Group 1: Industry Overview - The petroleum and chemical indices mostly rose last week, with the chemical raw materials index down by 0.98%, the chemical machinery index up by 0.83%, the chemical pharmaceuticals index up by 2.47%, and the pesticide and fertilizer index up by 0.71% [1] - In the petroleum sector, the petroleum processing index rose by 0.81%, the petroleum extraction index rose by 1.41%, while the petroleum trade index fell by 7.98% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $60.79 per barrel, down 1.20% from May 23, and Brent settling at $63.90 per barrel, down 1.36% [1] Group 2: Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets last week were Lianhua Technology up by 38.97%, Baismei up by 25.00%, Suqian Liansheng up by 16.80%, Qingdao Jinwang up by 18.23%, and Honghe Technology up by 17.09% [2] - The bottom five performing listed chemical companies were Guangju Energy down by 15.95%, Tianan New Materials down by 14.66%, Hongbaoli down by 13.10%, Annada down by 12.38%, and Heimao Co. down by 12.14% [2] Group 3: Product Price Changes - The top five rising petrochemical products included hydrochloric acid up by 35.42%, liquid chlorine up by 21.85%, glyphosate up by 6.15%, dichloromethane up by 4.36%, and paraquat up by 4.35% [1] - The top five declining petrochemical products included acrylic acid down by 9.74%, butadiene down by 9.60%, natural rubber down by 6.55%, styrene-butadiene rubber down by 6.13%, and aniline down by 5.95% [1]

Group 1: Strategy Insights - The main impact of interim dividends is to smooth rather than enhance dividend yields [3] - Statistical methods cause disturbances in the dividend yield due to interim dividends [3] - A horizontally comparable dividend yield indicator is constructed [3] Group 2: Market Performance and Policy Events - A-shares experienced fluctuations due to Trump's tariffs, with a slight decline in risk appetite and high emotional volatility [3] - Global equities mostly rose, with Japan and South Korea leading the gains [3] - Major assets like oil and gold saw price declines, while the China-US interest rate spread slightly expanded [3] Group 3: June Strategy and Stock Recommendations - Focus on leading consumer companies such as Pop Mart and growth-oriented energy firms like China Qinfa [5] - Attention to AI for Science leaders like Jingtai Holdings and internet/hardware companies benefiting from AI development, such as Xiaomi [5] - Recommendations include new energy vehicle companies like Li Auto, Leap Motor, and Xpeng, as well as strong component manufacturers like Q Technology and Sunny Optical [5] Group 4: Real Estate Market Insights - New home transactions decreased by 11.9% year-on-year, while second-hand home transactions increased by 8.9% [18] - The report maintains an "overweight" rating for the real estate sector, emphasizing the importance of policy-driven dynamics [18] - Key investment targets include major state-owned enterprises and quality private firms in first and second-tier cities [18] Group 5: Chemical Industry Developments - The emergence of a new super insulation material developed through AI, significantly improving performance and reducing costs compared to traditional aerogels [12][13] - The super insulation material has potential applications in construction insulation and battery safety, opening up a market worth billions [15] - Companies like Zhite New Materials are positioned to capitalize on this innovation, leveraging existing channels for rapid commercialization [16] Group 6: Nitrocotton Market Analysis - Continuous and significant contraction in nitrocotton supply due to production halts and accidents, with a total capacity reduction of 42,000 tons from 2023 to 2025 [19][20] - Demand for nitrocotton is primarily driven by the civilian sector, with low price sensitivity due to its minimal cost impact on end products [19] - The market is expected to consolidate around state-owned enterprises, with North Chemical being a key player [23]

Core Viewpoint - The company announces a temporary suspension of the conversion of its convertible bonds "齐翔转 2" starting from June 4, 2025, until the record date for the upcoming equity distribution, after which the conversion will resume on the first trading day following the record date [1][2]. Group 1: Bond Information - The bond code is 128128 and the bond name is "齐翔转 2" [1]. - The conversion period for the bonds is from February 26, 2021, to August 19, 2026 [1]. - The suspension of conversion will last from June 4, 2025, until the record date for the equity distribution [1]. Group 2: Conversion Price Adjustment - The company will adjust the conversion price according to the provisions in the bond issuance prospectus when it distributes stock dividends, increases capital, issues new shares, or distributes cash dividends [4]. - The adjustment formulas for the conversion price are provided, detailing how various corporate actions will affect the conversion price [4][5]. - The company will announce any adjustments to the conversion price and the suspension period through official channels, ensuring transparency for bondholders [5].

