Group 1: Chemical Sector Performance - The chemical index showed a positive trend with all sub-sectors reporting gains, including a 1.92% increase in the chemical raw materials index, a 1% increase in the chemical machinery index, a 0.37% increase in the chemical pharmaceuticals index, and a 3.73% increase in the pesticide and fertilizer index [1] - The top five rising petrochemical products included normal butanol up 6.69%, TDI up 4.47%, calcium carbide up 4.44%, butadiene up 3.71%, and industrial naphthalene up 3.20% [1] - The five petrochemical products with the largest declines were liquid chlorine down 62.50%, dimethyl disulfide down 9.80%, normal propanol down 6.76%, dimethyl carbonate down 5.00%, and industrial-grade lithium carbonate down 4.63% [1] Group 2: Oil Sector Performance - The oil index experienced a decline, with the oil processing index down 1.29%, while the oil extraction index remained flat, and the oil trading index fell by 3.91% [1] - International crude oil prices showed a strong oscillation, with WTI settling at $64.01 per barrel, up 0.55% from August 22, and Brent settling at $68.12 per barrel, up 0.58% from August 22 [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies included Jianye Co. up 34.36%, Yunnan Energy Investment up 33.84%, Bai'ao Chemical up 21.93%, Aipu Co. up 20.11%, and *ST Yaxing up 17.61% [2] - The five listed chemical companies with the largest declines were Feilu Co. down 25.45%, Aladdin down 14.44%, Jinmei B shares down 14.35%, Zhun Oil down 13.00%, and Hengtai Aipu down 11.23% [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - Supply side: In August 2025, the total planned asphalt production in China was 2413000 tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The sample capacity utilization rate of domestic petroleum asphalt this week was 31.3998%, a month - on - month decrease of 1.44 percentage points. Refineries have recently reduced production, alleviating supply pressure, but supply pressure may increase next week [8]. - Demand side: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 29.3%, a month - on - month decrease of 0.05 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 17.1358%, a month - on - month increase of 0.15 percentage points; the road - modified asphalt开工率 was 28.33%, unchanged from the previous month; the waterproofing membrane开工率 was 33.86%, a month - on - month increase of 3.26 percentage points [8]. - Cost side: The daily asphalt processing profit was - 629.11 yuan/ton, a month - on - month increase of 5.60%. The weekly delayed coking profit of Shandong local refineries was 740.6729 yuan/ton, a month - on - month decrease of 6.05%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking decreased. With the strengthening of crude oil, it is expected that the cost support will strengthen in the short term [9]. - Expectation: The refinery's recent production reduction has alleviated supply pressure. The overall demand recovery stimulated by the peak season falls short of expectations and remains sluggish; inventory remains flat; with the strengthening of crude oil, the cost support strengthens in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with asphalt 2511 fluctuating in the range of 3486 - 3528 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Fundamentals**: Bullish. The refinery's production reduction alleviates supply pressure, but overall demand is lower than expected and sluggish. The inventory remains flat, and the cost support strengthens in the short term [8][10]. - **Basis**: On August 29, the spot price in Shandong was 3510 yuan/ton, and the basis of the 11 - contract was 21 yuan/ton, with the spot at a premium to the futures. Neutral [11]. - **Inventory**: Social inventory was 1270000 tons, a month - on - month decrease of 1.70%; factory inventory was 674000 tons, a month - on - month decrease of 5.86%; port diluted asphalt inventory was 190000 tons, a month - on - month increase of 26.67%. Social and factory inventories are continuously decreasing, while port inventory is increasing. Neutral [11]. - **Futures Price Chart**: MA20 is downward, and the futures price of the 11 - contract closes above MA20. Neutral [11]. - **Main Position**: The main position is net long, and the long position increases. Bullish [11]. - **Likely Influencing Factors**: Positive factors include relatively high crude oil costs providing some support; negative factors include insufficient demand for high - priced goods and overall downward demand, with an increasing expectation of an economic recession in Europe and the United States [13][14]. - **Main Logic**: On the supply side, supply pressure remains high; on the demand side, the recovery is weak [15]. 3.2 Asphalt Futures Market - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025 [20]. - **Spread Analysis** - **Main - Contract Spread**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [23]. - **Asphalt - Crude Oil Price Trend**: The report presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil from 2020 to 2025 [26]. - **Crude Oil Crack Spread**: The report shows the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 [29]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 [33]. 