Group 1 - The domestic crude oil futures market showed a strong performance, with asphalt futures experiencing a price increase of 2.34%, reaching a high of 3234.00 yuan/ton [1] - Industry data for the third week of October indicates an increase in both supply and demand from refineries, although the absolute demand remains low, aligning with historical lows [1] - The asphalt market is expected to maintain a tight balance in the short term, with price support at the bottom due to stable inventory levels [1] Group 2 - In the medium to long term, demand in the northern regions is expected to decline as temperatures drop, while southern regions may see a boost in consumption once rainfall decreases [2] - The recent trial reform of consumption tax in Shandong has not expanded further, leading to price disparities in the southern regions due to restrictions from crude oil quotas and consumption taxes [2] - Overall, the current peak season for asphalt has not exceeded expectations, and there is a focus on upcoming macroeconomic meetings for potential demand growth [2]

1. Report Industry Investment Rating - The overall investment rating for the energy and chemical industry is "Cautiously Bearish," with only natural gas having a "Cautiously Bullish" rating [1][2][3][5] 2. Report's Core View - The report analyzes various energy and chemical products, suggesting most face downward pressure due to factors like supply - demand imbalances and cost - side weakness. Natural gas is an exception, with potential price increases due to rising demand [1][2][5] 3. Summary by Product Crude Oil - Core View: Cautiously Bearish [1] - Main Logic: Off - season supply surplus is the core driver. There are expectations of easing in the Russia - Ukraine conflict, continuous inventory build - up in the US during the consumption off - season, and plans by OPEC+ to expand production in November, increasing supply surplus pressure [1] - Strategy: Partially take profit on short positions, and focus on the range of [435 - 445] for SC [1][9] LPG - Core View: Cautiously Bearish [1] - Main Logic: The cost side (crude oil) is weak, downstream chemical demand is falling, the basis is weakening, supply is relatively sufficient with rising factory inventories, and downstream chemical operating rates are decreasing [1] - Strategy: Lightly short, and focus on the range of [4050 - 4150] for PG [14] L (Linear Low - Density Polyethylene) - Core View: Bearish Continuation [1] - Main Logic: Social inventory is slowly decreasing, but futures and spot prices remain weak. Imports are expected to increase, new production capacity is coming online, and although it's the demand peak season, restocking motivation is insufficient [1][18] - Strategy: Industries should sell - hedge on price increases, and hold short positions cautiously, focusing on the range of [6800 - 7000] [18] PP (Polypropylene) - Core View: Bearish Consolidation [1] - Main Logic: Short - term supply and demand are both weakening, with increased upstream device maintenance and weak demand at the end of the peak season. Oil - based cost support is insufficient, but PDH profit has improved [1][23] - Strategy: Industries should sell - hedge on price increases, hold short positions cautiously, and focus on the range of [6500 - 6700] [23] PVC (Polyvinyl Chloride) - Core View: Bearish Consolidation [1] - Main Logic: Warehouse receipts have increased significantly, domestic demand is weak due to falling real - estate prices, export growth may not be sustainable under anti - dumping policies, and supply remains abundant [1][27] - Strategy: Given the weak supply - demand situation and low absolute prices, be cautious about short - chasing, and focus on the range of [4600 - 4800] [27] PX (Para - xylene) - Core View: Cautiously Bearish [1] - Main Logic: Supply - side domestic and overseas devices have slightly reduced their loads, demand is currently weak but expected to improve. PXN and PX - MX spreads are at certain levels, and the cost side (crude oil and naphtha) is under pressure [1][28] - Strategy: Take profit on short positions at low prices, and look for opportunities to short on price increases, focusing on the range of [6280 - 6380] [29] PTA (Purified Terephthalic Acid) - Core View: Cautiously Bearish [2] - Main Logic: Devices are under planned maintenance, a new device is about to be put into operation, supply - side load is expected to rise. Downstream polyester and terminal weaving operating rates are slightly differentiated, with polyester inventory accumulating. Cost side is under pressure [2][31] - Strategy: Take profit on short positions at low prices due to low valuations and processing fees, and look for opportunities to short on price increases in the C - structured term, focusing on the range of [4390 - 4460] [32] MEG (Monoethylene Glycol) - Core View: Cautiously Bearish [2] - Main Logic: Domestic devices have increased their loads, overseas devices have changed little, terminal consumption has improved slightly but is under pressure. New device production and the resumption of maintenance devices have increased supply, and inventory has slightly accumulated [2][34] - Strategy: Hold short positions carefully and look for opportunities to short on price rebounds, focusing on the range of [3970 - 4030] [35] Methanol - Core View: Cautiously Bearish, with potential long - term bullish factors [2] - Main Logic: High inventory suppresses spot prices, port basis is still weak. Supply - side domestic device maintenance has increased, and although some Iranian imports are affected, the overall supply pressure in October is still large. Demand has no obvious positive factors [2][37] - Strategy: Hold short positions carefully and look for opportunities to go long on the 01 contract at low prices [37] Urea - Core View: Cautiously Bearish [2] - Main Logic: Supply is relatively abundant, demand is weak domestically but export is relatively good. Inventory is continuously accumulating and at a high level in the past five years, and cost support exists [2][41] - Strategy: The fundamental