Group 1 - The core viewpoint of the article highlights the price changes in important production materials monitored by the National Bureau of Statistics, indicating a mixed trend in the market [1] - In mid-November 2025, compared to early November, 30 products saw price increases, while 17 experienced declines, and 3 remained stable [1] - Specifically, the price of sulfuric acid (98%) rose to 866.9 yuan, marking a 10.4% increase from the previous period [1]

Market Overview - The A-share market experienced a collective decline in the past week (November 17-21), with the Shanghai Composite Index closing at 3834.89 points, down 3.90%, the Shenzhen Component Index at 12538.07 points, down 5.13%, and the ChiNext Index at 2920.08 points, down 6.15% [1] - Only 9.5% of stocks rose during the week, with 57 stocks increasing over 15% and 259 stocks decreasing over 15%. No sectors recorded gains, with the power equipment, comprehensive, and basic chemicals sectors leading the decline [1] Top Performing Stocks - Jianglong Shipbuilding (300589.SZ) topped the weekly gainers with a 64.97% increase, followed by Rongji Software (002474.SZ) and Zhongshui Fishery (000798.SZ) with gains of 61.06% and 61.05% respectively. Several stocks related to military, aquaculture, or AI applications also saw significant increases [3][4] - Jianglong Shipbuilding specializes in the design, development, production, and sales of various types of vessels, including law enforcement and special operation boats, and has a total market capitalization of approximately 8.5 billion yuan [3][5] Business Performance - Jianglong Shipbuilding reported a 59.03% year-on-year decline in revenue for the first three quarters of 2025, totaling 509 million yuan, and a net loss of 36.86 million yuan, a 252.17% decrease year-on-year. The company also reported a basic earnings per share of -0.10 yuan [5] - The company secured new orders worth 507 million yuan, a 9.03% increase year-on-year, with a backlog of orders amounting to 1.491 billion yuan, up 2.47% year-on-year [5] Military and Aquaculture Business - Jianglong Shipbuilding's law enforcement vessel business accounted for 56.43% of its operations, with multiple product orders in Fujian Province, including law enforcement vessels for various agencies [7] - The company has established a long-term strategic partnership with Moen Marine, a leading supplier in the global aquaculture industry, and has renewed contracts for the construction of 12 aquaculture workboats [7] Underperforming Stocks - Huasheng Lithium Battery (688353.SH) was the worst performer of the week, with a decline of 33.19%. Other stocks like Shanshui Bide (300844.SZ) and Zhongneng Electric (300062.SZ) also saw significant drops [10][11] - Huasheng Lithium Battery specializes in lithium battery electrolyte additives and had previously reached a historical high before experiencing a sharp decline [11][12] Industry Trends - The electrolyte additive market is experiencing a recovery, with prices for key products like vinylene carbonate (VC) and fluorinated ethylene carbonate (FEC) rising due to increased demand from energy storage and power batteries [12] - Despite the positive market trends, Huasheng Lithium Battery faces uncertainties regarding its performance, with a reported net loss of 102.97 million yuan for the first three quarters of 2025 [12]

