Agricultural Products Market - The national market price of edible agricultural products increased by 0.4% from the previous week [1] - The average wholesale price of 30 types of vegetables was 5.69 yuan per kilogram, rising by 1.4%, with notable increases in prices of chives (14.8%), cabbage (8.4%), and asparagus lettuce (5.3%) [1] - The average wholesale price of 6 types of fruits saw a slight increase, with watermelon, grapes, and apples rising by 3.5%, 2.8%, and 0.3% respectively [1] - Wholesale prices of aquatic products slightly increased, with large hairtail, large yellow croaker, and silver carp rising by 0.8%, 0.8%, and 0.7% respectively [1] - Poultry product wholesale prices increased, with broiler chicken and eggs rising by 0.2% and 0.1% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with peanut oil rising by 0.1%, while rice and soybean oil decreased by 0.2% and 0.1% respectively [1] - Meat wholesale prices experienced minor fluctuations, with pork priced at 18.60 yuan per kilogram, decreasing by 0.5%, while beef and lamb increased by 0.1% [1] Production Materials Market - Coal prices saw a slight increase, with thermal coal, coking coal, and anthracite rising to 779 yuan, 1058 yuan, and 1164 yuan per ton, increasing by 1.4%, 0.5%, and 0.3% respectively [2] - Basic chemical raw material prices predominantly increased, with sulfuric acid and soda ash rising by 1.5% and 0.6%, while methanol and polypropylene decreased by 0.7% and 0.3% [2] - Prices of non-ferrous metals showed slight fluctuations, with copper decreasing by 1.7%, while zinc and aluminum increased by 0.9% and 0.7% respectively [2] - Refined oil wholesale prices remained stable with slight declines, as 0 diesel remained unchanged, while 95 and 92 gasoline decreased by 0.3% [2] - Fertilizer prices slightly decreased, with urea dropping by 0.4%, while compound fertilizers remained stable [2] - Steel prices experienced a slight decline, with hot-rolled strip steel, rebar, and high-speed wire rod priced at 3490 yuan, 3313 yuan, and 3513 yuan per ton, decreasing by 0.8%, 0.7%, and 0.5% respectively [2] - Rubber prices saw a slight decrease, with synthetic rubber and natural rubber falling by 2.5% and 1.5% respectively [2]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年11月17日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 PTA 每日观点 PTA： 1、基本面：周五，11月主流在01贴水75附近商谈成交，个别略低，价格商谈区间在4610~4660附近。12月初在01-71有成交。今 日主流现货基差在01-75。中性 2、基差：现货4637，01合约基差-63，盘面升水 中性 3、库存：PTA工厂库存3.97天，环比减少0.12天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 多增 偏多 6、预期：近期PTA现货基差维持低位运行，贸易商活跃性降低，聚酯工厂递盘稀少，不过在成本端及印度取消BIS认证利好支撑 下，PTA现货价格整体偏强震荡，但加工差仍处低位，预计短期内跟随成本端震荡为主，现货基差区间波动，关注装置变动情 ...

