Report Industry Investment Rating No relevant content provided. Core Viewpoints - PVC shows a weak and volatile trend with an abundant supply due to new production capacity and a decrease in downstream demand. The export situation is uncertain, and the inventory is relatively high. Attention should be paid to relevant policies [3]. - The spot price of caustic soda remains stable. The supply increases with fewer device overhauls, and the demand varies in different sectors. The cost provides some support, and attention should be paid to the alumina plant's procurement demand and price trends [3]. Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,586 yuan/ton (+5), the East China basis is -76 yuan/ton (-25), and the South China basis is 4 yuan/ton (+15) [1]. - Spot price: The East China calcium carbide method offers 4,510 yuan/ton (-20), and the South China calcium carbide method offers 4,590 yuan/ton (+20) [1]. - Upstream production profit: The semi - coke price is 800 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is -100 yuan/ton (+0), the PVC calcium carbide method production gross profit is -769 yuan/ton (-6), the PVC ethylene method production gross profit is -465 yuan/ton (+79), and the PVC export profit is -0.7 US dollars/ton (-8.8) [1]. - PVC inventory and operation: The in - factory inventory is 33.5 tons (-0.3), the social inventory is 54.6 tons (+0.1), the calcium carbide method operation rate is 79.57% (-0.60%), the ethylene method operation rate is 70.13% (-7.10%), and the overall operation rate is 76.71% (-2.57%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 74.2 tons (-3.2) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,337 yuan/ton (-7), and the basis of 32% liquid caustic soda in Shandong is 132 yuan/ton (+7) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 790 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1,478 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 814.5 yuan/ton (-40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is -17.47 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 721.53 yuan/ton (+0.00) [2]. - Caustic soda inventory and operation: The liquid caustic soda factory inventory is 40.22 tons (-1.26), the flake caustic soda factory inventory is 3.02 tons (+0.12), and the operation rate is 84.10% (-0.70%) [2]. - Downstream operation of caustic soda: The alumina operation rate is 85.25% (-0.61%), the printing and dyeing operation rate in East China is 66.55% (-1.51%), and the viscose staple fiber operation rate is 89.50% (-0.10%) [2]. Market Analysis PVC - Supply: Two new sets of devices are under overhaul this week, but new production capacity is gradually being put into production, and the supply is still abundant [3]. - Demand: The downstream operation rate decreases, the low - price procurement improves, but the overall procurement sentiment is average [3]. - Export: The Indian BIS certification is cancelled, and attention should be paid to the result of anti - dumping duties. The export orders decline month - on - month, and India launched an anti - dumping investigation on PVC wallpapers on September 27 [3]. - Inventory: The social inventory decreases slightly, but the absolute value of inventory is high, and the futures warehouse receipts are still at a high level, suppressing the futures price [3]. Caustic Soda - Supply: The device overhauls decrease, and the operation rate rebounds. Attention should be paid to the 100,000 - ton production capacity release of Tangshan Sanyou [3]. - Demand: The alumina orders in Shandong are stable, but the operation rate of enterprises in Hebei decreases slightly due to environmental control. The low - price orders of high - concentration caustic soda are supported, and the inventory situation varies in different regions. The non - alumina demand is mainly for rigid procurement and will weaken in the off - season [3]. - Price: The alumina plants in Guangxi are expected to be put into production, and the caustic soda bidding is in progress, which may support the price in the next two months. The electricity price in Shandong will increase in November, the liquid chlorine price is relatively weak, and the cost provides support [3]. Strategy PVC - Single - side: Range - bound, opportunistic cash - and - carry arbitrage between futures and spot [4]. - Inter - delivery: Wait - and - see [4]. - Inter - variety: None [4]. Caustic Soda - Single - side: Range - bound [5]. - Inter - delivery: Wait - and - see [5]. - Inter - variety: None [5].