Core Insights - Beijing Yihe International Information Consulting Co., Ltd. has released an in-depth analysis report on the 1,4-Cyclohexanedimethanol (CHDA) market, covering both global and Chinese markets [1][6] - The report is tailored for a wide audience, including chemical manufacturers, downstream users, investors, industry analysts, and policymakers, providing valuable insights for strategic decision-making [3][8] Market Participants - The CHDA market includes major global chemical companies and local producers, each with varying market shares, technological capabilities, and strategic directions [5] - Some international giants have significant advantages in production technology and market promotion, while local firms may leverage flexible market strategies and cost control [5] Industry Chain Analysis - The CHDA industry chain encompasses raw material supply, production processing, sales, and end-users, with the report detailing the interrelationships and market impacts of each segment [5] - Price fluctuations of key raw materials directly affect production costs, while the widespread application of CHDA connects it to various industries such as coatings, plastics, and synthetic fibers [5] Market Data and Trends - The report provides comprehensive data on the CHDA market, including historical data and future forecasts, revealing potential growth points through analysis of market size, growth rates, and price trends [6] - It highlights the importance of consumer demand changes and industry technological innovations, emphasizing the rising demand for new green materials due to stricter environmental regulations [6] Geopolitical Factors - Geopolitical factors increasingly influence the CHDA market, with trade policies, industrial support plans, and diplomatic relations affecting market dynamics [6] - The report analyzes the policies of major countries and regions, such as the U.S., Europe, and the Asia-Pacific, to reveal their potential impacts on market development [6] Regional Market Insights - The report focuses on the development disparities of the CHDA market across regions, particularly in North America, Europe, Asia-Pacific, and other emerging markets [7] - China, as the largest market for CHDA, has significant policy changes that deeply impact the industry, with a focus on environmental regulations and market access [7]

