Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Methanol**: The trading logic is the pressure transfer from ports to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but port backflow will impact the inland. Currently, the price is benchmarked to the inland price. Xingxing is expected to start operation in early September, but inventory is still accumulating. Backflow can relieve port pressure but will affect inland valuation. With average valuation, inventory, and weak drivers, it's necessary to wait before bottom - fishing [2]. - **Plastic (Polyethylene)**: The inventory of major producers is neutral year - on - year. Upstream and coal - chemical producers are destocking, while social inventory remains flat. Downstream raw material and finished - product inventories are neutral. The overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. The import profit is around - 200 with no further increase. Non - standard HD injection prices are stable, and other spreads are volatile. LD is weakening. September maintenance is flat month - on - month, and domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes, as well as new device commissioning in 2025 [6]. - **PP**: Upstream and mid - stream inventories are decreasing. The basis is - 60, non - standard spreads are neutral, and the import profit is around - 700. Exports are doing well. Non - standard spreads are neutral, and prices in Europe and America are stable. PDH profit is around - 400, propylene is volatile, and powder production is stable.拉丝 production is neutral. Future supply is expected to increase slightly. Downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to grow or PDH devices have more maintenance, supply pressure can be relieved to a neutral level [8]. - **PVC**: The basis remains at 01 - 270, and the factory - pick - up basis is - 480. Downstream operation is seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. Northwest devices have seasonal maintenance in summer, and the load is between the spring maintenance and Q1 high - production levels. In Q4, attention should be paid to production capacity commissioning and export sustainability. Near - end export orders have slightly decreased. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profit is under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. The PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, with stable costs, average downstream performance, and neutral macro - environment. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operation [8]. 3. Data Summary Methanol | Date |动力煤期货|江苏现货|华南现货|鲁南折盘面|西南折盘面|河北折盘面|西北折盘面|CFR中国|CFR东南亚|进口利润|主力基差|盘面MTO利润| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 801 | 2267 | 2270 | 2585 | 2545 | 2570 | 2690 | 262 | 326 | - 10 | - 110 | - 1255 | | 2025/09/19 | 801 | 2260 | 2268 | 2580 | 2545 | 2570 | 2685 | 262 | 326 | 6 | - 105 | - 1255 | | 2025/09/22 | 801 | 2257 | 2258 | 2563 | 2545 | 2570 | 2665 | 262 | 326 | - 6 | - 110 | - 1255 | | 2025/09/23 | 801 | 2245 | 2253 | 2560 | 2535 | 2570 | 2680 | 262 | 326 | - 19 | - 110 | - 1255 | | 2025/09/24 | 801 | 2260 | 2265 | 2540 | 2535 | 2570 | 2680 | 262 | 326 | - 19 | - 110 | - 1255 | | Daily Change | 0 | 15 | 12 | - 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [2] Plastic (Polyethylene) | Date |东北亚乙烯|华北LL|华东LL|华东LD|华东HD|LL美金|LL美湾|进口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 850 | 7120 | 7285 | 9540 | 7400 | 840 | 796 | - 97 | 7188 | - 90 | 64 | 12736 | | 2025/09/19 | 845 | 7100 | 7250 | 9530 | 7400 | 840 | 796 | - 66 | 7169 | - 70 | 63 | 12736 | | 2025/09/22 | 845 | 7070 | 7215 | 9530 | 7350 | 840 | 796 | - 97 | 7130 | - 60 | 63 | 12736 | | 2025/09/23 | 845 | 7050 | 7190 | 9515 | 7350 | 840 | 796 | - 97 | 7105 | - 60 | 63 | 12736 | | 2025/09/24 | 845 | 7070 | 7200 | 9515 | 7350 | 840 | 796 | - 97 | 7142 | - 60 | 63 | 12736 | | Daily Change | 0 | 20 | 10 | 0 | 0 | 0 | 0 | 0 | 37 | 0 | 0 | 0 | [6] PP | Date |山东丙烯|东北亚丙烯|华东PP|华北PP|山东粉料|华东共聚|PP美金|PP美湾|出口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 6580 | 770 | 6830 | 6838 | 6740 | 6996 | 840 | 925 | - 26 | 6926 | - 140 | 64 | 13676 | | 2025/09/19 | 6580 | 770 | 6795 | 6833 | 6750 | 7052 | 840 | 925 | - 24 | 6914 | - 130 | 63 | 13499 | | 2025/09/22 | 6500 | 765 | 6770 | 6818 | 6750 | 7024 | 840 | 925 | - 23 | 6873 | - 130 | 63 | 13477 | | 2025/09/23 | 6450 | 760 | 6710 | 6790 | 6750 | 6996 | 840 | 925 | - 20 | 6842 | - 130 | 63 | 13413 | | 2025/09/24 | 6450 | 760 | 6740 | 6765 | 6750 | 6996 | 840 | 925 | - 20 | 6877 | - 130 | 63 | 14158 | | Daily Change | 0 | 0 | 30 | - 25 | 0 | 0 | 0 | 0 | 0 | 35 | 0 | 0 | 745 | [8] PVC | Date |西北电石|山东烧碱|电石法 - 华东|乙烯法 - 华东|电石法 - 华南|电石法 - 西北|进口美金价（CFR中国）|出口利润|西北综合利润|华北综合利润|基差(高端交割品)| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/18 | 2550 | 825 | 4800 | 5500 | 5450 | 4460 | 700 | 336 | 356 | - 244 | - 150 | | 2025/09/19 | 2600 | 817 | 4830 | 5500 | 5450 | 4460 | 700 | 339 | 356 | - 244 | - 150 | | 2025/09/22 | 2600 | 817 | 4810 | 5500 | 5450 | 4460 | 700 | 359 | 356 | - 244 | - 150 | | 2025/09/23 | 2600 | 817 | 4760 | 5500 | 5450 | 4420 | 700 | 358 | 356 | - 244 | - 150 | | 2025/09/24 | 2600 | 817 | 4760 | 5500 | 5450 | 4420 | 700 | 358 | 356 | - 244 | - 150 | | Daily Change | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [8]

