，以4 月24 日收盘价计，股息率约为5.9%。 事件评论 2024 年主要产品价格延续下行，量增对冲部分影响。价格方面，受供需格局恶化及尿素出口限制影 响，2024 年公司主要产品价格呈现下行态势，根据百川盈孚，2024 年国内重质纯碱、轻质纯碱、尿 素、小苏打、动力煤（秦皇岛5500 大卡）均价分别为1967 元/吨、1832 元/吨、2158 元/吨、1675 元/ 吨、902 元/吨，分别同比-28.2%、-27.2%、-12.8%、-18.3%、-8.2%；产销量方面，银根矿业阿拉善塔 木素天然碱项目一期已实现达产达 ...

Group 1 - As of March 2025, there are 151 futures companies in China, with a total agency trading volume of 61.64 trillion yuan and a net profit of 1.417 billion yuan [1] - From April 21 to April 27, 2025, the total shipment of iron ore from Australia and Brazil reached 27.584 million tons, an increase of 3.207 million tons week-on-week [1] - As of April 23, 2025, the national average price of live pigs was 15.09 yuan/kg, up 0.27% from April 16, while the corn price rose by 0.89% to 2.26 yuan/kg [1] Group 2 - As of April 25, 2025, commercial soybean oil stocks in key regions of China were 618,500 tons, down 3,190 tons week-on-week, a decrease of 4.90% [2] - The USDA reported that for the week ending April 24, 2025, the U.S. shipped 205,463 tons of soybeans to China, accounting for 46.77% of total export inspections for that week [2] - As of April 26, 2025, Brazil's soybean harvest rate for the 2024/25 season was 94.8%, up from 92.5% the previous week [2] Group 3 - The Alashan natural soda project phase II is progressing as planned, with production expected to start by December [3] - The Shanghai Futures Exchange is soliciting eligible delivery commodities for the upcoming casting aluminum alloy futures, requiring a minimum annual production capacity of 50,000 tons per brand [3]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 13.26 billion yuan for 2024, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 1.81 billion yuan, up 28.5% year-on-year, while the net profit excluding non-recurring items was 2.07 billion yuan, down 14.2% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 2.87 billion yuan, a decrease of 7.3% year-on-year and 0.8% quarter-on-quarter. The net profit attributable to shareholders was 340 million yuan, down 40.4% year-on-year but up 5027.5% quarter-on-quarter [2][4]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (tax included), totaling 1.12 billion yuan, resulting in a dividend yield of approximately 5.9% based on the closing price on April 24 [2][4]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 13.26 billion yuan, with a gross profit of 5.43 billion yuan, representing a gross margin of 41% [15]. - The company’s operating profit for 2024 was 3.60 billion yuan, accounting for 27% of total revenue [15]. - The projected net profits for 2025, 2026, and 2027 are 1.49 billion yuan, 1.91 billion yuan, and 2.33 billion yuan, respectively [10]. Market Conditions - The prices of major products are expected to continue declining in 2024, with domestic prices for key products such as heavy soda and light soda decreasing by 28.2% and 27.2% year-on-year, respectively [10]. - Despite the price decline, the company’s sales volume for soda ash and baking soda increased significantly, with year-on-year growth of 123.9% and 22.2%, respectively [10]. Future Outlook - The second phase of the Alashan natural soda project is expected to be completed by December 2025, which will add an annual production capacity of 2.8 million tons of soda ash and 400,000 tons of baking soda, contributing to incremental profits [10]. - The company maintains a strong profit margin due to its low-cost natural soda production process, which is expected to sustain profitability even in a challenging pricing environment [10].

