Core Insights - On November 5, Yuegui Co., Ltd. saw a stock price increase of 5.17%, reaching 16.47 CNY per share, with a trading volume of 805 million CNY and a turnover rate of 11.27%, resulting in a total market capitalization of 13.21 billion CNY [1] Company Overview - Yuegui Co., Ltd. was established on October 5, 1994, and listed on November 11, 1998. The company is based in Liwan District, Guangzhou, Guangdong Province [1] - The main business activities include the production and sale of refined sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and paper (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] Revenue Composition - The revenue composition of Yuegui Co., Ltd. is as follows: sulfur concentrate 37.15%, refined sugar 21.46%, pulp 13.92%, others 7.53%, sulfuric acid 5.79%, iron ore powder 4.79%, silver powder 2.30%, phosphate fertilizer 1.89%, lump ore 1.40%, trading business 0.97%, -3mm ore 0.96%, cultural paper 0.67%, amino sulfonic acid 0.58%, reagent sulfuric acid 0.50%, and exported hand-picked ore 0.08% [1] Shareholder Information - Tianhong Fund has a fund that ranks among the top ten circulating shareholders of Yuegui Co., Ltd. The Tianhong CSI Food and Beverage ETF (159736) entered the top ten circulating shareholders in the third quarter, holding 1.5864 million shares, which accounts for 0.35% of the circulating shares [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion CNY. Year-to-date, it has incurred a loss of 2.82%, ranking 4173 out of 4216 in its category; over the past year, it has lost 2.94%, ranking 3840 out of 3901; since inception, it has lost 29.3% [2] Fund Management - The fund manager of Tianhong CSI Food and Beverage ETF (159736) is Sha Chuan, who has been in the position for 7 years and 294 days. The total asset scale of the fund is 27.922 billion CNY, with the best fund return during the tenure being 126.66% and the worst being -69.41% [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port inventory remains high, and the arrival pressure in November is still significant. The overseas supply pressure is large as Iran has not announced winter inspections. Attention should be paid to the implementation progress of the December Fude maintenance plan and the opening of the window for methanol to flow back to the mainland as port prices fall [3] - The mainland inventory is continuously accumulating. Mainstream CTO enterprises have started to show purchasing intentions at low prices. The coal - based methanol start - up rate has further increased in November, and the mainland inventory has been rebuilt from a low level. The demand from mainland MTO has declined, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. The mainland is also in an inventory accumulation cycle, and the degree of support for the port remains to be observed [3] Summary by Directory 1. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis and inter - term structure, including methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) compared with the main futures contract, and the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][7][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), and import price differences such as the difference between Taicang methanol and CFR China and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][26][27] 3. Methanol Start - up and Inventory - The report includes figures on methanol port total inventory, MTO/P start - up rate (including integrated ones), mainland factory sample inventory, and China's methanol start - up rate (including integrated ones) [6][35][36] 4. Regional Price Differences - There are figures showing regional price differences, such as the price differences between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][40][49] 5. Traditional Downstream Profits - Figures present the production profits of traditional downstream products, including the production profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][53][59]

Core Points - Zhonghua International (600500) reported a closing price of 4.17 yuan on November 4, 2025, down 1.42% from the previous trading day, with a total market capitalization of 14.964 billion yuan [1] - The company announced it is providing a guarantee of 12.5268 million USD for its associate company Halcyon Agri Corporation Limited, with a joint liability guarantee and no counter-guarantee [1] - The debt-to-asset ratio of the guaranteed party is 76%, exceeding the 70% threshold [1] - The company has already provided a total guarantee balance of 2.191 billion yuan for Halcyon Agri, within the approved guarantee limit of 233 million USD [1] - The creditor is East Asia Bank (China) Co., Ltd., Shanghai Branch, covering principal, interest, penalties, and costs related to the debt [1] - As of the announcement date, the cumulative external guarantee balance is 2.678 billion yuan, accounting for 21.28% of the net assets attributable to the parent company, with 2.191 billion yuan of guarantees for companies outside the consolidated financial statements, and no overdue guarantees [1]

