Core Viewpoint - The company Kaisheng Technology (600552.SH) has initiated trial production of synthetic quartz sand and is in the process of optimizing operational parameters and adjusting formulations [1] Group 1: Company Developments - The synthetic quartz sand project has commenced trial production, with ongoing efforts to optimize operational parameters and adjust formulations [1] - The company has reported that small batch orders for by-products such as organosilicon, silane, and electronic-grade silica sol have been established this year [1]

Group 1: Report Investment Ratings - PX and PTA are rated as weak in the medium term; MEG is recommended for a 1 - 5 spread reverse arbitrage [1] Group 2: Core Views - After the holiday, PX is expected to make up for the decline and operate weakly; MEG is expected to open with a decline and enter a pattern of inventory accumulation at ports; PTA is expected to open with a slight decline, and attention should be paid to the implementation of device maintenance [16][17] Group 3: Summary by Relevant Catalogs Market Data - For futures, the closing prices of PX, PTA, MEG, PF, and SC on the previous day were 6570, 4594, 4207, 6276, and 479.7 respectively, with corresponding price drops of -100, -58, -17, -60, and -12.9, and declines of -1.50%, -1.25%, -0.40%, -0.95%, and -2.62% [2] - For spot goods, the previous day's prices of PX CFR China, PTA East China, MEG spot, naphtha MOPJ, and Dated Brent were 803.83 dollars/ton, 4545 yuan/ton, 4275 yuan/ton, 585.25 dollars/ton, and 67.09 dollars/barrel respectively [2] - For spot processing fees, the previous day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 208.75 dollars/ton, 210.35 yuan/ton, 255.45 yuan/ton, 115.28 yuan/ton, and - 6.01 dollars/ton respectively [2] Market Dynamics - Japan's Idemitsu Kosan shut down two 200,000 - ton/year PX production lines at its Chita plant from mid - September to mid - December, while other production lines in other regions of Japan are operating normally [2][3] - On October 7, Platts' assessments of Asian paraxylene CFR Unv1/China and FOB Korea were $803.83/mt and $782.83/mt respectively, both up $2.50/mt day over day [5] - On October 7, crude oil futures were little changed in Asian afternoon trading after two consecutive sessions of higher settlements, and reports of a drone strike on Russia's Kirishi oil refinery supported prices [6][7] - As of the week ended October 3, US crude oil stocks likely increased by 2.84 million barrels to around 419.4 million barrels, 4.7% below the five - year average [8][9] Trend Intensity - The trend intensities of PX, PTA, and MEG are 0, 0, and - 1 respectively [15] Views and Suggestions - During the holiday, affected by the cost - end crude oil price, PX's valuation fluctuated and rebounded after a decline. The trading was light during the holiday, and it is expected to make up for the decline on the first day after the holiday [16] - During the holiday, the Asian MEG CFR China transaction price dropped by 2 dollars/ton. After the holiday, it is expected to open with a decline, and the port enters a pattern of inventory accumulation [16] - During the holiday, the PTA FOB China price dropped from 608 dollars/ton to 606 dollars/ton. After the holiday, it is expected to open with a slight decline, and attention should be paid to the implementation of device maintenance [17]

Group 1: Semiconductor Industry - SMIC is the only domestic foundry with advanced process technology, benefiting from the explosion in AI chip demand and domestic substitution trends[1] - In 2025, advanced process revenue is expected to grow by 68% year-on-year, with plans to expand capacity to become the third-largest foundry globally[1] - The company's orders visibility has extended to 2026, indicating strong demand from key clients[1] Group 2: AI and Computing - Fourth Paradigm's platform sales are expected to turn from loss to profit, with a projected EPS increase from -0.6 to 0.4[1] - The overall valuation is currently around 4 times P/S, which is relatively low compared to domestic AI companies like SenseTime and US-based Palantir[1] - Risks include underperformance in AI technology development and market demand not meeting expectations[1] Group 3: Battery and Energy Storage - Zhongxin Innovation's revenue is projected to grow significantly, with a 101% increase in net profit expected in 2025[1] - The company is benefiting from high margins in overseas sales of power batteries and strong growth in commercial vehicles and energy storage batteries[1] - Risks include fluctuations in raw material prices and intensified competition in the industry[1] Group 4: Aerospace and Defense - AVIC Shenyang Aircraft's performance is expected to improve due to the implementation of fundraising projects aimed at enhancing research and production capabilities[1] - The company is focusing on modernizing weaponry and defense equipment, with a projected revenue increase of 13% in 2025[1] - Risks include legal penalties and management challenges affecting operational efficiency[1] Group 5: Pharmaceutical Sector - Zai Lab is advancing its commercialization efforts with three approved products, including a JAK inhibitor participating in the 2025 medical insurance negotiations[1] - The company is expected to accelerate product promotion, benefiting patients and enhancing revenue streams[1] - Risks include potential failures in new drug development and regulatory approval delays[1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The port experienced a decent de - stocking as the arrival was lower than expected and downstream pre - holiday pick - up was good, but the absolute inventory is still high. The future change mainly depends on the announcement of Iran's winter inspection plan. The port's lower support relies on the window for re - flowing to the inland. - In the inland, the northwest prices remain strong. With mainstream CTO factories continuing to purchase at the beginning of the week and low inventory, the inland is stronger than the port. Traditional downstream has mixed performances, and coal - based methanol production restart is slow, waiting for a further increase in October [2][3]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - The report presents various charts about methanol basis including methanol Taicang basis and methanol main contract, basis of methanol in different regions against the main futures, and inter - period spreads such as MA2601 - MA2605, MA2605 - MA2609, and MA2609 - MA2601 [7][23]. II. Methanol Production Profit, MTO Profit, Import Profit - It shows charts related to Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [27][36]. III. Methanol Start - up, Inventory - Charts display methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China methanol start - up rate (including integrated). The port total inventory is 1492190 tons (- 65580), and the inland factory inventory is 319940 tons (- 20540) [2][38]. IV. Regional Price Difference - The report provides data on regional price differences such as Lubei - Northwest - 280, Taicang - Inner Mongolia - 550, Taicang - Lunan - 250, etc. For example, the Lubei - Northwest - 280 spread is - 43 yuan/ton (- 5) [2][42]. V. Traditional Downstream Profit - Charts show the production gross margins of traditional downstream products including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [52][61]. 4. Strategy - Unilateral: No strategy provided. - Inter - period: Go long on MA2601 - MA2605 when the spread is low. - Cross - variety: Short the spread of PP01 - 3MA01 when it is high [4].

