Investment Rating - The report maintains a "Strong Buy" rating for Tongkun Co., Ltd. (601233) [1] Core Views - The company reported a revenue of 44.158 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.93% year-on-year [1] - In Q2 2025, the company achieved a revenue of 24.738 billion yuan, down 8.73% year-on-year but up 27.38% quarter-on-quarter, with a net profit of 486 million yuan, a slight increase of 0.04% year-on-year but a decrease of 20.54% quarter-on-quarter [1] - The long filament production capacity is fully utilized, with an operating rate of 96.3% in Q2 2025, and sales volume increased by 5% year-on-year and 38.2% quarter-on-quarter [7] - The report highlights that the supply-demand dynamics in the long filament industry are continuously improving, with expectations for profit margins to rise in the long term [7] Financial Summary - Total revenue for 2024 is projected at 101.307 billion yuan, with a year-on-year growth rate of 22.6%, while for 2025, it is expected to decrease to 97.086 billion yuan, reflecting a decline of 4.2% [3] - The net profit attributable to shareholders is forecasted to grow significantly from 1.202 billion yuan in 2024 to 2.167 billion yuan in 2025, representing a growth rate of 80.3% [3] - The earnings per share (EPS) is expected to increase from 0.50 yuan in 2024 to 0.90 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 16 times [3] Market Position and Valuation - The company is positioned as a leader in the long filament industry, with a total production capacity of 13.5 million tons for polyester filament and 10.2 million tons for PTA [7] - The target price for the stock is set at 18.9 yuan, with the current price at 14.62 yuan, indicating a potential upside [3] - The report suggests that the stock price does not fully reflect the profitability potential of the petrochemical segment, which is significantly undervalued [7]

Group 1 - The chemical sector experienced fluctuations on September 11, with the chemical ETF (516020) showing a slight decline of 0.14% as of the report time [1] - Certain stocks within the chemical sector, such as lithium battery and synthetic resin companies, saw significant gains, with Lianhong Xinke hitting the daily limit and Enjie shares rising nearly 6% [1] - Conversely, stocks in the phosphate fertilizer, petrochemical, and nitrogen fertilizer sectors underperformed, with Hongda shares dropping over 2% [1] Group 2 - The chemical ETF (516020) has attracted substantial investment, with a total inflow of 560 million yuan over the past five trading days and over 1 billion yuan in the last ten trading days [1] - The pesticide industry is experiencing a reduction in inventory, with the total inventory-to-asset ratio for the pesticide sector at 13.94% as of June 30, 2025, down 0.12 percentage points from March 31 [3] - The chemical ETF's underlying index has a price-to-book ratio of 2.26, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - Future policies are expected to address industry challenges, potentially leading to a recovery in the currently struggling chemical sector [4] - Domestic policies frequently mention supply-side requirements, while international factors such as rising raw material costs and capacity reductions in Europe and the U.S. add uncertainty to chemical supply [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors within the chemical industry, with nearly 50% of its holdings in large-cap stocks [5]

Core Viewpoint - The A-share market showed a fluctuating upward trend on September 11, with the petrochemical industry benefiting from AI integration, which is expected to enhance cost efficiency and product quality for companies in the sector [1] Industry Summary - The petrochemical ETF (159731) experienced a slight increase of approximately 0.15% [1] - The top three sectors within the China Petrochemical Industry Index are refining and trading (27.12%), chemical products (23.87%), and agricultural chemical products (19.75%) [1] - The integration of AI in the chemical industry is anticipated to provide dual benefits of cost reduction and efficiency improvement, enhancing long-term cash flow and optimizing asset structures [1] Company Summary - Key stocks in the petrochemical sector, such as Lianhong Xinke, Shengquan Group, Huafeng Chemical, and Juhua Co., saw significant gains [1] - The intelligent transformation of research and production processes is expected to lower variable costs and reduce the occurrence of safety incidents, thereby strengthening risk resilience [1]

