Report Overview - The report is a methanol polyolefin morning report released on September 2, 2025, by the Energy and Chemicals Team of the Research Center [1] Methanol Data Summary - From August 26 to September 1, 2025, the power coal futures price remained at 801, while the prices of methanol in different regions showed some fluctuations. For example, the Jiangsu spot price decreased from 2275 to 2230, and the Northwest discounted price decreased from 2680 to 2645 [2] Core View - The trading logic is that the port pressure is transmitted to the inland. Although the inland has seasonal stocking demand and new device stocking increments from Lianhong, the port will continuously form a backflow impact. Currently, the price on the disk is benchmarked against the inland price, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but the inventory is still accumulating. The backflow can resolve the port pressure but will affect the inland valuation. Currently, the valuation and inventory are average, and the driving force is weak. Therefore, it is necessary to wait before bottom - fishing [2] Plastic (Polyethylene) Data Summary - From August 26 to September 1, 2025, the prices of polyethylene in different regions and forms showed a downward trend. For example, the Northeast Asia ethylene price remained stable at 840, while the North China LL price decreased from 7270 to 7170, and the East China LL price decreased from 7400 to 7290 [6] Core View - The inventory of Sinopec and PetroChina is neutral year - on - year. The upstream Sinopec and PetroChina and coal chemical industries are destocking, the social inventory is flat, and the downstream raw material and finished product inventories are also neutral. The overall inventory is neutral. The 09 basis is about - 110 in North China and - 50 in East China. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around - 200, with no further increase for the time being. The price of non - standard HD injection molding is stable, other price differences are fluctuating, and LD is weakening. The maintenance in September is the same as the previous month, and the domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion situation and the US quotation. The pressure from new devices in 2025 is large, and attention should be paid to the commissioning of new devices [6] Polypropylene (PP) Data Summary - From August 26 to September 1, 2025, the prices of polypropylene in different regions and forms showed a downward trend. For example, the Shandong propylene price increased from 6450 to 6580, while the East China PP price decreased from 6985 to 6845 [7] Core View - The upstream Sinopec and PetroChina and the middle - stream of polypropylene are destocking. In terms of valuation, the basis is - 60, the non - standard price difference is neutral, and the import profit is around - 700. The export situation has been good this year. The non - standard price difference is neutral, and the markets in Europe and America are stable. The PDH profit is around - 400, the propylene price is fluctuating, and the powder production start - up rate is stable. The drawing production scheduling is neutral. The subsequent supply is expected to increase slightly month - on - month. The current downstream orders are average, and the raw material and finished product inventories are neutral. Under the background of over - capacity, the pressure on the 01 contract is expected to be moderately excessive. If the export volume continues to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [7] PVC Data Summary - From August 26 to September 1, 2025, the prices of PVC in different regions and forms showed some fluctuations. For example, the Northwest calcium carbide price decreased from 2350 to 2300, and the Shandong caustic soda price decreased from 887 to 882 [7] Core View - The basis is maintained at 01 - 270, and the factory - pickup basis is - 480. The downstream start - up rate is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventories of the middle and upstream are continuously accumulating. The Northwest devices have seasonal maintenance in summer, and the load center is between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. The recent export orders have slightly decreased. The coal market sentiment is good, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether the subsequent export orders can support the high - price caustic soda. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, the downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start - up rates [7]