3.3 Asphalt Spot Market - **Regional Market Price Trends**: The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [36]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The report presents the historical trends of asphalt profit from 2019 to 2025 [38]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical trends of the coking - asphalt profit spread from 2020 to 2025 [41]. - **Supply - Side Analysis** - **Shipment Volume**: The report presents the historical trends of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 [44]. - **Diluted Asphalt Port Inventory**: The report shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2025 [46]. - **Production Volume**: The report presents the historical trends of the weekly and monthly production volumes of asphalt from 2019 to 2025 [49]. - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The report shows the historical trends of the Marine crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 [53]. - **Refinery Asphalt Production Volume**: The report presents the historical trends of refinery asphalt production volume from 2019 to 2025 [56]. - **Capacity Utilization Rate**: The report shows the historical trends of asphalt capacity utilization rate from 2021 to 2025 [59]. - **Estimated Maintenance Loss Volume**: The report presents the historical trends of the estimated maintenance loss volume of asphalt from 2018 to 2025 [61]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [64]. - **Social and Factory Inventories**: The report presents the historical trends of social and factory inventories of asphalt from 2022 to 2025 [68]. - **Factory Inventory - to - Stock Ratio**: The report shows the historical trends of the factory inventory - to - stock ratio of asphalt from 2018 to 2025 [71]. - **Import - Export Situation** - **Export and Import Trends**: The report presents the historical trends of asphalt export and import from 2019 to 2025 [74]. - **Korean Asphalt Import Spread Trend**: The report shows the historical trends of the Korean asphalt import spread from 2020 to 2025 [79]. - **Demand - Side Analysis** - **Petroleum Coke Production Volume**: The report presents the historical trends of petroleum coke production volume from 2019 to 2025 [80]. - **Apparent Consumption**: The report shows the historical trends of asphalt apparent consumption from 2019 to 2025 [83]. - **Downstream Demand**: The report presents the historical trends of highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year growth rate, asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 [86][90]. - **Asphalt Capacity Utilization Rate**: The report shows the historical trends of heavy - traffic asphalt, construction asphalt, modified asphalt, road - modified asphalt, and waterproofing membrane asphalt capacity utilization rates from 2019 to 2025 [95][98][99]. - **Downstream Capacity Utilization**: The report presents the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane asphalt capacity utilization rates from 2019 to 2025 [99]. - **Supply - Demand Balance Sheet**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including data on monthly downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and production volume [104].

1. Report Industry Investment Rating - The report is bullish on the bond market in September [1][2][4][10][80] 2. Core Viewpoints of the Report - In July 2025, the profits of industrial enterprises in China showed marginal improvement, possibly related to the low base, but overall pressure remained. Manufacturing profits were the core driving force, with raw material manufacturing profits turning from decline to growth, and industries like steel and petroleum processing turning profitable, reflecting the stabilization of commodity prices and the effectiveness of supply - side reform [2][10][11][80] - The bond market may be suppressed by sentiment in the short term, but the report is consistently bullish on the bond market in September. The increasing economic downward pressure in the second half of the year, continuous central bank easing, and bank self - operated allocation demand will support the bond market. The peak of net government bond issuance this year has passed, and after September, the net issuance of government bonds may not exceed 25% of the annual plan, presenting a repair window for interest - rate bonds [2][4][10][80] 3. Summary According to the Table of Contents 3.1 Macro News - In July 2025, the operating income of large - scale industrial enterprises increased by 0.9% year - on - year, and 2.3% from January to July. The profits of large - scale industrial enterprises decreased by 1.5% year - on - year in July, with the decline narrowing by 2.8 pct compared to June. From January to July, profits decreased by 1.7% year - on - year, with the decline narrowing by 0.1 pct compared to the first half of the year. Manufacturing profits increased by 6.8% year - on - year in July, accelerating by 5.4 pct compared to June [11] - On August 28, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - quality Urban Development" was released, proposing to systematically promote the construction of "good