Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - This week, some devices are restarted, and supply is expected to increase slightly, but due to the expected increase in future domestic supply, the cost of butadiene rubber remains weak. The situation where downstream terminals firmly press prices is difficult to change, and the inventories of producers and trading enterprises may increase slightly. [2] - Last week, the production scheduling of domestic tire maintenance enterprises returned to the normal level, driving a slight increase in overall capacity utilization. Most enterprises will keep production stable this week to meet order needs. It is reported that an individual enterprise has a maintenance plan in the middle of the month, which may drag down the overall capacity utilization. [2] - The short - term price of the br2601 contract is expected to fluctuate between 10,000 - 10,500. [2] Group 3: Summary According to Relevant Catalogs 1. Futures Market - The closing price of the main contract of synthetic rubber is 10,430 yuan/ton, with a week - on - week increase of 190 yuan/ton; the position of the main contract is 76,397, with a week - on - week decrease of 5,644. [2] - The 12 - 1 spread of synthetic rubber is 35 yuan/ton, with a week - on - week decrease of 30 yuan/ton; the total number of warehouse receipts for butadiene rubber in warehouses is 2,990 tons, with no week - on - week change. [2] 2. Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong is 10,400 yuan/ton, with a week - on - week increase of 100 yuan/ton; that from Daqing Petrochemical in Shandong is 10,350 yuan/ton, with a week - on - week increase of 50 yuan/ton; that from Daqing Petrochemical in Shanghai is 10,400 yuan/ton, with a week - on - week increase of 50 yuan/ton; that from Maoming Petrochemical in Guangdong is 10,650 yuan/ton, with no week - on - week change. [2] - The basis of synthetic rubber is 70 yuan/ton, with a week - on - week decrease of 90 yuan/ton. [2] 3. Upstream Situation - Brent crude oil is at 65.16 US dollars/barrel, with a week - on - week increase of 1.1 US dollars/barrel; WTI crude oil is at 61.04 US dollars/barrel, with a week - on - week increase of 0.91 US dollars/barrel. [2] - Naphtha CFR Japan is at 576.75 US dollars/ton, with a week - on - week decrease of 5.5 US dollars/ton; Northeast Asian ethylene price is 740 US dollars/ton, with no week - on - week change; the middle price of butadiene CFR China is 790 US dollars/ton; the mainstream price of butadiene in the Shandong market is 6,975 yuan/ton, with a week - on - week increase of 75 yuan/ton. [2] - The weekly production capacity of butadiene is 155,300 tons, with a week - on - week decrease of 100 tons; the capacity utilization rate is 70.32%, with a week - on - week increase of 3.26 percentage points. [2] - The port inventory of butadiene is 29,800 tons, with a week - on - week decrease of 2,200 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 52.45%, with a week - on - week increase of 0.15 percentage points. [2] 4. Downstream Situation - The monthly output of butadiene rubber is 130,400 tons, with a month - on - month decrease of 5,300 tons; the weekly capacity utilization rate is 65.85%, with a week - on - week decrease of 1.1 percentage points. [2] - The weekly production profit of butadiene rubber is 539 yuan/ton, with a week - on - week increase of 118 yuan/ton; the social inventory is 29,300 tons, with a week - on - week decrease of 1,600 tons. [2] - The manufacturer's inventory of butadiene rubber is 25,770 tons, with a week - on - week decrease of 1,430 tons; the trader's inventory is 3,520 tons, with a week - on - week decrease of 160 tons. [2] - The operating rate of domestic semi - steel tires is 73.67%, with a week - on - week increase of 0.26 percentage points; the operating rate of domestic all - steel tires is 65.46%, with a week - on - week increase of 0.12 percentage points. [2] - The monthly output of all - steel tires is 13.14 million pieces, with a month - on - month increase of 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, with a month - on - month increase of 2.19 million pieces. [2] - The inventory days of all - steel tires in Shandong are 39.2 days, with a week - on - week increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a week - on - week increase of 0.23 days. [2] 5. Industry News - As of November 6, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.89%, a week - on - week increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 65.37%, a week - on - week increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points. [2] - In October 2025, the domestic butadiene rubber output was 137,600 tons, a month - on - month increase of 7,200 tons, or 5.52% month - on - month and 24.07% year - on - year. The capacity utilization rate was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. In October, the output and capacity utilization rate of butadiene rubber declined slightly. [2] - As of November 6, the domestic butadiene rubber inventory was 29,300 tons, a decrease of 1,600 tons from the previous period, or a 5.15% week - on - week decrease. [2]

