Core Viewpoint - The chemical industry is undergoing transformation, prompting several A-share listed companies to seek a secondary listing platform in Hong Kong, with Binhu Chemical Group being one of the latest to submit its application [1][2]. Company Overview - Binhu Chemical Group, established in 1968, is a comprehensive chemical group and the largest producer of various chemical products in China, including granular caustic soda and trichloroethylene, based on 2024 revenue [2]. - The company operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, with a diversified product structure that includes caustic soda and epoxy propylene [3][6]. Financial Performance - Binhu Chemical Group's revenue for 2022, 2023, and 2024 was 8.892 billion, 7.306 billion, and 10.228 billion yuan, respectively, while profits were 1.203 billion, 399 million, and 217 million yuan, showing a decline in profitability [2]. - The gross margin decreased from 26.5% in 2022 to 6.4% in 2024, indicating significant pressure on profitability [2]. Business Segments - The chlor-alkali chemicals segment, which is the core business, has seen revenue decline from 8.073 billion yuan in 2022 to 6.115 billion yuan in 2024, with a gross margin drop from 24.2% to 14.7% due to falling prices of key products like epoxy propylene [6][7]. - The C3 and C4 chemicals segment has become the main revenue driver, contributing 3.487 billion yuan in the first half of 2025, surpassing the chlor-alkali segment for the first time [7]. - The wet electronic chemicals segment has struggled, with revenues remaining below 1% of total revenue, indicating challenges in scaling this new business [7]. Industry Trends - The chlor-alkali chemicals market in China is projected to experience a compound annual growth rate (CAGR) of 2.7% in production capacity from 2024 to 2029, reflecting a slowdown compared to previous years [8]. - The average price of chlor-alkali chemicals has seen fluctuations, with a notable decline in 2023 due to reduced demand and increased supply, although future stabilization is anticipated [9]. - The epoxy propylene market is also expected to slow, with a projected average price decrease from 10,700 yuan per ton to 7,900 yuan, indicating a negative CAGR of 7.3% [10]. Strategic Outlook - Binhu Chemical Group's dual-platform strategy of A+H listings aims to optimize capital structure and enhance competitiveness amid industry challenges [11]. - The company's ability to balance short-term profit pressures with long-term strategic investments will be crucial for sustainable growth in the evolving market landscape [11].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The decline in oil prices has dragged down the trading atmosphere in the propylene spot market. The supply of propylene is expected to increase, while demand is mainly rigid due to price fluctuations and profit pressures. The cost - side support is weakening, and there is insufficient short - term upward drive. It is necessary to continue to monitor the impact of the cost side and the start - stop status of PDH plants [1][2] - For trading strategies, it is recommended to stay on the sidelines for single - side trading, conduct counter - arbitrage when PL01 - 02 is high, and there is no cross - variety strategy [3] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [6][9][11] 2. Propylene Production Profit and Operating Rate - Figures involve the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit, and crude oil major refinery capacity utilization rate [17][25][30] 3. Propylene Import and Export Profit - Relevant figures are the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [35][39] 4. Propylene Downstream Profit and Operating Rate - Figures cover the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [42][44][47] 5. Propylene Inventory - Relevant figures include propylene in - plant inventory and PP powder in - plant inventory [66]