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 3.15%, while the chemical machinery index decreased by 0.71%. The pharmaceutical index rose by 2.38%, and the pesticide and fertilizer index saw a significant increase of 5.83% [1] - In the oil sector, the oil processing index rose by 2.59%, the oil extraction index increased by 7.68%, and the oil trading index saw a rise of 7.1% [1] Group 2: Oil Price Trends - International crude oil prices experienced a slight decline, with the West Texas Intermediate crude oil futures settling at $60.98 per barrel, down 0.85% from October 24. The Brent crude oil futures settled at $65.07 per barrel, down 1.32% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with the highest price increases included lithium battery electrolyte, which rose by 18.42%, liquid chlorine up by 12.78%, vitamin E increased by 8.7%, sulfur up by 6.04%, and paraquat 42% mother liquor up by 5.38%. The products with the largest price declines included butadiene down by 10.35%, acetic acid down by 8.36%, coal tar down by 4.94%, diglycol down by 4.53%, and isooctyl acrylate down by 4.32% [1] Group 4: Stock Market Performance of Chemical Companies - The top five chemical companies in the stock market with the highest price increases were Pioneer Materials up by 43.49%, Zhenhua Shares up by 34.3%, Duofluor up by 33.15%, Yashi Chuangneng up by 31.72%, and Dongfang Tieta up by 23.43%. The companies with the largest price declines included Shilong Industrial down by 21.91%, Nongxin Technology down by 13.04%, Zhengdan Shares down by 10.58%, Shuiyang Shares down by 10.32%, and Lanfeng Biochemical down by 9.4% [2]

今年在硫黄市场上，业内期待的"金九银十"行情演绎成了"银九金十"，9月市场升温，10月逆势大涨。 截至10月30日，国内硫黄主流成交价已涨至3100元以上(吨价，下同)，创近年新高;港口成交价更是连续 突破高价，镇江港当日成交价涨至3440元，9月以来涨幅已超31%。 "今年在众多传统化工品市场仍处疲软的背景下，硫黄市场却整体温和上涨，并且9月开始迎来升温亮 点，当月环比涨幅5%，尤其是10月不仅没有降温反而迎来了更大的暴涨行情，在9月的基础上再度大涨 26%以上。"江苏地浦科技股份有限公司采购总监李培新分析说，此次行情的突发逆转主要源自外盘连 续强势推涨助力，加之港口库存持续下降以及商家持货待涨心态的驱动。 外盘连续推高 据李培新介绍，外盘是近期国内硫黄现货价格速涨的主导因素，而引发国际硫黄价位一再走高的则是受 全球硫黄刚需频频释放，供应能力却有所下降所致。 与此同时，国内现货价格也处相对高位，而外盘价格又步步上扬，在风险意识影响下业者对于美元资源 多敬而远之。而此情绪一直延续至今，致使目前10月长江港区仅有约12万吨硫黄资源到港计划。截至10 月29日，长江地区港口硫黄库存量为128.6万吨，环比降幅8. ...

