1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The PVC market rebounds with macro - sentiment. The supply is abundant due to the recovery of some maintenance enterprises and the mass - production of new capacities. The demand shows increased downstream开工 but average trading atmosphere. The export has growth potential but may be affected by anti - dumping investigations. The PVC futures are under pressure from high - level warehouse receipts. - The caustic soda spot price is stable with a slight decline. The supply increases with new capacities and the recovery of some enterprises. The demand is affected by environmental control in the alumina sector and may turn weak in the non - aluminum off - season. However, the expected alumina plant construction in Guangxi may support the price [3]. 3. Summary by Related Catalogs Market News and Important Data PVC - **Futures Price and Basis**: The closing price of PVC futures main contract is 4766 yuan/ton (- 9), the East China basis is - 86 yuan/ton (+ 49), and the South China basis is - 6 yuan/ton (+ 49) [1]. - **Spot Price**: The East China calcium carbide - based PVC is quoted at 4680 yuan/ton (+ 40), and the South China calcium carbide - based PVC is quoted at 4760 yuan/ton (+ 40) [1]. - **Upstream Production Profit**: The calcium carbide - based PVC production gross profit is - 723 yuan/ton (- 10), and the ethylene - based PVC production gross profit is - 560 yuan/ton (- 8). The PVC export profit is - 5.9 dollars/ton (- 1.3) [1]. - **Inventory and Operation**: The PVC factory inventory is 33.4 tons (- 2.7), the social inventory is 55.5 tons (- 0.2), the calcium carbide - based PVC operation rate is 76.47% (+ 4.82%), the ethylene - based PVC operation rate is 78.50% (- 0.06%), and the overall PVC operation rate is 77.09% (+ 3.35%). The production enterprise's pre - sales volume is 63.5 tons (+ 8.0) [1]. Caustic Soda - **Futures Price and Basis**: The closing price of SH main contract is 2317 yuan/ton (- 44), and the basis of 32% liquid caustic soda in Shandong is 183 yuan/ton (+ 44) [1]. - **Spot Price**: The 32% liquid caustic soda in Shandong is quoted at 800 yuan/ton (+ 0), and the 50% liquid caustic soda in Shandong is quoted at 1250 yuan/ton (+ 0) [1]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1509 yuan/ton (+ 0). The comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 1005.8 yuan/ton (+ 40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 163.78 yuan/ton (+ 30.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1084.24 yuan/ton (+ 50.00) [2]. - **Inventory and Operation**: The liquid caustic soda factory inventory is 44.26 tons (+ 2.83), the flake caustic soda factory inventory is 2.73 tons (+ 0.28), and the caustic soda operation rate is 84.30% (+ 3.50%) [2]. - **Downstream Operation**: The alumina operation rate is 86.27% (+ 0.05%), the printing and dyeing operation rate in East China is 68.06% (+ 0.75%), and the viscose staple fiber operation rate is 89.66% (+ 1.05%) [2]. Market Analysis PVC - Supply: Some maintenance enterprises resume production, and new capacities are gradually put into production, resulting in an abundant supply [3]. - Demand: The downstream operation rate increases, but the trading atmosphere is average. The social inventory shows a slight decline, but the absolute value is high. The export volume in September is 34.64 tons, with a month - on - month increase of 21.94% and a year - on - year increase of 24.53%. The cumulative export volume is 292.15 tons, with a year - on - year increase of 50.58% [3]. Caustic Soda - Supply: The new capacity of Tianjin Bohua is in full production, and the 10 - ton capacity of Tangshan Sanyou is expected to be put into production at the end of the month. The operation rate rebounds [3]. - Demand: The alumina orders in Shandong are stable, but the unloading efficiency decreases. The alumina operation in Hebei is slightly reduced due to environmental control and is planned to resume on October 31. The non - aluminum demand is mainly for rigid procurement and may turn weak in the off - season [3]. Strategy PVC - Unilateral: Fluctuate widely with the macro - sentiment. - Inter - delivery: Reverse arbitrage for V01 - 05 when the price is high [4]. Caustic Soda - Unilateral: Wait and see. - Inter - delivery: Wait and see [5].

