东方枢纽国际商务合作区建设繁忙，正成为浦东对外开放的新手笔；浦东政务服务大厅里，餐饮店 主王春萍顺利领取"一业一证"综合许可证；张江科学城，智元机器人灵活互动，大科学设施加紧测试 ——这是浦东践行引领区使命五年来的生动切片。 空中俯瞰位于上海浦东新区的张江科学城（2023年9月10日摄）。 2020年11月，党中央赋予浦东新区打造社会主义现代化建设引领区的重大任务。2021年4月23日， 《中共中央 国务院关于支持浦东新区高水平改革开放打造社会主义现代化建设引领区的意见》印发实 施。五年来，浦东始终以更高的政治站位、更强的奋进姿态，推进更深层次改革、更高水平开放，为上 海加快建成具有世界影响力的社会主义现代化国际大都市，为我国全面建设社会主义现代化国家作出更 大贡献。 上海市委书记陈吉宁表示，上海将按照党的二十届四中全会战略部署，勇立潮头、敢闯敢试，勇挑 最重担子、敢啃最硬骨头，在新起点上把浦东打造社会主义现代化建设引领区不断引向深入，为强国建 设、民族复兴伟业作出新的更大贡献。 从上海虹口区北外滩空中俯瞰中国(上海)自由贸易试验区陆家嘴片区（2023年1月10日摄）。 开放能级跃升：从"开放先行者"到"规则 ...

Core Insights - The recent innovation summit held by Lubrizol in Pudong showcased several cutting-edge technologies, marking the Asia-Pacific debut of multiple products, while Honeywell also presented its advancements in avionics technology tailored to the needs of China's civil aviation industry [1][5] Group 1: Local Innovation and Development - Lubrizol is transitioning from "import and digest" to "source innovation" in the Asia-Pacific region, significantly increasing the proportion of local R&D through close collaboration with ecosystem partners [2][4] - The "Lubrizol CV1150 heavy-duty diesel engine oil solution" is a notable local innovation, fully developed by Lubrizol's Chinese R&D team, meeting China's National VI and pre-research National VII standards [4] - The establishment of Lubrizol's beauty research lab in Pudong has enhanced local R&D efficiency and enriched the global innovation perspective, demonstrating the company's commitment to localizing its development processes [6][7] Group 2: Technological Advancements in Aviation - Honeywell's new ground warning software, SURF-A, enhances runway safety by helping pilots identify potential hazards, showcasing the integrated advantages of Honeywell's avionics systems [5] - Honeywell is deepening its local presence in China by building a comprehensive maintenance, repair, and overhaul (MRO) network, contributing to the high-quality development of the Chinese aviation industry [5] Group 3: Regional Ecosystem and Collaboration - Pudong is recognized as a key location for multinational companies to establish their supply chains and innovation networks, attracting numerous R&D centers and innovation platforms [1][7] - Companies like bioMérieux and Eli Lilly are expanding their local operations in Pudong, focusing on collaborative innovation and transforming from import-export trade to local R&D and manufacturing [8][9]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Perimeter Solutions, SA (PRM) - PRM currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [2][3] - Over the past week, PRM shares increased by 4.03%, while the Zacks Chemical - Specialty industry declined by 1.7% [5] - In the last quarter, PRM shares rose by 24.64%, and over the past year, they increased by 120.4%, significantly outperforming the S&P 500, which rose by 5.43% and 14.79% respectively [6] Trading Volume - PRM's average 20-day trading volume is 1,166,714 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for PRM increased, while none decreased, raising the consensus estimate from $1.10 to $1.36 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions [9] Conclusion - Given the positive momentum indicators and earnings outlook, PRM is positioned as a strong buy candidate for investors seeking short-term opportunities [11]

