Core Insights - The chemical new materials industry is evolving towards high-performance materials, green low-carbon production, and intelligent manufacturing processes, with bio-based materials emerging as a prominent sector [2] - A collaboration between Kunlun Engineering and Puyang Shengtong Juyuan New Materials has led to the development of bio-based polycarbonate (PC), marking a significant advancement in domestic production capabilities [2][3] - The project aims to replace traditional bisphenol A with renewable isosorbide, resulting in a product with high transparency and potential applications in various high-value markets [2][5] Group 1: Bio-based Materials Development - Bio-based materials, such as bio-based nylon and LCP, have gained significant market attention, with companies like Haizheng Bio-materials and Kasei Biotech leading the way [2] - The bio-based PC production facility is set to be the largest in China, with a successful launch planned for February 2025, filling a domestic gap in the market [2][3] - The unique molecular structure of the new bio-based PC allows for high surface hardness and excellent optical properties, making it suitable for applications in optical lenses and automotive parts [2][5] Group 2: Technological Challenges - Key technological challenges include designing high-activity catalytic systems, enhancing the melt polycondensation process, and achieving precise control over copolymer structures [3] - The industry is also exploring alternatives such as bio-based bisphenol A and bio-based dimethyl carbonate (DMC) to replace traditional monomers [5][6] - The development of high-performance catalysts for DMC synthesis has been achieved, indicating progress towards fully bio-based polycarbonate production [5] Group 3: Market Dynamics - The current production capacity of polycarbonate in China is 3.81 million tons, with a self-sufficiency rate of 75%, but high-end products still rely heavily on imports [6] - The bio-based polycarbonate is not a direct substitute for traditional PC but represents an upgrade towards high-end applications, addressing the current market's low-end surplus [6] - Companies like Covestro and Mitsubishi Chemical are leading the global market in bio-based PC innovations, with plans for mass production of 100% bio-based products by 2025 [6][7] Group 4: Strategic Directions - China National Petroleum Corporation (CNPC) is focusing on new materials and biotechnology as key development areas, emphasizing a transition towards clean energy and sustainable materials [7][8] - The strategic plan includes advancing the development of high-end polyolefins, specialty fibers, and high-performance synthetic rubbers [8] - CNPC aims to leverage its existing oil and gas infrastructure to support the growth of renewable energy and new material sectors [8]

Core Viewpoint - Yongguan New Materials (603681) has received a government subsidy of 22,978,900.00 yuan, which is expected to positively impact the company's profits for the fiscal year 2025 [1]. Group 1: Stock Performance - As of September 16, 2025, Yongguan New Materials closed at 16.54 yuan, up 1.1% from the previous trading day [1]. - The stock opened at 16.31 yuan, reached a high of 16.7 yuan, and a low of 15.98 yuan, with a trading volume of 1.18 billion yuan and a turnover rate of 3.78% [1]. Group 2: Government Subsidy - The government subsidy received by the company's wholly-owned subsidiary, Jiangxi Zhenguan Environmental Degradable New Materials Co., Ltd., accounts for 14.07% of the audited net profit attributable to shareholders of the listed company for the fiscal year 2024 [1]. - The subsidy is classified as a revenue-related government grant according to the relevant provisions of the Accounting Standards for Enterprises [1]. - The specific accounting treatment and impact on the profit and loss for the year will be confirmed by the annual audit results [1].

Core Viewpoint - The company, Jieqiang Equipment, has signed a share transfer agreement to acquire 51% of Shandong Carbon Search from Wuhan Carbon Weng for RMB 46.9 million, aiming to enhance its revenue and profitability through this strategic move in the nanocarbon materials sector [1] Group 1: Transaction Details - The acquisition involves a cash payment of RMB 46.9 million for 51% equity, corresponding to a subscribed capital of RMB 5.1 million and a paid-in capital of RMB 0 [1] - All shareholders of the target company have been informed of the share transfer and voluntarily waived their preemptive rights [1] Group 2: Strategic Rationale - The decision to proceed with the acquisition is based on thorough research and evaluation of the target company and the forefront of the nanocarbon materials field [1] - The transaction is expected to help the company expand its revenue scale and enhance its profitability [1] - It aims to integrate resources and advantages between the company and the target, facilitating resource sharing and joint development [1] - The acquisition aligns with the company's current operational situation and future development needs [1]

Group 1 - The company Yongguan New Materials (603681.SH) announced that its wholly-owned subsidiary, Jiangxi Zhengguan Environmental Biodegradable New Materials Co., Ltd., received a government subsidy of 22.9789 million yuan [1] - This government subsidy is related to revenue and accounts for 14.07% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1]