Core Viewpoint - Binhu Chemical Group Co., Ltd. has officially submitted its prospectus to the Hong Kong Stock Exchange, initiating its H-share listing process, with a focus on raising funds for integrated energy projects and enhancing R&D capabilities [1] Group 1: Financial and Strategic Initiatives - The funds raised from the Hong Kong listing will be primarily allocated to the "source-network-load-storage integration project," R&D enhancement, and international expansion [1] - The company aims to leverage a "new energy + chemical" coupling model to accelerate its transition into a world-class green chemical enterprise [1] Group 2: Technological Advancements - Binhu has accumulated 159 patents and has participated in drafting 7 national/industry standards, with 15 core technologies recognized as leading both domestically and internationally [1] - Key technological achievements include the FHPECH process for producing epoxy chloropropane and a catalytic wet oxidation method for treating high-salinity wastewater, which address industry technical bottlenecks [1] Group 3: Green Transformation and Sustainability - The company is constructing a "source-network-load-storage integration project" in Shandong, which includes 160MW wind power, 100MW solar power, and 130MW/260MWh storage, aiming for an annual self-consumption of 42.4 billion kWh [2] - The company plans to establish a green zero-carbon high-end chemical industrial park in the North Binhai Port area, promoting a full-chain green production cluster [2] Group 4: International Expansion - Binhu is accelerating its overseas expansion, planning to build a chlor-alkali chemical production base in Egypt to meet local demand and enhance its global brand influence [3] - The company will also develop an overseas "new energy + chemical" zero-carbon demonstration industrial base, integrating renewable energy with chemical production to achieve near-zero carbon emissions [3]

Core Insights - The company reported a revenue of 1.28 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 6.97% [1] - The net loss attributable to shareholders of the listed company was 247 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 254 million yuan [1]

Core Insights - The "A+H" listing model is becoming an important part of fundraising in the Hong Kong stock market [1] Group 1: Company Developments - Shandong Binhua Co., Ltd. has officially launched its "A+H" dual capital platform strategy, submitting its listing application for H-shares on the Hong Kong Stock Exchange [2] - The company was founded in 1968 and operates in three core sectors: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals [2] - LaKala Payment Co., Ltd. has also submitted an application for overseas listing on the Hong Kong Stock Exchange, with Citic Securities International as the sole sponsor [2] - Hitec Bio Co., Ltd. from Wuhan has announced plans to issue shares overseas and list on the Hong Kong Stock Exchange to enhance its global strategy [2] Group 2: Market Trends - Guanghetong Wireless Co., Ltd. has become the first wireless communication module company to achieve "A+H" listing, raising a total of HKD 2.9 billion through the issuance of approximately 135 million shares at HKD 21.50 each [3] - The funds raised will be used for research and development in robotics and edge AI, mergers and acquisitions, repaying bank loans, and supplementing working capital [3] - As of September 30, the Hong Kong Stock Exchange has raised USD 23.4 billion in IPOs this year, ranking first among major global stock exchanges [3] - The Hong Kong Stock Exchange has relaxed public holding requirements for "A+H" companies, allowing for either a projected market value of HKD 3 billion or a public holding of 10% [3] Group 3: IPO Activity - In the first nine months of the year, over 60 companies have gone public on the Hong Kong Stock Exchange, raising a total of HKD 182.9 billion, making it the top global market for IPOs [4] - There are approximately 300 pending listing applications, with half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [4]

Group 1 - ST Shenhua (SZ 000698) held its 9th meeting of the 10th Board of Directors on October 24, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, ST Shenhua's revenue composition was 63.14% from the polyether chemical industry, 35.95% from the chlor-alkali chemical industry, and 0.9% from other businesses [1] - As of the report date, ST Shenhua's market capitalization was 3.1 billion yuan [1] Group 2 - A well-known brand spent 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Insights - The article highlights the innovative risk reduction strategies implemented by the insurance company in collaboration with local farmers to mitigate hail damage in apple orchards, particularly in the Aksu region of China [2][5][6]. Group 1: Risk Reduction Strategies - The insurance company has initiated a hail net project in the Aksu region, with a total investment of 16.6 million yuan, aiming to build 500 acres of hail nets annually over five years [5]. - The cost-sharing model between the insurance company and farmers significantly reduces individual financial burdens while enhancing overall risk management [2][5]. - The implementation of hail nets has proven effective, with one farmer recovering over 4 million yuan in losses due to hail damage, while the project has collectively saved over 10 million yuan in economic losses [6][7]. Group 2: Technological Integration - The insurance company employs advanced technologies such as meteorological monitoring and satellite remote sensing to provide timely weather alerts and agricultural advice to farmers [3][9]. - In the cotton industry, similar risk reduction practices are being applied, with the insurance company investing 140 million yuan from 2021 to 2024 to support meteorological disaster prevention efforts [10]. Group 3: Comprehensive Risk Management - The insurance company has expanded its risk reduction services beyond agriculture to include the entire textile industry, addressing fire hazards during cotton processing and storage [10][11]. - A dedicated service team has been established to provide tailored risk assessments and prevention strategies for various industries, including chemical manufacturing [13][14]. - The shift from traditional insurance models to proactive risk management partnerships reflects a broader trend in the insurance industry towards comprehensive risk reduction services [14][15].