houses" and complete communities [13] - On August 25 (Eastern Time), US President Trump announced the dismissal of Federal Reserve Governor Lisa Cook. Market bets on the Fed's policy easing continued to heat up, with traders expecting an over 80% probability of a rate cut in September [14] 3.2 Medium - term High - frequency Data 3.2.1 Consumption: Moderate Growth - As of August 24, the daily average retail volume of passenger car manufacturers was 60,000 vehicles, a year - on - year increase of 5.9%, and the daily average wholesale volume was 71,000 vehicles, a year - on - year increase of 2.0%. As of August 28, the total national movie box office revenue in the past 7 days was 976.06 million yuan, a year - on - year increase of 16.3% [15] 3.2.2 Transportation: Continued Activity - As of August 24, the container throughput of ports was 6.775 million twenty - foot equivalent units, a year - on - year increase of 14.8%. The postal express pick - up volume was 3.7 billion pieces, a year - on - year increase of 12.0%. The railway freight volume was 8.0868 million tons, a year - on - year increase of 5.5%, and the highway truck traffic volume was 5.5185 million vehicles, a year - on - year increase of 3.3% [22][23][29] 3.2.3 Operating Rates: Slight Monthly Decline but Year - on - Year Growth in the Infrastructure Chain - As of August 27, the blast furnace operating rate of major steel enterprises was 77.3%, a year - on - year increase of 2.8 pct. As of August 28, the average asphalt operating rate was 24.0%, a year - on - year increase of 1.0 pct [32] 3.2.4 Real Estate: Persistent Downturn - As of August 29, the total commercial housing transaction area in 30 large and medium - sized cities in the past 7 days was 1.889 million square meters, a year - on - year increase of 3.7% [40] 3.2.5 Prices: Differentiated - As of August 29, the average pork wholesale price was 20.0 yuan/kg, a year - on - year decrease of 27.4% and a 2.7% decrease compared to four weeks ago. The average vegetable wholesale price was 4.9 yuan/kg, a year - on - year decrease of 19.2% and an 11.1% increase compared to four weeks ago. The average spot price of iron ore was 791.5 yuan/ton, a year - on - year increase of 4.3% and a 0.2% increase compared to four weeks ago [45][51] 3.3 Bond and Foreign Exchange Markets: Loose Funds, Slight Differentiation in the Bond Market - On August 29, overnight Shibor was 1.33%, down 2.50 BP from August 25. The yields of 1 - year/5 - year/10 - year/30 - year government bonds were 1.37%/1.63%/1.84%/2.14% respectively, with changes of - 1.1BP/ - 0.3BP/+5.7BP/+6.0BP compared to August 22 [56][61] 3.4 Institutional Behavior: Continuous Decline in the Duration of Medium - and Long - Term Bond Funds for Interest - Rate Bonds - As of August 29, the estimated average duration of medium - and long - term interest - rate bond funds was about 5.1 years, a decrease of about 0.04 years compared to August 22. The estimated average duration of credit bond funds was about 2.8 years, a decrease of about 0.01 years compared to August 22 [76][77] 3.5 Investment Recommendations - The report is bullish on the bond market in September. The economic downward pressure in the second half of the year, central bank easing, and bank self - operated allocation demand will support the bond market. The report expects the 10Y government bond yield to be between 1.6% - 1.8% in the second half of the year, and believes that the current 10Y government bond is highly cost - effective. It is expected that the 10Y government bond yield will return to around 1.65% in the next six months, and the 5Y secondary capital bonds of national joint - stock banks will fall below 1.9%. Investors should cherish 5Y capital bonds with yields above 2% and 30Y government bonds [4][10][80]

Core Viewpoint - The commitment from the controlling shareholder, Maoming Port Group Co., Ltd., provides strong support for Maohua Shihua's upcoming issuance of shares to specific targets, signaling positive market sentiment and stabilizing investor confidence [1][2]. Group 1 - Maohua Shihua convened the 10th temporary meeting of the 13th board of directors on August 29, 2025, to review and approve the proposal for the issuance of shares to specific targets for the year 2025 [1]. - Maoming Port Group has committed not to reduce its holdings in Maohua Shihua shares from six months prior to the board resolution date until the date of the commitment letter [1]. - If the share issuance is completed and Maoming Port Group holds a certain percentage of voting rights in Maohua Shihua, it will not transfer or delegate the management of the shares acquired through this issuance for 18 months [1]. Group 2 - The commitment includes adherence to restrictions on shares obtained through stock dividends or capital reserve transfers until the lifting of the share restriction period [1]. - Should the restriction period conflict with the latest regulatory opinions or requirements, Maoming Port Group will adjust accordingly [1]. - Any reduction of shares after the restriction period must comply with relevant laws and regulations, and violations of the commitment will result in legal liabilities [1].

