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]

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 700,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1][2]. Salary Overview - The total salary for secretaries in the chemical raw materials industry amounted to 31.8141 million yuan, with an average annual salary of 691,600 yuan [1]. - The highest-paid secretary in the industry is Shen Xiaowei from Satellite Chemical, earning 1.9392 million yuan, approximately 2.8 times the industry average [2]. - The lowest-paid secretary is Zheng Xiong from Sanxiang New Materials, with an annual salary of 232,900 yuan, about one-third of the industry average [2]. Educational Background - In the chemical raw materials industry, 47.83% of secretaries hold a bachelor's degree, 39.13% have a master's degree, and 13.04% possess an associate degree or lower [1]. Age Distribution - Most secretaries in the chemical raw materials industry are over 40 years old, with the youngest being Zhong Yi from Huayun Titanium, born in 1994, who became a secretary in October 2023 at the age of 29 [1]. Employment Duration - The longest-serving secretary is Ji Yuhua from Boyuan Chemical, who has held the position since April 2009, totaling 16 years by March 2025 [1]. Salary Changes - Ji Yuhua's salary in 2024 was 1.066 million yuan, reflecting a year-on-year increase of 13.46% [1]. - The secretary with the highest salary increase is Cha Xianbin from Anada, whose salary rose by 108.96% to 554,800 yuan [2]. - The secretary with the largest salary decrease is Li Jiaolong from Shilong Industrial, whose salary fell by 49.78% to 660,800 yuan [2]. Regulatory Issues - In 2024, four secretaries in the chemical raw materials industry faced penalties related to administrative regulatory measures [2].

Group 1 - The China Chemical Industry Theme Index (000813) has shown a slight increase of 0.17% as of August 6, 2025, with notable gains from constituent stocks such as Huafeng Chemical (002064) up 2.84% and Jinhai Technology (600143) up 2.81% [1] - The chemical ETF (159870) is currently priced at 0.61 yuan, with a significant net subscription of 66 million units, marking 13 consecutive days of net subscriptions [1] - Domestic policies are frequently emphasizing supply-side requirements, while rising raw material costs and capacity exits in Europe and the US are impacting overseas chemical companies [1] Group 2 - The top ten weighted stocks in the China Chemical Industry Theme Index (000813) account for 43.54% of the index, including companies like Wanhua Chemical (600309) and Yilong Co. (000792) [2] - The index is designed to reflect the overall performance of listed companies in the chemical sector by selecting larger and more liquid securities from various sub-industries [1][2]

