Core Viewpoint - The company, Hangjin Technology, is actively monitoring local state-owned enterprise reform policies to seek development opportunities while maintaining good communication with its state-owned shareholders [1] Group 1: Company Strategy - The company is focused on systematically reviewing its assets and revitalizing existing assets to optimize its asset structure [1] - The company emphasizes its commitment to core business operations and sustainable development [1] Group 2: Performance Influences - The company's specific operating performance will depend on multiple factors, including market environment, industry policies, and management decisions [1]

Market Performance - The copper cable high-speed connection concept declined by 1.50%, ranking among the top losers in the concept sector [1] - Notable stocks that experienced significant declines include Ding Tong Technology, Zhongfu Circuit, and Hui Lv Ecology, while stocks that increased include Hangjin Technology, AVIC Optoelectronics, and Tongyu Communication, with respective gains of 3.15%, 1.20%, and 1.18% [1][2] Concept Sector Overview - The top-performing concept sectors today included dairy (up 4.36%), cultivated diamonds (up 3.46%), and liquor (up 3.01%), while the worst performers included the copper cable high-speed connection (down 1.50%) and wireless charging (down 1.26%) [1] - The copper cable high-speed connection sector saw a net outflow of 2.296 billion yuan, with 35 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [1][2] Fund Flow Analysis - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 588.75 million yuan, followed by Huagong Technology and Huafeng Technology with net outflows of 306.13 million yuan and 222.10 million yuan, respectively [1][2] - Conversely, the stocks with the highest net inflows included Hangjin Technology, Tongyu Communication, and Shaanxi Huada, with net inflows of 59.96 million yuan, 26.45 million yuan, and 9.28 million yuan, respectively [1][2] Individual Stock Performance - Notable stocks with significant net outflows include: - Luxshare Precision: -2.50% with a turnover rate of 2.11% and a net outflow of 586.52 million yuan - Huagong Technology: -1.86% with a turnover rate of 3.82% and a net outflow of 306.14 million yuan - Huafeng Technology: -3.81% with a turnover rate of 7.84% and a net outflow of 222.11 million yuan [2] - Stocks with positive performance include: - Hangjin Technology: +3.15% with a turnover rate of 3.68% and a net inflow of 59.96 million yuan - Tongyu Communication: +1.18% with a turnover rate of 11.86% and a net inflow of 26.45 million yuan [2]

Core Viewpoint - The stock price of Hangjin Technology has shown fluctuations, with a year-to-date increase of 13.77% and a recent decline over the past 20 days, indicating mixed market sentiment towards the company [2]. Financial Performance - For the period from January to September 2025, Hangjin Technology reported a revenue of 3.287 billion yuan, reflecting a year-on-year growth of 1.38%. However, the net profit attributable to shareholders decreased by 62.72% to 15.1891 million yuan [3]. - Cumulative cash dividends since the company's A-share listing amount to 641 million yuan, with 7.44781 million yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 5.16% to 124,100, while the average number of circulating shares per person decreased by 4.91% to 5,302 shares [3]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them, such as a new entry by Penghua Zhongzheng Segmented Chemical Industry Theme ETF [4]. Market Activity - The stock experienced a trading volume of 112 million yuan with a turnover rate of 0.79% on November 10, 2025, indicating active trading [1]. - The company has appeared on the "Dragon and Tiger List" 12 times this year, with the most recent instance showing a net buy of -54.0628 million yuan on February 25 [2].

