以下文章来源于豫医言药 ，作者太平洋医药组 豫医言药 . 偌大江湖，与你相遇，幸甚！ 文章转自2025年11月18日太平洋 医药 团队报告 ，分析师： 周豫/ 乔露阳 投资要点 | 碘中列产制剂销售收入达 。造间公影体同司剂、时围"API+ 原围绕料一药国制8,620.3 体、际剂化制化"战剂战一万元。 略业略体，务，化向以加龙产及大头业原海企链料外业的药销，前CMO/CDMO 售国端布际和局化末，战端依略延托稳业伸控步务，股推，201 公进是司。1国年爱公内在尔司碘江兰成造西IMAX 立影樟于剂树1997 企建积业立累年中中的，产间注于品体册2016 规生优模产势年最基和在大地销上、，售海品2012 网证种络券最年，交齐在实易全上现所的海制上厂金剂市家山国，，建际主其立化营中制销X-CT 碘剂售海工，醇非厂2024 原离，料子于年药型2020 ，产造爱能影年尔及剂实兰产、现IMAX 量喹制位诺剂居酮商公类国业司系内化海列前生外 | | --- | | 原已3000 升应司原材料成本压力将减轻；（ 商，料成的2药吨为022产国能年能内已GE扩，品经张占种预满蓄全最计负力球齐，荷成碘全随运长造的着转，影厂全，多 ...

消息面上，据南山铝业官网消息，10月29日，中国驻印尼大使王鲁彤赴印尼廖内群岛省南山印尼宾坦工 业园区考察调研，指导企业安全文明生产与和谐园区建设工作。公开资料显示，南山铝业国际是A股南 山铝业子公司，主营业务是印尼氧化铝项目。中金认为，公司二期产能投放后成为东南亚最大的氧化铝 生产商，可进一步提升公司在该地区市场影响力。 南山铝业国际(02610)午后涨超4%，截至发稿，涨4.28%，报43.88港元，成交额2783.44万港元。 南山铝业国际中期业绩显示，上半年收益5.97亿美元，同比增加41%；股东应占溢利2.48亿美元，同比 增加124.19%；拟派发中期股息每股0.65港元。公司考虑到目前稳健的财政状况，首次派发中期息，派 息率约为20%。 ...

来源：智通财经网 南山铝业国际(02610)午后涨超4%，截至发稿，涨4.28%，报43.88港元，成交额2783.44万港元。 消息面上，据南山铝业官网消息，10月29日，中国驻印尼大使王鲁彤赴印尼廖内群岛省南山印尼宾坦工 业园区考察调研，指导企业安全文明生产与和谐园区建设工作。公开资料显示，南山铝业国际是A股南 山铝业子公司，主营业务是印尼氧化铝项目。中金认为，公司二期产能投放后成为东南亚最大的氧化铝 生产商，可进一步提升公司在该地区市场影响力。 南山铝业国际中期业绩显示，上半年收益5.97亿美元，同比增加41%；股东应占溢利2.48亿美元，同比 增加124.19%；拟派发中期股息每股0.65港元。公司考虑到目前稳健的财政状况，首次派发中期息，派 息率约为20%。 ...

