1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For industrial silicon, the supply production schedule has increased and is near the historical average level, while the demand recovery is at a low level. The cost support has risen, and it is expected to oscillate in the range of 8195 - 8585 for the 2511 contract [6]. - For polysilicon, the supply production schedule will increase in the short - term and is expected to decline in the medium - term. The overall demand shows a continuous recovery trend, and the cost support has weakened. It is expected to oscillate in the range of 50370 - 53380 for the 2511 contract [9][10]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week, the industrial silicon supply was 87,000 tons, a 3.57% increase compared to the previous week [6]. - Demand: Last week, the industrial silicon demand was 80,000 tons, a 2.56% increase compared to the previous week, and the demand has increased, especially in polysilicon [6]. - Inventory: The inventory is 242,000 tons, at a high level. The silicone inventory is 54,300 tons, at a low level. The aluminum alloy ingot inventory is 49,400 tons [6]. - Cost: The sample oxygen - passing 553 production in Xinjiang has a loss of 2939 yuan/ton, and the cost support has weakened during the flood season [6]. - Market indicators: The spot price in East China is 9050 yuan/ton, the basis of the 11 - contract is 660 yuan/ton, the social inventory is 545,000 tons, the sample enterprise inventory is 171,150 tons, the main port inventory is 117,000 tons, the 11 - contract futures price closes below the MA20, and the main position is net short [6][17]. 3.1.2 Polysilicon - Supply: Last week, the polysilicon output was 29,300 tons, a 0.34% decrease compared to the previous week. The production schedule for August is predicted to be 130,500 tons, a 22.76% increase compared to the previous month [8]. - Demand: Last week, the silicon wafer output was 12.1GW, a 0.66% increase compared to the previous week, and the inventory was 198,000 tons, a 3.61% increase compared to the previous week. Currently, silicon wafer production is in a loss state. The battery cell and component production also have different trends in output, inventory, and profit [9]. - Cost: The average cost of N - type polysilicon in the industry is 35,850 yuan/ton, and the production profit is 10,150 yuan/ton [9]. - Market indicators: The basis of the 11 - contract is - 4875 yuan/ton, the weekly inventory is 242,000 tons, the 11 - contract futures price closes above the MA20, and the main position is net long [9]. 3.2 Market Overview 3.2.1 Industrial Silicon - Futures prices of various contracts have declined to different extents, with the decline rate ranging from 2.56% to 3.75%. The spot prices of different types of silicon in East China have also decreased, with the decline rate between 0.49% and 1.63% [17]. - The inventory of different regions and enterprises has different trends, with some increasing and some decreasing. The production and capacity utilization rate of different regions also show different changes [17]. 3.2.2 Polysilicon - The prices of silicon wafers, battery cells, and components of different models are mostly stable. The inventory, output, and export of polysilicon - related products have different degrees of change [19]. 3.3 Other Aspects - **Price - Basis and Delivery Product Spread Trends**: Show the historical trends of the basis of industrial silicon main contracts and the spread between 421 and 553 silicon in East China [21]. - **Inventory**: Include the historical trends of industrial silicon inventory in delivery warehouses, ports, sample enterprises, and registered warehouse receipts [25]. - **Production and Capacity Utilization Rate**: Present the historical trends of industrial silicon production, capacity utilization rate, and production of different specifications [28][29][30]. - **Cost - Sample Region Trends**: Show the historical trends of cost and profit for industrial silicon production in Sichuan, Yunnan, and Xinjiang [35]. - **Supply - Demand Balance Sheet**: Illustrate the weekly and monthly supply - demand balance situations of industrial silicon and polysilicon [36][39][62]. - **Downstream Trends** - **Organosilicon**: Involve the price, production, cost, profit, import - export, and inventory trends of DMC and its downstream products [42][44][48]. - **Aluminum Alloy**: Include the price, supply, inventory, production, and demand trends in the automotive and wheel hub sectors [51][54][56]. - **Polysilicon - Related**: Cover the cost, price, inventory, supply - demand balance, and trends of silicon wafers, battery cells, photovoltaic components, photovoltaic accessories, component cost - profit, and photovoltaic grid - connected power generation [59][65][68][71][74][77][78].