1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the lack of demand highlights and persistent supply pressure, the domestic methanol market is expected to fluctuate and consolidate next week. Inland, although methanol factories in production areas, especially in the northern line of Inner Mongolia, have tight inventories and the current price is at a low level, which supports the price as most traders are cautious about short - selling. However, the inland methanol operation rate is high, the inter - regional goods circulation is active, and imported goods flow back into southern Shandong and even some into northern Shandong. The supply remains abundant, but the demand in the sales area is generally supported, and traders have no intention to hold goods for the time being. It is expected that the inland market will be in a stalemate and consolidation next week. In the port area, although the market sentiment has changed due to the potential reduction in overseas supply, there is actually no support for a reverse upward trend. It is expected that the port methanol market may fluctuate strongly at the bottom and wait for an opportunity to rebound. Attention should be paid to the actual implementation of Iranian device maintenance and the overseas methanol transaction situation [5]. 3. Summary According to the Directory 3.1 Weekly Review - The demand for methanol has no highlights and the supply pressure persists. The domestic methanol market is expected to fluctuate and consolidate next week. Inland and port markets have different situations as described above [5]. 3.2 Fundamental Data 3.2.1 Domestic Methanol Spot Price - From November 7th to November 14th, the prices in different regions showed different trends. In Jiangsu, the price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%. In Shandong (Lunan), the price remained unchanged at 2310 yuan/ton. In Hebei, the price increased from 2070 yuan/ton to 2090 yuan/ton, an increase of 0.97%. In Inner Mongolia, the price dropped from 2000 yuan/ton to 1980 yuan/ton, a decrease of 1.00%. In Fujian, the price dropped from 2095 yuan/ton to 2050 yuan/ton, a decrease of 2.15% [6]. 3.2.2 Methanol Basis - From November 7th to November 14th, the spot price of methanol in Jiangsu dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, and the futures price dropped from 2112 yuan/ton to 2055 yuan/ton, a decrease of 2.70%. The basis increased from - 22 yuan/ton to - 8 yuan/ton [8]. 3.2.3 Methanol Production Profits by Different Processes - For coal - based methanol, the profit dropped from - 36 yuan/ton on November 7th to - 61 yuan/ton on November 14th, a decrease of 24 yuan/ton. For natural - gas - based methanol, the profit remained at - 40 yuan/ton. For coke - oven - gas - based methanol, the profit decreased from 106 yuan/ton to 123 yuan/ton, an increase of 320 yuan/ton (might be a data error in the original report) [10]. 3.2.4 Domestic Methanol Enterprise Load - Nationally, the methanol load decreased from 78.71% last week to 74.90% this week, a decrease of 3.81%. In the northwest region, the load decreased from 85.09% last week to 81.54% this week, a decrease of 3.55% [12]. 3.2.5 Outer - Market Methanol Price and Spread - From November 7th to November 14th, the CFR China price dropped from 246 US dollars/ton to 239 US dollars/ton, a decrease of 2.85%. The CFR Southeast Asia price dropped from 322.5 US dollars/ton to 319.5 US dollars/ton, a decrease of 0.93%. The spread between them decreased from - 76.5 US dollars/ton to - 80.5 US dollars/ton [15]. 3.2.6 Methanol Import Spread - From November 7th to November 14th, the spot price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, the import cost dropped from 2165 yuan/ton to 2106 yuan/ton, a decrease of 2.73%, and the import spread increased from - 75 yuan/ton to - 59 yuan/ton [18]. 3.2.7 Traditional Downstream Product Prices of Methanol - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from November 7th to November 14th, with no weekly change [25]. 3.2.8 Production Profits and Loads of Traditional Downstream Products - **Formaldehyde**: The production profit decreased from - 111 yuan/ton to - 120 yuan/ton, a decrease of 9 yuan/ton, and the load increased from 30.97% last week to 30.98% this week, an increase of 0.01% [26]. - **Dimethyl ether**: The production profit decreased from 611 yuan/ton to 582 yuan/ton, a decrease of 28 yuan/ton, and the load increased from 8.34% last week to 9.79% this week, an increase of 1.45% [28]. - **Acetic acid**: The production profit increased from 251 yuan/ton to 274 yuan/ton, an increase of 24 yuan/ton, and the load decreased from 73.61% last week to 72.32% this week, a decrease of 1.29% [32]. 