Group 1 - Kunming is accelerating the green and low-carbon transformation in the industrial sector, focusing on solid waste recycling and utilization [1][2] - The Anning base of Wugang Group Kunming Steel Co., Ltd. has achieved a significant transformation by turning industrial waste into valuable resources, with approximately 20% of solid waste being reused in production and nearly 80% converted into products [1] - The city aims to further reduce the intensity of general industrial solid waste generation by 2024 [1] Group 2 - In the field of energy and resource recycling, China National Petroleum Corporation (CNPC) Yunnan Petrochemical has developed a new process to convert high-viscosity filter residue into higher-value petroleum coke, addressing a common industry challenge [2] - The Anning Industrial Park is fostering a modern green circular economy, with companies developing comprehensive utilization technologies for by-products like coal slag and phosphogypsum, enhancing resource value [3] - The park is also focusing on the lithium battery supply chain, with the launch of a 300,000-ton integrated factory for lithium battery anode materials, promoting a full lifecycle approach to the industry [3]

Core Insights - Hainan Province's Danzhou City is leveraging the opportunities presented by the Hainan Free Trade Port, focusing on creating an international business environment to attract industries such as shipping and trade, thereby diversifying its industrial chain [1][2] Policy Benefits - The processing and value-added domestic sales tax exemption policy is a key tax incentive of the Hainan Free Trade Port, with Danzhou's Yangpu implementing mechanisms to encourage enterprises to benefit from this policy [2] - Hainan Auscar International Grain and Oil Co., as a pilot enterprise, has saved nearly 300 million yuan in tariffs since 2021, with its annual output value increasing from 1 billion yuan to nearly 6 billion yuan by 2024 [2] - The cumulative domestic sales of goods in Danzhou reached 8.494 billion yuan, with a total tariff exemption of 655 million yuan by mid-2025 [4] Transportation and Logistics - Yangpu International Container Port has opened 56 container shipping routes, including 30 foreign trade routes, enhancing its connectivity with ASEAN and South Asia [5][6] - The establishment of the Hainan International Ship Registration Administration has streamlined the registration and management of international vessels, contributing to a total tax refund of 400 million yuan for newly built vessels and over 1.1 billion yuan in tax exemptions for foreign vessels [5][6] Industrial Cluster Development - The Hainan Free Trade Port policies have attracted numerous enterprises to Danzhou, leading to the formation of multi-industry clusters [7] - The first phase of the 1.2 million kW offshore wind power project in Danzhou, with a total investment of approximately 12 billion yuan, is expected to generate an average annual power output of 3.54 billion kWh [7] - Various food processing projects and the first digital processing trade zone in the country have been established in Yangpu, contributing to the rapid formation of a health food industry cluster [8]

以下为研究报告摘要： 信达证券近日发布电力设备与新能源&煤炭&石化&电力行业行业联合点评：在AI+传统 电源方面，对火电、水电、核电等根据自身特点明确与人工智能的重点结合与突破方向。火 电与人工智能的结合主要落在燃料管控、生产运行优化与智能控制、设备全生命周期管理等 业务场景；水电主要落在设计建造的地质智能化勘测设计和设备智能化安装调试，以及水电 运营的气象水文联合预测和流域综合调度评估；核电主要在于核电站运营监测及可控核聚变 技术路径探索。 3、煤炭：天地科技、宏大爆破、北方股份、龙软科技、梅安森、郑煤机、天玛智控、 北路智控、美腾科技。 4、石化：中国石油、中国海油、中海油服、海油工程、中国石化、荣盛石化、恒力石 化。 在AI+传统电源方面，对火电、水电、核电等根据自身特点明确与人工智能的重点结合 与突破方向。火电与人工智能的结合主要落在燃料管控、生产运行优化与智能控制、设备全 生命周期管理等业务场景；水电主要落在设计建造的地质智能化勘测设计和设备智能化安装 调试，以及水电运营的气象水文联合预测和流域综合调度评估；核电主要在于核电站运营监 测及可控核聚变技术路径探索。 在AI+石化方面，人工智能有望推动石 ...

