1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - PTA: After a significant increase, the domestic commodity atmosphere turned cold on the night of last Friday, and PTA futures followed the correction. The spot market negotiation atmosphere was relatively light, and the spot basis was weak. In August, some PTA plants are planned for maintenance, and the supply - demand outlook is expected to improve. It is predicted that the PTA price will fluctuate with the cost side in the short term, and the basis will fluctuate within a certain range [5]. - MEG: On Monday, the price of ethylene glycol fluctuated weakly, and the basis strengthened. The supply - demand of ethylene glycol is expected to turn to a tight balance in July - August. With the tightening of the supply side and a good macro - atmosphere, the price of ethylene glycol is expected to be relatively strong in the short term [6]. 3. Summary According to the Directory 3.1 Previous Day's Review - No relevant content found 3.2 Daily Tips - **PTA**: The fundamentals showed a post - increase correction on the night of last Friday. The spot basis was weak, the factory inventory increased slightly, the 20 - day moving average was upward, and the main position was net long but decreasing. In August, some plants are planned for maintenance, and the supply - demand outlook is expected to improve. The price is expected to follow the cost side and the basis will fluctuate [5]. - **MEG**: The price fluctuated weakly on Monday, and the basis strengthened. The supply side has some unexpected situations, and the supply - demand is expected to turn to a tight balance in July - August. The price is expected to be relatively strong in the short term [6]. 3.3 Today's Focus - **Influencing Factors**: The supply side of ethylene glycol has many unexpected situations, such as device outages in Saudi Arabia, load reduction of a large - scale producer in Zhejiang, and planned maintenance of a cracking device in Lianyungang. On the demand side, the terminal demand is weakening due to the end of the rush - export period and the domestic off - season [7]. - **Main Logic and Risk Points**: The short - term commodity market is greatly affected by the macro - side. Attention should be paid to the cost side, and the upward resistance of the market rebound needs to be monitored [8]. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the data of PTA production capacity, output, import, total supply, polyester production, consumption, and inventory from January 2024 to December 2025, reflecting the supply - demand situation and inventory changes over time [9]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the data of ethylene glycol's total operating rate, production, import, total supply, polyester production, consumption, and port inventory from January 2024 to December 2025, showing the supply - demand relationship and inventory trends [10]. - **Price Data**: It includes the price changes of various products such as naphtha, PX, PTA, MEG, polyester products, and their corresponding futures and basis on July 25 and July 28, 2025, as well as the processing fees and profits of PTA and MEG [11]. - **Other Data**: There are also data on bottle - chip spot prices, production gross margins, capacity utilization rates, inventory, and various price spreads (such as PTA basis, MEG inter - month spreads, spot spreads) from 2020 to 2025, which help to comprehensively understand the market situation [13][16][18]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Insights - The company is the sole domestic supplier of special carbon black for high-voltage cables, with its first phase of the "100,000 tons/year high-voltage cable shielding material using nano carbon materials project" entering trial production by the end of June 2024 [1]. - The technical assessment of the new product "conductive carbon black for 110kV and 220kV cable semi-conductive shielding materials" by a committee of industry experts confirmed that its performance meets international advanced standards, breaking foreign technology monopolies [1]. - The company is also advancing its second phase project focused on high-voltage submarine cable shielding materials, aiming for domestic industrialization [2]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 30.95 billion, 37.04 billion, and 47.84 billion CNY respectively, with net profits of 3.75 billion, 4.18 billion, and 5.69 billion CNY [3]. - The company’s revenue growth rates are expected to be 36.59% in 2025, 19.68% in 2026, and 29.15% in 2027 [4]. - The earnings per share are projected to increase from 1.85 CNY in 2025 to 2.81 CNY in 2027, with a corresponding decrease in the price-to-earnings ratio from 13.10 to 8.64 [4]. Market Position and Trends - The company is positioned to benefit from the increasing demand for high-dispersion silica in green tires, which can reduce rolling resistance by approximately 30% and improve fuel efficiency by 5-7% [2][46]. - The global market for precipitated silica is projected to grow from approximately 4.5 billion USD in 2024 to 6.5 billion USD by 2028, with China’s demand growth rate expected to exceed the global average [39][41].

