Core Viewpoint - Tongde Chemical (002360.SZ) announced that it and its wholly-owned subsidiary, Tongde Kechuang, have received a civil ruling from the People's Court of Laoshan District, Qingdao City, Shandong Province, which orders the freezing of bank deposits amounting to RMB 87 million or the seizure of equivalent value assets belonging to the company and its chairman Zhang Hongming [1] Group 1 - The asset freeze is a result of property preservation measures taken by Huato Leasing, indicating potential legal disputes [1] - The company acknowledges the risk of further judicial actions that may impact its operations and production [1] - Tongde Chemical is actively coordinating with all parties to resolve the asset freeze issue and is in communication with Huato Leasing to reach a consensus on dispute resolution [1]

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Views of the Report - The downstream PS and ABS开工率 remains low, and the demand for EB is still weak. The fundamentals of styrene are weaker than those of pure benzene [1][3] - The proportion of production capacity of plants over 20 years old in the production of pure benzene and styrene is 16% and 6%, respectively. The port inventory of BZ continues to consolidate without further inventory accumulation. The short - term downstream demand for BZ is acceptable, but the further increase in BZ processing fees is limited due to factors such as downstream finished product inventory pressure, port inventory pressure, and the pressure of South Korea's shipments to China [3] - The port inventory of styrene continued to rise during the week, and the domestic EB开工率 remained at a high level. It is necessary to wait for the production profit to be further compressed and production to be reduced for re - balancing [3] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 204 yuan/ton (+23), and the styrene main contract basis is 43 yuan/ton (+15 yuan/ton) [1] - The spread between East China pure benzene spot and M2 is - 75 yuan/ton (- 5 yuan/ton) [1] 3.2 Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 159 dollars/ton (- 10 dollars/ton), and pure benzene FOB South Korea processing fee is 146 dollars/ton (- 10 dollars/ton) [1] - The non - integrated production profit of styrene is - 222 yuan/ton (- 56 yuan/ton), and it is expected to be gradually compressed [1] 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 170,000 tons (- 100 tons), styrene East China port inventory is 164,000 tons (+13,300 tons), and styrene East China commercial inventory is 67,500 tons (+11,300 tons), which is in the inventory rebuilding stage [1] - The operating rate of pure benzene downstream products: caprolactam operating rate is 90.21% (- 0.69%), phenol operating rate is 73.00% (- 5.00%), aniline operating rate is 73.94% (+0.28%), and adipic acid operating rate is 64.80% (+0.00%) [1] - The operating rate of styrene is 78.9% (+0.1%) [1] 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 249 yuan/ton (+40 yuan/ton), PS production profit is - 71 yuan/ton (+20 yuan/ton), and ABS production profit is 320 yuan/ton (+32 yuan/ton) [2] - EPS operating rate is 54.25% (- 0.95%), PS operating rate is 53.30% (+1.70%), and ABS operating rate is 65.90% (- 0.92%), which is at a seasonal low [2] 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1615 yuan/ton (+150), phenol - ketone production profit is - 610 yuan/ton (+0), aniline production profit is - 160 yuan/ton (- 47), and adipic acid production profit is - 1381 yuan/ton (- 9) [1]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors on recent developments and potential impacts on company performance [2]. Company Announcements - Water Well Square: Director Sathish Krishnan resigned due to work reasons and will no longer hold any position in the company [3]. - Victory Energy: The company reported normal operating conditions with no significant changes in the internal or external business environment [4][5]. - Dream Network Technology: The company plans to