Group 1 - The company Zhejiang Jiahua Energy Chemical Co., Ltd. has approved a share repurchase plan with a budget of no less than RMB 400 million and no more than RMB 600 million, with a repurchase price not exceeding RMB 12.01 per share, valid for up to 12 months from the approval date [2] - Following the implementation of the 2024 annual profit distribution plan and the 2025 semi-annual profit distribution plan, the maximum repurchase price has been adjusted to not exceed RMB 11.63 per share [2] Group 2 - As of November 21, 2025, the company has repurchased 35,159,500 shares, accounting for 2.59% of the total share capital, with a total expenditure of RMB 303.1453 million, excluding transaction fees [3] - The highest repurchase price recorded was RMB 9.14 per share, while the lowest was RMB 8.02 per share [3] Group 3 - The company will adhere to relevant regulations regarding share repurchase and will make decisions based on market conditions while fulfilling information disclosure obligations in a timely manner [4]

转自：新华财经 新华财经内蒙古11月22日电（杨子华）位于大陆性季风气候区，年大风日数最多达59天，风能可利用资源2000万千瓦，风力发电一年136.8亿千瓦时——内 蒙古自治区兴安盟是一个常年有风的地方。在"双碳"目标引领下，我国风电、光伏装机容量持续攀升，氢能产业发展提速，兴安盟凭借独特的资源禀赋和产 业布局，吸引中广核、金风等龙头企业和重大项目落地，成为新能源"风口"上的城市。 11月17日，兴安盟举办"绿色氢氨醇"产业基地生态共建发布会，发布绿氢制绿甲醇项目核心工艺验证成果，数百位企业代表"闻风"前来。会后，四十余家企 业负责人主动表达投资意向，随后举行的对接洽谈会气氛热烈。亲眼见证绿色氢氨醇产业从规划到落地，兴安盟经济技术开发区管委会主任高天宇在接受新 华财经专访时不由感慨，"风来了！"。 图为兴安盟经济技术开发区管委会主任高天宇解读园区产业愿景规划 跨界"氢醇"，破局谋变 "风光"宝地，全链布局 兴安盟经开区管委会办公地与项目施工地相距约8公里，从管委会办公室的窗户望去，能远远看到一部分耸立的工程设施。一年多的时间，项目厂区在管委 会工作人员的"眼皮子"底下，一点点盖起来。 "应该说，绿色氢氨醇产 ...

Report Summary 1. Industry Investment Ratings - **Bullish**: PR, BR rubber [1] - **Bearish**: Stainless steel, asphalt, short - term corn, M05 of soybean meal, PVC, PP, some petrochemical products [1] - **Neutral (Oscillating)**: Index, Treasury bonds, copper, aluminum, zinc, nickel, stainless steel, precious metals, industrial silicon, polysilicon, lithium carbonate, rebar, iron ore, manganese silicon, silicon carbide, glass, pure alkali, coking coal, coke, cotton, pulp, logs, crude oil, fuel oil, short - term soybean oil, long - term tin [1] 2. Core Views - The current macro environment is in a relatively vacuum period. A - share lacks a clear upward trend, and trading volume remains low. Short - term market differences will be gradually digested during index fluctuations, waiting for new driving forces to push the index up [1]. - Asset shortage and weak economy are beneficial for bond futures, but the central bank's short - term interest rate risk warning restricts the upward movement [1]. - The Fed's December interest - rate cut expectation has cooled down, affecting the prices of various commodities, but different commodities have different responses based on their own fundamentals [1]. 3. Summary by Categories Equity and Bond Markets - **Index**: Short - term market differences will be digested during fluctuations, waiting for new driving forces for upward movement [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest rate risk warning restricts the rise [1] Commodity Markets - **Non - ferrous Metals**: The Fed's interest - rate cut expectation cooling affects prices. Copper price decline is limited; aluminum price fluctuates at a high level; zinc has support below; nickel price fluctuates downward; stainless steel needs to pay attention to production; tin is bullish in the long - term [1] - **Energy and Chemicals**: Crude oil is affected by OPEC+ production increase, geopolitical factors, and trade policies; asphalt is bearish; PR is bullish; BR rubber may rebound; PTA production declines; ethylene glycol is affected by multiple factors; PP and PVC are bearish; LPG fundamentals are stable [1] - **Agricultural Products**: New energy vehicle demand is strong, but lithium carbonate has upward pressure; cotton market is in a state of "support but no driver"; corn, soybean meal, and other grains have different price trends; pulp and logs have limited upward space; livestock products such as pigs have over - capacity issues [1] - **Building Materials and Metals**: Rebar and iron ore are affected by supply and demand and macro factors; coking coal and coke are affected by steel prices and supply - demand relationships; glass and pure alkali have limited upward space [1] - **Fuel and Oil Products**: Crude oil price fluctuates; fuel oil follows crude oil; asphalt is bearish; PR is bullish; BR rubber may rebound [1]