L- 丙氨酰 -L- 谷氨酰胺 (Ala-Gln) 是由氨基酸 L- 丙氨酸和 L- 谷氨酰胺组成的二肽。它是一种高度稳定且水溶性的谷氨酰胺，旨在克服游离 谷氨酰胺在溶液中化学不稳定且热敏感的局限性。因此， Ala-Gln 广泛应用于医学营养、运动补充剂以及动物饲料等新兴领域。 丙氨酰 - 谷氨酰胺 全球市场总体规模 据 QYResearch 调研团队最新报告"全球丙氨酰 - 谷氨酰胺市场报告 2025-2031 "显示，预计 2031 年全球丙氨酰 - 谷氨酰胺市场规模将达到 2.2 亿美元，未来几年年复合增长率 CAGR 为 6.1% 。 根据 QYResearch 头部企业研究中心调研，全球范围内丙氨酰 - 谷氨酰胺生产商主要包括协和发酵、赢创、江苏诚信药业、 Fresenius Kabi 、 味之素、济南诚汇双达化工、武汉麦可欣科技、西安立飞生物科技、 Company 9 、 Company 10 等。 2024 年，全球前五大厂商占有大约 86.0% 的市场份额。 就产品应用而言，目前运动营养与补充剂是最主要的需求来源，占据大约 60.7% 的份额。 就产品类型而言，目前酶促合成法是最主要的细分产品 ...

Core Viewpoint - The global market for Dipotassium Glycyrrhizinate (DPG) is projected to reach $80 million by 2031, with a compound annual growth rate (CAGR) of 7.0% in the coming years [2]. Market Overview - The global DPG market is expected to grow significantly, with the market size reaching $80 million by 2031 and a CAGR of 7.0% [2]. - The major manufacturers of DPG include companies such as GfN Selco, MAFCO Worldwide, and Nikko Chemicals, with the top five companies holding approximately 68.0% of the market share in 2024 [6]. - The cosmetic grade of DPG is the leading product type, accounting for about 68.4% of the market share [7]. - The primary application of DPG is in cosmetics and skin care, which constitutes approximately 60.6% of the demand [10]. Key Drivers - Technological advancements and industrial upgrades, such as green extraction processes, have significantly reduced energy consumption and pollution, creating compliance advantages under stricter environmental policies [13]. - The restructuring of policies and resource factors, including China's "14th Five-Year Plan" emphasizing biomanufacturing, supports the sustainable supply of raw materials [13]. - The rising consumer interest in health products post-COVID-19 has increased the penetration of DPG-containing health foods in markets like Japan and Southeast Asia [13]. - The trend towards "Clean Beauty" in mature markets and the long-standing preference for herbal ingredients among Asian consumers have positioned DPG as a valuable additive in high-end beauty products [14]. Key Challenges - Compliance with regulatory standards and safety regulations is critical in the pharmaceutical and cosmetic industries, posing significant risks for DPG manufacturers [16]. - Supply chain disruptions due to weather events or geopolitical issues may affect the availability and cost of raw materials [17]. - The competitive landscape in the cosmetic and pharmaceutical raw materials market is intense, with challenges in maintaining product differentiation and managing price volatility [20]. Industry Development Trends - DPG has been shown to inhibit allergic reactions in sensitive skin by promoting the synthesis of epidermal proteins and enhancing skin barrier function [22]. - There is a growing consumer demand for natural and plant-derived ingredients, which is likely to increase the demand for DPG due to its natural sourcing [23]. - Awareness of the health benefits associated with DPG may influence market trends positively [24].

Group 1 - The global cosmetics industry is facing significant challenges, including major losses for international giants, layoffs, and strategic shifts among key players [2][3][4] - Dow Chemical reported a net sales decline of 7% in Q2 2025, with a total loss of $1.09 billion (approximately 7.82 billion RMB) in the first half of the year [4][5][7] - L'Oréal USA is closing its SalonCentric warehouse and laying off 79 employees as part of a restructuring effort, contributing to nearly 7,000 job cuts across the global beauty sector [8][12] Group 2 - Fempower Beauty, a lip product brand founded six years ago, announced its closure and is selling products at a 50% discount [15][20] - Samhwa, a major cosmetics packaging company, was sold to KKR for 800 billion KRW (approximately 4.16 billion RMB), highlighting the growing appeal of packaging manufacturers in the beauty industry [21][24] - Interparfums reported a 5.8% increase in sales for the first half of 2025, with plans to launch a new high-end perfume brand, Solférino Paris, amid a competitive fragrance market [31][39]

