Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The PVC market is still in a weak supply - demand situation. The supply side is under pressure due to the return of pre - maintenance production, high overall开工率 supported by chlor - alkali profits, and the gradual mass production of new capacity. The demand side shows low downstream product开工率 and enterprises maintain just - in - time procurement. The social inventory of PVC continues to accumulate, and the warehouse receipt pressure of the 09 contract is large. The chlor - alkali profit still has room for compression [3]. - The supply side of caustic soda has high upstream开工率, but some local enterprises have reduced production, and Yantai Wanhua plans to carry out maintenance, so the开工率 may decline slightly later. The demand side has stable alumina开工率, and the delivery volume of alumina plants is lower than daily consumption. The non - aluminum end开工率 has increased slightly, and the downstream stocking sentiment has improved due to transportation restrictions during the parade. With the approaching of the peak season, the inventory pressure of enterprises has decreased, and the inventory has continued to decline this week [3]. Summary by Related Catalogs Market News and Important Data PVC - **Futures price and basis**: The closing price of the PVC main contract is 5004 yuan/ton (- 4); the East China basis is - 264 yuan/ton (+ 24); the South China basis is - 164 yuan/ton (+ 44) [1]. - **Spot price**: The East China calcium carbide - based PVC is quoted at 4740 yuan/ton (+ 20); the South China calcium carbide - based PVC is quoted at 4840 yuan/ton (+ 40) [1]. - **Upstream production profit**: The price of semi - coke is 630 yuan/ton (+ 0); the price of calcium carbide is 2755 yuan/ton (+ 0); the calcium carbide profit is - 39 yuan/ton (+ 0); the gross profit of PVC calcium carbide - based production is - 231 yuan/ton (+ 21); the gross profit of PVC ethylene - based production is - 540 yuan/ton (- 51); the PVC export profit is 15.5 US dollars/ton (- 3.0) [1]. - **PVC inventory and开工率**: The in - factory inventory of PVC is 32.7 tons (- 1.0); the social inventory of PVC is 49.3 tons (+ 1.2); the开工率 of PVC calcium carbide - based production is 76.07% (- 3.14%); the开工率 of PVC ethylene - based production is 72.44% (- 5.48%); the overall PVC开工率 is 75.02% (- 3.82%) [1]. - **Downstream order situation**: The pre - sales volume of production enterprises is 79.1 tons (- 4.1) [1]. Caustic Soda - **Futures price and basis**: The closing price of the SH main contract is 2687 yuan/ton (+ 32); the basis of 32% liquid caustic soda in Shandong is - 62 yuan/ton (- 32) [1]. - **Spot price**: The price of 32% liquid caustic soda in Shandong is 840 yuan/ton (+ 0); the price of 50% liquid caustic soda in Shandong is 1340 yuan/ton (+ 0) [1]. - **Upstream production profit**: The single - variety profit of caustic soda in Shandong is 1634 yuan/ton (+ 0); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 770.8 yuan/ton (+ 40.0); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 603.78 yuan/ton (+ 20.00); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1367.74 yuan/ton (+ 0.00) [2]. - **Caustic soda inventory and开工率**: The inventory of liquid caustic soda factories is 39.64 tons (- 4.14); the inventory of flake caustic soda factories is 2.36 tons (+ 0.03); the caustic soda开工率 is 83.20% (- 0.90%) [2]. - **Caustic soda downstream开工率**: The alumina开工率 is 85.64% (- 0.09%); the dyeing开工率 in East China is 63.86% (+ 2.40%); the viscose staple fiber开工率 is 86.22% (+ 0.18%) [2]. Market Analysis PVC - In July, PVC exports reached 33.06 tons, a month - on - month increase of 26% and a year - on - year increase of 113%. From January to July, the cumulative exports were 229 tons, a year - on - year increase of 57%. Affected by the rush to export before the implementation of anti - dumping duties, the July exports exceeded expectations. Recently, India announced new anti - dumping duties on imported PVC, which are generally 46 - 52 US dollars/ton higher than the preliminary ruling results on October 30, 2024. It is expected that the rush to export will continue, but the export expectation will weaken after September [3]. Caustic Soda - The supply side of caustic soda has high upstream开工率, but some local enterprises have reduced production, and Yantai Wanhua plans to carry out maintenance, so the开工率 may decline slightly later. The demand side has stable alumina开工率, and the delivery volume of alumina plants is lower than daily consumption. The non - aluminum end开工率 has increased slightly, and the downstream stocking sentiment has improved due to transportation restrictions during the parade. With the approaching of the peak season, the inventory pressure of enterprises has decreased, and the inventory has continued to decline this week [3]. Strategy PVC - **Single - side**: Neutral [4] - **Inter - delivery spread**: Wait - and - see [4] - **Inter - commodity spread**: None [4] Caustic Soda - **Single - side**: Wait - and - see [5] - **Inter - delivery spread**: Go long on the SH10 - 01 spread when it is low [5] - **Inter - commodity spread**: None [5]