situation is weak, so hold short positions carefully, and consider lightly going long in the medium - to - long - term [2] Natural Gas - Core View: Cautiously Bullish [5] - Main Logic: As the temperature drops, demand is expected to pick up, and the consumption peak season is approaching. Although the supply side is sufficient, demand support is strong [5] Asphalt - Core View: Cautiously Bearish [5] - Main Logic: Cost - side crude oil supply surplus pressure is increasing, and the price center is moving down. Asphalt supply and demand are generally loose [5] Glass - Core View: Bearish Continuation [5] - Main Logic: Real - estate prices are falling, domestic demand is weak, post - holiday factory inventory has increased, and supply is under pressure [5] Soda Ash - Core View: Bearish Continuation [5] - Main Logic: Post - holiday factory inventory has continuously increased, supply is in a loose pattern, and demand is mostly rigid [5]

Core Insights - Guangdong Province is launching an action plan to enhance the high-quality development of manufacturing through artificial intelligence from 2025 to 2027 [1] - The plan aims to leverage Guangdong's extensive market and diverse scenarios to promote the intelligent upgrade of manufacturing enterprises across all processes [1] Group 1: AI Integration in Manufacturing - Artificial intelligence is accelerating its penetration and application in various manufacturing sectors, including R&D, production, sales, service, and management [1] - The initiative will focus on several key industries such as consumer electronics, high-end equipment, automotive, petrochemicals, home furnishings, and biomedicine [1] - The plan includes the establishment of demonstration factories that integrate multiple scenarios and operate efficiently with industrial AI models [1] Group 2: Smart Supply Chain Transformation - Guangdong will promote a "smart chain transformation" model, encouraging leading enterprises to build intelligent supply chains based on industrial AI models [2] - The initiative aims to facilitate collaborative manufacturing, procurement, and distribution among upstream and downstream enterprises [2] - Support will be provided for local governments that successfully implement AI-integrated industrial internet platforms and smart supply chain collaboration platforms [2] Group 3: Support for SMEs - The plan targets small and medium-sized enterprises (SMEs) by focusing on over 30 pilot industries, including smart terminals and new energy vehicles [2] - Funding will be available for eligible SMEs to implement AI-driven projects in areas such as R&D design, visual inspection, and energy management [2] - The establishment of core software service platforms will be supported to enhance the AI application capabilities of SMEs [2]

Core Insights - China's crude oil production in June 2025 reached 18.198 million tons, representing a year-on-year growth of 1.4%, but the growth rate has slowed by 1.0 percentage points compared to the same period last year [1] - For the first half of 2025, the total crude oil production was 108.478 million tons, with a year-on-year increase of 1.3%, which is a decrease of 0.6 percentage points in growth rate compared to the previous year [4] Group 1 - In June 2025, the crude oil production was 18.198 million tons, showing a 1.4% increase year-on-year [1] - The growth rate in June 2025 decreased by 1.0 percentage points compared to the same month in the previous year [1] - For the first six months of 2025, the cumulative crude oil production was 108.478 million tons, with a 1.3% year-on-year growth [4] Group 2 - The growth rate for the first half of 2025 was lower by 0.6 percentage points compared to the same period in the previous year [4] - The statistics cover crude oil production from large-scale industrial enterprises, defined as those with annual main business revenue of 20 million yuan or more [5]

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish, mainly on short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2) Core View of the Report - The market has insufficient positive factors, and the market fluctuates at a low level. The asphalt futures and spot markets are affected by multiple factors, with a current pattern of weak supply and demand. The market lacks upward momentum, and it is necessary to wait for the implementation of major macro - events [1]. 3) Summary by Related Catalogs Market Analysis - On October 21, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3,157 yuan/ton, up 13 yuan/ton or 0.41% from the previous settlement price. The open interest was 182,020 lots, a net increase of 14,315 lots, and the trading volume was 168,391 lots, a net increase of 8,384 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,506 - 4,086 yuan/ton in the Northeast, 3,260 - 3,620 yuan/ton in Shandong, 3,340 - 3,550 yuan/ton in South China, and 3,410 - 3,500 yuan/ton in East China. The spot prices of asphalt in North China, Shandong, East China, and Sichuan - Chongqing continued to decline yesterday, slightly increased in South China, and remained relatively stable in other regions [1]. - Crude oil and asphalt futures maintained weak fluctuations, which was negative for the sentiment of the asphalt spot market. The current pattern of weak supply and demand in the asphalt market continues, but the sharp drop in oil prices boosts refinery profits, and the supply side has certain elasticity. At the same time, the overall rigid demand for asphalt is weak, the downstream purchasing sentiment is weak, and most market prices continue to decline. Currently, the market still lacks the impetus to rebound [1]. Figures - There are a series of figures in the report, including spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), closing prices of asphalt futures indices, main contracts, and near - month contracts, trading volume and open interest of asphalt futures, weekly domestic asphalt production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproofing, coking, ship - fuel), and asphalt inventories in refineries and society [3].

