Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Core Viewpoint - The company's stock price fluctuations are influenced by multiple factors including global macro environment, market conditions, and investor preferences [1] Group 1: Company Actions - The company has implemented share buyback and cancellation plans for two consecutive years, and has increased the frequency of dividend distributions to enhance investor returns [1] - The company places high importance on the rights of all investors and will consider investor suggestions in its future planning [1] Group 2: Communication and Transparency - The company's board of directors will timely announce any relevant plans after considering investor suggestions and following necessary procedures [1]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-053 | | --- | --- | --- | | 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 关于归还暂时补充流动资金的闲置募集资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 截至2025年10月16日，公司已将上述授权范围内实际使用的50,000万元人民 币的用于暂时补充流动资金的部分闲置募集资金全部归还至募集资金专户，此次 募集资金的使用期限未超过12个月。上述募集资金的归还情况已通知保荐机构及 保荐代表人。 特此公告。 青岛森麒麟轮胎股份有限公司董事会 2025年10月17日 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2024年10月18日召开 第三届董事会第三十一次会议、第三届监事会第二十四次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募 集资金投资计划正常进行和募集资金安全的情况下，使用额度不超过100,000万 元人民币的2023年向特定对象发行股票部分闲置募集资金暂 ...

Core Insights - The company, Senqilin (森麒麟), is addressing investor concerns regarding its performance in Q3 2025, particularly in relation to the expected ramp-up of production at its Morocco factory [2]. Group 1 - The company has indicated that its Q3 2025 report will be released on October 31, 2025, and investors are encouraged to monitor the operational updates closely [2].

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-052 | | --- | --- | --- | | 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2025年第三季度可转换公司债券转股情况的公告 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： | 证券代码：002984 | | | 证券简称：森麒麟 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127050 | | | | 债券简称：麒麟转债 | | | | | | 转股价格：人民币 | 19.66 | 元/股 | | | | | | | | 转股期限：2022 | | 日至 | | | | | | | | 年 | | | | | | | | | | | 5 月 | | | | | | | | | | 17 | | | | | | | | | | | | 2027 | | | | | | | | | | | 年 | | | | ...

Core Viewpoint - The company aims to become a global leader in high-end electric vehicle tires, leveraging its product advantages in the electric vehicle sector [1] Group 1: Product Performance - The company has developed ultra-high-performance tires specifically for electric vehicles, excelling in NVH (Noise, Vibration, Harshness), dry and wet braking, and handling [1] - The rolling resistance of the tires has surpassed 0.5%, providing unique advantages in terms of energy efficiency and driving range [1] Group 2: Market Positioning - The company is continuously obtaining qualifications as a qualified supplier for globally renowned OEMs, including Volkswagen Group, Audi, Renault, Stellantis, GAC Toyota, Guangzhou Automobile, Great Wall Motors, Geely, BAIC, and Chery [1] - The company is enhancing its supply capabilities for electric vehicle components to leading global automakers, with expectations for a steady increase in the share of related automakers and models in the future [1]

Core Viewpoint - The company is developing a digital sales platform to enhance its market presence and optimize its sales network in the domestic market [1] Group 1 - The "Kirin Cloud Store" is a self-developed automotive aftermarket supply chain platform that breaks traditional tire sales systems, currently targeting dealers and retailers [1] - The company is actively planning to establish a digital sales platform directly aimed at consumers [1] - The company is implementing multiple strategies to accelerate its domestic market expansion efforts [1]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Group 1 - The company is actively advancing its Morocco project, expecting significant production increases in Q3 and Q4 of 2025 [2] - The company has not disclosed the production and sales figures for the Morocco factory in the Q2 report, and investors are inquiring about these details [2] - The U.S. imposes a 25% tariff on key automotive components, including imported passenger cars and light truck tires, while Morocco benefits from a zero-tariff export agreement with the EU [2] Group 2 - The company will continue to closely monitor policy developments to leverage its global production capacity in response to potential impacts [2]