Group 1 - As of July 30, 14 companies in the Shenzhen market have announced mid-term profit distribution plans, with a total dividend amount of 10.251 billion yuan [1] - By July 15, 775 listed companies in the Shenzhen market had disclosed their mid-term performance forecasts for 2025, with 453 companies expecting a year-on-year increase in net profit, accounting for nearly 60% [3] - The awareness of regular returns to investors among Shenzhen-listed companies has been increasing, with 8 out of the 14 companies announcing mid-term dividends for the first time [3] Group 2 - Since the release of the new "National Nine Articles," the capital market has seen continuous improvement in basic systems, leading to a market environment where companies are willing to distribute dividends regularly [4] - In 2023, 165 companies in the Shenzhen market have published shareholder dividend return plans for the next three years, indicating a commitment to stable returns for investors [4] - A total of 216 companies in the Shenzhen market announced medium to long-term shareholder dividend return plans in 2024, with some companies already fulfilling their commitments this year [4]

Summary of Key Points Core Viewpoint The report from Northeast Securities provides a comprehensive analysis of the IPO projects on the main board for the first half of 2025, detailing the number of companies accepted, approved, listed, and terminated, along with insights into industry distribution, financial data, and regional representation. Group 1: New Applications - A total of 20 companies were newly accepted for review on the main board in the first half of 2025, compared to only 1 company in the same period of 2024 [2] - The 20 companies span 13 different industries, with the largest sectors being chemical manufacturing, computer and electronic equipment manufacturing, and automotive manufacturing, each contributing 15% to the total [2] - Among the accepted companies, 17 adhered to the first listing standard, while the others followed different standards [2][3] Group 2: Approved or Registered Companies - By June 30, 2025, 11 companies had been approved or registered but had not yet listed, an increase from 4 in the previous year [9] - These companies are distributed across 10 industries, with the computer and electronic equipment manufacturing sector having the highest representation [9] - All 11 companies that were approved or registered adhered to the first listing standard [10] Group 3: Listed Companies - A total of 18 companies successfully listed on the main board in the first half of 2025, compared to 12 in the same period of 2024 [11] - The listed companies are involved in 11 different industries, with automotive manufacturing and specialized equipment manufacturing being the most prominent [12] - All listed companies adhered to the first listing standard, with an average net profit of 43.63 million yuan, reflecting a 46.31% increase year-on-year [13] Group 4: Terminated Projects - There were 23 companies that terminated their IPO applications in the first half of 2025, a significant decrease from 110 in the same period of 2024 [14] - The terminated companies were involved in 18 different industries, with the computer and electronic equipment manufacturing sector again being the most affected [15] - The majority of the terminations were due to voluntary withdrawal of applications, with only a few cases of registration termination [16][17] Group 5: Financial Data - The average net profit for the 10 approved or registered companies was 117.95 million yuan, with the highest being 883.11 million yuan [10] - The average net profit for the listed companies was 43.63 million yuan, with the highest being 378.72 million yuan [13] - Among the terminated companies, only 4 disclosed financial data, showing varied performance in net profit changes [19] Group 6: Regional Distribution - The new applications were concentrated in 12 regions, with Zhejiang being the most represented [8] - The approved or registered companies were primarily from 5 regions, with Guangdong and Jiangsu having the highest numbers [11] - The terminated companies were also distributed across 11 regions, with Guangdong leading in terminations [21]

格隆汇8月1日丨集泰股份(002909.SZ)在互动平台表示，公司现有的甲基硅油、乙烯基硅油具备耐热性 好、耐氧化稳定性和耐候性好、电气绝缘性好、疏水性好、粘温系数小等特点，能够适配众多导热硅胶 片的制作。目前，公司尚未推出专门针对机器人运动部件密封与缓冲需求的定制化产品。公司将持续跟 踪机器人等新兴应用领域的技术发展及市场趋势，积极评估潜在应用机会，并在技术储备和产品研发方 面不断探索。 ...

Core Viewpoint - The company is in discussions with intermediaries regarding the specific progress of its H-share listing, with details yet to be confirmed. The H-share listing will not change the company's controlling shareholder or actual controller situation, but there is significant uncertainty regarding the approval and implementation process [3]. Group 1: Company Overview - Binhu Chemical Co., Ltd. was listed on the Shanghai Stock Exchange in February 2010 [3]. - The company's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [3]. - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China with a capacity of 200,000 tons [3]. - The company’s propylene oxide production capacity is 510,000 tons, with its technology and operational standards leading among domestic chlor-alkali production enterprises [3]. Group 2: Financial Performance - In 2024, the company achieved an operating income of approximately 10.228 billion yuan, a year-on-year increase of 40%, while the net profit attributable to shareholders decreased by 42.77% to about 219 million yuan [4]. - In the first quarter of 2025, the company reported an operating income of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit attributable to shareholders of about 96 million yuan, reflecting a year-on-year growth of 225.75% [4].