审核：萧勇辉 从业资格号：F03091536 交易咨询号：Z0019917 期货交易咨询业务资格：证监许可【2011】1285号 华联期货PVC周报 供需延续弱势 盘面继续探底 20251109 黄桂仁 交易咨询号：Z0014527 从业资格号：F3032275 0769-22112875 周度观点及策略 周度观点 供应：上周PVC上游开工率80.75%，环比提升2.49个百分点，同比提升2.67个百分点，处在同期偏高位。主要是部分 电石法企业开工率增加。在年内新增产能不断释放背景下，供应依旧承压。 需求：上周管材开工率明显走弱，主要是北方地区部分降负荷。型材开工率暂持稳。总体终端需求逐步步进入季节 性淡季。加之宏观房地产行业仍较低迷，需求将继续承压。出口方面，受印度政策影响亦存压力，关注后期出口数 据变化。 库存：上周国内PVC社会库存（41 家）104.14万吨，环比增加1.12%，同比增加26.40%。企业库存33.46万吨，环比 降低1.0%，同比降低13.05%。据隆众，下游维持刚需采购，拿货积极性一般，出口市场放缓，在途库存陆续抵达， 导致社库增加。仓单库存维持高位。 观点：成本方面电石乙烯价格弱 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For PVC, this week's production increased slightly, with some previously shut - down plants resuming production. Next week, production is expected to increase slightly. Export orders increased slightly this week. Domestic demand is weak, and downstream procurement enthusiasm is low. The overall profit of the upstream continues to deteriorate, and the mid - stream mainly focuses on arbitrage operations. Suggested strategies include paying attention to spot - futures arbitrage opportunities, short - term bearish allocation after rebounds, and reverse arbitrage for the 1 - 5 spread [6][10]. - For caustic soda, this week's production increased slightly due to the resumption of many shut - down plants, and production is expected to remain high next week. The national inventory decreased slightly this week and is expected to increase next week. The profit of caustic soda plants with external sales of liquid chlorine has worsened, and the comprehensive profit of enterprises with supporting PVC has continued to decline. Suggested strategies include reverse arbitrage for the 1 - 5 spread [106][109][110]. 3. Summary According to Relevant Catalogs 3.1 PVC 3.1.1 Spot Market - PVC production this week was 49.21 million tons, a week - on - week increase of 1.52 million tons. The export volume remained at 5.75 million tons per week on average. The apparent demand was 45.19 million tons, slightly higher than expected. The total inventory decreased by 0.23 million tons. Some related product prices changed, such as a 70 - yuan increase in the price of Shaanxi semi - coke and a 50 - yuan decrease in the price of Wuhai calcium carbide [6][7]. 3.1.2 Basis and Spread - The basis fluctuated weakly, with the East China calcium carbide method basis changing from - 81 to - 70. The 1 - 5 spread fluctuated weakly, changing from - 292 to - 303 [9]. 3.1.3 Industrial Chain Profit - The comprehensive profit of the upstream continued to deteriorate. For example, the calcium carbide production profit in Shaanxi decreased from - 454 to - 510 yuan/ton, and the comprehensive profit of Shandong chlor - alkali decreased from - 359 to - 470 yuan/ton. The export profit improved slightly, with the theoretical export profit to India increasing from 821 to 897 yuan/ton [9]. 3.1.4 Market Expectation - Next week, PVC production is expected to reach 49.95 million tons, and the apparent demand is expected to be 42.72 million tons. The inventory is expected to increase slightly [6]. 3.2 Caustic Soda 3.2.1 Spot Market - Caustic soda production this week was 83.53 million tons, a week - on - week increase of 0.62 million tons. The export volume remained at 6.52 million tons per week on average. The apparent demand was 78.25 million tons. The national inventory decreased by 1.22 million tons (in terms of 100% caustic soda). The price of Shandong liquid chlorine decreased significantly, from 250 to 1 yuan/ton [106][107]. 3.2.2 Basis and Spread - The basis of 32% caustic soda weakened, with the 01 - contract basis changing from 34 to 32. The 1 - 5 spread was recommended for reverse arbitrage, and the spread changed from - 173 to - 169 [109]. 3.2.3 Industrial Chain Profit - The profit of caustic soda plants with external sales of liquid chlorine worsened, and the comprehensive profit of enterprises with supporting PVC continued to decline. For example, the comprehensive profit of Shandong chlor - alkali decreased from - 359 to - 470 yuan/ton [109]. 3.2.4 Market Expectation - Next week, caustic soda production is expected to be 85.76 million tons, and the apparent demand is expected to be 77.53 million tons. The inventory is expected to increase [106].