Core Insights - Hainan Province's Danzhou City is leveraging the opportunities presented by the Hainan Free Trade Port, focusing on policy advantages and the development of a diversified industrial system [1][2] Policy Benefits - The processing and value-added domestic sales tax exemption policy is a key tax policy of the Hainan Free Trade Port, with Danzhou Yangpu implementing mechanisms to encourage enterprises to benefit from this policy [2] - Hainan Auscar International Grain and Oil Co., Ltd. has saved nearly 300 million yuan in tariffs since 2021, showcasing the effectiveness of the tax exemption policy [2] - The cumulative domestic sales of goods in Danzhou reached 8.494 billion yuan, with a tariff exemption of 655 million yuan by mid-2025 [4] Transportation and Logistics - Yangpu International Container Port has opened 56 container shipping routes, including 30 foreign trade routes, enhancing international trade connectivity [5][6] - The establishment of the Hainan International Ship Registration Administration has streamlined ship registration and provided various services to shipping companies [5] Industrial Development - Danzhou is witnessing the emergence of multiple industrial clusters, including a significant offshore wind power project with an investment of approximately 12 billion yuan [7] - Various food processing projects and a digital processing trade zone are being established, contributing to the growth of the health food industry and high-end medical supplies [8] - The development of an artificial intelligence autonomous driving vehicle project is also underway, indicating a shift towards innovative industries [8]

Group 1 - The companies in Kunming are actively promoting green and low-carbon development through the recycling of solid waste, transforming industrial waste into valuable resources [1][3] - The Anning base of WISCO has achieved a 20% reuse rate of solid waste in production, with nearly 80% converted into products, showcasing a successful model of circular economy [1] - The Yunnan Petrochemical Company has innovated a process to convert high-viscosity filter residue into petroleum coke, addressing industry challenges while achieving economic and environmental benefits [2] Group 2 - The Anning Industrial Park is developing a complete industrial chain for the lithium battery sector, focusing on the entire lifecycle from raw materials to battery components [3] - The park aims to enhance industrial structure and promote green industry clustering through green supply chain management, facilitating closed-loop recycling of by-products and raw materials [3] - Kunming is accelerating the establishment of a circular economy industrial system, exploring comprehensive utilization models for various solid wastes [3]