Core Viewpoint - Tianyuan Co., Ltd. plans to transfer its 25,000 tons/year yellow phosphorus production capacity to optimize idle intangible assets and enhance the value of state-owned assets [1] Group 1: Company Developments - Tianyuan Co., Ltd. announced that its subsidiary, Mabi Wuqiong Mining Co., will cease operations at its phosphorus chemical plant on December 19, 2023 [1] - The company reported a revenue of 5.668 billion yuan and a net profit attributable to shareholders of 16.6385 million yuan for the first half of 2025, marking a year-on-year increase of 48.65% [2] - The company is progressing with its lithium iron phosphate project and has completed the construction of the second workshop production line, which has begun trial production [2] Group 2: Industry Context - The chlor-alkali industry, where Tianyuan operates, is currently experiencing a continuous downturn, leading to significant operational pressure on companies [2] - Tianyuan Co., Ltd. is one of China's earliest chlor-alkali enterprises, providing a range of chemical products including PVC and caustic soda, with an increasing production scale in its main products [2] Group 3: Environmental Initiatives - The company is investing 185 million yuan in a project to utilize waste from the chlorination process of titanium dioxide, which will address environmental challenges and reduce production costs by extracting ferrous chloride for lithium iron phosphate production [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The PVC market may rebound with macro - sentiment after a volatile decline. The caustic soda market has a stable - to - falling spot price, and there are uncertainties in supply and demand [3] Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,699 yuan/ton (- 3), the East China basis was - 69 yuan/ton (+ 3), and the South China basis was 1 yuan/ton (+ 3) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4,630 yuan/ton (+ 0), and the South China calcium carbide - based PVC was quoted at 4,700 yuan/ton (+ 0) [1] - Upstream production profit: The semi - coke price was 690 yuan/ton (+ 0), the calcium carbide price was 2,830 yuan/ton (+ 0), the calcium carbide profit was - 12 yuan/ton (+ 0), the PVC calcium carbide - based production gross profit was - 713 yuan/ton (- 91), the PVC ethylene - based production gross profit was - 553 yuan/ton (- 14), and the PVC export profit was - 0.8 US dollars/ton (- 0.2) [1] - Inventory and operation rate: The PVC factory inventory was 36.0 tons (- 2.3), the PVC social inventory was 55.6 tons (- 0.1), the PVC calcium carbide - based operation rate was 74.73% (- 7.03%), the PVC ethylene - based operation rate was 76.10% (- 2.44%), and the overall PVC operation rate was 75.14% (- 5.66%) [1] - Downstream orders: The production enterprise's pre - sales volume was 55.6 tons (- 2.8) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,375 yuan/ton (- 5), and the basis of 32% liquid caustic soda in Shandong was 188 yuan/ton (+ 5) [1] - Spot price: The 32% liquid caustic soda in Shandong was quoted at 820 yuan/ton (+ 0), and the 50% liquid caustic soda in Shandong was quoted at 1,280 yuan/ton (+ 0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,571 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 988.3 yuan/ton (+ 0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 216.28 yuan/ton (- 10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,241.75 yuan/ton (+ 0.00) [2] - Inventory and operation rate: The liquid caustic soda factory inventory was 40.33 tons (- 1.79), the flake caustic soda factory inventory was 2.45 tons (+ 0.34), and the caustic soda operation rate was 81.40% (- 2.90%) [2] - Downstream operation rate: The alumina operation rate was 86.22% (- 0.10%), the dyeing operation rate in East China was 66.76% (+ 0.13%), and the viscose staple fiber operation rate was 88.61% (- 1.02%) [2] Market Analysis PVC - The PVC market may rebound with macro - sentiment after a volatile decline. The supply is abundant with new capacity coming on - stream and some maintenance enterprises resuming production. The demand has recovered to the pre - holiday level, and the social inventory has decreased slightly. The export has shown strong growth, but there are potential impacts from anti - dumping investigations [3] Caustic Soda - The spot price of caustic soda is stable - to - falling. The supply is expected to increase slightly with new capacity and the resumption of maintenance enterprises. The demand from the alumina industry has some uncertainties, and the non - aluminum downstream has seen an increase in operation rate. The inventory has decreased, and there is cost support [3] Strategy PVC - Unilateral: Wait - and - see - Inter - delivery spread: Sell the near - term contract and buy the far - term contract when the spread of V01 - 05 is high - Inter - commodity spread: None [4] Caustic Soda - Unilateral: Wide - range fluctuation - Inter - delivery spread: Wait - and - see - Inter - commodity spread: None [4][5]