Report Industry Investment Rating No relevant content provided. Report's Core View - The short - term commodity market is greatly affected by the macro - environment, and there is still an expectation of inventory accumulation at the raw material end. After the market rebounds, attention should be paid to the upper resistance level [10]. - The raw material maintenance season in the second quarter leads to supply contraction, with a de - stocking expectation of over 500,000 tons, which supports price rebounds. However, the EU's carbon border adjustment mechanism increases export costs by 8% - 12%, and the domestic polyester industry has issues such as low average operating rates and high inventory at historical levels [8][9]. Summary According to the Directory 1.前日回顾 No relevant content provided. 2.每日提示 - **PTA Daily View** - Fundamentals: On Friday, the mainstream price of PTA for mid - late June at the main port was 09 + 220 in transactions, with sporadic deals at 09 + 215, and the price negotiation range was around 4,895 - 5,000. The current mainstream spot basis is 09 + 219, showing a neutral situation. - Basis: The spot price is 4,940, and the basis of the 09 contract is 240, indicating the futures price is at a discount, which is a bullish factor. - Inventory: The inventory of PTA factories is 4.09 days, a decrease of 0.06 days compared to the previous period, which is bullish. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. - Main Position: The net long position is decreasing, which is bullish. - Expectation: Last week, PTA plants had both maintenance and restart operations. The supply - demand pattern is acceptable. After continuous de - stocking, the spot market has tight liquidity, and the spot basis is strong. However, downstream polyester factories are reducing production. It is expected that the short - term spot price of PTA will fluctuate within a range following the cost side, and the spot basis will remain strong. Attention should be paid to the impact of the OPEC + meeting on oil prices and changes in polyester plants [5][6]. - **MEG Daily View** - Fundamentals: On Friday, the price center of ethylene glycol (MEG) had a narrow range adjustment, and the market trading was average. The price center had limited fluctuations, with the spot mainstream negotiation at a premium of 150 - 158 yuan/ton to the 09 contract, mainly for traders' position - swapping operations. In the US dollar market, negotiations for MEG shipments were weak. The negotiation range for recent shipments was around 525 - 527 US dollars/ton, and far - month shipments were at a discount of 4 - 5 US dollars/ton, with few transactions in the market, showing a neutral situation. - Basis: The spot price is 4,488, and the basis of the 09 contract is 139, indicating the futures price is at a discount, which is a bullish factor. - Inventory: The total inventory in East China is 573,700 tons, a decrease of 66,500 tons compared to the previous period, which is bullish. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. - Main Position: The main net short position is decreasing, which is bearish. - Expectation: Last week, the port shipment efficiency of ethylene glycol was good, and the number of foreign - bound arrivals was scarce. It is expected that the port inventory will see a significant decrease after the Dragon Boat Festival, and the inventory in the mainstream trading tanks in Zhangjiagang will likely fall below 200,000 tons. In June, the available transferable spot of ethylene glycol is still in short supply, and the spot basis will mainly remain strong. Follow - up attention should be paid to the outflow of warehouse receipts. In the medium - to - short - term, the supply - demand structure of ethylene glycol is favorable, which supports the price. Follow - up attention should be paid to changes in polyester production loads [7]. 3.今日关注 No relevant content provided. 4.基本面数据 - **PTA Supply - Demand Balance Table** - The table shows data on PTA capacity, load, output, imports, total supply, polyester production, demand, exports, total demand, and inventory from January 2024 to December 2025 [11]. - **Ethylene Glycol Supply - Demand Balance Table** - The table presents data on ethylene glycol's total operating rate, production, imports, total supply, polyester production, demand, and port inventory from January 2024 to December 2025 [12]. - **Price Data** - Includes spot prices of various products such as naphtha, p - xylene, PTA, ethylene glycol, and polyester fibers, as well as futures contract prices and basis, and processing margins and profits of different products on May 30 and May 29, 2025 [13]. Price Section - Presents historical price data trends of PET bottle chips, production gross margins, capacity utilization rates, inventory, and various price spreads of PTA and ethylene glycol from multiple years, with data sources from Wind [14][40]. Inventory Analysis Section - Displays historical inventory data trends of PTA plants, ethylene glycol ports, PET slices, and various polyester products in different regions and time periods, with data sources from Wind [41][45]. Polyester Upstream and Downstream Operation Section - Shows the historical operating rate data trends of upstream and downstream industries in the polyester industry chain, including PTA, p - xylene, ethylene glycol, polyester factories, and Jiangsu - Zhejiang looms from multiple years, with data sources from Wind [52][56]. Processing Margin and Profit Section - Presents historical data trends of PTA processing margins and ethylene glycol production gross margins from multiple years, with data sources from Wind and Mysteel, and also mentions that profit calculations are mainly for trend observation [60][65].

Summary of Conference Call Notes Industry or Company Involved - **Zhongheng Design**: Awarded a project for Shandong Arrow Yuan Aerospace Technology [1] - **Beijing Arrow Yuan Technology**: Developed the "Yuanxingzhe No. 1" verification rocket [2] - **North Chemical Co.**: Incident involving an explosion at a chemical workshop [5] - **Qianyuan Pharmaceutical**: Focus on smoking cessation drugs [5] - **Aok Shares**: Involved in the production of PEG-related products [6] - **Digital Government**: First company in unmanned inspection vehicles [6] Core Points and Arguments - **Zhongheng Design**: The company secured a contract in 2024 to provide architectural design services for Arrow Yuan Technology's aerospace production base [1] - **Beijing Arrow Yuan Technology**: Successfully conducted the first flight recovery test of the "Yuanxingzhe No. 1" rocket at Dongfang Spaceport [2] - **North Chemical Co.**: A chemical workshop explosion in Wuyi County is expected to impact nitrocellulose production capacity by 9,000 tons; the company holds over 30% of domestic nitrocellulose capacity [5] - **Qianyuan Pharmaceutical**: The market potential for smoking cessation drugs is significant, with approximately 3.5 billion smokers in China; the drug Varenicline is positioned as a leading product in this market [5] - **Aok Shares**: The company has a high gross margin of 53% from its PEG products, which are used in various pharmaceutical applications [6] - **Digital Government**: The company is pioneering unmanned inspection vehicles, targeting a market space of 240 billion; one unmanned vehicle can replace 30,000 to 40,000 inspection personnel [6][7] Other Important but Possibly Overlooked Content - **North Chemical Co.**: The company achieved a net profit of approximately 30 million yuan in Q1 2025, marking a turnaround from previous losses [5] - **Qianyuan Pharmaceutical**: The cost of Varenicline treatment is estimated at 1,700 yuan for 12 weeks or 3,500 yuan for 24 weeks, indicating a substantial market opportunity [5] - **Digital Government**: The company has established a strong presence in multiple cities with its unmanned vehicles, enhancing operational efficiency and reducing the workload of ground staff [6] - **Future Developments**: Significant government interest in ongoing projects, with high-level inspections scheduled, indicating potential for increased investment and project acceleration [7][8]

