⚫ 本周关注：国内方 面，10 月份中国经济数据出炉，供需两端数据均出现了 不同程度收缩，消费结构升级以及新质生产力仍为结构性亮点。不过全年增 长目标实现无忧，随着特别国债落地、专项债提前下达、政策性金融工具形 成实物量，政策托底效应有望逐步增强。海外方面 ，美国结束史上最长政府 停摆危机，但关键经济数据仍或缺失。特朗普签署新关税协议，将部分美农 产品排除在附加关税之外。同时根据新华社报道，特朗普表示已对委内瑞拉 问题"作出决定"，但不能公布具体细节。日本首相高市早苗错误言论引发 风波，玉渊谭天发文"中方已做好对日实质反制准备"。 ⚫ 国内宏观-需求端：（1）消费 ：居民出行热度平稳 ，乘用车 零售同比大幅下 滑。截至 11 月 15 日，11 月地铁客运量增速较去年 11 月均值同比 4.0%、 较 10 月均值环比 4.5%，国内执行航班数平均值为 1.23 万架次，同比增长 1.2%，国际执行航班数平均 1814.6 架次，同比增长 13.9%。据乘联会，11 月第一周全国乘用车市场零售 41.5 万辆，同比下降 18.8%，环比增长 5.8%。 （2）外需：高频数 据显示运 价有所上行，货物吞 吐量涨 ...

Group 1 - Anada (SZ 002136) announced the convening of its 23rd meeting of the 7th Board of Directors on November 14, 2025, to review proposals including the adjustment of committee members [1] - For the first half of 2025, Anada's revenue composition was 96.26% from chemicals and 3.74% from other businesses [1] - As of the report date, Anada's market capitalization was 3.6 billion yuan [1] Group 2 - SoftBank experienced a sudden drop in stock value, with founder Masayoshi Son liquidating his holdings in NVIDIA, realizing an $8 billion profit, and shifting focus to OpenAI [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Views - The chemical industry is experiencing a recovery, with three main investment themes identified: demand exceeding expectations, "anti-involution" trends, and opportunities in leading companies at low valuations [19][21][22]. Summary by Sections 1. Key Insights of the Week - The report highlights a positive shift in consumer price index (CPI) and producer price index (PPI) data, indicating potential for recovery in the chemical sector [18]. - The overall PB ratio for the chemical industry is at 2.4, suggesting significant upside potential [18]. 2. Overall Performance of the Chemical Sector - The chemical sector index increased by 2.6% over the week, outperforming both the Shanghai Composite Index and the ChiNext Index [23]. - Year-to-date, the chemical sector index has risen by 34%, indicating strong performance relative to broader market indices [23]. 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 305 stocks rose while 115 fell, with notable gainers including Yongtai Technology (+33.9%) and Aoke Shares (+25.4%) [27]. 4. Investment Themes Theme 1: Focus on Demand Exceeding Expectations - The report emphasizes investment opportunities in upstream chemical products driven by the booming electric vehicle market, with a 34.6% year-on-year increase in sales [19]. - Key materials such as lithium iron phosphate and caprolactam are highlighted for their price elasticity due to supply-demand dynamics [19]. Theme 2: Attention to "Anti-Involution" Trends - The report discusses the progress in "anti-involution" efforts within the chemical industry, particularly in PTA and caprolactam, where production cuts are being implemented to optimize supply [21]. Theme 3: Opportunities in Low-Valuation Leading Companies - The report suggests focusing on leading companies with low valuations, as the supply-demand balance in the chemical sector continues to improve [22]. - Companies such as Wanhua Chemical and Baofeng Energy are recommended for investment consideration [22].

最近，第一财经记者通过采访多家法国工业制造企业了解到，中国制造业能级的提升带动了高附加值的出口，中国整体装备出口正在兴起；此外，中国本土 市场中建筑、汽车、新能源等领域出现的结构性变化，也为跨国公司带来新的机遇。 从"单机采购"到"整厂输出" 全球建筑行业巨头法国圣戈班发展至今已有360年历史，该公司因法国波旁王朝国王路易十四建造凡尔赛宫的想法而诞生。与漫长的公司历史相比，圣戈班 在中国40年的发展历程还只是个开始。 圣戈班中国CEO盛昭宁日前在公司的360周年庆典期间对第一财经记者表示，中国已不仅仅是世界的工业品采购地，也不仅是从欧洲等地引进生产线，中国 在全球制造业中的角色已经发生了根本的变化。 "近两年来出现的一个趋势是，中国企业已经开始将整座工厂装备出口至海外，从设计、制造、运输、安装到调试。"盛昭宁对第一财经记者说道，"这类出 口项目规模庞大，单笔订单可达上亿元人民币，涉及从技术标准嵌入到设备制造的全流程整合。" 盛昭宁表示，这一趋势虽然刚刚兴起，但发展迅速。从设计到交付，整个周期不超过一年半。"此类项目不仅提升了中国装备制造业的国际竞争力，也为圣 戈班等企业带来新的增长点。"他说道。目前圣戈班的产 ...