【现货方面】 11月尽管盛虹炼化装置检修，但镇海石化装置预期重启，国内供应仍较高，且加拿大shell装置重启，北 美乙二醇负荷提升至高位，中东供应也未见缩量，11月乙二醇海外船货到货量集中，11-12月乙二醇累 库幅度预期较高，使得乙二醇上方压力较大。策略上，行权价不低于4100的虚值看涨期权持有；EG1-5 逢高反套。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 库存：截止11月3日，华东主港地区MEG港口库存预估约在56.2万吨附近，环比上期（10.27）+3.9万 吨。 需求：同PTA需求。 【行情展望】 11月3日，乙二醇价格重心持续走弱，市场商谈一般。上午乙二醇盘面弱势震荡，现货商谈成交在01合 约升水74-78元/吨附近。临近中午乙二醇盘面快读下跌，现货低位成交至4040元/吨偏下，场 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Industrial Silicon**: The supply side's production schedule is increasing and is near the historical average level, while the demand recovery remains low. With rising cost support, the industrial silicon 2601 is expected to fluctuate in the range of 9040 - 9240. The market is affected by factors such as cost increases, slow post - holiday demand recovery, and a supply - strong and demand - weak situation in downstream polysilicon [6]. - **Polysilicon**: The supply side's production schedule continues to decrease, and the overall demand shows a continuous decline. Cost support is strengthening, and the polysilicon 2601 is expected to fluctuate in the range of 55270 - 56860 [8]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - **Fundamentals**: Last week, the supply was 100,000 tons, a 0.44% decrease from the previous period, and the demand was 87,000 tons, also showing a decrease. Polysilicon inventory is at a neutral level, organic silicon inventory is at a low level with a production profit of - 520 yuan/ton and an operating rate of 68.56%. Aluminum alloy ingot inventory is at a high level, and the cost support in Xinjiang has increased [6]. - **Basis**: On November 03, the spot price of non - oxygenated 553 silicon in East China was 9300 yuan/ton, and the basis of the 01 contract was 160 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The social inventory was 558,000 tons, a 0.17% decrease from the previous period, and the sample enterprise inventory was 168,100 tons, a 0.24% increase [6]. - **Disk**: The MA20 is upward, and the 01 contract price closed above the MA20 [6]. - **Main Position**: The main position is net short, and the short position is increasing [6]. - **Expectation**: The supply side's production schedule is increasing, and the demand recovery is at a low level. Cost support is rising, and the industrial silicon 2601 is expected to fluctuate in the range of 9040 - 9240 [6]. 3.1.2 Polysilicon - **Fundamentals**: Last week, the production was 28,200 tons, a 4.40% decrease from the previous period. The demand side shows a continuous decline in production across silicon wafers, battery cells, and components. The average cost of N - type polysilicon is 38,080 yuan/ton, and the production profit is 12,920 yuan/ton [8]. - **Basis**: On November 03, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 3815 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory was 261,000 tons, a 1.16% increase from the previous period, at a neutral level compared to historical data [8]. - **Disk**: The MA20 is upward, and the 01 contract price closed above the MA20 [8]. - **Main Position**: The main position is net long, and the long position is increasing [8]. - **Expectation**: The supply side's production schedule continues to decrease, and the overall demand shows a continuous decline. Cost support is strengthening, and the polysilicon 2601 is expected to fluctuate in the range of 55270 - 56860 [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of most contracts showed small increases, and the social inventory decreased slightly, while the sample enterprise inventory increased slightly. The production of some regions decreased, and the operating rate also changed to varying degrees [15]. 3.2.2 Polysilicon - The prices of most contracts decreased slightly. The production and inventory of silicon wafers, battery cells, and components showed different trends, with some production decreasing and some inventory decreasing [17]. 3.3 Price and Inventory Trends 3.3.1 Industrial Silicon - The price basis and the price difference between 421 and 553 silicon showed certain trends over time. The inventory in warehouses and ports, as well as the sample enterprise inventory, also had their own changing patterns [20][25]. 3.3.2 Polysilicon - The disk price and the basis of the main contract showed specific trends, and the total inventory increased slightly [23]. 3.4 Production and Capacity Utilization 3.4.1 Industrial Silicon - The weekly production of sample enterprises in different regions showed different trends, and the monthly production by specification also had its own characteristics. The overall capacity utilization rate and the operating rate in different regions also changed [28][30]. 3.4.2 Polysilicon - The monthly production and the operating rate showed certain trends, and the supply and demand balance also changed over time [61][64]. 3.5 Cost and Profit 3.5.1 Industrial Silicon - The cost and profit of 421 silicon in Sichuan and Yunnan, as well as the cost and profit of oxygenated 553 silicon in Xinjiang, showed certain trends over time [35]. 3.5.2 Polysilicon - The industry - wide average cost of polysilicon showed a slight increase, and the cost and profit of different products in the downstream also had their own characteristics [17]. 3.6 Supply - Demand Balance 3.6.1 Industrial Silicon - The weekly and monthly supply - demand balance showed different trends, with factors such as production, import, export, and consumption affecting the balance [37][40]. 3.6.2 Polysilicon - The monthly supply - demand balance showed changes, with supply, import, export, and consumption affecting the balance [64]. 3.7 Downstream Market Trends 3.7.1 Organic Silicon - The price, production, import and export, and inventory of DMC showed certain trends. The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 also had their own changing patterns [43][45]. 3.7.2 Aluminum Alloy - The price, supply, inventory, and production of aluminum alloy showed different trends. The demand in the automotive and wheel hub markets also had an impact on the aluminum alloy market [51][55]. 3.7.3 Polysilicon Downstream - **Silicon Wafers**: The price, production, inventory, and demand of silicon wafers showed certain trends, and the net export of single - crystal and poly - crystal silicon wafers also changed [67]. - **Battery Cells**: The price, production, inventory, and export of battery cells showed different trends, and the operating rate also changed over time [70]. - **Photovoltaic Components**: The production, inventory, and export of photovoltaic components showed certain trends [not specifically described in detail in the provided content].

