Market Overview - The Shanghai Composite Index closed at 3377.00 points, remaining above the six-month moving average, with a decline of 0.75% [1] - The total trading volume of A-shares reached 15039.97 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 52 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Jieqiang Equipment (300875) with a deviation rate of 11.63% and a daily increase of 20.01% [1] - Jihua Group (601718) with a deviation rate of 9.85% and a daily increase of 9.96% [1] - Hongxing Development (600367) with a deviation rate of 9.35% and a daily increase of 10.03% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Guangsha Huaneng (乖离率较小) [1] - Hualitai (乖离率较小) [1] - Chuan Investment Energy (乖离率较小) [1]

Market Overview - The Shanghai Composite Index closed at 3348.37 points, above the annual line, with a decline of 0.94% [1] - The total trading volume of A-shares reached 1,182.564 billion yuan [1] Stocks Breaking Annual Line - A total of 31 A-shares have surpassed the annual line today, with notable stocks including: - Pruis (4.48% deviation) - Yingjie Electric (3.80% deviation) - Boying Special Welding (3.01% deviation) [1] - Stocks with smaller deviations just above the annual line include: - Shuangjian Co., Ltd. - Rhine Biology - Bull Group [1] Top Performers - The top three stocks with the highest deviation rates from the annual line are: 1. Pruis: 5.17% increase, 8.64% turnover rate, latest price 30.12 yuan 2. Yingjie Electric: 5.80% increase, 8.35% turnover rate, latest price 48.50 yuan 3. Boying Special Welding: 3.28% increase, 6.03% turnover rate, latest price 22.70 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Fosa Technology: 3.03% increase, 8.32% turnover rate, latest price 32.31 yuan - Shandong Haihua: 5.57% increase, 6.80% turnover rate, latest price 5.88 yuan - Renfu Pharmaceutical: 3.06% increase, 2.53% turnover rate, latest price 20.88 yuan [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - **Soda Ash**: Soda ash manufacturers continue with maintenance, but the price - support effect this time is not as expected. The futures market did not react to the maintenance, and a continuous positive feedback was not formed. The supply - demand situation is weak, and the intensity of speculation drivers is questionable. It is recommended to pay attention to the new order transaction prices and the implementation of maintenance. After profiting from closing short positions, one can wait for the price to rise and then participate at high levels [8][9]. - **Glass**: From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. Follow - up attention should be paid to the changes in production lines, the digestion progress of low - price futures and spot sources, and the changes in the spot volume and price sentiment in the main production areas. In the short term, the market lacks upward drivers, and for far - month contracts, it is advisable to go long when the sentiment eases [164]. 3. Summaries by Directory 3.1 Soda Ash Market Review - **Supply**: Total production is 67.77 million tons, a week - on - week decrease of 6.30 million tons. There are maintenance plans, and new production capacity from Lianyungang Soda Plant is expected to produce trial products this month. Import is 0.07 million tons, and export is 4.2 million tons [8]. - **Demand**: The demand for heavy soda ash is 34.39 million tons, and the apparent demand for light soda ash is 28.09 million tons, a week - on - week decrease of 1.06 million tons. The terminal is looking for low - price stocks and has sufficient inventory, with general purchasing willingness [8]. - **Inventory**: Alkali plant inventory is 171.2 million tons, a week - on - week increase of 1.07 million tons. Social inventory is 36.5 million tons, a week - on - week decrease of 1.09 million tons [8]. - **Valuation**: The cost of the ammonia - soda process is 1322 yuan, and the profit is 78 yuan. The cost of the combined - soda process is 1160 yuan, and the profit is 140 yuan [8]. 