芳烃橡胶早报 研究中心能化团队 2025/08/01 P T A 日期 原油 石脑油 日本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/0 7/25 68.4 581 874 4895 6710 78.83 293.0 128 -160 80.9 79.7 30740 0 0.40 2025/0 7/28 70.0 579 851 4800 6715 65.11 272.0 153 -46 80.9 79.7 30740 -5 0.30 2025/0 7/29 72.5 589 857 4830 6720 57.75 268.0 151 -71 80.9 79.7 30740 -5 0.30 2025/0 7/30 73.2 608 866 4860 6760 71.45 258.0 119 -62 80.9 79.7 29738 -7 0.65 2025/0 7/31 72.5 611 859 4825 6760 79.36 248.0 120 -24 ...

Report Summary 1) Investment Rating The report does not provide an overall industry investment rating. 2) Core Views - PX: The commodity market is weakening, and PX long - positions are being reduced. Suggest going long PX and short PTA01 contracts, and shorting PXN on rallies. The supply is marginally decreasing, but the cost side is strengthening, so PXN should be shorted on highs [1][8]. - PTA: The trend is weak. Consider basis reverse arbitrage and focus on long - short positive arbitrage for the monthly spread. The supply pressure is increasing, and the basis remains suitable for reverse arbitrage. With potential changes in device operations in August, the 9 - 1 monthly spread positive arbitrage can be considered. The polyester start - up may bottom out in the short term, and the processing fee of the 01 contract is trending down [1][8][9]. - MEG: The unilateral trend is still weak. Consider basis positive arbitrage and monthly spread reverse arbitrage. Supply pressure from non - mainstream warehouse receipts is a concern. The port inventory is falling, but the monthly spread is weak due to delivery pressure. The spread between ethylene glycol and plastics/styrene is at a high level, so consider shorting ethylene glycol and going long L. The supply is relatively loose, and some ethylene oxide devices may switch to produce ethylene glycol [1][9][10]. 3) Summary by Related Catalogs Market Overview - PX: Concerns about the lack of progress in Sino - US trade negotiations are increasing, pressuring the spot market. Supply tightness in August and September is expected to ease, and the PX - naphtha spread is weakening. The PX start - up rate in China is about 80.5%, and the PX price fell on July 31 [3][5]. - PTA: A 1.5 - million - ton PTA device in East China has a temporary shutdown, and some other devices have reduced loads. The PTA start - up rate is about 81.2%, and the capacity base has been adjusted to 8851.5 million tons since July 1, 2025 [5]. - MEG: A 300,000 - ton/year synthetic gas - to - ethylene glycol device in Inner Mongolia has a temporary shutdown, and a 400,000 - ton/year device in Xinjiang has restarted. The overall start - up load of ethylene glycol in mainland China is 69% (up 0.65% from the previous period), and the capacity base has been adjusted to 2917.5 million tons since June 1, 2025 [6]. - Polyester: Two polyester devices are under maintenance, and a new 300,000 - ton polyester device in Anhui has been put into production. The overall polyester load is fluctuating, and the start - up load of domestic polyester industrial yarn has dropped to about 67%. The sales of polyester filaments in Jiangsu and Zhejiang on July 31 were weak, and the average sales of direct - spun polyester staple fibers were 53% [6][7]. Trend Intensity - The trend intensity of PX, PTA, and MEG is - 1, indicating a weak trend [8]. Futures and Spot Data | Futures | PX | PTA | MEG | PF | SC | | --- | --- | --- | --- | --- | --- | | Yesterday's closing price | 6928 | 4808 | 4414 | 6464 | 531.3 | | Change | - 64 | - 48 | - 36 | - 36 | 2.7 | | Change rate | - 0.80% | - 0.99% | - 0.81% | - 0.55% | 0.51% | | Monthly spread (yesterday's closing price) | 64 | - 32 | - 27 | - 58 | 5.2 | | Monthly spread (change) | - 42 | - 34 | 1 | - 4 | - 1.9 | | Spot price (yesterday) | 859.33 (USD/ton) | 4826 (CNY/ton) | 4492 | 611 | 72.7 (USD/barrel) | | Spot price (change) | - 7 | - 32 | - 33 | 2.75 | - 0.85 | | Spot processing fee (yesterday) | 292.5 | 192.67 | 84.81 | - 22.45 | - 6.01 | | Spot processing fee (change) | 12.96 | - 5.64 | - 30.82 | 6.34 | 0 | [2]

