Core Viewpoint - Innovation and talent development are central to the operational strategy of Shandong Energy Qixiang Tengda, focusing on solving practical safety production issues through technology and collaboration [1][2] Group 1: Innovation and Talent Development - The company emphasizes the establishment of innovation studios to enhance employee creativity and technical skills, integrating resources and wisdom to drive development [1] - A culture of learning and technical exchange is fostered within the innovation studios, encouraging employees to share insights and solutions to production challenges [1] - The company has implemented a structured approach to innovation through monthly meetings, semi-annual progress meetings, and annual summary meetings, transforming these into collaborative learning sessions [1] Group 2: Technical Improvements and Operational Efficiency - The innovation studio focuses on optimizing public engineering, adjusting technical parameters, and integrating various water systems for economic operation [2] - Preventive maintenance of critical equipment, such as the acrylic acid plant's shielding pump, is prioritized to ensure reliable operation and safety [2] - The company is actively enhancing the electrical system's resilience and upgrading control systems to improve management and product quality through information technology [2] Group 3: Future Development Strategy - The company plans to deepen its innovation-driven development strategy, guided by a craftsmanship culture and leveraging innovation studios to create a cycle of innovation, transformation, and efficiency [2]

Group 1 - The core viewpoint of the news is that Qixiang Tengda's stock performance and financing activities indicate a low level of market activity and potential challenges in revenue and profit generation [1][2][3] Group 2 - On September 17, Qixiang Tengda's stock rose by 0.20% with a trading volume of 71.45 million yuan, while the net financing buy was -2.73 million yuan, indicating more repayments than new purchases [1] - As of September 17, the total margin balance for Qixiang Tengda was 411 million yuan, with a financing balance of 409 million yuan, representing 2.86% of the circulating market value, which is below the 40th percentile level over the past year [1] - The company reported a revenue of 12.21 billion yuan for the first half of 2025, a year-on-year decrease of 4.09%, and a net profit of 23.15 million yuan, down 83.34% year-on-year [2] - Qixiang Tengda has distributed a total of 2.64 billion yuan in dividends since its A-share listing, with 908 million yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased to 59,100, while the average circulating shares per person increased by 0.32% to 46,524 shares [2][3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Core Viewpoint - The company announced the election of Ms. Sun Wenli as the employee representative director of the sixth board of directors [2] Group 1 - The announcement was made on the evening of September 12 [2] - Ms. Sun Wenli has been elected to represent employees on the board [2]

| 证券代码：002408 | 证券简称：齐翔腾达 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：128128 | 债券简称：齐翔转2 | | 淄博齐翔腾达化工股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议的召开和出席情况 1、会议召集人:公司第六届董事会 2、本次股东大会现场会议召开时间:2025 年 9 月 12 日下午 14:30； 通过深圳证券交易所互联网投票系统投票时间:2025年9月12日9:15-15:00 期间的任意时间； 通过深圳证券交易所交易系统进行网络投票时间:2025年9月12日上午 9:15-9:25，9:30—11:30，下午13:00—15:00。 3、会议地点：山东省淄博市临淄区杨坡路 206 号 18 楼会议室。 4、会议方式：采取现场投票与网络投票相结合的方式。 5、主持人：公司半数以上董事推举的董事刘付亮先生。 ...

金杜律师事务所 KING&WODD MAI I FSONS 北京市朝阳区在三环中路1号 环球金融中心办公楼东楼18层 邮编:100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaovang District Relinn, 100020 1. 经公司 2024年度股东大会审议通过的《公司章程》; 2. 公司 2025年7月26日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》、巨潮资讯网及深圳证券交易所网站的《淄博齐翔腾 达化工股份有限公司第六届董事会第二十三次会议决议公告》;2025 年８月 23 日刊登于《中国证券报》《证券时报》《上海证券报》《证 券日报》、巨潮资讯网及深圳证券交易所网站的《淄博齐翔腾达化工股 份有限公司第六届董事会第二十四次会议决议公告》及《淄博齐翔腾达 化工股份有限公司第六届监事会第十一次会议决议公告》； 3. 公司 2025年8月23日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》、巨潮资讯网及深圳证券交易所网站的《淄博齐翔腾 达化工股份有限公司关于召开 ...

