登录新浪财经APP 搜索【信披】查看更多考评等级 2、股东会的召集人：董事会 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、误导性陈述或者重大 遗漏。 航锦科技股份有限公司（以下简称"公司"）董事会已于2025年12月2日在《中国证券报》、《证券时 报》、《上海证券报》及巨潮资讯网站（http://www.cninfo.com.cn）上刊登了《航锦科技股份有限公司 关于召开2025年第四次临时股东会的通知》（公告编号：2025-064），现将《2025年第四次临时股东会 通知》内容再次公告如下。 一、召开会议的基本情况 1、股东会届次：2025年第四次临时股东会 证券代码：000818 证券简称：航锦科技 公告编号：2025-065 航锦科技股份有限公司 关于召开2025年第四次临时股东会的提示性公告 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第1号一一主板上市公司规范运作》等法律、行政法规、部门规章、规 范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025年12月17日14:3 ...

航锦科技股份有限公司 股东会提示性公告 证券代码：000818 证券简称：航锦科技 公告编号：2025-065 航锦科技股份有限公司 关于召开 2025 年第四次临时股东会的提示性公告 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、 误导性陈述或者重大遗漏。 航锦科技股份有限公司（以下简称"公司"）董事会已于 2025 年 12 月 2 日 在《中国证券报》、《证券时报》、《上海证券报》及巨潮资讯网站 （http://www.cninfo.com.cn）上刊登了《航锦科技股份有限公司关于召开 2025 年第四次临时股东会的通知》（公告编号：2025-064），现将《2025 年第四次 临时股东会通知》内容再次公告如下。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 理人出席会议和参加表决，该股东代理人不必是本公司股东。 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The PVC market is expected to be weak and volatile in the near term. Although the cancellation of India's BIS policy on PVC and the government's action to study price - related standards provide some support, factors such as the decline in PVC开工率, high inventory, low demand in the traditional off - season, and falling prices of related commodities like coking coal suppress the market [1]. 3) Summary According to Relevant Catalogs [行情分析] - Upstream calcium carbide prices in the northwest region are stable. PVC开工率 decreased by 0.33 percentage points to 79.89%, still at a relatively high level in recent years. Downstream开工率 also declined slightly, and orders for downstream products are poor [1]. - India's cancellation of the BIS policy on PVC eases concerns about Chinese exports to India, and the anti - dumping duty is likely to be cancelled. However, after Formosa Plastics in Taiwan, China lowered its December quotes by $30 - 60 per ton, export orders declined [1]. - Social inventory continued to increase and remains high. From January to October 2025, the real estate industry is still in the adjustment phase, with significant year - on - year declines in investment, new construction, and completion areas [1]. - New production capacities of 300,000 tons/year from Gansu Yaowang and 300,000 tons/year from Jiaxing Jiahua have been newly put into operation. But the开工 rate of some production enterprises is expected to decline, and the decline in production is limited [1]. [期现行情] - In the futures market, the PVC2601 contract decreased in position, fluctuated downward, with a low of 4,273 yuan/ton, a high of 4,340 yuan/ton, and finally closed at 4,276 yuan/ton, below the 20 - day moving average, with a decline of 1.59%. The position volume decreased by 50,472 lots to 831,217 lots [2]. [基差方面] - On December 11, the mainstream price of calcium carbide - based PVC in East China dropped to 4,305 yuan/ton. The futures closing price of the V2601 contract was 4,276 yuan/ton. The current basis is 29 yuan/ton, strengthening by 37 yuan/ton, and the basis is at a neutral level [3]. [基本面跟踪] - **Supply**: The operation of some devices such as Hangjin Technology and Sichuan Jinlu has declined. The PVC开工率 decreased by 0.33 percentage points to 79.89%, still at a relatively high level in recent years. New production capacities from several companies have been put into operation or are in the process of production [4]. - **Demand**: The real estate industry is still in the adjustment phase. From January to October 2025, there were significant year - on - year declines in real estate investment, sales, new construction, and completion. As of the week of December 7, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 28.93% month - on - month, at the lowest level in recent years [5]. - **Inventory**: As of the week of December 4, PVC social inventory increased by 1.55% month - on - month to 1.0589 million tons, 26.77% higher than the same period last year. The social inventory continues to increase and remains high [6].

