Group 1: Company Overview - The company is Zhejiang Xinhacheng Co., Ltd., with stock code 002001 and abbreviation Xinhacheng [1] - The investor relations activity was recorded under number 2025-014 [1] Group 2: Investor Relations Activity - The activity included a strategy meeting with various investment firms and analysts [2] - Key participants included representatives from Guosen Securities, Qianhai Hezhi, and Huaxia Fund among others [2] Group 3: Project Updates - The Tianjin Nylon New Materials project commenced pile foundation construction in September 2025 and is expected to be completed by 2027 [3] - The company has a solid methionine production capacity of 30,000 tons, with an expansion project of 70,000 tons nearing completion [3] - The Heilongjiang base focuses on bio-fermentation products, including Vitamin C and various amino acids, enhancing overall efficiency through technological upgrades [3] Group 4: New Materials and Product Development - The company aims to be a leader in the new materials sector, focusing on high-performance polymers like PPS, with a current capacity of 22,000 tons and plans for expansion [4] - The fragrance segment produces various products, including linalool and citral, with ongoing projects to enhance product offerings [4] Group 5: Future Plans and Strategic Focus - The company plans to focus on health and high polymer new materials, emphasizing integrated and collaborative development strategies [6] - A share buyback plan is in place, with a total amount of 300 million to 600 million yuan allocated for stock repurchase to enhance investor confidence [6]

反倾销政策或取消， PVC出口压力减小 PVC周报 2025/11/22 马桂炎（联系人） 13923915659 magy@wkqh.cn 交易咨询号：Z0020397 从业资格号：F03136381 刘洁文（能源化工组） 从业资格号：F03097315 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 成本利润：乌海电石价格报2425元/吨，周同比上涨25元/吨；山东电石价格报2805元/吨，周同比下跌25元/吨；兰炭陕西中料870元/吨，周 同比持平。利润方面，氯碱综合一体化利润持续下滑，乙烯制利润低位运行，目前估值中性偏低。 ◆ 供应：PVC产能利用率78.8%，环比上升0.3%；其中电石法81.3%，环比上升0.5%；乙烯法73.1%，环比下降0.1%。上周供应端负荷小幅上升， 主因信发等检修结束，下周预期负荷进一步回升。11月整体负荷预期仍然在高位，且有多套装置试车投产，供应压力持续较大。 ◆ 需求：出口方面印度BIS认证政策撤销，但对目前出口基本面影响不大，另外反倾销税率市 ...

Group 1 - The company has decided to terminate its plan for a specific stock issuance and has withdrawn its application [1][2] - On November 19, 2025, the company's board approved the resolution to withdraw the application for the issuance of A-shares [1][2] - The Shanghai Stock Exchange has officially terminated the review of the company's stock issuance application based on relevant regulations [2] Group 2 - The company submitted a request to withdraw its application for the specific stock issuance and to revoke the sponsorship from China International Capital Corporation [2] - The decision to terminate the stock issuance review was communicated to the company on November 21, 2025 [2]

（文章来源：证券日报） 证券日报网讯 11月21日晚间，华鲁恒升发布公告称，截至2025年11月21日，公司已累计回购股份 599.6781万股，占公司总股本的比例为0.28%。 ...

Core Insights - The company reported a revenue of 8.656 billion yuan for Q1-Q3 2025, a year-on-year decrease of 16.54%, and a net profit attributable to shareholders of 1.062 billion yuan, down 41.15% year-on-year [1] - The company plans to acquire a 10.6464% stake in Yingen Mining, which will increase its ownership to 70.6464%, strengthening its position as a leader in the soda ash market [2] - The projected net profits for the company from 2025 to 2027 are 1.468 billion yuan, 2.218 billion yuan, and 2.688 billion yuan, respectively, with a target price of 9.00 yuan based on a 15x PE ratio for 2026 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 2.740 billion yuan, a year-on-year decrease of 17.04% and a quarter-on-quarter decrease of 10.11% [1] - The average market prices for the company's main products in Q3 2025 were 1,324.0 yuan/ton for soda ash, 1,744.4 yuan/ton for urea, and 1,242.2 yuan/ton for sodium bicarbonate, reflecting year-on-year declines of 28.2%, 16.4%, and 20.0%, respectively [1] Strategic Moves - The acquisition of Yingen Mining is aimed at consolidating the company's leadership in the soda ash sector, with plans for significant production capacity expansions [2] - The Yingen Chemical subsidiary is set to produce 7.8 million tons/year of soda ash and 800,000 tons/year of sodium bicarbonate, with the first phase already operational [2] Growth Outlook - The company is expected to benefit from the cost advantages of its natural soda ash production process compared to other methods, positioning it for long-term growth [2] - The anticipated completion of the second phase of the Alashan project by the end of 2025 is expected to further enhance the company's growth potential [2]

