Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]

Core Viewpoint - The company has released its third-quarter financial report, ensuring the accuracy and completeness of the information disclosed, and has outlined significant changes in key financial metrics compared to the previous year [2][19]. Financial Data Summary - Accounts receivable increased by 154.47% compared to the beginning of the year, primarily due to an increase in export sales [4]. - Accounts receivable financing decreased by 54.87%, mainly due to a reduction in bank acceptance bills at the end of the period [5]. - Prepayments increased by 54.01%, attributed to higher prepayments for bulk raw material purchases [6]. - Other receivables rose by 45.33%, mainly due to an increase in receivables for tax refunds [7]. - Held-for-sale assets decreased by 71.89%, as the company realized part of its asset sales during the period [7]. - Notes payable surged by 531.66%, primarily due to an increase in bank bills payable at the end of the period [8]. - Taxes payable decreased by 40.89%, mainly due to a reduction in corporate income tax [9]. - Other current liabilities dropped by 91.95%, as the company repaid short-term financing bonds during the year [9]. - Bonds payable increased by 31.30%, due to the issuance of medium-term notes [10]. - Inventory shares decreased by 54.07 million yuan, as the company repurchased and canceled restricted stock incentives [11]. - Taxes and surcharges decreased by 38.97%, mainly due to lower land use and environmental taxes [12]. - Selling expenses increased by 53.22%, attributed to higher market development costs and increased salaries and travel expenses for sales personnel [13]. - Investment income decreased by 212.89%, due to a non-similar control enterprise merger in the previous year [13]. - Asset impairment losses increased by 314.29%, primarily due to changes in inventory write-down provisions [14]. - Gains from asset disposals increased by 67.44 million yuan, as the company disposed of some idle fixed assets [15]. - Non-operating income decreased by 85.76%, influenced by carbon emission rights trading income from the previous year [16]. - Non-operating expenses decreased by 63.49%, as there were losses from the shutdown of a hydrogen peroxide subsidiary in the previous year [17]. - Total profit decreased by 38.98%, mainly due to a decline in the selling prices of certain chemical products, which affected gross margins [18]. - Income tax expenses decreased by 55.3%, reflecting the decline in total profit [18]. Corporate Governance - The company held its 13th meeting of the 9th Board of Directors on October 28, 2025, with all directors present [20][23]. - The board approved the third-quarter report and established a system for the selection of employee representative directors to enhance corporate governance [26][28]. - The board also approved regulations for managing significant decision-making matters [30].

Group 1 - The company, Luxi Chemical (SZ 000830), announced the convening of its 13th meeting of the 9th Board of Directors on October 28, 2025, to discuss various proposals including the management regulations for significant decision-making matters [1] - For the first half of 2025, the revenue composition of Luxi Chemical was as follows: 66.07% from the chemical industry, 20.11% from the basic chemical industry, 12.06% from the fertilizer industry, and 1.76% from other industries [1]

