Core Insights - The primary form of plastic production in Chongqing for March 2025 was 23,000 tons, representing a year-on-year decline of 21.8% [1] - The production growth rate compared to the same period last year increased by 26.6 percentage points [1] - For the first three months of 2025, the total plastic production was 61,000 tons, with a year-on-year decrease of 24.8% [1] Production Data Analysis - March 2025 plastic production: 23,000 tons, down 21.8% year-on-year, with a growth rate 26.6 percentage points higher than the previous year [1] - National comparison: Chongqing's production growth rate was 32.0 percentage points lower than the national average [1] - Contribution to national production: Chongqing accounted for 0.2% of the national total of 1,225,917.92 tons [1] Cumulative Production Data - January to March 2025 plastic production: 61,000 tons, down 24.8% year-on-year, with a growth rate 22.2 percentage points higher than the previous year [1] - National comparison: Chongqing's cumulative production growth rate was 34.4 percentage points lower than the national average [1] - Contribution to national cumulative production: Chongqing represented 0.2% of the national total of 3,441,048.85 tons [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a comprehensive analysis of various asset classes and industries. It maintains the view of more volatility and a preference for safe - haven assets overseas, and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. Overseas, the US inflation expectation structure is stable with short - term fundamental resilience, while in China, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Different industries and asset classes are expected to show different trends, mostly in a state of oscillation [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: Tariff and US debt concerns are the main drivers of market volatility in May. The EU has requested an extension of the tariff negotiation deadline to July 9, which was approved by President Trump. The US House of Representatives passed a large - scale tax - cut and spending bill, increasing concerns about US debt. US retail sales in April increased slightly by 0.1%, and the May manufacturing and service PMIs were better than expected [6]. - **Domestic Macro**: April's domestic economic data showed resilience, and policy expectations were generally stable. The China - ASEAN Free Trade Area 3.0 negotiation was completed. The 1 - year and 5 - year - plus LPRs were both cut by 10BP in May, and major state - owned banks lowered deposit rates. Investment and consumption growth in April slightly slowed down but remained resilient. Fixed - asset investment from January to April increased by 4.0% year - on - year, and social consumer goods retail总额 increased by 5.1% year - on - year in April [6]. - **Asset View**: In the large - scale asset category, the report maintains the view of more volatility and a preference for safe - haven assets overseas and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. In the overseas market, the US inflation expectation structure is stable, and the short - term fundamentals are resilient. In the Chinese market, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Bonds have allocation value after the capital pressure eases, and stocks and commodities are expected to oscillate in the short term [6]. 