Core Viewpoint - Blachem (BCPC) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, influencing their buying and selling actions, which in turn affects stock prices [4]. Blachem's Earnings Outlook - The recent upgrade for Blachem reflects an improvement in its underlying business, which is expected to drive the stock price higher as investors respond positively to this trend [5][10]. - For the fiscal year ending December 2025, Blachem is projected to earn $5.20 per share, with a 1% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Blachem's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

截至发稿，新化股份市值为62亿元。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 曾健辉） 每经AI快讯，新化股份（SH 603867，收盘价：32.38元）9月24日晚间发布公告称，公司第六届第二十 一次董事会会议于2025年9月24日以现场结合通讯会议方式召开。会议审议了《关于提请召开公司2025 年第一次临时股东会的议案》等文件。 2024年1至12月份，新化股份的营业收入构成为：化工行业占比99.09%，其他业务占比0.91%。 ...

每经AI快讯，皖维高新（SH 600063，收盘价：5.66元）9月24日晚间发布业绩预告，预计2025年前三季 度公司实现归属于上市公司股东的净利润为3.4亿元~4.2亿元，与上年同期相比增加约1.4亿元~2.2亿 元，同比增长69.81%~109.77%。业绩变动主要原因是，主营业务影响。报告期内，公司调整销售策 略，外贸市场份额稳步提升。其中，PVA出口量同比增长40%以上，醋酸甲酯出口量同比增长30%左 右，VAE乳液出口量也实现了大幅增长。创新驱动发展，科技成就皖维。近年来，公司聚焦PVA下游高 附加值新材料领域，不断增强研发投入力度，持续攻关高端产品的工艺技术壁垒，部分产品打破了国外 垄断。报告期内，PVA光学薄膜等新材料产品产销两旺，盈利能力大幅提升。报告期内，煤炭、醋酸、 PTA等原材料价格同比有较大幅度下跌，导致PVA、聚酯切片等产品毛利率提升，盈利能力增强。公司 强化成本管控，稳步推进降本增效，企业运行效率持续提升。 2025年1至6月份，皖维高新的营业收入构成为：化工行业占比61.32%，新材料行业占比22.99%，建材 行业占比7.75%，化纤行业占比4.1%，其他业务占比3.84%。 ...

9月24日，国内期市能化板块多数飘红。其中，PTA期货主力合约开盘报4580.00元/吨，今日盘中高位震 荡运行；截至发稿，PTA主力最高触及4630.00元，下方探低4560.00元，涨幅达1.27%附近。 华联期货分析称，供应端上周装置维持稳定，前期重启装置负荷提升，总体供应压力逐步回升。需求端 聚酯持稳，传统旺季需求端表现不温不火，终端订单情况一般。库存端行业库存延续去化，但聚酯产品 线累库。成本方面原油隔夜大幅反弹，TA估值驱动短线走强。总体看TA供需面有所走弱，技术面区间 震荡偏弱。操作方面区间偏空交易，2601合约参考压力4700-4750。 宁证期货指出，PTA供应存增加预期。需求看，聚酯及终端负荷较前期缓慢回升，短期需求端存一定支 撑，不过后续新订单以及负荷回暖预期有限，关注下终端接单情况出现好转的持续性。成本看，国内外 PX检修装置重启，PX供应逐步增至偏高水平，PXN承压；原油震荡。整体上，PTA震荡偏弱看待。 建信期货表示，原油小幅反弹，但PTA现货供应充足，需求缺乏利好支撑，成本支撑与供应充裕博弈， 预计PTA行情窄幅震荡。 目前来看，PTA行情呈现震荡上行走势，盘面表现偏强。对于PT ...