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan from its actual controller to facilitate the transaction [1][3] Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [3][4] - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [1][3] Group 2: Company Profiles - Tongsheng Co. specializes in the research, production, and sales of silica, with applications in various industries such as rubber, batteries, toothpaste, feed additives, and coatings, and is currently listed on the New Third Board [3] - Yuanli Co. primarily produces activated carbon, sodium silicate, and silica, with sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [3][4] Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [3][4] - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decline of 6.6% year-on-year, while its net profit increased by 19.9% to 284 million yuan [6]

Market Overview - Since the rebound began on April 8, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by 16.05%, 19.26%, and 29.48% respectively as of July 25 [1] - The A-share financing balance has increased by 84.38 billion yuan since April 8, with a total of 140 billion yuan added to the market from financing and company buybacks [1][2] Financing and Investment Trends - As of July 24, the A-share financing balance reached 1.928 trillion yuan, marking a new high in over four months, with over 60% of trading days seeing an increase in financing balance [2] - The proportion of financing purchases in A-share trading volume exceeded 10% for four consecutive trading days from July 21 to 24, indicating strong market participation [2] - The top sectors for financing net purchases since April 8 include pharmaceuticals, automobiles, and non-ferrous metals, with net purchases of 15.06 billion yuan, 14.33 billion yuan, and 9.88 billion yuan respectively [2] Company Buybacks - A total of 836 companies have announced buybacks since April 8, with a total buyback amount of 54.24 billion yuan and 4.797 billion shares repurchased [3] - Leading companies in terms of buyback amounts include Kweichow Moutai, XCMG, and Midea Group, with buybacks of 3.603 billion yuan, 2.866 billion yuan, and 2.518 billion yuan respectively [3] Northbound Capital Inflows - Northbound capital holdings reached 2.29 trillion yuan by June 30, a 2.38% increase from the end of the first quarter, with significant investments in leading stocks like BYD and China Merchants Bank [4] - The increase in financing balance reflects improved confidence among retail and institutional investors, while company buybacks indicate positive business outlooks [4] Market Sentiment and Future Outlook - The total transaction amount on the "Dragon and Tiger List" reached 1.148 trillion yuan from April 8 to July 25, a year-on-year increase of 128.92% [5] - Institutions have shown a preference for the communications sector, while brokerage firms have favored the chemical raw materials sector [5][6] - Analysts predict that the A-share market will see a "sufficient total and differentiated structure" of incremental funds, with short-term reliance on leveraged funds and long-term dependence on policy dividends and industrial capital [7][8]

Core Viewpoint - The global creatine monohydrate market is projected to reach $570 million by 2031, with a compound annual growth rate (CAGR) of 3.9% over the coming years [2]. Market Overview - The global creatine monohydrate market is expected to grow significantly, driven by increasing health and fitness awareness [13]. - The top five manufacturers are projected to hold approximately 81.0% of the market share by 2024 [5]. Product Segmentation - Chemical synthesis is the dominant product type, accounting for about 95.2% of the market share [6]. - The primary application of creatine monohydrate is in sports nutrition and supplements, which constitutes around 78.0% of the demand [10]. Key Drivers - Growing global interest in health, fitness, and athletic performance is a major driver for the creatine monohydrate market [13]. - Manufacturers are innovating new creatine formulations, such as micronized creatine and flavored powders, to enhance convenience and taste [14]. - The expansion of online sales platforms has transformed purchasing habits, allowing brands to reach international audiences [14]. Major Challenges - In low-income regions, creatine monohydrate may be perceived as a luxury or non-essential item, which could limit market growth [15]. - The production of creatine monohydrate relies on specific raw materials, and supply chain disruptions could impact pricing and profit margins [16]. - Recent geopolitical tensions and supply chain issues have led to significant disruptions in the global supply chain, affecting timely production and distribution [17]. Innovation Trends - Advanced creatine formulations, such as creatine hydrochloride and buffered creatine, are being introduced to meet consumer demand for more effective supplements [18]. - There is a growing demand for clean label and vegan products, prompting the development of plant-based creatine supplements [19]. - The consumer base for creatine monohydrate is diversifying, with increasing usage among women, seniors, and adolescents [20]. - Manufacturers are developing multi-ingredient products that combine creatine with other supplements for comprehensive health solutions [21].

