资产包括承租人位于中国山东省东营市的若干指定环保设备及设施。 订立融资租赁及附带文件乃绿金租赁的一般及正常业务过程之一，并预期将为本集团提供稳定收益及现 金流量。 兴业控股(00132)发布公告，于2025年11月14日，本公司的附属公司绿金租赁与承租人山东天弘化学订 立融资租赁，以代价人民币3000万元(相当于约3288万港元)自承租人取得资产的所有权，该等资产将返 租予承租人，供其使用及占有，期限为三年。 ...

Group 1: Trade Growth - The total import and export volume of Changji Prefecture from January to September increased by 42.5% year-on-year, with exports growing by 47.3% and imports by 24.2% [1] - Changji Prefecture is positioned as an important hub on the New Silk Road, promoting open and win-win cross-border trade [1] Group 2: Support for Enterprises - The establishment of the "Chimkent Overseas Warehouse" and "China-Kazakhstan (Chimkent) Industrial Park" in Kazakhstan aims to facilitate the "going out" strategy for enterprises, integrating production and cross-border trade [2] - The local tax authority provides personalized guidance and dynamic risk alerts to support enterprises in navigating cross-border tax issues [2] Group 3: Financial Support and Tax Policies - Xinjiang New Aluminum Industry Co., Ltd. has established sales subsidiaries in Kazakhstan and received over 8 million yuan in export tax rebates, enhancing its market competitiveness [3] - The tax authority has optimized the export tax rebate process, implementing measures like "reporting and reviewing simultaneously" and "paperless tax filing" to facilitate enterprise operations [3] Group 4: Credit Value Enhancement - Xinjiang Lanshan Tunhe Energy Co., Ltd. leverages its A-level tax credit status to streamline its international market expansion, ensuring compliance in all operational processes [4] - The tax authority has implemented a mechanism to assist enterprises in correcting non-compliance issues and provides a "green channel" for A-level taxpayers, enhancing the overall efficiency of tax services [4]

北京绿色金融与可持续发展研究院院长马骏表示，"转型金融是绿色与可持续金融未来发展的最重要突 破口和业务增长点。科学评估企业转型计划是提供高质量转型金融服务的重要基础。北京绿金院提供 的'转型基准路径'将为金融机构和第三方机构评估企业转型计划提供重要依据。" 马骏指出，"下一阶段，北京绿金院课题组将进一步优化相关研究模型和数据，研究并发布建筑业、房 地产、水上运输、航空运输、陶瓷、造纸等细分行业的减碳目标基准"。 责任编辑：刘万里 SF014 11月14日消息，近日北京绿色金融与可持续发展研究院发布了《服务转型金融的中国高碳行业减碳基准 路径研究（第一阶段成果）》。基于研究结果，报告建议将2度情景下的各行业转型路径作为我国金融 机构和第三方机构评估企业转型计划科学性与先进性的基准路径。 报告是北京绿金院针对中国高碳行业减碳基准路径研究的第一阶段成果，系统展示了"双碳"背景下我国 电力、钢铁、水泥、化工、有色、玻璃六大高碳行业在2020-2060年间的基准减碳路径。 报告系统评估了转型风险与气候物理风险对中国宏观经济、产业结构与碳排放的长期动态影响，在构建 基准情景（BAU）以及1.5度、2度和3度不同气候温升情 ...

