Core Viewpoint - The report from CITIC Construction Investment suggests focusing on sectors that are expected to benefit from the "anti-involution" trend, as the chemical industry faces a slowdown in capital expenditure and an approaching cyclical turning point [1] Group 1: Beneficial Sectors - Recommended sectors include pesticides, urea, soda ash, filament, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, China's counter-cyclical policies are expected to boost domestic demand, making sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical attractive [1] Group 2: New Material Development - The development of new productive forces, self-control, and industrial upgrading are emphasized as key strategies in the context of major power competition, with new materials being a primary development direction for China's chemical industry [1] - Focus areas include semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: High Shareholder Returns - High-quality companies with substantial shareholder returns are expected to continue their revaluation journey, particularly state-owned enterprises in the oil and gas petrochemical sector, coal chemical, compound fertilizer, phosphorus chemical, and leading companies in the MSG/feed amino acid industry [1]

Core Viewpoint - The report from CITIC Construction Investment suggests focusing on specific sectors within the chemical industry that are expected to benefit from the "anti-involution" trend and the upcoming economic cycle shift, while also highlighting the importance of new material development in the context of national competition [1] Group 1: Investment Recommendations - Attention is recommended for sectors such as pesticides, urea, soda ash, long fibers, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical are suggested for investment as they may help stimulate domestic demand [1] Group 2: Development Focus - The report emphasizes the development of new productive forces, self-sufficiency, and industrial upgrades as key strategies in the context of major power competition, with new materials being a primary focus for the Chinese chemical industry [1] - Specific attention is drawn to the continuous development of semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: Quality Enterprises - High shareholder returns from quality enterprises are expected to continue their revaluation journey, with a focus on leading state-owned enterprises in oil and gas, coal chemical, compound fertilizer, phosphorus chemical, and amino acid industries for feed and flavoring [1]

Core Viewpoint - The company has appointed Mr. Lu Zhiyong as the new General Manager and nominated him as a non-independent director candidate for the 11th Board of Directors, with the decision made during the 21st meeting of the 11th Board on November 11, 2025 [1][7]. Group 1: Appointment and Nomination - Mr. Lu Zhiyong has been appointed as the General Manager of the company, effective from November 11, 2025, until the end of the current Board's term [1][7]. - The nomination of Mr. Lu Zhiyong as a non-independent director candidate will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1][7]. Group 2: Background of Mr. Lu Zhiyong - Mr. Lu Zhiyong, born in May 1978, currently serves as the Deputy Secretary of the company's Party Committee and has extensive experience in production operations, safety, environmental protection, project construction, and technical management [2]. - He has held various positions since joining Sinopec Zhenhai Refining & Chemical Company in 2001, including roles such as Deputy Chief Engineer and Vice General Manager [2]. - Mr. Lu has a Bachelor's degree in Chemical Engineering from Nanjing University of Technology and holds a senior engineer title [2]. Group 3: Board Meeting Details - The 21st meeting of the 11th Board of Directors was held via communication on November 11, 2025, with all 10 directors present, complying with relevant laws and regulations [6]. - Two resolutions were passed unanimously: the appointment of Mr. Lu Zhiyong as General Manager and his nomination as a non-independent director candidate [7].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) announced a share buyback plan, spending approximately HKD 18.61 million to repurchase 4.256 million H-shares [1] - The company also plans to spend about HKD 49.58 million to buy back 8.784 million A-shares [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [1] Summary by Category Share Buyback Activity - On November 11, Sinopec repurchased 4.256 million shares at a price range of HKD 4.340 to HKD 4.410, totaling HKD 18.6128 million [1] - Since October 30, the company has conducted buybacks for nine consecutive days, acquiring a total of 34.652 million shares for a cumulative amount of HKD 14.7 million [1] - The stock has appreciated by 4.03% during the buyback period [1] Year-to-Date Buyback Performance - Year-to-date, Sinopec has executed 35 buybacks, acquiring a total of 236 million shares for a total expenditure of HKD 1.093 billion [1] Detailed Buyback Information - The buyback details include specific dates, number of shares repurchased, highest and lowest prices, and total amounts spent, showcasing a consistent strategy in share repurchase [1]

