Core Viewpoint - Qingdao Qinghe Artificial Turf Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shanghai Stock Exchange [1] Company Overview - Qingdao Qinghe was established in August 2009 and is located in Qingdao, Shandong Province. The company was formerly known as Qingdao Kangsen Fiber Co., Ltd. It has a registered capital of approximately 110 million yuan [3] - The main shareholders include Qingdao Xinhongyi Investment Co., Ltd. and Yu Kang [3] IPO Details - The company initially disclosed its prospectus in July 2022 and submitted its application for listing in March 2023, with an update in December 2024. The planned fundraising amount was 1.092 billion yuan, intended for various projects including the construction of a production base in Vietnam and technology upgrades [3][4] Financial Performance - Qingdao Qinghe's revenue for the years 2021, 2022, 2023, and the first half of 2024 was approximately 1.358 billion yuan, 1.828 billion yuan, 1.956 billion yuan, and 1.036 billion yuan, respectively. The net profits for the same periods were about 137 million yuan, 100 million yuan, 129 million yuan, and 60.98 million yuan [5] - The company's total assets as of June 30, 2024, were approximately 2.38 billion yuan, with a debt-to-asset ratio of 50.83% [6] Product and Market - Qingdao Qinghe primarily engages in the research, production, and sales of artificial turf and grass yarn, with products categorized into leisure landscape turf and sports turf. The company exports to over 100 countries and regions worldwide [5][6] - Revenue from leisure grass accounted for approximately 72.73%, 66.95%, 73.16%, and 68.30% of its main business income in the respective years [6]

Core Viewpoint - PEEK (Polyether Ether Ketone) is recognized as a third-generation high-performance thermoplastic engineering plastic, ideal for replacing traditional materials like metals and ceramics due to its superior properties such as high temperature resistance, self-lubrication, high strength, and chemical stability [1][3] Group 1: Performance Characteristics - PEEK exhibits excellent performance in high temperature (long-term use temperature > 260 °C), self-lubrication (friction coefficient 0.15–0.35), high strength (tensile strength > 150 MPa), and chemical stability (resistant to pH 1–14 corrosion), making it a preferred choice over traditional materials [1][3] Group 2: Synthesis Process - The main synthesis method for PEEK is nucleophilic substitution, which allows for precise control over the reaction process, resulting in high structural regularity and performance stability of the material [2] - The nucleophilic substitution process, while effective, incurs higher costs due to stringent reaction conditions and raw material expenses [2] Group 3: Demand and Market Potential - PEEK's lightweight, extreme environment resistance, low friction wear, and electromagnetic compatibility make it a critical material in robotics, with applications in motors, bearings, reducers, and housings [3] - Assuming a usage of 10 kg of PEEK per robot and a market price of 400,000 yuan per ton, a production of one million robots could generate a demand of 10,000 tons of PEEK, corresponding to a market size of 4 billion yuan [3] Group 4: Supply Landscape - The PEEK market has high technical barriers, with few companies mastering large-scale industrial production, primarily dominated by Victrex, Solvay S.A, and Evonik Industries AG [4] - Domestic companies such as Zhongyan Co., Watte Co., and Jinfat Technology are rapidly emerging, with significant production capacity being developed [4] - Key suppliers for PEEK raw materials include companies like Xinhang New Materials and Zhongxin Fluorine Materials for DFBP, and Brothers Technology for phenol [4]

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年6月4日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，据隆众统计，2025年4月PVC产量为195.4977万吨，环比减少5.51%；本周样本 企业产能利用率为78.19%，环比增加0.03个百分点；电石法企业产量32.898万吨，环比增加 4.55%,乙烯法企业产量12.583万吨，环比减少2.07%；本周供给压力有所增加；下周预计检 修有所减少，预计排产少量增加。 需求端来看，下游整体开工率为46.15%，环比减少0.78个百分点，低于历史平均水平；下游 型材开工率为39.25%，环比减少0.35个百分点，低于历史平均水平；下游管材开工率为 43.44%，环比减少1.87个百分点，低于历史平均水平；下游薄 ...