Group 1: Industry Performance - The chemical raw materials index increased by 0.40%, and the chemical machinery index rose by 1.28%, while the remaining five indices in the petroleum and chemical sectors declined [1] - The chemical pharmaceutical index decreased by 2.36%, and the pesticide and fertilizer index fell by 1.63% [1] - The petroleum processing index dropped by 0.20%, the petroleum extraction index remained stable, and the petroleum trade index decreased by 1.32% [1] Group 2: Commodity Prices - International crude oil prices saw a significant increase, with West Texas Intermediate crude oil futures settling at $65.72 per barrel, up 4.85% from September 19, and Brent crude oil futures at $70.13 per barrel, up 5.17% [1] - The top five rising petrochemical products included liquid chlorine up by 37.07%, paraquat mother liquid up by 6.25%, lithium battery electrolyte up by 5.71%, hydrogen peroxide up by 4.64%, and fluorite 97 wet powder up by 4.09% [1] - The top five declining petrochemical products included vitamin E down by 7.07%, sulfuric acid down by 6.54%, vitamin B6 down by 5.83%, methyl acrylate down by 5.59%, and dichloromethane down by 3.83% [1] Group 3: Capital Market Performance - The top five rising listed chemical companies were Lanfeng Biochemical up by 61.16%, Shuangwei New Materials up by 44.81%, Huarsoft Technology up by 31.83%, United Chemical up by 27.93%, and Asia-Pacific Industry up by 27.66% [2] - The top five declining listed chemical companies were Jinpu Titanium down by 23.15%, Hanwei Technology down by 18.80%, Sanwei Co. down by 14.29%, Hongda Co. down by 13.56%, and Bingyang Technology down by 11.93% [2]

内容概要：随着我国城市化进程的加快和电网建设的不断推进，电缆行业对阻燃剂需求持续增长，高白 氢氧化铝作为优质的阻燃填料，能够提高电缆的阻燃性能和机械性能，近年来市场需求与日俱增，此 外，高白氢氧化铝因其高纯度和低毒性，在医药领域广泛应用，随着我国医药产业的不断发展，对高白 氢氧化铝的需求也不断增长，另外，在塑料、橡胶等化工产品中，高白氢氧化铝可作为填充剂和阻燃 剂，既能降低产品成本，又能提高产品的性能，随着我国国化工行业的持续发展，对高白氢氧化铝的需 求也在稳步增加，据统计，2024年我国高白氢氧化铝需求量达73.27万吨，市场规模达26.39亿元，产品 均价约为3601.75元/吨。 二、市场政策 近年来，为了促进高白氢氧化铝行业的发展，我国相继发布《推动工业领域设备更新实施方案》、《推 动消费品以旧换新行动方案》、《贯彻实施〈国家标准化发展纲要〉行动计划（2024—2025年）》、 《2024—2025年节能降碳行动方案》、《关于推动绿色保险高质量发展的指导意见》、《关于发挥绿色 金融作用服务美丽中国建设的意见》、《关于促进外贸稳定增长的若干政策措施》、《铝产业高质量发 展实施方案（2025—2027年） ...