Market Overview - During the week of November 10 to November 14, the A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index closing at 3990.49 points, down 0.18% for the week, the Shenzhen Component Index at 13216.03 points, down 1.40%, and the ChiNext Index at 3111.51 points, down 3.01% [2] - Over 56% of individual stocks experienced gains during the week, with 170 stocks rising over 15% and 23 stocks declining over 15%. Sectors such as textiles, retail, beauty care, biomedicine, and food and beverage saw increases, while communication, electronics, computers, machinery, and defense industries faced declines [2] Top Performing Stocks - Huasheng Lithium Battery (688353.SH) led the weekly gainers with a remarkable 79.61% increase, followed by Haike Xinyuan (301292.SZ) at 71.38%. Other notable gainers included Jindike (688670.SH), Furui Shares (002083.SZ), Renmin Tongtai (600829.SH), and Dongbai Group (600693.SH), all exceeding 61% in weekly gains [4] - The stock price of Huasheng Lithium Battery reached a historical high, closing at 139.20 yuan, with a total market capitalization of 22.2 billion yuan. The stock has seen a cumulative increase of over 172% from November 5 to November 14 [5][6] Huasheng Lithium Battery Details - Huasheng Lithium Battery specializes in the research, production, and sales of lithium battery electrolyte additives, with a significant market presence in China and exports to Japan, South Korea, the United States, Europe, and Southeast Asia. The company ranked first in domestic market share for lithium-ion battery electrolyte additives from 2018 to 2020 [5] - The recent price surge in the electrolyte industry has driven the prices of additive products higher, with battery-grade vinyl carbonate rising from 48,800 yuan/ton to 57,000 yuan/ton in October, and a significant daily increase of 8.13% to 66,500 yuan/ton on November 10 [5][6] Underperforming Stocks - *ST Changyao (300391.SZ) was the worst performer of the week, with a decline of 33.62%. Other stocks such as Haitan Shares (603759.SH), Degute (300950.SZ), and Bangji Technology (603151.SH) also saw declines exceeding 17% [9] - The company is under investigation by the China Securities Regulatory Commission for suspected financial fraud, which may lead to forced delisting if significant violations are confirmed [10][11] *ST Changyao Company Overview - *ST Changyao operates in the pharmaceutical industry, focusing on the production and sales of traditional Chinese medicine pieces, medicinal capsules, and medical logistics. The company has faced challenges, including a warning of potential delisting due to negative net profits over the past three years [10][11] - The company reported a revenue of 105 million yuan for the first three quarters of 2025, a year-on-year increase of 4.4%, but a net loss of 210 million yuan, a decline of 15.89% [12]

Market Overview - US stock market opened lower with Dow Jones down 0.29%, Nasdaq down 0.61%, and S&P 500 down 0.42% [1] Company Performance - Disney's Q4 revenue was $22.5 billion, below market expectations, with adjusted EPS of $1.11, a year-on-year decline of 3% [1] - Cisco's Q1 revenue increased by 8% year-on-year to $14.88 billion, raising its full-year revenue guidance to between $60.2 billion and $61 billion [1][4] - Alibaba's stock rose over 4% amid reports of its "Qianwen" project, aimed at developing a personal AI assistant to compete with ChatGPT [2] - Baidu launched its Wenxin large model 5.0 with over 2.4 trillion parameters and announced the upcoming release of its Kunlun chips M100 and M300 in 2026 and 2027, respectively [3] Stock Movements - Cisco's stock surged over 5% due to AI-driven demand growth and an upward revision of its revenue guidance [4] - Chinese stocks showed mixed performance with Xunlei up over 5%, Alibaba up over 3%, and Bilibili down over 7% [1]

Group 1: Company Overview - Guangxi Chuanjin Nuo Chemical Co., Ltd. is a subsidiary of Kunming Chuanjin Nuo Chemical Co., Ltd. (stock code: 300505), established in May 2017, located in the Port District with an area of 820 acres [3] - The company has a production capacity of 150,000 tons of industrial/food-grade wet phosphoric acid, 140,000 tons of heavy (rich) superphosphate, and 15,000 tons of sodium fluorosilicate [3] - In 2024, the company achieved an industrial total output value of 3 billion yuan, ranking 1st among private enterprises in Fangchenggang and 1st in the manufacturing sector [3] Group 2: Production and Technology - The self-research of wet phosphoric acid technology began in 2011, leveraging years of technical research and production experience [3] - The expected production capacity for 2025 is projected to be between 31,000 tons and 33,000 tons of phosphorus pentoxide [3] - The production technology for wet phosphoric acid at the Guangxi base employs semi-hydrated wet phosphoric acid production technology, which is energy-efficient, environmentally friendly, and automated [3] Group 3: Investor Relations Activities - Investor relations activities included specific object research and site visits on November 12 and 13, 2025, with participation from various funds and investment firms [2] - Key participants included representatives from Guosen Securities, Tianhong Fund, and other investment institutions [2] - The meetings were held at the company headquarters and the Guangxi Chuanjin Nuo base, focusing on company performance and production capabilities [2]