上述职工代表董事符合《公司法》等法律法规规定的任职条件。本次选举职工代 表董事后，公司董事会中兼任公司高级管理人员职务及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一。 特此公告。 淄博齐翔腾达化工股份有限公司 证券代码:002408 证券简称:齐翔腾达 公告编号:2025-052 债券代码:128128 债券简称:齐翔转 2 淄博齐翔腾达化工股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 淄博齐翔腾达化工股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开 第六届董事会第二十四次会议，审议通过了《关于修订<公司章程>的议案》，并将该 议案提交公司 2025 年第一次临时股东大会审议。根据本次拟修订的《公司章程》， 公司董事会由 9 名董事组成，其中由职工代表担任的董事 1 名。 为完善公司治理结构，保障公司董事会正常运作，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《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》等法律法规、规范性文件的有关规定，公 ...

Core Viewpoint - Shandong Energy Qixiang Tengda is enhancing the training of new employees through a dual mentorship system, a comprehensive training framework, and competitive empowerment to drive high-quality development for the company [1][2]. Group 1: Dual Mentorship System - The company has introduced a "political + business" dual mentorship system, pairing new employees with both business mentors and political mentors [1]. - Business mentors provide practical skills and real-world experience, while political mentors focus on guiding the youth's ideological development and ensuring they possess both moral integrity and professional competence [1]. Group 2: Comprehensive Training Framework - Qixiang Tengda has established a multi-dimensional training system that integrates online and offline methods, covering all employees and all stages of their development [1]. - The training includes systematic theoretical learning, case analysis, interactive discussions, and practical exercises to deepen employees' understanding of company policies and strategies, enhancing their sense of belonging and mission [1]. - Regular meetings such as "New Employee Discussion Forums" and "Craftsman Talent Cultivation Forums" are held to facilitate communication between company leaders and young employees [1]. Group 3: Competitive Empowerment - The company has created various "training grounds" for employees to refine their skills through practical competitions, stimulating their potential [2]. - New graduates are strategically placed in key positions and projects, allowing them to gain hands-on experience by solving real-world problems [2]. - Competitions such as technical contests and skill competitions are conducted to assess the overall quality of new employees and identify high-skilled talent [2].

Group 1: Company Overview and Product Structure - The company has a subsidiary, Qilu Keli, focused on the R&D, production, and sales of industrial and petrochemical catalysts, with a production capacity of 8,500 tons/year [1] - Qilu Keli is expanding its capacity with a new project to produce 8,000 tons/year of high-performance catalysts, including 3,000 tons/year of copper series catalysts and 5,000 tons/year of cobalt-molybdenum series catalysts [2] Group 2: Development Plans - The company is preparing its "15th Five-Year" development plan, focusing on optimizing existing resources and expanding new ones, particularly in high-end local and new regional markets [2] - Key development directions include expanding into the carbon three and carbon four industrial chains, specialized chemicals, and high-value fine chemical products [2] Group 3: Market Insights - The price of acetone surged to 8,500 RMB/ton in mid-2025 but has since stabilized, with potential for price increases as demand rises before the Christmas season [3] - The government’s anti-competition policies are expected to accelerate the exit of outdated production capacities, benefiting leading companies in the petrochemical sector [4] Group 4: Export Performance - In the first half of 2025, the company exported 315,600 tons of products, generating 212 million USD in revenue, indicating a growth trend in export activities [4] - Major export markets include East Asia, Southeast Asia, West Asia, Europe, and South America, with flexible adjustments to export volumes based on domestic and international price differences [4]

Core Insights - Qihang Tengda has successfully initiated the startup process of its propylene oxide facility after a year-long technical transformation project, achieving a successful one-time startup [1] - The technical team optimized core process flows and adjusted key parameters to reduce energy consumption while ensuring long-term efficient and stable operation of the facility [1] - The company collaborated with domestic technical partners to achieve localization of key equipment and spare parts, breaking foreign technology monopolies and significantly improving equipment reliability and self-sufficiency [1] Industry Developments - The successful implementation of domestic catalysts, solvents, and additives has greatly reduced dependence on foreign materials in the core chemical materials sector [1] - Upgrades in the selection of major consumables, such as filter cartridges, have enhanced filtration efficiency and lifespan, mitigating the risk of unplanned shutdowns [1]