3.2.9 MTO Production Profit and Load - The MTO production profit increased from 12 yuan/ton to 138 yuan/ton. The MTO load decreased from 86.45% last week to 84.18% this week, a decrease of 2.27% [36]. 3.2.10 Methanol Port Inventory - In the East China port, the inventory increased from 78.8 to 80.33, an increase of 1.53. In the South China port, the inventory decreased from 49.81 to 47.57, a decrease of 2.24 [37]. 3.2.11 Methanol Warehouse Receipts and Effective Forecasts - The warehouse receipts increased from 10914 on November 7th to 11579 on November 14th, an increase of 6.09%. The effective forecasts remained at 0 on November 14th after reaching 1170 in the middle of the week [41]. 3.3 Maintenance Status 3.3.1 Domestic Methanol Device Maintenance - Many domestic methanol production enterprises are in maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, Shaanxi Huangling, etc. Different enterprises have different maintenance start and end times, raw materials, and maintenance losses [43]. 3.3.2 Overseas Methanol Device Operation - Overseas methanol production enterprises in different countries have different operation statuses. For example, some Iranian enterprises are in the process of restarting, and some Saudi and Malaysian enterprises are operating normally [44]. 3.3.3 Olefin - Related Device Operation in the Northwest - In the northwest region, some olefin - related enterprises have different operation statuses. For example, Shaanxi Qingcheng Clean Energy is in maintenance, while some enterprises such as Yan'an Energy and Shenhua Yulin are running smoothly [45].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply pressure of PVC decreased this week, and the expected maintenance is expected to decrease next week, with a slight increase in scheduled production. The current demand may remain sluggish, and the PVC2601 is expected to fluctuate in the range of 4584 - 4632. The main logic is that the overall supply pressure is strong, and the domestic demand recovery is not smooth [6][9][14]. - There are both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export advantages. Negative factors include the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [13]. 3. Summaries According to Relevant Catalogs 3.1 Daily Views - On November 14, the price of East China SG - 5 was 4590 yuan/ton, and the basis of the 01 contract was - 18 yuan/ton, with the spot at a discount to the futures, showing a neutral situation. The factory inventory was 32235 tons, a decrease of 3.65% month - on - month, and the social inventory was 53230 tons, a decrease of 2.45% month - on - month. The MA20 of the disk is downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend. The net position of the main contract is short, and the short position is decreasing, also showing a bearish trend [11]. 3.2 Fundamental/Position Data 3.2.1 Supply Side - In October 2025, the PVC output was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the capacity utilization rate of sample enterprises was 78.51%, a decrease of 0.03 percentage points month - on - month. The output of calcium carbide enterprises was 34355 tons, a decrease of 0.52% month - on - month, and the output of ethylene enterprises was 13491 tons, a decrease of 8.08% month - on - month. Next week, the expected maintenance is expected to decrease, and the scheduled production is expected to increase slightly [6]. 3.2.2 Demand Side - The overall downstream operating rate was 49.54%, a decrease of 0.06 percentage points month - on - month, higher than the historical average. The operating rate of downstream profiles was 36.96%, a decrease of 0.64 percentage points month - on - month, lower than the historical average. The operating rate of downstream pipes was 40.6%, an increase of 0.2 percentage points month - on - month, higher than the historical average. The shipping cost is expected to decline, and the domestic PVC export price is competitive. The current demand may remain sluggish [6]. 3.2.3 Cost Side - The profit of the calcium carbide method was - 819.69 yuan/ton, with the loss increasing by 6.50% month - on - month, lower than the historical average. The profit of the ethylene method was - 491 yuan/ton, with the loss increasing by 5.50% month - on - month, lower than the historical average. The double - ton spread was 2186.35 yuan/ton, with the profit increasing by 0.40% month - on - month, lower than the historical average, which may put pressure on production scheduling [8]. 3.3 PVC Market Overview - The report provides yesterday's market data, including prices, price changes, month - to - month spreads, inventory, and downstream operating rates of different types of PVC enterprises and products, as well as cost and profit data [17]. 