3.2 View Highlights Financial Sector - **Stock Index Futures**: The proportion of small - cap and micro - cap trading volume shows a downward trend, and the stock index discount is converging, with an expected oscillation [7]. - **Stock Index Options**: The short - term market sentiment is positive, and attention should be paid to the option market liquidity, with an expected oscillation [7]. - **Treasury Bond Futures**: The bond market may continue to oscillate, and attention should be paid to changes in the capital market and policy expectations, with an expected oscillation [7]. Precious Metals - **Gold/Silver**: The progress of China - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Attention should be paid to Trump's tariff policy and the Fed's monetary policy, with an expected oscillation [7]. Shipping - **Container Shipping on the European Route**: Attention should be paid to the game between the peak - season expectation and the implementation of price increases. The short - term trend is expected to oscillate, and attention should be paid to tariff policies and shipping company pricing strategies [7]. Black Building Materials - **Steel**: Demand continues to weaken, and both futures and spot prices are falling. Attention should be paid to the progress of special bond issuance, steel exports, and molten iron production, with an expected oscillation [7]. - **Iron Ore**: The arrival of shipments has been continuously low, and port inventories have decreased slightly. Attention should be paid to overseas mine production and shipments, domestic molten iron production, weather factors, and port inventory changes, with an expected oscillation [7]. - **Coke**: The second - round price cut has started, and coke enterprises are having difficulty in shipping. Attention should be paid to steel mill production, coking costs, and macro - sentiment, with an expected oscillation and decline [7]. - **Coking Coal**: The pressure to reduce inventory is increasing, and market sentiment is low. Attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment, with an expected oscillation and decline [7]. Non - ferrous Metals and New Materials - **Copper**: Inventory continues to accumulate, and copper prices oscillate at a high level. Attention should be paid to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and weaker - than - expected domestic demand recovery, with an expected oscillation and increase [7]. - **Aluminum Oxide**: The event of revoking mining licenses has not been finalized, and the aluminum oxide market oscillates at a high level. Attention should be paid to the failure of ore production to resume as expected, the over - expected resumption of electrolytic aluminum production, and extreme market trends, with an expected oscillation and decline [7]. Energy and Chemicals - **Crude Oil**: The expectation of production increase is strengthened, and oil prices continue to face pressure. Attention should be paid to OPEC + production policies, the progress of Russia - Ukraine peace talks, and the US sanctions on Iran, with an expected oscillation and decline [9]. - **LPG**: Demand continues to weaken, and LPG maintains a weak oscillation. Attention should be paid to the cost progress of crude oil and overseas propane, with an expected oscillation and decline [9]. - **Ethylene Glycol**: Concerns about tariffs have subsided, and the over - expected scale of EG maintenance has boosted futures prices. Attention should be paid to the terminal demand for ethylene glycol, with an expected oscillation and increase [9]. Agriculture - **Livestock and Poultry**: The spot price of pigs stopped falling before the festival, but the futures market remained weak. Attention should be paid to breeding sentiment, epidemics, and policies, with an expected oscillation and decline [9]. - **Cotton**: Cotton prices oscillate slightly. Attention should be paid to demand and production, with an expected oscillation [9].

中国正在增加对东南亚的出口（4月、山东省青岛市的港口、xinhua-kyodo） 4月中国对东盟出口额按美元计算同比增长21%。一方面，对美国的出口下降21%。对美国出货 量下降的中国造个人电脑和智能手机流入东南亚。美国总统特朗普的高关税政策是背后原因…… 受特朗普关税的影响，东南亚的来自中国的进口正在扩大。4月对美国出货量下降的中国造个人 电脑和智能手机流入东南亚。由于美国对等关税部分暂缓实施，东南亚出现紧急增加对美出口的 动向，与此同时，来自中国的零部件采购也在增加。 中国海关总署的数据显示，4月中国对东盟（ASEAN）出口按美元计算同比增长21%。增幅高于 3月的12%。针对4月将对华加征关税提高至145%的美国，中国方面的出口下降21%，而对东盟 的出口弥补了下降部分。 在东南亚区域内，尤其是面向与中国贸易往来频繁的越南、泰国和印度尼西亚的出口增长2～3 成。对新加坡和马来西亚出口3月一度下降，但4月均增长15%。 美国总统特朗普的高关税政策是背后原因。美国针对世界各国征收的对等关税已将加征部分的生 效暂缓了90天。在越南，利用这一过渡期提前向美国供货的动向加强，4月对美出口同比增长3成 以上。 越南 ...

