Core Viewpoint - Hualu Hengsheng's stock price dropped by 5.05% to 25.18 CNY per share, with a trading volume of 514 million CNY and a market capitalization of 53.463 billion CNY as of September 22 [1] Company Overview - Shandong Hualu Hengsheng Chemical Co., Ltd. was established on April 26, 2000, and listed on June 20, 2002. The company is located at 24 Tianqu West Road, Dezhou, Shandong Province [1] - The main business activities include the production and sales of urea and methanol. The revenue composition is as follows: 48.34% from new energy and new materials, 24.61% from chemical fertilizers, 10.82% from acetic acid and derivatives, 7.75% from other products, 7.33% from organic amines, and 1.15% from by-products and others [1] Shareholder Information - Hualu Hengsheng's top circulating shareholder is Huatai-PB Fund, which increased its holdings in the Huatai-PB CSI 300 ETF (510300) by 2.3916 million shares in the second quarter, holding a total of 26.5324 million shares, representing 1.25% of the circulating shares. The estimated floating loss today is approximately 35.5534 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a latest scale of 374.704 billion CNY. Year-to-date returns are 16.91%, ranking 2904 out of 4222 in its category; one-year returns are 44.07%, ranking 2285 out of 3813; and since inception, the return is 109.2% [2]

Group 1 - The Brazilian Foreign Trade Secretariat has initiated an anti-dumping investigation on acrylic acid imports from China based on a request from BASF S/A [1] - The investigation period for the dumping case is set from January to December 2024, while the damage analysis period spans from January 2020 to December 2024 [1] - The relevant Mercosur tax code for the product in question is 29161110 [1]

Group 1 - The core point of the news is that Longhua New Material experienced a decline in stock price and had significant financing activities on September 19, with a net financing outflow of 1.18 million yuan [1] - On September 19, Longhua New Material's stock price fell by 2.26%, with a trading volume of 70.43 million yuan [1] - The total financing and securities balance for Longhua New Material as of September 19 is 188 million yuan, which accounts for 4.04% of its circulating market value, indicating a high level of financing [1] Group 2 - As of June 30, Longhua New Material had 19,600 shareholders, an increase of 5.14% from the previous period, with an average of 13,338 circulating shares per person, up by 22.01% [2] - For the first half of 2025, Longhua New Material reported operating revenue of 2.832 billion yuan, a year-on-year increase of 2.00%, while the net profit attributable to shareholders decreased by 15.94% to 76.1014 million yuan [2] - Since its A-share listing, Longhua New Material has distributed a total of 215 million yuan in dividends, with 172 million yuan distributed over the past three years [2]

Group 1 - The core viewpoint of the news is that Zhejiang Zhangguang Industrial Co., Ltd. has shown significant financial activity, with a notable increase in revenue and a stable stock performance as of September 19 [1][2]. Group 2 - On September 19, Zhangguang shares increased by 0.50%, with a trading volume of 41.73 million yuan. The financing buy-in amount was 3.81 million yuan, while the financing repayment was 4.67 million yuan, resulting in a net financing buy of -0.86 million yuan [1]. - As of September 19, the total financing and securities balance for Zhangguang was 72.04 million yuan, which accounts for 1.77% of the circulating market value, indicating a high level compared to the past year [1]. - The company has a strong focus on the research, production, and sales of ion exchange and adsorption resins, with 99.89% of its main business revenue coming from these products [1]. Group 3 - As of September 10, the number of shareholders for Zhangguang was 9,920, a decrease of 1.28% from the previous period, while the average circulating shares per person increased by 1.30% to 6,117 shares [2]. - For the first half of 2025, Zhangguang achieved an operating income of 327 million yuan, representing a year-on-year growth of 22.37%, and a net profit attributable to shareholders of 53.38 million yuan, which is a 1.48% increase year-on-year [2]. - Since its A-share listing, Zhangguang has distributed a total of 101 million yuan in dividends, with 85.39 million yuan distributed over the past three years [2].

