Group 1 - Pingzhi Information has been selected as the eighth candidate for the "2025 China Unicom General Server Centralized Procurement Project" with a bid amount of approximately 451 million yuan [1] - The project involves the procurement of general servers primarily for cloud computing infrastructure [1] - Pingzhi Information was established in November 2002 and focuses on communication equipment, computing power, and operator equity products [1] Group 2 - Betta Pharmaceuticals has submitted an application for the issuance of H shares and listing on the Hong Kong Stock Exchange [2] - Betta Pharmaceuticals was founded in January 2003 and specializes in the production and sales of innovative drugs [2] Group 3 - Guangli Micro plans to sign an agreement with Zhejiang University to establish a joint research center for silicon photonics technology and measurement equipment [3] - The company will invest no less than 15 million yuan over three years for the center's development [3] - Guangli Micro was founded in August 2003 and provides a range of services including integrated circuit manufacturing and design [3] Group 4 - Shanhe Pharmaceutical's controlling shareholder and actual controller has changed due to the passing of Yin Zhenglong, with his wife and daughter inheriting shares [4] - After the change, Wu Changhong holds 20.172% of the total shares, while Yin Zhiya holds 6.724% [4] - Shanhe Pharmaceutical was established in April 2001 and focuses on the research, production, and sales of pharmaceutical excipients [5] Group 5 - Hengwei Technology plans to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through a combination of share issuance and cash payment [6] - The acquisition will make Shuhang Technology a subsidiary of Hengwei Technology [6] - Hengwei Technology was founded in March 2003 and specializes in intelligent system solutions [7] Group 6 - Shougang Co. intends to repurchase its A-shares for an amount between 260 million yuan and 520 million yuan [8] - The repurchase will be used for implementing an equity incentive plan [8] - Shougang Co. was established in October 1999 and focuses on the production and sales of steel products [9] Group 7 - Pulit plans to build a 6GWh sodium-ion battery production base in Sichuan with a total investment of approximately 800 million yuan [10] - The project will be constructed in two phases, with the first phase having a capacity of 2GWh [10] - Pulit was founded in October 1999 and specializes in high polymer new materials and battery production [10] Group 8 - Saisir has proposed a cash dividend of 3.1 yuan per 10 shares for its A-share shareholders [10] - Saisir was established in May 2007 and focuses on the research, manufacturing, and sales of new energy vehicles [10] Group 9 - Guangyang Co. plans to establish a wholly-owned subsidiary for the development of precision components for robots [11] - The investment is part of a project to produce high-end components for new energy vehicles and robots [11] - Guangyang Co. was founded in April 1995 and specializes in precision components for various vehicles and equipment [11] Group 10 - Conch New Materials intends to acquire a 51% stake in North China Industrial Plastics Co., Ltd. for approximately 95.27 million yuan [12] - The acquisition will make North China Plastics a subsidiary of Conch New Materials [12] - Conch New Materials was established in October 1996 and focuses on the production and sales of plastic profiles and aluminum profiles [12] Group 11 - Daikin Heavy Industries has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [13] - The company specializes in the production and sales of offshore wind power equipment [13] - Daikin Heavy Industries was founded in September 2003 [13] Group 12 - Tengya Precision plans to invest up to 8 million USD to establish a subsidiary in Vietnam for the production of garden robots and electric tools [14] - The project will involve leasing a factory in Dong Nai Province [14] - Tengya Precision was established in August 2000 and focuses on power tools and building hardware [15] Group 13 - Luoxin Pharmaceutical plans to raise up to 207 million yuan through a private placement for innovative drug research and development [16] - The funds will primarily support clinical research for specific innovative drugs [16] - Luoxin Pharmaceutical was founded in May 1998 and specializes in pharmaceutical product development [17] Group 14 - *ST Guohua's subsidiary has become the first candidate for a project with a bid of 236 million yuan [18] - The project involves a 90-day construction period [18] - *ST Guohua was established in May 1986 and focuses on mobile network security [19] Group 15 - Su Chen Technology plans to acquire 60% of Likong Technology for a total price of 192 million yuan [20] - The acquisition will make Likong Technology a secondary subsidiary of Su Chen Technology [20] - Su Chen Technology was founded in February 2006 and specializes in CAE software development [21] Group 16 - Qingmu Technology's major shareholder plans to reduce their stake by up to 276,000 shares [22] - The reduction is due to the shareholder's financial needs [22] - Qingmu Technology was established in August 2009 and provides comprehensive e-commerce operation services [23] Group 17 - Tongda Sea plans to acquire 40% of Jiangsu Sufuda Data Technology Co., Ltd. for 25.64 million yuan [24] - The acquisition will result in Tongda Sea holding 100% of Sufuda [24] - Tongda Sea was founded in March 1995 and provides information technology services for electronic government affairs [24] Group 18 - Rongsheng Development has signed a memorandum of cooperation to promote the development of the seaplane industry [25] - The cooperation will focus on infrastructure construction and talent training [25] - Rongsheng Development was established in December 1996 and specializes in real estate development [26] Group 19 - Jinma Amusement plans to repurchase 16.52% of its subsidiary for 60 million yuan [28] - The repurchase will convert the subsidiary into a wholly-owned entity [28] - Jinma Amusement was founded in November 2007 and focuses on amusement facilities and projects [28] Group 20 - Huilv Ecology plans to acquire 49% of Junheng Technology for 1.127 billion yuan [29] - The acquisition will make Junheng Technology a wholly-owned subsidiary [29] - Huilv Ecology was established in January 1990 and specializes in optical communication products and landscape engineering [30]

Core Viewpoint - Ningbo Huaxiang announced a significant technical cooperation with Jilin University through its joint venture, acquiring a 20-year license for core patents and proprietary technology related to the industrialization of PEEK (Polyether Ether Ketone) for 30 million yuan [2] Company Summary - The joint venture, established with a registered capital of 50 million yuan, involves Ningbo Huaxiang contributing 15 million yuan, holding a 30% stake, and focusing on the research and application of PEEK materials [2] - The joint venture will employ experts from Jilin University to provide comprehensive technical services and training [2] Industry Summary - PEEK is recognized as a benchmark in the field of specialty engineering plastics, known for its high-temperature resistance, chemical corrosion resistance, mechanical strength, and excellent biocompatibility, making it widely applicable in aerospace, high-end automotive manufacturing, medical implants, and electronic information sectors [2] - The joint venture will engage in the research and trial production of PEEK materials, including polymerization, purification, modification, profile processing, and composite enhancement processes [2]

Core Viewpoint - In the third quarter, driven by the "anti-involution" trend, overall commodity prices have stopped declining and rebounded. However, polyethylene has underperformed, especially during the traditional peak season of "Golden September and Silver October," where demand did not improve significantly, leading to price declines, with prices nearing 7000 yuan/ton [1]. Group 1: Demand and Supply Dynamics - The traditional peak demand season for polyethylene, "Golden September and Silver October," has not shown significant characteristics this year, with delayed demand for agricultural films and low purchasing enthusiasm from downstream sectors [1]. - As of late September, the polyethylene operating rate was around 83%, marking a historical low for the same period, due to increased unplanned maintenance [2]. - Despite the weak demand, supply pressure has eased significantly, as there has been no new capacity impact in the second half of the year, and the overall operating rate has rebounded to around 90% in August before declining again in September [2]. Group 2: Price and Cost Factors - The cost support for polyethylene is gradually strengthening, with oil-based polyethylene experiencing losses exceeding 500 yuan/ton, while coal-based processes remain profitable [2]. - The market anticipates a potential demand surge post-National Day, with low inventory levels and the possibility of a sustained demand increase for agricultural films until late November [1][2]. - The "anti-involution" policy in the chemical sector is expected to be implemented, which may gradually change the current weak market situation for polyethylene [2].