Core Insights - The report provides a comprehensive overview of the performance of various futures contracts across different sectors, highlighting price changes and trends over multiple time frames. Group 1: Financial and Precious Metals - The Shanghai Composite 300 futures decreased by 0.69%, with a year-to-date increase of 19.81% [8] - The SHFE gold futures rose by 0.22%, while the year-to-date increase stands at 48.84% [8] - The SHFE silver futures increased by 0.75%, with a year-to-date increase of 58.85% [8] Group 2: Nonferrous Metals and New Energy Materials - SHFE copper futures rose by 0.19%, with a year-to-date increase of 16.92% [9] - SHFE aluminum futures decreased by 0.05%, with a year-to-date increase of 9.10% [9] - GFEX lithium carbonate futures increased by 0.84%, with a year-to-date increase of 28.12% [9] Group 3: Black Commodities - SHFE rebar futures fell by 1.01%, with a year-to-date decrease of 11.67% [10] - DCE iron ore futures decreased by 0.32%, with a year-to-date increase of 8.21% [10] - DCE coking coal futures dropped by 3.17%, with a year-to-date decrease of 18.57% [10] Group 4: Agricultural Products - DCE soybean meal futures decreased by 0.46%, with a year-to-date increase of 3.83% [11] - CZCE apple futures increased by 1.26%, with a year-to-date increase of 36.24% [11] - DCE live hog futures fell by 1.00%, with a year-to-date decrease of 21.55% [11] Group 5: Energy and Chemicals - INE crude oil futures decreased by 1.66%, with a year-to-date decrease of 6.97% [12] - DCE ethylene glycol futures fell by 2.05%, with a year-to-date decrease of 21.88% [12] - CZCE soda ash futures dropped by 2.93%, with a year-to-date decrease of 26.95% [12]

Group 1 - The provincial governor emphasizes the need to implement the spirit of the 20th Central Committee and to build a modern industrial system that reflects regional advantages, ensuring national energy security and supporting high-quality development in Shaanxi [1] - Shaanxi, as a major energy province, is accelerating the high-end, diversified, and low-carbon development of the energy and chemical industry, aiming to create a trillion-level modern energy industry cluster [2] - The governor encourages companies to focus on clean energy development, technological innovation, and ecological protection to help establish a new energy system that is clean, low-carbon, safe, and efficient [2] Group 2 - The governor highlights the importance of transforming the energy industry and leveraging comparative advantages to support the overall development of the province [3] - There is a call for enhanced economic monitoring and support for key industries, enterprises, and projects to ensure the release of quality production capacity and to plan major strategic tasks for the upcoming "15th Five-Year Plan" period [3]

行业 MEG 日报 日期 2025 年 11 月 20 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