Group 1: Report Industry Investment Rating - No information provided on the industry investment rating Group 2: Core Views - PVC exports remain resilient, with September exports reaching 346,400 tons, a 21.94% month - on - month increase and a 24.53% year - on - year increase. Cumulative exports are 2.9215 million tons, a 50.58% year - on - year increase. However, PVC exports of products may be affected by India's anti - dumping investigation on PVC wallpapers [3] - The PVC futures price is under pressure due to high inventory of futures warrants, but it may rebound with macro - sentiment after a decline. Attention should be paid to anti - involution policies and the National Politburo meeting [3] - The spot price of caustic soda is stable with both increases and decreases. The supply is expected to increase slightly, while the demand side has mixed signals. The cost support exists due to the increase in Shandong's electricity price in October and the rise in liquid chlorine price [3] Group 3: Summary by Related Catalogs Market News and Important Data PVC - Futures price: The closing price of the PVC main contract is 4,702 yuan/ton (+14). The East China basis is - 72 yuan/ton (-14), and the South China basis is - 2 yuan/ton (-14) [1] - Spot price: The East China calcium carbide method quotation is 4,630 yuan/ton (+0), and the South China calcium carbide method quotation is 4,700 yuan/ton (+0) [1] - Upstream production profit: The blue carbon price is 690 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is - 12 yuan/ton (+0), the PVC calcium carbide method gross profit is - 713 yuan/ton (-91), the PVC ethylene method gross profit is - 553 yuan/ton (-14), and the PVC export profit is - 0.6 dollars/ton (-3.8) [1] - Inventory and start - up: The PVC in - plant inventory is 360,000 tons (-23,000), the PVC social inventory is 556,000 tons (-1,000), the PVC calcium carbide method start - up rate is 74.73% (-7.03%), the PVC ethylene method start - up rate is 76.10% (-2.44%), and the PVC start - up rate is 75.14% (-5.66%) [1] - Downstream orders: The pre - sales volume of production enterprises is 556,000 tons (-28,000) [1] Caustic Soda - Futures price: The closing price of the SH main contract is 2,380 yuan/ton (+36), and the Shandong 32% liquid caustic soda basis is 183 yuan/ton (-67) [1] - Spot price: The Shandong 32% liquid caustic soda quotation is 820 yuan/ton (-10), and the Shandong 50% liquid caustic soda quotation is 1,280 yuan/ton (-10) [1] - Upstream production profit: The Shandong caustic soda single - variety profit is 1,571 yuan/ton (-31), the Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) is 988.3 yuan/ton (+48.8), the Shandong chlor - alkali comprehensive profit (1 ton of PVC) is 226.28 yuan/ton (-31.25), and the Northwest chlor - alkali comprehensive profit (1 ton of PVC) is 1,241.75 yuan/ton (+0.00) [2] - Inventory and start - up: The liquid caustic soda factory inventory is 403,300 tons (-17,900), the flake caustic soda factory inventory is 24,500 tons (+3,400), and the caustic soda start - up rate is 81.40% (-2.90%) [2] - Downstream start - up: The alumina start - up rate is 86.22% (-0.10%), the East China printing and dyeing start - up rate is 66.76% (+0.13%), and the viscose staple fiber start - up rate is 88.61% (-1.02%) [2] Market Analysis PVC - Supply: Some maintenance enterprises have resumed, and new production capacities are gradually being put into production. The supply is abundant [3] - Demand: The downstream start - up has generally returned to the pre - holiday level, and the point - price transactions have improved when the price falls. The social inventory has decreased slightly, but the absolute value of inventory is still high [3] - Export: The export shows resilience, but the export of PVC products may be affected by India's anti - dumping investigation [3] - Futures: The futures warrants are at a high level, and the hedging pressure on the market persists [3] Caustic Soda - Supply: New production capacities have been put into production, and the supply is expected to increase slightly as many maintenance enterprises have resumed [3] - Demand: The Shandong alumina orders are stable, but the Henan large - scale alumina plant's load reduction has increased the expectation of alumina plant production cuts. Non - aluminum end start - up continues to rise, with rigid demand for procurement [3] - Inventory: The national liquid caustic soda inventory decreased last week, and the Shandong inventory decreased due to increased maintenance and procurement by Hebei alumina plants [3] Strategy PVC - Unilateral: Wait and see - Inter - delivery spread: Sell V01 and buy V05 when the spread is high - Inter - commodity spread: None [4] Caustic Soda - Unilateral: Wide - range oscillation - Inter - delivery spread: Wait and see - Inter - commodity spread: None [5]

