Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report Both domestic and overseas styrene开工 have declined, with low domestic styrene profits and additional overseas device maintenance [2]. 3) Summary by Relevant Catalog - **Domestic Situation**: As of September 11, 2025, the domestic styrene开工 rate was 74.98%, a -4.76 pct week - on - week decrease and a +5.6 pct year - on - year increase. Weekly production was 35.4 million tons, a decrease of 2.25 million tons from the previous period. As of September 15, domestic non - integrated styrene profit was - 307 yuan/ton, at a low level [2]. - **Overseas Situation**: As of September 15, 2025, overseas styrene开工 was 81.8%, a -1.9 pct week - on - week decrease and a -0.1 pct year - on - year decrease, at a relatively low level in the past five years. There were new device maintenance in Malaysia and Belgium [2]. - **Global Situation**: As of September 15, 2025, global styrene开工 was 78.5%, a -3.3 pct week - on - week decrease and a +2.33 pct year - on - year increase, at a neutral level [2].

Report Industry Investment Rating - Unilateral: Neutral; For inter - period, after the restart of the main PDH, pay attention to the PL01 - 02 short - spread strategy when the spread is high; For inter - variety, none [3] Core Viewpoints - On the supply side, the restart of two PDH units in Wanhua Penglai and Hebei Haiwei has increased the supply, weakening the supply - side support and causing the spot price of propylene to decline. Some units are still under maintenance. On the demand side, the profits of propylene downstream have been significantly compressed, and the overall operating rate has decreased month - on - month. Some downstream products have reduced their purchasing enthusiasm due to cost pressure, which may suppress 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, boosting market sentiment and causing the propylene futures to fluctuate higher [2] Summary by Directory 1. Propylene Basis Structure - The main contract closing price of propylene is 6442 yuan/ton (+22), the East China basis is 58 yuan/ton (-97), and the North China basis is 173 yuan/ton (-107) [1] 2. Propylene Production Profit and Operating Rate - The propylene operating rate is 73% (-2%), the China CFR propylene - Japan CFR naphtha is 207 US dollars/ton (+11), and the propylene CFR - 1.2 propane CFR is 95 US dollars/ton (+13) [1] 3. Propylene Import and Export Profit - The import profit is - 279 yuan/ton (-70) [1] 4. Propylene Downstream Profit and Operating Rate - PP powder operating rate is 33% (-4.04%), production profit is - 215 yuan/ton (+85); Epoxy propane operating rate is 74% (+0%), production profit is - 534 yuan/ton (+49); N - butanol operating rate is 87% (+1%), production profit is - 113 yuan/ton (+53); Octanol operating rate is 96% (+1%), production profit is 65 yuan/ton (+61); Acrylic acid operating rate is 74% (+5%), production profit is 485 yuan/ton (+153); Acrylonitrile operating rate is 72% (-1%), production profit is - 539 yuan/ton (+111); Phenol - acetone operating rate is 69% (-6%), production profit is - 272 yuan/ton (+25) [1] 5. Propylene Inventory - The in - plant inventory is 31710 tons (-5320) [1]

Group 1 - The core viewpoint of the news is that Longhua New Material's stock performance and financing activities indicate a high level of investor interest, despite a slight decline in stock price [1] - On September 15, Longhua New Material's stock price fell by 0.36%, with a trading volume of 35.39 million yuan. The financing buy-in amount was 6.36 million yuan, while the financing repayment was 4.62 million yuan, resulting in a net financing buy-in of 1.73 million yuan [1] - As of September 15, the total balance of margin trading for Longhua New Material was 190 million yuan, with the financing balance accounting for 3.98% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Longhua New Material increased to 19,600, a rise 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 2.83 billion yuan, a year-on-year increase of 2.00%, while the net profit attributable to shareholders decreased by 15.94% to 76.10 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 - On September 15, Xinhan New Materials saw a stock price increase of 5.29% with a trading volume of 1.582 billion yuan [1] - The company had a financing buy-in amount of 174 million yuan and a financing repayment of 175 million yuan on the same day, resulting in a net financing buy of -1.8057 million yuan [1] - As of September 15, the total financing and securities lending balance for Xinhan New Materials was 373 million yuan, which represents 3.43% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 10, the number of shareholders for Xinhan New Materials was 36,300, a decrease of 5.47% from the previous period [2] - The average circulating shares per person increased by 5.79% to 3,025 shares [2] - For the first half of 2025, Xinhan New Materials reported a revenue of 229 million yuan, a year-on-year increase of 9.66%, and a net profit attributable to shareholders of 35.2926 million yuan, up 20.40% year-on-year [2] Group 3 - Since its A-share listing, Xinhan New Materials has distributed a total of 136 million yuan in dividends, with 95.719 million yuan distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Penghua Carbon Neutral Theme Mixed A (016530) was the sixth largest shareholder, holding 1.6321 million shares as a new investor [3]