Report Industry Investment Ratings - Urea: ★★★ (Trend of rising) [1] - Methanol: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Pure Benzene: ★★★ (Trend of rising) [1] - Styrene: ★★☆ (Bullish, and the market trend is emerging) [1] - Propylene: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Plastic: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - PVC: ★★★ (Trend of rising) [1] - Caustic Soda: ☆☆☆ (Trend of falling) [1] - PX: ★★★ (Trend of rising) [1] - PTA: ☆☆☆ (Trend of falling) [1] - Ethylene Glycol: ★☆☆ (Slightly bullish, but limited operability on the market) [1] - Short Fiber: ☆☆☆ (Trend of falling) [1] - Glass: ★★★ (Trend of rising) [1] - Soda Ash: ☆☆☆ (Trend of falling) [1] - Bottle Chip: ★★★ (Trend of rising) [1] Report's Core View - The overall supply in the chemical market is relatively loose, and the demand shows a mixed trend. Some products are affected by factors such as device maintenance, overseas market trends, and seasonal demand changes, and their prices and market trends vary [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - The main contracts of olefin futures fluctuated within a narrow range. The overall supply was loose, and the transaction was average. The demand for propylene had some support due to the resumption of some devices [2] - The main contracts of plastic and polypropylene futures closed slightly higher. The supply of polyethylene was stable, but the demand was weakening. The spot of polypropylene showed signs of stabilizing [2] Pure Benzene - Styrene - The price of pure benzene rose strongly in the morning and then fell in the afternoon. The overseas gasoline trend was strong, but the rebound height should be viewed with caution due to weak downstream profits [3] - The main contract of styrene futures closed significantly higher. The overseas market was strong, but the future supply was expected to increase [3] Polyester - Affected by aromatics blending for gasoline, the prices of PX and PTA rebounded. However, considering the weakening chemical demand and uncertain US demand, a cautious bullish view was taken [5] - The weekly output of ethylene glycol increased slightly, with supply growth pressure. A bearish view was maintained in the medium - term [5] - Short fiber had no new investment pressure, but demand was expected to weaken. Bottle chip demand declined, and over - capacity was a long - term pressure [5] Coal Chemical Industry - The main contract of methanol futures fluctuated at a low level. The port was accumulating inventory, and the short - term was under pressure, but the valuation was low [6] - The urea market was supported by the rumor of export quota release, and the short - term was expected to fluctuate in a range with a slightly upward price center [6] Chlor - Alkali - PVC fluctuated within a narrow range. The cancellation of India's BIS certification had little impact, and the market was in a state of high supply and low demand [7] - Caustic soda showed a weak trend due to high supply pressure and insufficient downstream demand [7] Soda Ash - Glass - Soda ash showed a strong trend. The cost increased, and the short - term price was difficult to fall, but there was an oversupply situation in the long - term [8] - Glass fluctuated within a narrow range. The mid - stream inventory was high, and the price increase was weak, but the decline space was also limited [8]

Group 1 - The core stock price of Beiyuan Group increased by 2.18% to 4.21 CNY per share, with a total market value of 16.723 billion CNY as of November 13 [1] - The company has seen a year-to-date stock price increase of 2.68%, with a 4.99% rise over the last five trading days and a 6.58% increase over the last twenty days [1] - Beiyuan Group's main business involves the production and sales of polyvinyl chloride and caustic soda, with 90.88% of revenue coming from basic chemical raw materials manufacturing [1] Group 2 - As of September 30, Beiyuan Group reported a total revenue of 6.762 billion CNY for the first nine months of 2025, a year-on-year decrease of 9.91%, and a net profit attributable to shareholders of 214 million CNY, down 10.88% year-on-year [2] - The company has distributed a total of 5.186 billion CNY in dividends since its A-share listing, with 3.019 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased to 66,200, while the average circulating shares per person decreased by 2.94% to 60,011 shares [2][3]

中泰化学所属申万行业为：基础化工-化学原料-氯碱。所属概念板块包括：煤化工、低价、水泥、新疆 振兴、可降解等。 11月13日，中泰化学（维权）盘中上涨2.16%，截至10:03，报5.20元/股，成交8795.69万元，换手率 0.67%，总市值134.68亿元。 资金流向方面，主力资金净流入215.40万元，特大单买入1093.95万元，占比12.44%，卖出1004.91万 元，占比11.42%；大单买入1375.83万元，占比15.64%，卖出1249.48万元，占比14.21%。 中泰化学今年以来股价涨20.65%，近5个交易日涨9.47%，近20日涨12.31%，近60日涨8.56%。 资料显示，新疆中泰化学股份有限公司位于新疆乌鲁木齐经济技术开发区阳澄湖路39号，成立日期2001 年12月18日，上市日期2006年12月8日，公司主营业务涉及聚氯乙烯树脂、离子膜烧碱等化工产品的生 产和销售。主营业务收入构成为：聚氯乙烯39.69%，氯碱类产品14.99%，粘胶纱线14.83%，其他煤化 工产品11.21%，粘胶纤维7.17%，其他纺织产品5.91%，其他(补充)3.40%，现代贸易1.35%，物流 ...

