Core Viewpoint - The report outlines the issuance of convertible bonds by Guangzhou Jusa Long Engineering Plastics Co., Ltd., detailing the terms, conditions, and implications for bondholders [1][2][16]. Group 1: Issuance Details - The company is issuing 2,500,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 250 million [2][3]. - The net proceeds after issuance costs amount to RMB 242,669,687.67 [2]. - The bonds will have a term of 6 years, with interest rates increasing from 0.30% in the first year to 2.80% in the sixth year [3][4]. Group 2: Bond Terms - The bonds will pay interest annually, with the first payment occurring one year after issuance [4][5]. - The initial conversion price is set at RMB 36.81 per share, subject to adjustments based on various corporate actions [5][6]. - The conversion period starts on January 12, 2025, and ends on July 7, 2030 [5][6]. Group 3: Redemption and Buyback Provisions - The company has the right to redeem the bonds at 115% of the face value plus accrued interest under certain conditions [9][10]. - Bondholders can sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [11][12]. Group 4: Use of Proceeds - The funds raised will be allocated to specific projects as outlined in the offering documents, with a total investment requirement of RMB 300.45 million [13][14]. - The company will self-fund any shortfall if the actual proceeds are less than the required amount [14]. Group 5: Impact on Shareholders - The bond issuance and subsequent conversion price adjustments will not adversely affect the company's operational capabilities or debt repayment ability [16]. - The company plans to distribute cash dividends totaling RMB 19,589,800, impacting the conversion price of the bonds [15][16].

摘要：【图】2025年3月新疆维吾尔自治区初级形态的塑料产量统计分析 2025年3月初级形态的塑料产量统计： 初级形态的塑料产量：75.1 万吨 同比增长：3.0% 同比增长：3.5% 增速较上一年同期变化：高3.6个百分点 据统计，2025年3月新疆维吾尔自治区规模以上工业企业初级形态的塑料产量与上年同期相比增长了 3.0%，达75.1万吨，增速较上一年同期高3.6个百分点，增速较同期全国低7.2个百分点，约占同期全国 规模以上企业初级形态的塑料产量1225.91792万吨的比重为6.1%。 详见下图： 图1：新疆维吾尔自治区初级形态的塑料产量分月（当月值）统计图 2025年1-3月初级形态的塑料产量统计： 初级形态的塑料产量：214.7 万吨 增速较上一年同期变化：高3.2个百分点 据统计，2025年1－3月，新疆维吾尔自治区规模以上工业企业初级形态的塑料产量与上年同期相比增长 了3.5%，达214.7万吨，增速较上一年同期高3.2个百分点，继续保持增长，增速较同期全国低6.1个百分 点，约占同期全国规模以上企业初级形态的塑料产量3441.04885万吨的比重为6.2%。详见下图： 图2：新疆维吾尔自治区 ...

聚烯烃：短期或反弹，但趋势仍有压力 国泰君安期货研究所·张驰 投资咨询从业资格号：Z0011243 国泰君安期货研究所·陈嘉昕 投资咨询从业资格号：Z0020481 日期：2025年6月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 聚丙烯供需 02 聚乙烯供需 03 Special report on Guotai Junan Futures 2 综述 1 LLDPE观点：短期震荡为主 Special report on Guotai Junan Futures 5 资料来源：国泰君安期货研究 PP：短期或反弹 但趋势仍有压力 ◆ 首先、贸易战因素变换频繁，正因如此当下市场当方面持续下跌在宏观端概率不大，反而在谈判临近尾 声需要警惕。在供应端，6月检修仍偏高，但目前检修量不足以改变供需格局，新增产能大大抵消了供应 端的努力。成本端仍有压力因此短期市场或以震荡市为主，但趋势仍有压力； Special report on Guotai Junan Futures 4 资料来源：国泰君安期货研究 ◆ ...

Core Insights - The pollution caused by discarded plastics and the sustainable development of the plastic industry have become global environmental and technological issues of significant concern [1][2][3] Group 1: Event Overview - A high-level academic salon on "Green and Sustainable Development of Plastics" was held on June 7 in Beijing, attended by experts from research institutions, universities, and related enterprises [1] - Keynote speeches were delivered by prominent academicians, focusing on the prevention of plastic pollution and the sustainable development of the plastic industry [1][2] Group 2: Research and Innovations - Wang Qi, a professor from Sichuan University, presented research on the efficient recycling of mixed and cross-linked waste plastics using environmentally friendly methods [1] - Tang Yong emphasized the need for a sustainable development concept that integrates the retirement and creation of plastics, sharing preliminary results of his explorations [1][2] - Chen Xuesi highlighted the significance of biodegradable polymers like polylactic acid in replacing traditional petrochemical plastics and discussed their industrialization [2] Group 3: Future Directions and Recommendations - Experts proposed several strategies for achieving green and sustainable development in the plastic industry, including reducing the use of single-use plastics, developing new degradable materials, and increasing the use of bio-based plastics [3] - There is a call for increased support for the research and development of new biodegradable plastics that can decompose into carbon dioxide and water, thereby minimizing environmental harm from non-recyclable single-use plastics [3]