行业 沥青日报 日期 2025 年 10 月 22 日 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 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 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） 请阅读正文后的声明 原油 ...

Report Industry Investment Rating - Not provided Core Views - PX has limited downside space, and it is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. The supply and demand of PX are slightly tight [1][8][9]. - PTA has limited downside space, with demand expected to improve marginally. It is a volatile market, and short positions should be reduced [1][9]. - MEG has a better demand expectation and may rebound in the short - term. Short positions should be reduced [1][10]. Summary by Related Content Market Data - **Futures Data**: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous trading day were 6332, 4414, 4004, 6070, and 437.7 respectively, with daily changes of 64, 30, 1, 42, and 1.9, and daily change rates of 1.02%, 0.68%, 0.02%, 0.70%, and 0.44% respectively. The month - spreads of PX1 - 5, PTA1 - 5, MEG1 - 5, PF12 - 1, and SC11 - 12 also had corresponding changes [2]. - **Spot Data**: The previous trading day's spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent were $784.33/ton, 4325 yuan/ton, 4090 yuan/ton, $540/ton, and $61.09/barrel respectively, with corresponding price changes [2]. - **Spot Processing Fee**: The previous trading day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were $246.17/ton, 144.83 yuan/ton, 380.77 yuan/ton, 154.12 yuan/ton, and - $4.34/ton respectively, with corresponding changes [2]. Market Dynamics - **PX**: The naphtha price was stagnant at the end of the session. PX price was also stagnant, with no transactions in the negotiations. The PX price was estimated at $784/ton CFR, up $1 from last Friday. Some market participants believe that the price increase is driven by sentiment or a natural rebound. The operating rate of Chinese PX factories decreased from about 87.5% to about 85% in the week ending October 17. Market participants suggest reducing PX production due to low PTA activity [2][3][5]. - **Toluene and Mixed Xylene**: In the week ending October 17, the prices of toluene and mixed xylene increased slightly. Refinery shutdowns and supply limitations continued to support the market. The overall tightness is expected to last until the end of October [5]. - **PTA**: The PTA futures fluctuated and consolidated, and the spot market negotiation atmosphere was average, with a weak spot basis [7]. - **MEG**: From October 20 to October 26, the arrival quantities at Zhangjiagang, Taicang, and Shanghai ports were about 17,000 tons, 36,000 tons, and 0 tons respectively, and the planned arrival quantity at some main ports was about 53,000 tons [7]. - **Polyester**: The sales of polyester yarn in Jiangsu and Zhejiang increased locally, with an estimated average sales rate of 160 - 170% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 66% by 3:00 pm [8]. Trends and Suggestions - **PX**: It is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. Pay attention to the impact of Yulong Petrochemical's possible reduction in CDU load on aromatic hydrocarbon production. PX supply and demand are slightly tight, and oil prices have recovered recently [8][9]. - **PTA**: Demand is expected to improve marginally, and it is a volatile market. Short positions should be reduced. Pay attention to the commissioning of Xin凤鸣's new PTA device and the progress of India's new PTA device GAIL. The profit of the polyester sector has recovered, and overall consumption in the industry chain is expected to improve [9]. - **MEG**: Short positions should be reduced. Pay attention to the commissioning and maintenance of relevant devices and the possible planned - out maintenance of coal - based devices due to coal price changes [10].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints No clear core viewpoints are presented in the provided text. The document mainly contains data on various aspects of the asphalt market rather than explicit viewpoints. 