个股表现方面，康鹏科技、海博思创、华盛锂电收于约20%涨停，万润新能、佰维存储、壹石通、微导 纳米、五矿新能、热景生物、赛分科技、益方生物涨逾10%；威腾电气下跌5.92%，跌幅居首。 成交额方面，寒武纪成交额83.63亿元，位居首位；*ST观典成交额677.62万元，位居末位。 换手率方面，海博思创换手率为22.07%，位居首位；龙腾光电换手率为0.20%，位居末位。 （文章来源：新华财经） 新华财经北京11月13日电（罗浩）科创板两大股指13日早间小幅低开，两股指早盘期间持续震荡上扬， 至午间收盘时均显著上涨。午后，科创板两大股指逐渐收窄涨幅，14时后开始再度上扬，最终均显著收 涨。 至收盘时，科创综指收于1632.06点，涨幅1.35%，总成交额约1895亿元，总成交额较上一交易日小幅放 量。科创50指数报1399.29点，涨幅1.44%，总成交额约628亿元，成分股总成交额较上一交易日小幅放 量。 当日，科创板个股涨多跌少，逾七成个股收涨。细分领域中，由于主板行情以能源金属、氟化工、磷化 工等产业链上游相关板块涨幅靠前，科创板中的化工原料股、电气设备股相应涨幅较大。 经新华财经统计，11月13日，科创 ...

Market Overview - On November 13, A-shares opened slightly lower but then experienced a rebound [1] - Major indices showed mixed performance, with the Shanghai Composite Index at 4002.19 (+0.05%), Shenzhen Component at 13281.17 (+0.31%), and the ChiNext Index at 3126.51 (+0.14%) [2] Sector Performance - The lithium battery and related industries saw significant gains, while sectors like energy equipment, natural gas, and communication devices faced declines [2] - Lithium-related stocks surged, with notable increases in companies such as Huasheng Lithium and Haike New Source, which rose by 20% and 17.37% respectively [5][6] Lithium Market Dynamics - From October 14 to November 10, lithium carbonate futures prices increased by 20%, driven by high production levels in the lithium iron phosphate sector [7] - The price of hexafluorophosphate lithium has surged, with some market quotes reaching 150,000 yuan per ton, doubling since mid-October due to supply-demand mismatches [8] Precious Metals - International precious metal futures saw widespread gains, with COMEX gold futures rising by 2.07% to $4201.4 per ounce and silver futures increasing by 4.90% to $53.23 per ounce [11]

