为出具本法律意见书，本所律师列席了贵公司本次临时股东大会，并审查了 贵公司提供的以下文件，包括但不限于： 股东大会的通知》； 大会增加临时提案的公告》 本所律师已获得贵公司对其所提供的上述材料的真实性、完整性、准确性的 承诺，本所律师已证实副本材料、复印件与原件一致。 在本法律意见书中，本所律师仅就贵公司本次临时股东大会的召集和召开程 序、出席会议人员的资格、召集人资格、表决程序和表决结果等事项发表法律意 见，不对本次临时股东大会议案的内容以及议案中所涉事实和数据的真实性和准 确性等问题发表意见。 山东众成清泰（潍坊）律师事务所 关 于 潍坊亚星化学股份有限公司 2025 年第三次临时股东大会 的 法律意见书 山东众成清泰（潍坊）律师事务所 中国•潍坊 寒亭区北海路 3777 号总部基地东区 20 号楼 邮政编码：261100 电话：86-532-88959698 传真：86-532-88959698 网址：www.jointide.com 山东众成清泰（潍坊）律师事务所 关于潍坊亚星化学股份有限公司 2025 年第三次临时股东大会的 法律意见书 致：潍坊亚星化学股份有限公司 山东众成清泰（潍坊）律师事务所（ ...

交易咨询业务资格：证监许可【2012】1091号 甲醇周报 （7.7 大越期货投资咨询部 -7.11 金泽彬 ） 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 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。 CONTENTS 目 录 1 每周评论 2 基本面数据 3 检修状况 4 观点与策略 国内甲醇现货价格 | | | | 国内甲醇价格 | | （元/吨） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 7月4日 | 7月8日 | 7月9日 | | 7月10日 | 7月11日 | | 周涨跌 | | | 江苏 2445 | 2402 | 2385 | | 2390 | 2368 | - 3 . | 15% | | | 鲁南 2230 | 2230 | 2230 | | 2230 | 2230 | 0 . | 00% | | | ...

Investment Rating - The report does not explicitly state the investment rating for North Chemical Industries Core Insights - North Chemical Industries is a global leader in nitrocellulose production, established in 2002 and listed on the Shenzhen Stock Exchange in 2008. The company has three main business areas: nitrocellulose, special industrial pumps, and activated carbon and protective equipment. It has maintained a leading position in global production and sales of nitrocellulose since 2004, with products sold to over 50 countries and regions [2][4][5] Financial Performance - For the first half of 2025, the net profit attributable to the parent company is expected to be between RMB 98 million and RMB 111 million, representing a year-on-year increase of 182.72% to 220.23%. The non-recurring net profit is expected to be between RMB 71 million and RMB 84 million, indicating a year-on-year increase of 1,387.97% to 1,660.42%. The growth is attributed to increased revenue and improved product gross profit margins [3][5] Business Segments - The company is recognized as the most comprehensive nitrocellulose manufacturer in the industry, producing three main product lines and over 80 grades of nitrocellulose, with applications in various fields including coatings and biomedical membranes [3][5] - The chemical defense and environmental protection business targets the mid-to-high-end market, focusing on developing environmental protection equipment centered on activated carbon deep adsorption purification devices [3][5] - The special industrial pump segment has a high market share, with a 70% market share in the phosphorous chemical industry and a 40% market share in flue gas desulfurization pumps in China [3][5]

根据最新一期财务数据，2025年1月-3月，振华股份实现营业收入10.198亿元，同比增加7.59%；归属净 利润1.174亿元，同比增加37.27%；扣非净利润1.149亿元，同比增加29.93%。 截至2025年3月，振华股份筹码集中度较集中。十大股东持股合计占比47.57%，十大流通股东持股合计 占比47.57%。股东人数1.859万户，人均流通股2.739万股，人均持股金额34.07万元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，湖北振华化学股份有限公司(股票代码SH.603067)是目前全球范围内最具规模的铬盐上市企 业,公司维生素K3的生产能力位居全球前列。公司是高新技术企业,分别在湖北黄石、重庆潼南设有生产 基地,拥有"民众"、"楚高"两大业内知名品牌,公司综合竞争力全球领先。公司主要产品有重铬酸钠、重 铬酸钾、铬酸酐、氧化铬绿、碱式硫酸铬、精制 ...