Core Viewpoint - The company, Daon Co., Ltd. (002838), has seen a recent increase in stock price and has completed the redemption of its convertible bonds, which will be delisted from the Shenzhen Stock Exchange. Group 1: Stock Performance - As of May 23, 2025, Daon Co., Ltd. closed at 18.71 yuan, up 1.8% from the previous week's 18.38 yuan [1] - The stock reached a nearly one-year high of 19.66 yuan on May 21, 2025, with a low of 17.9 yuan on May 20, 2025 [1] - The company's current market capitalization is 8.951 billion yuan, ranking 9th in the plastics sector and 1728th among all A-shares [1] Group 2: Convertible Bond Redemption - The company announced the redemption results for its convertible bonds issued on July 2, 2020, totaling 360 million yuan [2] - The bonds had a conversion period from January 8, 2021, to July 1, 2026, with an adjusted conversion price of 11.76 yuan per share [2] - The redemption was triggered as the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [2] - The redemption price was set at 101.73 yuan per bond, with a total redemption payment of 875,183.19 yuan [2] - Following the redemption, 30,428,874 shares were added to the total share count, which may dilute earnings per share [2] - The bonds will be delisted from the Shenzhen Stock Exchange on May 21, 2025 [2] Group 3: Guarantees for Subsidiaries - In 2025, the company plans to provide guarantees totaling up to 1.323 billion yuan for its subsidiaries [3] - A guarantee contract was signed with Zheshang Bank for a maximum of 135 million yuan for its subsidiary, Qingdao Haier New Materials R&D Co., Ltd. [3] - The guarantee is a joint liability guarantee with a duration of three years from the debt fulfillment date [3] Group 4: Dividend Distribution - The company announced a cash dividend distribution plan for 2024, proposing a payout of 0.65 yuan per 10 shares [4] - The total number of shares eligible for the dividend is 473,664,302 after excluding repurchased shares [4] - The record date for the dividend distribution is May 28, 2025, and the ex-dividend date is May 29, 2025 [4]

Product Overview - HIPS is a high-value, environmentally friendly new material with applications in high-end electronics, extruded sheets, toys, food packaging, and medical devices. In 2024, HIPS sales revenue reached 1,007.30 million CNY, a 14.05% increase year-on-year [1] - GPPS is primarily used in toys, daily plastic products, packaging materials, medical plastic products, and optical materials [1] Production Capacity - The company operates three interchangeable polystyrene production lines that can flexibly adjust to market demand for HIPS and GPPS products [1] Market Dynamics - PS, as one of the five major general-purpose plastics, has overlapping applications with other plastics. However, significant large-scale substitution is not expected due to performance differences [3] - Domestic manufacturers have improved product quality and variety, narrowing the gap with foreign products. The company aims to enhance its production processes and product quality to achieve domestic substitution of imported PS products [4] Customer Strategy - The company implements a prepayment sales policy for all customers [2] - It targets the mid-to-high-end polystyrene market, focusing on customized and specialized materials to meet specific customer needs, enhancing competitive differentiation [5] Future Development Plans - The company plans to expand into other synthetic resin fields and explore mergers and acquisitions to enhance profitability and competitive strength [5] - It emphasizes the importance of risk awareness regarding future plans and performance forecasts, ensuring compliance with information disclosure regulations [6]

Group 1 - Company Zhongnan Media signed a government procurement contract worth 1.009 billion yuan for the supply of free textbooks and related teaching resources in Hunan Province for 2025, ensuring stable revenue for the company [1] - Company Zhongnan Media was established in December 2008, focusing on the publishing, distribution, and printing of publications [2] Group 2 - Company Tongling Nonferrous Metals announced the resignation of its general manager and deputy general manager due to higher-level assignments [3] - Company Tongling Nonferrous Metals was founded in November 1996, primarily engaged in the mining and processing of copper, iron, and sulfur gold [4] Group 3 - Company Xinyi Co. plans to reduce its