Core Viewpoint - The company, 瑞泰新材 (301238.SZ), plans to increase its capital investment in 江苏泰瑞联腾材料科技有限公司 (泰瑞联腾) by 200 million yuan to support the construction of a lithium hexafluorophosphate project [1] Group 1 - The capital increase will be executed through monetary funds, with the company contributing 50 million yuan and its affiliate, 天际股份 (002759), contributing 150 million yuan [1] - The new registered capital will be accounted at 1 yuan per share [1] - The primary purpose of this capital increase is to advance and complete the second phase of the 15,000-ton lithium hexafluorophosphate project [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The SA2601 contract is expected to oscillate weakly, with a recommended focus range of 1130 - 1210. The FG2601 is expected to oscillate bearishly, with a recommended focus range of 950 - 1050 [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - **Market Review**: As of November 20, the soda ash futures dropped 4.4%, and the glass futures fell 4.46%. Soda ash futures declined due to insufficient demand, and glass futures continued to fall due to poor real - estate demand [6]. - **Market Outlook**: For soda ash, the supply side is in a capacity expansion phase. The 1 - million - ton natural soda project of Yuanning Energy's Alxa Base entered the commissioning stage in mid - November, and other expansion projects are in progress. Although there was a temporary inventory reduction, the inventory pressure remains high. The demand side is weak, with the float glass industry (accounting for about 60% of soda ash demand) being sluggish and the new capacity release of photovoltaic glass slowing down. The cost support is weakening. For glass, the supply side faces capacity release pressure and high inventory. The demand side shows seasonal weakness, with poor real - estate completion demand and low orders from deep - processing enterprises. The cost does not provide substantial support [6]. 3.2 Futures and Spot Markets - **Futures Prices**: As of November 20, 2025, the closing price of soda ash futures was 1158 yuan/ton, and that of glass futures was 989 yuan/ton [12]. - **Spot Prices and Basis**: As of November 20, 2025, the spot price of soda ash in the Shahe market was 1130 yuan/ton, and the basis was - 28 yuan/ton. The spot price of glass in the Shahe market was 989 yuan/ton, and the basis was 11 yuan/ton. The soda ash - glass spread was 169 yuan/ton. All spreads are expected to weaken next week [17][23][27]. 3.3 Industry Chain Analysis - **Soda Ash Production**: As of November 20, 2025, the national soda ash operating rate was 82.68%, a 2.12% decline from the previous period, and the weekly output was 72.09 tons, a 2.48% decline. The output is expected to decrease next week [34]. - **Inventory**: As of November 20, 2025, the inventory of domestic soda ash enterprises was 164.44 tons, a 0.44% decline, and the inventory of glass enterprises was 63.303 million weight boxes, a 0.09% increase [40]. - **Profit**: As of November 20, 2025, the theoretical profit of soda ash by the dual - ton joint - alkali method was - 235 yuan/ton, and the cost was 1876 yuan/ton. The theoretical profit of soda ash by the ammonia - alkali method was - 120 yuan/ton, and the cost was 1395 yuan/ton. The weekly average profit of float glass using natural gas as fuel was - 206.84 yuan/ton, a 10.19% decline; using coal - made gas was 25.79 yuan/ton, a 49.68% decline; using petroleum coke was 8.52 yuan/ton, a decline [45]. - **Glass Production**: As of November 20, 2025, there were 296 glass production lines (excluding zombie lines), with 221 in production and 75 cold - repaired. The national float glass output was 111.02 tons, a 0.33% decline from the previous period, and the output is expected to remain low next week [49]. - **Photovoltaic Glass**: As of November 20, 2025, the capacity utilization rate of photovoltaic glass enterprises was 68.35%, unchanged from the previous period, and the daily melting volume was 89380 tons/day, unchanged from the previous period. Both are expected to weaken next week [53]. - **Downstream Demand**: As of November 17, 2025, the average order days of national deep - processing sample enterprises were 9.9 days, indicating low demand [57].

Core Viewpoint - Tianqi Materials announced on November 21 that its existing annual production capacity of 300,000 tons of iron phosphate has reached a relatively high operating rate, leading to a gradual decrease in product costs and a continuous recovery in profitability [1] Group 1 - The company has achieved a high operating rate for its 300,000 tons iron phosphate project [1] - As the operating rate continues to improve, the product cost of iron phosphate is gradually decreasing [1] - The profitability level of the company is continuously recovering [1] Group 2 - The company has completed the development of its fourth-generation products [1] - The fourth-generation products have reached a high qualification rate [1]

投资者提问： 敬爱的董秘您好，印度商工部近期撤销PTA、POY、FDY及PVC等产品BIS认证。请问公司在此政策实 施前，是否受到印度反倾销政策影响？此次认证撤销，公司出口印度相关产品是否有所成长？ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 尊敬的投资者，您好。目前，公司出口至印度的产品主要为PVC。在印度此前提出实施PVC产品BIS认 证要求时，公司已积极准备并开展认证申请相关工作，后续该项政策未正式实施即被撤销，因此对公司 PVC产品出口影响较小。关于印度反倾销政策，目前尚未正式实施，公司将持续关注相关进展，并积极 发挥自身在产品质量与客户服务方面的优势，进一步巩固和拓展印度市场合作。感谢您的关注。查看更 多董秘问答>> 董秘回答(北元集团SH601568)： ...

Core Viewpoint - Bohai Chemical (600800.SH) announced that its wholly-owned subsidiary, Bohai Petrochemical, will extend the maintenance period for its PDH unit due to the need for equipment and utility system adjustments related to the acrylate and superabsorbent resin new material project, with production expected to resume by the end of February 2026 [1] Group 1 - Bohai Petrochemical's PDH unit requires coordination with new material projects [1] - The maintenance period for the PDH unit will be extended [1] - Production is anticipated to resume by the end of February 2026 [1]