Group 1 - The event highlighted the potential for economic cooperation between Bolivia and China, particularly in the agricultural sector [1][2] - Bolivia is rich in natural resources, including the world's largest lithium reserves, and has fertile agricultural land [1][2] - The bilateral trade volume between China and Bolivia reached $2.733 billion in 2024, with a notable increase in imports from Bolivia [2] Group 2 - Bolivia's geographical indication products, such as high-altitude wines and unique coffee, are expected to enhance trade cooperation [3] - The country aims to expand its exports to China, including chicken, pork, and honey, while promoting technology transfer from China [3]

7月3日-7月5日，由国家橡胶轮胎质量检验检测中心主办的2025中国轮胎剖析研讨会在北京举行。本届会议聚焦"做好轮胎，精益生态"，直击碳 中和、新能源、智能制造的浪潮。当前，中国轮胎业正处于一个挑战与机遇并存的关键时期，新能源汽车快速发展，对轮胎提出了新要求，整个行 业面对转型与升级关键时刻，来自轮胎行业的专家领导、企业代表齐聚一堂，共商发展，探索一条共赴未来之路。 其次，在绿色转型双碳目标下，环保材料应用、多环刚性管控、滚动阻力优化等方面。最后，产业链协同问题，原材料研发与终端需求脱节，新材料筛 选成本高，都在制约企业创新效率。 新能源革命正重塑轮胎需求，传统技术体系遭遇严峻挑战。更深的焦虑来自国际市场。我国超半数轮胎出口欧盟，而欧盟绿色壁垒持续加码。"碳足迹 核算、回收材料比例、有毒化学品限制，这些标准正在重构游戏规则。"与会专家警示。当全球轮胎产业竞逐绿色低碳与智能制造高地，中国轮胎必须从"跟 跑"转向"领跑"。 当前，新能源汽车产业上下游都在积极探索绿色低碳发展路径，轮胎行业涉及领域多、链条长、消耗重，对减碳、脱碳需求更加迫切，尤其随着整车碳 足迹管理明确，对上游零部件的碳管理也提上了日程。 "十四五 ...

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but the investment suggestion indicates a positive outlook for companies involved in tire manufacturing and export to the U.S. market. Core Insights - Southeast Asia is a major import region for U.S. tires, with significant exports from Thailand and Vietnam despite tariff risks. In 2024, Thailand is expected to export over 42 million passenger car tires to the U.S., accounting for approximately 25% of total imports, while Vietnam is projected to export over 15.5 million, representing about 9% of total imports [2] - The U.S. has imposed tariffs on various tire imports, and the potential for increased tariffs could impact financial markets and corporate strategies. However, the limited elasticity of domestic supply in the U.S. suggests that companies may pass on costs to consumers through price increases [2] - Major tire manufacturers are expanding their global presence, with companies like Sailun and Linglong establishing production bases in Southeast Asia, Mexico, and Europe to mitigate risks associated with U.S. tariffs and to enhance their market share [2] Summary by Sections Industry Analysis - The primary sources of tire imports to the U.S. include Thailand, Mexico, Canada, Japan, and Vietnam. Cambodia is also increasing its exports due to new production capacities. In 2024, Thailand is expected to export 16 million truck tires to the U.S., making up 27% of total imports, while Vietnam's exports are projected at 8.8 million, or 15% of total imports [2] - The establishment of production bases in Southeast Asia is a strategic response to U.S. trade policies, with companies like Zhongce Rubber and Sailun expanding their operations internationally to ensure supply chain stability and cost advantages [2] Investment Recommendations - Companies to watch include: - Sailun Tire: A leading domestic tire manufacturer with bases in Vietnam, Cambodia, Indonesia, and Mexico, focusing on global expansion and brand development [2] - Senqcia: Operating in Thailand and Morocco, while advancing its European factory projects [2] - Linglong Tire: A top domestic tire company with strong supporting businesses and bases in Thailand and Serbia [2] - General Shares: With operations in Thailand and Cambodia, poised for significant growth as overseas production ramps up [2]