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has received acceptance for its IPO application, showcasing significantly higher profit margins compared to its peers, raising questions about the sustainability of its reported capacity utilization rates and the implications of its increasing construction projects [1][2][3]. Financial Performance - Jia De Li's revenue for 2022, 2023, 2024, and the first half of 2025 were 550 million, 528 million, 734 million, and 367 million respectively, with net profits of 192 million, 141 million, 238 million, and 125 million, indicating a decline in 2023 followed by a projected increase in 2024 [2][5]. - The company's gross profit margins for the same periods were 49.29%, 41.91%, 46.29%, and 48.79%, significantly higher than the industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [2][3]. - Net profit margins were reported at 34.97%, 26.66%, 32.42%, and 33.99%, while the average for comparable companies was much lower at 16.26%, 10.54%, 10.65% [3][4]. Cost Management - Jia De Li's selling expenses were 2.6647 million, 3.0174 million, 4.8748 million, and 1.47 million, representing 0.48%, 0.57%, 0.66%, and 0.40% of revenue, significantly lower than the industry average of 1.37% to 1.44% [4]. - Management expenses were 17.4068 million, 28.2156 million, 27.9604 million, and 15.7799 million, accounting for 3.16%, 5.34%, 3.81%, and 4.29% of revenue, also below the industry averages [4][5]. Research and Development - Research and development expenses were 21.3174 million, 21.7237 million, 23.884 million, and 12.0019 million, with ratios of 3.88%, 4.11%, 3.25%, and 3.27%, showing a decline below industry averages in recent years [5]. - The decrease in R&D spending raises questions about whether Jia De Li's high profit margins are driven by innovation or other factors [5]. Capacity Utilization - Reported capacity utilization rates were 107.74%, 99.52%, 102.89%, and 105.81%, but these figures are based on "standardized output" rather than actual production, leading to concerns about the accuracy of these metrics [6][8]. - If calculated using actual production, the capacity utilization rates would drop to approximately 80%, indicating a significant discrepancy in reported performance [8]. Construction Projects - The company's construction projects have seen a substantial increase, with in-progress projects rising from 78 million to 339 million within six months, primarily due to investments in new production lines [5][9]. IPO Details - Jia De Li plans to issue no less than 45.9075 million shares, aiming to raise 725 million for new production facilities and working capital [9]. - Prior to the IPO application, the company brought in four external investors through a capital increase, with a valuation of approximately 3.65 billion [9].

Core Viewpoint - LeShuShi Limited, known as the "King of Diapers in Africa," officially listed on the Hong Kong Stock Exchange on November 10, 2023, with a first-day stock price increase of 25.95% [1]. Group 1: Company Overview - Established in 2009, LeShuShi is a multinational hygiene products company focused on the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1]. - The company began local production in Ghana in 2018 and has since expanded its sales network to over 30 countries in Africa, Latin America, and Central Asia [1]. Group 2: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively, and ranks second by revenue with shares of 17.2% and 11.9% [2]. - The company operates multiple brands, with Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2]. Group 3: Financial Performance - Revenue from baby diapers during the reporting period was $251 million, $324 million, $342 million, and $116 million, accounting for 78.4%, 78.7%, 75.3%, and 71.8% of total revenue, respectively [3]. - The company reported total revenues of $320 million, $411 million, $454 million, and $161 million during the reporting period, with net profits of $18.4 million, $64.7 million, $95.1 million, and $31.1 million [5]. Group 4: Regional Sales and Growth - Approximately 90% of LeShuShi's revenue comes from the African market, with West Africa and East Africa contributing significantly to sales [4]. - The company has seen a revenue increase due to rising demand for hygiene products in emerging markets, driven by a large population base and high birth rates [5]. Group 5: Cost Structure and Profitability - The gross profit margins for the reporting periods were 23.0%, 34.9%, 35.2%, and 33.6%, while net profit margins were 5.7%, 15.7%, 20.9%, and 19.3% [6]. - The increase in gross margin is attributed to a decline in raw material prices, which also helped reduce foreign exchange losses [6]. Group 6: Operational Efficiency - The company has eight production facilities across Africa, with a total designed capacity of 6.301 billion baby diapers annually [13]. - The capacity utilization rates for baby diapers were 78.3%, 81.5%, 77.9%, and 67.2% during the reporting periods, indicating room for improvement in production efficiency [13]. Group 7: Shareholder Returns and Governance - The controlling shareholders, Shen Yanchang and Yang Yanjuan, received dividends totaling $3.24 million (approximately 16.6 million yuan) prior to the IPO [12]. - Concerns have been raised regarding the high ownership percentage of the controlling shareholders, which may lead to governance issues and potential conflicts of interest in dividend decisions [11].