日度报告——综合晨报 9 月 LPR 按兵不动 [T报ab告le_日R期an：k] 2025-09-23 宏观策略（黄金） 美联储博斯蒂克：认为目前没有太多理由进一步降息 金价强势上涨 2%再创新高，美联储利率会议落地后各位票委开 始出来讲话，最为鸽派的特朗普亲信米兰继周五的鸽派讲话后 再度表示应该以 50bp 的速度持续降息，提振市场情绪 宏观策略（国债期货） 9 月 LPR 按兵不动 短期利空因素有所缓和，但预计债市仍然难以脱离震荡行情。 综 宏观策略（美国股指期货） 合 英伟达计划对 OpenAI 投资最高 1000 亿美元 晨 报 美联储官员分歧较大，降息预期回摆，科技板块维持强势，继 续带动指数录得上涨。 农产品（豆粕） 阿根廷暂时出口大豆及油粕出口关税 阿根廷暂停征收出口关税令内外盘期价明显下跌，关注我国是 否增加采购阿根廷大豆/豆粕；美豆收割继续推进，优良率不断 下滑；巴西播种完成 0.9%。国内豆粕库存继续增加。 黑色金属（螺纹钢/热轧卷板） 206 家钢企完成超低排放改造公示 钢价延续震荡反弹，近期"反内卷"政策预期仍有发酵，市场 对于旺季需求也有一定预期，国庆假期前或带动一定补库需求， 对 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On September 19, 2025, the chemical market sentiment was average. The terminal of soda ash replenished stocks before the holiday, and the intraday market was weakly stable. Recently, the soda ash plants were under maintenance, and the overall supply decreased slightly from the high level. In the short term, the profitability of downstream glass increased, and some manufacturers stocked up before the holiday, driving the inventory reduction of soda ash plants. After the soda ash futures rebounded, it declined. With the fundamental situation of supply exceeding demand, it is expected that the short - term trend of soda ash futures may maintain range - bound fluctuations. Attention should be paid to the actual impact of policies such as environmental protection and production restrictions on the supply side and changes in macro - sentiment [7] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Market - On September 19, 2025, the soda ash futures market showed a volatile trend. The opening price of soda ash 2601 (SA601) was 1305 yuan/ton, the highest price was 1321 yuan/ton, the lowest price was 1301 yuan/ton, and the closing price was 1318 yuan/ton, up 1 yuan/ton or 0.08% from the previous trading day's settlement price. The trading volume was 922,000 lots, a decrease of 574,000 lots from the previous day, and the open interest was 1.382 million lots, a decrease of 9942 lots from the previous day [2] 3.1.2 Variety Price | Contract Name | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soda Ash 2511 | 1227 | 1242 | 1222 | 1238 | - 1 | - 0.08% | 174,755 | 132,155 | | Soda Ash 2601 M | 1305 | 1321 | 1301 | 1318 | 1 | 0.08% | 922,285 | 1,381,981 | | Soda Ash 2605 | 1397 | 1412 | 1394 | 1407 | 2 | 0.14% | 30,296 | 210,144 | [3] 3.2 Spot Market - On September 19, 2025, the domestic soda ash spot market prices in various regions remained unchanged compared with September 18. For example, in North China, the price of light soda ash was 1200 yuan/ton, and the price of heavy soda ash was 1300 yuan/ton; in East China, the price of light soda ash was 1130 yuan/ton, and the price of heavy soda ash was 1250 yuan/ton, etc [5] 3.3 Influencing Factors 3.3.1 Industry Chain - related - Before the holiday, glass slightly replenished stocks, and the demand support was average. In September, the profit of photovoltaic glass turned from loss to profit, and terminal component manufacturers expanded raw material procurement, which generally supported the increase in soda ash demand. However, there were differences in the sales situation among different enterprises, and the confidence in the future market was slightly divided [6] 3.3.2 Fundamental - related - This week, the shipment volume of Chinese soda ash enterprises was 787,600 tons, a month - on - month increase of 0.25%; the overall shipment rate of soda ash was 105.62%, a month - on - month increase of 2.39% [6]

Core Viewpoint - Jizhong Energy announced the convening of its 16th board meeting on September 22, 2025, to discuss the appointment of a new deputy general manager [1] Group 1: Company Overview - For the first half of 2025, Jizhong Energy's revenue composition was as follows: coal mining accounted for 78.34%, chemicals for 14.09%, building materials for 7.08%, electricity for 0.35%, and other industries for 0.14% [1] - As of the report date, Jizhong Energy's market capitalization was 20.9 billion yuan [1]