Core Viewpoint - Chlor-alkali Chemical has shown significant stock price appreciation this year, with a year-to-date increase of 35.54% and a recent surge of 15.14% over the past five trading days [1] Group 1: Stock Performance - As of November 13, Chlor-alkali Chemical's stock price reached 13.08 CNY per share, with a market capitalization of 15.126 billion CNY [1] - The company has experienced a trading volume of 1.30 billion CNY, with a turnover rate of 1.36% [1] - The stock has been on the "龙虎榜" (top trading list) twice this year, with the latest instance on November 7, where it recorded a net buy of 45.1663 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Chlor-alkali Chemical reported a revenue of 5.687 billion CNY, a decrease of 5.36% year-on-year, while the net profit attributable to shareholders increased by 1.02% to 613 million CNY [2] - The company's main business revenue composition includes caustic soda (36.12%), chlorine products (29.42%), and polyvinyl chloride (24.53%) [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chlor-alkali Chemical was 69,700, a decrease of 6.09% from the previous period [2] - The company has distributed a total of 2.297 billion CNY in dividends since its A-share listing, with 890 million CNY distributed over the last three years [3] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 8.2542 million shares, an increase of 1.728 million shares from the previous period [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - PVC shows a weak and volatile trend. Supply is abundant due to new production capacity, while demand is weak with low procurement sentiment. Export orders are declining, and inventory is high, putting pressure on prices. However, future policies need to be monitored [3]. - The spot price of caustic soda is stable with a slight decline. Supply is increasing as maintenance decreases, and demand varies by region and industry. There are inventory differences between Shandong and Jiangsu, and future price support depends on new alumina plant procurement [3]. 3. Summary by Directory Market News and Important Data PVC - **Futures Price and Basis**: The closing price of the PVC main contract is 4581 yuan/ton (+9), with an East China basis of -51 yuan/ton (-9) and a South China basis of -11 yuan/ton (-29) [1]. - **Spot Price**: East China calcium carbide - based PVC is quoted at 4530 yuan/ton (+0), and South China calcium carbide - based PVC is quoted at 4570 yuan/ton (-20) [1]. - **Upstream Production Profit**: The price of semi - coke is 800 yuan/ton (+0), and the price of calcium carbide is 2830 yuan/ton (+0). The calcium carbide profit is - 100 yuan/ton (+0), the calcium carbide - based PVC production gross profit is - 769 yuan/ton (-6), the ethylene - based PVC production gross profit is - 465 yuan/ton (+79), and the PVC export profit is 9.3 dollars/ton (+1.0) [1]. - **Inventory and Operating Rate**: PVC factory inventory is 33.5 tons (-0.3), social inventory is 54.6 tons (+0.1). The calcium carbide - based PVC operating rate is 80.17% (+3.70%), the ethylene - based PVC operating rate is 77.23% (-1.27%), and the overall PVC operating rate is 79.28% (+2.19%) [1]. - **Downstream Orders**: The pre - sales volume of production enterprises is 74.2 tons (-3.2) [1]. Caustic Soda - **Futures Price and Basis**: The closing price of the SH main contract is 2344 yuan/ton (-13), and the basis of 32% liquid caustic soda in Shandong is 125 yuan/ton (+13) [1]. - **Spot Price**: The price of 32% liquid caustic soda in Shandong is 790 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1250 yuan/ton (+0) [1]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1478 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 854.5 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 17.47 yuan/ton (-10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 721.53 yuan/ton (-90.30) [2]. - **Inventory and Operating Rate**: Liquid caustic soda factory inventory is 41.48 tons (-2.78), flake caustic soda factory inventory is 2.90 tons (+0.17), and the caustic soda operating rate is 84.80% (+0.50%) [2]. - **Downstream Operating Rate**: The alumina operating rate is 85.25% (-0.61%), the printing and dyeing operating rate in East China is 68.06% (+0.00%), and the viscose staple fiber operating rate is 89.60% (-0.06%) [2]. Market Analysis PVC - Supply: Two new units were under maintenance this week, but new production capacity is gradually being put into production, resulting in an abundant supply [3]. - Demand: Downstream operating rates have decreased, and low - price procurement has improved, but overall procurement sentiment is average [3]. - Export: Exports are based on price - for - volume, and export orders are declining. India's anti - dumping tax is expected to be implemented in November, and an anti - dumping investigation on PVC wallpapers has been launched [3]. - Inventory: Social inventory has slightly increased, and the absolute inventory value is high. PVC futures warehouse receipts are still at a high level, suppressing futures prices [3]. Caustic Soda - Supply: Maintenance of units has decreased, and the operating rate has increased. Attention should be paid to the 100,000 - ton production capacity of Tangshan Sanyou [3]. - Demand: Alumina orders in Shandong are stable, but the alumina operating rate in Hebei has slightly decreased. Non - aluminum demand is mainly for rigid procurement and will weaken in the off - season [3]. - Inventory: There are differences in inventory between Shandong and Jiangsu. Shandong has an overall inventory increase, while Jiangsu has a decrease [3]. - Price: The procurement price of new alumina plants may support prices, and cost support exists due to the increase in Shandong's electricity price in November and the relatively weak liquid chlorine price [3]. Strategy PVC - Single - side: Range - bound and weak, with opportunities for positive cash - and - carry arbitrage [4]. - Inter - period: Wait - and - see [4]. - Inter - variety: No strategy [4]. Caustic Soda - Single - side: Range - bound [5]. - Inter - period: Positive arbitrage for SH12 - 01 at low prices [5]. - Inter - variety: No strategy [5].