Core Viewpoint - The company has established a shareholder return plan for the next three years (2025-2027) to enhance transparency and operational feasibility in profit distribution, ensuring reasonable returns for all shareholders [1][2]. Group 1: Considerations for the Plan - The company focuses on strategic goals and sustainable development while considering operational realities, shareholder demands, social capital costs, external financing environments, and cash flow [1]. - The plan emphasizes a scientific, continuous, and stable profit distribution policy that prioritizes reasonable returns to shareholders while ensuring the company's sustainable health [1][2]. Group 2: Specific Dividend Return Plan - The company will distribute dividends in cash, stock, or a combination of both, based on current profitability, cash flow, development stage, and funding needs [1][2]. - The minimum dividend payout ratio for the next three years will be at least 30% of the average distributable profit, contingent on sufficient cash flow for normal operations and long-term development [2][3]. - If the company's performance grows rapidly, the board may propose stock dividends in addition to the minimum cash dividends, depending on annual profitability and cash flow [2]. Group 3: Decision-Making Procedures - The annual profit distribution proposal will be drafted by management and the board, considering the company's articles of association, profitability, funding needs, and shareholder return plan, and will be submitted for shareholder approval [3][4]. - The board must carefully evaluate the timing, conditions, and minimum ratios for cash dividends, with independent directors required to provide clear opinions [3][4]. - The company will actively communicate with shareholders, especially minority shareholders, to gather their opinions and address their concerns regarding the dividend proposals [3][4]. Group 4: Oversight and Review Mechanisms - The audit committee will supervise the execution of the dividend policy and shareholder return plan, ensuring compliance with decision-making procedures [4][5]. - Any adjustments to the profit distribution policy must prioritize shareholder protection and require thorough justification and adherence to decision-making protocols [5]. Group 5: Implementation and Governance - The shareholder return plan will be reviewed at least every three years, with potential adjustments based on shareholder feedback and independent directors' opinions [5]. - The plan will take effect upon approval by the company's shareholders and will be interpreted by the board [5].

Group 1 - The company plans to issue A-shares to specific investors to raise funds for enhancing liquidity and optimizing its capital structure, which is crucial for long-term development [1][4] - The total amount raised from the issuance will be used entirely to supplement working capital, addressing the company's operational funding needs and reducing financial risk [2][5] - The issuance is expected to improve the company's financial condition by lowering the debt scale and financial leverage, thus enhancing profitability and core competitiveness [2][3] Group 2 - The issuance will solidify the controlling position of the major shareholder, Maoming Port Group, which will hold over 40% of voting rights post-issuance, ensuring stable governance and protecting minority shareholders' interests [3][4] - The company has established a modern corporate governance structure and a fundraising management system to ensure the proper use of raised funds, mitigating risks associated with fund management [4][5] - The anticipated increase in asset scale and reduction in debt ratio will enhance the company's financial strength and risk resistance, supporting future growth and strategic initiatives [5]

证券代码：000637 证券简称：茂化实华 公告编号：2025-042 茂名石化实华股份有限公司 茂名石化实华股份有限公司（以下简称"公司"）前次 募集资金到账时间距今已超过五个会计年度，且最近五个会 计年度不存在通过配股、增发、发行可转换公司债券等方式 募集资金的情况。因此，公司 2025 年度向特定对象发行 A 股股票无需编制前次募集资金使用情况报告，也无需聘请符 合规定的会计师事务所出具前次募集资金使用情况鉴证报 告。 特此公告。 茂名石化实华股份有限公司董事会 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、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《监管规则适用指引—— 发行类第 7 号》的有关规定："前次募集资金使用情况报告 对前次募集资金到账时间距今未满五个会计年度的历次募 集资金实际使用情况进行说明，一般以年度末作为报告出具 基准日，如截止最近一期末募集资金使用发生实质性变化， 发行人也可提供截止最近一期末经鉴证的前募报告。" ...