3.2 Monthly Supply and Demand (Soda Ash) - **Production**: The report shows the monthly production of soda ash from 2020 - 2025 [15]. - **Import and Export**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with last month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons [16]. 3.3 Basis and Spread (Soda Ash) - **Futures - Spot Price Comparison**: It presents the futures price index of soda ash and the market price of heavy soda ash in the Shahe area from 2020 - 2025 [24][25]. - **Contract Basis**: It shows the basis of heavy soda ash contracts in the Shahe area, such as the 01, 09, and 05 contracts [29][31][32]. - **Inter - Contract Spread**: It includes the spreads between different soda ash contracts, such as 09 - 01, 01 - 05, and 05 - 09 [34][35][36]. - **Glass - Soda Ash Spread**: It shows the spreads between glass and soda ash contracts and spot prices [38][39][40]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy soda ash in the Shahe area is 1345 yuan, a week - on - week increase of 15 yuan, and a year - on - year decrease of 905 yuan [44]. - **Regional Price Comparison**: It provides the prices of heavy and light soda ash in different regions, such as North China, South China, and Southwest China [48]. 3.5 Soda Ash Supply - **Start - Stop**: Many soda ash manufacturers are in maintenance or reduced - load operation, and there are also planned maintenance schedules in the future [81]. - **Operating Rate**: The current domestic soda ash operating rate is 80.27%, a week - on - week decrease of 8.51% [82]. - **Cost and Profit**: It shows the cost and profit of the ammonia - soda and combined - soda processes, as well as the prices of related products such as synthetic ammonia [93][95][97]. 3.6 Soda Ash Demand - **Heavy Soda Ash Demand**: It is related to the daily melting volume of float glass and photovoltaic glass. The daily melting volume of float glass is 156,725 tons, and that of photovoltaic glass is 98,780 tons [8][126]. - **Weekly Consumption and Sales - to - Production Ratio**: It presents the weekly consumption and sales - to - production ratio of heavy and light soda ash [133]. 3.7 Soda Ash Inventory - **Enterprise Inventory**: The current soda ash enterprise inventory is 171.2 million tons, a week - on - week increase of 1.07 million tons, and a year - on - year increase of 82.09 million tons [141]. - **Regional Inventory**: It shows the inventory of soda ash in different regions [149][150][152]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 156,725 tons, and the weekly production is 109.71 million tons [162]. - **Demand**: The apparent consumption is 107.10 million tons, a week - on - week increase of 11.37 million tons. The market demand sentiment is weak [162]. - **Inventory**: The factory inventory is 340.41 million tons, a week - on - week increase of 2.61 million tons [162]. - **Valuation**: The cost and profit of different production lines (natural gas, coal - gas, and petroleum coke) are provided. Most production capacities are in a loss state [162]. 3.9 Monthly Supply and Demand (Glass) - **Production**: The monthly production of flat glass from 2020 - 2025 is presented [169]. - **Import and Export**: The monthly import and export volumes of float glass from 2020 - 2025 are shown [171][173]. 3.10 Basis and Spread (Glass) - **Futures - Spot Price Comparison**: It shows the futures price index of glass and the market price of heavy soda ash in the Shahe area from 2020 - 2025 [178][179]. - **Contract Basis**: It presents the basis of glass contracts in the Shahe area, such as the 01, 09, and 05 contracts [183][184][185]. - **Inter - Contract Spread**: It includes the spreads between different glass contracts, such as 09 - 01, 05 - 09, and 01 - 05 [187][188][189]. - **Glass - Soda Ash Spread**: It shows the spreads between glass and soda ash contracts and spot prices [192][193][194]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: The prices of 5mm float glass in different regions, such as Shahe, North China, and East China, are provided [200]. - **Specific Product Prices**: It shows the prices of 5mm float glass products from different manufacturers in different regions [213][215][222].

