Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Insights - The National Development and Reform Commission has revised the "Fixed Asset Investment Project Energy Review and Carbon Emission Evaluation Measures," which will take effect on September 1, 2025, incorporating carbon emission evaluations into the energy review system [1][13] - The basic chemical sector has shown a week-on-week increase of 2.44%, outperforming the CSI 300 index by 1.2 percentage points, ranking 11th among all sectors [4][16] - Key products such as liquid nitrogen and liquid oxygen have seen significant price increases of 10% and 9.1% respectively, while other products like liquid methionine and various PVC types have experienced price declines [2][29] Summary by Sections Key News Tracking - The revision of energy review measures includes dynamic adjustments to review authority and improved management regulations [1][13] - The domestic market for oxalic acid is experiencing strong performance due to increased demand from Myanmar and stable supply from major manufacturers [3] Product Price Monitoring - Among the 345 tracked chemical products, 51 have seen price increases, while 113 have decreased, and 181 remained stable [26] - The top five products with price increases include liquid nitrogen (+10%), liquid oxygen (+9.1%), and oxalic acid (+6.2%) [29] Sector Performance - The basic chemical sector's PB ratio is 2.21, while the overall A-share market's PB is 1.59, indicating a higher valuation for the sector [24] - The PE ratio for the basic chemical sector stands at 26.71, compared to 16.32 for the overall A-share market [24] Focused Sub-industry Insights - The report highlights potential investment opportunities in sub-industries such as MDI, amino acids, and pesticides, with specific companies recommended for investment [5] - The report emphasizes the importance of supply-demand dynamics and the potential for recovery in certain sub-industries like organic silicon and spandex [5]

天眼查商业履历信息显示，中节能万润股份有限公司，成立于1995年，位于烟台市，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92295.9225万人民币，实缴资本10143.424万人民币。 公司法定代表人为霍中和。 通过天眼查大数据分析，中节能万润股份有限公司共对外投资了9家企业，参与招投标项目656次，知识 产权方面有商标信息64条，专利信息529条，此外企业还拥有行政许可102个。 来源：金融界 金融界消息 截至2025年8月12日收盘，万润股份（002643）报收于12.6元，下跌0.63%，换手率1.45%， 成交量13.16万手，成交金额1.66亿元。 资金流向方面，今日主力资金净流出1980.59万元，占比成交额11.93%。其中，超大单净流出826.06万 元、占成交额4.98%，大单净流出1154.53万元、占成交额6.95%，中单净流出流入967.77万元、占成交 额5.83%，小单净流入1012.82万元、占成交额6.1%。 万润股份最新一期业绩显示，截至2025一季报，公司营业总收入8.61亿元、同比减少8.17%，归属净利 润7987.45万元，同比减少18.76%， ...

Group 1 - The company has successfully achieved pilot production sales of PEEK materials and has multiple downstream partners [2] - The company also produces PEI materials, which have performance characteristics comparable to PEEK, and has achieved mass production [2] - There is a suggestion for the company to enhance its marketing efforts to increase market awareness of its products while focusing on production and quality [2] Group 2 - The company is actively promoting its PEEK products in the market and is currently validating them with several downstream customers [2]

（编辑 任世碧） 证券日报网讯 8月11日晚间，万润股份发布公告称，公司因2021年限制性股票激励计划第三个解除限售 期公司层面业绩考核目标未达成，解除限售条件未成就，根据《2021年限制性股票激励计划》有关规 定，于2025年4月23日召开第六届董事会第十一次会议、于2025年5月21日召开2024年度股东大会，审议 通过了《万润股份：关于2021年限制性股票激励计划第三个解除限售期解除限售条件未成就暨调整回购 价格并回购注销限制性股票的议案》《万润股份：关于减少公司注册资本并修订的议案》，回购注销 2021年限制性股票激励计划594名激励对象所持有的已获授但尚未解除限售的限制性股票共计7，009， 780股。截至本公告披露日，公司已完成限制性股票回购注销手续及注册资本的工商变更登记和《公司 章程》的备案手续，并取得了由烟台市行政审批服务局核准换发的《营业执照》。 ...