Core Viewpoint - The Reserve Bank of Australia indicates that the path for rate cuts may be limited due to high levels of capacity utilization and persistently high inflation expected to continue into the next year [1] Economic Indicators - Elevated levels of capacity utilization in the economy are noted, suggesting that the economy is operating near its potential [1] - The outlook includes inflation rates that are described as uncomfortably high, which is expected to last well into the next year [1]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The short - term trend of asphalt is expected to remain weak due to the weak operation of crude oil, the fading of the peak season for asphalt fundamentals, and the negative sentiment driven by price cuts in Shandong [4]. - The recommended strategies are: 1) The single - side trend is weak; 2) No specific suggestion for inter - period trading; 3) Hold a short position in BU and a long position in SC [4]. 3) Summaries by Directory Overview - Supply: From October 30 to November 5, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29.7%, a 1.8% decrease from the previous period. This was mainly due to production cuts at some refineries and intermittent shutdowns at others [4]. - Demand: The total shipment volume of 54 domestic asphalt enterprises was 445,000 tons, a 5.1% decrease from the previous period. Shandong was the only region with an increase in shipments, while the most significant decrease was in East China [4]. - Valuation: The average weekly theoretical profit of domestic asphalt processing was - 593.2 yuan/ton, a decrease of 58.8 yuan/ton from the previous period. The average weekly price of domestic asphalt was 3,352 yuan/ton, a decrease of 82 yuan/ton from the previous period. Six regions saw price drops, with Shandong having the highest decline of 4.3% [4]. Price & Spread - Cost structure: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and different types of crude oils. Different raw materials have different asphalt yields, for example, the yield of Venezuelan Merey crude oil is 55% - 60% [7]. - Price data: There are multiple price - related charts, including futures - market price and trading volume, and spot - market prices of heavy - traffic asphalt and Merey crude oil, as well as various price spreads and basis data [11][12]. Fundamental Data - Demand: - Consumption distribution: The demand for asphalt comes from road construction, road maintenance, waterproofing, shipping fuel, coking, and exports. Road construction includes different types of roads, and various factors such as policies, funds, and seasonal factors affect demand [18]. - Shipment volume: From October 29 to November 4, 2025, the total shipment volume of 54 domestic asphalt enterprises was 445,000 tons, a 5.1% decrease from the previous period. Shandong was the only region with an increase, and East China had the most significant decrease [22]. - Capacity utilization: The capacity utilization rate of 69 domestic modified asphalt enterprises was 11.9%, a 3.1% decrease from the previous period and a 1.3% decrease year - on - year [22]. - Supply: - Supply pattern: Domestic asphalt supply comes from domestic refineries and imports. Refineries can be classified by attribute (state - owned or private) and region. Key supply indicators include inventory, production profit, maintenance plans, and monthly production schedules [23]. - Production, maintenance, and raw materials: As of November 6, 2025, the total inventory of 54 domestic asphalt sample factories was 685,000 tons, a 2.4% increase from November 3. The total inventory of 104 domestic asphalt social warehouses was 1,209,000 tons, a 3.9% decrease from November 3 [26]. -开工率: There are charts showing the weekly开工率 of 77 major asphalt refineries in different regions, including the overall开工率 and those in Shandong, the Yangtze River Delta, etc. [28][30]. - Inventory: There are charts showing the weekly inventory rates of asphalt refineries and the asphalt market in different regions and overall [37].

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11月09日 Guotai Junan Futures all rights reserved, please do not reprint 综述：短期震荡，基本面仍有压力 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：短期震荡，基本面仍有压力 供应 需求 • 周期内扬子石化、浙江石化、振华新材料顺丁橡胶装置停车检修，四川石化顺丁橡胶装置重启运行，产能利用率进一步下降。本周期高顺顺丁橡胶产 量在2.65万吨，较上周下降0.04万吨，环比-1.31%，产能利用率66.02%，环比下降0.88个百分点。下周期预计扬子石化顺丁橡胶装置重启，且11月末茂名 顺丁装置及浙江传化12万吨/年稀土顺丁橡胶装置检修计划检修，短时部分现货偏紧局面预计延续。（隆众资讯） 策略 • 单边：中期逢高空思路，不追空；日内或呈现资金博弈的宽幅震荡；上方压力10300-10400元/吨（跟随顺丁现货走势为主），下方支撑9500-9600元/吨 （NR-BR价差及丁二烯）； • 跨品种：nr-br价差估 ...

