Group 1 - The core viewpoint is that oxide solid-state batteries are a type of solid-state battery, primarily using oxide materials as electrolytes, such as lithium aluminum titanium phosphate (LATP) and lithium lanthanum zirconium oxide (LLZO) [1] - The advantages of oxide batteries include high safety, high energy density, long cycle life, and relatively low research and development costs [1] - Oxide batteries are expected to play a significant role in various fields, including electric vehicles, energy storage systems, consumer electronics, and energy systems [1] Group 2 - Taihe Technology's solid-state electrolyte, lithium aluminum titanium phosphate (LATP), is currently in the pilot testing stage and has not yet generated sales [1] - The company has not initiated research and development for other oxide battery-related materials [1]

Report Industry Investment Rating - The report assigns a neutral rating to single - side investment, and suggests paying attention to the PL01 - 02 high - price reverse arbitrage after the restart of the main PDH for inter - period investment. There is no suggestion for cross - variety investment [3] Core Viewpoints - On the supply side, the restart of two PDH units in Wanhua Penglai and Hebei Haiwei has increased supply, weakening the supply - side support and causing the propylene spot price to decline. There are still some units with reduced load or under maintenance. On the demand side, the profits of propylene downstream have been significantly compressed, and the overall start - up rate has declined month - on - month. Some downstream products have reduced their purchasing enthusiasm due to cost pressure, which may limit the upward space of propylene. On the cost side, the geopolitical situation is still volatile, oil prices have rebounded, and the price of external propane has continued to strengthen [2] Summary by Relevant Catalogs 1. Propylene Basis Structure - The propylene main contract closing price is 6445 yuan/ton (+3), the propylene East China spot price is 6450 yuan/ton (-125), the propylene North China spot price is 6550 yuan/ton (-150), the propylene East China basis is 5 yuan/ton (-128), and the propylene North China basis is 105 yuan/ton (-153) [1] 2. Propylene Production Profit and Operating Rate - The propylene operating rate is 73% (-2%), China's propylene CFR - Japan's naphtha CFR is 197 US dollars/ton (-10), propylene CFR - 1.2 propane CFR is 92 US dollars/ton (-2), and the import profit is - 280 yuan/ton (-1) [1] 3. Propylene Import and Export Profit - No specific profit data are mentioned in the text other than the import profit of - 280 yuan/ton (-1) [1] 4. Propylene Downstream Profit and Operating Rate - PP powder operating rate is 33% (-4.04%), production profit is - 140 yuan/ton (+75); epoxy propane operating rate is 74% (+0%), production profit is - 534 yuan/ton (+49); n - butanol operating rate is 87% (+1%), production profit is - 67 yuan/ton (+46); octanol operating rate is 96% (+1%), production profit is 69 yuan/ton (+4); acrylic acid operating rate is 74% (+5%), production profit is 535 yuan/ton (+50); acrylonitrile operating rate is 72% (-1%), production profit is - 505 yuan/ton (+34); phenol - acetone operating rate is 69% (-6%), production profit is - 272 yuan/ton (+25) [1] 5. Propylene Inventory - The in - factory inventory is 31710 tons (-5320) [1]

Group 1 - The company expects a net profit of 100 million to 115 million yuan for the first three quarters, representing a year-on-year growth of 207.32% to 253.42% [1] - The growth in performance is attributed to the increase in prices of certain vitamin products, improved capacity utilization and sales volume of phenol products, and a decrease in costs of some products, leading to an overall increase in gross margin compared to the same period last year [1] - The company specializes in the pharmaceutical, food, and specialty chemicals sectors, with leading market shares in vitamins and chromium salts globally [1] Group 2 - The company has officially entered the PEEK field with its phenol products, which are essential raw materials for synthesizing polyether ether ketone (PEEK) [2] - The demand for PEEK products in China is projected to grow at a compound annual growth rate of 16.82% from 2022 to 2027, significantly increasing the consumption of phenol in this sector [2] - The company has completed sample submissions to major domestic PEEK manufacturers and is actively promoting and selling its phenol products in this high-growth area [2] Group 3 - Several institutions increased their holdings in the company by the end of the second quarter, with notable increases from the Guotai CSI Livestock Breeding ETF and two QFII institutions, which have entered the top ten circulating shareholders [3] - The Guotai CSI Livestock Breeding ETF holds 9.0855 million shares, reflecting an increase from the previous quarter [3] - The two QFII institutions hold 4.0033 million shares and 3.8585 million shares, ranking as the sixth and eighth largest circulating shareholders, respectively [3]

Core Viewpoint - Yangmei Chemical announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from September 12 to September 16, 2025 [2] Company Operations - The company conducted a self-inspection and consulted with its controlling shareholder and actual controller, confirming that its daily operations remain normal and there have been no significant changes [2] - There are no undisclosed significant information by the company or its controlling shareholder and actual controller as of the date of the announcement [2]

Core Viewpoint - The titanium dioxide market is experiencing a recovery, and the company has a significant global presence in sales [1] Company Overview - Longbai Group (002601.SZ) sells titanium dioxide products to over 110 countries and regions across six continents [1]

Group 1 - The company has established a vision to become a world-class chemical new materials technology company [2] - The company is committed to promoting the strategy of extending, supplementing, and strengthening the industrial chain [2] - The company aims to accelerate the development towards high-end products [2]