Report Industry Investment Ratings No relevant content provided. Core Views - Crude oil: After OPEC's production increase in July, the previous negative factors were exhausted. With the threat of wildfires in Canada and rising geopolitical risks, combined with short - term macro - stability, oil prices are strong in the short - term. However, in the long - term, due to relatively weak demand and continuous supply growth, the upside space is limited. The short - term Brent price is expected to oscillate at a high level, with the operating range moving up to $65 - 68 per barrel, and the medium - term range is expected to be $63 - 70 per barrel [1][2]. - Asphalt: The overall supply - demand pattern is loose. Although the cost of crude oil has increased, the market's acceptance of high - priced resources is poor. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end. However, due to the maintenance plan of some refineries and low inventory levels, the price has a certain upward trend [3][4]. - Liquefied gas: In the international market, the CP price has increased, while the FEI has decreased. In the domestic market, supply is increasing, and the summer off - season has increased the pressure on the market, with the fundamentals running weakly [8]. - Fuel oil: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. The supply from Russia, Mexico, and the Middle East is expected to decline, while the demand for seasonal power generation is supportive. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [9][11]. - Natural gas: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - PX: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [14][16]. - PTA: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [17][18]. - Ethylene glycol: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [20][21]. - Short - fiber: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [22][23]. - Bottle - chip: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [24][26]. - Styrene: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [26][27]. - PVC: The supply - demand situation is expected to be weak in the medium - to - long - term, with supply increasing and demand affected by real estate and export uncertainties [29][30]. - Caustic soda: The 09 - contract is expected to be weak, with the medium - term trend being bearish. Although there is still some support in the short - term, the upward driving force for the spot price is weakening [30][31]. - Plastic and PP: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [32][34]. - Glass: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [34][37]. - Soda ash: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [38][40]. - Urea: The daily output is at a high level, and the demand is affected by factors such as international price changes, compound fertilizer production, and export policies. The short - term price is expected to oscillate [41][42]. - Methanol: The international supply is still high, the domestic supply is loose, and the port is starting to accumulate inventory. The price is still recommended to be shorted on rebounds [43][45]. - Log: The downstream market is still sluggish, and the long - term market faces challenges from weak real - estate demand and increased port inventory. However, the large scale difference in delivery has a certain supporting effect on the current price [45][48]. - Double - offset paper: The market was weak in May, and in June, short - term technical rebounds may occur, but long - term risks from over - capacity and weak demand need to be vigilant [48][49]. - Corrugated paper: In May, the demand showed structural improvement, but in June, attention should be paid to factors such as the implementation of price - increase policies, export order sustainability, and waste - paper price fluctuations [50]. - Natural rubber: The domestic inventory is still at a high level, and the production index of French rubber machinery has decreased. The short - term trading strategy is to hold short positions [51][54]. - Pulp: The domestic and foreign paper - making industries have shown signs of production reduction, which is negative for the SP single - side. The short - term trading strategy is to try to go long on a small scale [54][56]. - Butadiene rubber: The short - term supply contraction has led to price increases, and in the medium - term, attention should be paid to the expansion of downstream ABS capacity. The short - term trading strategy is to hold short positions [58][60]. Summary by Related Catalogs Crude Oil - Market Review: WTI2507 contract settled at $63.41, up $0.89 per barrel, a month - on - month increase of 1.42%; Brent2508 contract settled at $65.63, up $1.00 per barrel, a month - on - month increase of 1.55%. SC main contract 2507 rose 12.4 to 465 yuan per barrel, and in the night session, it rose 4.0 to 469 yuan per barrel [1]. - Related News: The US has asked countries to submit their best trade negotiation plans by Wednesday. The US labor market is showing signs of softening, with an increase in job vacancies but also a large increase in layoffs [1]. - Logic Analysis: After OPEC's production increase, the previous negative factors were exhausted. Geopolitical risks have risen, and the macro - situation is stable in the short - term. However, in the long - term, due to weak demand and continuous supply growth, the upside space is limited [2]. - Trading Strategy: Short - term high - level oscillation, medium - term wide - range oscillation; gasoline and diesel cracking spreads are expected to weaken; options are on hold [2]. Asphalt - Market Review: BU2507 closed at 3524 points (+1.21%) in the night session, and BU2509 closed at 3495 points (+1.13%) in the night session. The spot price in Shandong on June 3 was 3470 - 3870 yuan, in the East China region was 3550 - 3620 yuan, and in the South China region was 3360 - 3450 yuan [3]. - Related News: The mainstream transaction price in Shandong rose by 25 yuan per ton. The demand is weak, and the acceptance of high - priced resources is poor. However, due to the maintenance plan of some refineries and low inventory levels, the price has increased [3][4]. - Logic Analysis: The supply - demand pattern is loose, and the price is mainly stable. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end [3][4]. - Trading Strategy: Oscillation; asphalt - crude oil spread oscillates at a high level; options are on hold [6]. Liquefied Gas - Market Review: PG2507 closed at 4075 (+0.27%) in the night session, and PG2508 closed at 4004 (+0.18%) in the night session. The spot price in South China, East China, and Shandong is given [6]. - Related News: The market in South China is generally stable, with some hidden discounts. The market in Shandong is stable with some small increases, and the ether - post - carbon - four market is expected to rise steadily [7]. - Logic Analysis: Internationally, the CP price has increased, and the FEI has decreased. Domestically, supply is increasing, and the summer off - season has increased market pressure, with the fundamentals running weakly [8]. Fuel Oil - Market Review: FU07 contract closed at 2943 (-0.03%) in the night session, and LU07 closed at 3535 (+1.61%) in the night session. The Singapore paper - futures market's month - to - month spreads are given [9]. - Related News: Russia's exports of some oil products are expected to change in June, and Nigeria's Dangote refinery will import a large amount of US WTI crude oil in July [9]. - Logic Analysis: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [11]. - Trading Strategy: On hold for single - side trading; go long on the FU9 - 1 positive spread when the price is low [12]. Natural Gas - Market Review: HH contract closed at 3.7 (+0.76%), TTF closed at 35.848 (+2.38%), and JKM closed at 12.345 (+1.69%) [12]. - Logic Analysis: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - Trading Strategy: Go long on HH on dips; TTF is expected to oscillate strongly [14]. PX - Market Review: PX2509 main contract closed at 6524 (-1.42%) during the day and 6618 (+1.44%) in the night session. The spot price, MOPJ valuation, and PXN spread are given [14]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [15]. - Logic Analysis: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [16]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [16]. PTA - Market Review: TA509 main contract closed at 4628 (-1.53%) during the day and 4706 (+1.69%) in the night session. The spot price and basis are given [17]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and a PTA device has restarted [15][18]. - Logic Analysis: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [18]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [18]. Ethylene Glycol - Market Review: EG2509 main contract closed at 4306 (-0.99%) during the day and 4319 (+0.30%) in the night session. The spot price and basis are given [18][19]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and some EG devices have restarted or are under maintenance [20]. - Logic Analysis: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [21]. - Trading Strategy: High - level oscillation; basis positive spread; sell call options [22]. Short - fiber - Market Review: PF2507 main contract closed at 6338 (-0.72%) during the day and 6426 (+1.39%) in the night session. The spot price in different regions is given [22]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [23]. - Logic Analysis: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [23]. - Trading Strategy: High - level oscillation; short PTA and long PF; options are on hold [24]. Bottle - chip - Market Review: PR2507 main contract closed at 5912 (-1.17%) during the day and 5958 (+0.78%) in the night session. The spot price of polyester bottle - chips is given [24]. - Related News: The export quotes of polyester bottle - chip factories are mostly stable [25]. - Logic Analysis: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [26]. - Trading Strategy: Oscillation consolidation; options are on hold; sell call options [26]. Styrene - Market Review: EB2507 main contract closed at 7018 (-1.71%) during the day and 7133 (+1.64%) in the night session. The spot price and basis in different periods are given [26]. - Related News: The inventory in the East China main port of styrene has increased, and the upstream pure - benzene port inventory has also increased [26]. - Logic Analysis: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [27]. - Trading Strategy: Oscillation weakly; options are on hold; sell call options [28]. PVC and Caustic Soda - Market Review: The spot price of PVC has slightly decreased, and the spot price of caustic soda in different regions has changed [29]. - Related News: The price of caustic soda in some factories has changed, and the Indian BIS hearing has no news yet [30]. - Logic Analysis: PVC's supply - demand situation is expected to be weak in the medium - to - long - term, and caustic soda's 09 - contract is expected to be weak, with the medium - term trend being bearish [30][31]. - Trading Strategy: For single - side trading, go short on caustic soda at high prices and hold short positions on PVC; for arbitrage, arrange a 7 - 9 reverse spread when the spot weakens; options are on hold [32]. Plastic and PP - Market Review: The spot price of LLDPE in different regions has changed, and the spot price of PP in different regions has decreased [32]. - Related News: The maintenance ratio of PE and PP has decreased [33]. - Logic Analysis: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [34]. - Trading Strategy: Short - and medium - term weakness, hold short positions; options are on hold; arbitrage is on hold [34]. Glass - Market Review: The glass futures 09 - contract closed at 954 (-2.85%) during the day and 965 (+1.15%) in the night session. The spot price in different regions has changed [34][35]. - Related News: The China May Caixin Manufacturing PMI has contracted, and the price of the domestic float - glass market has decreased slightly. A glass production line has restarted [36]. - Logic Analysis: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [37]. - Trading Strategy: Price oscillates weakly [38]. Soda Ash - Market Review: The soda - ash futures 09 - contract closed at 1185 (-1.2%) during the day and 1213 (+2.4%) in the night session. The spot price in different regions has changed [38]. - Related News: A soda - ash device has resumed operation, and the domestic soda - ash market is adjusting weakly [39][40]. - Logic Analysis: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [40]. - Trading Strategy: Bearish judgment, gradual

