Summary of Key Points Core Viewpoint - In the recent five trading days (July 21 to July 25), significant shareholder activities were observed, with 13 companies experiencing share increases totaling 341 million shares and an aggregate investment of 1.471 billion yuan, while 127 companies saw a total reduction of 7.589 billion yuan in shares [1]. Group 1: Shareholder Activities - A total of 13 companies had significant shareholder increases, with the highest increase from Everbright Bank, which saw 264 million shares added, amounting to 1.118 billion yuan [1]. - Ansteel Corporation followed with an increase of 31.93 million shares and an investment of 76.82 million yuan [1]. - The third highest increase was for Jerry Holdings, with a total increase of 5.85 million yuan [1]. Group 2: Sector Distribution - The majority of shareholder increases were concentrated in the main board, with a total increase of 1.471 billion yuan [1]. - Key industries with significant shareholder increases included basic chemicals and machinery equipment, each contributing three companies to the list [1]. Group 3: Market Performance - The average increase for stocks with shareholder increases over the past five days was 3.65%, outperforming the Shanghai Composite Index during the same period [1]. - Notable gainers included Kailong Co., with a rise of 14.81%, Liugong, with an increase of 9.85%, and Dongpeng Holdings, which rose by 7.38% [1]. - Conversely, Shanghai Bank and Everbright Bank experienced declines of 5.71% and 3.29%, respectively [1]. Group 4: Fund Flow and Performance Forecast - In terms of fund flow, stocks with shareholder increases saw significant net outflows, particularly from Liugong and Shanghai Bank, with outflows of 380 million yuan and 168 million yuan, respectively [2]. - Among the stocks with significant shareholder increases, five companies released half-year performance forecasts, with three expecting profit increases. An Tong Holdings projected a net profit of 515 million yuan, reflecting a year-on-year increase of 234.42% [2].

PVC周报： 关注政策变动，多单减持 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 Z0021323 李 倩 F03134406 时间：2025/7/27 政策预期主导，震荡偏强 【本周概况】 行情复盘：本周V2509波动区间【4949，5391】，震荡偏强。周一受稳增长政策驱动，夜盘黑色及建材等 多品种开始大幅拉涨。周二中午市场流传超产煤矿一律停产整改小作文，焦煤等多品种涨停；周四下午， 价格法征求意见稿出台，反通缩政策预期持续，市场情绪持续高涨，低估值过剩品种普遍反弹，周五PVC 主力合约升至5391元/吨，创周内高点。 【下周展望】 短期基本面边际恶化，盘面走势由政策预期主导。目前渤化40万吨及万华50万吨新装置已经释放。虽然装 置检修持续，但力度不足，内外需求仍处于季节性淡季，8月台塑报价下调15美元/吨，预计后市仍处于季 节性累库周期。随着盘面持续拉升，现在基差逐步给出无风险套利空间，抑制盘面反弹空间。但是考虑到 政策预期尚不能证伪，重点关注月底政治局会议政策变动，根据统计PVC20年以上的老旧产能占比11%，石 化行业正在对老旧装置进行初步摸排，关注后市政策变动。 【 ...

证券研究报告 | 浙商早知道 重要点评 报告日期：2025 年 07 月 28 日 浙商早知道 2025 年 07 月 28 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 重要观点 【浙商策略 廖静池/王大霁/高旗胜】A 股策略周报：攻势延伸行情升级，耐心持、择机增——20250726 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 【浙商机械 邱世梁/王华君】伟创电气（688698）公司深度：变频+伺服双轮驱动，人形机器人打开成长空间—— 20250724 【浙商非银 孙嘉赓/胡强】广发证券（000776）公司点评：低估的头部券商，β与α共振催化——20250725 【浙商传媒互联网 冯翠婷/陈磊】盛天网络（300494）公司更新：自建算力、自研 AI 平台赋能游戏与社交业务— —20250724 【浙商化工 李辉/汤永俊/李佳骏/沈国琼】基础化工 行业专题：心动时刻——20250726 浙商早报 1 重要推荐 1.1 【浙商机械 邱世梁/王华君】伟创电气（6 ...