【国富期货早间看点】USDA民间出口商报告向中国出口销售33万 吨大豆 Anec预计11月巴西大豆出口471万吨 20251120 国富研究 国富研究 2025年11月20日 07:51 上海 01 隔夜行情 | | 收盘价 | 上日涨跌幅(%) | 隔夜涨跌幅(%) | | --- | --- | --- | --- | | 马棕油02(BMD) | 4184.00 | 0. 38 | -0.99 | | 布伦特01(ICE) | 63.66 | -1.79 | 0. 87 | | 美原油01(NYMEX) | 59. 41 | -1.92 | 0. 88 | | 美豆01(CBOT) | 1135. 25 | -1. 33 | -0.46 | | 美豆粕01(CBOT) | 320. 80 | -2. 22 | -1. 32 | | 美豆油01(CBOT) | 51. 45 | -1.94 | -0.54 | | | 最新价 | 涨跌幅(%) | 十日涨跌幅 | | --- | --- | --- | --- | | 美元指数 | 100. 18 | 0. 60 | | | 人民币(CNY/USD) | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall commodity futures market shows complex trends with different metals, agricultural products, and energy - chemical products having their own supply - demand situations, and corresponding trading strategies are recommended based on these situations [2][7][8]. 3. Summaries by Relevant Catalogs Precious Metals - **Gold**: Market strengthened on Wednesday, but London gold failed to hold above $4100. Fed's internal divergence on December rate - cut, employment report changes, and domestic gold ETF inflows are key factors. Suggest buying at support levels [2]. - **Silver**: Supply tightness is gradually easing. Recommend gradually reducing long positions [2]. Base Metals - **Copper**: Price stabilized yesterday. With improved risk appetite and low rate - cut expectations, and considering the supply - demand situation, it is recommended to buy on dips [2]. - **Aluminum**: Aluminum price may maintain oscillatory adjustment after a decline, with improved spot trading but continued reduction of long positions in the main contract [2]. - **Alumina**: Supply - demand surplus persists, and the price is expected to be weak and oscillatory [2]. - **Zinc**: Price declined yesterday. Due to supply shortages and demand - side factors, it is recommended to wait and see [3]. - **Industrial Silicon**: Price rebounded significantly. With planned production cuts and cost support, long positions can gradually take profits, and short positions should be entered with caution [3]. - **Lithium Carbonate**: Current demand is strong, but long - term demand may decline. It is recommended to try long positions at low levels and be cautious about chasing highs, or consider selling put options [3]. - **Polycrystalline Silicon**: Price rose. Near - month contracts are strong, but it is recommended to be cautious about chasing highs due to factors like slow progress of the storage platform [3]. - **Tin**: Price trended strongly. With improved risk appetite and supply - demand situation, it is recommended to buy on dips [4]. Black Industry - **Rebar**: Supply - demand is weak, and there is significant structural differentiation. Hold short positions in hot - rolled coil 2605, and the reference range for RB01 is 3030 - 3080 [5]. - **Iron Ore**: Supply - demand is weakening. Hold short positions in iron ore 2605, and the reference range for I01 is 760 - 795 [5]. - **Coking Coal**: Supply - demand is weakening. Hold short positions in coking coal 2605, and the reference range for JM01 is 1110 - 1150 [5]. Agricultural Products - **Soybean Meal**: US soybeans enter an oscillatory phase, and the domestic market is temporarily weak. The medium - term trend depends on tariff policies and production in the producing areas [7]. - **Corn**: As the supply in Northeast China is approaching, the futures price is expected to decline oscillatory. Hold short positions [7]. - **Oils and Fats**: Enter an oscillatory and slightly strong phase. Pay attention to future production and biodiesel policies [7]. - **Sugar**: International sugar price rebounds, and the domestic market will follow the international trend to decline. Short in the futures market and sell call options [7]. - **Cotton**: Temporarily wait and see, with a range - bound strategy of 13300 - 13600 yuan/ton [7]. - **Eggs**: The futures price is expected to be weak and oscillatory due to decreased supply pressure and weakening demand [7]. - **Pigs**: The supply is still abundant, and the futures price is expected to be weak and oscillatory [8]. - **Apples**: Wait and see due to low inventory and high - quality apple price increases [8]. Energy and Chemicals - **LLDPE**: Short - term oscillatory, and it is recommended to short at high levels or conduct spread trading in the long - term [8]. - **PVC**: Supply - demand is weak, and it is recommended to short or conduct spread trading [8]. - **PTA**: Take profits on long positions in PX, and short the processing margin of PTA in the long - term [8][9]. - **Glass**: Supply - demand is in a weak balance, and it is recommended to conduct spread trading [9]. - **PP**: Short - term oscillatory and weak, and it is recommended to short at high levels or conduct spread trading in the long - term [9]. - **MEG**: Supply - demand accumulates inventory, and it is recommended to short at high levels for the 01 contract [9]. - **Crude Oil**: Fundamentally bearish, but with high geopolitical uncertainty, it is expected to oscillate in the short - term. Short at high levels if Russian oil reduction is less than 500,000 barrels per day [9][10]. - **Styrene**: Short - term oscillatory, with the upside limited by the import window [10]. - **Soda Ash**: Supply - demand is balanced, and it is recommended to wait and see [10]. - **Urea**: The futures price is expected to oscillate in the short - term due to export news and supply - demand situation [10].