Core Viewpoint - Shanghai Petrochemical Company (00338) announced the appointment of Mr. Lu Zhiyong as the new General Manager, effective from November 11, 2025, pending approval at the upcoming extraordinary general meeting [1] Group 1 - The Board of Directors approved the proposal to appoint Mr. Lu Zhiyong as General Manager during the 21st meeting of the 11th Board [1] - The term for Mr. Lu Zhiyong as General Manager will last until the end of the current Board's term [1] - The proposal to elect Mr. Lu Zhiyong as a non-independent director will require approval at the company's second extraordinary general meeting in 2025 [1]

Core Viewpoint - Shanghai Petrochemical Company (00338.HK) announced the appointment of Lu Zhiyong as the new General Manager, effective from November 11, 2025, pending approval at the second extraordinary general meeting of shareholders in 2025 [1] Group 1 - The Board of Directors approved the proposal to appoint Lu Zhiyong as General Manager [1] - The term for the new General Manager will last until the end of the current Board's term [1] - The proposal to elect Lu Zhiyong as a non-independent director requires approval at the upcoming extraordinary general meeting [1]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has been actively repurchasing its shares, with a total of 4.256 million shares bought back on November 11 at prices ranging from HKD 4.340 to HKD 4.410, amounting to HKD 18.6128 million [2] - Since October 30, the company has conducted share repurchases for nine consecutive days, totaling 34.652 million shares and a cumulative repurchase amount of HKD 14.7 million, during which the stock price increased by 4.03% [2] - Year-to-date, Sinopec has completed 35 share repurchase transactions, acquiring a total of 236 million shares for a total expenditure of HKD 1.093 billion [2] Repurchase Details - On November 11, 2025, Sinopec repurchased 425.60 thousand shares at a maximum price of HKD 4.410 and a minimum price of HKD 4.340, with a total repurchase amount of HKD 18.6128 million [2] - The repurchase activity includes several transactions from October 30 to November 11, with varying amounts and prices, indicating a consistent strategy to support the stock price [3] - The highest single-day repurchase occurred on August 22, 2025, with 6,762.40 thousand shares bought back at a price of HKD 4.430, totaling HKD 297.7214 million [3]

Group 1 - Hermes Investment Management Ltd reduced its stake in China Petroleum & Chemical Corporation (03983) by approximately 254 million shares at an average price of HKD 2.48 per share, totaling around HKD 630 million [1] - After the reduction, Hermes Investment Management's latest holding is approximately 248 million shares, representing a holding ratio of 13.82% [1]

Market Overview - The average daily trading volume in the A-share market decreased to 2.0 trillion CNY, with the turnover rate declining, indicating reduced market activity[5] - The proportion of stocks rising increased to 54.77%, with the median weekly return for A-share stocks rising to 0.6%[5] Fund Flows - New issuance of equity funds decreased to 21.84 billion CNY, while foreign capital inflow accelerated, with a net inflow of 8.0 million USD as of November 5[6] - The net buying amount of financing decreased to 11.63 billion CNY, accounting for 10.8% of total trading volume[6] Sector Performance - Foreign capital primarily flowed into the electronics sector, with a net inflow of 63.2 million USD, while financing capital mainly flowed into the power equipment sector, with a net inflow of 68.3 billion CNY[7] - The healthcare equipment sector is expected to benefit from policy-driven market recovery, with significant growth in bidding volumes for new medical equipment[17][20] Economic Indicators - The average price of Brent crude oil was 68.17 USD per barrel in Q3 2025, reflecting a year-on-year decrease of 13.40%[44] - The construction sector showed signs of recovery, with new home transaction areas in major cities decreasing by 40.6% week-on-week, indicating ongoing challenges in the real estate market[33] Investment Recommendations - The company recommends an overweight position in A/H shares and industrial commodities, suggesting an equity allocation of 45% and a commodity allocation of 10%[9][10]