Core Viewpoint - The global chemical industry is undergoing a transformation due to intensified competition and structural overcapacity, leading to a shift from traditional, unprofitable sectors to innovative applications in high polymer materials, driven by emerging industries such as low-altitude economy, embodied robotics, and new energy vehicles [1]. Group 1: Industry Trends - The chemical industry is transitioning from "scale-based competition" to "technology-based competition," emphasizing breakthroughs in new material technologies and structures [1]. - China's dominance in the global chemical sector is increasing, attracting multinational companies to establish innovation and R&D centers in the country due to its vast market and complete industrial chain [1]. Group 2: Event Overview - The 2025 Polymer Industry Annual Conference and "New Plastic Award" will be held from September 10-12, 2025, in Hefei, Anhui, focusing on the theme "The Rise of China's Emerging Industries Leading the Next Decade of Polymers" [2]. - The event will feature three main components: industry conferences, innovation exhibitions, and the New Plastic Award ceremony, along with specialized sessions for terminal connections, international cooperation, and project roadshows [2]. Group 3: Event Highlights - Over 600 global business leaders and top scientists will participate, fostering collaboration and exchange [3]. - More than 100 end-users from emerging industries such as new energy vehicles and low-altitude economy will attend, facilitating direct connections for material application needs [3]. - The event will include a CEO strategic seminar with over 30 government officials and industry leaders discussing the future of polymer materials [3]. Group 4: Forum Topics - The conference will cover various topics, including high-performance engineering plastics, smart manufacturing technologies, and sustainable plastic development [12][16][21]. - Specific forums will focus on innovations in electric vehicles, embodied robotics, and aerospace materials, addressing current trends and future challenges in these sectors [18][20][22]. Group 5: Participation and Registration - Registration fees are set at 3200 RMB for corporate representatives and 2600 RMB for academic staff, with early bird discounts available until July 20 [33]. - DT members can attend for free and receive priority in meeting arrangements [33].

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - Recent price performance of polysilicon, organic silicon, and refrigerants has been strong, indicating a potential investment opportunity [1][5] - The low-altitude economy and robotics industry are entering a commercialization phase, leading to increased demand for new materials and lightweight materials [5][25] - The semiconductor materials market is expected to grow significantly, with a projected revenue of $67.5 billion by 2024, driven by advancements in technology and domestic production [17][20] Summary by Sections 1. Key Sub-industry and Product Tracking - Polysilicon price reached 53,085 CNY/ton, up 21.8% week-on-week; organic silicon average price at 13,500 CNY/ton, up 9.76% [3][9] - Phosphate lithium price increased to 34,900 CNY/ton, up 5.12%; bromine price at 26,800 CNY/ton, up 3.08% [3][9] - Refrigerant R32 average price at 55,000 CNY/ton, up 1.85% [3][9] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, high technical barriers, and rapid product updates [12][14] - The domestic semiconductor materials market is expected to grow faster than the global market, with a CAGR of 10% from 2017 to 2023 [17][20] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are gaining attention due to their applications in low-altitude economy and robotics [25][29] - PEEK materials are increasingly used in humanoid robots, with demand growing significantly [30] 4. Lithium Battery/Storage Materials - Conductive agents like multi-walled carbon nanotubes are essential for lithium battery materials, with current prices around 64,000 CNY/ton [33][37] - Sodium battery materials are also gaining traction, with prices for Prussian blue compounds at 36,000 CNY/ton [37] 5. Renewable and Modified Plastics - The market for renewable plastics is expanding, with a notable increase in the recycling rate of plastics from 4.8% in 2018 to 10% in 2021 [49] - Special engineering plastics are increasingly in demand across various industries, including automotive and aerospace [49] 6. Market Performance - The basic chemical index rose by 3.65% in the week of July 21-27, outperforming the overall market [60][61] - The chemical industry has shown strong performance recently, with a monthly increase of 6.62% [61]

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Group 1: Conference Overview - The conference will take place from August 20 to 22, 2025, in Ningbo, Zhejiang [1]. - It aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition in the biomanufacturing sector [1]. Group 2: Organizers and Support Units - Organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and co-organized by several academic and research institutions [2]. - Supported by various associations and alliances, including the Chinese Society of Biotechnology and the Zhejiang Synthetic Biology Industry Technology Alliance [2]. Group 3: Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University of Technology, and other prominent figures in the field of biomanufacturing [4][5][6]. - The conference will feature presentations from experts on topics such as the construction of efficient cell factories and the biomanufacturing of key industrial monomers [8][11][30]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics like green chemicals, AI in biomanufacturing, and future food and agriculture [36][37]. - Activities will include a high-level roundtable on biomanufacturing and a youth forum to showcase innovative achievements in the industry [36].