聚烯烃日报 | 2025-06-04 石化库存累积，去化速率偏慢 市场分析 价格与基差方面，L主力合约收盘价为6963元/吨（+3），PP主力合约收盘价为6884元/吨（+9），LL华北现货为7050 元/吨（+0），LL华东现货为7100元/吨（+0），PP华东现货为7080元/吨（+20），LL华北基差为87元/吨（-3），LL华 东基差为137元/吨（-3）， PP华东基差为196元/吨（+11）。 上游供应方面，PE开工率为76.8%（-1.2%），PP开工率为75.4%（-1.4%）。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 生产利润方面，PE油制生产利润为397.7元/吨（-30.7），PP油制生产利润为117.7元/吨（-30.7），PDH制PP生产利润 为-401.7元/吨（+0.0）。 进出口方面，LL进口利润为-363.9元/吨（-50.0），PP进口利润为-533.6元/吨（+0.0），PP出口利润为18.3美元/吨（+0.0）。 下游需求方面，PE下游农膜开工率为13.0%（-1.1%），PE下游包装膜开工率为48.6%（-0.6%），PP下游塑编开工率 ...

弘讯科技 20250603 摘要 宏讯科技深耕工业自动化领域，产品线覆盖自动化、数字化和新能源三 大事业部，提供从工业传感、驱动到控制层的全面解决方案，并积极拓 展海外市场，应对国内市场增长放缓的挑战。 公司通过自主研发核心芯片，解决了关键技术瓶颈，实现了产品的全数 字化通讯，并与台湾芯片设计公司深度合作，提升了产品在金属加工等 领域的自动化控制系统性能。 数字化事业部专注于边缘车间控制系统，通过自主研发芯片实现海量数 据采集与分析，优化生产流程，提升效率，并应用于供应链管理、设备 维护等领域，助力智能制造。 新能源事业部通过收购 EID 公司，进入特种电子电源设备领域，提供光 储系统和高精度电源转换器，并在核能研究方面与多个研究所合作，参 与国际热核聚变专项项目。 EID 公司在核聚变领域提供误差场矫正线圈电源管理系统，解决托卡马 克装置中的等离子体位移及磁岛问题，并参与 GT-60SA 和 ITER 等重要 项目，未来计划攻克更多核心技术难题。 Q&A 请介绍宏讯科技的业务及发展历程。 宏讯科技成立于 2001 年 9 月，技术继承自 1984 年在台湾成立的台湾宏讯科 技。公司主要提供塑料机械自动化行业 ...

股票简称：中策橡胶 股票代码：603049 中策橡胶集团股份有限公司 Zhongce Rubber Group Co., Ltd. （浙江省杭州市钱塘区1号大街1号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年六月四日 中策橡胶集团股份有限公司 上市公告书 特别提示 中策橡胶集团股份有限公司（以下简称"发行人"、"中策橡胶"、"本公司" 或"公司"）股票将于 2025 年 6 月 5 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五入尾 差所致。 中策橡胶集团股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准 确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均 不表明对本公司的任何保证。 本 公 司 ...

首次公开发行股票主板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 中策橡胶集团股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，中策橡胶集团股份有限公司（以下简称"中策 橡胶"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 6 月 5 日在上海证券交易所主板上市，上市公告书全文和首次公开发行股票并在主板 上市的招股说明书全文披露于上海证券交易所网站（www.sse.com.cn）和符合中 国证监会规定条件网站（中国证券网，网址 www.cnstock.com；证券时报网，网 址 www.stcn.com；证券日报网，网址 www.zqrb.cn），供投资者查阅。 一、上市概况 （一）股票简称：中策橡胶 （二）扩位简称：中策橡胶 （三）股票代码：603049 （四）首次公开发行后总股本：87,448.5598 万股 （五）首次公开发行股份数量：8,744.8560 万股，本次发行全部为新股，无 老股转让 二、投资风险提示 本公司提醒广大投 ...

Group 1 - The company will hold an earnings presentation meeting on June 10, 2025, from 14:00 to 17:00 [2][4] - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will include live interaction, video streaming, and online text interaction [3][6] - Investors can submit questions from June 4 to June 9, 2025, through the Roadshow Center website or via the company's email [5][7] Group 2 - The meeting aims to discuss the company's operating results and financial indicators for the fiscal year 2024 and the first quarter of 2025 [3][4] - The company will address commonly asked questions from investors during the presentation [3][5] - Key personnel attending the meeting include the Chairman, General Manager, Independent Director, Board Secretary, and Chief Financial Officer [4][6]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].