jointly invest in a private equity fund with a target fundraising scale of 2 billion yuan, with a commitment of 50 million yuan from the company [6]. - Guoen Co., Ltd.: The company has completed the development of PEEK material production technology and aims to build a vertical integration platform for the entire PEEK industry chain [7]. - Action Education: The controlling shareholder proposed a mid-term dividend of 10 yuan per 10 shares for the 2025 fiscal year [8]. - Southern Road Machine: The company noted that its stock price has deviated from its fundamentals, indicating potential risks for investors [9]. - Shandong Highway: The company plans to participate in a capital increase project for Weihai Bank, with a total investment not exceeding 348 million yuan [11]. - Dalian Friendship: The company reached a settlement in a lawsuit with its controlling shareholder, with plans to withdraw the case [12]. - Huilv Ecology: The company plans to increase investment by 600 million yuan to build a production base in Ezhou [13]. - Qingdao Bank: The bank reported a net profit of 3.065 billion yuan for the first half of 2025, a year-on-year increase of 16.05% [14]. - Ankai Micro: The company will launch a low-power lock control SoC chip designed for smart locks [15]. - Yingweike: The company has built a complete liquid cooling technology and product solution capability [16][17]. - Dashengda: The company plans to acquire a 30% stake in Thailand Far East International Environmental Co., Ltd. for 20.4 million Thai Baht [18]. - Dongxin Co., Ltd.: The company clarified that its chip products are not intended for large model computing clusters [19]. - Tibet Tourism: The company will apply for a trading suspension if significant trading anomalies continue [20]. - New Aluminum Era: The company plans to invest at least 500 million yuan in a lightweight high-strength automotive parts project [21]. - Darui Electronics: The company plans to acquire 80% of Weiste's shares to enhance its strategic layout in lightweight materials [22]. Performance Reports - Jiejia Weichuang: The company expects a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, a year-on-year increase of 38.65% to 59.85% [23]. - Sinopec: The company anticipates a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, a decrease of 39.5% to 43.7% year-on-year [24]. - Da Da Quan: The company reported a net profit of 181 million yuan for the first half of 2025, a year-on-year increase of 563.15% [25]. - Zhengdan Co., Ltd.: The company reported a net profit of 630 million yuan for the first half of 2025, a year-on-year increase of 120.35% [26]. - New Light Optoelectronics: The company expects a revenue of approximately 21 million yuan for the first half of 2025, with a net loss of 19 million to 23 million yuan [27]. - Xiangfenghua: The company reported a net loss of 294,590 yuan for the first half of 2025, compared to a profit in the previous year [28]. Major Contracts - Shenlian Bio: The company signed contracts for the development of multi-valent vaccines with the Chinese Academy of Agricultural Sciences [29]. - Boying Special Welding: The company signed a cooperation framework agreement with Weirham for special welding technology applications [30]. Shareholding Changes - Jiangnan Yifan: The company's general manager plans to increase his shareholding [31]. - Jieya Co., Ltd.: Major shareholders plan to reduce their holdings by up to 4.95% [32]. - Tongda Co., Ltd.: A major shareholder plans to reduce holdings by up to 3% [34]. - Haohuan Depth: A major shareholder plans to reduce holdings by up to 2.17% [35]. - Jiahua Technology: A major shareholder plans to reduce holdings by up to 2% [36]. - Heyuan Gas: A major shareholder plans to reduce holdings by up to 2% [37]. Share Buybacks - Fuanna: The company plans to repurchase shares for an amount between 55.85 million and 104 million yuan [38]. Financing Activities - Aoshikang: The company plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [39].