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For copper, the Fed's September FOMC meeting is approaching, with high market uncertainty. The fundamentals remain largely unchanged, but the upcoming peak season may boost demand, so copper prices are expected to fluctuate at high levels [9]. - For lithium carbonate, the market is volatile. Although the resumption of Yichun Yinli's production eases supply concerns, the suspension of CATL's production continues. With the anti - involution measures in progress, lithium carbonate prices are likely to oscillate at high levels [11]. - For crude oil, supply - demand conditions are weakening, and prices are expected to decline under pressure. It is recommended to short on rallies [12][14]. - For asphalt, considering factors such as开工 rate, production, demand, and cost, it is advisable to view asphalt as having a weak and volatile trend [15]. - For PP, it is expected to oscillate in the near term. The 09 - 01 reverse spread is recommended to take profit and exit as the 09 contract approaches the delivery month [17]. - For plastic, it is expected to oscillate recently, influenced by factors like开工 rate, demand, and cost [18]. - For PVC, due to factors such as supply, demand, and inventory, it is expected to oscillate downward [20]. - For coking coal, the market sentiment is fluctuating, and the futures price is temporarily oscillating with a downward bias [21]. - For urea, the market is affected by factors such as supply, demand, and inventory. Attention should be paid to the Indian tender in September [23]. Summary by Related Catalogs Futures Market Overview - As of August 20th, domestic commodity futures contracts showed mixed performance. EG, caustic soda, and methanol rose over 1%, while lithium carbonate hit the daily limit down, and soda ash, glass, etc. declined significantly. Stock index futures generally rose, and treasury bond futures had different trends [6]. Capital Flows - As of 15:22 on August 20th, funds flowed into CSI 1000 2509, SSE 300 2509, and CSI 500 2509, while funds flowed out of Shanghai silver 2510, lithium carbonate 2511, and ten - year treasury bond 2509 [7]. Specific Commodity Analyses Copper - Uncertainty surrounds the Fed's FOMC meeting. Supply may face challenges in the later third - quarter, and demand is expected to improve in the peak season. Copper prices are likely to oscillate at high levels [9]. Lithium Carbonate - After the resumption of Yichun Yinli's production, the market sentiment fluctuated, and the price hit the daily limit down. Supply may decline in August - September, and demand has some support [11]. Crude Oil - Seasonal factors, OPEC+ production decisions, and geopolitical events affect supply - demand. Prices are expected to decline under pressure [12][14]. Asphalt - Supply is increasing, but demand is restricted by factors such as weather and funds. Cost is weakening, and the price is expected to be weakly volatile [15]. PP - Downstream开工 rate is low, supply may increase, and cost is decreasing. It is expected to oscillate, and the 09 - 01 reverse spread is recommended to take profit [16][17]. Plastic -开工 rate is at a medium - low level, demand is weak, and cost is decreasing. It is expected to oscillate [18]. PVC - Supply is increasing, demand is weak, and inventory is high. It is expected to oscillate downward [20]. Coking Coal - Supply is increasing, downstream demand is complex, and market sentiment is fluctuating. The price is temporarily oscillating with a downward bias [21]. Urea - Supply has a narrow - range fluctuation, demand is insufficient, and inventory is high. Attention should be paid to the Indian tender [23].