Group 1 - The chemical sector experienced a sudden surge, with stocks like Hangjin Technology hitting the limit up, and Hongda shares rising over 6% [1] - The chemical ETF (516020) saw an increase of 1.15% in its market price, reflecting the overall positive trend in the chemical sector [1] - The "anti-involution" trend is benefiting the chemical sector, attracting significant capital inflow, with the chemical ETF recording a net subscription of nearly 140 million yuan over the past five trading days [1][3] Group 2 - As of August 21, the social security fund held 129 stocks with a total market value of 33.2 billion yuan, with the chemical sector leading at 6 billion yuan [3] - The chemical industry is expected to see a phase of improvement as the "anti-involution" measures reduce overcapacity and chaotic competition [3] - The chemical ETF's price-to-book ratio is at 2.17, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - The "anti-involution" policy is anticipated to be a long-term focus, potentially leading to the elimination of outdated production capacity and a more optimized competitive landscape in the chemical industry [4] - The changes in supply dynamics are expected to improve the profitability of chemical products, transitioning the industry from a "money pit" to a "cash cow" [4] - The chemical ETF (516020) provides an efficient way to invest in the sector, covering various sub-sectors and focusing on large-cap leading stocks [5]

Group 1 - The chemical sector experienced a sudden surge, with stocks such as Hangjin Technology hitting the daily limit, and Hongda Co. and Juhua Co. seeing significant increases of over 6% and 4% respectively, while the chemical ETF (516020) rose by 1.15% [1] - The recent "anti-involution" trend has benefited the chemical sector, attracting substantial capital inflows, with the chemical ETF (516020) seeing a net subscription of nearly 140 million yuan over the last five trading days [1][3] - As of August 21, the social security fund held 129 stocks with a total market value of 33.2 billion yuan, with the chemical sector being the largest holding at 6 billion yuan [3] Group 2 - The chemical industry is expected to see a phase of improvement as the "anti-involution" measures are implemented, alleviating issues of overcapacity and excessive competition [3][4] - The chemical ETF (516020) is currently at a relatively low price-to-book ratio of 2.17, indicating a favorable long-term investment opportunity [3] - Analysts suggest that the "anti-involution" trend will be a key policy focus through 2025, leading to a more orderly competitive environment in the chemical sector and potential recovery in profitability [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [4] - The ETF has shown strong performance, with significant net subscriptions indicating investor confidence in the sector's recovery [3][4] - The potential for increased dividend yields and improved cash flow in the chemical sector is highlighted, suggesting a shift from being a "cash-consuming" industry to a "cash-generating" one [4]

Core Viewpoint - Tianyuan Co., Ltd. (002386) responded to investor concerns regarding unusual stock price movements, asserting that there is no manipulation of stock prices and that the company adheres to relevant regulations [1] Group 1: Stock Price Movement - On August 4 and 5, the company's stock price experienced significant fluctuations, ranking last in both the chlor-alkali and titanium dioxide sectors [1] - The stock exhibited a pattern of five consecutive trades ending in either 1 or 4, with a probability of occurrence estimated at one in ten thousand [1] - The company noted that similar occurrences had happened three times in the past two days, suggesting potential artificial manipulation rather than normal trading behavior [1] Group 2: Company Response - Tianyuan Co., Ltd. emphasized its compliance with stock trading regulations as a state-owned listed enterprise [1] - The company denied any allegations of stock price manipulation and expressed gratitude