外资素有"聪明资金"之称，其买卖动向往往被市场视为风向标，随着A股三季报披露完毕，外资持仓格 局也逐渐清晰。 在A股市场，外资主要包括通过陆股通进入的北向资金，以及合格境外机构投资者（QFII）和人民币合 格境外机构投资者（RQFII）。Wind数据显示，截至三季度末，3554家A股公司获外资持股，合计持股 1161亿股，较二季度末减少166亿股，但受市场整体走强推动，总市值仍达2.73万亿元，较上季度末上 涨12.4%。其中，北向资金持股占比逾九成。 估值修复推动科技制造走强 电子、汽车、化工成外资加仓主力 Wind数据显示，三季度末外资合计持有A股1161亿股，较上季度末减少166亿股。随着A股整体上行， 三季度末总市值为2.73万亿元，较上季度末上涨12.4%。其中，陆股通（北向资金）持股1073亿股，占 比超过九成，总市值约为2.58万亿元；QFII/RQFII持股87.6亿股，总市值约1504亿元。 这并非外资持股的全部资金。根据央行披露数据，今年9月末境外机构和个人持有境内股票3.54万亿 元，连续四个月站上3万亿元，创下近32个月新高，外资整体加配A股趋势明显。 行业层面，电子、化工、汽车等成长 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4]. Core Insights - The overall allocation of public funds in the chemical sector has decreased, reaching a historical low, with a national ratio of 1.67% in Q3 2025, down 0.13 percentage points from the previous quarter [10]. - The top ten heavy-holding stocks in the chemical sector have seen a decline in their market value proportion, indicating a more diversified holding structure. Traditional blue-chip stocks like Wanhua Chemical and Hualu Hengsheng have regained prominence, suggesting that pessimism in the chemical industry may have bottomed out [16][17]. - The total market value of chemical holdings among the top 30 funds increased by 14.99% to 55.008 billion yuan in Q3 2025, although the concentration of holdings decreased [31]. Summary by Sections 1. Changes in Chemical Public Fund Holdings in Q3 2025 - The national allocation of heavy chemical stocks has decreased, with regional variations noted. For instance, the East China region saw a decline of 0.22 percentage points to 1.70% [10]. - The number of funds holding chemical stocks has increased, primarily driven by blue-chip stocks. Notable increases were seen in Wanhua Chemical and Hualu Hengsheng, with respective increases of 18 and 30 funds [21]. 2. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 funds' chemical stocks reached 55.008 billion yuan, reflecting a significant increase, while the concentration of these holdings decreased by 4.60 percentage points [31]. - The top three stocks by market value were Wanhua Chemical, Juhua Co., and Hualu Hengsheng, with respective market values of 6.12756 billion yuan, 6.11239 billion yuan, and 5.12956 billion yuan [31]. 3. Investment Analysis Recommendations - The report suggests focusing on cyclical sectors, including textiles, agriculture, and export-related chemicals, as well as companies benefiting from "anti-involution" policies. Specific stocks to watch include Lushi Chemical, Yunnan Tin, and Juhua Co. [4].