Market Overview - The plastic sector experienced a rise of 2.93% on September 29, with Fusheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Gainers in the Plastic Sector - Fusheng Technology (code: 000973) closed at 7.94, with a gain of 9.97% and a trading volume of 685,900 shares, amounting to a transaction value of 531 million [1] - Xiangyuan New Materials (code: 300980) closed at 28.14, up 8.15%, with a trading volume of 138,900 shares and a transaction value of 382 million [1] - Jinfat Technology (code: 600143) closed at 20.99, gaining 6.98% with a trading volume of 2,336,500 shares, totaling 4.777 billion [1] - Other notable gainers include Guoen Co., Changwan Wenco, and Cangzhou Mingzhu, with respective gains of 6.16%, 5.09%, and 4.60% [1] Market Capital Flow - The plastic sector saw a net inflow of 28.13 million from institutional investors, while retail investors experienced a net outflow of 50.63 million [2][3] - The main funds showed a significant net inflow into Fusheng Technology, amounting to 160 million, while retail investors had a net outflow of 104 million [3] Individual Stock Performance - Jinfat Technology had a net inflow of 62.63 million from main funds, while retail investors faced a net outflow of 48.42 million [3] - Xiangyuan New Materials also saw a net inflow of 19.31 million from main funds, with retail investors experiencing a net outflow of 12.72 million [3] - Other stocks like Dadongnan and Weike Technology also reported positive net inflows from main funds, indicating investor interest [3]

Core Viewpoint - The report highlights significant target price increases for several listed companies from September 22 to September 28, indicating potential investment opportunities in the software development, plastics, and passenger vehicle sectors [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Gaweida (高伟达) with a target price increase of 123.43% [2] - Dongcai Technology (东材科技) with a target price increase of 59.60% [2] - SAIC Motor (上汽集团) with a target price increase of 54.05% [2] - Other notable companies with significant target price increases include: - Hengrui Medicine (恒瑞医药) at 47.27% [2] - Shenling Environment (申菱环境) at 46.59% [2] - Yifeng Pharmacy (益丰药房) at 45.04% [2] Group 2: Broker Recommendations - A total of 366 listed companies received broker recommendations during the same period, with notable mentions: - Tianshili (天士力) received recommendations from 6 brokers [3] - Wanwei High-tech (皖维高新) received recommendations from 3 brokers [3] - Yinlun Shares (银轮股份) also received recommendations from 3 brokers [3] Group 3: Rating Adjustments - There were 14 instances of rating upgrades, including: - Yunding Technology (云鼎科技) upgraded from "Hold" to "Buy" by Dongbei Securities [6] - Landai Technology (蓝黛科技) upgraded from "Hold" to "Buy" by Caitong Securities [6] - Jiasheng Group (健盛集团) upgraded from "Hold" to "Buy" by CITIC Securities [6] - Conversely, 6 instances of rating downgrades were noted, including: - Binglun Environment (冰轮环境) downgraded from "Strong Buy" to "Buy" by Founder Securities [7] - Kuncai Technology (坤彩科技) downgraded from "Buy" to "Hold" by CITIC Securities [7] Group 4: First Coverage - During the same period, 115 instances of first coverage were reported, with companies such as: - Tongling Nonferrous Metals (铜陵有色) receiving a "Buy" rating from Western Securities [8] - Lifan Pharmaceutical (立方制药) also receiving a "Buy" rating from Western Securities [8] - Xinjiang Zhonghe (新疆众和) receiving an "Increase" rating from Shenwan Hongyuan Group [8]

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with notable mentions being Gao Weida, Dongcai Technology, and SAIC Motor, which saw target price increases of 123.43%, 59.60%, and 54.05% respectively [1] - The article reports that from September 22 to September 28, a total of 116 target price adjustments were made by brokerages for listed companies, indicating active market analysis and adjustments [1] - In terms of downgrades, six companies had their ratings lowered during the same period, including a downgrade of Ice Wheel Environment by Founder Securities from "Strong Buy" to "Buy" [1] Group 2 - The industries represented by the companies with increased target prices include software development, plastics, and passenger vehicles, indicating diverse sectors experiencing positive market sentiment [1] - Other notable downgrades include Citic Securities lowering the rating of Kuncai Technology from "Buy" to "Hold" and Zhongtai Securities downgrading Jingwei Hengrun from "Buy" to "Hold" [1] - The overall trend suggests a mixed sentiment in the market, with some companies experiencing significant upward adjustments while others face downgrades [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The current supply and demand pattern of PE is weak. Supply is expected to increase due to the restart of multiple devices and potential import growth, while demand recovery is slow, resulting in limited support for PE prices. The overall trend is expected to be weak, with limited upside potential [1]. - In the short term, PE will mainly fluctuate with macro - sentiment and cost, but its weak fundamentals will restrict its upward movement. A put - option strategy is recommended as the current valuation is low, and further short - selling is not cost - effective [6]. - In the long term, the supply of PE is expected to further increase in the fourth quarter due to new device投产 plans, and without new demand - boosting policies, the weak supply - demand situation is likely to continue [8]. Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - Supply side: Multiple devices are set to restart at the end of September, and the planned device maintenance in October is expected to decline rapidly, leading to increased supply. Additionally, due to the weak overseas PE market, the number of offers from North America and the Middle East has increased, and imports are expected to rise in October - November [1]. - Demand side: Although PE is entering the peak season, demand recovery is slow, downstream orders are limited, and enterprises are reluctant to replenish inventory. PE inventory, especially LLDPE inventory, is at a high level, and there is pressure on mid - and upstream sales. As a result, the PE basis remains at a discount [1]. 1.2 Transaction - type Strategy Recommendations - L - P spread narrowing strategy is under observation, proposed on September 19 [12]. 1.3 Industry Customer Operation Recommendations - Price range prediction for polyethylene: 7100 - 7350, with a current 20 - day rolling volatility of 6.18% and a 3 - year historical percentile of 1.0% [13]. - Inventory management: For enterprises with high finished - product inventory worried about price drops, they can short plastic futures (L2601) with a 25% hedging ratio at an entry range of 7250 - 7300, and sell call options (L2601C7300) with a 50% ratio at a range of 40 - 70 to reduce costs [13]. - Procurement management: For enterprises with low procurement inventory, they can buy plastic futures (L2601) with a 50% hedging ratio at an entry range of 7050 - 7100 and sell put options (L2601P7000) with a 75% ratio at a range of 30 - 60 to lock in procurement costs and reduce expenses [13]. Chapter 2: This Week's Important Information and Next Week's Events to Watch 2.1 This Week's Important Information - Bullish information: On Wednesday, affected by the Russia - Ukraine geopolitical situation, oil prices rebounded from the bottom, and polyolefins followed the upward trend [15]. 2.2 Next Week's Events to Watch - Monitor the release and implementation of "anti - involution" related policies after the Ministry of Industry and Information Technology and other 7 departments issued the "Work Plan for Steady Growth of the Petrochemical and Chemical Industry (2025 - 2026)" on Friday afternoon [17]. - The release of China's September manufacturing PMI index on September 30 [17]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - **Internal market**: - Unilateral trend: This week, the PE disk first declined and then rose. On Wednesday, affected by the Russia - Ukraine geopolitical conflict, oil prices rebounded from the bottom, and polyolefins followed the upward trend, maintaining a volatile and strengthening state in the second half of the week [24]. - Capital movement: This week, the open interest increased compared with last week. The top five long - position holders increased their long positions, and the top five short - position holders increased their short positions. The net long positions of the top five profitable seats slightly decreased, and the main profitable seats changed from net short to net long this week [24]. - Basis structure: Although PE is entering the peak season, the slow recovery of downstream demand and insufficient order follow - up have led to weak spot prices, and the basis remains at a discount. As of Friday, the basis in North China was - 80 yuan/ton, in East China was - 40 yuan/ton, and in South China was + 100 yuan/ton [26]. - Month - spread structure: Due to the generally optimistic market expectations for the subsequent macro - situation, the L1 - 5 month - spread shows a contango structure. Driven by crude oil this week, the L2601 contract strengthened, and the 1 - 5 spread narrowed [30]. Chapter 4: Valuation and Profit Analysis 4.1 Industry Chain Upstream and Downstream Profit Tracking - With the continuous decline of PE prices, the production profits of various production lines have been compressed recently. Currently, only the coal - based production line maintains positive profits, while other lines are in a loss state. However, PE devices are not very sensitive to profit conditions, and short - term losses usually do not cause unexpected shutdowns [35]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction - According to the current balance sheet, as device maintenance decreases, supply pressure will gradually emerge. With the expected increase in PE imports in October, total supply may rise rapidly, and inventory is expected to change from destocking to stockpiling. Attention should be paid to the actual rhythm of imports and the increase in demand [40]. 5.2 Supply - side and Deduction - The current PE operating rate is 81.84% (+ 1.48%). Multiple devices are set to restart at the end of the month, and the operating rate is expected to rise. From the maintenance plan, device maintenance in October is expected to decrease, and supply will increase rapidly. ExxonMobil's new device is expected to start production at the beginning of October [44]. 5.3 Import - Export and Deduction - Import: This week, the overseas PE price further declined, and offers from North America and the Middle East increased. Due to the weak overseas market, PE products are flowing into China at low prices. Considering shipping time, PE imports are expected to increase from late October to November [49]. - Export: Enterprises have high enthusiasm for expanding export channels this year, and PE exports have increased even in the off - season. However, the overall volume is still small and has little impact on the PE supply - demand pattern [49]. 5.4 Demand - side and Deduction - The current average downstream operating rate of PE is 42.17% (+ 1.21%). The operating rates of major downstream industries have all increased, with the agricultural film industry having a relatively large increase. PE downstream is still in the transition to the peak season, and demand is expected to increase month - on - month. However, since the peak season started late this year, the demand recovery is slow, providing limited support for PE [52].