3.4 PVC Futures Market 3.4.1 Basis Trend - The report shows the basis trend of PVC from 2022 to 2025, including the relationship between the basis, the East China market price of PVC, and the closing price of the main contract [20]. 3.4.2 Futures Price and Volume Trends - It presents the price, trading volume, and position changes of the PVC futures main contract from October to November 2025 [23]. 3.4.3 Spread Analysis - Main Contract Spread - It shows the spread trends of different contract months (such as 1 - 9, 5 - 9) of PVC futures from 2024 to 2025 [26]. 3.5 PVC Fundamental - Calcium Carbide Method 3.5.1 Lanthanum Coke - The report shows the price, cost - profit, operating rate, inventory, and daily output trends of lanthanum coke from 2016 to 2025 [29]. 3.5.2 Calcium Carbide - It presents the price, cost - profit, operating rate, maintenance loss, and output trends of calcium carbide from 2018 to 2025 [32]. 3.5.3 Liquid Chlorine and Raw Salt - It shows the price, output trends of liquid chlorine from 2020 to 2025, and the price and monthly output trends of raw salt from 2019 to 2025 [34]. 3.5.4 Caustic Soda - It provides the price, cost - profit, operating rate, output, maintenance volume, apparent consumption, inventory, and flake caustic soda inventory trends of 32% caustic soda (Shandong) from 2019 to 2025, as well as the cost - profit trends of Shandong chlor - alkali [36][39]. 3.6 PVC Fundamental - Supply Trend - It shows the capacity utilization rates of calcium carbide and ethylene methods, the profit trends of calcium carbide and ethylene methods, daily output, weekly maintenance volume, weekly capacity utilization rate, and weekly output of sample enterprises of PVC from 2018 to 2025 [41][43]. 3.7 PVC Fundamental - Demand Trend - It presents the daily sales volume of PVC traders, weekly pre - sales volume, weekly production - sales ratio, apparent consumption, downstream average operating rate, operating rates of profiles, pipes, films, and paste resin of PVC, as well as the profit, cost, monthly output, and apparent consumption of paste resin from 2019 to 2025. It also shows the real estate investment completion amount, housing construction area, new housing start - up area, commercial housing sales area, and housing completion area from 2018 to 2025, as well as the social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment (excluding electricity) year - on - year from 2019 to 2025 [46][48][53]. 3.8 PVC Fundamental - Inventory - It shows the trends of exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 [57]. 3.9 PVC Fundamental - Ethylene Method - It presents the import volumes of vinyl chloride and dichloroethane, PVC export volume, FOB spread of ethylene method (Tianjin - Taiwan), and vinyl chloride import spread (Jiangsu - Far East CIF) from 2018 to 2025 [59]. 3.10 PVC Fundamental - Supply - Demand Balance Sheet - It shows the monthly import, output, factory inventory, social inventory, demand, and export data of PVC from September 2024 to October 2025 [62].

Core Viewpoint - Jiangsu Sopo (600746.SH) has experienced significant fluctuations in revenue and net profit from 2022 to the first half of 2025, primarily due to market performance of its core products, acetic acid and ethyl acetate, which have seen declining prices impacting overall gross margins [1][2]. Financial Performance Summary - Revenue figures for Jiangsu Sopo from 2022 to the first half of 2025 are as follows: 7.172 billion, 5.390 billion, 6.403 billion, and 3.158 billion [1]. - Net profit for the same period shows a decline to 0.18 billion in 2023, with a recovery to 2.13 billion in 2024, and 1.02 billion in the first half of 2025 [2]. - The gross margin for the main business has decreased over the years, with figures of 15.58%, 7.62%, 8.72%, and 8.40% respectively [1]. Product Performance Analysis - The decline in gross margin is attributed to the market performance of acetic acid and ethyl acetate, with acetic acid's gross margin dropping from 24.69% and ethyl acetate's margin showing a slight recovery in 2025 due to raw material price decreases [1][2]. - In 2024, net profit recovery was supported by stable operations and increased sales volumes of acetic acid and ethyl acetate, which grew by 36.82% and 20.33% respectively [2]. Industry Comparison - Compared to peers, Jiangsu Sopo's gross margin and net profit trends differ due to its concentrated business model focused on acetic acid and derivatives, while competitors like Hualu Hengsheng have a more diverse product range and lower raw material costs [3]. - The overall industry trend shows a decline in gross margins in 2023 followed by a recovery in 2024, aligning with Jiangsu Sopo's performance despite differences in product composition and cost control capabilities [3].