Group 1 - The core viewpoint of the articles emphasizes the urgent need for sustainable development in the plastic industry, focusing on recycling, biodegradable plastics, and reducing plastic waste [1][2][3] - China's plastic production has increased nearly 400,000 times since the establishment of the new China, making it the world's largest producer and consumer of plastics, but this rapid growth has led to significant plastic waste issues [1] - In 2023, China generated 62 million tons of plastic waste, with a recycling rate of approximately 30%, which is significantly higher than the global average of 9% [2] Group 2 - Experts suggest that to mitigate the environmental impact of plastic waste, it is essential to reduce the use of single-use plastics and develop new biodegradable materials that can decompose in specific environments [3] - There is a call for the development of bio-based plastics to decrease reliance on fossil resources and increase the use of renewable resources in the plastic industry [3] - The articles highlight the importance of advancing environmentally friendly recycling technologies and chemical recycling methods to safely manage plastic waste [2][3]

Group 1 - In the first three months of 2025, the plastic production in Shanxi Province reached 263,000 tons, representing a 4.9% increase compared to the same period in 2024, which is 6.7 percentage points higher than the growth rate in 2024, but 4.7 percentage points lower than the national growth rate [1] - The total plastic production in Shanxi accounted for 0.8% of the national production of 34,410,488.5 tons during the same period [1] Group 2 - In March 2025, the plastic production in Shanxi Province was 89,000 tons, showing a 0.7% increase compared to March 2024, which is 7.0 percentage points lower than the growth rate in 2024 [2] - The growth rate in March 2025 was also 9.5 percentage points lower than the national growth rate [2] - Shanxi's March production represented 0.7% of the national total of 12,259,179.2 tons for that month [2]

公司公告汇总 中研股份发布2024年年度权益分派实施公告，每股派发现金红利0.20元（含税），共计派发现金红利 24336000.00元。股权登记日为2025年6月11日，除权（息）日和现金红利发放日均为2025年6月12日。 分派对象为截至股权登记日下午上海证券交易所收市后在中国结算上海分公司登记在册的本公司全体股 东。本次权益分派的现金红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易 所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可 于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公 司保管，待办理指定交易后再进行派发。对于不同类型的股东，扣税方式有所不同，具体如下：持有无 限售条件流通股的自然人股东和证券投资基金，持股期限超过1年的，每股实际派发现金红利人民币 0.20元；持股期限在1年以内（含1年）的，每股实际派发现金红利人民币0.20元，待其转让股票时再计 算应纳税额。持有有限售条件流通股的自然人股东和证券投资基金，解禁后取得的股息红利按照上述规 定计算纳税，解禁前取得的股息红利实际税负为10%，税 ...