Report Industry Investment Rating - The investment rating for the caustic soda industry is "Weak" [3] Core View of the Report - The high production and high inventory pattern of caustic soda continues, and the market keeps shorting the chlor-alkali profit. The influence of alumina's production startup and reduction expectations on caustic soda can basically offset each other. During winter, the supply-demand gap caused by stockpiling is limited under high operation. Non-aluminum downstream support is limited and exports are under pressure, increasing domestic supply pressure. The valuation of caustic soda is always suppressed by the alumina production reduction expectation. Although the price reduction of liquid chlorine can raise the cost of caustic soda, the rebound space is limited without production cuts by manufacturers. In the long run, the alumina production reduction will lead to negative feedback in the industrial chain [3] Summary by Relevant Catalogs Fundamental Tracking - On November 13, 2025, the futures price of the 01 contract was 2344, the price of the cheapest deliverable 32% caustic soda in Shandong was 780, the spot 32% caustic soda in Shandong converted to the futures price was 2438, and the basis was 94 [1] Spot News - On November 12, the caustic soda market price in Shandong was partially stable, and some markets saw a slight increase after inventory decline. The supply in Shandong has both increases and decreases, and the short-term impact is unclear. Attention should be paid to inventory changes [2] Market Condition Analysis - The high production and high inventory pattern of caustic soda continues, and the market keeps shorting the chlor-alkali profit. From the demand side, the influence of alumina's production startup and reduction expectations on caustic soda can basically offset each other. During winter, the supply-demand gap caused by stockpiling is limited under high operation. Non-aluminum downstream support is limited and exports are under pressure, increasing domestic supply pressure. The valuation of caustic soda is always suppressed by the alumina production reduction expectation. Although the price reduction of liquid chlorine can raise the cost of caustic soda, it can only lead to a low-level valuation repair. Without production cuts by manufacturers, the rebound space of caustic soda is always limited. In the long run, the alumina production reduction will lead to negative feedback in the industrial chain [3] Trend Intensity - The trend intensity of caustic soda is -1, indicating a "Weak" trend [3]

Company Overview - Taihe Technology (SZ 300801) announced a research meeting with Western Securities on November 12, 2025, from 15:00 to 16:30, with participation from the Chairman and Chief Engineer Cheng Zhongfa, and the Secretary of the Board and CFO Shi Hui [1] Revenue Composition - For the year 2024, Taihe Technology's revenue composition is as follows: Water treatment industry accounts for 86.17%, Chlor-alkali industry accounts for 13.42%, and other sectors account for 0.41% [1] Market Capitalization - As of the report, Taihe Technology has a market capitalization of 7.7 billion yuan [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PVC shows a weak and volatile trend. The supply side has a slight reduction in supply due to new device maintenance, but new production capacity is gradually reaching full production, resulting in an abundant supply. The demand side has a decline in downstream开工 and general purchasing sentiment. The export side exchanges volume for price, and export orders are weakening. The inventory is high, and the futures price is under pressure. Attention should be paid to relevant policies in the future [3]. - The spot price of caustic soda is stable with a slight decline. The supply side has an increase in开工 due to less device maintenance, and attention should be paid to the new production capacity. The demand side has stable orders from Shandong alumina, but the overall demand may weaken in the off - season. The inventory has decreased slightly, and the cost support still exists. Attention should be paid to the procurement demand of new alumina plants [3]. Summary by Directory Market News and Important Data PVC - **Futures Price and Basis**: The closing price of PVC's main contract is 4,572 yuan/ton (-42), the East China basis is -42 yuan/ton (+32), and the South China basis is 18 yuan/ton (+22) [1]. - **Spot Price**: The East China calcium carbide method offers 4,530 yuan/ton (-10), and the South China calcium carbide method offers 4,590 yuan/ton (-20) [1]. - **Upstream