Market Overview - The three major indices showed mixed results, with the Shanghai Composite Index slightly up by 0.05%, while the Shenzhen Component Index and the ChiNext Index fell by 1.06% and 1.37% respectively. The trading volume significantly decreased, with a total turnover of 1.38 trillion yuan, down by 175.5 billion yuan from the previous trading day [1][9]. Sector Performance - The thorium-based molten salt concept stocks surged, with companies like Baose Co. and Hailu Heavy Industry hitting the daily limit. The AI application sector was also active, with stocks such as Jishi Media and Sanqi Interactive Entertainment reaching their daily limits. The coal sector strengthened again, with Antai Group achieving 7 consecutive daily limits [1][4][9]. - The Hainan Free Trade Zone stocks continued to perform strongly, with companies like Ronioushan and others hitting their daily limits. In contrast, battery concept stocks collectively declined, with Haike Xinyuan dropping over 15% and Shanghai Washba hitting the daily limit down [1][9]. Individual Stock Highlights - A total of 48 stocks hit their daily limit today, with a sealing rate of 71%. Notable stocks include He Ma Automobile and Pingtan Development, both achieving consecutive daily limits [1][9]. - Hainan Free Trade Zone stocks such as Xinlong Holdings and Haima Automobile saw significant gains, while the coal sector also had strong performers like Antai Group [2][4][9]. AI Application Sector - The AI application sector saw a resurgence, with stocks like Jishi Media and Sanqi Interactive Entertainment reaching their daily limits. A report from QuestMobile indicated that the number of active mobile users in the AI application sector has surpassed 700 million, reaching 729 million by September 2025 [5][6]. Chemical Sector - The chemical sector showed strength, particularly in the aromatic amine direction, with stocks like Meirui New Materials and Baihehua hitting their daily limits. A new strategy developed by a research team from the University of Science and Technology of China allows for safer and more economical synthesis of aromatic amines [7][9]. Hainan Free Trade Zone Developments - The new duty-free policy in Hainan, effective from November 1, has shown initial positive effects, with sales amounting to 78.549 million yuan on the first day, a 6.1% increase compared to the previous day [4][14]. The Hainan Free Trade Port is set to officially launch on December 18, 2023, with ongoing efforts to implement the free trade policies [14].

Financial Performance - The company's revenue for Q3 2025 remained stable compared to the same period last year, while net profit attributable to shareholders increased by 43.22% due to cost reduction and improved receivables collection [2][3]. - The company received a national subsidy budget of CNY 461.83 billion for renewable energy, with CNY 39.42 billion allocated for biomass power generation, contributing to profit increases [5]. Operational Strategies - The company focuses on refined operational management in its waste incineration power generation business, utilizing advanced technologies to enhance efficiency and profitability [3][4]. - The company has initiated AI smart combustion applications and plans to complete the bidding for remaining production lines by November 2025, with full implementation expected by the end of 2026 [4]. Business Development - The company is expanding its waste incineration heating and steam supply business, with a projected annual supply of approximately 200,000 tons of steam from signed contracts [4]. - The company has eight projects (with a waste processing capacity of 5,450 tons/day) that meet the criteria for national subsidy inclusion, which could significantly enhance future profits once approved [5][6]. Product Expansion - The company is developing a 40,000-ton taurine raw material project, with over 50% of production costs attributed to ethylene oxide, ensuring stable supply from local chemical enterprises [6][7]. - Taurine's applications span beverages, animal feed, and pharmaceuticals, with increasing demand driven by health trends and an aging population [6][7]. Future Growth Potential - The company anticipates significant profit growth in its waste incineration power generation projects, driven by operational upgrades, improved receivables collection, and the development of new revenue streams [8]. - The Xiamen Regent Hotel project is progressing well, with completion expected by the end of 2026, positioned to benefit from the upcoming Xiamen-Kinmen Bridge [8].

Core Viewpoint - The article discusses the regulatory actions taken against Yichuang Securities' subsidiary, Yichuang Investment Bank, due to its failure to diligently supervise the convertible bond project of Hongda Xingye, highlighting the need for enhanced oversight in the investment banking industry [1][5]. Group 1: Regulatory Actions - On October 31, Yichuang Securities announced that its subsidiary received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into its supervisory responsibilities related to Hongda Xingye's 2019 convertible bond project [1][5]. - The investigation stems from Yichuang Investment Bank's alleged failure to fulfill its supervisory duties during the continuous supervision period of the convertible bonds [1][6]. Group 2: Hongda Xingye's Financial Issues - Hongda Xingye issued 24.27 billion yuan worth of convertible bonds in December 2019, which were later subject to significant financial irregularities, including unauthorized changes in the use of raised funds amounting to 16.91 billion yuan [5][6]. - The company was found to have inflated its revenue by 35.05 billion yuan and profits by 40.78 billion yuan from 2020 to 2022, leading to false disclosures in its financial reports [6][8]. Group 3: Consequences and Penalties - Hongda Xingye was delisted in March 2024 after its stock price fell below 1 yuan for twenty consecutive trading days, and it faced administrative penalties totaling 57.8 million yuan from the Jiangsu Securities Regulatory Bureau [1][7]. - Key executives, including the controlling shareholder Zhou Yifeng, received lifetime bans from the securities market, while the financial director faced a 10-year ban [7][8]. Group 4: Yichuang Securities' Performance - Despite the regulatory scrutiny, Yichuang Investment Bank reported a significant increase in its investment banking activities, with a 296.64% year-on-year growth in underwriting amounts, totaling 25.27 billion yuan in the first half of the year [9]. - For the first three quarters of 2025, Yichuang Securities achieved a revenue of 2.985 billion yuan, reflecting a 24.32% increase year-on-year, with investment banking contributing 1.97 billion yuan, a 15.13% increase [9].