Group 1 - The company has a production quota of 9,200 tons for HCFC-141b as a foaming agent for the year 2025, which accounts for 100% of the national production quota for this product [2] - The company is the sole producer of HCFC-141b in the world [2] - Detailed information regarding production volume, pricing, and other relevant data can be found in the company's periodic reports and main operational data announcements [2]

格隆汇10月15日丨三美股份(603379.SH)在投资者互动平台表示，2025年度，公司R22作为制冷剂用途的 生产配额仅有0.78万吨，其在公司所有制冷剂、发泡剂产品的生产配额总量中的占比不足6%。公司产 品价格随行就市。 ...

Core Viewpoint - The collaboration between Zhenyang Development and Ningbo Graphene Innovation Center aims to leverage their respective strengths in graphene materials and organic chemicals to promote the innovation and industrialization of graphene technology [1] Group 1 - Zhenyang Development (603213.SH) announced a strategic cooperation framework agreement with Ningbo Graphene Innovation Center on October 14, 2025 [1] - The partnership is based on the integration of both parties' advantageous resources, which will enhance their capabilities in technology, market, and resources related to graphene materials and organic chemicals [1] - The collaboration is expected to achieve complementary advantages and mutual benefits, facilitating the transformation of research results in graphene technology into industrial applications [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - As of October 15, domestic methanol production output increased slightly, with the production capacity of resumed plants exceeding that of those under maintenance or reduction. The total port inventory decreased, with destocking in East China and inventory accumulation in South China. The inventory of domestic methanol enterprises increased. The MTO industry maintained high - level operation, but the short - term industry operating rate may decline slightly. The MA2601 contract is expected to fluctuate in the range of 2270 - 2350 [2]. 3. Summary by Directory a. Futures Market - The closing price of the main methanol contract was 2298 yuan/ton, up 24 yuan/ton. The 1 - 5 spread was - 13 yuan/ton, up 13 yuan/ton. The main contract's open interest was 1038960 lots, down 12400 lots. The net long position of the top 20 futures holders was - 124683 lots. The number of warehouse receipts was 11282, unchanged [2]. b. Spot Market - The price in Jiangsu Taicang was 2310 yuan/ton, up 80 yuan/ton; in Inner Mongolia, it was 2077.5 yuan/ton, down 5 yuan/ton. The East - West price difference was 232.5 yuan/ton, up 85 yuan/ton. The basis of the main Zhengzhou methanol contract was 12 yuan/ton, up 56 yuan/ton. CFR China Main Port was 261 US dollars/ton, down 3 US dollars/ton; CFR Southeast Asia was 325 US dollars/ton, down 1 US dollar/ton. FOB Rotterdam was 272 euros/ton, unchanged. The price difference between China Main Port and Southeast Asia was - 64 US dollars/ton, down 2 US dollars/ton [2]. c. Upstream Situation - NYMEX natural gas was 3.03 US dollars/million British thermal units, down 0.07 US dollars [2]. d. Industry Situation - East China port inventory was 108.05 tons, up 4.78 tons; South China port inventory was 46.27 tons, up 0.32 tons. Methanol import profit was 25.83 yuan/ton, up 10.4 yuan/ton. The monthly import volume was 175.98 tons, up 65.71 tons. Inland enterprise inventory was 339400 tons, up 19500 tons. The methanol enterprise operating rate was 89.59%, up 7.06% [2]. e. Downstream Situation - Formaldehyde operating rate was 34.11%, down 10.07%; dimethyl ether operating rate was 4.98%, down 2.22%; acetic acid operating rate was 82.96%, up 3.99%; MTBE operating rate was 64.12%, down 0.11%; olefin operating rate was 93.19%, up 1.3%. The methanol - to - olefin disk profit was - 1099 yuan/ton, down 79 yuan/ton [2]. f. Option Market - The 20 - day historical volatility of methanol was 16.67%, up 0.67%; the 40 - day historical volatility was 15.08%, up 0.25%. The implied volatility of at - the - money call options was 18.54%, up 0.27%; the implied volatility of at - the - money put options was 18.52%, up 0.25% [2]. g. Industry News - As of October 15, the inventory of Chinese methanol sample production enterprises was 35.99 tons, up 2.05 tons, a 6.04% increase; the order backlog was 22.89 tons, up 11.37 tons, a 98.64% increase. The total port inventory was 149.14 tons, down 5.18 tons. East China destocked by 8.35 tons, and South China accumulated inventory by 3.17 tons. As of October 9, the domestic methanol - to - olefin plant capacity utilization rate was 93.74%, up 4.49% [2].