【冠通期货研究报告】 PVC日报：震荡下行 发布日期：2025年11月6日 【行情分析】 上游西北地区电石价格周初下跌后稳定。目前供应端，PVC开工率环比增加1.69个百分点至 78.26%，PVC开工率有所增加，仍处于近年同期偏高水平。PVC下游开工率小幅提升，超过过去两年同 期，只是仍是偏低水平。印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑11月 份报价下调30-40美元/吨，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50美 元/吨左右，四季度中国PVC出口预期减弱。不过，近期出口价格下降后，反倾销税还未执行，9月出 口仍较好，目前出口签单暂未明显走弱。上周社会库存略有减少，目前仍偏高，库存压力仍然较大。 2025年1-9月份，房地产仍在调整阶段，投资、新开工、竣工面积同比降幅仍较大，投资、销售、施 工等同比增速进一步下降。30大中城市商品房周度成交面积环比回落，仍处于近年同期最低水平附 近，房地产改善仍需时间。氯碱综合利润仍为正值，PVC开工率同比往年偏高。同时新增产能上，50 万吨/年的万华化学8月份已经量产，40万吨/年的天津渤化8月份试生产后，预 ...

【冠通期货研究报告】 PVC日报：震荡下行 发布日期：2025年11月5日 【行情分析】 上游西北地区电石价格下跌25元/吨。目前供应端，PVC开工率环比增加1.69个百分点至78.26%， PVC开工率有所增加，仍处于近年同期偏高水平。PVC下游开工率小幅提升，超过过去两年同期，只 是仍是偏低水平。印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑11月份报价 下调30-40美元/吨，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50美元/吨 左右，四季度中国PVC出口预期减弱。不过，近期出口价格下降后，反倾销税还未执行，9月出口仍 较好，目前出口签单暂未明显走弱。上周社会库存略有减少，目前仍偏高，库存压力仍然较大。 2025年1-9月份，房地产仍在调整阶段，投资、新开工、竣工面积同比降幅仍较大，投资、销售、施 工等同比增速进一步下降。30大中城市商品房周度成交面积环比回落，仍处于近年同期最低水平附 近，房地产改善仍需时间。氯碱综合利润仍为正值，PVC开工率同比往年偏高。同时新增产能上，50 万吨/年的万华化学8月份已经量产，40万吨/年的天津渤化8月份试生产后，预 ...

