Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [2]. Group 1: Environmental Violations and Penalties - Guangdong Hai Feed's subsidiary, Zhanjiang Hairong Feed Co., was fined 250,000 yuan for exceeding the permitted emission concentration limits of sulfur dioxide and nitrogen oxides in boiler exhaust [2][3]. - The average calculated concentrations of sulfur dioxide and nitrogen oxides from Hairong's emissions were 443 mg/m³ and 472 mg/m³, exceeding the permitted limits by 1.215 times and 1.36 times, respectively [3]. - Junzheng Group was fined 90,000 yuan for not disposing of wastewater according to the regulations set in their discharge permit [6]. Group 2: Company Responses and Remediation Actions - Following the penalty, Guangdong Hai Feed stated that Hairong would comply with environmental information disclosure regulations and has established an internal management mechanism for environmental information [5]. - Hairong has initiated emergency response measures and conducted third-party monitoring, which confirmed compliance with emission standards after corrective actions were taken [5]. - Junzheng Group acknowledged the penalty and indicated they would investigate the situation, although no further response was received by the time of reporting [6]. Group 3: Broader Implications for Investors - The environmental risks associated with these companies could potentially affect the 690,700 shareholders linked to the five listed companies identified in the report [2]. - The increasing focus on ESG (Environmental, Social, and Governance) principles suggests that investors are becoming more attentive to companies' sustainable development capabilities [7].

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]

Core Insights - The list of the top 100 enterprises in Fujian for 2025 highlights several companies from mountainous counties that have emerged in the "Top 100 Strategic Emerging Industries in Fujian" [1] Group 1: Emerging Companies - Fujian Zhanhua Chemical Co., Ltd. is the world's largest producer of persulfates, with an annual production capacity of 75,000 tons of ammonium persulfate, 50,000 tons of sodium persulfate, and 12,000 tons of potassium persulfate, leading globally in all three categories [3] - Dongying Chemical Co., Ltd. specializes in fluorinated chemicals, producing 40,000 tons of pentafluoroethane and 30,000 tons of difluoromethane annually [5] - Fujian Kairun has developed advanced synthesis technology for perfluorosulfonic acid resin, achieving domestic production capabilities that break the technological monopoly of American companies [9] Group 2: Innovation and R&D - Zhanhua Chemical invests over 10 million yuan annually in R&D and collaborates with universities to address various technical challenges [5] - Dongying Chemical has optimized its production processes to repurpose previously discarded by-products, enhancing sustainability [7] - The presence of five of the world's top twenty fluorine new material companies in the same industrial park indicates a strong focus on innovation and competition in high-tech fields [9] Group 3: Industry Leadership - Saint Farm Group is recognized as the most complete white feather chicken industry chain globally, with an annual production capacity of nearly 800 million chickens, making it the largest in Asia [10][12] - The company has successfully developed its own breeding stock, breaking the previous reliance on imports and achieving "chicken freedom" for China [12] - The automated production line of Shengsheng Wood Industry produces outdoor garden furniture with an annual export order volume reaching 700 million yuan, leading globally in this sector [14] Group 4: Advanced Materials - Sanxiang New Materials Co., Ltd. produces electric fused zirconia with a purity of 99.8%, leading the industry globally with an annual capacity of 26,000 tons [14] - Fujian Jingxu Technology Co., Ltd. is set to establish a production line for high-frequency acoustic wave filter key components, with an investment of 1.68 billion yuan, filling a domestic gap in gallium oxide piezoelectric film materials [14]

本期 前值 周变动 本期 前值 周变动 开工率 80.08 82.68 -2.6 开工率 74.514 74.854 -0.340 产量 69.82 72.09 -2.27 产线条数 220 221 -1 重质产量 38.31 39.62 -1.31 产量 110.3895 111.0195 -0.63 轻质产量 31.51 32.47 -0.96 厂内库存 158.74 164.44 -5.7 库存 6236.2 6330.3 -94.1 重质库存 84.68 88.73 -4.05 库存可用天数 27.5 27.7 -0.2 轻质库存 74.06 75.71 -1.65 库存可用天数 13.16 13.63 -0.47 产销率 108.16 108.73 -0.57 天然气利润 -227.27 -206.84 -20.43 氨碱法毛利 -38.5 -38.5 0 石油焦利润 -31.48 8.52 -40 联产法毛利 -140 -153.5 13.5 煤制气利润 4.5 25.79 -21.29 基差 -30 -30 0 基差 16 81 -65 1-5价差 58 74 -16 1-5价差 115 130 ...