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "the Company") is scheduled for a review meeting on November 14, 2025, to discuss its performance forecast for 2025, which indicates a potential decline in revenue and net profit compared to previous years [1][3]. Financial Performance - The Company has experienced a decline in revenue for two consecutive years, with significant fluctuations in gross profit margins, which were 13.27%, 15.04%, 18.83%, and 17.49% from 2022 to 2025 [3][4]. - For 2025, the Company forecasts revenue between 2.2 billion to 2.4 billion yuan, representing a year-on-year change of -6.91% to 1.56%, and net profit between 140 million to 160 million yuan, with a year-on-year change of -3.64% to 10.13% [4][5]. Business Operations - The Company specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid-enhanced fertilizers and controlled-release fertilizers [2]. - The Company has a diverse customer base, including major agricultural input companies and government clients, which has led to an increase in accounts receivable, reaching 387 million yuan by the end of the reporting period [7]. Production Capacity and Utilization - The Company has a low production capacity utilization rate, below 60%, while still planning to expand production capacity significantly [9][10]. - The Company plans to raise funds for new projects, including a 300,000-ton humic acid intelligent high-tower compound fertilizer project and a 150,000-ton bio-fertilizer production line [9]. Corporate Governance and Financial Management - The Company’s major shareholder is Mingquan Investment, controlled by Ma Xuewen and his son, who collectively hold 76.10% of the shares [11]. - Despite a significant cash dividend of 180 million yuan in 2022, the Company plans to raise 40 million yuan to supplement its working capital, raising questions about its financial management strategy [13][14].

Production Side - In October, the operating rates for full steel and semi-steel tires were 59.85% and 66.58%, respectively, showing a decline compared to the previous month[3] - The average operating rates for electric furnaces and rebar were 60.58% and 41.90%, both lower than the previous month[3] - The capacity utilization rates for coking, glass, cement clinker, and cold-rolled steel continued to improve, recorded at 79.99%, 78.61%, 59.46%, and 98.41% respectively[3] Demand Side - The average transaction area of commercial housing in 30 cities increased by 1.34% month-on-month but decreased by 24.49% year-on-year[4] - The average transaction area of land in 100 cities decreased by 20.55% month-on-month and 15.85% year-on-year[4] - The average daily sales of passenger cars were 65,118 units, a decrease of 22.89% compared to the previous month[4] Price Side - The wholesale price index for agricultural products increased by 1.79% month-on-month, with slight increases in vegetable and fruit prices[6] - The average price of gasoline and diesel saw year-on-year declines of 2.28% and 4.29% respectively[6] - The price of rebar decreased by 1.24% month-on-month, while the price of copper and aluminum increased by 4.05% and 0.60% respectively[6] Risks - Risks include domestic policy implementation falling short of expectations and overseas policies exceeding expectations[7]

Group 1: Financial Performance - The company's overall gross margin improved in Q3 2025, driven by increased demand for storage packaging substrates and higher capacity utilization rates [1] - PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [1] - The revenue from packaging substrates increased quarter-on-quarter, with significant growth in storage packaging substrates [2] Group 2: Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [1] - The company has a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [2] Group 3: Production Capacity and Technology - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [3] - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [4] - The overall capacity utilization rate remains high, with a noticeable increase in the packaging substrate business due to rising demand [5] Group 4: Raw Material Prices - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks, with some experiencing price increases in Q3 2025 due to commodity price fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Group 5: Technology Application - HDI technology is applied in the PCB business, primarily for mid-to-high-end products in communication, data centers, industrial control, medical, and automotive electronics [8]

Group 1 - The core viewpoint of the article highlights that the demand in the industry has improved with the transition between peak and off-peak seasons, positively impacting the company's performance in the third quarter [2] - The company indicated that the impact of self-produced wafer costs on gross profit has improved compared to the second quarter, and this negative impact is expected to gradually diminish as production capacity utilization increases [2] - The overall gross profit is influenced by various factors including depreciation of self-produced wafers, market competition, and changes in product structure, and the company advises stakeholders to monitor regular reports for specific future gross profit situations [2]