证券代码：601216 证券简称：君正集团 公告编号：临2025-034号 内蒙古君正能源化工集团股份有限公司 第六届监事会第十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《中华人民共和国公司法》、中国证监会《上市公司章程指引》等相关 法律法规，监事会同意取消监事会及监事职务，由审计与风险控制委员会承接监 事会职权，公司监事会及监事职务将自股东大会审议通过本议案之日起相应取消 及解除，《君正集团监事会议事规则》相应废止；同时根据法律法规，结合公司 实际情况，对《公司章程》部分条款进行修订。 在公司股东大会审议通过本议案前，公司第六届监事会仍将严格按照有关法 律、法规和《公司章程》的规定继续履行相应的职能，维护公司和全体股东利益。 具体内容详见公司于 2025 年 11 月 12 日在《中国证券报》《上海证券报》 及上海证券交易所网站披露的《君正集团关于取消监事会、修订<公司章程>并 制定、修订公司部分治理制度的公告》（临 2025-035 号）。 本议案需提交股东大会以特别决议形式审议批准。 表决结果 ...

证券代码：601216 证券简称：君正集团 公告编号：临2025-033号 内蒙古君正能源化工集团股份有限公司 第六届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古君正能源化工集团股份有限公司（以下简称"公司"）第六届董事会 第十九次会议通知于 2025 年 11 月 10 日以邮件及电话通知的方式送达公司全体 董事。会议于 2025 年 11 月 11 日 9:00 在公司会议室以现场结合通讯的方式召开。 会议应到董事 4 人，实到董事 4 人，监事及高级管理人员列席了会议，会议由董 事长乔振宇先生主持，会议的召开符合《公司法》和《公司章程》的有关规定。 经公司全体董事审议，会议对下列事项作出决议： 一、审议通过《关于取消监事会并修订<公司章程>的议案》 为全面贯彻落实最新法律法规要求，进一步提升公司的规范运作水平，根据 《中华人民共和国公司法》、中国证监会《关于新公司法配套制度规则实施相关 过渡期安排》《上市公司章程指引》等相关法律法规，董事会同意取消监事会及 监事职务，由审计与风险控制 ...