Report Industry Investment Rating - No relevant content provided Core Viewpoint of the Report - The PVC market is in a weak and volatile state recently. Although the termination of India's BIS policy on PVC and the possible cancellation of anti - dumping duties have some positive effects, factors such as the decline in PVC downstream demand, high inventory, new production capacity, and the traditional off - season in December lead to a weak market sentiment [1]. Summary According to Related Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC start - up rate decreased by 0.33 percentage points to 79.89% compared with the previous period, still at a relatively high level in recent years. The downstream start - up rate of PVC decreased slightly, and the orders for downstream products were poor [1]. - India terminated the BIS policy on PVC, alleviating concerns about China's PVC exports to India. The anti - dumping duty is also likely to be cancelled, but after the price cut of Formosa Plastics in Taiwan, China in December, the export orders declined, and last week's export orders were basically stable [1]. - Social inventory continued to increase last week and is still at a high level, with relatively large inventory pressure. From January to October 2025, the real estate is still in the adjustment stage, and the year - on - year decline in investment, new construction, and completion areas is still large [1]. - New production capacities of 300,000 tons/year of Gansu Yaowang and 300,000 tons/year of Jiaxing Jiahua have been newly put into production. Although relevant departments are studying price - related work to boost bulk commodities, the start - up expectations of some production enterprises are decreasing, and the decline in production is limited. The futures warehouse receipts are still at a high level, and the traditional off - season in December and the decline in coking coal prices suppress the market sentiment [1]. Futures and Spot Market Conditions - In the futures market, the PVC2601 contract decreased in position, fluctuated, and declined. The lowest price was 4,311 yuan/ton, the highest price was 4,383 yuan/ton, and it finally closed at 4,328 yuan/ton, below the 20 - day moving average, with a decline of 1.39%. The position decreased by 37,746 lots to 881,689 lots [2]. Basis - On December 10, the mainstream price of calcium carbide - based PVC in the East China region dropped to 4,320 yuan/ton. The futures closing price of the V2601 contract was 4,328 yuan/ton. The current basis was - 8 yuan/ton, strengthening by 24 yuan/ton, and the basis was at a neutral level [3]. Fundamental Tracking - On the supply side, the start - up of some devices such as Hangjin Technology and Sichuan Jinlu decreased. The PVC start - up rate decreased by 0.33 percentage points to 79.89%. New production capacities such as Wanhua Chemical, Tianjin Bohua, Qingdao Gulf, Gansu Yaowang, and Jiaxing Jiahua have been put into production [4]. - On the demand side, the real estate is still in the adjustment stage. From January to October 2025, the year - on - year decline in real estate investment, new construction, and completion areas is still large. As of the week of December 7, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 28.93% compared with the previous period, at the lowest level in recent years [5]. - In terms of inventory, as of the week of December 4, the PVC social inventory increased by 1.55% compared with the previous period to 1.0589 million tons, 26.77% higher than the same period last year, and the social inventory continued to increase and was still at a high level [6].

【冠通期货研究报告】 PVC日报：震荡下行 PVC2601合约减仓震荡下行，最低价4356元/吨，最高价4425元/吨，最终收盘于4367元/吨， 在20日均线下方，跌幅1.02%，持仓量减少37607手至919435手。 基差方面： 12月9日，华东地区电石法PVC主流价下跌至4335元/吨，V2601合约期货收盘价在4367元/ 吨，目前基差在-32元/吨，走强5元/吨，基差处于中性偏低水平。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 发布日期：2025年12月09日 【行情分析】 上游西北地区电石价格稳定。目前供应端，PVC开工率环比减少0.33个百分点至79.89%，PVC开工 率小幅减少，仍处于近年同期偏高水平。PVC下游开工率小幅下降，下游制品订单不佳。印度将关于 PVC的BIS政策终止，对于中国出口PVC至印度的担忧有所缓解。印度反倾销税也大概率取消，PVC以价 换量，只是中国台湾台塑12月份报价普遍下跌30-60美元/吨后出口签单回落，上周出口签单基本稳 定。上周社会库存继续增加，目前仍偏高，库存压力仍然较大。2025年1-10月份，房地产仍在 ...