Core Viewpoint - The establishment of Qiuyu New Materials Technology (Zhuhai) Co., Ltd. with a registered capital of 1 million RMB indicates a focus on the development and manufacturing of various chemical and new material products, highlighting growth potential in the bio-chemical and composite materials sectors [1] Company Overview - Qiuyu New Materials Technology (Zhuhai) Co., Ltd. has been recently established with a registered capital of 1 million RMB [1] - The company’s business scope includes research and development of bio-chemical products, manufacturing of synthetic materials, and production of various chemical products [1] Business Activities - The company is involved in the following general projects: - R&D of bio-chemical products - Manufacturing of synthetic materials (excluding hazardous chemicals) - Production and sales of chemical products (excluding licensed chemical products) - R&D of new materials and high-performance fibers and composite materials [1] - The company also provides technical services, development, consulting, and technology transfer [1] Product Offerings - The company’s product offerings include: - High-performance fibers and composite materials - Specialized chemical products (excluding hazardous chemicals) - Daily necessities and maternal and infant products [1] - The company is authorized to produce sanitary products and disposable medical supplies, subject to approval [1]

Core Viewpoint - Anhui Shenjian New Materials Co., Ltd. held an online performance briefing on September 15, 2025, to discuss business operations and respond to investor inquiries [1] Group 1: Business Operations - The company is currently in business negotiations with the C919 aircraft manufacturer but has no direct business involvement yet [1] - There is no direct business with the Xi'an Aircraft Industrial Group regarding the mysterious bomber [1] - The company is focusing on low-altitude economy policies and aims to accelerate its industrial pace based on existing business foundations [1] Group 2: Financial and Operational Performance - The main business structure does not exhibit seasonal fluctuations [1] - The Zhuhai Shenjian plant commenced production at the end of June, with a polyester resin capacity of 320,000 tons, currently in the ramp-up phase [1] - The company adjusts product prices in response to raw material price fluctuations and is implementing a "double increase and double reduction" strategy to enhance operational quality [1] Group 3: Sustainability and Innovation - The company is committed to providing integrated services to global clients and collaborates with downstream customers on product innovation and green development [1] - A dedicated energy management team has been established to promote green production, including measures for carbon reduction and energy efficiency [1] Group 4: Market and Orders - The progress of the skinning machine business is primarily driven by downstream customer demand [1] - The company is actively expanding its business in the Hefei Economic Circle and the Yangtze River Delta Economic Circle [1] - Polyester resin products are applicable in new energy battery metal surface coatings, and the drone business leverages metal sheet and composite processing capabilities for military applications [1] Group 5: Corporate Governance and Shareholder Information - Information regarding board restructuring, overseas establishment or acquisition plans, and asset injection plans will be disclosed in company announcements [1] - The company is compliant with legal regulations regarding the distribution of dividends from wholly-owned subsidiaries [1] - Shareholder information will be disclosed in periodic reports, and inquiries require relevant written documentation [1]

Company Overview - Dongcai Technology Co., Ltd. is located in Chengdu, Sichuan Province, established on December 26, 1994, and listed on May 20, 2011. The company specializes in the research, manufacturing, and sales of chemical new materials [1] - The main business revenue composition includes: electronic materials 28.31%, new energy materials 27.27%, optical film materials 26.23%, electrical insulation materials 9.13%, other main revenue 3.59%, environmentally friendly flame-retardant materials 3.05%, and others (supplementary) 2.42% [1] Stock Performance - On September 16, Dongcai Technology's stock fell by 5.03%, closing at 20.40 yuan per share, with a trading volume of 1.057 billion yuan and a turnover rate of 4.93%. The total market capitalization is 20.77 billion yuan [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund holds Dongcai Technology. Huaxia Core Growth Mixed A (012703) held 1.3998 million shares in the second quarter, accounting for 4.19% of the fund's net value, ranking as the ninth largest heavy stock. The estimated floating loss today is approximately 1.5118 million yuan [2] - Huaxia Core Growth Mixed A (012703) was established on December 3, 2021, with a latest scale of 287 million yuan. Year-to-date return is 22.86%, ranking 3757 out of 8174 in its category; the one-year return is 56.79%, ranking 2474 out of 7982; since inception, it has a loss of 22.28% [2] Fund Manager Information - The fund manager of Huaxia Core Growth Mixed A (012703) is Lv Jiawei, who has a cumulative tenure of 8 years and 39 days. The current total asset scale of the fund is 1.332 billion yuan, with the best fund return during the tenure being 105.43% and the worst being -24.26% [3]