甲醇日报 | 2025-10-29 内地价格继续补跌 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润605元/吨（-28）；内地甲醇价格方面，内 蒙北线2010元/吨（-28），内蒙北线基差369元/吨（-1），内蒙南线2000元/吨（+30）；山东临沂2225元/吨（-35），鲁 南基差184元/吨（-8）；河南2080元/吨（-40），河南基差39元/吨（-13）；河北2165元/吨（-10），河北基差184元/吨 （+17）。隆众内地工厂库存360360吨（+460），西北工厂库存219000吨（-4000）；隆众内地工厂待发订单215650吨 （-13260），西北工厂待发订单120000吨（-16730）。 市场分析 港口方面，现实仍然是港口库存压力大，港口基差继续弱势盘整。而预期方面，近期欧美对俄油制裁，忌惮之下 或影响后续甲醇仓储企业及下游对接伊朗船的态度，继续关注事态进展。伊朗临时短期检修，但仍未公布冬检计 划。 内地方面，周二西北、山东等地区价格继续补跌，内地氛围一般，主流CTO企业仍未见积极采购。煤头甲醇开工 11月进一步回升，内 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For pure benzene, port inventory declined slightly. Low开工 rates of downstream styrene, CPL, and adipic acid dragged down demand, leading to a weak port basis. The domestic开工 rate of pure benzene decreased at an accelerating pace, and attention should be paid to the impact of European and American sanctions on Russian oil on refinery loads [3]. - For styrene, there were still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical had an impact. Downstream开工 changed little, but提货 was average, and the finished product inventory pressure of the three major hard plastics remained high, resulting in continuous port inventory pressure [3]. Summary by Related Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts of pure benzene. Also, EB's main contract trend & basis, main contract basis, and the spread between the first and third contracts of styrene are presented [8][12][17] 2. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show naphtha processing fees, the spread between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the spread between pure benzene FOB US Gulf and FOB Korea, the spread between pure benzene FOB US Gulf and CFR China, the spread between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the spread between styrene FOB US Gulf and CFR China, and the spread between styrene FOB Rotterdam and CFR China [23][25][31] 3. Pure Benzene and Styrene Inventory, Operating Rates - Figures display pure benzene's East China port inventory,开工 rate, styrene's East China port inventory,开工 rate, East China commercial inventory, and factory inventory [42][44][47] 4. Styrene Downstream Operating Rates and Production Profits - Figures present the开工 rates and production profits of EPS, PS, and ABS [53][55][58] 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures show the开工 rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [61][64][76] Strategy - Unilateral: None - Basis and Inter - period: None - Cross - variety: Short - term, buy the spread of pure benzene processing fees (pure benzene - naphtha) at low levels [4]

Group 1 - The core viewpoint of the news is that Beihua Co., Ltd. has experienced a significant stock price increase, rising 5.02% to 20.94 CNY per share, with a total market capitalization of 11.497 billion CNY [1] - Beihua Co., Ltd. has seen its stock price increase for three consecutive days, with a cumulative increase of 6.12% during this period [1] - The company, established in August 2002 and listed in June 2008, primarily engages in the production and sales of nitrocellulose and industrial pumps, with its main business revenue composition being 37.70% from nitrocellulose-related products, 25.47% from protective equipment, and 22.91% from industrial pumps [1] Group 2 - From the perspective of fund holdings, Ping An Fund has a significant position in Beihua Co., Ltd., with its Ping An CSI 2000 Enhanced Strategy ETF holding 4,100 shares, accounting for 0.43% of the fund's net value [2] - The Ping An CSI 2000 Enhanced Strategy ETF has achieved a year-to-date return of 28.27% and a one-year return of 29.74%, ranking 1968 out of 4216 and 1480 out of 3877 in its category, respectively [2] - The fund manager, Li Yan, has been in charge for 1 year and 310 days, with the fund's total asset size at 11.079 billion CNY and a best return of 75.6% during his tenure [2]

Core Viewpoint - The bio-based polyols market is projected to reach $2.2 billion by 2031, with a compound annual growth rate (CAGR) of 7.7% from 2025 to 2031, driven by sustainability and environmental concerns [3]. Market Overview - Bio-based polyols are derived from renewable natural resources like vegetable oils, offering advantages such as sustainability, low carbon footprint, and environmental friendliness compared to traditional petroleum-based polyols [1]. - The market is primarily divided into two categories: polyether polyols and polyester polyols, with polyether polyols dominating the market due to their superior reactivity and mechanical properties [1][10]. Raw Materials and Supply Chain - Key raw materials for bio-based polyols include soybean oil, castor oil, canola oil, and palm oil, sourced from major suppliers like ADM, IOI Group, and Wilmar, ensuring a stable supply chain [5]. - The average product gross margin for bio-based polyols typically ranges from 15% to 30% depending on product type and application [5]. Applications and Market Segmentation - The automotive sector is the largest application area for bio-based polyols, accounting for approximately 28.1% of the market share, followed by furniture, construction, and packaging industries [14]. - Polyether polyols represent about 78% of the market share, with castor oil polyols expected to hold around 38% of the market by 2024 due to their unique performance advantages [10]. Geographic Distribution - North America is the largest consumer market for bio-based polyols, holding a 42% share, supported by advanced technology and policy frameworks [16]. - The growth of the market is fueled by increasing global environmental awareness and the demand for sustainable materials, particularly in the automotive and construction sectors [16]. Market Drivers - The rising emphasis on reducing greenhouse gas emissions and achieving carbon neutrality is driving the adoption of bio-based polyols [17]. - Government policies promoting renewable chemicals and green materials are facilitating industry growth [17]. - Continuous demand for polyurethane foams in various sectors is propelling the bio-based polyols market [17]. Market Challenges - Production costs for bio-based polyols are generally higher than those for petroleum-based alternatives, limiting widespread adoption [19]. - Raw material price volatility due to climate change and crop yield fluctuations adds uncertainty to production costs [20]. - Performance consistency issues compared to traditional petroleum products may hinder their use in high-end applications [20]. - The supply chain and infrastructure for bio-based chemicals are still underdeveloped in some regions, affecting market expansion [21].