shareholding by no more than 1% due to personal asset allocation needs [5] - Company Xinyi Co. was established in April 1996, specializing in the research, production, and sales of functional new materials based on organic synthetic resins [6] Group 4 - Company Xinhua Pharmaceutical received approval for the registration of ibuprofen suspension drops, a non-prescription drug for relieving fever and mild to moderate pain in children [7] - Company Xinhua Pharmaceutical was founded in November 1998, focusing on the sales of raw materials and intermediates, as well as chemical products [8] Group 5 - Company Emei Mountain A elected Tong Jianming as a director and appointed him as the general manager [9] - Company Emei Mountain A was established in October 1997, primarily engaged in tourism services, including ticket sales and hotel operations [10] Group 6 - Company Heng Rui Medicine announced the approval of its innovative drug, Regaglitin Metformin tablets, for market launch, aimed at improving blood sugar control in type 2 diabetes patients [11] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [12] Group 7 - Company Chongqing Rural Commercial Bank announced the approval of Tang Li's qualification as vice president [13] - Company Chongqing Rural Commercial Bank was established in June 2008, focusing on inclusive finance and corporate financial services [14] Group 8 - Company Weili Medical received certification from the Canadian Ministry of Health for its extraction bag, allowing legal sales in the Canadian market [15] - Company Weili Medical was founded in April 2004, specializing in the research, production, and sales of medical devices in various fields [16] Group 9 - Company Ailis received approval for its KRAS G12C inhibitor, a new drug for treating advanced non-small cell lung cancer [17] - Company Ailis was established in March 2004, focusing on innovative drug research and development in oncology [18] Group 10 - Company Renfu Pharmaceutical received registration certificates for two new drugs, including methylprednisolone tablets and hydrocodone ibuprofen tablets [19] - Company Renfu Pharmaceutical was founded in March 1993, focusing on the research, production, and sales of pharmaceuticals [20] Group 11 - Company Siwei Tuxin received multiple invention patent certificates from the National Intellectual Property Administration [21] - Company Siwei Tuxin was established in December 2002, focusing on navigation maps, intelligent driving, and automotive electronic chips [22] Group 12 - Company Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions [23] - Company Changhong High-Tech was founded in June 2012, focusing on the research, production, and sales of styrene thermoplastic elastomers [24] Group 13 - Company Gansu Energy Chemical announced the resignation of its director and general counsel due to organizational adjustments [25] - Company Gansu Energy Chemical was established in December 1996, focusing on coal mining and sales [26] Group 14 - Company Shanghai Construction received land use rights for a residential project in Tianjin, with a total investment of approximately 330 million yuan [27] - Company Shanghai Construction was founded in June 1998, focusing on construction, design consulting, and real estate development [28] Group 15 - Company Chengdu Xian Dao announced that a major shareholder plans to increase its stake in the company by 25 to 50 million yuan [29] - Company Chengdu Xian Dao was established in February 2012, focusing on drug research and development services [30] Group 16 - Company Hunan Silver announced the resignation of its deputy general manager due to organizational adjustments [31] - Company Hunan Silver was founded in November 2004, focusing on the smelting and sales of silver and other precious metals [32] Group 17 - Company China Chemical reported a total contract amount of 123.017 billion yuan for the first four months of the year [33] - Company China Chemical was established in September 2008, focusing on construction engineering and modern services [34] Group 18 - Company Borui Pharmaceutical received a registration certificate for iodinated contrast agent injection [35] - Company Borui Pharmaceutical was founded in October 2001, focusing on the research and production of pharmaceutical intermediates and raw materials [36] Group 19 - Company Wanhua Chemical announced a technical transformation of its ethylene unit, aiming to diversify raw materials and