Group 1 - The company, Zhaoxin Co., announced the completion of the registration work for the restricted stock and stock option incentive plan for 2025 [2] - The reserved grant date for the restricted stock is set for August 29, 2025, with the listing date on September 26, 2025 [2] - A total of 39 individuals are registered for the reserved grant, with a total of 7.819391 million shares allocated at a price of 1.81 yuan per share [2]

Group 1 - The company, Huajin Co., reported that as of September 20, the number of shareholders reached 44,140 [1]

Core Viewpoint - The company is currently in the equipment procurement and installation phase for its fourth-generation refrigerant project, with plans to begin trial production in the first half of next year [1] Group 1 - The fourth-generation refrigerant patent protection period varies by specific category, technology, and company, indicating a lack of uniformity [1] - Some related patents are set to expire next year, but there is no standardized timeline for these expirations, as different patents have different expiration dates [1]

Summary of Zhongxin Fluorine Materials Conference Call Company Overview - **Company**: Zhongxin Fluorine Materials - **Industry**: Fluorine materials, specifically focusing on PEEK (Polyether Ether Ketone) and related products Key Points and Arguments Production and Capacity - PEEK material trial production has stabilized since May, with a monthly output of approximately 20 tons, aiming for a capacity target of 120-150 tons by 2026, potentially exceeding 200 tons at full capacity [2][13] - The company is currently in the trial production phase, with a high pass rate for different product models tested [12] - The production capacity for DFAPP (Polyvinylidene Fluoride) is expected to be around 20% utilization in Q4 [11] Market Dynamics - The price of PICO products is influenced by downstream demand, with premium products priced between 300,000 to 350,000, potentially dropping to around 250,000 in the future [2][17] - There is a growing interest in PEEK materials among domestic robot manufacturers, with several companies currently testing the material [26] Competitive Advantages - The core competitive advantage lies in cost control, with factors such as the length of the supply chain, production process experience, and risk management capabilities being crucial [6][7] - The purification process is more challenging due to environmental regulations, affecting the speed of capacity expansion [8] Financial Projections - The company aims to reduce losses in 2025 and expects performance recovery in 2026, with contributions from four-generation refrigerants, optical values, and PK business [5][29] - Expected profit from TFTP business in 2026 is projected to be in the range of tens of millions [30] - BPF business is anticipated to produce 600-800 tons in 2026, generating 120-150 million in revenue [31] Product Development - The company is developing modified materials primarily focusing on carbon fiber and glass fiber, with future decisions on establishing a dedicated company depending on market development [2][18] - The demand for modified materials from downstream robot manufacturers is diverse, with a focus on specific applications [19] Environmental and Regulatory Considerations - The expansion of production capacity is influenced by local policies and environmental regulations, particularly for the purification process [8][9] Future Outlook - The application of PICK (Polyimide Composite Materials) is expected to gain traction in the robotics industry by 2026, with potential revenue generation [24] - Overseas markets, especially North America, show a positive attitude towards the application of PICK, with opportunities for collaboration [25] Internal Dynamics - Internal consumption of products may offset some external sales revenue, impacting the overall financial statements [33] Additional Important Insights - The company is currently focused on trial production and testing various models, with a stable production situation reported [12] - The complexity of modifying high-temperature materials requires specialized equipment, increasing costs and processing difficulty [22] - Lightweighting is a consideration in component selection, but overall performance characteristics are more critical [28]