Group 1 - Zhonglun New Materials plans to reduce its shareholding by up to 4 million shares, accounting for 1% of the total share capital [1] - Haojiang Intelligent plans to reduce its shareholding by up to 1.5 million shares, accounting for 0.8364% of the total share capital [1] - Dekeli plans to reduce its shareholding by up to 474,180 shares, accounting for 3% of the total share capital [1][2] Group 2 - Fosun Pharma's subsidiary has received FDA approval for its HLX14 injection, intended for treating osteoporosis in postmenopausal women [3][4] - Shengtai Group plans to reduce its shareholding by up to 16.67 million shares, accounting for 3% of the total share capital [5] - Fangyuan Co. plans to reduce its shareholding by up to 15.3 million shares, accounting for 3% of the total share capital [6] Group 3 - Shenkai Co. completed a tender offer, resulting in 14.5655 million shares being accepted, giving the acquirer a 9.71% stake [8] - Guangdong Construction's 90MW solar-storage project in Tibet has achieved full capacity grid connection [9] - Kesi Technology plans to reduce its shareholding by up to 471,220 shares, accounting for 3% of the total share capital [9] Group 4 - Zhongtai Automobile's subsidiary faces forced execution, impacting its operational capacity [10] - Weima Agricultural Machinery plans to reduce its shareholding by up to 960,000 shares, accounting for 0.98% of the total share capital [10] - Tianqi Co. signed a strategic cooperation agreement with EVE Energy to enhance the lithium battery supply chain [11] Group 5 - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co. for a total valuation of up to 1 billion yuan [12] - Dengyun Co. plans to transfer 75% of its subsidiary's equity for 137 million yuan [13] - Sierte has received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Enjie Co. received a VAT refund of 188 million yuan for its subsidiary [15] - Jiama Clothing plans to reduce its shareholding by up to 366,000 shares, accounting for 0.28238% of the total share capital [16] - Xinong Co. plans to reduce its shareholding by up to 1.05 million shares, accounting for 0.6737% of the total share capital [17] Group 7 - Jiewate plans to jointly acquire 66.25% of Xinguang Haian for a total price of 418 million yuan [18] - Hubei Energy reported an increase in power generation by 22.05% year-on-year in August, with a total of 5.020 billion kWh generated [19][20] - Nasda signed a strategic cooperation agreement with Teld for collaboration in market and product innovation [21] Group 8 - Jinli Technology plans to reduce its shareholding by up to 978,200 shares, accounting for 0.56% of the total share capital [22][23]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In September, the PVC fundamentals still face pressure, with high inventory levels, and the price is expected to fluctuate weakly. However, it is necessary to be vigilant about a new round of speculative expectations brought by unexpected policies [2] Summary by Directory Supply:检修计划增加有限，预计产量维持高位 - In early August, many production enterprises resumed operations after maintenance, leading to a decrease in loss volume compared to July. It is expected that maintenance in September will be high at the beginning and low at the end, and the production volume will remain at a high level with fluctuations [2][5] - The operating rate increased slightly month - on - month. The 8 - month production volume increased by 60,000 tons, all from ethylene - based plants, and it is expected to remain at a high level with fluctuations subsequently [19] Demand:房地产施工将逐步回升，预计管材和型材开工增加 - In August, the downstream operating rate recovered but decreased significantly year - on - year. It is expected to remain stable in September. The real estate transactions are fluctuating at a low level. Although the real estate construction will recover, it is still weak overall, providing limited support for the demand of PVC downstream pipes and profiles. With India imposing higher anti - dumping duties on Chinese PVC, exports are expected to decline [2][21][34] - In August, downstream enterprises made small - scale stockpiling, and as the September delivery approached, traders were actively trading [28] Inventory:供需压力仍在，总库存高位震荡 - The fundamentals still show strong supply and weak demand. As the basis weakened significantly, refinery inventories flowed into the social market, leading to an increase in total inventory. The warehouse receipts also increased rapidly. In September, domestic demand is expected to recover, but exports are expected to decline, and the fundamental pressure remains high. It is expected that the inventory will remain at a high level with limited changes [2][44] Spread:预计基差逐步走强 - The fundamentals still show strong supply and weak demand. As the delivery approaches, the near - month contract has a relatively large decline [54] Profit:电石法和乙烯法利润表现偏弱 - The profit performance of the calcium carbide method and the ethylene method is weak [58]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term supply - demand contradiction is not significant, and the inventory is expected to maintain a destocking trend. The cost is affected by the weak global oil supply - demand and the ongoing Russia - Ukraine peace talks, while the short - term deterioration of the Middle East geopolitical situation still supports oil prices. Technically, L2601 should pay attention to the support around 7200 [2]. 3. Summary by Relevant Catalogs Futures Market - Futures主力合约收盘价:聚乙烯(日,元/吨) is 7270, down 17; 1 - month contract is 7270, down 17; 5 - month contract is 7276, down 23; 9 - month contract is 7204, down 26. The 9 - 1 spread is - 66, down 9. The volume is 324382 hands, up 41667; the open interest is 468822 hands, up 28457. The net long position of the top 20 futures holders is - 30386 hands, down 8401 [2]. Spot Market - LLDPE(7042) average price in North China is 7300.87 yuan/ton, down 17.83; in East China is 7384.76 yuan/ton, down 0.95. The basis is 13.87, up 53.17 [2]. Upstream Situation - FOB: middle price of naphtha in Singapore is 64.19 dollars/barrel, up 0.44; CFR: middle price of naphtha in Japan is 597.38 dollars/ton, up 3.5. The middle price of ethylene CFR Southeast Asia is 831 dollars/ton, unchanged; CFR Northeast Asia is 841 dollars/ton, down 2 [2]. Industry Situation - The national PE petrochemical operating rate is 78.68%, down 0.04 [2]. Downstream Situation - The operating rate of PE packaging film is 49.56%, down 0.29; of PE pipes is 30.17%, down 0.5; of PE agricultural film is 17.46%, up 2.93 [2]. Option Market - The 20 - day historical volatility of polyethylene is 5.85%, down 0.14; the 40 - day historical volatility is 9.47%, up 0.08. The implied volatility of at - the - money put options is 9.35%, up 0.01; of at - the - money call options is 9.36%, up 0.03 [2]. Industry News - From August 22nd to 28th, China's polyethylene production was 61.78 million tons, down 0.50% week - on - week, and the capacity utilization rate was 78.72%, down 0.04 percentage points. The average operating rate of downstream polyethylene products increased by 0.3%. As of August 27th, the inventory of Chinese polyethylene production enterprises was 42.70 million tons, down 14.92%; as of August 22nd, the social inventory was 56.20 million tons, up 0.99% [2].