Group 1 - The company has planned an annual production capacity of 20,000 tons for lithium hexafluorophosphate (LiPF₆) and 10,000 tons for lithium bis(fluorosulfonyl)imide (LiFSI) [1] - Due to market conditions, the actual output of these products is limited [1] - The company does not currently produce PVDF-HFP water-based adhesives or sulfide electrolyte materials [1] Group 2 - The company has formed strategic partnerships with leading domestic and international manufacturers [1] - It leverages its technical expertise and production resources to provide differentiated and customized product services [1] - The company aims to develop and offer various competitive key chemicals in collaboration with its customers [1]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the content. 2. Report's Core View - The market fluctuates between anti - involution and crude oil price movements, with the industry's long - short sentiment remaining in a stalemate. Styrene's high - start in the peak season fails to reduce inventories, and there is increasing pressure on hard - rubber finished product inventories and external warehouses. Pure benzene's four downstream sectors are reducing their operations and entering a weakening phase. In the short term, the market will mainly be volatile [80]. 3. Summary According to Related Catalogs 3.1 Pure Benzene 3.1.1 Supply - Domestic pure benzene: The average monthly maintenance loss from August to September is 60,000 tons. New device production is weak overall, with production pressure concentrated from August to September (50,000 - ton increase in August and 100,000 - ton increase in September). The spot pressure of major pure benzene producers emerged in August [3][80]. - Imported pure benzene: Low imports in August led to relatively low port inventories. September imports are expected to be 400,000 - 430,000 tons, and imports are expected to rise in the fourth quarter, with an expected 500,000 - ton import in October. The external market still has large supply pressure [3][80]. 3.1.2 Demand - Styrene: There were few maintenance works in August, and the devices are operating at high capacity. From August to October, new styrene devices will be put into operation, with a monthly increase of about 20,000 - 30,000 tons. The high - supply pressure persists, and the entire styrene industry chain faces significant inventory pressure [3][80]. - Caprolactam: A 300,000 - ton new device in Hengyi Guangxi Qinzhou is planned to be put into operation from August to September. Recently, caprolactam plants increased their loads, but the inventories of CPL and PA6 products are high. Factories in Shandong and South China maintain high raw - material inventories [3][80]. - Phenol: New 400,000 - ton and 200,000 - ton devices of Zhenhai Refining & Chemical and Jilin Petrochemical were put into operation from July to August, and Shandong Ruilin plans to start production in October. High - volume production continues [3][80]. - Aniline: Jinmao Aluminum, Shandong Huatai, and Jiangsu Fuqiang recently restarted, and Wanhua Chemical (Fujian)'s new device has been put into operation. Yantai Wanhua plans maintenance from August to September. Aniline production is approaching its limit, and downstream MDI production is increasing. Leading enterprises still have room to replenish inventories and can absorb the increase in pure benzene production [3][80]. - 3S hard rubber downstream of styrene: In the peak season, there are high production, high inventory, and moderate profits. The core issue is how to solve the problem of high external and factory inventories [3][80]. 3.1.3 Valuation - Absolute price valuation: Based on a crude oil price of $65, the reasonable valuation of the BZ2603 contract is 5,800 - 5,900 yuan/ton. With the expected weakening of crude oil, the lowest valuation of BZ2603 is adjusted down to 5,550 yuan/ton [3][80]. - EB processing fee: Given the high port styrene inventory and high downstream raw - material inventory, the reasonable styrene processing fee is 1,000 - 1,100 yuan/ton. Positions that previously squeezed profits are being closed, and unexpected maintenance may be less than expected [3][80]. 3.1.4 Strategy - Unilateral: Short - term volatility, medium - term bearish [3][80]. - Inter - period: Styrene backwardation [3][80]. - Inter - variety: None currently [80]. 3.2 Styrene 3.2.1 Production and Inventory - In the first half of 2025, global styrene production contracted. Currently, styrene has high inventory, moderate profits, and high production [52][54]. 3.2.2 Downstream Market - ABS: Production continues to increase. The industry faces issues such as inventory and market price fluctuations [67]. - PS: Production and profit margins show certain trends, with attention to inventory and price changes [69][70]. - EPS: Production and profit margins also have their own characteristics, and capacity utilization and inventory levels are of concern [74][79].