Company Overview - Jiangsu Ruitai New Material Co., Ltd. is located at No. 15, People's Road, Zhangjiagang City, Jiangsu Province, and was established on April 21, 2017. The company went public on June 17, 2022. Its main business involves the research, production, and sales of battery materials and organic silicon chemical new materials. The revenue composition is 99.48% from electronic chemicals and 0.52% from other supplementary products [1]. Stock Performance - On September 16, Ruitai New Material's stock fell by 5.08%, trading at 21.31 CNY per share, with a transaction volume of 423 million CNY and a turnover rate of 2.65%. The total market capitalization is 15.627 billion CNY [1]. Fund Holdings - According to data, one fund under AVIC Fund has a significant holding in Ruitai New Material. The AVIC New Start Flexible Allocation Mixed A Fund (005537) increased its holdings by 313,700 shares in the second quarter, bringing the total to 847,800 shares, which accounts for 3.55% of the fund's net value, ranking it as the ninth largest holding. The estimated floating loss today is approximately 966,500 CNY [2]. Fund Performance - The AVIC New Start Flexible Allocation Mixed A Fund (005537) was established on April 23, 2018, with a latest scale of 19.9238 million CNY. Year-to-date, it has achieved a return of 88.04%, ranking 101 out of 8,174 in its category. Over the past year, the return is 107.92%, ranking 368 out of 7,982. Since inception, the fund has incurred a loss of 8.93% [2]. Fund Management - The fund manager of AVIC New Start Flexible Allocation Mixed A Fund is Han Hao, who has been in the position for 7 years and 279 days. The total asset size of the fund is 1.788 billion CNY. During his tenure, the best fund return was 212.76%, while the worst return was -12.9% [3].

Macro Research - The US labor market is experiencing a significant slowdown in new job creation, raising concerns about a potential recession, although it has not yet reached that point. The impacts of immigration and retirement on labor supply are diminishing, making it difficult to maintain the current balance between supply and demand in the labor market, which has raised alarms about a potential slowdown [4][12][14] - The average monthly new job creation needed to keep the unemployment rate stable is estimated to be between 150,000 and 180,000. However, the recent average has fallen to 120,000, which is below this range, indicating a need for policy adjustments to stimulate job growth [14][16] Company Research: Anhui Expressway - Anhui Expressway completed the acquisition of group road assets in Q1 2025, significantly enhancing its performance. The company is also benefiting from the accelerated recovery of toll revenues following the expansion of the Xuanguang Expressway, with a 13% year-on-year increase in toll revenue [6][7] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of no less than 60% of net profit for 2025-2027, which is expected to yield dividend rates of 4.9%, 4.9%, and 4.7% respectively [7][9] - Despite recent stock price pressure due to shareholder reduction announcements, the long-term value of Anhui Expressway remains intact, supported by its strong return on equity (ROE) and stable cash flow [7][9] Industry Research: Transportation - The transportation sector is seeing a recovery in toll revenues, particularly in the context of expressway expansions, which is expected to continue driving stable growth in comparable performance metrics [6][7] - The overall market sentiment is influenced by changes in risk appetite, with a focus on high dividend yields and stable cash flows in the transportation industry [7][9] Industry Research: Coal - The coal industry is strategically viewed positively, with expectations of upward price trends driven by increased demand and supply constraints. The total coal production for the year is projected to remain stable, with a slight decrease expected in the second half due to regulatory impacts [31][33] - The price of thermal coal has seen a slight decline, but overall demand is expected to improve, particularly in Q3, as the market adjusts to supply dynamics [34][31] Industry Research: Textile and Apparel - The textile and apparel industry is facing challenges, with export growth slowing down in both China and Vietnam. In August, China's textile and apparel exports fell by 5% year-on-year, indicating a significant decline in growth momentum [35][36] - Several Taiwanese manufacturers reported a slowdown in revenue growth, highlighting the pressures faced by the manufacturing sector amid changing market conditions [36][35]

Core Viewpoint - Cangzhou Bohai New Area Xindetai Chemical New Materials Technology Co., Ltd. has been established with a registered capital of 20 million RMB, focusing on various chemical and agricultural products and services [1] Company Overview - The company is legally represented by Yang Longwang and has a registered capital of 20 million RMB [1] - The business scope includes technology import and export, goods import and export, fertilizer sales, and research and development of biological organic fertilizers [1] Business Activities - General projects include: - Technology import and export - Goods import and export - Fertilizer sales - Research and development of biological organic fertilizers - Sales of chemical fertilizers - Mixed processing of soil and fertilizers [1] - The company also engages in the extraction, purification, and synthesis of marine biological active substances [1] Licensing and Compliance - The company is authorized to produce fertilizers and wholesale pesticides, with operations subject to approval from relevant authorities [1] - Specific business activities are contingent upon obtaining necessary permits or licenses [1]