Group 1 - The core viewpoint of the articles highlights the ongoing decline in polypropylene (PP) demand, primarily driven by weak performance in key consumer sectors such as automotive and construction, leading to a pessimistic outlook for the market in the near term [1][2][4] - In August, the spot price for homopolymer injection-grade PP in Northwest Europe dropped to €940 per ton, the lowest level since November 2020, and remained at this low in September, with market participants expressing a bleak outlook for recovery in Q4 [1][2] - The automotive industry, a significant consumer of PP, is experiencing a downturn, with EU car production expected to decline by 6.2% in 2024, and major manufacturers reporting sales drops, prompting capacity consolidations [2][3] Group 2 - The influx of low-priced imports from the Middle East and Asia is exacerbating the oversupply issue in the European PP market, with total imports expected to reach 1.616 million tons from June 2024 to June 2025, primarily from Saudi Arabia [3] - Despite the challenging market conditions, some companies are still investing in the European PP sector, such as Borealis Group's €100 million investment in a new PP compound facility in Austria, indicating a mixed response to the current market dynamics [4] - Market participants generally hold a pessimistic view regarding the recovery of the PP market in Q4 2025 and 2026, citing international uncertainties and economic weakness as major hindrances to demand improvement [4]

姓名：芦瑞 从业资格号：F3013255 交易咨询从业证书号：Z0013570 联系电话： 18888368717 公司地址：济南市市中区经七路86号证券大厦15、16层 客服电话：400-618-6767 公司网址：www.ztqh.com 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 目录 1 近期市场主要矛盾 4 总结及展望 3 基差及价差 2 聚乙烯产业情况 请务必阅读正文之后的声明部分 供应压力仍大，震荡思路对待 中泰期货聚乙烯产业链周报 2025年9月28日 聚乙烯市场情况 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 1、聚乙烯综述 | | | 上周 | 本周 | 周环比 | 下周 | 下下周 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | | 产量 | 国产量 | 63.10 | 64.26 | 1.17 | 64.26 | 66.54 | 本周产量略微增加，下周装置检修复产 较多，产量可能会略微增加。 | | （万吨） | 检修损失量 ...

截至2025年9月26日收盘，海正生材（688203）报收于14.69元，较上周的14.56元上涨0.89%。本周，海 正生材9月26日盘中最高价报15.26元。9月23日盘中最低价报13.82元。海正生材当前最新总市值29.77亿 元，在塑料板块市值排名56/70，在两市A股市值排名4469/5157。 本周关注点 公司公告汇总：中石化资本计划减持海正生材不超过2,026,700股，占总股本比例不超过1%。 公司公告汇总 浙江海正生物材料股份有限公司股东中国石化集团资本有限公司（中石化资本）计划自公告披露之日起 十五个交易日后三个月内，通过集中竞价交易方式减持不超过2,026,700股，占公司总股本比例不超过 1%。中石化资本当前持有公司股份12,814,894股，占总股本6.32%，股份来源为IPO前取得。减持原因 为经营发展资金需求，减持价格将按市场价格确定。减持期间为2025年10月28日至2026年1月27日。中 石化资本过去12个月内已实施两次减持，分别减持1%和0.42%股份。本次减持计划与其此前承诺一致， 不涉及控制权变更风险。公司将督促相关股东严格遵守法律法规，及时履行信息披露义务。 以上内 ...