Group 1: Market Supply and Demand - The overall supply of potassium chloride in 2025 is expected to be tight due to reduced production in Canada and escalating conflicts in the Middle East [2] - Despite improved relations between the US and Russia, transportation costs hinder Russian supply to China, limiting border trade [2] - Canadian products primarily serve North and South America, with limited supply to Asia, resulting in better market prices in China compared to Southeast Asia [2] Group 2: Project Progress - The mining rights review and ecological assessment for the Kunming Deyin Phosphate Mine project have been completed, with mining permit expected next year [2][3] - The project aims for an annual capacity of 2 million tons of raw ore and 1.1 million tons of concentrate, with a construction period of approximately 1.5 years [3] Group 3: Future Capacity Plans - The company plans to advance the second phase of the Laos Kaiyuan project, targeting an annual capacity of 1 million tons of potassium chloride, with a goal of reaching a total capacity of 3 million tons [3] - The phosphate project is also set to expand, with plans for a second phase of 2-3 million tons of raw ore after the first phase is operational [3] Group 4: Shareholding Information - The company holds 174 million shares of Qingdao Bank, with any potential reduction in holdings to be determined based on market conditions [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4][6]. Core Views - The company has shown a profit growth of 4.18% year-on-year in Q3, with a net profit of 0.84 billion yuan [1]. - For the first three quarters of 2025, the company achieved revenues and net profits of 2.36 billion yuan and 0.257 billion yuan, respectively, representing year-on-year increases of 24.02% and 27.16% [1]. - The report highlights the potential for continued revenue growth due to recovering downstream demand and planned capacity expansions [2]. Financial Performance - The overall gross margin for the first three quarters of 2025 was 23.69%, an increase of 0.30 percentage points year-on-year [3]. - The company reported a net profit margin of 10.90%, reflecting a year-on-year increase of 0.28 percentage points [3]. - The operating cash flow for the company was 2.07 billion yuan, an increase of 0.54 billion yuan year-on-year, indicating strong cash flow management [3]. Revenue and Profit Forecast - The report has adjusted the net profit forecasts for 2025 to 3.7 billion yuan, down from a previous estimate of 4.2 billion yuan, while maintaining a positive outlook for future growth [4]. - The projected revenue for 2025 is 3.01 billion yuan, with a growth rate of 13.09% [5]. Market Position - The company operates in the building materials and glass fiber industry, with a current stock price of 14.8 yuan [6]. - The report notes that the company's stock is expected to outperform the market, with a target price not specified [6].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5,526 yuan/ton. Last week, the operating load of petroleum benzene decreased while the operating rate of hydrobenzene increased, resulting in an overall decline in domestic pure benzene production. The operating rates of downstream industries mostly decreased, with the weighted operating rate of pure benzene downstream industries declining on a week-on-week basis. Inventory was reduced to a neutral level. The profit of petroleum benzene changed little and was at a low valuation level due to weak supply and demand. This week, petroleum benzene plants are expected to operate with a slight reduction in load, but with the increase in the load of hydrobenzene and the arrival of imported resources, the domestic supply of pure benzene is still expected to be at a relatively high level. Terminal demand is weak, and downstream plants are expected to mainly reduce their operating rates. The recent new capacity launch in the downstream is difficult to offset the negative impact of the reduction in the load of existing plants. In terms of cost, the market expects a slight increase in production by OPEC+ in December, and combined with the weak demand side of crude oil, international oil prices are under pressure. In the short term, BZ2603 is expected to show a fluctuating trend, and technically, attention should be paid to the previous low support around 5,440 and the previous high pressure around 5,640 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,526 yuan/ton, up 31 yuan; the settlement price was 5,501 yuan/ton, down 28 yuan. The trading volume was 6,746 lots, up 1,863 lots; the open interest was down 65 lots. The mainstream price in the East China market was 5,450 yuan/ton, unchanged; in the North China market, it was 5,495 yuan/ton, up 495 yuan [2]. Spot Market - The mainstream price of pure benzene in the South China market was 5,435 - 5,450 yuan/ton, unchanged; in the Northeast region, it was 5,130 - 5,170 yuan/ton, down 21 - 100 yuan. The mainstream price of hydrobenzene in Jiangsu was 5,325 yuan/ton, down 25 yuan; in Shanxi, it was 5,105 yuan/ton. The FOB mid - price of pure benzene in South Korea was 660 US dollars/ton, down 11 US dollars; the CFR mid - price of pure benzene in China was 675.84 US dollars/ton, down 11.13 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.5 US dollars/barrel, down 1.96 US dollars. The CFR mid - price of naphtha in Japan was 568.63 US dollars/ton, down 9 US dollars. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.61 tons, down 1.19 tons [2]. Industry Situation - The port inventory of pure benzene was 9.9 tons, up 0.9 tons. The production cost of pure benzene was 5,327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total operating rate of styrene was 69.25%, down 2.63 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. Industry News - From October 18th to 24th, the capacity utilization rate of petroleum benzene decreased by 2.75% to 72.73% week - on - week, while the capacity utilization rate of hydrobenzene increased by 1.07% to 63.46%. The operating rates of styrene, caprolactam, and adipic acid decreased, the operating rate of phenol remained stable, and the operating rate of aniline increased. The weighted operating rate of pure benzene downstream industries decreased by 1.97% to 73.40% week - on - week. As of October 27th, the port inventory of pure benzene in Jiangsu decreased by 14.14% to 8.5 tons week - on - week. From October 17th to 23rd, the profit of petroleum benzene in China was 385 yuan/ton [2].