3. Summary by Relevant Catalogs Futures Contracts - The prices of different BU contracts (BU10, BU11, BU12, BU01, BU03) have shown varying degrees of decline from September 22 to October 20. For example, the BU10 contract decreased from 3406 on September 22 to 3168 on October 20, a decrease of 238 [4]. - The trading volume on October 20 was 261,470, a decrease of 51,072 compared to the previous day and a decrease of 37,000 compared to September 22. The open interest on October 20 was 366,944, an increase of 8,667 compared to the previous day and an increase of 20,437 compared to September 22 [4]. Spot Market - The market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) have generally declined. For example, the Shandong market price decreased from 3510 on September 22 to 3350 on October 20, a decrease of 160 [4]. - The prices of different spot warehouses (Zhenjiang Warehouse, Foshan Warehouse, Hongrun, Jingbo) have also decreased to varying degrees. For example, the price of Hongrun decreased from 3490 on September 22 to 3300 on October 20, a decrease of 190 [4]. Basis and Calendar Spread - The basis and calendar spread between different contracts have changed. For example, the 10 - 11 calendar spread was 220 on October 15 and -68 on October 20, a decrease of 288 [4]. - The basis between different regions has also changed. For example, the Shandong - East China basis decreased from -70 on September 22 to -150 on October 20, a decrease of 80 [4]. Crack Spread and Profit - The asphalt - Brent crack spread decreased from 199 on October 15 to 178 on October 20, a decrease of 21 [4]. - The profits of different types of refineries (ordinary refineries, Ma Rui - type refineries) have decreased. For example, the comprehensive profit of ordinary refineries decreased from 527 on October 15 to 514 on October 20, a decrease of 13 [4]. - The import profits from South Korea to East China and from Singapore to South China have also changed. The import profit from South Korea to East China decreased from -268 on October 15 to -277 on October 20, a decrease of 9 [4]. Related Commodity Prices - The price of Brent crude oil decreased from 66.7 on September 22 to 61.0 on October 20, a decrease of 5.7 [4]. - The market prices of gasoline and diesel in Shandong have also decreased. The gasoline market price in Shandong decreased from 7464 on September 22 to 7205 on October 20, a decrease of 259 [4].

Group 1: Report Core View - This week, the high-sulfur cracking of Singapore 380cst fluctuated at a high level. The near-month spread weakened, the basis weakened month-on-month, the EW spread continued to weaken, the high-sulfur in the ARA region strengthened, and the FU internal and external prices fluctuated between 8 - 10 US dollars. The low-sulfur cracking weakened month-on-month but was at a historical low year-on-year, the month spread weakened slightly, the LU internal and external prices fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [5]. - Fundamentally, Singapore's residue inventory increased, reaching a historical high year-on-year. The floating storage stabilized after destocking, also at a high level year-on-year. The ARA residue inventory increased slightly, at a historical low for the same period. The EIA residue inventory increased slightly at a low level. Fujairah's inventory increased month-on-month, at a low level year-on-year. The high-sulfur floating storage in the Middle East increased significantly this week [6]. - Recently, the high-sulfur spot in Singapore has weakened. The cracking is supported by raw material procurement, and the short-term downside space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal and external prices will be viewed in the near-term range, and the 01 contract is bearish at the end. This week, the LU market was still weak. In the fourth quarter, the overseas low-sulfur market is in a pattern of shorting on rallies. Pay attention to the quota usage for internal and external trading [6]. Group 2: Data Summary Rotterdam Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 377.19 | 374.02 | 367.92 | 365.63 | 366.59 | 0.96 | | Rotterdam 0.5% VLS FO Swap M1 | 401.89 | 398.34 | 393.96 | 394.21 | 397.20 | 2.99 | | Rotterdam HSFO - Brent M1 | -2.37 | -2.65 | -2.92 | -3.00 | -3.30 | -0.30 | | Rotterdam 10ppm Gasoil Swap M1 | 613.54 | 617.89 | 607.89 | 614.83 | 617.83 | 3.00 | | Rotterdam VLSFO - Gasoil M1 | -211.65 | -219.55 | -213.93 | -220.62 | -220.63 | -0.01 | | LGO - Brent M1 | 22.69 | 24.14 | 22.57 | 23.69 | 23.78 | 0.09 | | Rotterdam VLSFO - HSFO M1 | 24.70 | 24.32 | 26.04 | 28.58 | 30.61 | 2.03 | [3] Singapore Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 369.25 | 370.01 | 359.76 | 362.82 | 363.59 | 0.77 | | Singapore 180cst M1 | 376.00 | 378.01 | 369.96 | 370.44 | 372.42 | 1.98 | | Singapore VLSFO M1 | 436.14 | 434.16 | 420.01 | 420.94 | 425.95 | 5.01 | | Singapore Gasoil M1 | 83.06 | 82.66 | 80.60 | 82.11 | 82.70 | 0.59 | | Singapore 380cst - Brent M1 | -3.87 | -3.70 | -3.71 | -3.57 | -3.77 | -0.20 | | Singapore VLSFO - Gasoil M1 | -178.50 | -177.52 | -176.43 | -186.67 | -186.03 | 0.64 | [3][9] Singapore Fuel Oil Spot Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 368.34 | 369.96 | 361.29 | - | 361.52 | - | | FOB VLSFO | 432.14 | 430.47 | 421.95 | - | 421.67 | - | | 380 Basis | -0.75 | -0.50 | -0.65 | - | -1.00 | - | | High - Sulfur Internal - External Spread | 8.9 | 9.7 | 9.0 | 8.0 | 8.6 | 0.6 | | Low - Sulfur Internal - External Spread | 6.3 | 5.7 | 7.0 | 4.9 | 4.3 | -0.6 | [4] Domestic FU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2683 | 2694 | 2627 | 2646 | 2647 | 1 | | FU 05 | 2653 | 2658 | 2600 | 2616 | 2612 | -4 | | FU 09 | 2600 | 2608 | 2560 | 2575 | 2566 | -9 | | FU 01 - 05 | 30 | 36 | 27 | 30 | 35 | 5 | | FU 05 - 09 | 53 | 50 | 40 | 41 | 46 | 5 | | FU 09 - 01 | -83 | -86 | -67 | -71 | -81 | -10 | [4] Domestic LU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3159 | 3158 | 3064 | 3081 | 3070 | -11 | | LU 05 | 3161 | 3172 | 3099 | 3117 | 3093 | -24 | | LU 09 | 3160 | 3183 | 3110 | 3139 | 3105 | -34 | | LU 01 - 05 | -2 | -14 | -35 | -36 | -23 | 13 | | LU 05 - 09 | 1 | -11 | -11 | -22 | -12 | 10 | | LU 09 - 01 | 1 | 25 | 46 | 58 | 35 | -23 | [5]

New Stock Offerings - Dana Biological's subscription code is 920009, with an issue price of 17.10 yuan per share and a subscription limit of 360,000 shares [1] Economic and Trade Relations - China's stance on Sino-U.S. economic and trade issues is consistent and clear, emphasizing that trade wars do not benefit either side and should be resolved through equal and respectful negotiations [3] - A video conference was held between China's Minister of Commerce and the EU's Trade Commissioner to discuss key economic and trade issues, including export controls and the EU's anti-subsidy case against Chinese electric vehicles [3] Artificial Intelligence Development - Guangdong Province's action plan aims to enhance high-quality development in manufacturing through artificial intelligence, focusing on various sectors such as consumer electronics and biomedicine, and providing funding support for benchmark projects [4] - Zhejiang Province's draft action plan aims to cultivate leading intelligent development platforms and achieve over 70% application penetration of intelligent systems by 2027, with a goal of over 90% by 2030 [5] Tourism and Consumption - Guizhou Province's implementation plan aims to enhance tourism consumption by creating world-class destinations and promoting deep experience tourism products, alongside policies to optimize travel services [6] - Guangzhou's action plan focuses on boosting consumption by enhancing the management of state-owned listed companies and promoting income growth through various measures [7] Company Performance Highlights - Pop Mart reported a year-on-year revenue increase of 245%-250% in Q3 [11] - Jin Gu shares received a project designation from a global leading automotive company for low-carbon wheels [12] - China Telecom's net profit for the first three quarters increased by 5.03% year-on-year [13] - Shiyida's net profit for Q3 surged by 471.34% year-on-year [14] - Wancheng Group's net profit for the first three quarters increased by 917.04%, with a proposed dividend of 1.5 yuan per share [15] - Shengnong Development's net profit for the first three quarters rose by 202.82%, proposing a dividend of 3 yuan per share [16] - China National Materials' net profit for Q3 increased by 234.84% year-on-year [17] - Grebo received significant orders from a leading U.S. home improvement retailer for lithium battery outdoor power equipment [18]