Group 1: Report's Investment Rating - The report does not mention the investment rating of the PVC industry [1][3][27] Group 2: Core Viewpoints - PVC is in a weak and volatile state recently due to factors such as a slight decline in the PVC start - up rate, high inventory, weak real - estate demand, and falling prices of raw materials like coking coal [3] Group 3: Summary by Related Catalogs 1. Supply Side - The PVC start - up rate decreased by 0.33 percentage points to 79.89% week - on - week, still at a relatively high level in recent years. Some device start - ups, such as those of Hangjin Technology and Sichuan Jinlu, declined [3][16] - New production capacities: Tianjin Bohua with an annual capacity of 400,000 tons is in full - load production, while Gansu Yaowang and Jiaxing Jiahua with annual capacities of 300,000 tons each are in low - load operation after commissioning [3] 2. Demand Side - The downstream start - up rate of PVC decreased slightly, and the orders for downstream products were poor [3] - From January to October 2025, the real - estate industry was still in the adjustment phase. Investment, new construction, and completion areas had large year - on - year declines, and the year - on - year growth rates of investment, sales, new construction, and completion further decreased. As of the week of December 7, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 28.93% week - on - week, reaching the lowest level in recent years [3][21] 3. Export Situation - India terminated the BIS policy on PVC, alleviating concerns about China's PVC exports to India. The anti - dumping duty in India is also likely to be cancelled. However, after Formosa Plastics in Taiwan, China, generally lowered its December quotations by $30 - 60 per ton, export orders declined, and last week's export orders were basically stable [3] 4. Inventory - As of the week of December 4, the PVC social inventory increased by 1.55% week - on - week to 1.0589 million tons, 26.77% higher than the same period last year, and the inventory pressure was still large [23] 5. Market Sentiment and Future Trend - Although the National Development and Reform Commission's meeting on formulating cost - determination standards for disorderly price competition gave some support to bulk commodities, the PVC fundamentals were still weak. The start - up expectations of production enterprises such as Yibin Tianyuan and Ningbo Zhenyang decreased, the start - up rate declined slightly, and the output decline was limited. The futures warehouse receipts were still at a high level, the cancellation of India's BIS policy on PVC had limited support, December is the traditional off - season for PVC demand, and the falling prices of coking coal and other factors suppressed market sentiment, so PVC is expected to be in a weak and volatile state [3] 6. Basis - The current 01 basis is - 16 yuan per ton, at a slightly lower - than - neutral level [11]

库存创出新高，价格创出新低 ——烧碱周报2025.12.08 作者： 刘培洋 联系方式：0371-58620083 电子邮箱：liupy_qh@ccnew.com 执业证书编号：F0290318 交易咨询编号：Z0011155 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、宏观：国内关注年底中央会议，海外重点关注本周美联储12月份 | | | | | 议息会议。 | 烧碱2601合约 | 1、国内外宏 | | | 2、供需面：山东地区供应高位，需求刚需，主力下游压车，短期整 | | 观政策及经 | | | 体预计缓慢，再需求端无明显增量，供应端不减量的情况下，山东 | 上方参考压力 | 济数据变化； | | 烧碱 | 液碱短期依旧小幅看跌。华东区域内供应仍宽裕，供需矛盾仍偏大， | 位2250元/吨 | 2、企业装置 | | | 传统需求淡季延续，出口未有明显提振下预估下液碱价格延续趋弱 | 一线，下方支 | 检修情况； | | | | 撑位2000元/ | | | | 表现。 | 吨一线。 | 3、下游需求 | | | 3、 ...

