Summary of Key Points Core Viewpoint - On November 12, a total of 46 stocks were involved with institutional investors, with 17 stocks showing net buying and 29 stocks showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Aerospace Intelligent Equipment: Net buying amount of 175 million CNY, with a price increase of 16.57% [1][2] - Huayu Mining: Net buying amount of 96.63 million CNY, with a price increase of 8.65% [1][2] - Jianfa Zhixin: Net buying amount of 81.76 million CNY, with a price increase of 14.64% [1][2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - *ST Songfa: Net selling amount of 142.24 million CNY [1][3] - Yunhan Xincheng: Net selling amount of 12.7 million CNY [1][3] - Zhongsheng Pharmaceutical: Net selling amount of 9.902 million CNY [1][3]

Core Points - Changhua Chemical (301518) reported a closing price of 42.1 yuan on November 12, 2025, down 3.9% from the previous trading day, with a total market capitalization of 5.902 billion yuan [1] - The stock experienced significant volatility, with a cumulative price deviation of over 30% during three consecutive trading days (November 7, 10, and 11) [1] - The company confirmed that there were no major undisclosed information and that its operational status remains normal [1] - The company is planning to issue shares to specific investors through a simplified procedure, pending approval from the Shenzhen Stock Exchange and registration with the CSRC, which introduces uncertainty [1] Summary by Category Stock Performance - The stock opened at 44.0 yuan, reached a high of 47.6 yuan, and a low of 40.24 yuan on November 12, 2025, with a trading volume of 7.1 billion yuan and a turnover rate of 31.02% [1] Company Announcements - The company issued an announcement regarding the abnormal fluctuations in stock trading, confirming that prior disclosures were accurate and that the controlling shareholder did not engage in stock trading during the volatility period [1][2] - The designated media for information disclosure includes China Securities Journal, Shanghai Securities Journal, Securities Times, Securities Daily, and Giant Tide Information Network [1]

New Stock Issuance - The stock code 300277 (Hai Lian Xun) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 688353 (Hua Sheng Lithium) reported severe abnormal fluctuations on November 11, 2025[1] - Stock code 603122 (He Fu China) has an announcement dated November 8, 2025[1] Trading Alerts - Stock code 601888 (China Zhong Mian) has an announcement dated November 12, 2025[1] - Stock code 600537 (Yi Jing Guang Dian) has an announcement dated November 12, 2025[1] - Stock code 688028 (Wo Er De) has an announcement dated November 12, 2025[1] Abnormal Fluctuations - Stock code 600815 (Xia Gong Co.) reported abnormal fluctuations on November 6, 2025[2] - Stock code 603557 (ST Qi Bu) reported abnormal fluctuations on November 7, 2025[3] - Stock code 002478 (Chang Bao Co.) reported abnormal fluctuations on November 7, 2025[3]

Group 1 - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, which will prevent sanctions on companies with over 50% ownership by entities on the U.S. export control list during the specified period [1] - The Chinese government expressed willingness to engage in dialogue with the U.S. to manage differences and promote mutual cooperation between enterprises [1] Group 2 - The People's Bank of China emphasized the need for a balanced approach in monetary policy, focusing on both short-term and long-term goals, while enhancing macroeconomic governance effectiveness [2] - The National Development and Reform Commission highlighted the importance of integrating innovation and industry, particularly in the context of the 14th Five-Year Plan [2] Group 3 - The Ministry of Industry and Information Technology announced plans to establish a systematic layout for pilot testing platforms in key industries, including AI, quantum technology, and clean energy [3] - The Ministry of Commerce is set to implement detailed measures to boost consumption and expand trade and investment cooperation [5] Group 4 - The China Association of Automobile Manufacturers reported that from January to October, the production and sales of new energy vehicles (NEVs) saw significant growth, with NEV sales surpassing 50% of total vehicle sales in October [7] - NEV exports reached 2.014 million units from January to October, marking a 90.4% year-on-year increase [7] Group 5 - The China Securities Index Company announced the launch of the China Securities New Exchange Asia Select 100 Index and the Asia Select 100 Dividend Focus Index, aimed at providing investment benchmarks for major Asian markets [8] Group 6 - Investment firms are focusing on the recovery of the domestic market driven by policy support, particularly in the medical equipment sector, which is expected to see a performance turnaround [9] - Companies like Moen Electric and Furi Shares reported no significant changes in their operating environments, while others are planning stock buybacks and fundraising initiatives [10]

Core Viewpoint - Changhua Chemical (301518) announced on November 11 that its current operating conditions are normal, and there have been no significant changes in the internal and external operating environment [1] Group 1 - The company, its controlling shareholder, and actual controller have no undisclosed significant matters or major issues under planning related to the company [1]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：301518 证券简称： 长华化学 公告编号：2025-089 长华化学科技股份有限公司 关于股票交易异常波动的公告 5、公司控股股东、实际控制人在公司股票交易异常波动期间不存在买卖公 司股票的情形。 6、公司不存在违反公平信息披露规定的其他情形。 三、其他说明 一、股票交易异常波动情况 长华化学科技股份有限公司（以下简称"公司"）股票于2025 年 11 月 7 日、 11 月 10 日、11 月 11 日连续三个交易日收盘价格涨幅偏离值累计达到 30%以上，根 据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司董事会就相关事项进行了自查，并向公司 控股股东、实际控制人就相关问题进行了核实： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前经营情况正常，内外部经营环境未发生重大变化。 4、公司、控股股东和实际控制人不存 ...