for investor attention [1]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Chlor - alkali Industry - **Caustic Soda**: The caustic soda futures market strengthened, but the supply is expected to increase with more devices resuming and fewer maintenance plans. The rebound height is limited, and the 01 contract is expected to fluctuate between 2500 - 2700. It is recommended to wait and see [2]. - **PVC**: The supply of PVC is under pressure due to new capacity releases, while the downstream demand shows no sign of improvement. The industry is in the off - season, and it is recommended to take a bearish view [2]. Crude Oil Industry - The overnight oil price rebounded, driven by short - term supply - demand factors such as a large drop in US EIA inventory and strong terminal demand. However, there is still short - term supply pressure due to the increase in Cushing inventory and OPEC + production. It is recommended to wait and see on the long - short side, and consider expanding the 10 - 11/12 month spread on the inter - month side [5]. Methanol Industry - The methanol market has high port inventory due to large imports. The demand is differentiated, with traditional sectors weak and MTO profit improving. The 09 contract has significant inventory accumulation, while the 01 contract is supported by seasonal factors and Iranian gas - limit expectations [9][11][12]. Pure Benzene - Styrene Industry - **Pure Benzene**: The short - term price has some support due to expected improvement in supply - demand and lower port arrivals in August, but the medium - term supply is sufficient, and the rebound drive is limited. - **Styrene**: The short - term supply is high, but the demand has improved with the increase in downstream 3S load and export expectations. The price has support at the low level, but the rebound space is limited [16]. Urea Industry - The urea price fluctuated, mainly driven by export sentiment and inventory pressure. The fundamentals have limited changes, with increased daily production and weak agricultural demand. The market is expected to be volatile [19]. Polyester Industry Chain - **PX**: The supply is expected to increase as some domestic PX plants restart. The short - term price has support, and it is recommended to trade it in the range of 6600 - 6900 and expand the PX - SC spread [50]. - **PTA**: The short - term supply - demand has improved, but the medium - term is under pressure. It is recommended to trade it in the range of 4600 - 4800 and do reverse arbitrage on TA1 - 5 [50]. - **Ethylene Glycol**: The supply and demand are neutral to positive in the short - term, and it is expected to be volatile and strong. It is recommended to trade the EG01 contract in the range of 4350 - 4550 [50]. - **Short - fiber**: The price has some support due to the approaching peak season, but the rebound drive is limited. It is recommended to pay attention to the pressure above 6500 for the PF10 contract [50]. - **Bottle Chip**: The processing fee has support, and the absolute price follows the cost. It is recommended to go long on the processing fee at low levels [50]. Polyolefin Industry - The PP/PE market shows a pattern of both supply and demand increasing, with inventory depletion. The supply pressure is easing, and demand is showing signs of recovery. It is recommended to hold the LP 01 contract as the market fluctuates in the short - term [54]. 3. Summary According to Related Catalogs Chlor - alkali Industry - **Price and Spread**: The prices of caustic soda and PVC showed different trends. The export profit of caustic soda decreased, while the PVC export profit increased [2]. - **Supply**: The caustic soda industry's operating rate decreased slightly, while the PVC total operating rate increased [2]. - **Demand**: The downstream operating rates of caustic soda and PVC showed some improvement [2]. - **Inventory**: The inventory of caustic soda and PVC showed different trends, with an increase in some and a decrease in others [2]. Crude Oil Industry - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts and varieties also changed [5]. - **Supply - Demand**: The US EIA inventory decreased significantly, but Cushing inventory increased, and OPEC + production increased [5]. Methanol Industry - **Price and Spread**: The methanol futures and spot prices increased, and the spreads between different contracts and regions also changed [9]. - **Inventory**: The methanol enterprise, port, and social inventories all increased [10]. - **Operating Rate**: The upstream domestic operating rate decreased slightly, while the overseas