Core Viewpoint - The company has established a joint venture to produce lithium hexafluorophosphate, indicating a strategic move into the lithium salt market [1] Group 1: Company Investment - The company, along with subsidiaries of Tianji Co. and Ningde New Energy Technology Co., has jointly invested in Jiangsu Tairui Lianteng Material Technology Co., Ltd. to implement a project with an annual production capacity of 30,000 tons of lithium hexafluorophosphate and other lithium salts [1] - The ownership structure of the joint venture includes 70% held by Xin Tai Materials, 25% by the company, and 5% by New Energy Technology [1] - The company also holds a 5.99% stake in Tianji Co. [1]

Core Viewpoint - Shenzhen New Star (603978.SH) has indicated that it has basic spot sales of lithium hexafluorophosphate, with a production capacity of 7,200 tons expected to be completed by mid-2024. Due to low market prices, the company has not commenced production, but recent price increases have prompted preparations for equipment installation before production starts [1]. Group 1 - The company has basic spot sales of lithium hexafluorophosphate [1] - The production capacity of lithium hexafluorophosphate is 7,200 tons, expected to be completed by mid-2024 [1] - The company has not started production due to low market prices, which resulted in losses [1] Group 2 - Recent significant price increases have led the company to arrange for the installation of pre-production equipment [1]

Report Industry Investment Rating - Unilateral: Neutral; short-term may stop falling, but limited upward drive, mainly oscillating in the bottom range; - Inter-period: None - Inter-variety: None [3] Core Viewpoints - Local PDH device maintenance boosts and downstream device restart brings demand increment, driving the improvement of the propylene market trading. The Shandong spot rebounds, and the futures price is supported to stop falling and consolidate. - The supply side has a phased reduction, but the supply is still loose, and the inventory pressure in the factory is still high. - The demand side is boosted by bargain hunting purchases, and the overall profit margin of downstream products has improved. The demand support for propylene may increase. - The cost support for propylene is limited due to the small increase in international oil prices and the continuous weakness of external propane. [2] Summary by Directory 1. Propylene Basis Structure - The closing price of the propylene main contract is 5869 yuan/ton (-23), the East China spot price of propylene is 5875 yuan/ton (+25), the North China spot price of propylene is 5765 yuan/ton (+0), the East China basis of propylene is 6 yuan/ton (+48), and the North China basis of propylene is -102 yuan/ton (+38). [1] 2. Propylene Production Profit and Capacity Utilization Rate - The propylene capacity utilization rate is 75% (+0%), the propylene CFR - Japanese naphtha CFR is 133 US dollars/ton (-1), and the propylene CFR - 1.2 propane CFR is 63 US dollars/ton (-2). [1] 3. Propylene Import and Export Profit - The propylene import profit is -240 yuan/ton (+52). [1] 4. Propylene Downstream Profit and Capacity Utilization Rate - PP powder capacity utilization rate is 43% (-0.34%), production profit is -15 yuan/ton (+0); - Epoxy propane capacity utilization rate is 74% (+5%), production profit is 268 yuan/ton (-57); - N-butanol capacity utilization rate is 86% (+2%), production profit is -86 yuan/ton (+0); - Octanol capacity utilization rate is 71% (-18%), production profit is -173 yuan/ton (-50); - Acrylic acid capacity utilization rate is 72% (+5%), production profit is 579 yuan/ton (-53); - Acrylonitrile capacity utilization rate is 78% (-1%), production profit is -158 yuan/ton (-45); - Phenol - acetone capacity utilization rate is 76% (-3%), production profit is -390 yuan/ton (-25). [1] 5. Propylene Inventory - The propylene inventory in the factory is 49,820 tons (+4,770). [1]

Group 1 - The stock price of Baihehua fell by 5.04%, reaching 15.82 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 6.587 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating loss for Southern Zhihong Mixed A today is approximately 1.8302 million CNY [2] - Southern Zhihong Mixed A was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.56% [2] Group 3 - Southern Zhihong Mixed A (020645) is a major holding in Baihehua, with 2.1788 million shares, representing 4.27% of the fund's net value, making it the third-largest holding [3] - The estimated floating loss for the fund regarding Baihehua is approximately 1.8302 million CNY [3]