资金流向方面，今日该股主力资金净流出2146.67万元，其中，特大单净流出1616.36万元，大单资金净 流出530.31万元。近5日主力资金净流出7819.20万元。（数据宝） 金浦钛业9月24日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 华安证券股份有限公司江苏分公司 | 109.65 | 0.00 | | 买二 | 华泰证券股份有限公司湖南分公司 | 101.73 | 0.00 | | 买三 | 国联民生证券股份有限公司上海分公司 | 93.63 | 0.00 | | 买四 | 湘财证券股份有限公司岳阳五里牌证券营业部 | 58.84 | 0.00 | | 买五 | 华西证券股份有限公司四川互联网证券分公司 | 56.71 | 0.00 | | 卖一 | 中国中金财富证券有限公司郑州如意西路证券营业部 | 0.00 | 426.00 | | 卖二 | 天风证券股份有限公司河南分公司 | 1.14 | 324.30 | | 卖三 | 国信证券股份有限公司深圳前海分公司 | 0.03 | 2 ...

Core Viewpoint - The company is progressing with its lithium hexafluorophosphate projects, with specific timelines for production commencement in different locations [1] Group 1: Project Updates - The company has a project for 30,000 tons of lithium hexafluorophosphate and 6,000 tons of high-purity lithium fluoride, which are being constructed by Jiangsu Tairui Lanteng Material Technology Co., Ltd. and Jiangxi Tianji New Energy Technology Co., Ltd. respectively [1] - The first phase of the 15,000 tons lithium hexafluorophosphate project by Jiangsu Tairui Lanteng Material Technology Co., Ltd. began trial production in August 2024 [1] - The 6,000 tons lithium fluoride project by Jiangxi Tianji New Energy Technology Co., Ltd. is set to begin trial production in February 2025 [1]

Group 1 - The company is currently in the early stages of its solid-state battery materials project, focusing on deep design of construction drawings, land surveying, and equipment manufacturer assessments [1] - The first phase of the project is based on self-developed technology and is in the process of industrialization [1] - The second and third phases of the project will require re-filing according to government regulations, with land reserves being aligned with the company's strategic planning and market demand [1]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: After the return of maintenance, pay attention to the short - spread of PL01 - 02 when it rises to a high level; Inter - variety: None [3] Core View - The supply - demand support for propylene has weakened, and the weak trend of oil prices at the cost end has led to a weak operation of propylene. The supply pressure remains large due to the restart of upstream devices and the expected restart of major PDH devices, as well as the increased production of new capacities. The demand is mainly driven by short - term bottom support from pre - holiday stocking by downstream factories, but is still restricted by cost pressure. The cost - end support has weakened as international oil prices have rebounded slightly but remain weak, and the price of external propane is relatively firm [2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [6][9][11] 2. Propylene Production Profit and Operating Rate - Relevant figures involve the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefin capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][22][24][29] 3. Propylene Import and Export Profit - Relevant figures are the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [32][36] 4. Propylene Downstream Profit and Operating Rate - Relevant figures include the production profit and operating rate of PP powder, the production profit and operating rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [39][41][44][52][55][57][59] 5. Propylene Inventory - Relevant figures are propylene in - plant inventory and PP powder in - plant inventory [64]

Summary of Key Points Core Viewpoint - Xiangtan Electric Chemical has experienced a decrease in shareholder accounts and a decline in stock price amid recent trading activities, indicating potential shifts in investor sentiment and market dynamics [2]. Group 1: Shareholder and Stock Performance - As of September 20, the number of shareholders for Xiangtan Electric Chemical was 68,738, a decrease of 5,115 accounts compared to the previous period, representing a decline of 6.93% [2]. - The latest stock price for Xiangtan Electric Chemical is 13.72 yuan, reflecting an increase of 1.11%, although the stock has cumulatively decreased by 6.60% since the concentration of shares began [2]. - The stock experienced five days of increases and five days of decreases during the reporting period [2]. Group 2: Financing and Margin Data - As of September 23, the total margin balance for the stock was 536 million yuan, with a financing balance of 534 million yuan, indicating a reduction of 32.83 million yuan, or 5.79%, since the concentration of shares began [2]. Group 3: Financial Performance - In the first half of the year, Xiangtan Electric Chemical reported total revenue of 897 million yuan, representing a year-on-year increase of 4.79% [2]. - The net profit for the same period was 126 million yuan, showing a year-on-year decline of 18.21% [2]. - The basic earnings per share were 0.2000 yuan, with a weighted average return on equity of 4.13% [2].