enhance competitiveness [37] - Company Wanhua Chemical was established in December 1998, focusing on the research, production, and sales of polyurethane and fine chemicals [38] Group 20 - Company ST Houlv received approval for its injectable cephalosporin sodium to pass the consistency evaluation for generic drugs [39] - Company ST Houlv was founded in June 2005, focusing on drug research, production, and sales [40] Group 21 - Company Anka Intelligent announced a targeted reduction of capital for its subsidiary [41] - Company Anka Intelligent was established in May 2004, focusing on the research and development of power system solutions [42] Group 22 - Company Huaming Intelligent announced financial support for its subsidiary [43] - Company Huaming Intelligent was founded in August 2001, focusing on intelligent systems and services [44] Group 23 - Company Foton Motor received a central subsidy of 124 million yuan for promoting new energy vehicles [45] - Company Foton Motor was established in August 1996, focusing on vehicles and mobile equipment [46] Group 24 - Company Guangsheng Tang received a registration certificate for ritonavir tablets, used in HIV treatment [47] - Company Guangsheng Tang was founded in June 2001, focusing on the research and production of antiviral drugs [48] Group 25 - Company Kexing Pharmaceutical received FDA approval for clinical trials of its GB18 injection in the United States [49] - Company Kexing Pharmaceutical was established in August 1997, focusing on the research and production of recombinant protein drugs [50] Group 26 - Company Heng Rui Medicine announced the final price for its H-share public offering at 44.05 HKD per share [51] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [52] Group 27 - Company Wandong Medical elected a new chairman following the resignation of the previous chairman [53] - Company Wandong Medical was established in May 1997, focusing on the research, production, and sales of medical imaging equipment [54] Group 28 - Company Qixia Construction announced a plan to reduce its shareholding by no more than 3% [55] - Company Qixia Construction was founded in December 1999, focusing on real estate development and management [56] Group 29 - Company Dasheng Intelligent signed a contract worth 11.5 million yuan for a high-efficiency machine room project [57] - Company Dasheng Intelligent was established in March 1995, focusing on AIoT intelligent management platforms [58] Group 30 - Company Huashi Technology announced an extension of the detention period for its actual controller [59] - Company Huashi Technology was founded in June 1998, focusing on information system integration and technical services [60] Group 31 - Company Tianzhihang announced plans to increase capital for its subsidiary [61] - Company Tianzhihang was established in October 2010, focusing on orthopedic surgical navigation robots [62] Group 32 - Company Pingzhi Information signed a procurement framework agreement with China Mobile for base station antennas [63] - Company Pingzhi Information was founded in November 2002, focusing on communication equipment and services [64] Group 33 - Company Mengke Pharmaceutical received acceptance for its new drug application for a new antibacterial drug [65] - Company Mengke Pharmaceutical was established in August 2012, focusing on small molecule drug research [66] Group 34 - Company Kede Education announced a change in its actual controller to a state-owned asset supervision committee [67] - Company Kede Education was founded in January 2003, focusing on education services [68] Group 35 - Company Jinlong Automobile elected a new chairman following the board meeting [69] - Company Jinlong Automobile was established in October 1996, focusing on the production and sales of buses [70] Group 36 - Company Jushen Co. received dividends totaling 95.7 million yuan from its subsidiaries [71] - Company Jushen Co. was founded in November 2011, focusing on logistics and warehousing services [72] Group 37 - Company Qingyun Technology announced plans for shareholders to reduce their holdings by up to 4.5% [73] - Company Qingyun Technology was established in April 2012, focusing on cloud computing products and services [74] Group 38 - Company Shengdexintai received a procurement notice from Dongfang Electric for a project worth 234 million yuan [75] - Company Shengdexintai was founded in October 2001, focusing on the production and sales of