Core Viewpoint - The company, Hubei Xingfu Electronic Materials Co., Ltd., is experiencing fluctuations in stock performance and financing activities, with a notable increase in revenue and net profit year-on-year. Group 1: Stock Performance and Financing - On November 11, Hubei Xingfu's stock fell by 1.29%, with a trading volume of 220 million yuan [1] - The financing buy-in amount on the same day was 32.09 million yuan, while the financing repayment was 28.37 million yuan, resulting in a net financing buy of 3.72 million yuan [1] - As of November 11, the total financing and securities lending balance was 286 million yuan, with the financing balance accounting for 10.49% of the circulating market value [1] Group 2: Business Performance - For the period from January to September 2025, Hubei Xingfu achieved an operating income of 1.063 billion yuan, representing a year-on-year growth of 26.67% [2] - The net profit attributable to the parent company was 165 million yuan, reflecting a year-on-year increase of 24.67% [2] Group 3: Shareholder and Dividend Information - As of October 31, the number of shareholders decreased by 13.85% to 13,400, while the average circulating shares per person increased by 16.08% to 5,459 shares [2] - The company has distributed a total of 72 million yuan in dividends since its A-share listing [3] - As of September 30, 2025, the fourth largest circulating shareholder is Dongfanghong Ruiyuan Mixed Fund, which holds 923,700 shares as a new shareholder [3]

资料显示，浙江巍华新材料股份有限公司位于浙江省杭州湾上虞经济技术开发区北塘东路8号，成立日 期2013年10月12日，上市日期2024年8月14日，公司主营业务涉及氯甲苯和三氟甲基苯系列产品研发、 生产和销售。主营业务收入构成为：三氟甲基苯系列79.35%，氯甲苯系列19.71%，其他(补充)0.95%。 截至9月30日，巍华新材股东户数1.99万，较上期减少1.68%；人均流通股9287股，较上期增加1.71%。 2025年1月-9月，巍华新材实现营业收入6.60亿元，同比减少15.18%；归母净利润1.09亿元，同比减少 40.96%。 分红方面，巍华新材A股上市后累计派现2.42亿元。 责任编辑：小浪快报 11月11日，巍华新材跌0.49%，成交额5675.04万元。两融数据显示，当日巍华新材获融资买入额820.06 万元，融资偿还597.08万元，融资净买入222.99万元。截至11月11日，巍华新材融资融券余额合计1.23 亿元。 融资方面，巍华新材当日融资买入820.06万元。当前融资余额1.23亿元，占流通市值的3.66%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，巍华新材11月 ...

Group 1 - The core viewpoint of the news is that Xinghui Environmental Materials Co., Ltd. has experienced a decline in both revenue and net profit for the first nine months of 2025, alongside notable changes in shareholder structure and financing activities [1][2]. Group 2 - As of November 11, Xinghui Environmental Materials' stock price increased by 0.94%, with a trading volume of 35.69 million yuan. The financing buy-in amount for the day was 2.28 million yuan, while the financing repayment was 5.35 million yuan, resulting in a net financing buy-in of -3.07 million yuan [1]. - The total financing and securities lending balance for Xinghui Environmental Materials as of November 11 was 48.36 million yuan, accounting for 1.06% of the circulating market value, which is above the 60th percentile level over the past year [1]. - The company has not engaged in any securities lending activities on November 11, with both the securities lending repayment and selling amount being zero, indicating a high level of inactivity in this area [1]. - As of September 30, the number of shareholders for Xinghui Environmental Materials was 21,400, a decrease of 16.11% from the previous period, while the average circulating shares per person increased to 9,001 shares, up by 232.99% [2]. - For the period from January to September 2025, Xinghui Environmental Materials reported a revenue of 1 billion yuan, a year-on-year decrease of 21.05%, and a net profit attributable to shareholders of 39.57 million yuan, down 44.29% year-on-year [2]. - Since its A-share listing, Xinghui Environmental Materials has distributed a total of 590 million yuan in dividends, with 164 million yuan distributed over the past three years [2].