Group 1: Economic Developments - The National Development and Reform Commission (NDRC) emphasized the need to deepen the construction of a unified national market and eliminate "involution" competition, promoting smooth flow of factors and healthy development of the private economy [1][2] - In July, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, a decrease of 0.4 percentage points from the previous month, while the non-manufacturing business activity index and composite PMI output index were at 50.1% and 50.2%, respectively, both remaining above the critical point [2] - The National Energy Administration reported that electricity consumption growth stabilized in the first half of the year, with June showing a year-on-year increase of 5.4% [2] Group 2: Company News - Daodaoquan (002852) reported a net profit of 1.81 billion yuan for the first half of 2025, a year-on-year increase of 563.15%, and proposed a cash dividend of 1.76 yuan per 10 shares [4] - Zhengdan Co., Ltd. (300641) announced a net profit of 630 million yuan for the first half of 2025, up 120.35% year-on-year, with a proposed cash dividend of 3 yuan per 10 shares [4] - Zhonghua Equipment announced a significant stock price increase, with a cumulative rise of 33.13% over three trading days, indicating potential market volatility [5] - Xizang Tourism reported a cumulative stock price increase of 135.98% over nine consecutive trading days, warning of potential risks due to rapid price increases [6] - Shenzhou Technology plans to increase its investment in a high-speed optical module production base to 800 million yuan, aiming to meet market demand for high-speed optical communication modules [7] Group 3: Industry Insights - Guotai Junan's report suggests that national-level childcare subsidies are expected to boost dairy product consumption, particularly in the milk powder segment, enhancing the industry's overall performance [8] - CITIC Securities indicates that the photovoltaic industry chain is likely to see a reasonable price recovery and profit restoration, with firms that have product differentiation and brand advantages expected to experience performance rebounds [8]

Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest 183 million yuan in R&D in 2024, aiming to deepen its technology strategy [1] Group 2: Zhongwang Software - Zhongwang Software emphasizes the importance of intellectual property compliance in its internationalization process [2] - The company is preparing for legal proceedings while maintaining confidence in its product sales during the lawsuit period [2] - Zhongwang Software has strengthened its internal controls and intellectual property management to avoid infringement [2] Group 3: Weili Medical - Weili Medical reported that its overseas production costs are slightly higher than domestic costs, but overall gross margins are expected to remain stable [3] - The company has seen significant growth in overseas sales of its urology products, with gross margins exceeding 70% [3] - Weili Medical is expanding its production capacity in Indonesia and Mexico to mitigate geopolitical risks [3] Group 4: Shanguo Environmental - Shanguo Environmental's performance improved significantly in the first half of the year due to rising UCO prices and increased capacity utilization [4] - The company plans to expand its kitchen waste project capacity to 8,000-10,000 tons per day [4] - Shanguo Environmental aims to enhance project management and absorb quality projects to consolidate its capacity advantage [4] Group 5: Luxi Chemical - Luxi Chemical is maintaining stable operations while enhancing summer safety controls and adjusting to market changes [5] - The company has implemented its dividend plan for 2024 and will adhere to regulatory requirements for future dividend determinations [5] - Luxi Chemical is closely monitoring market price fluctuations of chemical products to achieve a balance between production and sales [5]

Core Viewpoint - Shandong Longhua New Materials Co., Ltd. has increased the registered capital of its wholly-owned subsidiary, Shandong Longhua High Polymer Materials Co., Ltd., from RMB 300 million to RMB 600 million to support its business development needs [1]. Group 1: Capital Increase Details - The company has invested RMB 300 million in its subsidiary, resulting in an increase in registered capital from RMB 300 million to RMB 600 million [1]. - The capital increase does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [1]. Group 2: Business Registration Changes - The business registration changes were completed on July 30, 2025, with the new business license issued by the Administrative Approval Service Bureau of Gaoqing County [1]. - The updated business registration details include: - Name: Shandong Longhua High Polymer Materials Co., Ltd. - Unified Social Credit Code: 91370322MA7L4G629L - Type: Limited liability company (wholly owned by a legal entity) - Legal Representative: Zhang Ping - Registered Capital: RMB 600 million - Established Date: March 22, 2022 - Address: 289 Zhi Mai He Road, Gaoqing County, Shandong Province [1]. Group 3: Impact of Capital Increase - The capital increase is aimed at meeting the daily funding needs of the subsidiary and advancing the polyamide resin project, promoting sustainable development and healthy operations [1]. - Following the capital increase, Longhua High Polymer remains a wholly-owned subsidiary, with no changes to the company's consolidated financial statements or overall financial and operational status [1].

Financial Performance - As of July 31, 2025, Mingchen Health (002919) reported a closing price of 16.11 yuan, down 3.01% with a turnover rate of 2.02% and a trading volume of 53,300 lots, amounting to 86.79 million yuan [1] - For Q1 2025, the company reported total operating revenue of 361 million yuan, a year-on-year decrease of 0.10%, and a net profit attributable to shareholders of 12.71 million yuan, down 71.62% year-on-year [1] - The company's current ratio is 2.459, quick ratio is 2.166, and debt-to-asset ratio is 25.34% [1] Capital Flow - On the reporting day, the main capital outflow was 14.76 million yuan, accounting for 17.0% of the total transaction amount [1] - Large orders saw a net outflow of 13.21 million yuan, representing 15.22% of the transaction amount, while small orders had a net inflow of 9.34 million yuan, accounting for 10.76% [1] Company Overview - Mingchen Health Products Co., Ltd. was established in 1994 and is located in Shantou City, primarily engaged in the manufacturing of chemical raw materials and chemical products [2] - The company has a registered capital of 2.67 billion yuan and a paid-in capital of 610.64 million yuan [1] - The legal representative of the company is Chen Jianming [1] Investment and Intellectual Property - Mingchen Health has invested in 5 external enterprises and participated in 10 bidding projects [2] - The company holds 2 trademark registrations and 91 patents, along with 33 administrative licenses [2]