Core Viewpoint - A significant capital withdrawal is occurring in the A-share market, with major state-owned enterprises and industry leaders reducing their holdings, indicating a potential peak in valuations [1][3][6] Group 1: Capital Withdrawal Trends - In the past month, 104 central state-owned enterprises have collectively reduced their holdings by over 10 billion yuan [1] - In October 2025, a record 247 companies announced share reductions within a week, with over 400 companies reporting significant shareholder reductions totaling 19 billion yuan [3][6] - The total amount of reductions by major shareholders in A-shares has exceeded 380 billion yuan since the beginning of 2025, marking a new high [6] Group 2: Industry-Specific Reductions - Leading companies in various sectors, including semiconductor giant Zhongwei and liquor leader Shanxi Fenjiu, have seen substantial reductions, with Zhongwei's major shareholders reducing holdings by over 1.8 billion yuan [3][4] - The chemical industry leader Wanhua Chemical has also faced reductions exceeding 1.1 billion yuan, despite a recent decline in stock price [3] - The wind power leader Goldwind Technology has seen its fourth-largest shareholder reduce holdings by over 655 million yuan [4] Group 3: Shareholder Behavior and Market Impact - The reduction trend is characterized by a "group-style" phenomenon, where multiple companies and their major shareholders are reducing holdings simultaneously [6] - The electronics, computer, and machinery sectors have been particularly affected, accounting for over 40% of total reductions, reflecting a retreat from previously favored high-growth sectors [6] - Major shareholders often cite "personal funding needs" as the reason for reductions, but deeper motivations include valuation locking and profit realization [8][10] Group 4: Market Reactions and Sentiment - The market reacts negatively to high-profile reductions, with significant declines in stock prices following announcements, particularly for small-cap companies [10][12] - The behavior of major shareholders, especially state-owned entities, sends strong signals about market confidence and future prospects [10][19] - The current market sentiment remains optimistic, with some analysts suggesting that the reductions do not alter the overall upward trend, provided that confidence and funding remain intact [16][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The high inventory pressure on methanol remains, and the market is in a weak state. The international device operating rate has increased, with some devices in Iran restarted and daily output rising to around 35,000 tons. The port spot liquidity is sufficient, but the overall trading is light. The US dollar price has been continuously falling, and imports remain in a positive spread situation. The downstream demand is stable, but the port inventory continues to accumulate. Coal prices are stable, coal - to - methanol profits are stable, and domestic supply is abundant. The methanol market is expected to continue its weak trend [4]. 3. Summary by Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Raw material coal**: As of November 20, the coal mine operating rate in Ordos is 76%, and in Yulin is 46%. The coal mines have resumed production, and the daily coal output in Ordos and Yulin is around 4 million tons. The demand is fair, and the pit - mouth price is firm [4]. - **Supply**: The profit of coal - to - methanol is around 320 yuan/ton, and the methanol operating rate is stable at a high level. Domestic supply is continuously loose. The US dollar price has been falling, and imports remain in a positive spread. The operating rate of non - Iranian devices has increased slightly, and the external market operating rate has risen to a high level [4]. - **Demand**: The operating rate of MTO devices has rebounded. Some MTO devices are running stable, while some are operating at less - than - full capacity [4]. - **Inventory**: The port inventory accumulation cycle has ended, and the basis is relatively strong. The inventory of inland enterprises fluctuates slightly. However, with the increase in arrivals and a slight decline in MTO operating rate, the port inventory continues to accumulate [4]. - **Trading strategies**: For single - side trading, stop - profit on short positions; for arbitrage, adopt a wait - and - see approach; in the over - the - counter market, sell call options [4]. Chapter 2: Weekly Data Tracking 2. Core Data Weekly Changes - **Supply - Domestic**: As of November 20, the overall operating load of domestic methanol devices is 76.25%, a decrease of 0.29 percentage points from last week but an increase of 1.54 percentage points from the same period last year. The operating load in the northwest region is 85.76%, an increase of 0.12 percentage points from last week but a decrease of 0.64 percentage points from the same period last year. The average operating load of non - integrated methanol devices is 68.34%, a decrease of 0.40 percentage points from last week [5]. - **Supply - International**: From November 15 - 21, 2025, the international (excluding China) methanol output is 1,068,585 tons, and the device capacity utilization rate is 73.25%, unchanged from last week [5]. - **Supply - Import**: From November 13 - 19, 2025, the sample arrival volume of Chinese methanol is 30.94 tons, including 28.87 tons from overseas vessels and 2.07 tons from domestic vessels [5]. - **Demand - MTO**: As of November 20, 2025, the weekly average capacity utilization rate of MTO devices in the Jiangsu - Zhejiang region is 85.31%, an increase of 1.668 percentage points from last week. The national olefin device operating rate is 90.36%, with a slight increase in the weekly average operating rate [5]. - **Demand - Traditional**: The capacity utilization rate of dimethyl ether is 5.69%, a 6.75% increase from the previous period. The capacity utilization rate of acetic acid is 69.59%. The formaldehyde operating rate is 42.01%, with an increase in overall capacity utilization rate [5]. - **Demand - Direct Sales**: The weekly signing volume of methanol sample production enterprises in the northwest region is 8.69 tons, a decrease of 0.19 tons from the previous statistical date, a 2.14% decrease [5]. - **Inventory - Enterprise**: The production enterprise inventory is 35.87 tons, a decrease of 1.06 tons from the previous period. The order backlog of sample enterprises is 24.63 tons, an increase of 0.09 tons from the previous period, a 0.37% increase [5]. - **Inventory - Port**: As of November 19, 2025, the total port inventory is 147.93 tons, a decrease of 6.43 tons from the previous period. The inventory in East China decreased by 3.86 tons, and in South China by 2.57 tons [5]. - **Valuation**: The chemical coal in the northwest region is firm, and the methanol price is stable. The profit of coal - to - methanol in Inner Mongolia is around 390 yuan/ton, and in northern Shaanxi is 322 yuan/ton. The MTO loss is narrowing, and the basis is stable [5]. 8. Spot Price - The price of Taicang is 1990 yuan/ton (- 50 yuan), and the price of the northern line is 1960 yuan/ton (- 20 yuan) [8]