Core Viewpoint - The company has disclosed its financial performance and significant events, including arbitration cases and a proposed profit distribution plan for 2024, which reflects its operational status and shareholder returns. Financial Data - The company reported a net profit of 739,543,659.19 yuan for 2024, with an unallocated profit at the beginning of the year of 6,588,345,686.05 yuan, leading to an ending unallocated profit of 6,127,247,581.32 yuan after accounting for statutory surplus reserves [14][15]. - The proposed cash dividend is 3 yuan per 10 shares, totaling an estimated cash distribution of 1,115,621,718.00 yuan, which represents 66.74% of the distributable profit for the year [15][17]. Shareholder Information - The company has a total of 3,739,176,560 shares, with 20,437,500 shares being repurchased and canceled, resulting in a total of 3,718,739,060 shares for the dividend calculation [15][16]. Arbitration and Legal Matters - The company is involved in an arbitration case initiated by China Coal Energy Co., Ltd., claiming a total of 2.331 billion yuan for exploration rights and related costs [5][6]. - The company has recognized a provision for expected liabilities amounting to 185,035,600 yuan related to the arbitration, accumulating a total provision of 1,149,035,600 yuan [7]. Daily Related Transactions - The company has estimated its daily related transactions for 2025 to be 1,674.70 million yuan, based on the previous year's actual transactions of 1,788.42 million yuan [28][29]. - The company has established relationships with several related parties, including Inner Mongolia Boyuan Engineering Co., Ltd., which provides various services and products [31][32][33]. Loan Guarantees - The company has approved a loan guarantee of 200 million yuan for its subsidiary, Inner Mongolia Boyuan Silver Root Mining Co., Ltd., to support its operational funding needs [49][50]. - The total amount of guarantees provided by the company and its subsidiaries exceeds 50% of the latest audited net assets, amounting to 1,002,084.24 million yuan, which raises considerations for investor awareness [50][54].

内蒙古远兴能源股份有限公司 2024年度独立董事述职报告 一、本人基本情况 （一）个人履历 本人董敏，中国国籍，1967 年 5 月出生，中共党员，研究生学历。历任鄂 尔多斯集团房地产公司副总裁，鄂尔多斯仲裁委员会副秘书长、副主任，现任 内蒙古三恒律师事务所合伙人会议主席，公司独立董事。 （二）独立性说明 本人未在公司担任除独立董事以外的其他职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司 独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》中对独立董事独立性的相关要求。 二、年度履职概况 （一）出席董事会和股东大会情况 述职人：董敏 内蒙古远兴能源股份有限公司全体股东： 作为内蒙古远兴能源股份有限公司（以下简称公司）的独立董事，本人2024 年严格按照《公司法》《证券法》《上市公司独立董事管理办法》等法律法规 及《公司章程》等公司制度的相关规定，忠实、勤勉地履行有关职责，积极出 席股东大会、董事会和各专门委员会会议，认真审议各项议案并就相关事项发 表 ...

内蒙古远兴能源股份有限公司 2024年度独立董事述职报告 述职人：张世潮 内蒙古远兴能源股份有限公司全体股东： 本人作为内蒙古远兴能源股份有限公司（以下简称公司）的独立董事，在任职 期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上市公司治 理准则》等相关法律法规和《公司章程》《独立董事制度》等公司制度履行职责。 2024 年度，本人在工作中忠实、勤勉、尽责，积极参与公司重大事项的决策，充分 发挥独立董事的作用，切实维护公司利益和全体股东尤其是中小股东的合法权益。 现将本人 2024 年度的履职情况报告如下： 一、本人基本情况 （一）个人履历 本人 1964 年 6 月出生，本科学历，高级会计师。历任包头糖厂、包头草原糖 业集团有限责任公司财务科副科长、财务处处长职务，包头华资实业股份有限公司 财务负责人、副董事长、财务总监、党委书记，现任内蒙古兴业银锡矿业股份有限 公司独立董事，内蒙古鄂尔多斯资源股份有限公司独立董事，公司独立董事。 （二）独立性情况 本人未在公司担任除独立董事以外的其他职务，也未在公司主要股东企业担任 任何职务，与公司及控股股东、实际控制人不存在直接或者间接利害关系，或者其 ...