Group 1 - The company, Shanxi Tongde Chemical Co., Ltd., has reported overdue debts totaling 81,813,365.24 yuan as of September 15, 2025, which accounts for 4.10% of the company's audited net assets for 2024 [4] - The overdue debts include principal and unpaid interest, with the total amount reaching 83,207,943.48 yuan [4] - The company is actively negotiating with financial institutions to restructure its debt repayment plans to alleviate short-term repayment pressure [4][6] Group 2 - The company has engaged with local government departments to coordinate with banks and financial institutions to mitigate debt risks and repayment pressures [5][6] - A financial creditor committee has been established to facilitate communication with banks, aiming to maintain credit availability and adjust loan terms [6] - The company is implementing measures to enhance operational efficiency, including cost control and asset disposals, to improve its financial situation [6]

Core Viewpoint - Yahua Group (002497) has established comprehensive cooperation relationships with several universities and research institutions, indicating a strong commitment to collaboration in research and development [1] Group 1 - The company has partnered with Central South University, Southwest University of Science and Technology, Chengdu University of Information Technology, Chengdu University of Technology, Nanjing University of Science and Technology, Anhui University of Science and Technology, China Academy of Engineering Physics, and Southwest Automation Research Institute [1]

Core Viewpoint - The company has successfully applied its PEKK products in various sectors including general materials, coatings, new energy vehicles, and military aerospace [1] Group 1 - The company is actively tracking developments in lightweight specialty materials for sectors such as electronics (semiconductors), rehabilitation medical devices, and robotics [1] - The company is expanding its domestic and international market presence [1]

Core Points - The company Hualu Hengsheng announced the release of the second lock-up period for its restricted stock incentive plan on September 15, 2021 [1] - A total of 279,999 shares will be listed for trading, which are part of the equity incentive shares [1] - The shares will be available for trading starting from September 23, 2025 [1] Summary by Category Stock Incentive Plan - The announcement pertains to the company's restricted stock incentive plan, specifically the second lock-up period [1] - The shares involved are classified as equity incentive shares [1] Trading Details - The total number of shares to be listed for trading is 279,999 [1] - The trading date for these shares is set for September 23, 2025 [1]

Summary of Key Points Core Viewpoint - Huarong Chemical announced a total guarantee amount of 2.84 billion yuan for its subsidiaries, with actual guarantees amounting to approximately 383 million yuan, indicating significant financial commitments by the company [1]. Financial Overview - The total guarantee amount approved by the shareholders and board of directors is 2.84 billion yuan, which represents 64.2% of the company's latest audited net assets [1]. - The actual guarantee amount is approximately 383 million yuan, accounting for 22.11% of the company's latest audited net assets [1]. - As of the announcement, Huarong Chemical has a market capitalization of 5 billion yuan [1]. Revenue Composition - For the year 2024, the revenue composition of Huarong Chemical is as follows: - Chemical product production and sales: 71.24% - Supply chain management business: 27.94% - Other businesses: 0.82% [1].

Group 1: Company Performance and Projects - The company's energy-saving and environmental upgrade project for synthetic ammonia has been successfully accepted and put into production in the first half of 2025 [2] - The production and sales of the sulfuric acid series products are currently normal [2] Group 2: Shareholder Information - Investors can check the number of shareholders at the end of the reporting period in the company's quarterly, semi-annual, and annual reports [2] - Shareholders can visit the company with valid identification and proof of shareholding for inquiries regarding the number of shareholders [2] Group 3: Dividend and Profitability - The company currently has no plans for a mid-term dividend [3] - Information regarding the profitability for the first three quarters will be disclosed in future company announcements [3]