operating rate increased slightly. The downstream MTO operating rate increased [11]. Pure Benzene - Styrene Industry - **Price and Spread**: The prices of pure benzene, styrene, and their raw materials changed, and the spreads between different varieties also changed [16]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased slightly, while the styrene inventory increased [16]. - **Operating Rate**: The operating rates of pure benzene, styrene, and their downstream products showed different trends [16]. Urea Industry - **Price and Spread**: The urea futures and spot prices changed, and the spreads between different contracts and varieties also changed [19]. - **Supply - Demand**: The domestic urea daily production decreased slightly, and the inventory in some areas changed [19]. - **Position and Volume**: The long and short positions of the top 20 increased, and the trading volume increased significantly [19]. Polyester Industry Chain - **Price and Spread**: The prices of raw materials such as crude oil, PX, and downstream polyester products changed, and the spreads between different varieties also changed [50]. - **Operating Rate**: The operating rates of PX, PTA, and downstream polyester products showed different trends [50]. - **Inventory**: The MEG port inventory decreased, and the PTA inventory situation was also mentioned [50]. Polyolefin Industry - **Price and Spread**: The prices of LLDPE and PP futures and spot changed, and the spreads between different contracts and regions also changed [54]. - **Operating Rate**: The operating rates of PE and PP plants and their downstream industries showed different trends [54]. - **Inventory**: The PE and PP enterprise and social inventories showed different trends [54].

Group 1: Industry Investment Ratings - PVC unilateral: Neutral; PVC inter - period: Wait - and - see; PVC inter - variety: None [4] - Caustic soda unilateral: Wait - and - see; Caustic soda inter - period: SH10 - 01 long the spread when prices are low; Caustic soda inter - variety: None [5] Group 2: Core Views - PVC exports in July were 330,600 tons, a month - on - month increase of 26% and a year - on - year increase of 113%. From January to July, the cumulative exports were 2.29 million tons, a year - on - year increase of 57%. Due to the rush to export before the implementation of anti - dumping duties, PVC exports in July exceeded expectations. However, the overall supply - demand situation of PVC remains weak, with high supply pressure and low downstream demand [2] - The upstream production of caustic soda maintains a high level, but there may be a slight decline in the future. The demand side shows that the alumina industry has stable profits and production, and the non - aluminum industry's demand has also increased slightly. The inventory of caustic soda is decreasing, and the comprehensive profit of chlor - alkali is at a medium level compared to the same period [3] Group 3: Summary by Related Catalogs PVC Price and Basis - PVC main contract closing price: 5,008 yuan/ton (+7); East China basis: - 288 yuan/ton (- 17); South China basis: - 208 yuan/ton (- 27) [1] - East China calcium carbide - based PVC spot price: 4,720 yuan/ton (- 10); South China calcium carbide - based PVC spot price: 4,800 yuan/ton (- 20) [1] Upstream Production Profit - Semi - coke price: 630 yuan/ton (+0); Calcium carbide price: 2,755 yuan/ton (+0); Calcium carbide profit: - 39 yuan/ton (+0); PVC calcium carbide - based production gross profit: - 231 yuan/ton (+21); PVC ethylene - based production gross profit: - 540 yuan/ton (- 51); PVC export profit: 24.7 US dollars/ton (+6.5) [1] Inventory and Operating Rate - PVC factory inventory: 327,000 tons (- 10,000); PVC social inventory: 493,000 tons (+12,000); PVC calcium carbide - based operating rate: 79.21% (+1.38%); PVC ethylene - based operating rate: 77.92% (+0.37%); PVC overall operating rate: 78.84% (+1.09%) [1] Downstream Orders - Production enterprise pre - sales volume: 791,000 tons (- 41,000) [1] Caustic Soda Price and Basis - SH main contract closing price: 2,655 yuan/ton (+57); Shandong 32% liquid caustic soda basis: - 30 yuan/ton (- 57) [1] - Shandong 32% liquid caustic soda spot price: 840 yuan/ton (+0); Shandong 50% liquid caustic soda spot price: 1,340 yuan/ton (+10) [1] Upstream Production Profit - Shandong caustic soda single - product profit: 1,634 yuan/ton (+0); Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine): 730.8 yuan/ton (+0.0); Shandong chlor - alkali comprehensive profit (1 ton of PVC): 583.78 yuan/ton (- 10.00); Northwest chlor - alkali comprehensive profit (1 ton of PVC): 1,367.74 yuan/ton (- 10.00) [1] Inventory and Operating Rate - Liquid caustic soda factory inventory: 437,800 tons (- 23,900); Flake caustic soda factory inventory: 23,300 tons (+1,200); Caustic soda operating rate: 84.10% (- 1.00%) [1] Downstream Operating Rate - Alumina operating rate: 85.64% (- 0.09%); Printing and dyeing operating rate in East China: 61.46% (+2.18%); Viscose staple fiber operating rate: 86.04% (+1.07%) [1]