Core Viewpoint - The company is closely monitoring downstream market dynamics and potential development opportunities, aiming to align its business areas with its operational guidelines and development strategy [1] Group 1 - The company plans to enhance new product research and industrialization efficiency to strengthen its core competitiveness [1] - The goal is to establish the company as a world-class manufacturer of advanced chemical materials [1]

Group 1 - The company is closely monitoring advancements in solid-state battery technology and plans to develop related products based on its actual situation [1] - The company has a wide range of products, but the sales scale of isopropanol zirconium products is small, having minimal impact on revenue and net profit [1] - The company will actively promote its products, but acknowledges potential risks related to market conditions, technological iterations, and product competitiveness that may affect promotional outcomes [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 1.371 billion yuan in Q2 2025, representing a year-on-year increase of 7% and a quarter-on-quarter increase of 20% [2][4]. - The company's core potassium chloride business showed resilience, with a production volume of approximately 1.0249 million tons in Q2 2025, a 6% increase quarter-on-quarter, and a sales volume of approximately 886,800 tons, remaining stable [5]. - Despite a decline in lithium carbonate prices, the potassium chloride prices continued to rise, enhancing the company's profitability [5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 1.371 billion yuan, up 7% year-on-year and 20% quarter-on-quarter [2][4]. - The adjusted net profit was 1.365 billion yuan, reflecting a 6% year-on-year increase and a 19% quarter-on-quarter increase [2][4]. Potassium Chloride Business - The company realized potassium chloride revenue of 5.368 billion yuan in the first half of 2025, a slight increase of 0.55% year-on-year [5]. - The gross profit margin for potassium chloride was 59.95%, an increase of 6.43 percentage points year-on-year [5]. Lithium Carbonate Business - The company produced 11,500 tons of lithium carbonate in Q2 2025, a 35% increase quarter-on-quarter, with sales reaching 12,500 tons, a 54% increase quarter-on-quarter [5]. - The revenue from lithium carbonate in the first half of 2025 was 1.242 billion yuan, a decrease of 26.2% year-on-year [5]. Project Development - The company is progressing well with its core projects, with the 40,000 tons/year lithium salt project reaching 71% completion and expected to enter trial production by the end of September 2025 [9]. - The company is actively exploring potassium and lithium resources in various regions, including Southeast Asia, Africa, and South America [9]. Long-term Investment Value - The potassium fertilizer business is expected to continue providing stable cash flow, supported by substantial cash reserves of 19 billion yuan as of Q2 2025, indicating promising dividend expectations [9]. - The anticipated ramp-up of the lithium salt project and the expected benefits from the integration following the acquisition by a state-owned enterprise are expected to enhance the company's long-term growth potential [9].

Report Industry Investment Rating - The investment rating for the PVC industry is "shock upward" [1] Core View of the Report - The PVC market is expected to show a shock upward trend, but the upward space is limited. The supply side is under pressure due to increased production capacity and high inventory, while the demand side is weak due to the slow recovery of the real estate market [1] Summary Based on Relevant Catalogs Strategy Analysis - It is recommended to close short positions. The upstream calcium carbide price in the northwest region has increased by 25 yuan/ton. The PVC operating rate has increased by 2.81 percentage points to 79.94%, remaining at a relatively high level in recent years. The downstream operating rate has increased but is still low compared to previous years, with cautious procurement. India has postponed the BIS policy for six months to December 24, 2025. The export tax of Chinese PVC to India has increased, reducing the export expectation in the second half of the year. However, export orders have increased after the recent price decline. The social inventory has continued to increase and is still high. The real estate market is still in the adjustment stage, and the improvement needs time. The chloro - alkali comprehensive profit is positive, and the PVC operating rate has increased this week. New production capacities have been put into operation or are in the process of commissioning. The anti - involution sentiment has resurfaced, but there is no actual policy implementation in the PVC industry. The PVC basis is low, and the upward space is limited. The PVC demand increased significantly last week, and its sustainability needs attention [1] Futures and Spot Market - The PVC2601 contract has increased in price with reduced positions, closing at 4960 yuan/ton, up 1.27%, and the position has decreased by 61,765 lots to 1,138,709 lots [2] Basis - On September 16, the mainstream price of calcium carbide - based PVC in East China has risen to 4725 yuan/ton. The futures closing price of the V2601 contract is 4960 yuan/ton, and the basis is - 235 yuan/ton, weakening by 12 yuan/ton, which is at a low level [3] Fundamental Tracking - **Supply Side**: The production of some devices such as Baotou Haiping and Inner Mongolia Junzheng has increased. The PVC operating rate has increased by 2.81 percentage points to 79.94%, remaining at a relatively high level in recent years. New production capacities of Wanhua Chemical, Tianjin Bohua, Qingdao Gulf, and Gansu Yaowang have been put into production or are in the process of commissioning [4] - **Demand Side**: The real estate market is still in the adjustment stage. From January to August 2025, the national real estate development investment was 603.09 billion yuan, a year - on - year decrease of 12.9%. The sales area, sales volume, new construction area, construction area, and completion area of commercial housing have all decreased to varying degrees. As of the week of September 14, the transaction area of commercial housing in 30 large - and medium - sized cities has decreased by 1.79% week - on - week, remaining at a low level in recent years. The impact of real estate favorable policies on sales needs attention [5] - **Inventory**: As of the week of September 11, the PVC social inventory has increased by 1.75% week - on - week to 934,200 tons, an increase of 8.63% compared to the same period last year. The social inventory has continued to increase and is still high [6]