Core Viewpoint - Tongde Chemical is facing significant financial challenges due to overdue debts and ongoing litigation related to leasing disputes, which may impact its financial stability and operational capacity [2][6][8]. Debt Overdue - As of September 15, Tongde Chemical and its subsidiary Tongde Kecai Materials Co., Ltd. reported overdue principal debts amounting to 81.81 million yuan, representing 4.10% of the audited net assets for 2024, with overdue interest totaling 1.39 million yuan, leading to a total of 83.21 million yuan in overdue debts [2][3]. - The company is actively negotiating with financial institutions to sign supplementary agreements to extend repayment deadlines and alleviate short-term debt repayment pressure [3][4]. Litigation Disputes - Tongde Chemical and Tongde Kecai have been sued by a financing leasing company for leasing disputes, with the case currently accepted by the court but not yet heard, involving a claim of approximately 85.46 million yuan [6][7]. - The core demands of the plaintiff include payment of unpaid rent, purchase price, and late penalties, with Tongde Chemical potentially liable for joint repayment [6][7]. Financial Performance - In the first half of 2025, Tongde Chemical reported a revenue of 256 million yuan, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 11.09 million yuan, down 75.76% [8]. - The decline in performance is attributed to reduced demand for explosives due to a drop in coal production and operational losses in the power business due to limited gas supply [8]. Project Investment - Tongde Kecai was established to advance a project for producing 60,000 tons of biodegradable plastics and 240,000 tons of 1,4-butanediol, with a total budget of 3.479 billion yuan [5]. - The project has faced cost overruns due to rising equipment and raw material prices, contributing to financial strain on the company [5].

Core Viewpoint - Xinjiang Zhongtai Chemical Co., Ltd. is focusing on improving operational performance through strategic production and sales alignment, technological innovation, and market expansion [2][3]. Company Summary - The company held a specific object research meeting on September 16, 2025, with Huatai Securities and Bosera Fund participating [1]. - Key personnel from the company, including the chairman and heads of various departments, were involved in the meeting [1]. Operational Strategies - The company is implementing a strategy of "sales-driven production and efficiency-driven sales" to enhance the connection between production and sales [2]. - Continuous optimization in technology, production processes, and product structure has led to improved profitability in the first half of 2025 [2]. - Future plans include increasing R&D investment, focusing on key technological breakthroughs, and accelerating the transformation of scientific achievements [2]. Market Conditions - In the domestic PVC market, strong bottom support is noted, with rising prices of raw materials like anthracite and calcium carbide enhancing cost support [2]. - The demand is expected to improve in the "golden September and silver October" period, although new supply capacity may suppress price rebounds [2]. - The "anti-involution" policy is anticipated to continue in the second half of the year, potentially leading to a reduction in PVC supply and a positive impact on prices [2]. Viscose Market Insights - The viscose market has experienced a downturn due to insufficient terminal demand and declining prices of dissolving pulp [3]. - A slight improvement in demand from cotton yarn enterprises has led to a decrease in inventory for viscose short fibers, with expectations of stable price increases influenced by various factors [3].

Group 1 - The company announced on September 19 that it will source MMA from other enterprises when its controlling shareholder is unable to supply it [1] - The procurement prices for MMA are based on market rates, but the proximity of Chongqing Shuangxiang Optical and the subsidiary of the controlling shareholder allows for cost savings through pipeline transportation [1] - This transportation method contributes to the company's cost advantage in acquiring raw materials [1]

Core Points - Tianji Co., Ltd. experienced a limit down on the trading day, with a turnover rate of 22.90% and a total transaction amount of 1.862 billion yuan, showing a fluctuation of 7.11% [2] - Institutional investors net sold 44.9014 million yuan, while brokerage seats collectively net bought 92.1941 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a daily price deviation of -9.70% [2] Trading Data - The stock has appeared on the watch list 11 times in the past six months, with an average price increase of 2.15% the day after being listed and an average decline of 2.70% in the following five days [3] - Today's main capital outflow was 86.2119 million yuan, with large orders showing a net outflow of 57.6926 million yuan [3] - The latest margin trading balance as of September 18 was 340 million yuan, with a financing balance of 340 million yuan and a securities lending balance of 12.96 thousand yuan [3] Specific Trading Information - The top five buying and selling brokerage seats had a total transaction amount of 308 million yuan, with a net buying amount of 47.2927 million yuan [2] - The top buying brokerage was Dongfang Securities with a buying amount of 53.7442 million yuan, while the top selling brokerage was an institutional seat with a selling amount of 32.3157 million yuan [3][4]