Market Overview - A-shares experienced a strong rally on September 29, with major indices collectively rising, including a 0.9% increase in the Shanghai Composite Index and over 2% gains in the Shenzhen Component Index and the ChiNext Index [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,614.65 billion yuan, an increase of 145.75 billion yuan from the previous day [1] Sector Performance - The top-performing ETFs included the Securities ETF (512000) which rose by 4.8%, the Nonferrous Metal Leaders ETF (159876) which increased by 4.17%, and the Financial Technology ETF (159851) which saw a peak increase of 4.88% during the day [2][4] - The Chemical ETF (516020) and the Green Energy ETF (562010) both experienced gains of over 2%, driven by strong performance in the solid-state battery sector [1][9] Investment Strategies - Analysts predict that the A-share market may gradually rise in the fourth quarter, supported by stable liquidity, economic recovery, and policy backing [2][3] - Historical trends suggest that the market typically performs well after the National Day holiday, with expectations for a continued upward trend post-holiday [2][3] Financial Technology Sector - The Financial Technology ETF (159851) has attracted significant investment, with a net subscription of 3.57 million units and a total of 12.87 billion yuan in inflows over the past ten days, indicating strong market confidence in the sector [4][9] - Key stocks in the financial technology sector, such as Guiding Compass and Oriental Fortune, have shown substantial gains, reflecting the sector's robust performance [6] Chemical Sector Developments - Recent government initiatives aim to accelerate the application of solid-state battery materials, which is expected to boost demand in the chemical sector [11] - The Chemical ETF (516020) has shown a favorable valuation, with a price-to-book ratio of 2.26, indicating potential for long-term investment [11][12] Conclusion - The current market environment presents opportunities in both the financial technology and chemical sectors, driven by policy support and strong investor interest [7][8][12]

Group 1 - The core point of the article highlights that Boyuan Chemical (SZ 000683) held a board meeting on September 29, 2025, to discuss the reappointment of the auditing firm for the fiscal year 2025 [1] - For the first half of 2025, Boyuan Chemical's revenue composition was as follows: soda ash and sodium bicarbonate accounted for 72.89%, urea for 25.08%, non-metallic mining for 1.56%, and other businesses for 0.46% [1] - As of the report, Boyuan Chemical's market capitalization was 23.4 billion yuan [1] Group 2 - The article also discusses the competitive landscape in the beverage industry, noting that the launch of Farmer's green bottle has led to a significant decline in market share for Yibao, dropping nearly 5 percentage points [1] - The competition between Farmer and Yibao has resulted in increased market dynamics, with a notable impact on Yibao's performance [1] - The article mentions that the winner in this competitive scenario appears to be Zhong Fu Li, who has gained a larger share of the market [1]

Group 1 - The Sci-Tech Innovation 50 Index opened slightly lower on September 29, experienced fluctuations, initially dropping about 1.7%, but later rebounded significantly, closing at 1470.41 points with a gain of 1.35% and a total trading volume of approximately 963.0 billion yuan [1] - The Sci-Tech Comprehensive Index rose by 1.18% on the same day, closing at 1690.76 points with a total trading volume of 2402 billion yuan. Excluding suspended stocks, 588 stocks on the Sci-Tech Board mostly rose, with an average increase of 1.36% and an average turnover rate of 3.17% [2] - In terms of individual stock performance, Pinming Technology, Fuke Environmental Protection, and Wanrun New Energy hit the daily limit, while Xinguang Optoelectronics saw a significant drop of 17.56% [3] Group 2 - In terms of trading volume, SMIC had the highest trading volume at 136.3 billion yuan, while *ST Guandian (rights protection) had the lowest at 897.7 million yuan [4] - Regarding turnover rates, Zhongke Lanyun had the highest turnover rate at 22.06%, while Zhongke Weizhi had the lowest at 0.25% [4]

Group 1: Military Actions - Ukraine's military has conducted large-scale remote attacks on multiple significant military facilities within Russia, marking a record in both range and depth of operations [1] - The Ukrainian special operations forces successfully targeted the Kirishi oil refinery, which has an annual processing capacity of 17 million tons of crude oil, a key fuel supply base for Russia's northwest region [1] - A long-range drone strike was executed against the Metaflaks chemical plant in Cuba, which produces urea and synthetic ammonia, both of which can be used for agricultural and military purposes [3] Group 2: Impact on Russian Military Capabilities - The Ukrainian Navy successfully struck a naval communications center in Sevastopol, which is crucial for the operational command and intelligence transmission of the Russian Black Sea Fleet [4] - Continuous drone and missile attacks by Ukraine have significantly weakened the operational capabilities of the Russian Navy in the northwestern Black Sea region [4] Group 3: Disruption of Supply Lines - Ukrainian special forces have carried out sabotage operations along key railway lines, including an explosion that derailed a freight train, resulting in casualties among Russian railway workers [5] - Another attack on a fuel transport train caused multiple tank cars to catch fire, aimed at disrupting the supply routes for Russian military logistics [6] Group 4: Regional Security Responses - Romania and Poland have heightened their border defenses in response to the escalating conflict, with Romania's defense ministry reporting an unidentified drone entering its airspace [6] - Poland temporarily closed Lublin airport and coordinated with NATO allies for joint patrols in the eastern border airspace, demonstrating rapid crisis response capabilities [6]