Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][10]. Core Viewpoints - The formic acid price has rapidly increased due to supply reduction and strong external demand, with a current price of 3,550 CNY/ton, reflecting a daily increase of 300 CNY/ton (+9.23%), a weekly increase of 35.50%, and a monthly increase of 54.35% [6][8]. - The supply side is experiencing a temporary reduction due to issues with major producers, leading to a tighter supply-demand balance in the domestic formic acid market [8]. - Domestic consumption of formic acid is weak, with a total consumption of approximately 136,000 tons in the first half of 2025, down 5.0% year-on-year, while external demand remains strong, particularly in export markets [8]. - Factory inventories of formic acid are rapidly depleting, with a current inventory of 2,900 tons, down 43.1% week-on-week, indicating potential for continued price increases [8]. Summary by Sections Market Performance - The market performance of the basic chemical industry has shown fluctuations, with a notable decline of 15% in certain periods [3]. Supply and Demand Dynamics - The global formic acid production capacity is projected to be 1.42 million tons per year in 2024, with China accounting for approximately 53% of this capacity [8]. - Domestic formic acid production is currently facing challenges, with an operating rate of 72.9% and a production volume of 10,520 tons, both showing declines [8]. Price Trends - The rapid increase in formic acid prices is supported by strong external demand and a reduction in supply, suggesting a bullish outlook for future pricing [6][8]. Recommended Stocks - The report suggests focusing on companies such as Luxi Chemical and Hualu Hengsheng as potential investment opportunities in the formic acid sector [8].

Core Viewpoint - Lu Xi Chemical has demonstrated significant growth in both revenue and net profit over the years, with a notable increase in its core product segments, particularly in chemical new materials [2][4]. Revenue Structure - The main business of Lu Xi Chemical includes chemical fertilizers, basic chemicals, and fine chemicals, with chemical new materials accounting for the highest revenue share at 68.43%, followed by basic chemicals at 19.47% [2]. Profit Growth - The company achieved a net profit attributable to shareholders of 0.80 billion in its first year of listing in 1998, which grew to 20.29 billion by the latest complete fiscal year of 2024, marking a cumulative growth of 2434.85% over 27 years [2]. - Lu Xi Chemical has not reported a loss in any year since its listing, with 17 years of profit growth, representing 62.96% of the years [2]. Revenue Analysis - In terms of revenue, Lu Xi Chemical reported 175.92 billion in 2020, which increased to 297.63 billion in 2024, showing a fluctuating growth trend with a significant increase of 80.73% in 2021, followed by declines in 2022 and 2023, and a rebound of 17.37% in 2024 [2]. Profit Fluctuation - The net profit attributable to shareholders was 8.25 billion in 2020, rising to 20.29 billion in 2024, with notable volatility; it surged by 459.95% in 2021, then declined in 2022 and 2023, before a strong rebound of 147.79% in 2024 [2]. Market Capitalization - Since its listing, Lu Xi Chemical's market capitalization has increased by 8.50 times, indicating long-term growth potential [4]. - The peak market capitalization reached 491.50 billion on September 23, 2021, with the stock price rising to 25.81 yuan, but as of August 6, the market cap was 229.79 billion, reflecting a decrease of 261.71 billion, or 53.25% from its peak [4].

Group 1 - The chemical sector continues to strengthen, with the chemical ETF (516020) showing a maximum intraday increase of 1.08% and closing up 0.92%, marking three consecutive days of gains [1] - Key stocks in the sector include Jinfa Technology, which surged 7.18%, and Guangdong Hongda and Huafeng Chemical, both rising over 4% [1] - The chemical ETF has attracted significant capital, with a net subscription amount exceeding 1.67 billion yuan over the past ten trading days [4] Group 2 - Since July, the chemical sector has outperformed the broader market, with the chemical ETF's index gaining 8.3% compared to the Shanghai Composite Index's 5.5% and the CSI 300 Index's 4.51% [3] - The chemical industry is currently experiencing a recovery phase, with high operating rates for core products, generally above 65% [6] - The "anti-involution" policy is expected to serve as a turning point for the chemical sector, potentially leading to improved profitability and market conditions [6][7] Group 3 - The chemical ETF (516020) is designed to track the sub-index of the chemical industry, with nearly 50% of its holdings concentrated in large-cap leading stocks, such as Wanhua Chemical and Salt Lake Co [8] - The sector is facing challenges such as overcapacity and intensified competition, but the recent policy changes aim to optimize industry structure and encourage consolidation [7] - The valuation of the chemical ETF's index is currently at a low point, with a price-to-book ratio of 2.05, indicating a favorable long-term investment opportunity [6]