Report Summary 1. Market Performance - As of the close on November 5th, most domestic futures main contracts declined. Polysilicon dropped over 2%, and fiberboard, asphalt, caustic soda, red dates, rebar, polypropylene, styrene, and international copper fell over 1%. On the upside, the European Line of container shipping rose over 4%, and eggs, rapeseed meal, live pigs, soybean meal, soybean No.2, soybean No.1, and pulp rose over 1%. The CSI 300 Index Futures (IF) main contract rose 0.41%, the SSE 50 Index Futures (IH) main contract fell 0.01%, the CSI 500 Index Futures (IC) main contract rose 0.55%, and the CSI 1000 Index Futures (IM) main contract rose 0.77%. The 2-year Treasury Bond Futures (TS) main contract fell 0.01%, the 5-year Treasury Bond Futures (TF) main contract remained flat, the 10-year Treasury Bond Futures (T) main contract fell 0.01%, and the 30-year Treasury Bond Futures (TL) main contract fell 0.08% [6][7]. - In terms of capital flow, as of 15:31 on November 5th, the CSI 1000 2512 contract had an inflow of 2.188 billion yuan, the CSI 500 2512 contract had an inflow of 553 million yuan, and the SSE 50 2512 contract had an inflow of 403 million yuan. The Shanghai Gold 2512 contract had an outflow of 1.08 billion yuan, the Shanghai Copper 2512 contract had an outflow of 918 million yuan, and the Shanghai Aluminum 2512 contract had an outflow of 682 million yuan [7]. 2. Commodity Analysis Copper - Shanghai copper opened low and moved high, showing weakness during the day. The US government shutdown continued, and the copper supply was tight due to the accident in the Indonesian copper mine and the upcoming smelter maintenance. The scrap copper supply was expected to increase with the rising copper price. The downstream demand was suppressed, and the inventory was slightly increasing. The copper price lacked a clear signal [9]. Lithium Carbonate - Lithium carbonate opened low, moved high, and then declined during the day. The upstream production was active, with an increase in output. The downstream demand was strong, driven by the energy storage battery. The inventory was decreasing. However, the market was affected by the news of large - scale production resumption, showing a pattern of both supply and demand increase. If the resumption news was confirmed, the supply might become more abundant, and the price might be weak in the short term [11]. Crude Oil - OPEC+ decided to increase production by 137,000 barrels per day in December, which would increase the supply pressure in the fourth quarter but relieve it in the first quarter of next year. The demand peak season ended, and the market was worried about the demand. The supply - surplus pattern remained, but the export of Russian crude oil was expected to be restricted. The price was expected to fluctuate recently [12]. Asphalt - The asphalt supply was expected to decrease in November. The downstream demand was affected by funds and weather. The inventory was at a low level. The crude oil price fluctuated, and the asphalt futures price was expected to be weak and volatile [15]. PP - The PP downstream开工率 increased slightly, but the plastic weaving开工率 decreased. The supply increased with new capacity and fewer maintenance devices. The demand in the peak season was lower than expected. The price was expected to be weak and volatile [16][17]. Plastic - The plastic开工率 increased, and the downstream开工率 decreased. The supply increased with new capacity. The demand in the peak season was not as good as expected. The price was expected to be weak and volatile [18]. PVC - The PVC开工率 increased, and the downstream开工率 was low. The export was expected to weaken. The inventory was high, and the real - estate market was still adjusting. The price was expected to be weak and volatile [20]. Coking Coal - The coking coal supply tightened, and the inventory was transferred downward. The demand was weak in the short term due to environmental protection restrictions but was expected to recover. The supply - demand balance was tight [21][22]. Urea - The urea upstream factory's shipment improved, and the price rose slightly. The production was expected to be high. The downstream demand was mainly for terminal fertilizer storage. The inventory increased. The price was expected to consolidate at a low level without substantial positive news [23].

Group 1 - The company announced the resignation of non-independent director Yao Ke due to personal reasons, effective immediately upon submission of his resignation report [2] - Yao Ke's resignation does not affect the minimum number of directors required for the board, ensuring the normal operation of the board [2] - The company will promptly complete the election of a new non-independent director in accordance with relevant laws and regulations [2] Group 2 - Yao Ke did not hold any shares in the company at the time of his resignation and has no outstanding commitments [2] - The board expressed gratitude for Yao Ke's contributions during his tenure [2]

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。 一、董事离任情况 航锦科技股份有限公司（以下简称"公司"）董事会于近日收到非独立董事 姚可先生递交的辞职报告，姚可先生因个人原因辞去公司第十届董事会非独立董 事及董事会专门委员会相关职务，辞职后，姚可先生在公司及子公司不再担任任 何行政职务。 航锦科技股份有限公司 公告 姚可先生原定任期至公司第十届董事会任期届满，根据《公司法》、《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司 章程》等有关规定，姚可先生的辞职未导致公司董事会成员低于法定最低人数， 不会影响公司董事会正常运行，姚可先生的辞职报告自送达公司之日起生效。公 司将按照相关法律法规和《公司章程》的规定尽快完成非独立董事的补选工作。 证券代码：000818 证券简称：航锦科技 公告编号：2025-061 截至本公告披露日，姚可先生未持有公司股份，不存在应当履行而未履行的 承诺事项。公司及董事会对姚可先生在任职期间为公司发展所作出的贡献表示衷 心感谢。 航锦科技股份有限公司 二、备查文件 关于非独立董事离任的公告 姚可先生《 ...