Core Insights - Clariant, a Swiss specialty chemicals giant, has launched two major expansion projects in Huizhou, Guangdong, with a total investment of 1.2 billion Swiss francs (approximately 10.6 billion RMB) [1] - The expansion includes a new high-performance surfactant project (investment of about 710 million RMB) and a second production line for high-performance halogen-free flame retardants (investment of about 350 million RMB) [1] - Clariant's cumulative investment in Huizhou has exceeded 2 billion RMB, highlighting the company's commitment to the region [1] Industry Overview - Huizhou's Daya Bay petrochemical zone has a refining capacity of 22 million tons per year and an ethylene production capacity of 3.8 million tons per year, making it one of the leading integrated refining and chemical production areas in China [2] - The industrial output value of the Daya Bay petrochemical park is projected to reach 267 billion RMB in 2024, representing a growth of 13.9%, with industrial added value increasing by 20.9% [2] - The petrochemical industry in Huizhou is focusing on high-value-added and high-tech chemical products, aiming to extend the industrial chain towards high-end chemicals and new chemical materials [4] Investment Drivers - The rapid growth of downstream market demand in the petrochemical sector is a key factor attracting foreign investment, with Clariant emphasizing the importance of local production to meet customer needs [5] - Approximately 50% of products supplied to the Chinese market are produced locally, with about 80% of required raw materials sourced from local suppliers [5] - Clariant aims to increase its market share in China from 10% to around 14% in the coming years through these new investments [5] Market Demand - The automotive industry, particularly in electric vehicles (EVs), is a major application area for flame retardants, with demand increasing due to higher voltage systems in EVs [6] - Guangdong is a key market for the EV industry, with plans to produce over 3 million EVs by 2025, accounting for more than 18% of total vehicle production [6] - Clariant's flame retardant business in the automotive sector has maintained a growth rate of 20% despite an overall slowdown in the automotive market [6] Emerging Technologies - The demand for high-performance, environmentally friendly flame retardants is expected to rise significantly across various sectors, including AI, low-altitude economy, and robotics [11] - New types of flame retardants are being developed to meet the stringent requirements of emerging industries, such as data centers and AI computing facilities [11] - Clariant is also focusing on localizing R&D efforts by recruiting talent in research and technical applications to support its expansion in China [12]

Core Insights - Clariant's recent investment in China marks a significant step forward, with the inauguration of a high-performance surfactants and halogen-free flame retardants expansion project in Huizhou, Guangdong, showcasing the company's commitment to the Chinese market [1] Financial Performance - Clariant reported a notable increase in its EBITDA margin, rising from 16.4% in the same period last year to 18.0%, driven by performance improvement plans and effective pricing and cost management [2] - The company has achieved an average annual revenue growth of 4% since 2021, with EBITDA margins expected to reach 15.8% in FY2024, up from 13.9% in FY2023, and projected to further increase to 17%-18% in FY2025 [2] Sustainability Initiatives - The new production lines emphasize sustainable development, with a focus on upgrading pharmaceutical production capacity and enhancing capabilities in the electric mobility and electronics sectors [3] - Clariant aims to reduce direct and indirect emissions by 46% by 2030, up from a previous target of 40%, and increase supply chain emissions reduction targets from 14% to 28% [3] Strategic Importance of China - China is identified as a core strategic market for Clariant, with plans to increase the sales proportion from approximately 10% to 14% by 2027 [4] - The company emphasizes local innovation and supply chain resilience as key competitive advantages in the Chinese market, which is projected to account for over 40% of global chemical market share [5]

Core Insights - Clariant's recent investment in China marks a significant step forward, with the inauguration of a high-performance surfactants and halogen-free flame retardants expansion project in Huizhou, Guangdong, showcasing the company's commitment to the Chinese market [1] Financial Performance - Clariant reported a notable increase in its EBITDA margin, rising from 16.4% in the previous year to 18.0% in the third quarter of fiscal year 2025, driven by performance improvement plans and effective pricing and cost management [2] - The company has achieved an average annual revenue growth of 4% since 2021, with EBITDA margins projected to reach 15.8% in fiscal year 2024 and further increase to 17%-18% in 2025, indicating strong growth over three consecutive years [2] Sustainability Initiatives - The new production lines focus on upgrading pharmaceutical capacity and enhancing the company's position as a leading supplier of active pharmaceutical ingredients (APIs) in China, emphasizing sustainability as a core theme in all innovations [3] - Clariant aims to reduce direct and indirect emissions by 46% by 2030, up from a previous target of 40%, and increase supply chain emissions reduction goals from 14% to 28% [3] Strategic Importance of China - China is identified as a core strategic market for Clariant, with the CEO highlighting the importance of local innovation and supply chain resilience in navigating the complex market environment [4] - The company plans to increase the proportion of sales from China from approximately 10% to 14% by 2027, with about 50% of products for the Chinese market currently produced locally and 80% of required raw materials sourced locally [4][5] - Clariant recognizes China as the largest chemical market globally, accounting for over 40% of the market share, and anticipates that more than half of global chemical production growth in the next five years will come from China [5]