音紧像胶星报 價H 研究中心能化团队 2025/07/14 P 不 A 点 点 点 用 POY 1 仓单+有 PX CFR |PTA内盘现 PTA平衡 石脑油裂 PTA加 PTA负 石脑油 TA基差 50D/4 聚酯毛利 日期 原油 PX加工差 产销 效预报 工差 日本 台湾 得 解价差 负荷 荷 8F ଚ୍ଚିତ୍ର 2025/0 6770 0.40 69.6 577 842 4810 66.98 265.0 213 52 82.8 79.7 36428 85 7/07 2025/0 70.2 587 847 4800 6760 72.30 260.0 175 50 82.8 79.7 45812 90 0.35 7/08 (图)H 2025/0 70.2 6700 33 82.8 25 0.40 598 850 4750 83.76 252.0 107 79.7 46058 7/09 2025/0 68.6 852 4735 87.87 261.0 83 82.8 79.7 44036 5 201 6645 -19 0.55 7/10 2025/0 r (1) H 70.4 584 4710 68.51 ...

甲醇聚烯烃早报 研究中心能化团队 2025/07/14 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/07/0 7 801 2437 2448 2485 2550 2445 2585 277 340 36 25 -1219 2025/07/0 8 801 2402 2428 2475 2540 2445 2565 277 340 18 20 -1174 2025/07/0 9 801 2385 2415 2450 2540 2445 2563 277 340 -10 8 -1138 2025/07/1 0 801 2380 2430 2458 2540 2435 2573 277 335 6 -5 -1182 2025/07/1 1 801 2370 2403 2450 2540 2435 2590 273 335 21 -10 -1141 日度变化 0 -10 -27 -8 0 0 17 -4 0 15 -5 41 塑 料 日期 东北亚乙 烯 华北LL 华东LL 华东LD 华东 ...

Global Overview - Global propylene capacity is projected to grow from 125 million tons in 2017 to 177 million tons by 2024, with an average annual growth rate of 5.1% [1] - Global propylene production is expected to increase from 103 million tons to 134 million tons during the same period, with an average annual growth rate of 3.9% [1] - Northeast Asia is the largest production region, accounting for 51.5% of global capacity, followed by North America (14.0%) and Western Europe (9.0%) [1] China's Propylene Industry - China is a significant global propylene producer, with a projected capacity of 69.73 million tons and a production of 53.41 million tons by 2024 [2] - The average annual growth rate of propylene capacity in China from 2014 to 2024 is 12.8% due to the increase in coal/methanol-to-propylene and propane dehydrogenation facilities [2] - The overall capacity utilization rate in China's propylene industry is expected to be 76.6% in 2024, down from over 90% prior to 2014 [2] Production Techniques - Traditional oil-based processes like catalytic cracking and steam cracking remain the dominant methods for propylene production in China [2] - By 2024, steam cracking will account for 33.7% of production capacity, while propane dehydrogenation will represent 32.3% [2] Regional Production Distribution - Propylene production in China is concentrated in East and North China, which account for 31.1% and 20.3% of total production, respectively [3] - The top five provinces for propylene production are Zhejiang, Shandong, Guangdong, Jiangsu, and Ningxia, collectively accounting for 58.4% of national output [3] Market Competition - The Chinese propylene industry is competitive, with over 100 production companies; the top 10 companies hold 56.4% of the total capacity [3] - State-owned enterprises like Sinopec and PetroChina are the primary producers, but there is a trend towards diversification with private companies entering the market [3] Consumption Trends - China is the largest consumer of propylene globally, with a projected apparent consumption of 55.36 million tons in 2024 [4] - The domestic supply is expected to be approximately 53.41 million tons, with imports at 2.02 million tons and exports at 0.07 million tons [4] - The average annual growth rate of domestic propylene consumption from 2014 to 2024 is about 9.9% [4] Downstream Demand - The demand for propylene derivatives has been increasing, with polypropylene accounting for 67.7% of consumption in 2024 [5] - Other derivatives like epoxy propane and acrylonitrile are also seeing significant growth, with production rates increasing substantially from 2014 to 2024 [5]