Investment Rating - The report maintains a positive investment rating for the chemical industry, with specific recommendations for companies such as Wanhua Chemical, Yancheng Chemical, and Runfeng Shares [13]. Core Insights - The chemical industry is experiencing a recovery, particularly in the pesticide sector, driven by regulatory actions against illegal production and price increases for key products [1][2]. - The report highlights the impact of macroeconomic factors on oil and gas prices, with a stable global GDP growth rate of 2.8% and expectations of increased oil supply from non-OPEC sources [2][4]. - The report suggests that the elimination of outdated production capacity may improve the industry structure, particularly in key sectors like steel and petrochemicals [1]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic outlook for the chemical industry, noting a stable increase in oil demand despite some slowdown due to tariffs [2]. - It mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [2]. Price Trends - Recent price movements include a 15% increase in the price of certain herbicides and a general upward trend in pesticide prices due to regulatory actions [1]. - The report notes that TDI prices are expected to rise due to production halts in Europe, with global TDI inventory at low levels [1]. Company Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential, such as Wanhua Chemical, Yancheng Chemical, and Runfeng Shares, among others [1][13]. - It emphasizes the importance of monitoring the performance of companies in the agricultural chemicals sector, particularly those involved in pesticide production [1][13]. Market Conditions - The report indicates that the chemical industry is currently in a recovery phase, with signs of improvement in demand and pricing for key products [1]. - It highlights the importance of regulatory compliance and the impact of government policies on market dynamics [1].

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Investment Rating - The report assigns a "Buy" rating for several key stocks in the chemical industry, indicating a positive outlook for their performance in the near future [8]. Core Insights - The chemical industry is experiencing a trend of "anti-involution," with regulatory measures aimed at curbing low-price competition and promoting the orderly exit of outdated production capacity [1]. - The construction of the Yarlung Tsangpo River hydropower project is expected to generate significant demand for engineering and materials, with a total investment of approximately 1.2 trillion yuan [3]. - The chemical sector is witnessing a recovery in prices for certain products due to improved supply dynamics, particularly in TDI, organic silicon, and butanone, driven by production shutdowns and maintenance [2]. Summary by Sections Industry Investment Rating - The report highlights a bullish sentiment towards the chemical sector, with specific stocks recommended for purchase based on their expected performance [8]. Regulatory Environment - The Central Financial Committee's recent meeting emphasized the need for legal governance of low-price competition and the orderly exit of outdated capacity, reinforcing the "anti-involution" trend in the chemical industry [1]. Market Performance - From September 2021 to February 2024, the basic chemical sector index fell by 59.5%, but recent trends show a recovery with a 5.3% increase in the basic chemical index from July 11 to July 25, 2025 [2]. Key Product Insights - TDI prices have surged from 11,000 yuan/ton in early May to 20,000 yuan/ton by July 24, 2025, due to supply constraints from global production issues [2]. - Organic silicon prices increased to 12,500 yuan/ton by July 25, 2025, following a fire incident that affected supply [2]. - Butanone prices rose from 7,900 yuan/ton to 8,400 yuan/ton in early July 2025, reflecting improved market conditions [2]. Investment Opportunities - The report identifies potential investment opportunities in AI applications and hardware materials, particularly in companies that are positioned to benefit from advancements in AI technology [3].

国泰君安期货·能源化工 合成橡胶周度报告 国泰君安期货研究所 杨鈜汉 投资咨询从业资格号：Z0021541 日期：2025年07月27日 Guotai Junan Futures all rights reserved, please do not reprint 综述：短期跟随大宗回调，中期步入震荡格局 01 资料来源：隆众资讯，国泰君安期货研究 本周合成橡胶观点：短期回调，中期进入震荡格局 供应 • 前期重启顺丁橡胶装置产能释放，叠加华北个别顺丁橡胶装置负荷提升，周内高顺顺丁橡胶产量及产能利用率明显提升。本周期高顺顺丁橡 胶产量在2.72万吨，较上周增加0.13万吨，环比增加5.15%，产能利用率67.63%，环比增加3.31个百分点。周内燕山石化顺丁橡胶装置重启后已 产出优级品资源。预计下周前期重启装置产能进一步释放，国内顺丁橡胶产量延续提升。（隆众资讯） Special report on Guotai Junan Futures 3 需求 • 刚需方面，预计下周期轮胎样本企业产能利用率存走低预期。月底，企业整体出货表现不及预期，成品库存呈现微涨状态，加之整体订单表 现不足，个别企业或在7月底至8月初 ...