从资金流向上来看，当日化学原料板块主力资金净流出16.12亿元，游资资金净流入2.66亿元，散户资金 净流入13.46亿元。化学原料板块个股资金流向见下表： 证券之星消息，11月14日化学原料板块较上一交易日下跌1.6%，奥克股份领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000683 | 博源化工 | 7.47 | 2.47% | 81.70万 | 6.12亿 | | 603067 | 振华股份 | 30.00 | 1.97% | 86.49万 | 25.56亿 | | 600618 | 氢碱化工 | 13.30 | 1.60% | 51.29万 | 6.94亿 | | 920304 | 迪尔化工 | 15.64 | 1.56% | 14.57万 | 2.29亿 | | 600844 | 金煤科技 | 3.48 | 1.16% | 19.52万 | 676 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The methanol market remained stable overall today, with a market average price of approximately 1,977 yuan/ton, unchanged from the previous working day. Regional prices showed a steady and adjusted trend, with prices in Inner Mongolia, Shaanxi and other places remaining stable or fluctuating slightly, and prices in coastal and key regions such as Shandong and Taicang maintaining within a specific range. The main methanol futures fluctuated narrowly during the day, the basis trend was stable, and the coastal spot prices were slightly adjusted following the market. High port inventories put pressure on the market, resulting in a dull sentiment among buyers to enter the market and a general negotiation atmosphere. The demand side was differentiated. Some olefin plants in the northwest continued to purchase methanol externally, supporting the local market, but the demand from traditional downstream industries was weak. Most factories' raw material inventories were at medium to high levels and only made purchases as needed, with low acceptance of high - priced methanol. The inland market prices were narrowly adjusted under the interweaving of multiple and short factors [4]. 3. Key Data Summary Spot Market | Region | Present Value (yuan/ton) | Previous Value (yuan/ton) | Increase | | --- | --- | --- | --- | | Taicang | 2072 | 2072 | 0 | | Inner Mongolia North Line | 2005 | 2008 | -3 | | Shaanxi Guanzhong | 1945 | 1945 | 0 | | Xinjiang (outside the region) | 1620 | 1620 | 0 | | Shandong Linyi | 2180 | 2180 | 0 | | Henan | 2060 | 2055 | 5 | [1] Futures Market | Contract | Present Value (yuan/ton) | Previous Value (yuan/ton) | Increase | | --- | --- | --- | --- | | MA2601 | 2103 | 2108 | -0.24% | | MA2605 | 2209 | 2208 | 0.05% | [1] Transaction Price Range in Taicang on November 13th - 11:00 - 2080 - 2090 - 01:00 - 20 - 18 - 01:00 + 12 + 15 - 12:00 PM - 2115 - 2120 [1][3] Device Status - Shandong Yankuang Group Guohong's 640,000 - ton/year coal - to - methanol plant started double - furnace operation today and is expected to resume in about a week. - Yulin Kaiyue Coal Chemical's 700,000 - ton/year coal - to - methanol plant stopped for maintenance on October 10th. There was a problem with the boiler on November 11th, and it is expected to resume in 2 - 3 days. [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

Core Viewpoint - The company emphasizes its commitment to technological innovation as the core driving force, focusing on research and development investments and capacity expansion in the silicon carbide sector [1] Group 1: Production and Quality - The company has achieved full-scale production of 6-inch silicon carbide substrates, with a crystal yield exceeding 95% and an epitaxial yield stabilizing above 98%, placing it in a leading position within the industry [1] - The company has initiated small-scale production of 8-inch silicon carbide substrates, while the research and development of 12-inch silicon carbide substrates is progressing smoothly [1] Group 2: Product Development - The company continues to deepen its efforts in the high-end silicon carbide powder sector, successfully developing ultra-pure silicon carbide ceramic powders that meet the high purity and customization requirements for various fields, including semiconductors, thermal spraying, and high-temperature structural components [1] - The company has also developed high-purity semi-insulating silicon carbide powders that meet the growth requirements for silicon carbide gem crystals and optical waveguide crystals [1]

来源：市场资讯 （来源：钛资讯） 01 03 后市预测 本周国内硫酸市场不断攀高，原材料价格维持高位上涨趋势，价格不断上行，在成本价格支撑下，加之 酸厂库存低位，硫酸货源维持偏紧，国内酸价不断上行；下游磷肥、钛白粉等行业需求稳定，硫酸产销 平衡，出货良好，且部分地区酸厂检修及因原料紧张开工不足，推动硫酸市场上行，预计短期硫酸价格 延续偏强走势。 | 制酸种类 | 市场 | 制酸种类 | 11月13日 | 11月14日 | 张炜幅 | | --- | --- | --- | --- | --- | --- | | 硫磺酸 | 山东地区 | 98%硫磺酸 | 910-970 | 960-970 | 50/0 | | | 江苏地区 | 98%硫磺酸 | 980-990 | 980-990 | 0/0 | | | 浙江地区 | 98%硫磺酸 | 1110-1240 | 1110-1240 | 0/0 | | | 四川地区(出) DID | 98%硫磺酸 | 900-1000 | 900-1000 | 0/0 | | | 河北地区 | 98%硫磺酸 | 940-1070 | 940-1070 | 0/0 | | | 安 ...