Core Insights - Sichuan province is focusing on modern industrialization as a key strategy to strengthen its real economy, with an emphasis on new industrialization as the main engine for growth [6][11]. Speed - Since the 14th Five-Year Plan, Sichuan's industrial output value has grown at an average annual rate of 6.6%, with the total industrial output value increasing from 1.34 trillion yuan to 1.79 trillion yuan, ranking seventh in the country [11]. - The largest single industrial project in the province, a new 8.6-generation AMOLED production line by BOE Technology Group, is progressing rapidly, having been completed in just 183 days [8][9]. - Sichuan has implemented over 15,000 manufacturing projects, driving manufacturing investment to exceed 2 trillion yuan [10]. Strength - The automotive manufacturing sector in Sichuan has seen significant growth, with a 626% year-on-year increase in new energy vehicle production, reaching 146,900 units in the first three quarters of the year [12]. - The province is home to 17 key industrial chains, with a focus on enhancing production capabilities, particularly in new energy vehicles and lithium-ion batteries, which have seen production increases of 170% and 55% respectively [12][13]. - Sichuan produces nearly half of the world's high-end flexible screens and is a major player in various manufacturing sectors, including nuclear power and steel equipment [13]. Precision - Sichuan's industrial enterprises have increased R&D investment and intensity by 50% and 41% respectively during the 14th Five-Year Plan period, with a profit margin of 7.3%, ranking first among major economic provinces [17]. - The province has five advanced manufacturing clusters recognized globally, covering sectors such as electronic information and energy equipment, ranking fourth in the country [16]. - The revival of the once-dormant pump and valve industry in Zigong is a testament to targeted industrial policies, with the total output value of the industry cluster projected to reach 13.637 billion yuan by 2024 [18].

2.公司为什么选择投资绿色甲醇项目？ 答：2023 年至 2025 年，国家发改委、国家能源局分别发布政策， 鼓励绿色甲醇等为代表的绿色液体燃料产业的发展，公司投资绿色甲醇 项目，是公司积极响应国家新能源发展战略的重要部署，可紧跟绿色燃 料及化工市场趋势，抢占行业先机。近年来，国际海事组织（IMO）提 出"2023 战略"，《欧盟海运燃料条例》提出 2025、2050 年目标，对 国际航运减排要求日趋严格，而使用以绿色甲醇为代表的清洁燃料，则 成为船舶节能减排的重要途径。在全球碳减排的大背景下，随着欧盟法 规和 IMO 减排政策的逐步执行，绿色甲醇作为一种碳排放更少、使用更 经济的绿色燃料具有广泛的市场前景和增长潜力。公司作为综合能源服 务商，致力于构建绿色能源服务共同体，近年来积极布局氢能、光伏等 绿色低碳能源，此次投资绿色甲醇项目，是公司在绿色氢基能源领域的 重要部署，有利于构建公司中长期可持续发展的产业优势。 证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025011 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 ...