Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Viewpoints - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil prices have shown a slight increase, with WTI crude oil priced at $64.58 per barrel and Brent crude at $66.47 per barrel as of June 6, 2025, indicating a positive outlook for companies with high dividend yields [6][17]. - The report suggests that the chemical industry is currently experiencing mixed performance across different sub-sectors, with some areas like the tire industry showing better-than-expected results [20]. Summary by Sections Chemical Industry Investment Suggestions - The report highlights significant price increases in products such as natural gas (up 14.76%) and hydrochloric acid (up 9.39%), while products like adipic acid and coal tar have seen notable declines [17][18]. - It recommends focusing on sectors that can benefit from import substitution, such as lubricating oil additives and special coatings, as well as companies involved in chemical fertilizers and coal chemical industries [8][20]. Price Movements - The report details the fluctuations in chemical product prices, noting that while some products have rebounded, others continue to decline, reflecting the overall weak performance of the industry [20][28]. - It mentions that the overall market sentiment remains cautious due to high supply pressures and weak demand, particularly in the urea and compound fertilizer markets [30][31]. Key Companies and Earnings Forecasts - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth for companies like Xinyangfeng and Senqilin, with respective PE ratios suggesting attractive valuations [10]. - It emphasizes the strong dividend yields of leading companies in the chemical sector, making them appealing investment opportunities in the current market environment [8][10].

Core Viewpoint - As of June 6, 2025, the stock price of Senqilin (002984) closed at 18.56 yuan, reflecting a slight decrease of 0.16% from the previous week, with a total market capitalization of 19.218 billion yuan [1] Company Announcements - Senqilin has adjusted its foreign exchange hedging business limit for 2025 to 6.5 billion yuan or equivalent foreign currency, with a maximum trading margin and premium of 500 million yuan or equivalent foreign currency [1] - The adjustment aims to lock in costs, effectively mitigate foreign exchange risks, and prevent adverse impacts from significant exchange rate fluctuations on the company's operations [1] - The company will only engage in foreign exchange business with legally qualified banks and financial institutions, implementing management systems to control risks [1] - The supervisory board believes this move will contribute to the company's stable operations, enhance the efficiency of foreign exchange fund usage, and reasonably reduce financial costs, thereby better protecting the interests of the company and all shareholders [1]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

Core Viewpoint - The company has approved an increase in its foreign exchange hedging business limit for 2025 to mitigate foreign exchange risks and stabilize costs amid a complex external environment [3][7]. Group 1: Foreign Exchange Hedging Business - The company has decided to conduct foreign exchange hedging activities for 2025, with a total scale not exceeding 650,000 million RMB or equivalent foreign currency [2][3]. - The maximum expected margin and premium to be utilized for these transactions will not exceed 50,000 million RMB or equivalent foreign currency, and these amounts can be used in a rolling manner within the approved limits [3][7]. - The decision to adjust the hedging limit is based on the company's ongoing "833plus" strategic plan and the need for effective cost management and risk mitigation due to increased international transactions [3][4]. Group 2: Risk Management and Compliance - The company will adhere to a prudent principle in its foreign exchange hedging activities, ensuring that all transactions are based on normal business operations and not for speculative purposes [4][5]. - The funding for these hedging activities will come from the company's own funds and other legally permitted sources, without involving raised funds [4]. - The company has established management systems and procedures to ensure effective risk control and compliance with relevant accounting standards [6][7]. Group 3: Approval Process - The board of directors and the supervisory board have both approved the adjustment of the foreign exchange hedging business limit for 2025, emphasizing the importance of this decision for the company's stable operation and shareholder interests [7][8].

Group 1 - The company held its fourth supervisory board meeting, with all three supervisors participating, either in person or via communication methods [1] - The supervisory board approved the proposal to adjust the foreign exchange hedging business quota for 2025, with unanimous support [1][2] - The adjustment aims to lock in costs, mitigate foreign exchange risks, and enhance the efficiency of foreign exchange fund usage, ultimately benefiting the company and its shareholders [2] Group 2 - The supervisory board's decision is based on the company's actual operational needs and is intended to safeguard against significant currency fluctuations [2] - Detailed information regarding the adjustment and its feasibility analysis can be found in the company's announcements on the official information disclosure platform [2]

证券代码：002984 证券简称：森麒麟 公告编号：2025-029 债券代码：127050 债券简称：麒麟转债 青岛森麒麟轮胎股份有限公司 关于调整2025年度开展外汇套期保值业务额度的公告 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。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召 开第四届董事会第二次会议、第四届监事会第二次会议，审议通过了《关于 2025 年度开展外汇套期保值业务的议案》，同意 2025 年度公司及子公司（包括全资子 公司、控股子公司等合并报表范围内的子公司，以下合称"子公司"）开展外汇 套期保值业务，上述业务规模合计不超过 500,000 万元人民币或等值外币，预计 动用的交易保证金和权利金上限不超过 50,000 万元人民币或等值外币，在上述 额度内可循环滚动使用，并提请董事会授权公司管理层在额度范围内具体实施上 述外汇套期保值业务相关事宜，授权期限自公司董事会审议通过之日起 12 个月 内有效。 具 体 内 容 详 见 公 司 于 2025 年 1 月 11 日 在 巨 潮 资 讯 网 （ww ...