1. Report Industry Investment Rating - The investment view on the caustic soda industry is "oscillating", indicating that the short - term market has no obvious driving force and is expected to mainly fluctuate [3]. 2. Report's Core View - The spot price of caustic soda is stable with a slight increase, while the futures price is continuously falling. Supply, demand, and macro - policies are neutral; inventory is on the high side; profit and valuation are on the low side; and the basis is neutral [3]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: This week, maintenance decreased and production increased. The weekly domestic caustic soda production rose by 26,000 tons to 830,000 tons. The average capacity utilization rate of sample enterprises with 200,000 tons or more of caustic soda was 81.4%, a 2.6% week - on - week decrease. Loads in various regions declined [3]. - **Demand**: Alumina production declined, non - aluminum demand was weak. The capacity utilization rate of the viscose staple fiber industry decreased to 88.61%, a 1.02% week - on - week decrease. The comprehensive startup rate in Jiangsu and Zhejiang increased by 0.63% compared to before the holiday. The monthly startup rate of lithium hydroxide in June 2025 was about 49.27%, and the overall production was basically flat [3]. - **Inventory**: Recently, the shipment pressure increased, and caustic soda inventory accumulated. The factory inventory of fixed liquid caustic soda sample enterprises with 200,000 tons or more was 403,300 tons (wet tons), a 4.25% week - on - week decrease and a 13.83% year - on - year increase. The national liquid caustic soda sample enterprise storage capacity ratio was 23.09%, a 0.33% week - on - week decrease [3]. - **Basis**: The current basis of the main contract is around 93, and the futures price is at a discount [3]. - **Profit**: The average weekly profit of Shandong chlor - alkali enterprises was 337 yuan/ton, a 16% increase from last week. The overall chlor - alkali profit increased this week [3]. - **Valuation**: The spot price is neutral, the absolute futures price is low, and the near - month contract is at a discount [3]. - **Macro - policy**: The anti - involution sentiment in the energy and chemical sector has subsided, and the futures market trades based on fundamentals [3]. - **Investment View**: The short - term futures market has no obvious driving force and is expected to mainly oscillate [3]. - **Trading Strategy**: There are no arbitrage or unilateral trading strategies at present [3]. 3.2 Review of Futures and Spot Market - The futures market fluctuated within a range. The spot price in Shandong was stable with a slight increase, and the futures price reached a new low. The subsidy for liquid chlorine decreased, its price rose to 50 yuan/ton, and the chlor - alkali profit remained high. After the holiday, demand improved slightly, and restocking demand increased. In the future, the new maintenance of alumina will increase, and the supply - demand of caustic soda will turn to be loose, so the spot price is expected to be stable with a slight decrease [7]. - The total open interest increased, and the far - month contracts added positions [25]. 3.3 Caustic Soda Supply - Demand Fundamental Data - **Electricity Price**: As the summer peak electricity consumption season approaches, the electricity price stabilizes [33]. - **Upstream Production**: Production decreased slightly, and inventory decreased slightly [36]. - **Main Production Area Output**: Maintenance in North China increased, and production decreased [39]. - **Chlor - alkali Comprehensive Profit**: The chlor - alkali comprehensive profit decreased [40]. - **Downstream Price**: The alumina price declined, and non - aluminum prices were weak [43]. - **Alumina**: Alumina production recovered, and inventory accumulated. Due to the end of maintenance and the commissioning of new plants, the production rate of alumina in Henan increased significantly. The supply - demand balance of alumina was restored, inventory accumulated, port bauxite inventory decreased, and alumina profit was good and remained stable year - on - year [55][56][66]. - **Non - aluminum Demand**: Non - aluminum production remained stable but was lower than the same period last year. Non - aluminum entered the seasonal off - season, and production began to decline [67][68]. - **Liquid Chlorine Downstream**: The production rate rebounded [75]. - **Subsequent Maintenance Information**: Multiple enterprises in different regions have maintenance plans in October and November [78].