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。 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年10月29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 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：日PTA期货震荡收涨，现货市场商谈氛围尚可，个别主流供应商有出货，现货基差变动不大。本周主流在01贴水 80~83附近成交，11月中上在01贴水75成交，价格商谈区间在4505~4560附近。11月下在01-70~73有成交。今日主流现货基差在 01-81。中性 6、预期：周内受下游聚酯产销提振，PTA现货基差小幅走强，市场成交重心逐步向11月偏移，绝对价格方面，预计短期内仍跟 随成本端震荡运行，关注装置变动情况。 2、基差：现货4535，01合约基差-79，盘面升水 中性 3、库存：PTA工厂库存4.07天 ...

Core Insights - The meeting held in Shandong on October 28 focuses on the planning and implementation of major projects, which are crucial for regional development quality and future prospects [2][3] - The meeting aims to ensure the achievement of annual economic and social development goals and to lay a solid foundation for the "15th Five-Year Plan" [3][4] Group 1: Key Areas of Focus - The five key areas identified for project planning and implementation are industrial upgrading, infrastructure, energy transition, urban-rural integration, and improvement of people's livelihoods [3][5] - These areas are targeted to address existing shortcomings and enhance growth potential, with a focus on transforming traditional industries and fostering new ones [5][6] Group 2: Strategic Importance - The projects align with national development strategies, such as advancing emerging industries like AI, integrated circuits, and new energy materials, which are essential for Shandong's role in the manufacturing powerhouse strategy [6][7] - The focus on major transportation projects supports the national strategy for the Yellow River basin and enhances the role of the peninsula urban agglomeration [6][7] Group 3: Economic Impact - Major projects are characterized by large investment scales and strong driving effects, directly stimulating demand in related industries [8][9] - These projects not only represent current investment increments but also contribute to future industrial capacity, providing solid support for economic growth [9][10] Group 4: Long-term Transformation - Major projects are key to promoting industrial upgrading, energy transition, and urban-rural integration, addressing both immediate growth needs and long-term structural changes [10][11] - The integration of "investment in material" and "investment in people" is emphasized, ensuring that infrastructure and social services enhance overall economic and social development [11][12]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 综上，截至2025年10月23日，公司预先投入募集资金投资项目及已支付发行费用的自筹资金合计 190,259,867.48元，公司将使用190,259,867.48元募集资金置换上述预先投入募集资金投资项目及已支付 发行费用的自筹资金。 上述自筹资金预先投入募集资金投资项目及支付发行费用金额已经天健会计师事务所（特殊普通合伙） 专项审核，并出具了天健审〔2025〕2-504号《关于湘潭电化科技股份有限公司以自筹资金预先投入募 投项目及支付发行费用的鉴证报告》。 四、募集资金置换先期投入的实施 公司在《募集说明书》中对募集资金置换先期投入作出如下安排："募集资金到位之前，公司可以根据 募集资金投资项目的实际情况，以自筹资金先行投入，并在募集资金到位后予以置换。" 公司本次以募集资金置换预先投入事项与发行申请文件的相关安排一致，不影响募集资金投资计划的正 常推进，也不存在变相改变募集资金用途的情形，募集资金置换的时间距募集资金到账时间未超过6个 月，符合《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第1号一一主板上市 公司规范运作》等相关规定 ...

Core Points - The company announced a cash dividend distribution of 0.25 CNY per share for the first half of 2025 [2][4] - The distribution plan was approved at the third extraordinary general meeting of shareholders held on September 26, 2025 [2][3] Distribution Plan - The distribution is based on a total share capital of 2,123,219,998 shares, excluding 5,589,181 shares held in the company's repurchase account, resulting in a base of 2,117,630,817 shares for the cash dividend [4][6] - A total cash dividend of 529,407,704.25 CNY (including tax) will be distributed to all shareholders [4] Taxation Details - Individual shareholders holding unrestricted shares will have a tax burden based on their holding period, with rates of 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [8][9] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.225 CNY per share [9][10] - The company will not withhold personal income tax at the time of dividend distribution; instead, it will calculate the tax based on the holding period when shares are sold [8][9] Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the record date [7][11] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [7]