Performance Disclosure - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, representing a year-on-year increase of 34.46%, with a net profit attributable to shareholders of 10.53 billion yuan, up 1169.77% year-on-year [1] - Shanghai Petrochemical reported a revenue of 39.52 billion yuan for the first half of 2025, a year-on-year decrease of 9.2%, with a net loss attributable to shareholders of 462 million yuan, transitioning from profit to loss [2] - Fuhuan Microelectronics reported a revenue of 688 million yuan for the first half of 2025, a year-on-year decrease of 14.04%, with a net profit attributable to shareholders of approximately 23.02 million yuan, down 78.1% year-on-year [3] Shareholding Changes - Botao Bio announced that its actual controller, Yu Xiuping, plans to reduce holdings by no more than 3% of the company's total shares, equating to approximately 4.48 million shares [4] - Sanbo Brain Science announced that shareholder TBP 3Doctors (HK) Limited plans to reduce holdings by no more than approximately 609,000 shares, accounting for 3% of the total share capital after excluding shares in the repurchase account [5] - Xiangshan Co. announced that two shareholders, Zhao Yukun and Chen Bo, reduced their holdings by a total of 5.45% of the company's shares, equating to 7.1996 million shares, with the reduction plan completed [6] Risk Matters - ST Zhongdi announced that 23.77% of the shares held by its controlling shareholder, totaling 71.1448 million shares, will be publicly auctioned from September 24 to 25, 2025, due to debt disputes, which may lead to a change in company control if the auction is successful [7] - Kailong Co. announced that its subsidiaries were fined a total of 1.762 million yuan for reaching a fixed price monopoly agreement, which is expected to reduce the company's net profit by approximately 1.3962 million yuan [8] - Tiansheng New Materials reported that Baoding Weishai New Materials Technology Co., Ltd. filed an appeal involving an amount of 802 million yuan, seeking to overturn a previous court ruling [9]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，恒力石化发布公告称，公司于2025年8月19日在全国银行间市场发行了科 技创新债券。 ...

Group 1 - The company Shanghai Petrochemical announced a revenue of 39.523 billion yuan for the first half of 2025, representing a year-on-year decline of 9.21% [1] - The company reported a net loss of 462 million yuan for the same period [1]

Group 1: Chemical Sector Performance - The chemical index experienced an overall increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Price Trends - International crude oil prices showed weak fluctuations, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The supply pressure is high as refineries have increased production recently, and the overall demand recovery is less than expected and remains sluggish. The inventory is flat, and the cost support from crude oil has weakened in the short - term. It is expected that the futures price will fluctuate narrowly in the short - term, with the asphalt 2510 contract oscillating in the range of 3430 - 3476 [7][9]. - The bullish factor is that the relatively high crude oil cost provides some support, while the bearish factors include insufficient demand for high - priced goods and a downward trend in overall demand along with an increasing expectation of an economic recession in Europe and the United States [12][13]. - The main logic is that the supply pressure remains at a high level, and the demand recovery is weak [14]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply Side**: In August 2025, the total planned domestic asphalt production is 2413,000 tons, a 5.1% decrease from the previous month and a 17.1% increase year - on - year. The capacity utilization rate of domestic petroleum asphalt samples this week is 35.2349%, a 1.797 - percentage - point increase from the previous week. The sample enterprises' output is 588,000 tons, a 5.38% increase from the previous week, and the estimated device maintenance volume is 583,000 tons, a 5.35% decrease from the previous week. Refineries have increased production this week, increasing supply pressure, but it may decrease next week [7]. - **Demand Side**: The heavy - traffic asphalt开工率 is 32.9%, a 0.04 - percentage - point increase from the previous week, lower than the historical average. The construction asphalt开工率 is 18.2%, unchanged from the previous week, lower than the historical average. The modified asphalt开工率 is 17.1004%, a 1.23 - percentage - point increase from the previous week, higher than the historical average. The road - modified asphalt开工率 is 30.5%, a 1.50 - percentage - point increase from the previous week, higher than the historical average. The waterproofing membrane开工率 is 29.7%, a 2.20 - percentage - point increase from the previous week, lower than the historical average. Overall, the current demand is lower than the historical average [7]. - **Cost Side**: The daily asphalt processing profit is - 498.38 yuan/ton, a 19.60% increase from the previous day. The weekly Shandong local refinery delayed coking profit is 904.0171 yuan/ton, a 6.90% increase from the previous week. The asphalt processing loss has increased, and the profit difference between asphalt and delayed coking has widened. With the weakening of crude oil, the support is expected to weaken in the short - term [8]. - **Other Aspects**: On August 19, the Shandong spot price was 3550 yuan/ton, and the basis of the 10 - contract was 97 yuan/ton, with the spot price higher than the futures price. The social inventory is 1,343,000 tons, a 1.75% decrease from the previous week. The in - plant inventory is 711,000 tons, a 4.71% increase from the previous week. The port diluted asphalt inventory is 190,000 tons, a 24.00% decrease from the previous week. The MA20 is downward, and the price of the 10 - contract closed below the MA20. The net position of the main players is short, and the short positions have decreased [10]. 3.2 Asphalt Market Overview - The report provides the current values, previous values, changes, and change rates of various indicators such as different contracts' prices, weekly inventories, weekly output, and weekly开工率 of asphalt [17]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025 [20]. 3.4 Asphalt Futures Market - Spread Analysis - **Main - Contract Spread**: It shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [24]. - **Asphalt - Crude Oil Price Trend**: It displays the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 to 2025 [27]. - **Crude Oil Crack Spread**: It presents the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 [30][31]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: It shows the historical trends of the asphalt - SC and asphalt - fuel oil price ratios from 2020 to 2025 [35]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - It shows the historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 [37]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: It presents the historical trend of asphalt profit from 2019 to 2025 [39]. - **Coking - Asphalt Profit Spread**: It shows the historical trend of the coking - asphalt profit spread from 2020 to 2025 [43]. - **Supply Side** - **Shipment Volume**: It shows the historical trend of the weekly shipment volume of small - sample asphalt enterprises from 2020 to 2025 [45]. - **Diluted Asphalt Port Inventory**: It presents the historical trend of the domestic diluted asphalt port inventory from 2021 to 2025 [47]. - **Output**: It shows the historical trends of the weekly and monthly asphalt output from 2019 to 2025 [50]. - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Output**: It presents the historical trends of the Maya crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 [55]. - **Local Refinery Asphalt Output**: It shows the historical trend of local refinery asphalt output from 2019 to 2025 [57]. - **Capacity Utilization Rate**: It presents the historical trend of the asphalt capacity utilization rate from 2021 to 2025 [60]. - **Estimated Maintenance Loss Volume**: It shows the historical trend of the estimated maintenance loss volume from 2018 to 2025 [62]. - **Inventory** - **Exchange Warehouse Receipts**: It presents the historical trends of the total, social, and in - plant exchange warehouse receipts from 2019 to 2025 [67]. - **Social and In - Plant Inventories**: It shows the historical trends of the social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 [69]. - **In - Plant Inventory - to - Stock Ratio**: It presents the historical trend of the in - plant inventory - to - stock ratio from 2018 to 2025 [73]. - **Import and Export Situation** - **Export and Import Trends**: It shows the historical trends of asphalt export and import from 2019 to 2025 [76]. - **Korean Asphalt Import Spread**: It presents the historical trend of the Korean asphalt import spread from 2020 to 2025 [79]. - **Demand Side** - **Petroleum Coke Output**: It shows the historical trend of petroleum coke output from 2019 to 2025 [82]. - **Apparent Consumption**: It presents the historical trend of asphalt apparent consumption from 2019 to 2025 [85]. - **Downstream Demand** - **Infrastructure - Related**: It shows the historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year from 2019 to 2025 [88][89]. - **Mechanical Equipment - Related**: It presents the historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales from 2019 to 2025 [92][94]. - **Asphalt Capacity Utilization Rate** - **Heavy - Traffic Asphalt**: It shows the historical trend of heavy - traffic asphalt capacity utilization rate from 2019 to 2025 [97]. - **By - Use Classification**: It presents the historical trends of modified asphalt, construction asphalt, and other types of asphalt capacity utilization rates from 2019 to 2025 [101]. - **Downstream Capacity Utilization**: It shows the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt capacity utilization rates from 2019 to 2025 [103][105]. - **Supply - Demand Balance Sheet**: It provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and output [108].