Market Overview - The participatory fund sector increased by 1.14% compared to the previous trading day, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Northeast Securities (000686) saw a closing price of 10.20, with a significant increase of 10.03% and a trading volume of 2.0144 million shares, amounting to a transaction value of 2.001 billion [1] - Other notable performers included Guomai Technology (002093) with a closing price of 12.08, up 3.87%, and Guangfa Securities (000776) at 23.60, up 3.74% [1] - The overall trading volume and transaction values for various stocks in the participatory fund sector were substantial, indicating active market participation [1] Capital Flow Analysis - The participatory fund sector experienced a net inflow of 1.394 billion from main funds, while retail investors saw a net outflow of 1.2 billion [2] - The main funds showed a preference for stocks like Northeast Securities, which had a net inflow of 3.53 billion, representing 17.65% of the total [3] - Conversely, retail investors exhibited a significant outflow from several stocks, including a net outflow of 2.40 billion from Northeast Securities, indicating a divergence in investment behavior between institutional and retail investors [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - **Caustic Soda**: The caustic soda industry still faces certain supply - demand pressures. With fewer maintenance enterprises, the total supply shows an increasing trend. The price of alumina, the main downstream product, continues to weaken, and the industry's profit keeps shrinking with increasing losses. Thus, the support from the main demand side of caustic soda is weak, suppressing the price. In the short term, the caustic soda price lacks support. Although the middle and lower reaches may have phased replenishment needs after consuming their own inventories, the price is still under pressure due to increased supply and weak demand. The non - aluminum market remains sluggish. It is expected that the caustic soda price will run weakly in the short term, and a bearish trend is advised, while tracking the downstream replenishment rhythm [2]. - **PVC**: The contradiction of oversupply has not improved. The pressure on the supply side continues to rise, the demand expectation weakens, and the cost - side support is insufficient. There is no positive macro - level expectation for the time being. Therefore, the price is expected to continue to decline. The main downstream fields such as real estate are still weak. The new orders of profile and pipe product enterprises are limited, mainly for rigid - demand procurement, which is difficult to provide continuous support to the market. There will still be an impact from new production capacity on the supply side from November to December. The demand from November to January of the next year is in the traditional off - season, and the overall real - estate demand will decrease, forming a negative impact. Regarding exports, the anti - dumping tax in India is unclear, and exports are mainly on hold. The supply - demand is still in an oversupply pattern, and it is difficult to be optimistic about the price. Although the absolute price is low, it is difficult to form an upward driving force, and it is expected to continue the downward trend at the bottom [3]. 3. Summary by Relevant Catalogs Caustic Soda - **Price and Market Situation**: The caustic soda price is affected by multiple factors such as macro - environment, alumina demand, and cost. The price has shown fluctuations, with periods of decline due to factors like increased supply and weak downstream demand, and short - term rebounds due to factors such as policy expectations and increased demand from alumina [6]. - **Supply**: The national average weekly weighted operating load rate of sample enterprises is 85.55%, a 0.1 - percentage - point increase from last week. The caustic soda output in terms of 100% strength this week is 82.53 tons, a 0.12% increase from last week. There are many ongoing maintenance of chlor - alkali plants this week, but some enterprises with under - capacity operation have increased their loads, resulting in a slight increase in output [25]. - **Alumina Demand**: From the end of 2024 to 2025, the planned production capacity of alumina is 12.3 million tons (including 2 million tons of replacement), and the estimated annual production capacity growth rate is around 10%. The estimated annual output of alumina in 2025 is over 88 million tons, with a production growth rate of around 6%. The new alumina projects will increase the demand for caustic soda by about 800,000 tons per year, with a relatively concentrated increase of 150,000 tons from April to June [30]. - **Alumina Market**: Although the operating rate of some alumina enterprises in the north has decreased recently, the domestic supply - demand contradiction has not been effectively resolved, and the social inventory of alumina continues to increase. It is expected that the domestic alumina price will continue to run weakly in the short term, with a price range of 2,750 - 2,950 yuan/ton [34]. - **Bauxite**: The bauxite price is stable, the port inventory fluctuates, and the enterprise raw - material inventory has increased significantly [38]. - **Electrolytic Aluminum**: In October, the electrolytic aluminum production remained at a high level, and the in - plant inventory of electrolytic aluminum decreased [44]. - **Non - Aluminum Downstream**: The operating rate of the printing and dyeing and textile industries has increased seasonally, and it is in the peak season. However, the overall non - aluminum downstream has not shown strong driving forces [49]. - **Caustic Soda Export**: In September, the export profit of caustic soda increased, and the export volume rebounded significantly. It is estimated that the export profit will decline in October [54]. PVC - **Price and Market Situation**: The PVC price has been on a downward trend due to the lack of positive supply - demand drivers and a poor commodity atmosphere. The price has been affected by factors such as macro - sentiment, supply - demand changes, and export conditions, with periods of sharp declines and short - term rebounds [61]. - **Profit**: The PVC industry has been in a state of continuous losses, with losses in both the calcium - carbide and ethylene - based production methods [67]. - **Calcium Carbide**: The calcium carbide production has increased month - on - month, but the profit has weakened [72]. - **Supply**: The operating load rate of the domestic PVC powder industry has increased this week. Although there are 4 new enterprises for maintenance or shutdown, the overall maintenance loss has decreased, and the industry operating rate has increased. The overall operating load rate of PVC powder this week is 79.28%, a 2.19 - percentage - point increase from last week [83]. - **Downstream Demand**: The two major downstream industries of PVC, profiles and pipes, face great pressure. The real - estate sector, with the goal of "de - inventorying and stabilizing prices", will continue to have a negative impact on demand. The domestic demand has not improved significantly, and it is expected that the PVC downstream will not have positive drivers [93]. - **Real - Estate Data**: The real - estate industry is still in the bottom - building cycle, with indicators such as housing sales price index, land transaction area, and new - construction area showing weak performance [94]. - **Inventory**: The PVC inventory has remained flat recently, and the total inventory is at the highest level in recent years compared year - on - year [101]. - **External Market**: The external market price of PVC has weakened, and the export situation is affected by factors such as anti - dumping taxes in India [108]. - **Export**: In September 2025, the PVC import volume was 14,400 tons, and the export volume was 346,400 tons. The export volume has increased significantly both month - on - month and year - on - year [119].

Group 1 - The core product of the company, polyvinyl chloride (PVC), is one of the five major general-purpose synthetic resins [1] - PVC is widely used in the production of construction materials, packaging, electronic materials, and consumer goods [1]

【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 ...

Core Viewpoint - Junzheng Group's stock performance shows a slight increase, with significant financing activities indicating a high level of investor interest and engagement in the company's shares [1][2]. Financing Activities - On November 5, Junzheng Group recorded a financing buy-in amount of 27.96 million yuan, with a net buy of 0.7781 million yuan after repayments [1]. - The total financing and securities balance for Junzheng Group reached 1.284 billion yuan, with the financing balance accounting for 2.88% of the circulating market value, indicating a high level compared to the past year [1]. - The company also experienced a securities lending activity where 1.75 million shares were repaid, and 1.381 million shares were sold, with a total selling amount of 719,500 yuan [1]. Financial Performance - For the period from January to September 2025, Junzheng Group achieved a revenue of 18.691 billion yuan, reflecting a year-on-year growth of 1.63%, while the net profit attributable to shareholders increased by 24.93% to 2.798 billion yuan [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 14.479 billion yuan in dividends, with 5.485 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Junzheng Group increased to 184,700, with an average of 45,682 circulating shares per person, a decrease of 2.94% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 97.318 million shares, a decrease of 7.1485 million shares from the previous period [3].