Core Viewpoint - Fengyuan Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of 33.09% over three consecutive trading days, indicating strong market interest and trading activity [2] Stock Performance - The stock reached a price of 23.85 yuan, with a turnover rate of 8.29% and a trading volume of 23.1 million shares, amounting to a transaction value of 543 million yuan as of 9:37 AM [2] - The stock has recorded a total market capitalization of 6.679 billion yuan and a circulating market capitalization of 6.643 billion yuan [2] - The stock's trading data shows a net inflow of 181.01 million yuan on November 14, with a daily increase of 9.99% and a turnover rate of 12.21% [2] Margin Trading Data - As of November 14, the margin trading balance for the stock is 217 million yuan, with a financing balance of 217 million yuan, reflecting an increase of 19.34 million yuan or 9.78% from the previous trading day [2] - Over the past three days, the margin trading balance has increased by 44.16 million yuan, representing a growth of 25.54% [2] Company Financials - For the first three quarters, the company reported a total revenue of 1.172 billion yuan, marking a year-on-year growth of 19.70% [2] - The net profit for the same period was -374 million yuan, showing a year-on-year decline of 189.27% [2] - The basic earnings per share were reported at -1.3400 yuan [2] Company Background - Shandong Fengyuan Chemical Co., Ltd. was established on August 23, 2000, with a registered capital of 280.062508 million yuan [2]

Group 1 - The core point of the news is that Fengyuan Co., Ltd. experienced a stock price increase of 6.78%, reaching 23.15 yuan per share, with a total market capitalization of 6.483 billion yuan [1] - Fengyuan Co., Ltd. is primarily engaged in the production and sales of oxalic acid and nitric acid, with lithium battery cathode materials accounting for 92.78% of its main business revenue [1] - The company was established on August 23, 2000, and went public on July 7, 2016 [1] Group 2 - Among the top ten circulating shareholders of Fengyuan Co., Ltd., the Jiashi Fund's Jiashi CSI Rare Earth Industry ETF (516150) has recently entered the list, holding 2.118 million shares, which is 0.76% of the circulating shares [2] - The Jiashi CSI Rare Earth Industry ETF has achieved a year-to-date return of 71.01% and a one-year return of 55.86% [2] - The fund was established on March 9, 2021, and currently has a total scale of 7.648 billion yuan [2] Group 3 - The fund manager of Jiashi CSI Rare Earth Industry ETF is Tian Guangyuan, who has been in the position for 4 years and 255 days [3] - Under Tian Guangyuan's management, the fund has achieved a best return of 126.93% and a worst return of -46.65% [3]

截至11月10日，华润材料股东户数2.32万，较上期减少0.66%；人均流通股63671股，较上期增加 0.66%。2025年1月-9月，华润材料实现营业收入102.96亿元，同比减少24.74%；归母净利润-9527.75万 元，同比增长62.35%。 分红方面，华润材料A股上市后累计派现2.53亿元。近三年，累计派现1.81亿元。 机构持仓方面，截止2025年9月30日，华润材料十大流通股东中，华夏中证500指数增强A（007994）位 居第五大流通股东，持股280.23万股，为新进股东。南方中证1000ETF（512100）位居第六大流通股 东，持股272.27万股，相比上期增加6100.00股。华夏智胜先锋股票(LOF)A（501219）位居第七大流通 股东，持股229.11万股，相比上期增加110.15万股。香港中央结算有限公司位居第八大流通股东，持股 207.27万股，相比上期减少130.91万股。华夏中证1000ETF（159845）、广发中证1000ETF（560010） 退出十大流通股东之列。 11月14日，华润材料跌0.24%，成交额5769.14万元。两融数据显示，当日华润材料获融资买入 ...