天眼查商业履历信息显示，卫星化学股份有限公司，成立于2005年，位于嘉兴市，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336864.569万人民币，实缴资本336864.569万人民币。 公司法定代表人为杨卫东。 通过天眼查大数据分析，卫星化学股份有限公司共对外投资了13家企业，参与招投标项目217次，知识 产权方面有商标信息33条，专利信息147条，此外企业还拥有行政许可47个。 来源：金融界 金融界消息 截至2025年8月5日收盘，卫星化学（002648）报收于18.95元，上涨0.11%，换手率1.1%， 成交量37.00万手，成交金额7.03亿元。 资金流向方面，今日主力资金净流出2664.46万元，占比成交额3.79%。其中，超大单净流出2272.43万 元、占成交额3.23%，大单净流出392.03万元、占成交额0.56%，中单净流出流入3346.67万元、占成交 额4.76%，小单净流出682.21万元、占成交额0.97%。 卫星化学最新一期业绩显示，截至2025一季报，公司营业总收入123.29亿元、同比增长40.03%，归属净 利润15.68亿元，同比增长53.38%，扣 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industries**: Rental, Express Delivery, Aviation, Chemical, Cobalt, Coal - **Companies**: China Shipbuilding Leasing, Bank of China Aviation Leasing, Jitu, Shentong, Zhongtong, Yunda, SF Express, Huaxia Airlines, China Shenhua, Huayi Chemical, Wanhua, Hualu, Yangnong, Satellite Chemical, New Chemical, Huayou Cobalt, Likin, Shengtun, Jiayou International Core Points and Arguments 1. **U.S. Labor Market Impact**: The U.S. labor market data has raised expectations for a 25 basis point rate cut in September, increasing the likelihood to 75%, which is favorable for leasing companies like China Shipbuilding Leasing and Bank of China Aviation Leasing [1][2] 2. **Express Delivery Industry**: The political bureau meeting focused on capacity governance rather than production governance, which is expected to accelerate the anti-involution in the express delivery industry. Price increases are anticipated in regions like Yiwu and Guangdong, with recommended companies including Jitu, Shentong, Zhongtong, Yunda, SF Express [1][4] 3. **Aviation Industry Challenges**: Despite efforts to combat market involution, the aviation industry faces skepticism regarding joint price increases due to high transparency of data. Recommended stocks include Huaxia Airlines and major A-share airlines [1][5] 4. **Chemical Industry Trends**: The chemical sector is experiencing a bottoming out, with PPI showing continuous negative growth. However, prices for certain chemicals like epoxy chloropropane and lithium carbonate are rising due to downstream replenishment [1][8][10] 5. **Cobalt Market Tightness**: The cobalt market is experiencing supply tightness, with prices expected to average 250,000 yuan/ton this year. Companies like Huayou Cobalt and Likin are recommended for investment [1][19][20] 6. **Coal Industry Developments**: China Shenhua's acquisition of National Energy Group assets is expected to enhance its strength and positively impact the coal sector. Current coal prices remain strong despite recent declines in stock performance [1][22][23] Other Important but Possibly Overlooked Content 1. **Chemical Industry Profitability**: The chemical industry saw a revenue growth of 1.4% in June 2025, but profit growth was negative at -9%, indicating a widening profit decline despite revenue increases [1][12] 2. **Market Sentiment in Chemical Sector**: The increase in Penghua Chemical ETF shares by 1.1 billion yuan indicates a growing market interest in the chemical sector, despite it being at a relative bottom compared to other cyclical sectors [1][13] 3. **Potential for Price Stabilization**: The possibility of production limits in the chemical sector could help stabilize prices, as seen in past successful interventions [1][16] 4. **Investment Opportunities in New Materials**: Companies like Dongcai Technology and Xinzhou Bang are highlighted as key players in the new materials sector, particularly in the high-performance resin supply chain [1][17] 5. **Gold and Silver Market Dynamics**: Recent trends show that while industrial metals have risen, precious metals like gold have not seen similar increases, suggesting potential investment opportunities in gold stocks [1][18]

Core Insights - The report highlights a selection of stocks for August, including companies such as SF Holding (顺丰控股) and Heng Rui Pharmaceutical (恒瑞医药) as key investment opportunities [1] - The macroeconomic analysis indicates that low inflation in China is primarily influenced by domestic demand, overseas input factors, and "involution competition," which affects industrial profitability and household income expectations [2][5] Market Indices - The Shanghai Composite Index closed at 3583.31, reflecting a 0.66% increase, while the Shenzhen Component Index rose by 0.46% to 11041.56 [3] - The CSI 300 Index increased by 0.39% to 4070.70, indicating a positive trend in the broader market [3] Industry Performance - The defense and military industry showed a strong performance with a 3.06% increase, while retail and oil sectors experienced declines of 0.46% and 0.36%, respectively [4] - The machinery and equipment sector also performed well with a 1.93% increase, indicating a positive outlook for these industries [4] Macroeconomic Analysis - In the first half of 2025, China's total retail sales of consumer goods grew by 5.0% year-on-year, maintaining the same growth rate as the previous months [5] - The report notes a significant correlation between the price trends of production materials and consumer prices, suggesting that weak production material prices are a key factor in the current lack of consumer price growth [5][6] Fixed Income Insights - The report discusses the potential for the Federal Reserve to adopt a more open stance on interest rate cuts due to lower-than-expected non-farm employment data and a slowdown in nominal consumption growth [8][10] - The analysis indicates that the U.S. economy is experiencing a cooling effect from restrictive policies, which may lead to an earlier-than-expected interest rate cut by the Federal Reserve [9][10]