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints - The report analyzes various commodities, including energy, metals, agricultural products, and financial derivatives, and provides insights into their market trends, supply - demand dynamics, and price forecasts [2][3][4] - Different commodities show different trends, such as some in range - bound oscillations, some facing supply - demand imbalances, and others affected by geopolitical and macro - economic factors [14][20][21] Commodity Summaries Energy - **Crude Oil**: Overnight international oil prices rebounded, but there is still a downward drive in the long - term. The market faces a greater inventory build - up expectation in Q4 and Q1 next year. The near - term risk is Russia's stance on the new peace plan [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Overnight fuel oil prices rose due to cost - end increase. High - sulfur fuel oil may be supported by short - term supply disruptions, while low - sulfur fuel oil is expected to weaken as the gasoline - diesel spread narrows [21] - **Asphalt**: Recent shipments in East and South China improved, and inventory declined. The December production plan decreased, and demand will seasonally decline. The spot price is supported at 3000 yuan/ton, but there is medium - to - long - term pressure [22] Metals - **Copper**: Overnight, LME copper rose to $11,000, and SHFE copper followed. The probability of a US rate cut next month increased to 85%, boosting copper prices. Short - term trading should focus on volume [4] - **Aluminum**: Overnight, SHFE aluminum rose slightly. After the price correction last week, downstream restocked at low prices. The industry has limited contradictions, and the price is in high - level oscillations [5] - **Zinc**: The probability of a Fed rate cut in December increased to 84%, and the support at the bottom is strong due to the decline in TC. However, the domestic demand outlook is under pressure, and the price is expected to oscillate between 22,200 - 23,000 yuan/ton [8] - **Nickel & Stainless Steel**: SHFE nickel rebounded, but the market sentiment was cold. Stainless steel inventory decreased, but the cost support weakened. The fundamental situation is weak, and short - selling on rebounds is recommended [10] - **Tin**: Overnight, LME tin rose to $38,000, and SHFE tin followed with increased positions. The short - term probability of a further rise increased [11] Agricultural Products - **Soybean & Bean Meal**: The night - session of the Dalian soybean meal futures followed the US soybean trend and showed a stabilizing trend. The domestic soybean supply is sufficient, and the soybean meal inventory is at a high level. South American new - season soybeans are affected by La Nina [35] - **Corn**: The night - session of corn futures continued to correct. North port corn prices are firm, and farmers are reluctant to sell. The inventory of downstream industries is low, and the replenishment intention is increasing. The 01 contract of Dalian corn futures is technically strong, and short - selling on highs is recommended [39] - **Palm Oil & Soybean Oil**: The marginal negative factors for palm oil have eased, and the change in palm oil may trigger short - covering. Soybean oil is affected by US soybean exports and South American weather [36] Others - **Shipping Index (European Line)**: The near - month contract of the container shipping index (European line) is weak due to the weak spot market expectation. The 02 - month contract may have some recovery space if the cargo volume continues to recover. The far - month contract is under pressure from geopolitical factors [20] - **Urea**: The supply of urea is abundant, but the concentrated release of downstream demand has improved the trading atmosphere. However, the supply - surplus pattern is expected to continue [23] - **Methanol**: The near - month contract of methanol rose, and the spread strengthened. The overseas production reduction is being realized, and the port is expected to reduce inventory. It is recommended to go long unilaterally or do a positive spread [24] - **PVC & Caustic Soda**: PVC is in an oscillating trend. The export situation has improved, and the inventory has decreased, but the supply - demand situation is still high - supply and low - demand. Caustic soda is in a weak operation with high supply and low demand [28] - **Glass & Soda Ash**: The sales of glass in Shahe improved, and the price rose slightly. The production capacity may be further compressed. It is expected to oscillate strongly. Soda ash is in a supply - surplus situation in the long - term, and the strategy of long glass and short soda ash can be considered [32][34] - **Stock Index & Treasury Bond**: The stock index futures showed a differentiated trend, and the market is waiting for the resonance of geopolitical situation easing and Fed rate - cut expectation. Treasury bond futures closed down, and the market is worried about bond repayment risks [46][47]