证券之星消息，9月1日塑料板块较上一交易日下跌0.04%，美联新材领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。塑料板块个股涨跌见下表： 从资金流向上来看，当日塑料板块主力资金净流出5.37亿元，游资资金净流入1.52亿元，散户资金净流入 3.84亿元。塑料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002263 | 大东南 | | 1.01亿 | 13.51% | -693.34万 | -0.92% | -9443.21万 | -12.59% | | 301196 唯科科技 | | | 6262.05万 | 9.03% | -1446.32万 | -2.09% | -4815.73万 | -6.94% | | 688203 海正生材 | | | 4336.52万 | 21.56% | -2698.59万 | ...

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints - LLDPE is expected to be weak in the short - term and have a sideways movement in the medium - term [1][2] - The trend strength of LLDPE is - 1, indicating a weak bearish outlook [3] Summary by Relevant Catalogs Fundamental Tracking - Futures data: The closing price of L2601 was 7287, with a daily decline of 0.88%. The trading volume was 282,715, and the open interest increased by 26,798 [1] - Basis and spread data: The basis of the 01 contract was - 107 (previous day: - 158), and the 01 - 05 contract spread was - 12 (previous day: - 4) [1] - Spot price data: In North China, the price was 7180 yuan/ton (previous day: 7200); in East China, it was 7280 yuan/ton (previous day: 7300); in South China, it remained at 7400 yuan/ton [1] Spot News - The market price of LLDPE decreased slightly, with a range of 10 - 50 yuan/ton. The linear futures opened high and closed low, and the market sentiment was poor. However, at the end of the month, petrochemical companies stopped sales for settlement, and factory prices remained stable, supporting the market quotes. Downstream factories maintained rigid demand for purchases, and the trading volume was average [1] Market Condition Analysis - PE demand is continuously improving due to the upcoming peak - season stocking in the agricultural film industry, which supports the PE price [2] - In recent days, the commodity sentiment has significantly declined, leading to a weak performance in futures [2] - In terms of supply, the maintenance volume in September is similar to that in August. The maintenance of Zhenhai Refining & Chemical at the end of September may relieve the supply pressure of LLDPE in East China [2] - Regarding inventory, the social inventory of polyethylene is lower than the same period last year. Although there was a slight inventory build - up this week, the overall pressure is not significant. Therefore, PE may continue to trade in a range in the medium - term [2]