Group 1: Current Market Situation and Strategies - The company closely monitors the fluctuations in the futures and spot markets, utilizing futures hedging to mitigate market volatility risks [1] - In response to the ongoing downturn in the soda ash market, the company plans to optimize existing operations and expand new growth areas through process reengineering and product development [1][2] Group 2: Financial Performance and Investor Relations - The management aims to maximize shareholder value and ensure operational efficiency, with a focus on achieving profitability in the mid-term [2] - The company will enhance its core competitiveness through increased investment in technology and innovation, while also implementing various market value management strategies [2]

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化学原料、化工板块盘初拉升，英力特（000635）、六国化工（600470）触及涨停，中毅达（600610） 涨超7%，安纳达（002136）、山东海化（000822）跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

Group 1 - The company, Shandong Haihua Co., Ltd., will participate in the "2025 Shandong Listed Companies Investor Online Collective Reception Day" to enhance interaction with investors [1][4] - The event will be held online on May 15, 2025, from 15:00 to 16:30, allowing investors to engage through the "Panjing Roadshow" website, WeChat public account, or the Panjing Roadshow APP [1][2] - Key company representatives, including the General Manager and Financial Director, will discuss the company's 2024 annual and 2025 Q1 performance, governance, development strategy, and sustainability during the event [2]

证券代码：000822 证券简称：山东海化 公告编号：2025-026 山东海化股份有限公司 关于参加 2025 年山东辖区上市公司投资者网上集体接待日活动的公告 为进一步加强与投资者的互动交流，构建和谐投资者关系，山东海化 股份有限公司（以下简称"公司"）将参加由山东证监局、山东上市公司 协会与深圳市全景网络有限公司联合举办的"2025 年山东辖区上市公司 投资者网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网 站（http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下 载全景路演 APP,参与本次互动交流。时间为 2025 年 5 月 15 日（星期四） 15:00-16:30。 届时，公司董事、总经理王治慧先生，独立董事马东宁先生，财务总 监魏鲁东先生，副总经理、董事会秘书杨玉华先生将在线就公司 2024 年 度及 2025 年第一季度业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通交流。 欢迎广大投资者积极参与。 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 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1纯碱市场 - The industry meeting has announced a production - cut and price - support plan. Initial maintenance in early May has been basically implemented, and the scope of maintenance is expected to expand in the middle and late May, leading to a continuous reduction in production. However, the futures market has initially shown a weak feedback, and the positive feedback is not strong. The pressure on soda ash plants has not been significantly relieved. The trend remains bearish, and further changes in maintenance need to be observed [8][9]. - The strategy suggests paying attention to the new order transaction prices, the implementation of maintenance and price - support measures. After taking profits from closing short positions, one can participate again by shorting at high prices when the price goes up [9]. 2.2 Glass market - From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the improvement of market sentiment. Follow - up should track the changes in production lines, observe the digestion progress of low - price futures and spot sources, and the changes in the spot volume and price sentiment in the main production areas [171]. - The strategy recommends a long - position approach for far - month contracts at low prices [171]. 3. Summary by Relevant Catalogs 3.1 Soda Ash Market Review - **Supply**: The total production is 74.07 million tons, with a week - on - week decrease of 0.79 million tons. After the holiday, maintenance has gradually started, and production is expected to decline from the high level. The new production capacity of Lianyungang Soda Plant is expected to produce trial products this month [8]. - **Demand**: The apparent demand for soda ash is 71.16 million tons, with a week - on - week decrease of 5.58 million tons. The terminal has replenished inventory at low prices, and manufacturers still have some forward - delivery orders [8]. - **Inventory**: The inventory of soda ash plants is 170.13 million tons, with a week - on - week increase of 2.91 million tons. The social inventory is 37.00 million tons, with a week - on - week increase of 2.00 million tons. Under the expectation of production cuts, the plant inventory is expected to decrease in the short term, while the middle - stream inventory may stop falling and rise [8]. - **Valuation**: The cost and profit of ammonia - soda process and combined - soda process are relatively stable. The basis of the market price in Shahe is 28 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The monthly production data of soda ash from 2020 to 2025 shows certain seasonal fluctuations [15]. - **Import and Export**: The current import volume is 0.32 million tons, with a month - on - month decrease of 0.23 million tons; the export volume is 19.43 million tons, with a month - on - month increase of 0.02 million tons. The import dependence is 0.11 [16]. 