11月14日，宁波色母涨8.27%，成交额3.92亿元。两融数据显示，当日宁波色母获融资买入额4206.66万 元，融资偿还3504.77万元，融资净买入701.88万元。截至11月14日，宁波色母融资融券余额合计1.69亿 元。 融资方面，宁波色母当日融资买入4206.66万元。当前融资余额1.69亿元，占流通市值的4.44%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，宁波色母11月14日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 截至10月31日，宁波色母股东户数1.18万，较上期增加7.29%；人均流通股9476股，较上期减少6.79%。 2025年1月-9月，宁波色母实现营业收入3.45亿元，同比减少5.93%；归母净利润8250.64万元，同比增长 15.12%。 分红方面，宁波色母A股上市后累计派现2.35亿元。近三年，累计派现1.95亿元。 责任编辑：小浪快报 资料显示，宁波色母粒股份有限公司位于浙江省宁波市鄞州区潘火街道金辉西路168号，成立日期1999 年10月2 ...

Core Viewpoint - The company Huabang Health (002004.SZ) confirmed that its subsidiary, Kaisheng New Materials, is producing high-purity battery-grade thionyl chloride and has begun supplying it to relevant production enterprises [1] Group 1 - Kaisheng New Materials has the capability to produce battery-grade thionyl chloride [1] - The annual production capacity details of thionyl chloride will be disclosed in Kaisheng New Materials' periodic reports [1]

人民财讯11月17日电，光大证券研报称，近几年为化工行业新增产能的投产高峰期，但是实际的投产峰 值已经过去，后续化工行业整体的资本开支力度将有所减弱。根据国家统计局数据，2025年1—9月化学 原料及化学制品制造业固定资产投资完成额同比减少5.6%，于2020年以后再度出现下降。而从上市公 司的财务数据来看，基础化工行业上市公司2025上半年资本开支约为1241亿元，同比减少12.5%；2025 上半年期末在建工程总额约为3979亿元，同比减少12.2%。伴随着资本开支的减少，叠加需求端的逐步 修复，化工行业供需格局将迎来好转，行业景气程度有望上行。此外，从PB估值角度来看，当前基础 化工行业的PB-LF估值与2019年和2024年期间的底部水平较为接近，当前化工行业估值水平仍然处于低 位。化工行业供需持续改善景气度有望持续上行，PB估值仍处于历史低位水平，持续看好化工板块迎 来估值修复。 ...

Q&A 纯碱、顺酐——大宗商品热点解读 20251114 摘要 顺酐市场供需失衡加剧，2024 年起产能大幅扩张，至 2025 年总产能 达 357 万吨，较 2021 年增长 187.9%，但下游需求增速滞后，导致工 厂开工率普遍偏低，预计未来几年供需矛盾依旧严峻，市场价格或将持 续承压。 顺酐价格持续走弱，2025 年多数时间低于 2024 年水平，与原材料正 丁烷价差收窄，成本支撑减弱。多数工厂面临严重亏损，利润长期徘徊 在负值区间，仅在特殊时期出现短暂盈利，行业整体经营状况堪忧。 国内纯碱产能快速扩张，2020 年至 2025 年增加超过 1,000 万吨，总 产能达 4,450 万吨，主要集中在河南、内蒙古、江苏等地，天然碱项目 成为扩张主力，推动因素包括政府支持、市场需求增长和技术改进。 纯碱生产成本因工艺方法而异，天然碱具有显著成本优势，合成氨法和 联氨法成本波动较大。环保政策趋严，高耗能、高成本的小型装置或将 逐步退出，未来新增产能预计以天然碱为主。 纯碱行业开工率在 2025 年出现波动，夏季检修和下游需求变化是主要 影响因素。重质纯碱需求增加，轻重质比例发生变化。各地区间价格存 在差异，华 ...