国金证券近日发布基础化工行业研究：北京时间7月2日晚间消息，美国总统特朗普在社 交媒体上宣布，已与越南达成贸易协议。特朗普表示，在经历数周密集外交后，他已与越南 达成贸易协议。特朗普称，根据协议，越南所有出口至美国的商品将被征收20%的关税，而 任何转运货物将被征收40%的关税。 亚基地布局的头部胎企开始放眼全球，出海布局也呈现出更加多样化的特点，例如：中策橡 胶和赛轮轮胎都选择了布局印尼和墨西哥这两个地区；玲珑轮胎的塞尔维亚基地也在持续爬 坡放量；森麒麟的摩洛哥基地也进入爬坡阶段，欧洲工厂也在持续推进中。随着头部胎企第 二轮出海布局快速推进，完善全球化布局的同时也将迎来新一轮业绩增长。 投资建议 考虑到全球各地未来贸易政策的变化有不确定性，实现海外多基地布局的企业经营更具 稳定性，并且随着未来海外基地产能顺利放量后将推动公司实现业绩增长和市占率提升。建 议关注：①赛轮轮胎：作为国内龙头胎企拥有越南、柬埔寨、印尼和墨西哥四大海外基地， 全球化布局持续完善的同时推进品牌建设；②森麒麟：拥有泰国和摩洛哥两大海外基地，同 时继续推进欧洲工厂项目；③玲珑轮胎：作为国内龙头胎企配套业务持续领先，拥有泰国和 塞尔维亚两大 ...

智通财经6月30日电，利弗莫尔证券显示，山东玲珑轮胎股份有限公司向港交所提交上市申请书，联席 保荐人为中信证券和招银国际。 ...

据港交所文件：山东玲珑轮胎股份有限公司向港交所提交上市申请书。 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The chemical industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices. Key areas of focus for June include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to export dynamics, and the importance of self-sufficiency in electronic materials [4][11] - The report suggests a mid-to-long-term investment strategy focusing on high oil prices, robust performance in the oil and gas extraction sector, and the growth potential in new materials, particularly in electronic and renewable energy materials [4][11] Summary by Sections Industry Dynamics - As of June 29, the TTM price-to-earnings ratio for the SW basic chemicals sector is 22.34, at the 63.93 percentile historically, while the price-to-book ratio is 1.83, at the 14.09 percentile historically. For the oil and petrochemical sector, the TTM price-to-earnings ratio is 10.98, at the 15.69 percentile historically, and the price-to-book ratio is 1.19, at the 2.39 percentile historically [4][11] Price Changes - In the week of June 23-29, 38 chemical products saw price increases, 38 saw decreases, and 24 remained stable. The average price of WTI crude oil fell by 12.56% to $65.52 per barrel, while Brent crude fell by 12.00% to $67.77 per barrel. The average price of MDI decreased by 1.59% to 15,500 CNY/ton, while H acid increased by 5.39% to 44,000 CNY/ton [10][28][30] Investment Recommendations - The report recommends focusing on companies with strong dividend policies and those in high-growth sectors such as oil and gas, electronic materials, and new energy materials. Specific companies highlighted for investment include China Petroleum, China National Offshore Oil Corporation, and several others in the electronic materials sector [4][11]

轮胎板块调研反馈及重点提示推荐 20250627 摘要 轮胎板块二季度预计利空出尽，企业业绩展现韧性，三季度有望迎来明 显拐点，原材料价格企稳，成本压力缓解，美国贸易政策成本转移逐步 落地。 自主品牌轮胎市场份额持续提升，预计今年增速在 8%至 14%之间，未 来本土强势自主品牌市场份额有望达到 80%以上，驱动本土优质轮胎企 业增长。 头部轮胎企业赛轮展现较强盈利韧性，一季度仍保持同比微幅增长，当 前 PB 估值已跌至历史低位，预计三季度业绩环比快速增长，欧洲双反 调查有望推动估值修复。 天然橡胶价格自 4 月以来下跌 20%，缓解了轮胎企业利润压力，预计三 季度降价效应将完全反映到企业业绩层面，并覆盖美国市场加税带来的 负面影响。 针对美国关税政策，轮胎企业短期内通过补贴经销商价格共同承担关税， 并计划 7 月涨价，预计 2025 年第三季度通过涨价和天然橡胶降价逐步 消除关税影响。 Q&A 近期轮胎板块的市场表现如何，主要受到哪些因素影响？ 轮胎板块在今年一季度经历了显著的利润下滑，估值水平跌至约 8 倍。主要原 因包括天然橡胶价格自 2024 年以来持续上涨，美国加征关税导致海外产能受 限，以及地缘事 ...