3.3 Basis and Spread - **Futures and Spot Price Comparison**: Charts show the price trends of glass futures, Shahe heavy - soda ash market price, soda ash futures, and Shahe 5mm glass plate price from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Charts present the basis trends of Shahe heavy - soda ash 01, 09, and 05 contracts from 2022 to 2026 [29][30][31]. - **Soda Ash Contract Inter - period Spread**: Charts show the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [33][34][35]. - **Glass - Soda Ash Contract/Spot Spread**: Charts display the spread trends of glass - soda ash 01, 09, 05 contracts and the spot spread from 2021 to 2025 [37][39][40]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda ash in Shahe is 1330 yuan/ton, with a week - on - week decrease of 19 yuan/ton and a year - on - year decrease of 920 yuan/ton [45]. - **Regional Price of Heavy and Light Soda Ash**: The prices of heavy and light soda ash in different regions have different degrees of changes. For example, the price of heavy - soda ash in Shahe has decreased, while the prices in some other regions remain stable [49]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some soda ash plants are currently under maintenance or operating at reduced loads, and many plants have planned maintenance in May and June [87]. - **Start - up Rate**: The current domestic start - up rate of soda ash is 87.74%, with a week - on - week decrease of 0.93 percentage points [88]. - **Cost and Profit**: The cost and profit of ammonia - soda process and combined - soda process are relatively stable, and the prices of related raw materials such as synthetic ammonia also show certain trends [98][111]. 3.6 Soda Ash Demand - **Demand for Heavy - Soda Ash**: The demand for heavy - soda ash is mainly affected by the production of float glass and photovoltaic glass. The current daily melting volume of float glass and photovoltaic glass has decreased slightly [134][135][137]. - **Apparent Consumption and Production - Sales Ratio**: The weekly apparent consumption and production - sales ratio of soda ash show certain fluctuations [140]. - **Photovoltaic Glass Price**: The market average prices of 3.2mm and 2.0mm coated photovoltaic glass have certain trends from 2021 to 2025 [144][145]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current inventory of soda ash enterprises is 170.13 million tons, with a week - on - week increase of 2.91 million tons [149]. - **Regional Inventory**: The inventory of soda ash in different regions shows different trends [156][157][158]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 155,825 tons, with a week - on - week decrease of 1400 tons. The weekly production is 109.08 million tons, with a week - on - week decrease of 0.98 million tons [169]. - **Demand**: The apparent consumption is 95.73 million tons, with a week - on - week decrease of 16.75 million tons. Market demand sentiment is weak, and the apparent demand has declined [169]. - **Inventory**: The factory inventory is 337.80 million tons, with a week - on - week increase of 12.86 million tons. Weak demand has led to a short - term increase in factory inventory [169]. - **Valuation**: The costs and profits of different production lines of glass are relatively stable. The spread between East China and Central China is 200 yuan, and the basis of the 5mm glass plate in Shahe is 162 yuan [169]. 3.9 Monthly Supply and Demand of Glass - **Production**: The monthly production data of flat glass from 2020 to 2025 shows certain seasonal fluctuations [176]. - **Import and Export**: The import and export volumes of float glass also show certain trends [178][181]. 3.10 Basis and Spread of Glass - **Futures and Spot Price Comparison**: Charts show the price trends of Shahe 5mm glass plate, glass futures, Shahe heavy - soda ash market price, and soda ash futures from 2020 to 2025 [185][187][188][189]. - **Glass Contract Basis**: Charts present the basis trends of the 01, 09, and 05 contracts of Shahe 5mm glass plate from 2021 to 2026 [191][192][194]. - **Glass Contract Inter - period Spread**: Charts show the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Charts display the spread trends of glass - soda ash 01, 09, 05 contracts and the spot spread from 2021 to 2025 [201][202][203]. 3.11 Glass Market Price - **Regional Price of 5mm Float Glass**: The prices of 5mm float glass in different regions have different degrees of changes. For example, the prices in Shahe have decreased, while the prices in some other regions remain stable [207]. - **Price of 5mm Glass Plate**: The prices of 5mm glass plates in different regions and different manufacturers also show certain trends [219][221][223].

Group 1 - The main contract for soda ash futures closed at 1305 CNY/ton, with a weekly decline of 3.76% [1] - Soda ash inventory reached 1.7013 million tons, an increase of 29,100 tons or 1.74% week-on-week [2] - Production costs for ammonia-soda method in North China decreased to 1300 CNY/ton, down 420 CNY/ton or 24.4% from last October's peak [2] Group 2 - Some soda ash production facilities are operating at reduced capacity, with Tangshan Sanyou and Shandong Haitan both running at about 70% [2] - Short-term supply tightness may arise due to maintenance plans, but long-term oversupply remains a concern [3] - The price of soda ash futures may experience a brief rebound in May, but sustained upward momentum is lacking due to weak demand and high inventory levels [3]