Core Viewpoint - On November 11, Aok Chemical Co., Ltd. experienced a significant stock price increase of 20.04%, with a trading volume of 1.184 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On the same day, Aok Chemical had a financing buy-in amount of 116 million yuan, while the financing repayment was 119 million yuan, resulting in a net financing outflow of 3.42 million yuan [1]. - As of November 11, the total financing and securities lending balance for Aok Chemical was 172 million yuan, which represents 2.21% of its circulating market value and is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares repaid or sold on November 11, with a total securities lending balance of 0 yuan, also reflecting a high level compared to the past year [1]. Company Overview - Aok Chemical, established on January 1, 2000, and listed on May 20, 2010, is located in Liao Yang, Liaoning Province. The company specializes in the research, development, production, and sales of epoxy ethane and ethylene-derived green low-carbon fine chemical high-end new materials [1]. - The main revenue composition of Aok Chemical includes: 65.11% from polyether monomers, 20.58% from polyethylene glycol, 13.99% from fatty alcohol ethers, and 0.31% from other sources [1]. Financial Performance - As of September 30, Aok Chemical reported a total of 30,000 shareholders, a decrease of 15.65% from the previous period, with an average of 22,615 circulating shares per person, an increase of 18.55% [2]. - For the period from January to September 2025, Aok Chemical achieved an operating income of 3.158 billion yuan, representing a year-on-year growth of 4.93%. However, the net profit attributable to the parent company was -6.5613 million yuan, showing a significant year-on-year improvement of 95.09% [2]. Dividend Information - Since its A-share listing, Aok Chemical has distributed a total of 1.453 billion yuan in dividends. However, there have been no dividend distributions in the past three years [3].

融券方面，隆华新材11月11日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量100.00股，融券余额1178.00元，超过近一年90%分位水平，处于高位。 资料显示，山东隆华新材料股份有限公司位于山东省淄博市高青县潍高路289号，成立日期2011年3月28 日，上市日期2021年11月10日，公司主营业务涉及聚醚系列产品的研发、生产与销售。主营业务收入构 成为：聚醚多元醇产品97.95%，其他(补充)1.87%，聚酰胺树脂0.19%。 截至9月30日，隆华新材股东户数1.89万，较上期减少3.60%；人均流通股13834股，较上期增加3.72%。 2025年1月-9月，隆华新材实现营业收入44.55亿元，同比增长2.93%；归母净利润1.00亿元，同比减少 26.60%。 分红方面，隆华新材A股上市后累计派现2.45亿元。近三年，累计派现2.02亿元。 责任编辑：小浪快报 11月11日，隆华新材涨3.33%，成交额2.47亿元。两融数据显示，当日隆华新材获融资买入额2865.75万 元，融资偿还3584.54万元，融资净买入-718.79万元。截至11月11日，隆华新 ...

Core Insights - The stock of Duofuduo increased by 1.21% on November 11, with a trading volume of 8.192 billion yuan [1] - The company reported a net financing purchase of 38.77 million yuan on the same day, with a total financing and securities lending balance of 1.772 billion yuan [1] Financing Overview - On November 11, Duofuduo had a financing purchase of 714 million yuan, with a financing balance of 1.766 billion yuan, accounting for 4.45% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On November 11, Duofuduo repaid 200 shares in securities lending and sold 7,000 shares, amounting to 233,400 yuan based on the closing price [1] - The remaining securities lending volume was 185,700 shares, with a balance of 6.1912 million yuan, exceeding the 60th percentile of the past year [1] Company Profile - Duofuduo New Materials Co., Ltd. was established on December 21, 1999, and went public on May 18, 2010 [1] - The company's main business includes lithium hexafluorophosphate and electronic chemicals, lithium-ion batteries, new energy vehicles, and inorganic fluorides [1] - The revenue composition is as follows: new energy materials 34.97%, fluorine-based new materials 30.39%, new energy batteries 25.30%, electronic information materials 5.55%, and others 3.80% [1] Shareholder Information - As of September 30, the number of shareholders for Duofuduo reached 214,200, an increase of 33.69% from the previous period [2] - The average number of circulating shares per shareholder decreased by 25.20% to 5,043 shares [2] - The company has distributed a total of 2.034 billion yuan in dividends since its A-share listing, with 1.04 billion yuan in the last three years [2] Institutional Holdings - As of September 30, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 21.2742 million shares, an increase of 399,100 shares from the previous period [2] - New institutional shareholders include Penghua CSI Segmented Chemical Industry Theme ETF and GF National Index New Energy Vehicle Battery ETF, holding 17.8287 million shares and 11.0172 million shares, respectively [2]