中节能万润股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 中节能万润股份有限公司（以下简称"公司"或"万润股份"）因 2021 年 限制性股票激励计划第三个解除限售期公司层面业绩考核目标未达成，解除限售 条件未成就，根据《2021 年限制性股票激励计划》有关规定，于 2025 年 4 月 23 日召开第六届董事会第十一次会议、于 2025 年 5 月 21 日召开 2024 年度股东大 会，审议通过了《万润股份：关于 2021 年限制性股票激励计划第三个解除限售 期解除限售条件未成就暨调整回购价格并回购注销限制性股票的议案》《万润股 份：关于减少公司注册资本并修订<公司章程>的议案》，回购注销 2021 年限制 性股票激励计划594名激励对象所持有的已获授但尚未解除限售的限制性股票共计 7,009,780 股。具体情况详见公司于 2025 年 4 月 25 日及 2025 年 5 月 22 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的相关公告。本次回购注销完成后，公司 总股本 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Core Viewpoint - The company has completed the repurchase and cancellation of 7,009,780 restricted stocks from 594 incentive targets as part of its 2021 incentive plan, which represents 0.7538% of the total share capital before the repurchase [2][24]. Group 1: Repurchase Details - The repurchase price was set at 8.83 CNY per share, resulting in a total repurchase amount of 61,896,357.40 CNY [2][27]. - Following the completion of the repurchase, the company's total share capital decreased from 929,969,005 shares to 922,959,225 shares [2][28]. Group 2: Incentive Plan Background - The 2021 restricted stock incentive plan was implemented to enhance employee motivation and align their interests with the company's performance [3]. - A total of 21,202,000 shares were granted to 610 incentive targets at a price of 9.78 CNY per share, with the shares listed on November 4, 2021 [3][9]. Group 3: Performance Assessment - The repurchase was triggered by the failure to meet the performance assessment targets set for the third release period of the incentive plan [22][24]. - The company’s performance assessment results did not meet the required targets, leading to the inability to lift the restrictions on the shares for the incentive targets [24]. Group 4: Shareholder Impact - The repurchase resulted in a passive increase in the shareholding percentage of the controlling shareholder, China Energy Conservation and Environmental Protection Group, from 24.9984% to 25.1883% [30]. - This change in shareholding was due to the reduction in total share capital and did not affect the number of shares held by the controlling shareholder [30]. Group 5: Compliance and Documentation - The repurchase and cancellation of shares comply with relevant regulations and will not materially impact the company's financial status or operational results [29]. - The company has completed all necessary legal and regulatory filings related to the repurchase [28].

Core Viewpoint - The company completed the repurchase and cancellation of 7,009,780 restricted stocks from 594 incentive recipients under the 2021 restricted stock incentive plan, resulting in a decrease in total share capital from 929,969,005 shares to 922,959,225 shares [1][23]. Summary by Sections 1. Repurchase and Cancellation Details - The repurchase price was set at 8.83 yuan per share, totaling approximately 61.90 million yuan [1][21]. - The repurchased shares accounted for 0.7538% of the company's total share capital prior to the repurchase [1][22]. 2. Background of the Incentive Plan - The 2021 restricted stock incentive plan aimed to enhance employee motivation and align their interests with the company's growth [1]. - The plan was approved by the board and received necessary regulatory approvals, including from the State-owned Assets Supervision and Administration Commission [1][3][4]. 3. Performance Assessment and Conditions - The performance targets for the third unlock period were not met, leading to the cancellation of the restricted stocks [1][19]. - The company's revenue compound growth rate was 6.07%, below the required 12% [1][19]. 4. Impact on Shareholding Structure - Following the repurchase, the controlling shareholder's stake increased from 24.9984% to 25.1883%, crossing a 5% threshold due to the reduction in total share capital [1][24]. - The number of shares held by the controlling shareholder remained unchanged, but the percentage increased due to the overall reduction in shares [1][24]. 5. Compliance and Future Implications - The repurchase and cancellation of shares comply with relevant regulations and will not materially affect the company's financial status or operational results [1][25]. - The management team will continue to fulfill their responsibilities and strive to create value for shareholders [1][25].

中节能万润股份有限公司 关于 2021 年限制性股票激励计划限制性股票回购注销完成暨 控股股东持股比例被动增加跨越 5%整数倍的公告 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。 特别提示： 1、中节能万润股份有限公司（以下简称"公司"或"万润股份"）本次回 购注销 2021 年限制性股票激励计划（以下简称"本次激励计划"）的 594 名激 励对象所持有的已获授但尚未解除限售的限制性股票共计 7,009,780 股，占回购 注销前公司总股本 929,969,005 股的 0.7538%，回购价格为 8.83 元/股，回购金 额共计人民币 61,896,357.40 元。 证券代码：002643 证券简称：万润股份 公告编号：2025-051 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司完成上述限制性股票回购注销事宜。本次回购注销完成后，公司总股本由 929,969,005 股变更为 922,959,225 股。 一、2021 年限制性股票激励计划已履行的相关审批程序和信息披露情况 为完善公司激励机制，进一步提高员工的积极性、创造性， ...