Group 1 - The core viewpoint of the article is that Chengzhi Co., Ltd. (000990) confirmed that its subsidiary, Nanjing Chengzhi, is operating normally and that all business activities are being carried out in an orderly manner [1] Group 2 - The company stated that relevant operational conditions can be referenced in its disclosed periodic reports [1]

Core Points - Zhejiang Longsheng Group Co., Ltd. signed a maximum guarantee contract with Hangzhou Bank Shaoxing Branch to provide a joint liability guarantee of 550 million yuan for its wholly-owned subsidiary, Zhejiang Hongsheng Chemical Co., Ltd. [1] - The previous contract with Hangzhou Bank Shaoxing Shanyin Branch has been canceled. [1] - This guarantee does not have a counter-guarantee and is within the total guarantee limit provided to the subsidiary for the fiscal year 2025. [1] Financial Summary - As of the announcement date, the actual guarantee balance for Zhejiang Hongsheng is 1,610.247 million yuan, with an available guarantee limit of 2,339.753 million yuan. [1] - The total external guarantee balance of the company is 8,012.5783 million yuan, which accounts for 23.37% of the audited net assets attributable to the parent company as of the end of 2024. [1] - There are no overdue guarantees reported. [1] Risk Assessment - The board of directors believes that the risk associated with this guarantee is controllable and aligns with the operational needs of the subsidiary. [1]

Core Viewpoint - The company, Brothers Technology (002562.SZ), has indicated that its produced para-hydroxyphenol can be utilized in the PEEK field, which is applicable in humanoid robotics [1] Group 1 - The company is involved in the production of para-hydroxyphenol [1] - PEEK, a material that the company's products can be used in, is relevant to the humanoid robotics sector [1] - The specifics of the company's collaborations with clients are confidential [1]

Core Viewpoint - The company, Qixiang Tengda (002408.SZ), has reported an overall capacity utilization rate of approximately 70% for its production facilities, indicating a focus on maximizing production efficiency and profitability [1] Group 1 - The company is actively exploring internal potential to reduce production costs [1] - The company is leveraging the advantages of flexible production to ensure maximum output of profitable products [1] - The goal is to achieve full production and sales of operational products [1]

Core Viewpoint - The company, Solvay Group, will indefinitely suspend production at its methyl methacrylate (MMA) plant in Rho, Italy, starting September 29 due to ongoing low profitability [1] Group 1: Production Suspension - The MMA plant has an annual capacity of 100,000 tons and will cease operations due to persistent low profitability [1] - High energy and raw material costs are significant challenges faced by European producers, with methanol contract prices remaining high in the first two quarters of this year [1] - Acetone contract prices are approximately €200 per ton higher than spot market prices [1] Group 2: Future Production Plans - The company hopes to resume production in the future but requires clearer outlook assessments [1] - The Rho plant will continue to produce PMMA, a major derivative of MMA, using existing MMA inventory as raw material, though the duration of this inventory's availability is uncertain [1] Group 3: Recycling Initiatives - In June 2024, the company launched an advanced PMMA recycling pilot facility at the Rho plant based on depolymerization technology [1] - This recycling project was initially announced in December 2023 and focuses on extracting high-purity MMA monomer from pre-consumer and post-consumer PMMA waste through a continuous process [1]

在项目筹备阶段，技术团队组织多次图纸会审，对照设计方案逐项细化施工流程。针对装置换热效率、 物料循环等关键技术难点，团队开展专题研讨，依托模拟测算与数据比对，不断优化工艺参数，全力确 保项目高效推进。进入安装调试期后，施工团队克服夏季高温及高空作业等多重挑战，严格遵循安全规 范，完成核心设备的精准安装与管线连接，并对阀门、仪表及连锁保护系统进行了全方位、多轮次的测 试验证，保证了装置一次开车成功。 该装置投运后将大幅降低生产能耗与运行成本。下一步，内蒙古宜化将持续跟踪监测装置运行数据，不 断优化工艺指标，全力保障三效碱蒸发系统实现长周期、满负荷稳定运行，为公司生产经营提质增效注 入强劲动能。 作为烧碱生产流程中的"核心枢纽"，该装置主要承担稀碱液浓缩提纯的重要任务，其运行的稳定性与效 率直接关系到内蒙古宜化整体产能释放和产品质量控制。自项目启动以来，该公司成立专项攻坚小组， 将"质量零缺陷、安全零事故"的核心目标贯穿于设备安装、管线铺设、系统调试等各个环节。 中化新网讯 9月21日，内蒙古宜化化工有限公司重点技改项目三效碱蒸发装置一次开车成功，系统各项 运行参数稳定，产能及消耗指标全面达标，标志着该公司在烧碱 ...