证券代码：603938 证券简称：三孚股份 公告编号：2025-039 注2：硅系列产品产量、硅烷偶联剂产品产量不含公司内部消耗量。 注3：以上销售金额为不含税金额。硅系列产品新增气相二氧化硅、四氯化硅， 并调整同期可比数据，下同。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 2025年1-6月 平均售价（元/吨） | 2024年1-6月 平均售价（元/吨） | 变动幅度（%） | | --- | --- | --- | --- | | 硅系列产品 | 5,099.61 | 5,871.24 | -13.14 | | 钾系列产品 | 5,116.20 | 4,659.43 | 9.80 | | 硅烷偶联剂产品 | 12,914.28 | 14,336.41 | -9.92 | 唐山三孚硅业股份有限公司 2025年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 第十三号—化工和相关通知的 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Viewpoints - The company is accelerating its business transformation and enhancing its layout in the lithium battery industry, benefiting from long-term industry trends [2][7] - The solid-state battery industrialization process is accelerating, with emerging field demands contributing to incremental space [2][29] - The company is continuously improving the product structure of its lithium battery industry chain, benefiting from long-term industry trends [2][62] Summary by Sections 1. Company Overview - The company is involved in the research, production, and sales of lithium compounds through its subsidiaries, with a focus on enhancing its capabilities in the lithium battery sector [13][28] 2. Financial Performance - In 2024, the company achieved a revenue of 2,136 million yuan, a year-on-year increase of 41.7%, and a net profit of 15 million yuan, a year-on-year increase of 102.3% [15][20] - The company forecasts net profits of 79 million yuan, 140 million yuan, and 213 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 136.9, 76.8, and 50.6 [7] 3. Solid-State Battery Market - Solid-state batteries are seen as the next-generation power battery technology due to their high energy density, safety, and long cycle life, with significant applications in various fields [2][29] - The market for solid-state batteries is expected to grow rapidly, driven by the increasing demand from the electric vehicle sector and other emerging applications [29][42] 4. Lithium Battery Product Structure - The company’s lithium-related products include lithium metal, butyl lithium, anhydrous lithium chloride, and chlorinated butane, primarily used in new pharmaceuticals, new materials, and new energy sectors [2][62] - The company has signed a procurement framework agreement worth 400 million yuan for copper-lithium composite strips, indicating strong market recognition of its lithium battery business layout [2][7] 5. Industry Trends - The report highlights the ongoing demand in the rail transit industry, which is expected to benefit from the company's continued development in this area [48][54] - The solid-state battery market is projected to enter a rapid growth phase, with significant potential in the Chinese market as it is still in its early stages [33][42]

中化新网讯 上周(8月11日至15日)，化工指数与石油指数出现两极分化，化工指数全线上扬，石油指数 全线下跌。 化工板块方面，化工原料指数累计上涨2.81%、化工机械指数累计上涨1.53%、化学制药指数累计上涨 3.70%、农药化肥指数累计上涨1.03%；石油板块方面，石油加工指数累计下跌1.10%、石油开采指数累 计下跌1.22%、石油贸易指数累计下跌1.02%。 上周，国际原油价格偏弱震荡。截至8月15日，纽约商品交易所西得克萨斯轻质原油期货(WTI)主力合 约结算价格为62.80美元/桶，较8月8日下跌1.69%;洲际交易所布伦特原油期货(Brent)主力合约结算价格 为65.85美元/桶，较8月8日下跌1.11%。 从现货市场看，涨幅前五名的石化产品分别为液氯上涨29.05%、电池级碳酸锂上涨18.57%、工业级碳 酸锂上涨14.53%、叶酸上涨6.38%、烟酰胺上涨5.00%；跌幅前五名的石化产品分别为丁酮下跌8.91%、 有机硅DMC下跌8%、有机硅D4下跌7.69%、生胶下跌7.41%、合成氨下跌6.95%。 从资本市场看，涨幅前五名的上市化企分别为双一科技上涨41.17%、凯美特气上涨34.7 ...

据证券之星公开数据整理，近期西陇科学(002584)发布2025年中报。截至本报告期末，公司营业总收入 33.68亿元，同比下降14.78%，归母净利润-7531.73万元，同比下降276.35%。按单季度数据看，第二季 度营业总收入16.44亿元，同比下降18.48%，第二季度归母净利润-8395.62万元，同比下降335.42%。本 报告期西陇科学公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2419.06%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率7.66%，同比增12.29%，净利率-2.22%， 同比减303.22%，销售费用、管理费用、财务费用总计1.49亿元，三费占营收比4.42%，同比增13.29%， 每股净资产3.8元，同比减3.44%，每股经营性现金流0.28元，同比增1014.61%，每股收益-0.13元，同比 减283.86% 财务报表中对有大幅变动的财务项目的原因说明如下：营业收入变动幅度为-14.78%,原因:公司自2025年 起，以代理人身份参与大宗化工原料贸易业务，对该部分业务按净额法确认收入。所得税费用变动幅度 为63.12%,原因:本期计提所得税 ...