青岛森麒麟轮胎股份有限公司 关于调整2025年度开展外汇套期保值业务额度 的可行性分析报告 一、调整2025年度外汇套期保值业务额度的必要性 伴随青岛森麒麟轮胎股份有限公司（以下简称"公司"）"833plus"战略规划的 深入实施，公司全球化发展步伐的进一步加快，公司跨境投资、融资、设备及原 材料采购等国际交易日益频繁。鉴于外部环境复杂多变，不确定性风险较大，现 有外汇套期保值额度已不能满足公司日常经营需要，为进一步锁定成本，有效规 避外汇风险，防范汇率大幅波动给公司及子公司（包括全资子公司、控股子公司 等合并报表范围内的子公司，以下合称"子公司"）经营带来的不利影响，提高外 汇资金使用效率，合理降低财务费用，减少汇率波动的影响，更好地维护公司及 全体股东的利益，公司拟调整2025年度开展外汇套期保值业务额度。 二、外汇套期保值业务基本情况 1、主要涉及币种及业务品种 公司及子公司拟开展的相关外汇业务仅限于从事与公司实际经营业务所使用 的主要结算货币相同的币种，包括美元、欧元、人民币、泰铢、日元、迪拉姆等。 公司及子公司拟开展的外汇业务的具体方式或产品主要包括并不限于远期结售汇、 外汇掉期、外汇期权、利率互换 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 一、监事会会议召开情况 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第四届监事会第四次会议于 2025年6月3日在青岛公司会议室以现场结合通讯的方式召开，会议通知已于2025年5月 28日以通讯及直接送达方式通知全体监事。 本次会议应参加表决监事3名，实际参加表决监事3名。其中，现场参加监事1名， 监事刘炳宝先生、纪晓龙先生因工作原因，以通讯方式参加。会议由监事会主席刘炳宝 先生主持，会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、规范 性文件及《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于调整2025年度开展外汇套期保值业务额度的议案》 表决结果：赞成票3票，反对票0票，弃权票0票。 经审核，监事会认为：公司调整2025年度开展外汇套期保值业务额度是从满足公司 实际经营角度出发，以进一步锁定成本、防范和规避外汇风险为目的，有利于公司稳健 经营，防范汇率大幅波 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 本次会议应参加表决董事9名，实际参加表决董事9名。其中，现场参加董事5名， 董事王宇先生，独立董事李鑫先生、丁乃秀女士、谢东明先生因工作原因，以通讯方式 参加。会议由董事长秦龙先生主持，公司部分监事和高级管理人员列席了本次会议。会 议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件及《公 司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于调整2025年度开展外汇套期保值业务额度的议案》 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第四届董事会第四次会议于 2025年6月3日在青岛公司会议室以现场结合通讯的方式召开，会议通知已于2025年5月 28日以通讯及直接送达方式发出。 度开展外汇套期保值业务额度的公告》（ ...

Data Summary - In the week of May 19-25, 2025, passenger car sales reached 399,000 units, up 12.1% year-on-year and 2.6% month-on-month; new energy vehicle sales were 222,000 units, up 20.4% year-on-year and 2.0% month-on-month; new energy penetration rate was 55.4%, down 0.4% month-on-month [1][48]. Market Performance - The automotive sector underperformed the market in the week of May 26-30, 2025, with a decline of 2.90%, ranking 30th among sub-industries, compared to the CSI 300's decline of 1.49%. Among sub-sectors, automotive services rose by 2.13%, while passenger cars fell by 5.59% [2][45]. Investment Recommendations - The core investment focus includes companies such as Geely Auto, BYD, Xpeng Motors, and Xiaomi Group, with a recommendation to pay attention to Berteli and Top Group [3][23]. Autonomous Delivery Demand - Strong demand for autonomous delivery is driven by labor shortages and cost pressures, with the express delivery business volume growing at a CAGR of 22.5% over five years, while the number of couriers only grew at 1.4%. The last mile of delivery accounts for 60% of logistics costs, and automation can significantly reduce these costs [4][21]. Supply Chain Developments - The cost revolution in core components is driven by technological scaling, with the average price of lidar dropping from 22,500 to 2,600 yuan, and the price of autonomous delivery vehicles decreasing from around 500,000 to 20,000 yuan [12][21]. Policy Support - The opening of road rights is expected to accelerate the deployment of low-speed autonomous vehicles, with pilot programs set to deploy at least 200 vehicles in various cities by 2025 [18][19]. Robotics Industry Acceleration - The robotics industry is witnessing rapid advancements, with companies like ZhiYuan Robotics and Figure making significant progress in humanoid robots. The integration of AI and advanced manufacturing technologies is expected to reshape production and lifestyle [5][27]. Motorcycle Market Insights - The motorcycle market is experiencing growth, with sales of 250cc and above motorcycles reaching 93,000 units in April 2025, up 28.0% year-on-year. The leading company, Chunfeng Power, holds a market share of 24.1% [35][36]. Heavy Truck Market - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, with sales in April 2025 reaching 87,700 units, up 6.5% year-on-year. The new subsidy policy is anticipated to stimulate demand significantly [38][39]. Tire Industry Outlook - The tire industry is benefiting from high demand and low valuations, with a focus on leading companies and high-growth potential firms. The global expansion of tire manufacturers is expected to enhance competitiveness [41][42].