大宗商品研究所 能化研发报告 纯碱期货日报 2025 年 7 月 31 日 纯碱期货日报 第一部分 基础数据 | 现货市场（元/吨） | 2025/7/31 | 2025/7/30 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | | 华中重质（送到） | 1350 | 1350 | 1250 | 0 | 100 | | 华东重质（送到） | 1350 | 1350 | 1250 | 0 | 100 | | 沙河重质（送到） | 1240 | 1300 | 1320 | -60 | -80 | | 西北重质（出厂） | 1080 | 1080 | 1000 | 0 | 80 | | 华中轻质（出厂） | 1250 | 1250 | 1140 | 0 | 110 | | 华东轻质（出厂） | 1250 | 1250 | 1100 | 0 | 150 | | 华北轻质（出厂） | 1250 | 1250 | 1150 | 0 | 100 | | 西北轻质（出厂） | 1080 | 1080 | 1000 | 0 | 80 | | 轻重价差（平均） | ...

近日，证券之星第三届ESG新标杆企业评选结果揭晓，中化国际凭借在环境、社会和治理(ESG)领域的卓越实践，荣获"ESG新标杆企业奖"。该奖项是由证 券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立的ESG领域权威奖项，旨在挖掘并表彰在环境(如低碳减排、绿色供应链)、社 会(如乡村振兴、公益慈善)及公司治理(如合规管理、风险防控)三大维度实现卓越实践，推动经济效能与社会责任深度融合的企业。 在社会责任履行上，中化国际始终坚持以人为本，关注员工权益与福祉，致力于打造多元平等包容的工作环境。公司为员工提供完善的培训体系与职业发展 平台，助力员工成长，员工培训投入达820.75万元，人均培训时长58.64小时，接受过技能相关培训的员工比例100%。 此外，中化国际积极投身社会公益事业，响应国家乡村振兴战略，通过消费帮扶、教育助学等多种形式助力乡村发展，2024年对外捐赠资金488.26万元，组 织开展志愿活动19期，服务时长累计452.5小时，受益人次达4,215人，充分展现了企业的社会责任担当。 在公司治理层面，中化国际建立了科学规范的治理架构，确保决策的高效与透明。公司严格遵守法律法规，完善公 ...

Group 1: Government Initiatives - The Ministry of Finance announced the establishment of a "Childcare Subsidy Fund" with an initial budget of approximately 90 billion yuan for this year [1][2] - The National Development and Reform Commission is soliciting public opinions on guidelines for government investment funds, emphasizing the need to control investment amounts and promote effective market-government collaboration [2] Group 2: Industry Developments - The China Metal Materials Circulation Association issued a proposal to resist "involution-style competition" in the steel circulation industry, advocating for compliance with laws and encouraging cooperative models in logistics and processing [3] - The Anhui Provincial Department of Industry and Information Technology is seeking opinions on a plan to optimize the non-ferrous metal industry, focusing on enhancing supply chains and promoting high-end, intelligent, and green development [3] Group 3: Market Trends - The sports industry is experiencing a surge in interest, with several sports-related stocks seeing significant gains following the announcement of the "Hunan Super League" and the upcoming World Games in Chengdu [5][6] - The baby and toddler sector is gaining momentum due to the implementation of the childcare subsidy system, with stocks in this sector showing strong performance [7] Group 4: Financial Performance - Nine funds have seen their net values double this year, driven by the ongoing performance of the innovative drug sector, with specific funds reporting returns exceeding 100% [13] - XGIMI Technology expects a revenue of 1.626 billion yuan for the first half of 2025, a year-on-year increase of 1.63%, while Longjiang Electric Power anticipates a revenue of 36.587 billion yuan, up 5.02% year-on-year [9]

债券代码：123156 债券简称：博汇转债 宁波博汇化工科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算深圳分公司"）核准的价格为准。 元/张的价格被强制赎回，本次赎回完成后， "博汇转债"将在深圳证券交易所摘牌， 证券代码：300839 证券简称：博汇股份 公告编号：2025-110 特提醒博汇转债持券人注意在限期内转股。债券持有人持有的"博汇转债"如存在 被质押或被冻结的，建议在停止转股日前解除质押或冻结，以免出现因无法转股而 被赎回的情形。 当性管理要求的，不能将所持"博汇转债"转换为股票，特提请投资者关注不能转 股的风险。 风险提示： 根据安排，截至 2025 年 8 月 19 日收市后仍未转股的"博汇转债"，将按照 100.02 元/张的价格被强制赎回，因目前"博汇转债"二级市场价格与赎回价格存在较大差 异，特别提醒"博汇转债"持有人注意在限期内转股，如果投资者不能在 2025 年 8 月 19 日当日及之前完成转股，可能面临 ...

格隆汇7月30日丨华鲁恒升(600426.SH)公布，根据化工企业连续生产的特点，为确保生产装置安全有效 运行，公司将于2025年8月2日开始对一套煤气化装置及部分产品生产装置进行停车检修，检修及停开车 时间预计20天左右。本次停车检修预计将影响公司营业收入约2.55亿元，占全年营业收入预算的0.73% 左右。本次检修是根据年度生产计划安排的检修，不影响公司2025年度生产计划的完成。 ...