中银证券近日发布化工行业周报：本周（07.28-08.03）均价跟踪的100个化工品种中， 共有39个品种价格上涨，31个品种价格下跌，30个品种价格稳定。跟踪的产品中33%的产品 月均价环比上涨，60%的产品月均价环比下跌，另外7%产品价格持平。本周（07.28-08.03） 国际油价小幅上涨，WTI原油期货价格收于67.30美元/桶，收盘价周涨幅3.33%；布伦特原油 期货价格收于69.67美元/桶，收盘价周涨幅1.80%。 以下为研究报告摘要： 行业动态 本周（07.28-08.03）均价跟踪的100个化工品种中，共有39个品种价格上涨，31个品种 价格下跌，30个品种价格稳定。跟踪的产品中33%的产品月均价环比上涨，60%的产品月均 价环比下跌，另外7%产品价格持平。周均价涨幅居前的品种分别是环氧氯丙烷（华东）、 液氨（河北新化）、轻质纯碱（华东）、软泡聚醚（华东散水）、石脑油（新加坡）；周均 价跌幅居前的品种分别是NYMEX天然气、天然橡胶（上海）、DMF（华东）、醋酸乙烯 （华东）、顺丁橡胶（华东）。 本周（07.28-08.03）国际油价小幅上涨，WTI原油期货价格收于67.30美元/桶，收盘价 ...

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - The report highlights the impact of rising international oil prices on the prices of epoxy propane and pure MDI, suggesting a focus on mid-year report trends, the influence of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials companies [1][8] - It recommends a long-term investment strategy centered on the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the recovery of demand supported by policy [1][8] Industry Dynamics - As of August 3, the TTM price-to-earnings ratio for the SW basic chemical sector is 24.08, at the 78.12 percentile historically, while the price-to-book ratio is 2.04, at the 40.81 percentile historically [1][8] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 11.00, at the 17.99 percentile historically, and a price-to-book ratio of 1.15, at the 20.31 percentile historically [1][8] - The report notes significant impacts from tariff policies and fluctuations in oil prices on the industry this year [1][8] Investment Recommendations - The report suggests focusing on companies with stable dividend policies in the energy sector, as well as those in the electronic materials sector that are increasingly important for self-sufficiency [1][8] - It identifies key investment themes, including the high profitability of the oil and gas extraction sector, the growth potential in new materials, and the resilience of leading companies in the face of policy-driven demand recovery [1][8] Price Changes and Market Trends - In the week of July 28 to August 3, 39 out of 100 tracked chemical products saw price increases, while 31 experienced declines, and 30 remained stable [7][32] - The average price of epoxy propane increased by 7.47% to 7,925 CNY/ton, while pure MDI rose by 4.76% to 17,600 CNY/ton [2][32] - The report notes that the average price of lithium carbonate for battery-grade increased by 15.68% compared to July 1, reaching 71,333.33 CNY/ton [32]

（编辑 任世碧） 证券日报网讯 8月4日晚间，卫星化学发布公告称，截至2025年7月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购公司股份12，078，379股，占公司目前总股本的0.3586%。 ...

2024年1至12月份，卫星化学的营业收入构成为：化学品生产行业占比92.11%，其他业务占比7.89%。 （文章来源：每日经济新闻） 卫星化学（SZ 002648，收盘价：18.93元）8月4日晚间发布公告称，截至2025年7月31日，公司通过回 购专用证券账户以集中竞价交易方式回购公司股份约1208万股，占公司目前总股本的0.3586%，最高成 交价为人民币18.9元/股，最低成交价为人民币17.1元/股，成交总金额为人民币约2.18亿元。 ...