Core Viewpoint - Sika successfully placed a CHF 600 million bond through a triple tranche, aimed at optimizing its bond maturity profile and reducing overall funding costs [1][2]. Group 1: Bond Details - The bond consists of three tranches: - CHF 100 million with a maturity of 1.75 years, fixed coupon of 0.450% per annum, issued at 100.003% reflecting a yield of 0.4481% [4] - CHF 250 million with a maturity of 5 years, fixed coupon of 0.850% per annum, issued at 100.220% reflecting a yield of 0.8050% [4] - CHF 250 million with a maturity of 9 years, fixed coupon of 1.200% per annum, issued at 100.361% reflecting a yield of 1.1575% [4] Group 2: Corporate Profile - Sika is a leading specialty chemicals company focused on bonding, sealing, damping, reinforcing, and protection in the construction and industrial sectors [3] - The company operates in 102 countries, with over 400 factories and more than 34,000 employees, generating annual sales of CHF 11.76 billion in 2024 [3] - Sika plays a significant role in promoting environmental compatibility in the construction and transportation industries through innovative technologies [3]

Core Insights - The major specialty chemicals producers in the U.S. reported challenging third-quarter earnings, with weak sales growth despite resilient end-market demand [1] Group 1: Sherwin-Williams - Sherwin-Williams reported a net profit increase of 3.3% year-over-year to $833.1 million, with net sales rising 3.2% to $6.36 billion [1] - Adjusted earnings per share (EPS) were $3.59, a 6.5% increase, exceeding analyst expectations of $3.44 [1] - The company narrowed its full-year adjusted EPS guidance from $11.20-$11.50 to $11.25-$11.45, with a projected adjusted EPS of $11.33 for 2024 [1] Group 2: Ecolab - Ecolab's net profit decreased due to last year's sale of its surgical equipment business; excluding this impact, adjusted EPS was $2.07, a 13% increase, meeting analyst expectations [1] - CEO Christophe Beck noted growth was driven by accelerated value pricing, volume growth, and strong operating margin expansion [1] - The company lowered its full-year adjusted EPS guidance to $7.48-$7.58, citing geopolitical and international trade policy impacts on short-term demand [1] Group 3: PPG Industries - PPG Industries achieved flat net profit with a slight sales increase; adjusted EPS was $2.13, surpassing analyst expectations of $2.08 [2] - Sales volume and price each increased by 1%, but the company lowered its full-year adjusted EPS guidance from $7.75-$7.85 to $7.60-$7.70 [2] - CEO Tim Knavish highlighted weakness in the automotive refinish paint business due to rising insurance rates affecting claims [2] Group 4: Axalta Coating Systems - Axalta reported an 8% increase in net profit to $11 million, despite a 2% decline in net sales to $1.3 billion [2] - Adjusted EPS grew by 6% to $0.67, exceeding analyst expectations of $0.64 [2] - The company revised its 2025 full-year sales forecast down to approximately $5.1 billion, from a previous range of $5.2 billion to $5.28 billion [2] Group 5: NXP Semiconductors - NXP Semiconductors reported a net profit of $70.5 million, a 10% year-over-year decline due to rising costs and unfavorable operating conditions [3] - Adjusted EPS was $0.72, down 6.5% and slightly below analyst expectations [3] - The company expects fourth-quarter sales to reach between $790 million and $830 million [3] Group 6: Stepan Company - Stepan Company reported a net profit of $10.8 million, a 54% year-over-year decline due to higher effective tax rates, depreciation, and interest [3] - Adjusted EPS was $0.48, down 53% and 22.5% lower than analyst expectations [3] - Despite a price increase and 1% volume growth, net sales increased by 8% to $590 million [3] Group 7: Formosa Plastics - Formosa Plastics reported third-quarter sales revenue of $542 million, a 49% year-over-year decline [3] - The company reported an adjusted GAAP net loss of $569 million [3] - Adjusted EBITDA was $236 million, a 17% increase [3]