截至2025年8月6日 10:31，中证细分化工产业主题指数(000813)上涨0.17%，成分股华峰化学(002064)上 涨2.84%，金发科技(600143)上涨2.81%，新宙邦(300037)上涨1.45%，云天化(600096)上涨1.40%，鲁西 化工(000830)上涨1.36%。化工ETF(159870)最新报价0.61元，盘中净申购6600万份，冲击连续13天净申 购， 东海证券指出，供给侧有望结构性优化，挑选弹性及优势品种板块。国内方面，国家政策端对供给侧要 求（"反内卷"）频繁提及；海外方面，上涨的原料成本+亚洲产能冲击，欧美化工企业近期多经历关 停、产能退出等事件。短期来看，区域摩擦反复，海外化工供应不确定性有所增加；长期来看，我国化 工产业链竞争优势明显，凭借显著的成本优势和不断突破的技术实力，中国化工企业正迅速填补国际供 应链的空白，有望重塑全球化工产业的格局。 化工ETF紧密跟踪中证细分化工产业主题指数，中证细分产业主题指数系列由细分有色、细分机械等7 条指数组成，分别从相关细分产业中选取规模较大、流动性较好的上市公司证券作为指数样本，以反映 相关细分产业上市公司证券的整体表现 ...

Group 1 - The core stock price of Luxi Chemical (000830) closed at 11.73 yuan, with an increase of 1.91% and a trading volume of 320,900 hands, amounting to 377 million yuan [1] - The latest financial report for Luxi Chemical shows total revenue of 7.29 billion yuan, a year-on-year increase of 7.96%, while net profit attributable to shareholders decreased by 27.30% to 413 million yuan [1] - The company has a current ratio of 0.307, a quick ratio of 0.115, and a debt-to-asset ratio of 46.73% [1] Group 2 - Luxi Chemical Group Co., Ltd. was established in 1998 and is primarily engaged in the manufacturing of chemical raw materials and products [2] - The company has made investments in 36 enterprises and participated in 2,041 bidding projects [2] - Luxi Chemical holds 4 trademark registrations and 138 patents, along with 473 administrative licenses [2]

化工板块今日（8月5日）震荡盘整，反映化工板块整体走势的化工ETF（516020）持续于水面附近震 荡，截至发稿，场内价格涨0.15%。 成份股方面，锂电、民爆用品、改性塑料等板块部分个股涨幅居前。截至发稿，恩捷股份大涨超4%， 广东宏大、金发科技双双涨超2%，龙佰集团、藏格矿业、鲁西化工等多股涨超1%。 | | | 分配 印日 1分 5:0 15:0 30日 60:9 日 周 月 夏:4 | 5160208CIETF) 1422 (0) 0.650 BBR 0.0010.15% 030 0.649 1830 14 IOPV 0.6494 | | | | | | F9 盘机盘网 盘加 九年 图库 工具 ( ( ) ) | | RETETE O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 2021/08/05 | | 0.650 | | +0.001 +0.159 | | | | | | | | | | | | | SS ...

Group 1 - The core viewpoint of the article is that Lu Xi Chemical has provided insights into its revenue composition during an investor meeting held on July 31, 2025 [2] - The revenue composition for Lu Xi Chemical in 2024 is as follows: Chemical industry accounts for 68.43%, Basic chemical industry accounts for 19.47%, Fertilizer industry accounts for 10.3%, and Other industries account for 1.8% [2]