鲁西化工集团股份有限公司 职工代表董事选任制度 第一章 总则 第一条 为完善鲁西化工集团股份有限公司（以下简称"公 司"）治理结构，保障职工依法参与公司决策和监督，规范职工 代表董事的选任、履职和管理，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国工会法》《上市 公司治理准则》《企业民主管理规定》《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》及其他相关 法律法规、规范性文件和公司章程的规定，结合公司实际情况， 制定本制度。 第二条 公司依法设立职工代表董事，职工代表董事是公司 董事会成员，由公司职工通过职工代表大会选举产生，代表职工 参与公司决策和监督的董事。 第三条 职工代表董事的选任与管理，遵循以下原则： （一）依法合规原则； （二）民主选举原则； （三）公平、公正、公开原则； （四）职工代表性与董事会专业性相结合原则。 第四条 本制度适用于公司职工代表董事的提名、选举、增 补、更换（罢免）及管理等事宜。 第二章 职工代表董事的任职资格与条件 1 第五条 职工代表董事应符合《公司法》规定的董事任职资 格，以下情形不得担任职工代表董事： （一）无民事行为 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-066 鲁西化工集团股份有限公司 第九届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 1、鲁西化工集团股份有限公司（以下简称"本公司" 或"公司"）第九届董事会第十三次会议通知于 2025 年 10 月 18 日以电话、邮件形式发出。 2、会议于 2025 年 10 月 28 日在公司会议室以现场和通 讯方式召开。 3、会议应出席董事 7 名，实际出席董事 7 名。其中陈 碧锋先生、姚立新先生、宿玉海先生、黄杰刚先生、李相杰 先生以通讯方式出席会议。 1、审议通过了《公司 2025 年第三季度报告》。 具体内容详见与本决议公告同日刊登在《中国证券报》 《证券时报》《证券日报》《上海证券报》及巨潮资讯网上 披露的《2025 年第三季度报告》（公告编号：2025-065）。 此议案已经公司董事会审计与风险委员会审议通过，同 意提交董事会审议。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2、审议通过了《关于制定<职工代表董事选任制度>的 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥7,178,928,616.41, a decrease of 4.77% compared to the same period last year[5] - Net profit attributable to shareholders was ¥259,732,470.70, down 35.65% year-on-year[5] - The basic earnings per share decreased by 35.85% to ¥0.136[5] - The total profit decreased by 38.98% year-on-year, mainly due to a decline in the selling prices of certain chemical products[25] - Net profit for the current period was ¥1,025,106,577.62, a decrease of 35% from ¥1,575,672,642.64 in the previous period[35] - Basic and diluted earnings per share decreased to ¥0.537 from ¥0.827, reflecting a decline of 35%[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥35,948,039,071.18, a decrease of 0.88% from the end of the previous year[5] - The total assets of the company as of September 30, 2025, amounted to CNY 35,948,039,071.18, a decrease from CNY 36,268,449,915.13 at the beginning of the period[32] - Current assets totaled CNY 3,495,720,893.88, up from CNY 3,027,371,115.19 at the beginning of the period, indicating a growth of approximately 15.5%[31] - The company's inventory increased to CNY 2,129,757,041.35 from CNY 1,737,140,742.27, reflecting a rise of about 22.6%[31] - Short-term borrowings rose to CNY 4,911,538,888.91 from CNY 4,770,458,910.35, representing an increase of approximately 2.95%[32] - The total liabilities decreased to CNY 16,757,276,505.72 from CNY 17,452,341,636.98, a reduction of about 4%[32] - The company's long-term borrowings decreased to CNY 3,025,390,000.00 from CNY 3,920,580,000.00, a decline of about 22.9%[32] - The total non-current assets amounted to CNY 32,452,318,177.30, down from CNY 33,241,078,799.94, reflecting a decrease of approximately 2.4%[32] Receivables and Expenses - Accounts receivable increased by 154.47% compared to the beginning of the year, mainly due to an increase in export sales[9] - Other receivables increased by 45.33% compared to the beginning of the year, primarily due to an increase in tax refund receivables[12] - Sales expenses increased by 53.22% year-on-year, attributed to higher salaries and travel expenses for sales personnel[20] - The company reported a decrease in income tax expenses by 55.3% year-on-year, correlating with the decline in total profit[26] - The company reported a decrease in tax expenses to ¥174,106,000.84 from ¥389,534,136.93 in the previous period, indicating a reduction of 55%[35] Cash Flow - Net cash flow from operating activities was ¥3,983,209,982.78, an increase of 14.5% compared to ¥3,476,836,943.04 in the previous period[36] - Cash and cash equivalents at the end of the period totaled ¥698,010,612.68, compared to ¥514,397,533.61 at the end of the previous period[36] - Investment activities resulted in a net cash outflow of ¥1,485,691,550.86, an improvement from a net outflow of ¥1,825,517,302.52 in the previous period[37] - Financing activities generated a net cash outflow of ¥2,528,880,829.75, worsening from a net outflow of ¥1,526,209,479.93 in the previous period[37] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[5] - Other comprehensive income after tax showed a loss of ¥1,003,452.27, compared to a loss of ¥55,770.50 in the previous period[35]