1. Report Industry Investment Rating - Unilateral: Neutral; short - term may stop falling, but the upward driving force is limited, and it may mainly fluctuate in the bottom range [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core View of the Report - Local PDH device maintenance boost and downstream device restart bring demand increment, promoting the improvement of the propylene market trading. The Shandong spot price rebounds and then stabilizes temporarily, and the futures price stops falling and consolidates. The supply is in a loose pattern with high inventory pressure, the demand support may increase, and the cost support is limited [2] 3. Summary According to the Directory 3.1 Market News and Important Data - Propylene: The closing price of the main contract is 5,896 yuan/ton (+27), the East China spot price is 5,850 yuan/ton (-25), the North China spot price is 5,765 yuan/ton (+0), the East China basis is - 46 yuan/ton (-52), the North China basis is - 122 yuan/ton (-20), the operating rate is 75% (+0%), the difference between China's propylene CFR and Japan's naphtha CFR is 138 US dollars/ton (+6), the difference between propylene CFR and 1.2 propane CFR is 63 US dollars/ton (+0), the import profit is - 213 yuan/ton (+27), and the factory inventory is 49,820 tons (+4,770) [1] - Propylene downstream: PP powder operating rate is 43% (-0.34%), production profit is - 15 yuan/ton (+0); propylene oxide operating rate is 74% (+5%), production profit is 268 yuan/ton (-57); n - butanol operating rate is 86% (+2%), production profit is - 96 yuan/ton (-10); octanol operating rate is 71% (-18%), production profit is - 173 yuan/ton (+0); acrylic acid operating rate is 72% (+5%), production profit is 597 yuan/ton (+18); acrylonitrile operating rate is 78% (-1%), production profit is - 144 yuan/ton (+14); phenol - acetone operating rate is 76% (-3%), production profit is - 390 yuan/ton (+0) [1] 3.2 Market Analysis - Supply: Binhuahua's 600,000 - ton PDH and Xintai Petrochemical's 300,000 - ton PDH devices have successively shut down. There is a restart expectation for the 600,000 - ton PDH devices of Ningbo Jinfa Phase I and Donghua Zhangjiagang in the East China region. There is a phased reduction in supply, but the supply is still in a loose pattern with high factory inventory pressure [2] - Demand: Downstream bargain - hunting purchases drive the improvement of market trading. The operating rates of PO and acrylic acid have increased significantly, while the octanol operating rate has decreased significantly due to centralized shutdowns. In the later stage, the overall profit of the downstream may improve marginally with the loosening of propylene prices. The acrylonitrile device of Kelu'er will restart, and there is an operating expectation for the PP of Jingbo Petrochemical and the phenol - acetone of Fuyu Petrochemical, so the demand support for propylene may increase [2] - Cost: International oil prices have risen slightly but still face over - supply pressure, and the external propane price has been continuously weak, so the cost support for propylene is limited [2] 3.3 Propylene Basis Structure - It includes figures such as the closing price of the main propylene contract, the East China basis, the North China basis, and the 01 - 05 contract of propylene [6][11] 3.4 Propylene Production Profit and Operating Rate - It involves figures including the difference between China's propylene CFR and Japan's naphtha CFR, the propylene capacity utilization rate, the PDH production gross profit of propylene, the PDH capacity utilization rate of propylene, the MTO production gross profit of propylene, the methanol - to - olefins capacity utilization rate, the propylene naphtha cracking production gross profit, and the crude oil main refinery capacity utilization rate [16][18][19] 3.5 Propylene Import and Export Profit - It contains figures such as the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and the propylene import profit [31][35] 3.6 Propylene Downstream Profit and Operating Rate - It includes figures of production profit and operating rate for PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][39][46] 3.7 Propylene Inventory - It involves figures of propylene factory inventory and PP powder factory inventory [68]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policies [1] - The product aims to provide users with quick information on market impacts, presented in a professional yet accessible manner [1] Group 2 - The company is expanding lithium hexafluorophosphate production by 50% this year, leading in the domestic market share of fluorinated liquids [1] - The company is advancing the certification of its liquid cooling products for major IDC data centers both domestically and internationally [1] - The company supplies liquid cooling plates indirectly to NVIDIA's B200 and is involved in the design and manufacturing of production lines for leading humanoid robot companies in China [1]

Summary of Key Points Core Viewpoint - The stock of Sinochem International (600500) closed at 4.39 yuan on November 12, 2025, reflecting a decrease of 0.68% with a trading volume of 245,800 shares and a total transaction value of 108 million yuan [1]. Trading Information - On November 12, 2025, the net outflow of main funds was 13.02 million yuan, accounting for 12.1% of the total transaction value - Retail investors saw a net inflow of 5.49% of the total transaction value, while speculative funds had a net inflow of 6.61% [1][3]. Company Announcements - Sinochem International announced that the third unlock period for its 2019 restricted stock incentive plan has been met, allowing 1,583,550 shares to be released from restrictions, which represents 0.044% of the company's total share capital. These shares will be available for trading starting November 18, 2025 [1][3]. - The company will hold a third-quarter earnings briefing on November 20, 2025, from 15:00 to 16:00, via the Shanghai Stock Exchange Roadshow Center. Investors can submit questions from November 13 to November 19, 2025 [1][3].