Core Points - The article outlines the fundraising management system of Maoming Petrochemical Shihua Co., Ltd, emphasizing the need for compliance with national laws and regulations, as well as the Shenzhen Stock Exchange's rules [1][2][3] - The company is required to use raised funds prudently and ensure that their usage aligns with the commitments made in the issuance application documents [1][2] - The management system mandates that raised funds must be stored in dedicated accounts and used exclusively for specified purposes, with strict oversight and reporting requirements [3][4][5] Fundraising Management - The company must establish a dedicated account for raised funds, which should not be mixed with other funds or used for unrelated purposes [3][4] - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank holding the funds, detailing the management and usage of the funds [4][5] - The board of directors is responsible for ensuring the effective implementation of the fundraising management system [2][5] Fund Usage - Funds raised should primarily be used for the company's main business operations, and high-risk investments are prohibited [6][7] - The company must ensure the authenticity and fairness of fund usage, preventing misuse by controlling shareholders or related parties [6][7] - Any changes to the intended use of funds or the investment projects must be approved by the board and disclosed to shareholders [8][12] Monitoring and Reporting - The company’s accounting department must maintain detailed records of fund usage, and internal audits should be conducted quarterly [40][41] - The board must regularly review the progress of fundraising projects and report any significant discrepancies in fund usage [41][42] - Independent auditors must verify the annual report on fund management and usage, providing assurance on compliance with regulations [19][20]

Core Viewpoint - The recovery of the PMI manufacturing index in August, along with improvements in production, new orders, and prices, indicates the initial effects of policies aimed at expanding domestic demand and countering excessive competition. The stock market's recovery is boosting economic confidence, which may lead to a rebound in consumer spending. Future policies to expand domestic demand are expected to strengthen the positive economic trend, especially in the service consumption sector as the impact of durable goods policies diminishes [1][7]. Group 1: Economic Resilience - The production index in August rose to 50.8%, while the new orders index was at 49.5%, indicating a strong resilience in the economy despite a widening supply-demand gap of 1.3 percentage points [2]. - The increase in production is attributed to stable domestic demand and a recovering stock market, alongside exporters rushing to ship goods due to new tax regulations [2]. Group 2: Price Index Trends - The PMI output price index and raw material purchase price index increased by 0.8 percentage points and 1.8 percentage points to 49.1% and 53.3%, respectively, marking three consecutive months of price increases [3]. - The rise in prices is linked to the initial success of measures to curb excessive competition, with 11 out of 16 industries showing price increases [3]. Group 3: Inventory and Procurement Dynamics - The finished goods inventory index fell by 0.6 percentage points to 46.8%, while raw material inventory and procurement levels rose, indicating a shift towards passive inventory reduction [4]. - Companies are adjusting procurement levels in response to new orders, maintaining low inventory levels as demand and exports increase [4]. Group 4: Performance of Enterprises - Large enterprises saw a significant increase in their index to 50.8%, while small enterprises slightly rose to 46.6%, and medium enterprises fell to 48.9% [5]. - The service sector, particularly transportation and entertainment, benefited from summer consumption, with business activity indices for rail and air transport exceeding 55% [6]. Group 5: Future Outlook - The PMI manufacturing index remains in contraction for five consecutive months, highlighting ongoing economic pressures, particularly for small and medium enterprises [7]. - Continued policy support is necessary to sustain economic recovery, especially in demand, with upcoming measures to stimulate service consumption and digital economy initiatives [7].

Group 1: PMI and Economic Indicators - The manufacturing PMI for August 2025 is 49.4%, a slight increase of 0.1 percentage points from the previous month, indicating a modest improvement in manufacturing sentiment[1] - The production index rose to 50.8% in August, up from 50.5% in July, while the new orders index increased to 49.5% from 49.4%[2] - The gap between supply and demand widened to 1.3 percentage points, suggesting production still exceeds demand[2] Group 2: Price and Inventory Trends - The PMI for factory prices and raw material purchase prices increased by 0.8 percentage points and 1.8 percentage points, reaching 49.1% and 53.3% respectively, marking three consecutive months of price increases[3] - Finished goods inventory index decreased by 0.6 percentage points to 46.8%, while raw material inventory and procurement volume rose to 48% and 50.4% respectively[4] Group 3: Sector Performance - Large enterprises saw a PMI increase of 0.5 percentage points to 50.8%, while small enterprises rose slightly by 0.2 percentage points to 46.6%, and medium enterprises fell by 0.6 percentage points to 48.9%[5] - The service sector's business activity index improved to 50.5%, driven by summer consumption in transportation and entertainment[5] Group 4: Future Outlook - The PMI's recovery reflects initial effects of policies aimed at expanding domestic demand and countering excessive competition, but the manufacturing sector remains under pressure with five consecutive months in contraction territory[7] - Continued policy support is necessary, especially for demand-side measures, to sustain economic improvement as export pressures may increase in October[7]