Production Profit**: The semi - coke price is 800 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is -100 yuan/ton (+0), the PVC calcium carbide method production gross profit is -769 yuan/ton (-6), the PVC ethylene method production gross profit is -465 yuan/ton (+79), and the PVC export profit is 8.3 dollars/ton (+3.5) [1]. - **Inventory and Capacity Utilization**: The in - plant PVC inventory is 33.5 tons (-0.3), the social PVC inventory is 54.6 tons (+0.1), the PVC calcium carbide method capacity utilization is 80.17% (+3.70%), the PVC ethylene method capacity utilization is 77.23% (-1.27%), and the overall PVC capacity utilization is 79.28% (+2.19%) [1]. - **Downstream Orders**: The pre - sales volume of production enterprises is 74.2 tons (-3.2) [1]. Caustic Soda - **Futures Price and Basis**: The closing price of SH's main contract is 2,357 yuan/ton (+8), and the basis of 32% liquid caustic soda in Shandong is 112 yuan/ton (-39) [1]. - **Spot Price**: The price of 32% liquid caustic soda in Shandong is 790 yuan/ton (-10), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [1]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1,478 yuan/ton (-31), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 854.5 yuan/ton (+8.8), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is -7.47 yuan/ton (-51.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 811.83 yuan/ton (+0.00) [2]. - **Inventory and Capacity Utilization**: The liquid caustic soda factory inventory is 41.48 tons (-2.78), the flake caustic soda factory inventory is 2.90 tons (+0.17), and the caustic soda capacity utilization is 84.80% (+0.50%) [2]. - **Downstream Capacity Utilization**: The alumina capacity utilization is 85.25% (-0.61%), the dyeing and printing capacity utilization in East China is 68.06% (+0.00%), and the viscose staple fiber capacity utilization is 89.60% (-0.06%) [2]. Market Analysis PVC - The supply side has a slight reduction in supply due to new device maintenance, but new production capacity is gradually reaching full production, resulting in an abundant supply [3]. - The demand side has a decline in downstream开工, and the overall purchasing sentiment is general. The export side exchanges volume for price, and export orders are weakening. The inventory is high, and the futures price is under pressure [3]. Caustic Soda - The supply side has an increase in开工 due to less device maintenance, and attention should be paid to the new production capacity [3]. - The demand side has stable orders from Shandong alumina, but the overall demand may weaken in the off - season. The inventory has decreased slightly, and the cost support still exists. Attention should be paid to the procurement demand of new alumina plants [3]. Strategy PVC - Unilateral: Range - bound and volatile, choose the right time for cash - and - carry arbitrage [4]. - Inter - delivery: Wait and see [4]. - Inter - commodity: None [4]. Caustic Soda - Unilateral: Range - bound and volatile [5]. - Inter - delivery: Go long on SH12 and short on SH01 when the price difference is low [5]. - Inter - commodity: None [5].

Group 1 - The core viewpoint of the news is that Xinjinlu's stock has shown significant volatility, with a year-to-date increase of 79.17% and recent trading activity indicating a mixed performance in terms of net inflow and outflow of funds [1][2] - As of November 12, Xinjinlu's stock price was 6.45 yuan per share, with a market capitalization of 4.183 billion yuan and a trading volume of 24.5733 million yuan [1] - The company has been active in the stock market, appearing on the "龙虎榜" (Dragon and Tiger List) 10 times this year, with the most recent appearance on May 27, where it recorded a net buy of -61.1593 million yuan [1] Group 2 - Xinjinlu's main business involves the production and operation of chlor-alkali chemicals and plastic products, with revenue composition being 41.61% from resin products, 38.43% from alkali products, and 19.97% from other sources [1] - The company operates in the basic chemical industry, specifically in the chlor-alkali sector, and is associated with various concept sectors including low-priced stocks, small-cap stocks, graphene, non-ferrous copper, and aerospace military [2] - For the period from January to September 2025, Xinjinlu reported an operating income of 1.26 billion yuan, a year-on-year decrease of 16.82%, and a net profit attributable to shareholders of -78.4945 million yuan, a decline of 129.38% [2] Group 3 - Xinjinlu has cumulatively distributed 124 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]