Core Viewpoint - Bohai Chemical announced a routine maintenance shutdown of its PDH unit, which is expected to last approximately 30 days, starting from October 13, 2025, and extending until the end of February 2026 due to coordination with new projects [1] Group 1: Company Operations - Bohai Chemical's wholly-owned subsidiary, Tianjin Bohai Petrochemical Co., Ltd., will conduct maintenance on its PDH unit with a capacity of 600,000 tons per year [1] - The maintenance is part of the annual plan and is necessary to ensure stable production operations in light of new projects for acrylic esters and superabsorbent polymer materials [1] Group 2: Project Coordination - The PDH unit's maintenance period will be extended to facilitate equipment and utility coordination with the new acrylic esters and superabsorbent polymer projects [1] - The expected resumption of production for the PDH unit is at the end of February 2026 [1]

Core Viewpoint - Tianwei Technology is currently supplying single-walled and multi-walled carbon nanotubes to Samsung Group in South Korea, indicating a strong client relationship and potential for growth in the advanced materials sector [1] Company Summary - Tianwei Technology confirmed that Samsung Group is one of its clients, highlighting its involvement in the supply of carbon nanotubes [1]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年11月20日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围尚可，现货基差略走强，远月基差抬升。贸易商商谈为主，个别主流供 应商出货，11月在01贴水70附近商谈成交，价格商谈区间在4590~4690附近。12月初在01贴水65~68有成交，12月下在01贴水52 附近有成交，个别偏低。今日主流现货基差在01-70。中性 5、主力持仓：净多 空翻多 偏多 6、预期：近期贸易商活跃度偏低，不过个别聚酯工厂递盘，现货基差略有走强，加工差仍处低位，预计短期内PTA现货价格跟 随成本端震荡为主，现货基差区间波动，关注装置变动情况。 2、 ...