1. Report Industry Investment Rating No relevant information provided 2. Core View of the Report The recent theme in the chemical sector is the rectification expectation of plants in operation for over 20 years. The capacities of pure benzene and styrene plants in operation for over 20 years account for 16% and 6%, respectively. The BZ futures still maintain a certain premium. There is still pressure on pure benzene port inventory during the same period. The short - term demand for BZ downstream is acceptable. Attention should be paid to whether the styrene and CPL operations can remain strong. In terms of supply, there is still pressure on South Korea's exports to China, and domestic production operations are still at a high level. The processing fee for pure benzene continues to show weak consolidation. For styrene, port inventory is rising rapidly. In terms of supply, domestic EB operations are still at a relatively high level. In terms of demand, the operations of the three major hard plastics have rebounded, the inventory pressure of PS continues to ease, and ABS still has inventory pressure [3] 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - The pure benzene main contract basis is - 246 yuan/ton (- 40), and the East China pure benzene spot - M2 spread is - 75 yuan/ton (- 10 yuan/ton). The styrene main contract basis is 10 yuan/ton (- 43 yuan/ton) [1] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 177 dollars/ton (- 8 dollars/ton), pure benzene FOB South Korea processing fee is 163 dollars/ton (- 6 dollars/ton), and the pure benzene US - South Korea spread is 119.9 dollars/ton (+ 2.0 dollars/ton). The non - integrated production profit of styrene is - 44 yuan/ton (+ 13 yuan/ton), and it is expected to gradually compress [1] 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 17.10 million tons (+ 0.70 million tons). Styrene East China port inventory is 150,700 tons (+ 12,200 tons), and styrene East China commercial inventory is 56,200 tons (+ 11,200 tons), in the inventory rebuilding stage. The operating rate of pure benzene downstream products varies: caprolactam operating rate is 90.90% (- 0.83%), phenol operating rate is 78.00% (- 3.00%), aniline operating rate is 73.66% (+ 0.77%), and adipic acid operating rate is 64.80% (+ 0.00%). The styrene operating rate is 78.8% (+ 0.5%) [1] 3.4 Operating Rates and Production Profits of Styrene Downstream - Among styrene downstream hard plastics, EPS production profit is 175 yuan/ton (+ 0 yuan/ton), PS production profit is - 126 yuan/ton (- 50 yuan/ton), and ABS production profit is 216 yuan/ton (- 9 yuan/ton). EPS operating rate is 55.21% (+ 2.02%), PS operating rate is 51.60% (+ 1.00%), and ABS operating rate is 66.82% (+ 0.92%), with downstream operations at a seasonal low [2] 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - The production profits of pure benzene downstream products are as follows: caprolactam production profit is - 1875 yuan/ton (+ 15), phenol - acetone production profit is - 693 yuan/ton (+ 0), aniline production profit is - 113 yuan/ton (- 16), and adipic acid production profit is - 1482 yuan/ton (+ 9) [1] 4. Strategies - Unilateral: Wait and see for pure benzene; wait and see for styrene - Basis and inter - period: For near - month BZ paper goods - distant BZ2603 futures, do reverse arbitrage when the price is high; do reverse arbitrage for EB2509 - 2510 inter - period - Cross - variety: Shrink the EB - BZ spread when it is high [4]

Core Insights - The report highlights the ongoing support from the Ministry of Agriculture and Rural Affairs for Hainan to enhance agricultural technology innovation and develop tropical agriculture and marine fisheries [2] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued opinions to strengthen financial services for rural reform and promote comprehensive rural revitalization [2] - The report notes the significant growth in the medical insurance sector, with 2.53 billion people participating in maternity insurance and a cumulative expenditure of 4,383 billion yuan by June 2025 [2] - The logistics and supply chain in the clothing sector are evolving with a trend towards multi-format integration, including online and offline retail models [2][5] Company-Specific Insights - New Beiyang has won a bid for the cash handling equipment procurement project for China Construction Bank, indicating its strong market position [6] - Angel Yeast plans to acquire a 55% stake in Shengtong Sugar Industry for 506 million yuan, which will enhance its presence in the sugar industry [6] - Guoke Tiancai has received approval from the Shenzhen Stock Exchange for its application to issue convertible bonds, reflecting its growth strategy [6] - NIO has established a comprehensive network of 1,001 battery swap stations across major highways, addressing user concerns about charging anxiety [6] Industry Insights - The clothing consumption market in China is showing resilience, with a projected retail sales figure of 1,071.62 billion yuan for 2024, and a 1.5% year-on-year growth in online retail sales [2][5] - The report indicates that the smart connected vehicle market is expected to grow significantly, with the wireless communication module market projected to reach 50 billion yuan by 2024, growing at a compound annual growth rate of 21% [12] - The report emphasizes the importance of the automotive sector's transition to international markets, with companies like Ningbo Gaofa planning to establish production bases overseas [8][10]