Report Title - The report is titled "PP Weekly Report 20251026: Rebound Window" [2][7] Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Polypropylene is in a stage of oscillating downward, and the price center is expected to decline later. The contract is pp2601. PP is in the capacity release period, with new installations being put into operation successively and high existing production loads, resulting in significant supply pressure. Although demand has entered the peak season, it falls short of expectations and is unable to absorb the high output. Under the situation of oversupply, the price center of polypropylene may continue to move downward [6]. - This week, the price of PP has rebounded. On one hand, the previous decline was significant and the trend was smooth. On the other hand, the previous negative factors have eased. The Sino - US trade conflict has eased, and pessimistic sentiment has subsided. In addition, crude oil prices rebounded significantly this week, increasing cost support and driving up chemical products. The Fourth Plenary Session also had a certain emotional guidance. There were limited changes in its own fundamentals [9]. Summary by Directory 1. Basis and Spread - **Basis**: The spot price of plastic standard products decreased, with some shipping pressure, and the basis strengthened slightly. The basis in East China strengthened by 10 to around - 90 yuan/ton, remained flat in North China at around - 130 yuan/ton, and strengthened by 20 to around - 80 yuan/ton in South China. The non - standard basis of plastic performed stronger than the standard basis [18][19]. - **Regional Spread**: The spreads between North China - East China and South China - East China both strengthened [31]. - **Related Product Spread**: The spread between injection molding and drawing decreased further, while the spread between low - melt copolymer and drawing strengthened [32]. - **Disk Spread**: The 1 - 5 monthly spread of PP futures decreased slightly to around - 50. The L - PP01 spread strengthened slightly to over 300, and the PP - V01 spread declined. Overall, PP has greater supply pressure (high load + new production), while L has more maintenance and the demand for film has started, and the recovery of PP demand is relatively slow, so the L - PP spread is gradually repairing upwards. At the same time, the cost side of PP (PG, MA) is also under pressure, further strengthening the spread [58]. 2. Domestic Production Profit and Supply - **Production Profit**: - Oil - based production maintained a relatively good profit level in recent years. Although the price of Brent crude oil dropped to around $80/barrel this week due to OPEC+ continuous production increase and the resurgence of trade war risks, the oil - based production profit remained stable [64]. - In the medium to long term, the supply of propane in North Asia is expected to be marginally relaxed in Q4, and the PDH - made PP profit improved quarter - on - quarter [64]. - The price of动力煤 continued to rise, but the CTO profit remained high. The price of methanol in the production area was firm under tight supply - demand conditions, and the inland MTO profit was under pressure and deteriorated [64]. - **Domestic Production and Load**: - In 2024, China's PP production capacity was 44.01 million tons. In early 2025, China's PP production capacity was expected to increase by 2.655 million tons, with an expected capacity growth rate of about 1.28%. As of September 2025, the new domestic PP production capacity totaled 4.155 million tons, with a capacity growth rate of 9.31%. The planned production capacity for 2025 is 4.905 million tons, with an expected capacity growth rate of 11% [92][94][95]. - This week, the PP production was 801,000 tons (- 23,400 tons), and the operating rate was 75.94% (- 2.28%). The supply loss of PP was 246,600 tons, including 182,800 tons of maintenance loss and 63,700 tons of production reduction loss. There were more temporary maintenance plans for production enterprises this week, and the subsequent planned maintenance is also relatively high, and the enterprise's operating enthusiasm is not high, so the maintenance volume may remain at a high level [10]. 3. US Dollar Price and Import - Export Profit - **US Dollar Price and Spread**: The prices in Northwest Europe and the Americas have fallen from high levels. Asian prices continued to be weak. The CFR Far East supply was in excess with weak demand, and prices in Southeast Asia were generally falling due to sufficient supply and the impact of low - priced domestic supplies. The supply - demand situation in South Asia was also poor. The spread between CFR China and the outer market rebounded [127][128]. - **Import - Export Profit**: Currently, overseas demand is weak, and the counter - offer price is low. The export quotation center of production enterprises has shifted downward, and enterprises are making low - price concessions for transactions. On the import side, although China's price is at a relatively low level globally, the weak external demand has led to a decrease in the ability to accept goods, and more goods are flowing to China [145]. 