| | | 8.19上市公司盘后减持情况 | | --- | --- | --- | | 1 | 三盒医疗 | 多名股东计划减持股份 | | 2 | 南京港 | 部分董事、高级管理人员计划减持股份 | | 3 | 到期货 | 股东拟减持不超1%公司股份 | | র্ণ | 中航光电 | 审争韩主拟减持不超过28000股股份 | | ਦੇ | 和元生物 | 华睿盛银及其一致行动人持股降至5%以下 | | 6 | 新致软件 | 多名股东拟减持公司股份 | | 7 | 泸天化 | 持股5%以上股东一致行动人计划减持不超过1%公司股份 | | 8 | 德美化工 | 昌连荣投资计划减持不超过14463463股 占公司股本不超过3% | | ਰੇ | 富信科技 | 控股股东刘富坤、刘富林合计减持公司1.05%股份 | | 10 | 华正新材 | 监事、高管拟减持股份不超12.49万股 目前减持事项尚未实施 | | 11 | 珍宝岛 | 股东拟减持不超过4%公司股份 | | 12 | 禾丰股份 | 两股东计划减持不超2.19%公司股份 | MACD金叉信号形成，这些股涨势不错！ 炒股就看金麒麟分析师研报，权威，专业，及时， ...

通惠期货研发部 李英杰 乙二醇供给增量叠加累库压制，延续偏弱震荡 一、日度市场总结 主力合约与基差：乙二醇主力合约从8月15日的4412元/吨下跌至8月18日的 4392元/吨，跌幅0.45%，延续偏弱震荡走势；同期华东现货价格从4455元/ 吨回落至4435元/吨，基差由48元/吨扩大至68元/吨，现货升水走强反映短 期供需矛盾有所加剧。分合约价差显示，1-5价差进一步走阔至-43元/吨， 表明近月压力大于远月预期。 持仓与成交：主力合约持仓量从14.8万手降至13.3万手，降幅达10.54%， 但成交量从7.2万手激增至11.0万手，增幅53.7%，显示价格波动加剧引发 资金活跃度提升，但部分空头资金存在主动减仓行为。 供给端：乙二醇开工率由62.64%升至64.05%，油制路线开工率显著提升2.4 个百分点至64.13%，煤制开工率维持64.03%未变，总体供给压力小幅增 加，煤化工装置负荷仍维持高位。 需求端：聚酯工厂负荷稳定于89.42%，江浙织机负荷亦维持63.43%未变， 下游需求进入平台期，缺乏新增订单驱动下，原料补库意愿有限。 库存端：华东主港库存一周内增加5.9万吨至48.57万吨，其中张 ...

Group 1: Rubber Industry Investment Rating No investment rating provided in the report. Core View The current rubber market lacks a clear directional guide, with both long and short factors intertwined. Prices are expected to fluctuate within a range. The 01 contract price range is expected to be between 15,000 - 16,500 yuan/ton. Follow-up attention should be paid to the raw material supply during the peak production season in the main producing areas. If the raw material supply is smooth, consider shorting at high prices [1]. Summary by Directory - **Spot Price and Basis**: The price of Yunnan state - owned whole latex in Shanghai increased by 150 yuan/ton to 14,900 yuan/ton, with a growth rate of 1.02%. The whole latex basis (switched to the 2509 contract) increased by 235 yuan/ton to - 920 yuan/ton, with a growth rate of 20.35%. The price of Thai standard mixed rubber decreased by 50 yuan/ton to 14,600 yuan/ton, with a decline rate of 0.34% [1]. - **Monthly Spread**: The 9 - 1 spread increased by 25 yuan/ton to - 1035 yuan/ton, with a growth rate of 2.36%. The 1 - 5 spread decreased by 15 yuan/ton to - 80 yuan/ton, with a decline rate of 18.75% [1]. - **Fundamentals**: In June, Thailand's rubber production increased by 120,400 tons to 392,600 tons, with a growth rate of 44.23%. Indonesia's production decreased by 24,100 tons to 176,200 tons, with a decline rate of 12.03%. The weekly operating rate of semi - steel tires decreased by 2.28 percentage points to 72.07%, while that of all - steel tires increased by 2.09 percentage points to 63.09% [1]. - **Inventory Change**: As of August 15, the bonded area inventory decreased by 11,918 tons to 619,852 tons, with a decline rate of 1.89%. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 4,234 tons to 46,469 tons, with a growth rate of 10.02% [1]. Group 2: Industrial Silicon Industry Investment Rating No investment rating provided in the report. Core View Last week, the price of industrial silicon fluctuated strongly. From the cost side, raw material prices are rising, and the electricity price in the southwest region will gradually increase during the dry season, which will push up the cost of industrial silicon. Although the current production of industrial silicon has increased month - on - month, there are also news of capacity clearance. It is recommended to try to go long at low prices. The main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton. If the price drops to 8,000 - 8,500 yuan/ton, consider going long. The main contract has shifted to SI2511 [3]. Summary by Directory - **Spot Price and Main Contract Basis**: The price of East China oxygen - permeable S15530 industrial silicon remained unchanged at 9,400 yuan/ton. The basis (based on oxygen - permeable SI5530) increased by 200 yuan/ton to 795 yuan/ton, with a growth rate of 33.61% [3]. - **Monthly Spread**: The 2509 - 2510 spread decreased by 5 yuan/ton to - 20 yuan/ton, with a decline