证券日报网讯 8月19日晚间，恒力石化发布公告称，公司于2024年8月16日在全国银行间市场成功发行 了2024年度第二期短期融资券（科创票据）。本期短期融资券发行总额10亿元人民币，票面利率 2.15%，期限为365日，兑付日期为2025年8月20日。截至本公告日，公司已完成2024年度第二期短期融 资券（科创票据）兑付工作，本息兑付总额为102，150万元人民币。 （编辑 任世碧） ...

Core Viewpoint - The domestic futures market for energy and chemicals shows mixed performance, with asphalt futures experiencing a slight decline, reflecting broader market sentiments influenced by geopolitical developments and weather conditions [1]. Market Performance - As of the report, the main asphalt futures contract decreased by 0.75%, settling at 3448.00 yuan/ton [1]. - The asphalt spot prices in various regions, including Northeast, North China, Shandong, South China, and Sichuan-Chongqing, have shown a downward trend, while other areas remain stable [1]. Geopolitical Influences - Recent meetings between the U.S. and Russia were productive but did not result in new agreements, with President Trump refraining from imposing further sanctions on Russia [1]. - The U.S.-Ukraine discussions are ongoing, with potential territorial exchanges being considered [1]. - Hamas has confirmed a ceasefire agreement in the Gaza Strip, which may also impact market sentiments [1]. Supply and Demand Dynamics - The typhoon "Yangliu" has caused intermittent rainfall, affecting demand in certain provinces, leading to a weak market outlook [1]. - Despite a temporary decline in overall domestic asphalt supply and a slight increase in demand in northern regions, downstream purchasing remains low, lacking significant positive support [1]. - Competition among brands persists, particularly in southern regions where weather conditions have hindered demand [1]. Future Market Outlook - Analysts suggest that the positive developments in U.S.-Russia talks and the significant downward pressure on crude oil prices will likely weaken asphalt costs, indicating a continued weak and volatile market for asphalt [1].

Group 1 - The company, Baoli International, stated that its current main business includes two directions: "asphalt + general aviation" [1] - The company does not engage in the field of high-performance composite materials such as PEEK [1]

（文章来源：每日经济新闻） 岳阳兴长8月18日晚间发布半年度业绩报告称，2025年上半年营业收入约15.29亿元，同比减少19.17%； 归属于上市公司股东的净利润亏损约2948万元；基本每股收益亏损0.081元。 ...

岳阳兴长公告，2025年上半年营业收入15.29亿元，同比下降19.17%。归属于上市公司股东的净亏损 2948.33万元，上年同期净利润5304.88万元。 ...