Group 1: Glass Market Analysis - The glass market has experienced several bullish trends over the past five years, with notable surges in April 2020, January 2022, November 2022, June 2023, April 2024, September 2024, and June 2025 [2] - Recent market dynamics indicate a significant increase in short positions, suggesting a challenging environment for a rapid reversal in market trends [7] - Current market conditions reflect a strong inventory pressure, leading to increased short positions in the futures market, which complicates the outlook for price recovery [6][7] Group 2: Lithium Carbonate Market Insights - Lithium carbonate futures have surged to a high of 88,000 yuan, with a cumulative increase of over 20% since mid-October [8][9] - Demand for lithium carbonate is driven by a significant increase in orders from battery manufacturers, particularly in the energy storage sector, which has seen a rapid rise in consumption [9][11] - Despite high production levels, the market remains hot, with weekly production reaching historical highs, indicating a robust supply-demand balance [11][12] Group 3: Silver Market Dynamics - After a month of stagnation, silver prices have surged, with spot silver prices approaching $50, driven more by financial attributes than industrial demand [13][15] - The market is experiencing a "non-traditional squeeze," with significant movements in inventory across major exchanges, indicating unresolved supply-demand imbalances [14] - The silver leasing rate remains elevated, suggesting ongoing risks of a squeeze, with market participants awaiting developments in December [15] Group 4: Chinese Stock Market Outlook - The Chinese stock market is expected to attract over 6 trillion yuan from real estate and fixed income products, indicating a significant shift in capital allocation [17][20] - Domestic investors currently have a low allocation to stocks, with only 11% of their assets in equities, suggesting substantial room for growth in stock market participation [20] - The trend of capital migration towards stocks is supported by increasing allocations from both individual and institutional investors, with notable inflows from southbound capital [29] Group 5: Futures Market Selection Criteria - The selection of futures contracts should focus on those with high trading volumes and domestic pricing power, avoiding those with low liquidity or foreign control [21][22] - Key commodities for trading include black series products like rebar and glass, which have shown significant volatility and trend continuation potential [25][39] - The analysis emphasizes the importance of identifying commodities with historical price extremes or prolonged consolidation periods, as these are likely to yield significant trading opportunities [30][31]

Group 1 - The report indicates that over the past two months, the value style has strengthened significantly, with financial, cyclical, and consumer sectors rotating in performance [2][10][11] - The core reason for this style diffusion is attributed to the performance window before year-end, where sectors lack high-frequency quarterly reports to validate performance, leading to volatility driven mainly by valuation and expectations [2][10] - Historical context shows that in the second half of 2014, a liquidity bull market saw a shift from TMT to value, with cyclical and financial sectors performing well, although this trend was short-lived [2][10][18] Group 2 - The report notes that the current style diffusion is still in a phase driven by valuation, expectations, and capital inflow, which is expected to last at least 1-2 quarters [2][10][25] - For the style diffusion to transition into an annual-level market, the profitability logic of value stocks needs to be validated [2][10][25] - The report suggests that in the later stages of the liquidity bull market, the technology sector, which has a stronger long-term industrial logic, may return to prominence before the stabilization of value stock fundamentals [2][10][25] Group 3 - The report highlights that the financial sector is currently undervalued, with a high probability of outperforming as resident capital accelerates inflow [29][34] - The electrical equipment sector is noted for its potential growth, benefiting from investments in the AI industry and improving supply-demand dynamics [29][34] - The cyclical sector, particularly steel and chemicals, is expected to see opportunities due to stabilizing supply policies and potential demand recovery [29][34]

摘要：【图】2025年1-6月云南省硫酸产量统计分析 2025年6月硫酸产量统计： 硫酸产量：128.1 万吨 同比增长：5.6% 增速较上一年同期变化：高12.5个百分点 硫酸产量：801.2 万吨 同比增长：5.9% 增速较上一年同期变化：高6.3个百分点 据统计，2025年1－6月，云南省规模以上工业企业硫酸产量与上年同期相比增长了5.9%，达801.2万 吨，增速较上一年同期高6.3个百分点，增速较同期全国低0.4个百分点，约占同期全国规模以上企业硫 酸产量5490.93572万吨的比重为14.6%。详见下图： 图2：云南省硫酸产量分月（累计值）统计图 据统计，2025年6月云南省规模以上工业企业硫酸产量与上年同期相比增长了5.6%，达128.1万吨，增速 较上一年同期高12.5个百分点，增速较同期全国低3.4个百分点，约占同期全国规模以上企业硫酸产量 922.35982万吨的比重为13.9%。 详见下图： 2025年1-6月硫酸产量统计： 图1：云南省硫酸产量分月（当月值）统计图 注：从2011年起，我国规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元。 产 ...