Report Investment Rating No investment rating is provided in the report. Core View The PVC market is experiencing a weak and volatile trend recently. Although the cancellation of India's BIS policy on PVC and the meeting on price competition cost standards offer some support, factors such as the decline in the Taiwan Plastics' December quotes, the traditional off - season in December, high inventory, and slow real - estate improvement lead to limited positive impacts, and the PVC price is likely to continue its weak performance [1]. Summary by Relevant Catalogs 1. Market Analysis - The upstream calcium carbide price in Northwest China is stable. The PVC production rate decreased slightly by 0.33 percentage points to 79.89%, still at a relatively high level in recent years. The downstream production rate also declined slightly, and the downstream product orders are poor [1]. - India terminated its BIS policy on PVC, reducing concerns about Chinese PVC exports to India. The anti - dumping duty is likely to be cancelled, but the Taiwan Plastics' December quotes dropped by 30 - 60 dollars per ton, and last week's export orders decreased [1]. - The social inventory of PVC continued to increase. As of the week of December 4, it increased by 1.55% to 105.89 million tons, 26.77% higher than the same period last year, and the inventory pressure is still large [1][6]. - The real - estate industry is still in the adjustment phase. From January to October 2025, the investment, new construction, and completion areas of real - estate decreased significantly year - on - year, and the year - on - year growth rates of investment, sales, new construction, and completion further declined [1][5]. - The National Development and Reform Commission held a meeting to study price competition cost standards, which gave some boost to bulk commodities. However, the expected decline in the production rates of some enterprises led to only a limited decrease in PVC output, and the futures warehouse receipts remained at a high level [1]. 2. Futures and Spot Market - **Futures**: The PVC2601 contract decreased by 1.71% to 4426 yuan per ton, with a low of 4413 yuan per ton and a high of 4503 yuan per ton. The trading volume increased by 7370 lots to 997451 lots [2]. - **Basis**: On December 5, the mainstream price of calcium - carbide - based PVC in East China dropped to 4410 yuan per ton. The basis of the V2601 contract was - 16 yuan per ton, strengthening by 49 yuan per ton, and the basis was at a slightly low - neutral level [3]. 3. Fundamental Tracking - **Supply**: The production rates of some enterprises such as Hangjin Technology and Sichuan Jinlu decreased. New production capacities include Wanhua Chemical's 50 - million - ton - per - year plant in production since August, Tianjin Bohua's 40 - million - ton - per - year plant expected to be stably producing by the end of September, Qingdao Gulf's 20 - million - ton - per - year plant close to full - load operation, and Gansu Yaowang and Jiaxing Jiahua's 30 - million - ton - per - year plants operating at low loads after commissioning [4]. - **Demand**: The real - estate industry improvement needs time. From January to October 2025, the national real - estate development investment was 7356.3 billion yuan, a year - on - year decrease of 14.7%. The sales area, new construction area, and completion area also decreased significantly year - on - year. As of the week of November 30, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 18.17% month - on - month but remained near the lowest level in recent years [5]. - **Inventory**: As of the week of December 4, the PVC social inventory increased by 1.55% to 105.89 million tons, 26.77% higher than the same period last year, and the inventory was still at a high level [6].

2025.12. 03 进入12月，A股公司密集变更会计师事务所。记者据公告初步梳理，本月以来披露相关公告的公司已 超10家，除前述公司外，还有浩洋股份（300833.SZ）、*ST太和（605081.SH）、航锦科技 （000818.SZ）等。 本文字数：2399，阅读时长大约4分钟 作者 | 第一财经 周楠 进入年尾，多家A股公司密集"换所"，部分遭立案的会计师事务所正在频繁"丢单"。 第一财经据公告统计，本月以来，平治信息（300571.SZ）、韩建河山（603616.SH）、荃银高科 （300087.SZ）等均公告称（拟）变更会计师事务所，原审计机构包括立信会计师事务所（下称"立 信所"）、中兴财光华会计师事务所（下称"中兴财光华"）等，拟改聘的新所涉及容诚会计师事务所 等。 对于改聘理由，部分公司称，前任会计所已连续多年提供审计服务，为保证审计工作独立客观，更好 匹配公司后续发展需要，故做出变更。 这其中，近期遭立案的中兴财光华面临多家客户公司"出走"。上月底，因*ST立方（300344.SZ） 被查明存在长期财务造假，提供年审服务的中兴财光华被立案。"连锁反应"随即出现，上周末至 今，珠海中富（0 ...

Market Overview - The chemical raw materials sector experienced a decline of 0.43% on December 2, with Deer Chemical leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Top Performers - Jineng Technology (603113) saw a significant increase of 10.02%, closing at 6.92 with a trading volume of 540,000 shares and a turnover of 357 million yuan [1] - Huarong Chemical (301256) rose by 5.17%, closing at 18.10 with a trading volume of 775,900 shares and a turnover of 139.9 million yuan [1] - Other notable gainers included ST Yatai (1690000) with a 4.98% increase, Xutian Salt Industry (600929) with a 4.95% increase, and Liuhua Co. (600423) with a 1.95% increase [1] Underperformers - Deer Chemical (920304) led the decline with a drop of 5.96%, closing at 13.56 with a trading volume of 88,000 shares and a turnover of 121 million yuan [2] - Other significant decliners included Tiangong Chemical (300927) down 3.11%, and Aok Chemical (300082) down 3.07% [2] Capital Flow - The chemical raw materials sector saw a net outflow of 365 million yuan from institutional investors, while retail investors contributed a net inflow of 264 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2][3] Individual Stock Capital Flow - Jineng Technology (603113) had a net inflow of 112.16 million yuan from institutional investors, while it faced a net outflow from retail investors of 83.06 million yuan [3] - Sanxiang New Materials (603663) experienced a net inflow of 66.75 million yuan from institutional investors, but also saw a significant outflow from retail investors [3] - Other stocks like Hanjin Technology (000818) and Shandong Haohua (000822) also showed varied capital flows, indicating differing investor sentiments across the sector [3]