rate of 33.33%. The 2510 - 2511 spread increased by 5 yuan/ton to - 5 yuan/ton, with a growth rate of 50.00% [3]. - **Fundamentals**: In the month, the national industrial silicon production increased by 10,600 tons to 338,300 tons, with a growth rate of 3.23%. The production in Xinjiang decreased by 27,000 tons to 150,300 tons, with a decline rate of 15.21%. The production in Yunnan increased by 24,900 tons to 41,200 tons, with a growth rate of 153.86% [3]. - **Inventory Change**: As of the weekly data, Xinjiang's factory - warehouse inventory increased by 10 tons to 11,700 tons, with a growth rate of 0.09%. Yunnan's factory - warehouse inventory increased by 80 tons to 3,140 tons, with a growth rate of 2.61% [3]. Group 3: Polysilicon Industry Investment Rating No investment rating provided in the report. Core View Last week, the polysilicon price fluctuated strongly, mainly driven by two factors: concerns about inventory accumulation and an increase in warehouse receipts, and expectations of policy benefits. In August, both supply and demand increased, but the supply growth rate was higher, and there was still pressure on inventory accumulation. The price is expected to fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton, and the upper limit expected to be between 58,000 - 60,000 yuan/ton. Consider going long at low prices and buying put options to try shorting at high prices when volatility is low [4]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re - feed polysilicon remained unchanged at 47,000 yuan/ton. The N - type material basis (average price) increased by 460 yuan/ton to - 5,280 yuan/ton, with a growth rate of 8.01% [4]. - **Futures Price and Monthly Spread**: The main contract price decreased by 460 yuan/ton to 52,280 yuan/ton, with a decline rate of 0.87%. The spread between the current month and the first - continuous contract increased by 50 yuan/ton to - 135 yuan/ton, with a growth rate of 27.03% [4]. - **Fundamentals**: In the month, polysilicon production increased by 4,900 tons to 101,000 tons, with a growth rate of 5.10%. The import volume decreased by 200 tons to 800 tons, with a decline rate of 16.90%. The export volume increased by 800 tons to 2,100 tons, with a growth rate of 66.17% [4]. - **Inventory Change**: The polysilicon inventory increased by 9,000 tons to 242,000 tons, with a growth rate of 3.86%. The silicon wafer inventory increased by 690 tons to 19,800 tons, with a growth rate of 3.61% [4]. Group 4: Glass and Soda Ash Industry Investment Rating No investment rating provided in the report. Core View - **Soda Ash**: The previous news caused fluctuations in the futures market, but it has no impact on the soda ash supply for now. The weekly production has increased significantly, and the inventory has returned to the accumulation pattern. The overall fundamentals are in obvious surplus. It is recommended to try shorting at high prices [5]. - **Glass**: The near - month 09 contract has been weak, and the spot trading has weakened significantly. The market negative feedback continues. The far - month 01 contract shows a volatile pattern. The glass demand side has certain pressure, and in the long run, the industry needs capacity clearance to solve the over - supply problem. Track the implementation of regional policies and the inventory preparation of downstream enterprises [5]. Summary by Directory - **Glass - Related Price and Spread**: The North China glass price remained unchanged at 1,150 yuan/ton. The East China price decreased by 30 yuan/ton to 1,190 yuan/ton, with a decline rate of 2.46%. The 2505 contract price decreased by 7 yuan/ton to 1,309 yuan/ton, with a decline rate of 0.53% [5]. - **Soda Ash - Related Price and Spread**: The North China soda ash price remained unchanged at 1,350 yuan/ton. The 2505 contract price decreased by 2 yuan/ton to 1,450 yuan/ton, with a decline rate of 0.14% [5]. - **Supply**: The soda ash production rate increased by 2.24 percentage points