Group 1 - The core point of the announcement is that Liaoning Dingjide Petrochemical Co., Ltd. plans to expand its financing channels through a sale-leaseback financing lease business, with a total financing amount not exceeding RMB 29.9 million [2][4] - The financing lease will involve the company's subsidiary, Liaoning Dingjide Petrochemical Technology Co., Ltd., using part of its own asset equipment as the transfer target and leasing object [2][4] - The transaction has been approved by the company's board of directors and does not constitute a related party transaction or a major asset restructuring as defined by regulations [3][11] Group 2 - The financing lease will be conducted with qualified financial leasing companies, and the specific terms will be determined in the actual agreements signed [5][6] - The financing amount will primarily be used for the daily operations of the subsidiary, and the company emphasizes that this will not significantly impact its normal asset usage or daily operations [8][16] - The company will continue to monitor the progress of the financing lease business and fulfill its information disclosure obligations in accordance with relevant regulations [8][16] Group 3 - The company has also announced a separate financing lease application with a total amount not exceeding RMB 130 million, which will require shareholder approval [9][13] - The financing lease will include various forms such as sale-leaseback and direct leasing, aimed at optimizing the financing structure and enhancing asset liquidity [9][16] - The board of directors has scheduled a temporary shareholder meeting on September 26, 2025, to discuss the financing lease application [22][21]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The pricing logic is still cost - driven. The market is worried about the lackluster peak demand season. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate. (PX view score: 1, PTA view score: 0, PR view score: 0) [2] 3. Summary by Related Catalogs 3.1 Price Information - **Upstream**: On September 9, 2025, WTI crude oil futures settled at $62.63/barrel, up 0.59%; Brent crude oil futures settled at $66.39/barrel, up 0.56%; the spot price of naphtha CFR Japan was $597.25/ton, up 0.50%; the spot price of isomeric xylene FOB Korea was $681.50/ton, down 0.15%; the spot price of PX CFR China's main port was $836.00/ton, up 0.36% [1]. - **PTA**: On September 9, 2025, the closing price of CZCE TA's main contract was 4678 yuan/ton, down 0.26%; the settlement price was 4670 yuan/ton, up 0.17%. The spot price of domestic PTA was 4610 yuan/ton, up 0.35%. The CCFEI price index of domestic PTA was 4608 yuan/ton, up 0.28%, and that of foreign PTA was $620.00/ton, down 0.64% [1]. - **PX**: On September 9, 2025, the closing price of CZCE PX's main contract was 6726 yuan/ton, down 0.53%; the settlement price was 6708 yuan/ton, down 0.09%. The domestic spot price of PX was 6599 yuan/ton, unchanged. The PXN spread was $238.75/ton, unchanged; the PX - MX spread was $154.50/ton, up 2.66% [1]. - **PR**: On September 9, 2025, the closing price of CZCE PR's main contract was 5838 yuan/ton, down 0.44%; the settlement price was 5834 yuan/ton, down 0.17%. The mainstream market price of polyester bottle - chips in East China was 5820 yuan/ton, down 0.34%; that in South China was 5880 yuan/ton, down 0.34% [1]. - **Downstream**: On September 9, 2025, the CCFEI price index of polyester staple fiber was 6465 yuan/ton, unchanged; the CCFEI price index of polyester chips was 5810 yuan/ton, up 0.26%; the CCFEI price index of bottle - grade chips was 5820 yuan/ton, down 0.34% [2]. 3.2 Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to 23, and the restart time is to be determined [2]. 3.3 Important Information - **PX**: After OPEC +'s slight production increase was confirmed, some funds left the market. Trump's claim of preparing the second - stage sanctions against Russia made some investors wait and see. Oil prices slightly ended higher. On September 9, the CFR China price of PX was $836/ton. International oil prices were warming and oscillating, squeezing the cost momentum of PX. Domestic PX supply was expected to increase, but the overall demand of polyester was okay, and the trading enthusiasm increased during the day [2]. - **PTA**: The strong crude oil market pushed up PTA prices. Although the sales rate of downstream polyester chips was 147%, the sales rate of the main downstream polyester filament was only 44%. The signs of the peak - season start were still not obvious. The PTA spot was sufficient, and the spot basis slightly declined. The PTA processing margin has been around 200 yuan/ton recently, and some new - technology PTA devices face losses. Even if there are unplanned device overhauls, it is difficult to change the low processing fee situation. Since September, the industry's operating load has been basically stable, and the market supply is relatively stable. Inventory has been accumulating recently [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5810 - 5910 yuan/ton, down 15 yuan/ton from the previous trading day. The raw materials PTA and bottle - chip futures oscillated weakly. Most of the supply - side quotes of bottle - chips were stable, and downstream terminals followed up cautiously, with a general trading atmosphere [2]. 3.4 Trading Strategy - The cost recovery provides some support. The TA2601 contract closed at 4678 yuan/ton (up 0.34%), with a daily trading volume of 431,200 lots; the PX2511 contract opened high and closed low, closing at 6726 yuan/ton (up 0.18%), with a daily trading volume of 148,000 lots; the 2511 contract of PR closed at 5838 yuan/ton (down 0.10%), with a daily trading volume of 32,400 lots [2]. - Israel's attack on Hamas' senior leaders in Qatar in the overnight crude oil market reignited concerns about a wider military conflict in the Middle East, causing international oil prices to rise. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate [2].