Market Overview - The chemical products sector rose by 0.19% on November 11, with Changhua Chemical leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Performers - Changdai Chemical (301518) closed at 43.81, up 19.99% with a trading volume of 113,900 shares and a turnover of 433 million yuan [1] - Liansheng Chemical (301212) closed at 34.84, up 13.49% with a trading volume of 86,900 shares and a turnover of 278 million yuan [1] - United Chemical (301209) closed at 101.66, up 10.74% with a trading volume of 40,100 shares and a turnover of 392 million yuan [1] - Yongtai Technology (002326) closed at 25.04, up 10.02% with a trading volume of 1,255,400 shares and a turnover of 2.998 billion yuan [1] - Jinghua New Materials (603683) closed at 30.58, up 10.00% with a trading volume of 130,600 shares and a turnover of 387 million yuan [1] Underperformers - Jinhua New Materials (920015) closed at 58.40, down 8.55% with a trading volume of 74,700 shares and a turnover of 448 million yuan [2] - Runmo Materials (300727) closed at 39.75, down 5.13% with a trading volume of 86,200 shares and a turnover of 344 million yuan [2] - Sanmei Co., Ltd. (603379) closed at 54.28, down 4.77% with a trading volume of 142,400 shares and a turnover of 778 million yuan [2] Capital Flow - The chemical products sector experienced a net outflow of 585 million yuan from institutional investors and 480 million yuan from retail investors, while individual investors saw a net inflow of 1.065 billion yuan [2] - Notable net inflows from individual investors were observed in Yongtai Technology (2.28 billion yuan) and other companies [3]

Core Insights - Changhua Chemical's stock price increased by 5.15% on November 11, reaching 38.39 CNY per share, with a trading volume of 294 million CNY and a turnover rate of 15.04%, resulting in a total market capitalization of 5.381 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 8.34% during this period [1] Company Overview - Changhua Chemical Technology Co., Ltd. is located at No. 20 Beijing Road, Jiangsu Yangtze River International Chemical Park. The company was established on October 26, 2010, and went public on August 3, 2023. Its main business involves the research, production, and sales of polyether products [1] - The revenue composition of Changhua Chemical is as follows: POP accounts for 65.34%, soft foam PPG for 26.68%, CASE polyether and specialty polyether for 6.80%, and other (supplementary) products for 1.18% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Changhua Chemical. The Penghua Honghe Mixed A Fund (001325) held 99,500 shares in the third quarter, representing 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 187,100 CNY, with a total floating profit of 279,600 CNY over the three-day increase [2] - The Penghua Honghe Mixed A Fund (001325) was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 54.6%, ranking 737 out of 8147 in its category; the one-year return is 37.83%, ranking 1358 out of 8056; and since inception, the return is 90.08% [2] Fund Manager Profile - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng. As of the report date, Liu has a cumulative tenure of 10 years and 248 days, with total fund assets of 811 million CNY. The best fund return during his tenure is 128.22%, while the worst return is -1.2% [3]

Group 1 - Changhua Chemical's stock increased by 5.21%, reaching 35.54 CNY per share, with a trading volume of 86.99 million CNY and a turnover rate of 4.69%, resulting in a total market capitalization of 4.982 billion CNY [1] - The company, established on October 26, 2010, and listed on August 3, 2023, is located in Jiangsu and specializes in the research, production, and sales of polyether products. The revenue composition is as follows: POP 65.34%, soft foam PPG 26.68%, CASE polyether and specialty polyether 6.80%, and others 1.18% [1] Group 2 - According to data from the top ten holdings of funds, Penghua Fund has one fund heavily invested in Changhua Chemical. The Penghua Honghe Mixed A fund (001325) held 99,500 shares in the third quarter, accounting for 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 175,100 CNY [2] - The Penghua Honghe Mixed A fund was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 56.21%, ranking 748 out of 8148 in its category; the one-year return is 42.16%, ranking 1254 out of 8053; and since inception, the return is 92.06% [2] Group 3 - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng, who has a cumulative tenure of 10 years and 244 days. The current total asset size of the fund is 811 million CNY, with the best fund return during his tenure being 128.22% and the worst being -1.2% [3]

Core Viewpoint - Changhua Chemical (301518.SZ) has completed its share repurchase plan, acquiring a total of 1,039,718 shares, which represents 0.74% of the company's total share capital, with a total expenditure of approximately 18.21 million yuan [1] Summary by Sections Share Repurchase Details - The company repurchased shares through a centralized bidding transaction method, with the highest transaction price at 18.69 yuan per share and the lowest at 16.04 yuan per share [1] - The total amount spent on the repurchase was 18,208,981.10 yuan, excluding transaction fees [1] - The actual repurchase period was from December 10, 2024, to October 31, 2025 [1] Compliance and Implementation - The repurchase amount has reached the lower limit of the total funds allocated for the repurchase plan, without exceeding the upper limit [1] - The implementation of the share repurchase plan is in accordance with the company's established repurchase scheme, repurchase report, and relevant legal regulations [1]