Core Insights - The company reported third-quarter revenue of 575 million, a year-on-year decrease of 1.30% [1] - Net profit for the third quarter was 73.73 million, down 4.42% compared to the same period last year [1] - For the first three quarters, the company achieved revenue of 1.788 billion, reflecting a year-on-year growth of 8.66% [1] - Net profit for the first three quarters was 230 million, representing a year-on-year increase of 15.26% [1]

1. Report Industry Investment Rating - No information provided in the content 2. Core View - The current spot market shows no obvious restocking behavior, slightly falling short of expectations, and the spot price is oscillating weakly. It may wait for the spot price to bottom out to stimulate speculative demand. The market still anticipates subsequent periodic restocking in non - aluminum sectors, but it remains to be seen whether this expectation will be falsified. In the long - term, high profits limit the price increase, and there is continuous production capacity expansion pressure. The implementation and timing of downstream alumina production capacity expansion may vary, affecting the periodic restocking rhythm [3] 3. Summary According to Relevant Catalogs 3.1 Price Forecast and Volatility - The monthly price range forecast for caustic soda is 2400 - 2650, with a current 20 - day rolling volatility of 19.96% and a 3 - year historical percentile of 25.2% [2] 3.2 Risk Management Strategies Inventory Management - For enterprises with high finished - product inventory worried about price drops, they can short caustic soda futures (SH2601, sell, 50% hedging ratio, entry range 2600 - 2650) to lock in profits and offset production costs; sell call options (SH601C2680, sell, 50% hedging ratio, entry range 60 - 70) to collect premiums and reduce costs, and lock in the spot selling price if the price rises. For those concerned about price increases in procurement, they can buy caustic soda futures (SH2601, buy, 50% hedging ratio, entry range 2400 - 2450) to lock in procurement costs in advance [2] Procurement Management - For enterprises with low regular inventory and planning to purchase based on orders, they can sell put options (SH601P2400, sell, 50% hedging ratio, entry range 70 - 80) to collect premiums and reduce procurement costs, and lock in the spot purchase price if the price drops [2] 3.3 Market Analysis Core Contradictions - Near - term restocking falls short of expectations, the spot market is weak; there is production capacity expansion pressure and policy expectations in the medium - to - long term [3] 利多 and 利空 Analysis - There is limited real - world pressure in areas outside Shandong. However, Shandong faces significant spot pressure, and the spot price may weaken after the periodic restocking ends. The profit is moderately high [3] 3.4 Price and Spread Data Futures Price and Spread - On October 15, 2025, the caustic soda 05 contract was 2539 (up 6 or 0.24% from the previous day), the 09 contract was 2592 (up 4 or 0.15%), and the 01 contract was 2438 (up 10 or 0.41%). The month - spread (5 - 9) was - 53 (up 2), (9 - 1) was 154 (down 6), and (1 - 5) was - 101 (up 4) [4] Spot Price - The 32% caustic soda ex - factory price in different regions on October 15, 2025: Shandong (Jingling 2406, unchanged), (Haihua 2656, unchanged), (Lutai 2875, unchanged), (Hengtong 2750, up 63 or 2.3%); Jiangsu (Xinpu 3088, unchanged), (Jinqiao 2837.5, unchanged); Zhejiang (Zhenyang 3419, unchanged); Shaanxi (Beiyuan 3350, unchanged). The 50% caustic soda ex - factory price: Jinling 2480 (unchanged), Lutai 2800 (unchanged), Beiyuan 3420 (unchanged). The flake caustic soda market price in different regions remained unchanged on October 15, 2025 [5][6] Price and Spread Differences - The price differences between different caustic soda grades and regions on October 15, 2025: Shandong 50% - 32% caustic soda was 74 (unchanged); Jiangsu 49% - 32% caustic soda was 31 (unchanged); Jiangsu 48% - 32% caustic soda was 83 (unchanged); Northwest 99% - 50% caustic soda was 533 (unchanged); Jiangsu - Shandong (32% caustic soda converted to 100%) was 150 (unchanged); 50% caustic soda (Jiangsu - Shandong) was 420 (unchanged); 50% caustic soda (Guangdong - Shandong) was 620 (down 10) [6]

证券日报网讯湖北宜化10月15日在互动平台回答投资者提问时表示，新疆宜化控制权回归公司后，今年 上半年的主要财务数据均为公司根据会计准则追溯调整同一控制下企业合并后的数据。公司第二季度业 绩环比上升，宜昌区域产能置换搬迁项目计划今年下半年全部投产。第三季度主要财务数据请关注查询 公司将于10月25日公开披露的三季报。 （文章来源：证券日报） ...