Core Viewpoint - The financial performance of Huashu Co., Ltd. shows a decline in revenue but an improvement in profitability metrics, indicating a mixed outlook for the company [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.187 billion yuan, a decrease of 6.46% year-on-year [1] - Net profit attributable to shareholders was -129 million yuan, an increase of 15.69% year-on-year [1] - Gross margin improved by 12.11% to 9.81%, while net margin increased by 9.86% to -5.88% [1] - Total expenses (selling, administrative, and financial) amounted to 115 million yuan, accounting for 5.28% of revenue, a decrease of 21.5% [1] - Cash flow from operating activities showed a significant improvement, with a year-on-year increase of 80.08% [1] Balance Sheet Changes - Cash and cash equivalents decreased by 42.03% due to increased cash payments for debt repayment [3] - Accounts receivable increased by 31.71% due to higher receivables from strategic customers [3] - Interest-bearing debt rose by 35.29% as project loans entered the repayment phase [2][3] - The company's net asset value per share decreased by 5.78% to 1.66 yuan [1] Industry Context - The chlor-alkali industry in China is experiencing controlled capacity expansion, with PVC production capacity reaching 29.51 million tons by the end of 2024, accounting for approximately 47% of the global total [4] - The demand for caustic soda is steadily increasing due to the growth in lithium iron phosphate and ternary battery markets, which is positively impacting the chlor-alkali balance [5] - The industry is seeing a shift towards more competitive enterprises, particularly in regions like North China, where ethylene-based PVC production is becoming more prevalent [6] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 8.95% since its listing [7] - The business model relies heavily on capital expenditures, necessitating careful scrutiny of the viability of these investments [7] - The company's cash flow situation is concerning, with a cash to current liabilities ratio of only 23% [7]

Core Viewpoint - The recent financial report of Huashu Co., Ltd. indicates a decline in revenue but an improvement in profitability metrics, highlighting mixed performance in the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.187 billion yuan, a decrease of 6.46% year-on-year [1]. - The net profit attributable to shareholders was -129 million yuan, an increase of 15.69% year-on-year [1]. - In Q2 2025, total revenue was 1.121 billion yuan, down 11.44% year-on-year, while the net profit attributable to shareholders was -73.24 million yuan, up 34.73% year-on-year [1]. - Gross margin improved by 12.11% to 9.81%, and net margin increased by 9.86% to -5.88% [1]. - Total operating expenses decreased by 21.5% to 115 million yuan, accounting for 5.28% of revenue [1]. - Cash flow from operating activities showed a significant improvement, with a year-on-year increase of 80.08% [1]. Financial Item Changes - Cash and cash equivalents decreased by 42.03% due to increased cash payments for debt repayment [3]. - Accounts receivable increased by 31.71% due to higher receivables from strategic customers [3]. - Inventory rose by 24.85% due to reduced sales amid weak market demand [3]. - Financial expenses surged by 454.24% due to capitalization of certain project loan costs [3]. - Net cash flow from operating activities increased by 79.59% due to reduced cash outflows [3]. Industry Overview - The chlor-alkali industry in China is experiencing controlled capacity expansion, with PVC production capacity reaching 29.51 million tons by the end of 2024, accounting for approximately 47% of global capacity [5]. - The demand for caustic soda is steadily increasing due to the growth in lithium iron phosphate and ternary battery markets, which is enhancing investment enthusiasm in the sector [6]. - The PVC market remains crucial for maintaining the "caustic-chlorine balance," representing about 35% of total chlorine consumption [6]. - The industry structure is gradually optimizing, with some PVC enterprises facing operational challenges due to resource and energy disadvantages [6][7].