to 87.32%. The weekly soda ash production increased by 17,000 tons to 761,300 tons, with a growth rate of 2.23% [5]. - **Inventory**: The glass inventory increased by 157,900 tons to 6,342,600 tons, with a growth rate of 2.55%. The soda ash factory - warehouse inventory increased by 29,000 tons to 1,893,800 tons, with a growth rate of 1.54% [5]. Group 5: Log Industry Investment Rating No investment rating provided in the report. Core View Last week, the log futures price declined weakly, mainly because the recent increase in the number of seller - registered warehouse receipts suppressed the market, and the willingness of buyers to take delivery needs further observation. The current spot market is relatively strong in the short term. The demand side remains firm, and the inventory has decreased significantly. It is recommended to go long at low prices, paying attention to the support level around 800 yuan/ton [6]. Summary by Directory - **Futures and Spot Price**: The 2509 log contract price decreased by 4 yuan/ton to 811 yuan/ton. The price of 3.9A small - radiation pine at Rizhao Port remained unchanged at 720 yuan/cubic meter. The new round of FOB price remained unchanged at 116 US dollars/JAS cubic meter [6]. - **Cost**: The RMB - US dollar exchange rate remained unchanged at 7.182. The import theoretical cost decreased by 0.04 yuan to 818.62 yuan [6]. - **Supply and Demand and Inventory**: The port shipping volume decreased by 27,000 cubic meters to 1.733 million cubic meters, with a decline rate of 1.51%. The number of departing ships from New Zealand to China, Japan, and South Korea decreased by 6 to 47, with a decline rate of 11.32%. As of August 15, the national coniferous log inventory decreased by 20,000 cubic meters to 3.06 million cubic meters, with a decline rate of 0.65% [6].

Core Viewpoint - The U.S. International Trade Commission (ITC) has determined that imports of hexamethylenetetramine (hexamine) from China cause substantial harm to the U.S. industry, leading to the implementation of anti-dumping (AD) and countervailing duties (CVD) on these products [1] Group 1: Tariff Impact - The final ruling by the U.S. Department of Commerce on July 15, 2025, established a high anti-dumping rate of 405.19% and a countervailing duty rate of 420.73%, resulting in a combined tariff burden of 825.92% [2][3] - This exceptionally high tariff effectively eliminates the competitiveness of Chinese hexamine in the U.S. market, making direct export economically unfeasible [2][3] Group 2: Global Investigation Context - The current measures are part of a broader investigation initiated in October 2024, which included anti-dumping investigations against hexamine from China, Germany, India, and Saudi Arabia, as well as countervailing duty investigations against China and India [5] - Chinese exporters have been identified as facing the highest tariff rates, indicating a strategic move to protect the U.S. domestic hexamine industry from import competition [5] Group 3: Transshipment Trade - In light of the high tariffs, some exporters are considering transshipment through third countries, such as Turkey, to circumvent the direct application of the "double anti" tariffs [6][8] - The transshipment process involves normal customs clearance and tax refunds in China, followed by re-invoicing and container changes in Turkey before exporting to the U.S. under Turkish origin [7] Group 4: Future Trends and Industry Impact - Hexamine is a fundamental chemical raw material with significant demand in plastics, pharmaceuticals, and rubber, making complete reliance on domestic production unlikely for the U.S. [10] - The "double anti" measures are expected to persist in the coming years, compelling Chinese exporters to rely on transshipment trade to maintain market share [10] - As the U.S. enhances source tracing regulations, compliance and documentation will be critical for companies using transshipment methods to avoid new trade risks [10]