4. Downstream Profit and Operation - **Downstream Operation**: After the holiday, the comprehensive downstream operating rate was 51.83%, a decrease of 0.09% quarter - on - quarter. The operating rate of plastic weaving remained flat, with an increase in the use of fertilizer bags in agriculture and the recovery of construction infrastructure driving the demand for woven bags. The operating rate of BOPP increased by 0.48%, while that of CPP decreased by 0.32%. The operating rate of PP pipes decreased by 0.33%, and the operating rate of injection molding increased by 0.13%. In the traditional peak season, demand still has room to rise, but overall performance is relatively weak and difficult to absorb the high supply [148]. 5. Inventory - Production enterprise inventory decreased by 0.27 million tons to 6.787 million tons, with the inventory of two major oil companies increasing by 196,000 tons, coal - chemical industry inventory decreasing by 141,000 tons, PBI inventory decreasing by 85,000 tons, and local refinery inventory increasing by 3,000 tons. The inventory reduction speed of upstream production enterprises was slow, so the production enterprise inventory only decreased slightly this week [212]. - Trader inventory decreased by 225,000 tons, and port inventory decreased by 8,000 tons. As downstream demand gradually returned to normal, domestic trader inventory decreased, and the allocation of external resources to the domestic market increased [212].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of the PVC industry are poor, with the supply-demand situation being supply - strong and demand - weak. The comprehensive profit of enterprises has declined to a low level for the year, but the supply - side maintenance volume is small, and the output is at a historical high. In the short term, multiple new devices will start trial operations. Domestically, downstream construction has declined, and domestic demand is weak. Regarding exports, the anti - dumping tax rate in India is expected to be implemented soon, and the export outlook for the fourth quarter is poor. Although the short - term valuation has declined to a low level, it still cannot support the supply - demand situation that is weaker than in the first half of the year. In the medium term, pay attention to short - selling opportunities on rallies [11]. 3. Summary by Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - **Cost and Profit**: The price of Wuhai calcium carbide is 2,425 yuan/ton, up 25 yuan/ton week - on - week; the price of Shandong calcium carbide is 2,830 yuan/ton, down 60 yuan/ton week - on - week; the price of medium - grade semi - coke in Shaanxi is 730 yuan/ton, unchanged week - on - week. The comprehensive profit of chlor - alkali integration has slightly recovered, while the profit from ethylene - based production is at a low level, and the current valuation is moderately low [11]. - **Supply**: The PVC capacity utilization rate is 76.7%, a 5.9% decline from the previous week. Among them, the utilization rate of calcium carbide - based production is 74.7%, down 8.2% week - on - week, and that of ethylene - based production is 81.3%, down 0.6% week - on - week. Last week, the supply - side load decreased mainly due to maintenance at enterprises such as Xinfeng, Lutai Chemical, Inner Mongolia Junzheng, Jinyuyuan, Tianye, and Zhongtai. The load is expected to rebound next week. The overall load in October is still expected to be high, and multiple devices are expected to start trial operations, resulting in continuous high supply pressure [11]. - **Demand**: Regarding exports, the anti - dumping tax rate in India is expected to be implemented in October - November, and exports are expected to decline after implementation. The construction rates of the three major downstream sectors decreased last week. The load of the pipe sector is 32.8%, down 7.6% week - on - week; the load of the film sector is 68.9%, up 5% week - on - week; the load of the profile sector is 15.9%, down 23% week - on - week. The overall downstream load is 39.2%, down 8.6% week - on - week, indicating weak overall downstream construction. Last week, the pre - sales volume of PVC was 55.6 tons, a decrease of 2.8 tons from the previous week [11]. - **Inventory**: Last week, the in - factory inventory was 36 tons, a decrease of 2.3 tons from the previous week; the social inventory was 103.4 tons, a decrease of 0.3 tons from the previous week; the total inventory was 139.4 tons, a decrease of 2.6 tons from the previous week; the number of warehouse receipts remained at a high level. The industry is still in the inventory accumulation cycle, with upstream inventory gradually shifting to the mid - stream. Given the supply - strong and demand - weak situation, the inventory accumulation is expected to continue [11]. 