Group 1 - Jinhe Biological plans to establish a wholly-owned subsidiary with an investment of 10 million yuan to expand into the pet business, focusing on pet food and supplies, food additives, and medical research [1] - CNOOC Development intends to sell its cold energy business and assets to a related party for a total of 371 million yuan [1] - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95% [2] Group 2 - Haosai received a warning letter from the Beijing Securities Regulatory Bureau due to suspected bribery involving its controlling shareholder [4] - Zhenyang Development is planning a major asset restructuring, leading to a temporary suspension of its stock [5] - Chitianhua's subsidiary will undergo a planned maintenance shutdown for 35 days, which will not affect the annual production targets [7] Group 3 - Aikang Pharmaceutical reported a net loss of 139 million yuan in the first half of the year, despite a revenue increase of 10.26% [8] - Zhaojin Gold achieved a net profit of 446.946 million yuan in the first half of the year, reversing a loss from the previous year [9] - CNOOC Development reported a net profit of 1.83 billion yuan in the first half of the year, a year-on-year increase of 13.15% [10] Group 4 - Hanchuan Intelligent reported a net profit of 22.935 million yuan in the first half of the year, compared to a loss in the same period last year [11] - Songyuan Safety's net profit increased by 30.85% year-on-year, with a revenue of 1.148 billion yuan [12] - Hengdian Film reported a net profit of 202 million yuan, a year-on-year increase of 128.61% [13] Group 5 - Ruoyu Chen's net profit increased by 85.6% year-on-year, with a revenue of 1.319 billion yuan [14] - Ruida Futures reported a net profit of 228 million yuan, a year-on-year increase of 66.49% [16] - Yangjie Technology's net profit increased by 41.55% year-on-year, with a revenue of 3.455 billion yuan [17] Group 6 - Yahua Group reported a net profit of 136 million yuan, a year-on-year increase of 32.87% [19] - Zhenyou Technology reported a net loss of 47.594 million yuan in the first half of the year [20] - Xinghui Co., Ltd. announced a share transfer agreement involving 6.99% of its shares [21] Group 7 - Shaanxi Natural Gas plans to transfer 13% of its shares through an agreement [23] - Zhenyou Technology received government subsidies totaling 6.0487 million yuan, accounting for 22.05% of its net profit [25] - Kema Technology plans to reduce its shareholding by up to 1.72% through a strategic employee placement plan [26]

8月19日晚，镇洋发展（603213）(603213.SH)公告，公司接到控股股东浙江省交通投资集团有限公司 (下称"浙江省交投")《关于筹划重大资产重组事项的通知》，其拟筹划浙江沪杭甬高速公路股份有限公 司(下称"浙江沪杭甬")(0576.HK)和镇洋发展进行重大资产重组。 尽管该次交易尚在筹划阶段，但镇洋发展仍在公告中透露了交易方案的些许细节。 公告显示，此次交易方案具体是由港股公司浙江沪杭甬向镇洋发展全体股东发行A股股票，通过换股方 式吸收合并镇洋发展。 值得一提的是，浙江沪杭甬是一家港股上市公司，此次交易涉及港股公司在A股发行股票、吸并A股公 司。因而，该类交易在A股市场十分罕见。 资料显示，浙江沪杭甬是一家主要从事建设、经营、维修及管理高等级公路的投资控股公司。镇洋发展 的主营业务为氯碱相关产品的研发、生产与销售。两者均为浙江省交投的控股子公司。 镇洋发展表示，此次交易的具体合作方案以双方进一步签署的交易文件为准。该次交易尚需履行必要的 内部决策程序，并需经有权监管机构批准后方可正式实施，能否实施尚存在不确定性。 8月20日，记者致电镇洋发展。镇洋发展董秘办工作人员告诉记者，重组方案后续需要董事会和 ...