Core Viewpoint - Nouryon has established its first innovation center in China, located in Shanghai, marking a significant investment in the region and a strategic move to enhance local customer engagement and innovation capabilities [2][4][6]. Investment and Expansion - The Shanghai innovation center, which officially opened on November 7, 2025, represents a total investment of $5 million and spans 1,649 square meters, doubling the size of previous facilities and adding over 150 new pieces of equipment [3][6]. - Nouryon has been increasing its investments in China, including a recent capacity expansion at its Jiaxing production base, which doubled the production capacity of triethylaluminum [6][8]. - Future plans include establishing an organic peroxide innovation center in Tianjin in 2026 and starting production of modified methylaluminoxane (MMAO) in 2027 [6][8]. Innovation and Market Focus - The Shanghai innovation center features eight specialized laboratories focused on high-growth market segments such as personal care, agriculture, and coatings, which are expected to drive Nouryon's future development in China [4][5]. - The innovation center allows for real-time interaction with customers, enabling tailored solutions to meet local demands more efficiently compared to previous reliance on European or American centers [4][5]. Market Dynamics - Despite a global economic downturn, Nouryon is capitalizing on growth opportunities in the specialty chemicals market, where certain segments are experiencing increased demand [6][7]. - The company is focusing on innovative and environmentally friendly products to replace traditional ones, with specific applications in rapidly growing markets such as biodegradable adhesives and insulin-related pharmaceuticals [7][8]. Regional Importance - The AMEA (Asia, Middle East, and Africa) market, particularly China, accounts for approximately 25% of Nouryon's global sales revenue, growing at a rate of 4% to 5% annually [8]. - China is viewed as the most critical production and sales market for Nouryon in the Asia-Pacific region, surpassing India and Southeast Asia in importance [8].

Financial Data and Key Metrics Changes - The company reported $92.5 million of adjusted EBITDA for Q3 2025, marking the strongest quarter in several years [21] - Operating costs were reduced by $24 million compared to the same quarter last year, with a year-to-date reduction of $60 million [5][21] - The company reduced its restricted group debt by over $40 million during the quarter [21] Business Line Data and Key Metrics Changes - The specialty products and solutions segment generated $80.2 million of adjusted EBITDA, with production volume gains of 8% compared to the prior year [23] - The Montana Renewables segment generated adjusted EBITDA with tax attributes of $17.1 million, an increase from $14.6 million in the prior year [26] - The performance brand segment remained flat year-over-year despite the divestment of the Royal Purple Industrial Business [25] Market Data and Key Metrics Changes - The industry saw weakness in renewable diesel margins, with realized margins lower than the normal index margin formula [9] - Biomass-based diesel production remains cut back at roughly 60% utilization, with industry production volumes stabilizing just above 350 million gallons a month [10] - European SAF prices increased approximately 60% over the past six months, indicating a tightening market [19] Company Strategy and Development Direction - The company is on track for its max SAF expansion in the first half of 2026, with approximately 75% of the expanded volume either contracted or in the final review process [12][14] - The focus remains on driving operational improvements and reducing costs per barrel, with a strategic priority on deleveraging [21][24] - The company aims to leverage its integrated model to optimize crude slate and product deals, capturing market opportunities [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the renewable diesel market, anticipating improved margins once the RVO is finalized [38] - The company is confident in its ability to navigate feedstock volatility and expects to benefit from a strong operational environment in 2026 [41] - Management highlighted the importance of regulatory clarity and the potential for increased demand in the SAF market [28][19] Other Important Information - The company successfully monetized $25 million of PTCs during the quarter, with expectations for further monetization at improving price levels [22][27] - An error in the reported Q1 and Q2 2025 cash flow statements will result in an approximate $80 million increase to cash flows from operations for the first quarter [20] Q&A Session Summary Question: What are the gating items for the max SAF expansion? - Management indicated that there are very few gating items, with some tactical constraint removals planned during the scheduled turnaround [31] Question: Can you discuss the off-take agreements for SAF? - Management stated that they are well above halfway through signing customers for the increased SAF production, with a mix of executed and in-service contracts [32][33] Question: What is the primary feedstock being used for Montana Renewables? - Management explained that they utilize a dynamic approach to feedstock, broadly using one-third vegetable oil, one-third corn oil, and one-third tallow and cooking oils [36] Question: How does the small refinery exemption impact financials? - Management noted that they have reduced their outstanding RIN obligation by over $320 million due to favorable rulings on small refinery exemptions [40] Question: What are the expectations for monetizing PTCs? - Management expects to monetize PTCs closer to 95% over time, with initial monetizations around 90% [46]