energy equipment [76] Group 39 - Company Juzhi Technology announced a plan for a director to reduce his holdings by up to 400,000 shares [77] - Company Juzhi Technology was established in November 2007, focusing on machine vision equipment [78] Group 40 - Company Sanrenxing announced plans for shareholders to reduce their holdings by up to 3% [79] - Company Sanrenxing was founded in August 2003, focusing on integrated marketing services [80] Group 41 - Company Transsion Holdings announced plans to increase capital for its subsidiary by 70 million yuan [81] - Company Transsion Holdings was established in August 2013, focusing on smart terminal design and sales [82] Group 42 - Company Jinling Pharmaceutical received approval for its raw material drug for iron deficiency anemia [83] - Company Jinling Pharmaceutical was founded in September 1998, focusing on drug manufacturing and healthcare services [84] Group 43 - Company Xiyu Tourism announced plans for shareholders to reduce their holdings by up to 3% [85] - Company Xiyu Tourism was established in January 2001, focusing on tourism and scenic area management [86]

Core Insights - The production of primary plastic shapes in Heilongjiang Province reached 604,000 tons in the first three months of 2025, marking a 1.1% increase compared to the same period in 2024, but the growth rate has slowed down by 2.4 percentage points compared to 2024, and is 8.5 percentage points lower than the national average [1] - In March 2025, the production of primary plastic shapes in Heilongjiang Province was 203,000 tons, representing a 3.7% decrease from March 2024, with a growth rate decline of 2.9 percentage points compared to the previous year, and 13.9 percentage points lower than the national average [2] Production Analysis - The cumulative production of primary plastic shapes in Heilongjiang Province for the first quarter of 2025 accounted for 1.8% of the national total production of 34,410,488.5 tons [1] - In March 2025, the production in Heilongjiang represented 1.7% of the national total production of 12,259,179.2 tons [2] Historical Context - The term "primary plastic shapes" was previously referred to as plastic resins and copolymers before 2004 [6] - The threshold for large-scale industrial enterprises in China was raised from an annual main business income of 5 million yuan to 20 million yuan starting in 2011 [6]

Group 1 - The core viewpoint indicates that the production of primary plastic shapes in Hunan Province has experienced a decline in March 2025, with a total output of 32,000 tons, representing a year-on-year decrease of 9.1% [1] - The growth rate for March 2025 is 2.2 percentage points lower than the same period last year, and the growth rate is also 19.3 percentage points lower than the national average [1] - The total production of primary plastic shapes in Hunan accounts for 0.3% of the national output of 12,259,179.2 tons during the same period [1] Group 2 - For the first quarter of 2025, the total production of primary plastic shapes in Hunan Province reached 83,000 tons, showing a year-on-year decline of 3.3% [3] - The growth rate for the first quarter is 18.8 percentage points higher than the same period last year, although it remains 12.9 percentage points lower than the national average [3] - Hunan's production during this period accounts for 0.2% of the national output of 34,410,488.5 tons [3]

2025年05月21日 期货研究 商 品 研 究 商 品 研 究 2025 年 05 月 21 日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 橡胶：宽幅震荡 | 2 | | --- | --- | | 合成橡胶：丁二烯回调，震荡承压 | 4 | | 沥青：区间震荡，观望为上 | 6 | | LLDPE：短期震荡，后期仍有压力 | 8 | | PP：价格小跌，成交一般 | 10 | | 烧碱：反弹难持续 | 11 | | 纸浆：震荡运行 | 13 | | 玻璃：原片价格平稳 | 15 | | 甲醇：震荡承压 | 16 | | 尿素：高位震荡 | 18 | | 苯乙烯：短期震荡 | 20 | | 纯碱：现货市场变化不大 | 21 | | LPG：短期支撑走强，关注内盘反弹 | 22 | | PVC：后期仍有压力 | 25 | | 燃料油：日盘小幅上涨，短期转入调整走势 | 27 | | 低硫燃料油：夜盘继续转弱，外盘高低硫价差小幅回弹 | 27 | | 集运指数（欧线）：高位震荡，6-8反套减仓止盈；10-12反套持有 | 28 | | 短纤：短期震荡，成本支撑偏弱 | 31 | | 瓶片：短期震荡，成 ...

芳烙橡胶早报 價H 研究中心能化团队 2025/05/21 P 不 A 点 点 点 用 POY 1 PX CFR PTA内盘现 仓单+有 PTA平衡 石脑油 石脑油裂 PTA加 PTA负 TA基美 50D/4 聚酯毛利 日期 原油 PX加工美 产销 台湾 解价差 工差 效预报 日本 न्ह 负荷 荷 8F 图什 2025/0 870 5095 7000 105.56 85394 240 0.40 66.1 590 280.0 324 -59 86.9 76.9 5/14 2025/0 80258 64.5 572 853 5030 7050 99.00 281.0 353 65 86.9 76.9 215 0.30 5/15 (图H 2025/0 65.4 4990 7050 103 87.9 200 0.25 565 839 85.92 274.0 386 76.9 70046 5/16 2025/0 841 4995 7025 88.97 272.0 380 68831 200 0.35 65.5 ୧୧୫ 75 87.9 76.9 5/19 2025/0 r ( 65.4 570 827 4860 702 ...