3.2 Futures and Spot Market - Multiple graphs are presented, including those showing the PVC term structure, the price of East China SG - 5 PVC, the PVC spot basis, the 1 - 5 spread of PVC, the positions and trading volumes of active PVC contracts, and the total positions and trading volumes of PVC. These graphs are sourced from WIND, Steel Union, and the research center of Wukang Futures [15][16][25][27]. 3.3 Profit and Inventory - **Inventory**: The overall inventory decreased this week, and the number of warehouse receipts was at a high level. Graphs show the in - factory inventory of calcium carbide - based PVC, the social inventory of PVC, the combined in - factory and social inventory of PVC, and the number of PVC warehouse receipts [32][39]. - **Profit**: Graphs show the comprehensive profit of chlor - alkali integration with externally purchased calcium carbide in Shandong, the profit of calcium carbide - based PVC production, the profit of ethylene - based PVC production, and the profit of calcium carbide production in Inner Mongolia [40]. 3.4 Cost Side - **Calcium Carbide**: Calcium carbide prices have stabilized. Graphs show the prices of Wuhai and Shandong calcium carbide, calcium carbide inventory, and calcium carbide production start - up rate [46][47]. - **Semi - coke and Caustic Soda**: The prices of semi - coke and caustic soda have remained stable. Graphs show the market price of medium - grade semi - coke in Shaanxi, the self - pick - up price of 32% liquid caustic soda in Shandong, and the market price of liquid chlorine in Shandong [48][49]. - **Ethylene**: The graph shows the CFR spot price of Northeast Asian ethylene [52]. 3.5 Supply Side - In 2025, the capacity expansion of PVC is significant, mainly concentrated in the third quarter. Graphs show the historical trend of PVC capacity, the newly - added PVC production capacity in 2025, and the raw materials consumed by the newly - added PVC production capacity in 2025 [57][60][62]. 3.6 Demand Side - **Downstream Construction**: The construction rates of the three major downstream sectors of PVC have declined. Graphs show the construction rates of PVC downstream sectors, including film, profile, and pipe sectors [73][75][77]. - **Exports**: The anti - dumping tax rate in India is expected to be implemented soon, which may lead to a decline in exports. Graphs show the export volume of PVC and the export volume of PVC to India [82][85]. - **Pre - sales**: The pre - sales volume of PVC has decreased. The graph shows the pre - sales volume of PVC [87]. - **Real Estate Indicator**: The graph shows the rolling cumulative year - on - year change in China's housing completion area [89].

Group 1 - The core point of the article is that Global New Materials International (06616) has increased its stake in its non-wholly-owned subsidiary CQV from 42.45% to 50.75% by purchasing 1.1218 million shares between July and October 2025, aiming to enhance control over overseas core assets and improve global business synergy and governance stability [1][1][1] - Following the announcement, the company's stock price rose over 6%, with a current increase of 4.81%, trading at HKD 4.79 and a transaction volume of HKD 98.223 million [1][1][1] Group 2 - Guojin Securities reported that the combined market share of the two leading companies in the pearlescent pigment sector (Global New Materials and Kuncai) exceeds 30% [1][1][1] - The report expresses optimism about the company's overseas acquisition of Merck's surface materials business/CQV, aiming to cultivate a global leader in pearlescent pigments [1][1][1] - The industry outlook is positive, with expectations for capacity expansion and product structure optimization leading to simultaneous volume and price increases, as well as a clear trend of synthetic mica replacing natural mica in the cosmetics and automotive sectors [1][1][1]

Core Viewpoint - Global New Materials International (06616) is increasing its stake in its non-wholly owned subsidiary, CQV, from 42.45% to 50.75% to enhance control over overseas core assets and improve global business synergy and governance stability [1] Company Summary - The company's stock rose over 6% in the afternoon trading session, with a current price of 4.79 HKD and a trading volume of 98.22 million HKD [1] - The acquisition of 1.1218 million shares is scheduled between July and October 2025 [1] Industry Summary - Guojin Securities reports that the combined market share of the two leading companies in the pearlescent pigment sector (Global New Materials and Kuncai) exceeds 30% [1] - The firm is optimistic about the company's overseas acquisition of Merck's surface materials business/CQV, aiming to cultivate a global leader in pearlescent pigments [1] - The industry is experiencing simultaneous growth in both volume and price due to capacity expansion and product structure optimization [1] - The pearlescent pigment market has promising prospects in new consumer sectors such as cosmetics and automotive, with a clear trend of synthetic mica replacing natural mica [1]