Investment Rating - The report maintains a rating of "Outperform" for the chemical industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights the successful completion of China's largest offshore gas field, "Deep Sea No. 1," which is expected to produce over 4.5 billion cubic meters of gas annually, enhancing energy supply to the Guangdong-Hong Kong-Macao Greater Bay Area [3]. - A significant coal comprehensive utilization project in Xinjiang has commenced, with an investment of 27.4 billion yuan, projected to generate an annual revenue of 15.4 billion yuan and create approximately 2,000 jobs [3]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain chemical sectors [4][5][10]. Summary by Sections Chemical Sector Market Overview - The Shanghai Composite Index rose by 1.91%, while the CSI 300 increased by 1.95%. The CITIC Basic Chemical Index and the Shenwan Chemical Index saw gains of 4.15% and 3.11%, respectively [16]. - The top-performing sub-industries included membrane materials (11.79%), other plastic products (6.72%), and nylon (6.51%) [19]. Key Industry Dynamics - The report emphasizes the strong competitive position of domestic tire companies, suggesting a focus on companies like Sailun Tire and Linglong Tire due to their growth potential in a global market [4]. - In the consumer electronics sector, a gradual recovery is anticipated, benefiting upstream material companies involved in the panel supply chain [4]. - The phosphoric chemical sector is highlighted for its tightening supply-demand dynamics due to environmental regulations and increasing demand from the new energy sector [5]. - The fluorochemical sector is expected to stabilize as production quotas for refrigerants are reduced, supporting profitability [5]. Investment Themes - Investment Theme One: Domestic tire manufacturers are positioned strongly, with recommended stocks including Sailun Tire and Linglong Tire [4]. - Investment Theme Two: The consumer electronics sector is expected to recover, with a focus on upstream material companies like Dongcai Technology and Stik [4]. - Investment Theme Three: Resilient sectors such as phosphoric and fluorochemical industries are recommended for investment due to favorable supply-demand conditions [5]. - Investment Theme Four: The recovery of leading chemical companies is anticipated as economic conditions improve, with recommendations for companies like Wanhua Chemical and Hualu Chemical [10]. - Investment Theme Five: Attention is drawn to vitamin products due to supply disruptions, with companies like Zhejiang Medicine and New Heavens being highlighted [10].

Summary of Key Points from the Conference Call Industry Overview - The basic chemical sector is currently at a historical low valuation, with PB percentile below 10%, indicating a favorable configuration for investment opportunities [1][2] - The Chinese chemical industry has become the largest market globally, with a market share of 48%, and is expected to shift towards high-end development and globalization [3][10] Core Insights and Arguments - The investment strategy for the basic chemical sector in mid-2025 focuses on "new trends continuing to strengthen," emphasizing marginal changes, trade connections, and performance realization [2] - The market is particularly attentive to oil prices, with key concerns regarding OPEC's production increase and U.S. shale oil supply, as both factors may impact future production levels [4][19] - The basic chemical sector is under pressure but may have reached a bottom in terms of new capacity, inventory, demand, and valuation, with many sub-sectors showing low PB percentiles [5][18] Sub-sector Performance - In the first half of 2025, promising sub-sectors include platinumene and methomyl, benefiting from favorable supply-demand dynamics without new capacity additions [6][7] - The sweetener market is highlighted for its stable supply-demand structure, with a concentrated supply base enhancing market stability and potential [8] Investment Opportunities - Focus on domestic substitution opportunities in sectors with large market space and high industry barriers, such as lubricant additives, which have a favorable competitive landscape [11] - The tire industry is identified as a key area for overseas expansion, with significant global demand projected for 2024 [12] - Biodiesel presents investment opportunities driven by policy, particularly in regions like the EU, where production capacity is limited [13][14] - The refrigerant industry is expected to benefit from supply-side policy constraints, leading to prolonged price increases [15] Risks and Challenges - The basic chemical sector faces risks including raw material price volatility, trade policy changes, and potential demand pressure, which could delay the clearing of excess capacity [19] - Specific risks include the realization of capacity in sectors like potassium fertilizer, which is characterized by oligopolistic market dynamics [18] Additional Important Insights - The sweetener market's supply structure is concentrated among a few manufacturers, providing stability and potential for growth [8][9] - The compound fertilizer sector is noted for its unique market dynamics, focusing on channel markets rather than just investment construction [16]