Core Viewpoint - The chemical industry is experiencing a strong resurgence in the A-share market, driven by external factors such as interest rate cuts and internal factors like supply-side reforms and structural improvements in the industry [1][2][3]. Group 1: Market Performance - As of September 17, 2025, the basic chemical sector has seen a 52.37% increase over the past year, ranking 13th among 31 industries, and a 24.83% increase year-to-date, surpassing the 15.66% increase of the CSI 300 index [1]. - The current price-to-book ratio of the chemical industry is approximately 2.28 times, indicating a low valuation at the 37.38 percentile over the past decade, suggesting a favorable long-term investment opportunity [2]. Group 2: Policy and Structural Changes - The "anti-involution" policy in China is expected to optimize the supply structure of the chemical industry by curbing excessive competition and guiding companies towards high-end and green development, thereby enhancing overall profitability [2]. - Measures such as capacity clearance and energy consumption restrictions are being implemented to phase out outdated capacities, concentrating resources on technologically advanced and efficiently managed enterprises [2]. Group 3: Competitive Advantages - China's chemical industry has developed significant competitive advantages, filling gaps in the international supply chain and potentially reshaping the global chemical industry landscape [3]. - The industry is characterized by a highly fragmented structure with numerous sub-industries, providing diverse investment opportunities across different economic cycles [5]. Group 4: Future Growth Potential - Growth stocks within the chemical sector, particularly in fine chemicals and new materials, are expected to have substantial room for domestic substitution, with electronic chemicals highlighted as crucial for addressing domestic semiconductor challenges [6]. - The demand for key materials in the military and new energy sectors is also projected to grow rapidly, further driving the industry's expansion [6]. Group 5: Investment Strategies - Despite the investment opportunities in the chemical sector, public funds have historically maintained a low allocation to this sector, indicating a potential for active management strategies to capture structural opportunities [7]. - The "Noan Lixin Mixed Fund" has focused 59.22% of its core positions on the chemical industry, reflecting a strategy to leverage economic improvements and cyclical growth opportunities [8].

近期，占尽市场高光的不只科技成长。随着A股板块轮动，以化工行业为代表的周期股也在持续发力。 Wind数据显示，截至2025年9月17日，在申万一级31个行业中，基础化工以近一年52.37%的涨幅排名 13，今年以来以24.83%的涨幅排名11，超越同期沪深300指数15.66%的涨幅。 那么，这个在资本市场上此前几乎处于"小透明"的小众板块，究竟为何能够强势崛起？ 内外合力驱动，恰逢其时 9月18日凌晨，美联储如期宣布将联邦基金利率目标区间下调25个基点至4.00%-4.25%。随着降息信号的 释放，市场普遍预期2025年9月进入降息周期，同时国内也有释放利率调降空间的预期。 化工作为资本密集型重资产行业，企业在产能扩张、技术升级和环保改造等环节需要投入大量资金。降 息周期中，企业融资成本下降，有利于改善现金流，降低财务负担，可释放更多资源用于再投资和创新 研发，为行业长期发展注入动力。 同时，降息周期通常会强化大宗商品的金融属性，化工行业作为顺周期板块，有望受益于流动性宽松带 来的估值提升。Wind数据显示，截至2025年9月17日，中证细分化工产业主题指数的市净率约为2.28 倍，位于近10年来37.38 ...

Group 1 - The core point of the announcement is that *ST Asia Pacific has completed its share buyback plan, with Guangzhou Wanshun acquiring a total of 6.04 million shares, representing 1.87% of the company's total share capital, for approximately 30.03 million yuan [1] - The share buyback plan was set to expire on September 19, 2025, indicating a strategic move by the company to enhance shareholder value [1] - For the first half of 2025, *ST Asia Pacific's revenue is entirely derived from the chemical industry, indicating a focused business model [1] Group 2 - As of the report, *ST Asia Pacific has a market capitalization of 2.9 billion yuan [2]