Core Viewpoint - The company plans to primarily source propane from non-U.S. suppliers and will utilize processing trade for U.S. imports to mitigate tariff impacts [1] Group 1 - The company's strategy focuses on non-U.S. sources for propane procurement [1] - Processing trade will be employed for importing U.S. propane to avoid tariffs [1]

Core Viewpoint - The second ESG China Yangtze River Delta Corporate Social Responsibility Release Conference was successfully held, where the "Yangtze River Delta ESG Action Report (2025)" was officially released, and Juhua Co., Ltd. was recognized for its outstanding performance in ESG and sustainable development by being included in the "China ESG Listed Companies Yangtze River Delta Pioneer 100 (2025)" list [1][3]. Group 1: ESG Evaluation and Recognition - The "Yangtze River Delta ESG Pioneer 100" list is a core component of the "China ESG (Corporate Social Responsibility) Release" series, aimed at selecting the top 100 companies in ESG performance from numerous listed companies in the Yangtze River Delta [3]. - The evaluation criteria for the list include green transformation, governance effectiveness, and social responsibility fulfillment, which strictly assess the sustainable development capabilities and overall value of enterprises [3]. Group 2: Juhua Co., Ltd. Initiatives - Juhua Co., Ltd. has consistently adhered to a green low-carbon sustainable development strategy, focusing on new industrialization while enhancing ESG governance levels [13]. - The company has implemented measures such as optimizing industrial layout, eliminating high-consumption and low-efficiency industries, and launching high value-added, environmentally friendly projects [13]. - Juhua has also promoted initiatives like the "Three Zero Two No" project, energy-saving and emission-reduction technologies, and solar power generation projects to integrate green development concepts throughout its production processes [13]. Group 3: Achievements and Future Commitment - Juhua Co., Ltd. has published its corporate social responsibility report for 15 consecutive years and received various ESG ratings, including an AA rating from Wind ESG and A ratings from both Zhongzheng ESG and Huazheng ESG [15]. - The company is committed to the principle of "creating value and returning to society," focusing on ecological priority and green development to enhance its core competitiveness in the context of "carbon peak and carbon neutrality" [15].

Group 1: Macroeconomic Insights - In September 2025, China's exports grew by 8.3% year-on-year, driven by strong demand from non-US economies, capacity expansion overseas, and a low base effect from the previous year [2] - The export growth is expected to continue, supported by sustained demand from non-US economies and potential "export rush" due to high uncertainty in China-US trade relations [2] Group 2: Real Estate Sector - China Jinmao (0817.HK) has been included in the "China's 500 Most Valuable Brands" for 21 consecutive years, enhancing its brand value and operational efficiency, leading to a significant sales increase of 27.3% to 80.7 billion yuan in the first nine months of 2025 [3] - The profit forecasts for 2025-2027 have been raised to 1.25 billion, 1.43 billion, and 1.58 billion yuan, with corresponding PE ratios of 13.7, 12.0, and 10.8 times, maintaining a "Buy" rating [3] Group 3: Chemical Industry - Salt Lake Industry (000792.SZ) benefited from rising potassium chloride prices due to global supply tightening, leading to better-than-expected performance in Q3 2025 [4] - The profit forecasts for 2025-2027 have been adjusted to 6.149 billion, 6.648 billion, and 7.337 billion yuan, maintaining a "Buy" rating [4] Group 4: Advanced Materials - Zhongyan Co., Ltd. (688716.SH) is the largest producer of PEEK in China and is expected to achieve net profits of 29 million, 48 million, and 69 million yuan from 2025 to 2027, with EPS of 0.24, 0.39, and 0.57 yuan per share [5] - The company has surpassed UK-based Victrex to become the largest seller of PEEK in the Chinese market, receiving an "Add" rating [5] Group 5: Construction Sector - Honglu Steel Structure (002541.SZ) reported a new order signing of 22.267 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.6%, with Q3 orders up by 4.2% [7] - The company’s steel structure product output reached approximately 3.61 million tons, a year-on-year increase of 11%, with profit forecasts for 2025-2027 set at 747 million, 774 million, and 854 million yuan, maintaining a "Buy" rating [7] Group 6: Pet Industry - Zhongchong Co., Ltd. (002891.SZ) achieved a revenue of 1.43 billion yuan in Q3 2025, a year-on-year increase of 15.9%, but net profit decreased by 6.6% due to reduced investment income [8] - The profit forecasts for 2025-2027 have been revised down to 441 million, 545 million, and 668 million yuan, maintaining an "Add" rating [8]