【导读】滨海能源宣布终止重大资产重组 中国基金报记者 李智 筹划超半年，滨海能源突然宣布，终止发行股份购买沧州旭阳化工100%股权并募集配套资金事项。 滨海能源在公告中表示，由于市场环境较本次交易筹划初期发生了变化，交易各方在对本次交易进行协商和谈判后，对相关商业条款未能 达成一致。 终止重大资产重组 11月14日，滨海能源发布公告称，公司原拟通过发行股份方式购买旭阳集团有限公司、邢台旭阳煤化工有限公司、深创投制造业转型升级 新材料基金（有限合伙）、农银金融资产投资有限公司合计持有的沧州旭阳化工有限公司（以下简称沧州旭阳）100%股权，并拟向不超过 35名符合条件的特定投资者非公开发行股份募集配套资金。 滨海能源表示，自本次交易预案披露以来，公司及交易相关方积极推进本次交易的相关工作，由于市场环境较本次交易筹划初期发生了变 化，交易各方在对本次交易进行协商和谈判后，对相关商业条款未能达成一致，为切实维护公司及全体股东利益，经公司充分审慎研究并 与交易各方友好协商，同意终止本次交易事项，并授权管理层办理终止本次交易相关事宜。 值得注意的是，上述交易已经筹划半年，但等来的却是"终止交易"。4月29日，滨海能源发布 ...

回购增持是信心的体现。在《指引》落地一年间，326家上市公司进行回购，累计金额达489.36亿元， 较上年同期增长13.85%；216家上市公司重要股东及董监高合计增持657.36亿元，同比增幅高达 72.88%。 来源：环球网 过去一年，A股市值管理工作取得了显著进展。据不完全统计，目前已有1001家A股公司披露了市值管 理制度（包括估值提升计划），数量是今年初的5倍左右，较前两年仅10余家的零星情况呈现出爆发式 增长。 在这千余家公司中，已有619家实施了并购重组（包括完成、预案等进展），占比高达61.84%；回购增 持与现金分红的现象也"蔚然成风"，实施数量与金额均同比显著增长；信息披露与投资者关系管理同步 升级，ESG报告与业绩说明会在数量和质量上都有提升。 市场是最客观的评判者。自发布市值管理制度以来，这批上市公司股价平均涨幅达20.63%，较同期沪 深300指数高5.9个百分点。有分析人士表示，《指引》明确了市值管理应基于提升上市公司质量与投资 者回报，而非短期股价操纵，有效遏制了部分伪市值管理行为。上市公司对市值管理的理解从"管股 价"向"管价值"转变，合规意识显著增强。 在多元工具运用方面，上 ...

在渤海湾畔，500千伏辽滨输变电工程也投入使用，这项服务盘锦辽滨沿海经济技术开发区的重点 工程，将为辽宁石化产业转型升级的"新引擎"——华锦阿美精细化工及原料工程项目储备充足动能，显 著提升辽东湾地区供电可靠性与负荷承载能力，解决化工等高耗能产业冬季满负荷生产的用电瓶颈。 一系列重点工程的密集投运，正重塑辽宁电力供应格局。这些工程不仅为盘锦、营口等用电负荷较 大地区提升供电能力170万千瓦，更让铁岭、葫芦岛等新能源富集地区的接入能力提升330万千瓦，进一 步优化了全省电力能源结构，让清洁电力在保暖保供中发挥更大作用。 初冬时节，辽宁电网建设热潮涌动。500千伏徐大堡核电送出线路一期工程、西泉变等12项主网重 点工程全速推进，8座220千伏新能源场站、总计270万千瓦装机同步加快并网步伐，为全省迎峰度冬、 经济高质量发展注入稳定可靠的电力动能。 国网辽宁电力聚焦重点工程建设与省间资源统筹，持续打通供电堵点、拓宽输送通道，确保电力供 应。"我们紧盯时间节点，确保11月30日前实现12项主网重点工程投运，并推动270万千瓦新能源装机并 网，实现主网与配网协同升级。"国网辽宁电力相关负责人表示。 备受关注的500千伏 ...