Core Viewpoint - The lithium hexafluorophosphate market is experiencing a shift from explosive growth to a stable development phase, with a production increase of 38% year-on-year in the first half of 2025, indicating a maturation of the market and a balance between supply and demand [2][4]. Market Performance - In the first half of 2025, the production of lithium hexafluorophosphate reached 125,000 tons, reflecting a 38% year-on-year growth, which is a decrease from the explosive growth rates seen in 2021 and 2022, as well as a decline from the 31% growth in 2024 [2][4]. - The robust demand from the electric vehicle sector and the booming energy storage industry has sustained this growth, with an estimated total production for the year potentially reaching 250,000 tons [4]. Market Structure - The market is characterized by increasing concentration, with the leading company, Tianqi Lithium, holding a 37% market share due to its cost advantages and production capacity [6]. - The top five companies, including Tianqi Lithium, Molybdenum, and New Tai New Materials, collectively account for 78% of the market share, indicating a trend where resources and orders are increasingly concentrated among major players, squeezing the survival space for smaller firms [6]. Future Challenges - The industry faces challenges related to capacity digestion and cost management, as the previous expansion phase leads to potential overcapacity and price competition [7]. - Smaller firms must navigate their survival strategies, either by seeking differentiated technology routes or through mergers and acquisitions to consolidate resources [7]. Future Outlook - The market is transitioning from a focus on quantity to a focus on quality, emphasizing efficiency, technology, and customer loyalty as key competitive factors [8].

中国戊二醛（C5H8O2）行业项目规划及未来前景规划报告2025~2031年 【全新修订】：2025年7月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 1.2 戊二醛（C5H8O2）行业分类 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 【报告目录】 第1章：戊二醛（C5H8O2）行业综述及数据来源说明 1.1 戊二醛（C5H8O2）行业界定 1.1.1 戊二醛（C5H8O2）基本信息 1.1.2 戊二醛（C5H8O2）理化特性 1.1.3 《国民经济行业分类与代码》中戊二醛（C5H8O2）行业归属 1.3 戊二醛（C5H8O2）专业术语说明 1.4 本报告研究范围界定说明 1.5 本报告数据来源及统计标准说明 1.5.1 本报告权威数据来源 1.5.2 本报告研究方法及统计标准说明 第2章：中国戊二醛（C5H8O2）行业技术及政策环境分析 2.1 中国戊二醛（C5H8O2）行业技术（Technology）环境分析 2.1.1 中国戊二醛（C5H8O2）行业工艺类型/技术路线分析 （1）吡喃法 （2）吡啶法 （3）戊二醇氧化法 （4）戊二酸还原法 （ ...

Group 1 - The company forecasts a 150% year-on-year increase in net profit attributable to shareholders for 1H25, amounting to approximately 770 million RMB [1] - The average prices for fluoropolymers and organosilicon products have shown a downward trend, with fluoropolymer prices decreasing by 7% to 23.7% year-on-year, while organosilicon DMC prices fell by 12.4% [1] - The supply constraints in the fluoropolymer and organosilicon industries are weak, which has mitigated the profit elasticity from rising refrigerant prices [1] Group 2 - The demand for R22 refrigerant is expected to increase as the air conditioning usage rate rises in July and August, leading to a potential price rebound [2] - The industry is intensifying efforts to combat illegal R22 production, which may enhance profitability as illegal capacities are eliminated [2] - The thermal power cogeneration project in Zibo is expected to strengthen the company's cost advantages through the construction of new high-efficiency facilities [2] Group 3 - The company maintains net profit forecasts of 2.113 billion RMB and 2.694 billion RMB for 2025 and 2026, respectively, with current stock prices reflecting P/E ratios of 7.7x and 6.0x for those years [2] - The target price is set at 11.6 HKD, indicating a 14.9% upside potential based on the projected P/E ratios of 8.8x and 6.8x for 2025 and 2026 [2]