Summary of Lianrui New Materials Conference Call Company Overview - Lianrui New Materials specializes in spherical silicon powder, primarily used in epoxy molding compounds (EMC), accounting for approximately 50% of revenue, with a selling price of around 15,000 yuan/ton. Angular silicon powder is mainly used for copper-clad laminates (CCL), contributing about 20% of revenue, priced between 3,000-4,000 yuan/ton. Ordinary alumina powder is used for heat dissipation in new energy vehicles, also accounting for about 20% of revenue [2][3][4]. Market Position - Lianrui holds a leading position in the global CCL market with a market share of approximately 25%. The company has a broad customer base, including Panasonic and Doosan, but has limited cooperation with Taiguang due to historical equity relationships [2][4][8]. Product Development and Upgrades - The upgrade of CCLs is increasing the importance of silicon micro-powder and alumina powder. Starting from the M6 generation, spherical silicon micro-powder is used, with M7 using sub-micron spherical silicon micro-powder (priced at 100,000 yuan/ton), M8 using both sub-micron and chemical spherical silicon micro-powder (over 200,000 yuan/ton), and M9 fully adopting chemical spherical silicon micro-powder [2][6][14]. Revenue Growth and Projections - Lianrui's revenue growth is projected to double in the coming years, driven by increased demand for higher-grade spherical silicon micro-powder as M8 and M9 CCLs gain traction. The high-grade silicon micro-powder project is expected to produce 3,600 tons annually at an average price of 200,000 yuan, generating a total output value of 720 million yuan. The alumina powder project for new energy vehicles is expected to produce 16,000 tons annually at an average price of 20,000 yuan, generating a total output value of 320 million yuan [4][10][11]. Competitive Advantages - Lianrui's core competitiveness lies in its product structure and market coverage. The company has a strong reputation for product quality, slightly lower prices compared to overseas competitors, and excellent service and supply capabilities, which have strengthened customer loyalty even during the pandemic [3][9][12]. Industry Trends and Future Outlook - The demand for higher-grade silicon micro-powder is expected to rise as the CCL market evolves. Lianrui is positioned to benefit from this trend, especially as overseas clients like Panasonic and Doosan deepen their cooperation with the company [8][15]. The average compound growth rate for Lianrui's sales over the past few years has been between 20% and 25%, with a minimum growth rate of 8% during economic downturns and up to 40% in favorable years [10][11]. Valuation and Market Sentiment - Lianrui has maintained a high valuation, with a PE ratio between 30 and 40, even during periods of lower industry sentiment. This is attributed to its strong competitive position and growth potential, justifying a premium valuation despite lower stock price increases compared to other materials [12][15]. Conclusion - Lianrui New Materials is well-positioned for future growth, driven by industry upgrades and strong customer relationships. The company's focus on high-quality products and strategic market positioning will likely enhance its competitive edge and financial performance in the coming years [10][11][16].

Group 1: Industry Overview - The Ministry of Industry and Information Technology announced a new round of stable growth work plans for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments, supply optimization, and phasing out outdated production capacity [1] - The specific work plans for the petrochemical industry are expected to be released soon, which may lead to the elimination of outdated production capacity and further benefit company profitability [1] Group 2: Company Strategy and Performance - The company is positioned to benefit from the chemical industry's anti-involution by providing energy, basic chemicals, and logistics services to other chemical enterprises within the Jiaxing Chemical New Materials Park, ensuring a stable performance base [1] - The company has established an internal production cycle by recycling by-products across its business segments, which helps reduce overall production costs [1] - The company's diversification into areas such as fatty alcohols, chlor-alkali, sulfonated pharmaceuticals, hydrogen energy, and photovoltaic power plants ensures stable profitability and supports national carbon reduction goals [1] - The company has implemented a proactive and steady dividend policy and share repurchase plan, aiming to repurchase shares worth 400 to 600 million RMB within 12 months at a price not exceeding 11.82 RMB per share, reflecting confidence in long-term development [2] - As of July 7, 2025, the company has repurchased approximately 14.1 million shares, accounting for 1.04% of total share capital, with a total expenditure of 119 million RMB [2] - Future projects, such as the second phase of fatty alcohols and energy-saving upgrades for boilers, are expected to enhance long-term development prospects [2] Group 3: Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.26 billion, 1.44 billion, and 1.57 billion RMB for the years 2025 to 2027 [2]