Group 1 - The chemical raw materials sector increased by 1.08% on October 29, with Zhenhua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] - Zhenhua Co., Ltd. saw a significant rise of 9.99% in its closing price, reaching 21.80, with a trading volume of 407,200 shares and a transaction value of 866 million yuan [1] Group 2 - The chemical raw materials sector experienced a net outflow of 272 million yuan from institutional funds, while retail investors saw a net inflow of 320 million yuan [2] - The top gainers in the sector included Sanyou Chemical, which rose by 4.83% to 5.64, and Boyuan Chemical, which increased by 4.46% to 6.79 [1][2] - The overall trading activity in the sector indicated a mixed sentiment, with some stocks experiencing significant declines, such as Shilong Industrial, which fell by 10% to 13.95 [2]

Core Viewpoint - The report highlights the performance of three funds managed by Chen Jinwei, showing significant returns and a focus on the chemical sector as a core investment area, while also acknowledging the importance of technology stocks for future growth [1][4][7]. Fund Performance - The total assets under management for the three funds reached 1.769 billion yuan, with quarterly returns of 13.90%, 14.09%, and 14.61% respectively [1]. - Year-to-date returns for the funds are 30.56%, 31.05%, and 33.68%, indicating a robust overall performance [1]. Investment Strategy - Chen Jinwei's investment strategy is characterized by a "50-40-10" framework, allocating 50% to good companies, 40% to undervalued stocks, and 10% to industry trends, aiming for sustainable growth with a margin of safety [4][9]. - The report emphasizes a significant allocation to the chemical sector, with leading companies like Luxi Chemical and Huafeng Chemical contributing to substantial gains [2][4]. Sector Focus - The chemical industry is highlighted as having a competitive advantage, with China holding 70%-80% of global production capacity in many sub-sectors, making it difficult for overseas replication of the supply chain [4]. - In addition to chemicals, investments in consumer and pharmaceutical sectors are also noted, with companies like Sanxia Tourism and Huaxia Airlines forming a secondary pillar of the portfolio [4]. Technology Stock Outlook - Despite a current lack of technology stock holdings, Chen Jinwei expresses a positive outlook on technology growth, particularly in artificial intelligence, semiconductors, and new energy sectors [7][8]. - The report discusses the positive externalities of technology stock appreciation, including stimulating entrepreneurship and improving investor sentiment, which can indirectly boost domestic demand [8]. Policy Insights - The report addresses the "anti-involution" policy, clarifying that it is not anti-market but aims to enhance returns on labor, land, and capital, thus serving as a direct stimulus for domestic demand [8][9]. - Observations on reduced working hours suggest a potential surge in service consumption, with a notable increase in sectors like tourism [8]. Market Perspective - Chen Jinwei's "low valuation growth" strategy stands out in a market focused on technology growth, emphasizing the importance of maintaining healthy profit cycles in hard technology sectors through anti-involution measures [9]. - The interconnectedness of industries is highlighted, suggesting that the success of one sector can positively impact others, reinforcing the idea of mutual growth [9].

Market Overview - On October 23, the chemical raw materials sector rose by 1.17%, with Shilong Industrial leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Performers - Shilong Industrial (002748) closed at 13.98, up 9.99% with a trading volume of 286,600 shares and a transaction value of 394 million [1] - Kaisheng New Materials (301069) closed at 25.02, up 6.97% with a trading volume of 348,800 shares [1] - Zhongyida (600610) closed at 12.15, up 4.83% with a trading volume of 879,500 shares [1] Underperformers - Sanqi Co. (603938) saw a decline of 10.00%, closing at 17.73 with a trading volume of 326,900 shares and a transaction value of 589 million [2] - Chiyanjingshen (663299) decreased by 6.17%, closing at 11.56 with a trading volume of 378,800 shares [2] - Hengguang Co. (301118) fell by 3.88%, closing at 25.00 with a trading volume of 54,400 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 48.83 million from institutional investors, while retail investors saw a net inflow of 205 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Zhongyida (600610) had a net inflow of 103 million from institutional investors, while retail investors showed a net outflow of approximately 97 million [3] - Shilong Industrial (002748) recorded a net inflow of 31.81 million from institutional investors, with retail investors also showing a net outflow [3] - Kaisheng New Materials (301069) had a net inflow of 52.49 million from institutional investors, while retail investors experienced a net outflow of about 49.64 million [3]