【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. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - From October 25th to 31st, PVC capacity utilization increased, downstream pipe and profile开工率 increased slightly, inventory changed little, and the high - level inventory accumulation trend slowed down. - The cost of the calcium carbide method increased and losses deepened, while the cost of the ethylene method decreased and profits were repaired. - The high - operation state of PVC may continue during the winter, and the capacity utilization rate is expected to maintain an upward trend. - With the arrival of winter, the downstream开工率 of PVC is expected to decline seasonally, overseas demand is uncertain, and the contradiction between domestic supply and demand is significant, with high inventory pressure likely to persist. Technically, V2601 should pay attention to the support around 4638 yuan/ton [3]. 3. Summary According to the Directory 3.1 Futures Market - The closing price of PVC futures was 4638 yuan/ton, down 32 yuan; the trading volume was 768,285 lots, an increase of 119,079 lots; the open interest was 1,282,294 lots, an increase of 38,511 lots. The net long position of the top 20 futures holders was - 174,380 lots, a decrease of 18,479 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 4,790 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4,603.08 yuan/ton, down 3.46 yuan. In the South China region, the price of ethylene - based PVC was 4,780 yuan/ton, down 30 yuan; the price of calcium carbide - based PVC was 4,678.75 yuan/ton, down 12.5 yuan. The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 650 US dollars/ton, unchanged; the FOB price in Northwest Europe was 700 US dollars/ton, unchanged. The basis of PVC was - 98 yuan/ton, down 8 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in the central, northern, and northwestern regions was 2,800 yuan/ton, 2,690 yuan/ton, and 2,530 yuan/ton respectively, all unchanged. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged. The mid - price of VCM CFR in the Far East and Southeast Asia was 488 US dollars/ton and 518 US dollars/ton respectively, unchanged; the mid - price of EDC CFR in the Far East and Southeast Asia was 179 US dollars/ton and 184 US dollars/ton respectively, unchanged [3]. 3.4 Industry Situation - The weekly开工率 of PVC was 78.26%, an increase of 1.69%. The开工率 of calcium carbide - based PVC was 77.43%, an increase of 3.05%; the开工率 of ethylene - based PVC was 80.2%, a decrease of 1.44%. The total social inventory of PVC was 544,600 tons, a decrease of 10,100 tons. The total inventory in the East China region was 495,300 tons, a decrease of 9,900 tons; the total inventory in the South China region was 49,300 tons, a decrease of 200 tons [3]. 3.5 Downstream Situation - The national real estate climate index was 92.78, down 0.27. The cumulative value of new housing construction area was 45,3990,000 square meters, an increase of 55,979,900 square meters; the cumulative value of real estate construction area was 6,485,800,000 square meters, an increase of 54,710,600 square meters; the cumulative value of real estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 10.45%, down 0.42%; the 40 - day historical volatility was 10.36%, an increase of 0.1%. The implied volatility of at - the - money put options and call options was 13.69%, down 0.88% [3]. 3.7 Industry News - From October 25th to 31st, the capacity utilization rate of Chinese PVC was 78.26%, a month - on - month increase of 1.69%. The downstream开工率 of PVC increased by 0.68% to 50.54%, among which the pipe开工率 increased by 0.8% to 42%, and the profile开工率 increased by 1.96% to 37.83%. - As of October 30th, the PVC social inventory decreased by 0.5% to 1.03 million tons month - on - month, and increased by 25.09% year - on - year. - From October 25th to 31st, the average cost of the calcium carbide method increased to 5,201 yuan/ton, and the average national cost of the ethylene method decreased to 5,288 yuan/ton; the profit of the calcium carbide method decreased to - 763 yuan/ton, and the profit of the ethylene method increased to - 445 yuan/ton [3].

Market Overview - The participatory fund sector experienced a decline of 0.14% on November 5, with Daheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the participatory fund sector included: - Guomai Technology (Code: 002093) with a closing price of 11.89, up 3.93% and a trading volume of 627,700 shares, totaling 741 million yuan [1] - Suzhou High-tech (Code: 600736) with a closing price of 6.00, up 1.01% and a trading volume of 202,700 shares, totaling 121 million yuan [1] - Daheng Technology (Code: 600288) was the biggest loser, closing at 16.14, down 2.06% with a trading volume of 320,300 shares, totaling 512 million yuan [2] Capital Flow - The participatory fund sector saw a net outflow of 1.24 billion yuan from institutional investors, while retail investors contributed a net inflow of 690 million yuan [2] - The capital flow for specific stocks showed: - Industrial and Commercial Bank of China (Code: 601398) had a net inflow of 15.1 million yuan from institutional investors [3] - Guomai Technology experienced a net outflow of 73.65 million yuan from retail investors [3]