Summary of Key Points Core Viewpoint - The stock of Zhejiang Haizheng Biomaterials Co., Ltd. (海正生材) has experienced a decline, with a closing price of 13.88 yuan as of August 29, 2025, down 3.07% from the previous week [1]. Stock Performance - The highest price during the week was 16.0 yuan on August 26, while the lowest was 13.63 yuan on August 28 [1]. - The current market capitalization is 2.813 billion yuan, ranking 60th in the plastics sector and 4602nd in the overall A-share market [1]. Shareholder Changes - On August 26, 2025, it was announced that China Petroleum & Chemical Corporation Capital Co., Ltd. (中石化资本) reduced its holdings by 844,600 shares, representing 0.4167% of the total share capital [1]. - The share price decreased by 0.07% during the reduction period, closing at 14.32 yuan on August 22 [1]. - Prior to the reduction, 中石化资本 held 13,659,494 shares, accounting for 6.74% of the total share capital [1]. - The company had previously disclosed a plan to reduce up to 3,525,600 shares (1.74% of total share capital) through block trading [1]. - After the reduction, 中石化资本's holdings decreased to 12,814,894 shares, representing 6.32% of the total share capital [1]. - The total amount raised from the reduction was approximately 9.81 million yuan at a price of 11.61 yuan per share [1]. - 中石化资本 decided to terminate the reduction plan early due to its own development plans and financial arrangements, with the actual reduction aligning with the previously disclosed plan [1][3].

Group 1 - The core viewpoint of the news is that Guoen Co., Ltd. has experienced a significant decrease in the number of shareholders, while the average shareholding value per shareholder remains above the industry average [1][2] - As of June 30, 2025, the number of shareholders for Guoen Co., Ltd. is 15,972, a decrease of 3,179 shareholders or 16.6% compared to March 31, 2025 [1][2] - The average shareholding value per shareholder is 448,500 yuan, which is higher than the plastic industry average of 220,000 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Guoen Co., Ltd. saw a stock price increase of 8.65%, despite the reduction in the number of shareholders [1][2] - During the same period, the net outflow of main funds was 60.31 million yuan, while speculative funds saw a net inflow of 133 million yuan, and retail investors experienced a net outflow of 72.36 million yuan [2]

Group 1 - The core viewpoint of the news is that Yongyue Technology has seen a significant increase in shareholder accounts, with a 95.71% rise from March 31, 2025, to June 30, 2025, reaching 21,540 accounts [1][2] - The average number of shares held per account decreased from 32,600 shares to 16,700 shares, with an average market value of 107,800 yuan per account [1][2] - Compared to the plastic industry average, Yongyue Technology's shareholder accounts are below the industry average of 26,200 accounts, and the average market value of shares held is also lower than the industry average of 220,000 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Yongyue Technology's stock price increased by 57.56%, coinciding with the increase in shareholder accounts [1][2] - During this period, the net outflow of main funds was 300 million yuan, while retail investors contributed a net inflow of 268 million yuan [2]

Financial Performance - The company reported a net profit of 25.98 million yuan for the first half of 2025, a decrease of 48.14% year-on-year [1] - Total operating revenue for the same period was 666 million yuan, down 19.47% compared to the previous year [1] - The gross profit margin fell to 2.87%, a decline of 42.77% year-on-year, while the net profit margin decreased to 3.90%, down 35.60% [1] - In Q2 2025, operating revenue was 344 million yuan, a decrease of 25.75% year-on-year, and net profit was 7.60 million yuan, down 72.91% [1] Cash Flow and Financial Ratios - The company's cash flow situation is concerning, with cash and cash equivalents at 231 million yuan, a drop of 44.79% year-on-year [3] - The return on invested capital (ROIC) for the previous year was 1.14%, indicating weak capital returns [3] - The average operating cash flow over the past three years relative to current liabilities is only 12.41% [3] Product and Market Insights - The company focuses on HIPS (High Impact Polystyrene) and GPPS (General Purpose Polystyrene) products, with HIPS sales revenue increasing by 14.05% year-on-year to 1.007 billion yuan [4] - HIPS products are positioned as high-value, environmentally friendly materials used in various high-end applications, while GPPS is used in toys and packaging [4][5] - The company has developed a unique production technology for HIPS, enhancing efficiency and reducing costs [4] Future Plans and Strategic Direction - The company plans to explore new technologies and materials, focusing on high-value polymer materials [7] - There are intentions to adjust development strategies and explore mergers and acquisitions to enhance profitability and competitive capabilities [7]