天眼查商业履历信息显示，鲁西化工集团股份有限公司，成立于1998年，位于聊城市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本191017.2451万人民币，实缴资本191017.2451万人 民币。公司法定代表人为王延吉。 通过天眼查大数据分析，鲁西化工集团股份有限公司共对外投资了36家企业，参与招投标项目2031次， 知识产权方面有商标信息4条，专利信息138条，此外企业还拥有行政许可473个。 来源：金融界 金融界消息 截至2025年8月1日收盘，鲁西化工（000830）报收于11.56元，下跌0.52%，换手率1.17%， 成交量22.20万手，成交金额2.57亿元。 资金流向方面，今日主力资金净流出3335.89万元，占比成交额12.96%。其中，超大单净流出1690.99万 元、占成交额6.57%，大单净流出1644.90万元、占成交额6.39%，中单净流出流入2165.99万元、占成交 额8.42%，小单净流入1169.90万元、占成交额4.55%。 鲁西化工最新一期业绩显示，截至2025一季报，公司营业总收入72.90亿元、同比增长7.96%，归属净利 润4.13亿元，同比减少 ...

Group 1 - The report emphasizes the coexistence of strategic opportunities and risk challenges in the economic landscape, marking a shift from short-term recovery to long-term foundation building in policy focus [1][2] - It highlights the need for macroeconomic policies to accelerate bond issuance and ensure the stability of three key areas, while also advocating for targeted support in sectors like technology and consumption [1][2] - The report notes a renewed emphasis on boosting domestic demand by fostering new growth points in service consumption, linking the improvement of people's livelihoods directly to consumption expansion [1][2] Group 2 - The report identifies three significant breakthroughs in industrial policy, transitioning from conceptual advocacy to practical implementation, addressing market pain points, and institutionalizing capacity governance [2] - In the foreign trade sector, it discusses a balanced approach of defense and progress, promoting high-level free trade zone construction and the integration of domestic and foreign trade [2] - The report outlines a proactive approach to risk resolution, focusing on eliminating hidden debts and ensuring energy supply to safeguard people's livelihoods [2] Group 3 - Domestic economic data shows stability and resilience, with previous growth stabilization policies gradually taking effect, while new macro policies are expected to further stimulate demand [3] - The report indicates that August will be a critical period for verifying mid-year performance, with a focus on sectors and stocks that may exceed expectations [3] - It mentions that despite increased market risk factors, the positive momentum from policies remains unchanged, particularly in the technology sector, which includes areas like computing power, artificial intelligence, and consumer electronics [3] Group 4 - The report recommends a stock portfolio for August, highlighting strong performers from July, including Dingjie Zhishi (+43.58%) and Lianrui New Materials (+25.03%), among others [6] - The recommended stocks for August cover various sectors, including telecommunications, technology, pharmaceuticals, and chemicals, indicating a diversified investment strategy [6][14] - The report notes that the average increase in the recommended portfolio for July was +10.71%, outperforming major indices [6][12]

Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest 183 million yuan in R&D in 2024, aiming to deepen its technology strategy [1] Group 2: Zhongwang Software - Zhongwang Software emphasizes the importance of intellectual property compliance in its internationalization process [2] - The company is preparing for legal proceedings while maintaining confidence in its product sales during the lawsuit period [2] - Zhongwang Software has strengthened its internal controls and intellectual property management to avoid infringement [2] Group 3: Weili Medical - Weili Medical reported that its overseas production costs are slightly higher than domestic costs, but overall gross margins are expected to remain stable [3] - The company has seen significant growth in overseas sales of its urology products, with gross margins exceeding 70% [3] - Weili Medical is expanding its production capacity in Indonesia and Mexico to mitigate geopolitical risks [3] Group 4: Shanguo Environmental - Shanguo Environmental's performance improved significantly in the first half of the year due to rising UCO prices and increased capacity utilization [4] - The company plans to expand its kitchen waste project capacity to 8,000-10,000 tons per day [4] - Shanguo Environmental aims to enhance project management and absorb quality projects to consolidate its capacity advantage [4] Group 5: Luxi Chemical - Luxi Chemical is maintaining stable operations while enhancing summer safety controls and adjusting to market changes [5] - The company has implemented its dividend plan for 2024 and will adhere to regulatory requirements for future dividend determinations [5] - Luxi Chemical is closely monitoring market price fluctuations of chemical products to achieve a balance between production and sales [5]