Summary of Jinfa Technology Conference Call Company Overview - **Company**: Jinfa Technology - **Industry**: New Materials, Special Engineering Plastics, Petrochemicals Key Points and Arguments Sales and Production Goals - Jinfa Technology maintains a sales target of 300,000 tons for 2025, unaffected by external market fluctuations [2][3] - The new materials segment shows improvement in biodegradable plastics, special engineering plastics, and composite materials, particularly benefiting from import substitution opportunities [2][3] Special Engineering Plastics - Special engineering plastics sales reached 24,000 tons last year, with high-temperature nylon being the largest contributor [4] - The company is constructing 15,000 tons of LCP capacity, expected to be released gradually by the end of the year [4][15] - PPSU is experiencing rapid growth due to expanded applications in consumer electronics, medical, and new energy sectors [15][16] Financial Performance - The overall profit per ton is approximately 1,000 yuan, with higher margins for overseas orders [12] - The special engineering plastics segment is expected to see a growth rate of over 30% this year, with a net profit of about 10,000 yuan per ton [16] Impact of Tariffs - Tariff changes have positively impacted special engineering plastics due to the replacement of U.S. suppliers, while the impact on sensing plastics is minimal [5] - The petrochemical segment has managed to mitigate the impact of propane price fluctuations through inventory management [5][6] Operational Developments - The Ningbo base has transitioned to solid operations, increasing polypropylene production to 900,000-1,000,000 tons with decreasing costs [9] - The integrated modification device is set to be operational in Q4, producing specialized materials for automotive applications [9] International Expansion - The overseas base layout is progressing well, with new facilities in Vietnam and Spain, and ongoing construction in Mexico and Poland [10] - The company aims to increase the overseas business proportion to over 30% in the coming years [10] Customer Base and Order Quality - New overseas orders come from industries such as automotive, home appliances, new energy, and consumer electronics, with better order quality and margins compared to domestic orders [11][12] Management and Strategy - The new management team, primarily composed of individuals born in the 1980s, has maintained a stable strategy focusing on core businesses and optimizing the supply chain [23] - The company has implemented strict performance evaluation mechanisms for the new management, including revenue, profit, and turnover rate metrics [24] Future Outlook - The company is considering expanding its polymer production capacity based on future demand, with a focus on maximizing investment returns [19][21] - Jinfa Technology is actively exploring emerging industries, such as robotics, to ensure maximum investment returns [22] Employee Incentives - The company has established a dual incentive system combining cash rewards and stock options to motivate management and retain talent [24][25][26] Additional Important Information - The company is developing a one-stop solution for humanoid robots, providing a wide range of high-temperature materials for various applications [20] - The management emphasizes a calm approach to external market changes, focusing on technological advancements to enhance product competitiveness [23]

Group 1 - In the first three months of 2025, the primary plastic production in Qinghai Province reached 187,000 tons, a decrease of 8.9% compared to the same period in 2024, with a growth rate 16.2 percentage points lower than 2024 and 18.5 percentage points lower than the national average [1] - The total primary plastic production in Qinghai accounted for 0.5% of the national output of 34,410,488.5 tons during the same period [1] - In March 2025, the primary plastic production in Qinghai was 62,000 tons, down 19.8% year-on-year, with a growth rate 41.6 percentage points lower than 2024 and 30.0 percentage points lower than the national average [2] Group 2 - The production in March 2025 represented 0.5% of the national primary plastic production of 12,259,179.2 tons [2] - The data indicates a significant decline in production both in the first quarter and specifically in March, highlighting potential challenges in the local plastic industry [1][2]

Report Summary 1. Report Industry Investment Rating - The trend strength of LLDPE is 0, indicating a neutral stance [3][4]. 2. Core View of the Report - Short - term: Do not chase short positions due to the short - term rebound of crude oil at the cost end and the decent low - price trading volume of polyethylene [2]. - Long - term: There is still pressure on LLDPE as the supply pressure is large with new PE plant capacities in 2025 and the demand is weak [2]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of L2509 was 7049, with a daily increase of 1.09%. The trading volume was 344,165, and the open interest decreased by 10,950 [1]. - **Basis and Spread**: The basis of the 09 contract was - 49 (previous day: 37), and the 09 - 01 contract spread was 31 (previous day: 27) [1]. - **Spot Prices**: In North China, the price was 7000 yuan/ton; in East China, it was 7100 yuan/ton; in South China, it was 7230 yuan/ton, remaining unchanged from the previous day [1]. 3.2 Spot News - LLDPE market prices fluctuated between 10 - 50 yuan/ton. The linear futures opened higher and fluctuated upwards, boosting the market trading atmosphere. Some ex - factory prices of PetroChina in the Northwest and Northeast were adjusted, while most others remained stable. Traders tentatively raised prices, and end - users made purchases at low prices [1]. 3.3 Market Condition Analysis - **Macro - aspect**: The trade war has increased global trade uncertainty, but the short - term rebound of crude oil at the cost end and the decent low - price trading volume of polyethylene suggest not to chase short positions [2]. - **Supply - demand**: In the 09 contract of 2025, the expected new PE plant capacity in China is 2.05 million tons, resulting in large supply pressure. Although there are many maintenance plans in June, it is not enough to change the high - production pattern. The demand for agricultural films is in the off - season, with the overall operating rate decreasing by 1.07% compared to the previous period, and the demand will continue to decline. The demand for packaging films is average, with the operating rate decreasing by 0.59%. Downstream factories have phased low - price restocking, but the continuous restocking strength is insufficient [2]. - **Capacity Switch**: Attention should be paid to the price difference between low - density and linear polyethylene. As the HDPE inventory continues to decline and the price difference widens, there may be a capacity switch between the two. Some plants have already started to switch production, and if full - density plants continue to switch to HDPE, the supply pressure of LLDPE may be alleviated [2].