1. 26日玻璃偏强,而纯碱震荡。 2. 玻璃方面,近期资金博弈剧烈,价格大幅波动。基本面上供给整体持 稳。淡季来临,整体终端需求保有韧性,库存并未大幅累积。当前玻璃佔 值并不高。同时煤炭价格偏强,成本有支撑。中期供给过剩格局延续,价 格上行阻力大。 行情分析 3、纯碱更多跟随玻璃,但供需相对一般,价格承压。 以区间震荡思路为主。 交易策略 细做生存 0000 250 200 8000 60000 100 2000 = 2024 = 2025 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性 任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要,投资者 需自行判断本报告中的任何意见 或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客, 推送,未经国贸期货授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我 将视情况追究法律责任。期市有风险,入市需谨慎。〔 ITC国贸期货 TEL 3500 FE 国贸期货有限公i 流的衍生品综合服务商 入 期 市 市 官 方 网 站 需 有 线 HA 谨 风 www.itf ...

来源：市场资讯 （来源：钛资讯） 01 国内硫酸市场价格 今日国内硫酸市场维持高位，截至目前，甘肃地区98%冶炼酸出厂价格在740-820元/吨，四川地区98% 冶炼酸送到价格在850-980元/吨，贵州地区98%冶炼酸到厂价格在900-1000元/吨；原料成本居高不下， 市场庄子开工率较低，供应维持紧张态势；下游磷肥、化工行业采购维持刚需，下游市场对高价硫酸虽 有抵触但成交陆续有所跟进，硫酸市场供需维持紧平衡，价格继续高位运行。 | 制酸种类 | 市场 | 制酸种类 | 11月25日 | 11月26日 | 漆跌幅 | | --- | --- | --- | --- | --- | --- | | 硫磺酸 | 山东地区 | 98%硫磺酸 | 1080-1210 | 1080-1210 | 0/0 | | | 江苏地区 | 98%硫磺酸 | 1100-1150 | 1100=1150 | 0/0 | | | 浙江地区 | 98%硫磺酸 | 1110-1240 | 1110-1240 | 0/0 | | | 四川地区(出厂价) | 98%硫磺酸 | 1000-1300 | 1000-1300 | 0/0 | | ...

Core Viewpoint - The company has approved the transfer of 2% equity in its subsidiary, Hubei Phosphorus Fluoride Lithium Industry Co., Ltd., to Hubei Xingfa Chemical Group Co., Ltd. for a transaction price of RMB 1.2321 million, aiming to enhance the operational strength of the subsidiary and leverage shareholder advantages [1][7][22]. Summary by Sections Meeting Details - The sixth board meeting of the company was held on November 21, 2025, with all nine directors participating, including three independent directors [1][3]. - The meeting was conducted in compliance with the Company Law and the Articles of Association, ensuring its legality and validity [1]. Transaction Overview - The company’s subsidiary, Sichuan Siterui Lithium Industry Co., Ltd., will transfer 2% of its shares in Hubei Phosphorus Fluoride Lithium Industry to Hubei Xingfa Chemical Group [7][22]. - After the transaction, Siterui's stake in Hubei Phosphorus will decrease from 51% to 49%, while Xingfa's stake will increase from 49% to 51%, resulting in Hubei Phosphorus no longer being included in the company's consolidated financial statements [7][22]. Financial Aspects - The transaction price of RMB 1.2321 million is based on an asset evaluation report valuing the total equity of Hubei Phosphorus at RMB 61.6057 million as of August 31, 2025 [16][19]. - The transaction does not involve related party transactions and does not constitute a major asset restructuring as per regulations [2][8]. Impact on the Company - The transaction is expected to promote sustainable and high-quality development of Hubei Phosphorus, enhancing its core competitiveness and profitability [22][23]. - The company asserts that the transaction will not adversely affect its financial or operational status, nor will it harm the interests of shareholders, particularly minority shareholders [22][23]. Approval and Compliance - The transaction has been reviewed and approved by the independent directors and the audit committee, confirming its alignment with the company's strategic development and long-term interests [22][23].

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]