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

Group 1 - The core point of the article is that Jiyuan Holdings Group Co., Ltd. (*ST Jiyuan) will be delisted from the Shenzhen Stock Exchange on May 29, 2025, due to triggering mandatory delisting rules after its stock price remained below 1 yuan for 20 consecutive trading days [1][3] - The company has experienced continuous losses since 2019, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3] - Jiyuan Holdings has faced significant goodwill impairment risks, totaling over 1.5 billion yuan from 2019 to 2024, which has directly contributed to its net profit losses [3] Group 2 - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd. and transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical [3] - Since its rebranding in 2017, the company has aggressively pursued mergers and acquisitions, acquiring over ten companies within three years, leading to a dual business model of "chemicals + pharmaceuticals" [3] - In 2024, the company's revenue declined by 3.69%, and its losses expanded to 439 million yuan [3] Group 3 - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyuan being one of them, alongside others like *ST Meixun and *ST Bo Xin [4] - The reasons for delisting include breaches of face value, market value, voluntary delisting applications, and forced delisting due to major violations [4]

Core Viewpoint - Jiyuan Holdings Group Co., Ltd. has been announced to be delisted from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, with the delisting effective on May 29, 2025 [1] Group 1: Company Performance and Financials - Jiyuan Holdings, originally a chemical company, transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3] - The company engaged in aggressive acquisitions, acquiring over ten companies within three years, with its pharmaceutical segment accounting for 70% of total revenue at its peak, leading to a market capitalization exceeding 5 billion yuan [3] - However, the acquired companies' performance deteriorated post-acquisition, with Zhejiang Yalida Gelatin Co., Ltd. reporting a 94% drop in net profit in 2019, and Changchun Puhua Pharmaceutical Co., Ltd. incurring direct losses [3] - Since 2019, Jiyuan Holdings has been in a continuous loss state, accumulating losses exceeding 3.7 billion yuan [4] Group 2: Attempts at Restructuring and Ownership Changes - The company has made several attempts to change ownership in response to its financial struggles, but all efforts have failed [5] - In 2019, an agreement to transfer shares to Jilin Jisheng Asset Management was terminated due to disagreements on key terms [5] - A proposed acquisition of Xiu Zheng Pharmaceutical was also abandoned due to regulatory uncertainties, leading to scrutiny from the Shenzhen Stock Exchange [5][6] - In 2020, a deal to transfer control to Ben Cao Hui Pharmaceutical faced disputes over payment, resulting in legal proceedings [6]

风险提示：期市有风险，投资需谨慎！ 王江楠（F03108382，Z0021543），联系电话：010-82295006 | | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/5/29 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/5/28 | 美元/桶 | 61.84 | 60.89 | 1.56% | | 上 | 期货结算价(连续):布伦特原油 | 2025/5/28 | 美元/桶 | 64.90 | 64.09 | 1.26% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/5/28 | 美元/吨 | 562.50 | 567.00 | -0.79% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/5/28 | | 美元/吨 | 703.50 | 701.50 | 0.29% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/5/28 | 美元/吨 | 836.00 | 8 ...