Core Viewpoint - The company, 盛禧奥集团, will indefinitely suspend production at its MMA plant in Rho, Italy, due to ongoing low profitability, with the shutdown starting on September 29 [1] Group 1: Production Suspension - The MMA plant has an annual capacity of 100,000 tons and will cease operations due to persistent low profitability [1] - High energy and raw material costs are significant challenges faced by European producers, with methanol contract prices remaining high in the first two quarters of this year [1] - The acetone contract prices are approximately €200 per ton higher than spot market prices [1] Group 2: Future Production Outlook - The company hopes to resume production in the future but requires clearer forecasts [1] - The Rho plant will continue to produce PMMA, a major derivative of MMA, using existing MMA inventory as raw material, although the duration of this inventory's availability is uncertain [1] Group 3: Recycling Initiatives - In June 2024, the company launched an advanced PMMA recycling pilot facility at the Rho plant, based on depolymerization technology [1] - This recycling project was initially announced in December 2023 and aims to extract high-purity MMA monomer from pre-consumer and post-consumer PMMA waste through a continuous process [1]

烟台万华化学顺酐装置年设计产能20万吨，是全球规模最大的顺酐生产装置之一。目前SynDane催化剂 在装置中运行指标表现优异，尤其是其高收率大幅减少了副产物生成。SynDane的创新设计实现了更低 的压降和更少的能耗，助力客户实现可持续性运营。 据介绍，SynDane 3142 LA是一款采用科莱恩专利的双α形设计的选择性氧化催化剂。该专有双α形状设 计作为一项重大创新，使SynDane 3142与传统环形催化剂差异显著，其独特的物理和化学特性可在顺酐 生产过程中实现高选择性，同时大幅降低压降。该创新设计为生产商带来了显著优势，能以更低的工艺 和能源成本实现更高的生产力。同时，SynDane可强力抑制副产物生成，确保顺酐优良品质，并大幅减 少装置停车时间。凭借其高度稳定性，SynDane具有超过5年的长周期使用寿命。 中化新网讯 9月24日，科莱恩宣布，其SynDane 3142 LA催化剂在烟台万华化学顺酐装置中表现出色。 该催化剂自2024年应用以来，运行绩效优异，实现了其在效率和可持续性方面的承诺。 ...

Overview - In 2024, China's acrylonitrile production capacity is expected to remain at 4.399 million tons, with a production volume of 3.113 million tons, reflecting a year-on-year growth of 6.56% [1] - The capacity utilization rate has been declining since 2020 and is projected to recover to 70.8% in 2024, indicating an oversupply situation due to rapid expansion in domestic production [1][11] - The apparent consumption of acrylonitrile in China is forecasted to be 2.946 million tons in 2024, with a growth rate of only 0.08%, highlighting a mismatch between supply and demand [1][11] Market Policies - Recent policies in China aim to promote technological innovation and industrial upgrades in the acrylonitrile sector, steering the industry towards high-end and green development [6][7] Industry Chain - The acrylonitrile industry chain includes upstream suppliers of propylene, liquid ammonia, and catalysts; midstream production; and downstream applications in ABS, acrylic fiber, and acrylamide [7][8] Consumption Structure - The consumption of acrylonitrile is primarily concentrated in three sectors: ABS, acrylic fiber, and acrylamide, with ABS accounting for 50% of total consumption [9][10] - The household appliance sector is the largest consumer of ABS, representing over 45% of the total ABS consumption in China [9] Competitive Landscape - In 2024, the global acrylonitrile production capacity is expected to grow by 3.3%, with the top ten producers accounting for 71.6% of total capacity [12] - In China, the market concentration is high, with the top five producers holding 63.47% of the capacity, led by Sierbang Petrochemical [12][14] Development Trends - The acrylonitrile industry in China is anticipated to enter a new phase of capacity expansion in 2025, with an expected increase of over 1.3 million tons, pushing total capacity beyond 5.7 million tons [15] - However, low operating rates in downstream sectors are likely to exacerbate the supply-demand imbalance, leading to continued low-price fluctuations [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Methanol: The trading logic is the pressure transmission from ports to the inland. The inland has seasonal stocking demand and new device stocking increment, but port backflow will impact the inland valuation. Current valuation, inventory, and drivers are not ideal, so bottom - fishing should wait [2]. - Plastic: Polyethylene inventory is neutral overall. There is no further increase in import profit for now. Pay attention to LL - HD conversion and new device commissioning [6]. - Polypropylene: Upstream and mid - stream inventories are decreasing. In the context of over - capacity, the pressure on 01 contract is moderately excessive, which can be alleviated if exports increase or PDH devices are frequently shut down [7]. - PVC: The basis remains stable. Downstream开工 is seasonally weak, and mid - upstream inventories are accumulating. Focus on production, exports, coal prices, and other factors [7]. 3. Summary by Product Methanol - **Price Data**: From September 22 to 26, 2025,动力煤期货 remained at 801. There were minor changes in spot prices in different regions, and import profit and other data also had slight fluctuations [2]. - **View**: The trading logic is port - to - inland pressure transmission. Inland has stocking demand, but port backflow will affect inland valuation. Current conditions are not suitable for bottom - fishing [2]. Plastic - **Price Data**: From September 22 to 26, 2025, there were minor changes in prices such as东北亚乙烯,华北LL, etc.两油库存decreased from 68 to 59, and other data remained relatively stable [6]. - **View**: Polyethylene inventory is neutral. Import profit is around - 200 with no further increase. Pay attention to LL - HD conversion and new device commissioning [6]. Polypropylene - **Price Data**: From September 22 to 26, 2025, prices of山东丙烯,东北亚丙烯, etc. had minor changes.两油库存decreased from 68 to 59, and other data were relatively stable [7]. - **View**: Upstream and mid - stream inventories are decreasing. The 01 contract has moderate over - capacity pressure, which can be alleviated by increased exports or PDH device shutdowns [7]. PVC - **Price Data**: From September 22 to 26, 2025, prices of西北电石,山东烧碱, etc. remained stable, with a 20 - unit decrease in电石 - based PVC in East China. Other data were relatively unchanged [7]. - **View**: The basis is stable. Downstream开工 is seasonally weak, mid - upstream inventories are accumulating. Focus on production, exports, coal prices, etc. [7]