Market Overview - On November 18, the A-share market saw a general decline, with the Shanghai Composite Index down by 0.81%, the Shenzhen Component Index down by 0.92%, and the ChiNext Index down by 1.16% [1] - The total market turnover was 19,261 billion RMB, showing a slight increase compared to the previous trading day [1] Index Performance - Among major indices, the STAR 50 Index rose by 0.29%, while other indices like the ChiNext 50 and the CSI 1000 saw declines of 1.11% and 1.00% respectively [2] - Year-to-date performance shows the STAR 20 Index up by 37.31%, while the ChiNext Index has increased by 49.90% [2] Sector Performance - In terms of sector performance, Media (1.60%), Computer (0.93%), and Electronics (0.12%) sectors showed the highest gains, while Coal (-3.17%), Electrical Equipment (-2.97%), and Steel (-2.85%) sectors experienced the largest declines [6] Fund Flow - On the fund flow front, the Hong Kong Technology sector saw a net inflow of 2.719 billion RMB, followed by Gold with 1.930 billion RMB and ChiNext with 1.492 billion RMB [7] - In the past week, Gold and Hong Kong Technology consistently attracted significant net inflows, indicating a prevailing risk-averse sentiment among investors [7][8] AI and Digital Infrastructure - Google launched the Gemini 3 Pro preview on November 19, enhancing its AI capabilities across its product suite, while Baidu reported over 50% year-on-year growth in its AI business revenue for Q3 2025 [9] - The Ministry of Industry and Information Technology issued guidelines for building high-standard digital parks, aiming to establish around 200 parks by 2027, which will enhance AI and data service applications [10] Media Sector Insights - AI-generated content, such as AI manga, is becoming increasingly profitable, with net profits ranging from 200,000 to 300,000 RMB for paid versions, while free versions yield around 100,000 RMB [11] - Major tech companies are focusing on AI applications in advertising, which is expected to enhance return on investment (ROI) and increase advertising prices [11] Chemical Sector Developments - The surge in the energy storage market has led to a rapid increase in demand for lithium battery materials, with significant price hikes reported for lithium hexafluorophosphate and lithium iron phosphate [11] - Analysts predict a favorable profit outlook for lithium materials, with potential price increases expected across various battery types by the end of the year [11]

来源：市场资讯 （来源：钛资讯） 03 01 后市预测 国内硫酸市场价格 本周国内硫酸市场继续呈高位上行趋势，受原料硫磺、硫铁矿价格高位且上涨，酸企成本压力明显，部 分地区工厂多存检修或恢复计划，市场短期整体供应变化不大；下游磷肥市场因政策影响，开工率有所 提升，对硫酸高价有一定支撑；但化工行业需求仍低迷，市场后期开工率预计下降，企业接受能力预计 将逐步转弱；整体来看，硫酸市场在利多大于利空因素影响下，后期价格仍存上涨预期。 今日国内硫酸市场价格上涨80元/吨，截至目前，河北地区98%硫磺酸出厂价格在940-1070元/吨，98% 矿石酸出厂价格在900-980元/吨，河南地区98%冶炼酸出厂价格在700-760元/吨；受硫磺价格持续上 涨，硫酸市场延续上行走势，国内山东、河北、安徽等地区价格陆续上涨，国内酸价普遍上调，市场看 涨情绪浓；近期硫酸市场供不应求，下游行业开工分化，对硫酸维持刚需，市场成交依旧良好，推涨意 愿较强，硫酸市场继续维持上行趋势。 | 制酸种类 | 市场 | 制酸种类 | 11月17日 | 11月18日 | 张肤幅 | | --- | --- | --- | --- | --- | -- ...

从盘面来看，科创板592只个股涨少跌多，高价股多数上涨，低价股则多数下跌。细分领域来看，半导 体股、软件服务股表现强势，电气设备股、化工原料股跌幅靠前；专用机械股表现分化。 恒坤新材11月18日在上交所科创板上市，公司证券代码为688727，发行价格14.99元／股，发行市盈率 为71.42倍。公司的主营业务是光刻材料和前驱体材料的研发、生产和销售。公司主要产品有光刻材 料、SOC（碳膜涂层）、BARC（底部抗反射涂层）、光刻胶、其他光刻材料、前驱体材料等。截至收 盘时，恒坤新材较发行价涨74.41%，成交额约11.1亿元，换手率达73.25%。 经新华财经统计，11月18日，剔除上市首日的恒坤新材，科创板其余592只个股平均跌幅0.58%，平均 换手率2.62%，合计成交额约1846.08亿元，平均振幅为3.97%。 新华财经北京11月18日电（胡晨曦）科创50指数11月18日早间低开，随后震荡上行翻红，早盘一度涨超 1.4%；午后指数涨幅有所回落，最终小幅收涨。至收盘时，科创50指数报1357.93点，涨幅0.29%，指数 振幅为1.92%，总成交额约612.2亿元。 个股表现方面，不考虑上市首日的恒坤新 ...