Group 1 - The chemical sector continued its adjustment, with the CSI sub-industry chemical theme index closing down 4.30% last Friday and down 6.47% for the week, but still showing a cumulative increase of 27.66% since the second half of the year, outperforming the Shanghai Composite Index by over 16% [1] - The Tianhong Chemical ETF (159133) will be listed on November 25, having raised a net subscription amount of 549.89 million RMB during its fundraising period from November 10 to November 12, with a total of 549.91 million shares issued [1] - The Tianhong Chemical ETF tracks the CSI sub-industry chemical theme index, covering various segments of the chemical industry, including phosphorus chemicals, fluorine chemicals, phosphorus fertilizers, and potassium fertilizers [1] Group 2 - The basic chemical industry has seen an increase in profit growth in the first three quarters, continuing its bottom recovery, with the overall gross margin at 17.69% and net margin at 6.17% for the first three quarters of 2025, both showing a slight year-on-year recovery [2] - The profitability of sub-industries within the basic chemical sector has shown significant differentiation, with improvements noted in fluorine chemicals, potassium fertilizers, synthetic resins, chlor-alkali, and compound fertilizers [2]

前三季度主业盈利质量同比显著提升，双主业战略实现破局。2025 年前三季度公司实现营业收入3.22 亿元，同比+34%；2025Q3 实现营收1.14 亿元，同比+43.44%。在精细化工领域，公司持续完善研发与 生产体系，不断推动科技创新和产业升级，并积极践行ESG 可持续发展理念，为市场提供优质产品与 服务；在新能源业务方面，通过组件精细化维护、优化运维路径等措施，保障存量电站高效运行，光伏 EPC 业务则依托创新解决方案，签约量稳步提升。 投资建议：我们预计公司25-27 年分别实现营收4.82/9.01/11.02 亿元，归母净利润0.1/1.12/1.85 亿元，维 持"推荐"评级。 开发煤矿低浓瓦斯利用项目，布局能源利用高价值赛道。此前，兆新还与亿扬能源签署了《战略合作框 架协议》及《煤矿低浓瓦斯（乏风）销毁及余热综合利用项目投资合作协议》，共同出资设立兆亿碳合 能源科技（杭州）有限公司，持有55%股权。该合资公司将以投资、建设并运营"钱家营煤矿低浓度瓦 斯利用项目"及同类型的瓦斯利用项目。双方将创新打造"矿区资源回收+新能源协同"模式，提升矿区能 源自给率与供应稳定性，更引领行业从单一"能源供给 ...

Group 1 - The core point of the article is that Huatai (SZ 001217) held its sixth session of the eighth board meeting on November 21, 2025, to discuss organizational adjustments [1] - For the first half of 2025, Huatai's revenue composition was 79.17% from basic chemicals and 20.83% from fine chemicals [1] - As of the report date, Huatai's market capitalization was 4.4 billion yuan [1]

Market Overview - On November 21, the A-share market experienced a significant adjustment, with all three major indices opening lower and closing down. The Shanghai Composite Index fell 2.45% to 3834.89 points, while the ChiNext Index dropped over 4% [2][3] - A total of 5071 stocks declined, with 107 stocks hitting the daily limit down, contrasting sharply with only 33 stocks reaching the limit up [4] Sector Performance - According to the Wind China Industry Index, only the cultural media sector managed a slight increase of 0.1%, while all other sectors showed declines. The fine chemicals, basic metals, and forestry sectors had the largest drops [5] Global Market Context - The global stock markets also faced declines, with the Nikkei 225 index down 2.40%, the KOSPI index down 3.79%, and the Hang Seng Index down over 2% [8] - The pressure on global markets is attributed to the cooling expectations for a Federal Reserve rate cut in December, following mixed signals from the Fed's recent meeting minutes [9] Long-term Market Outlook - Despite the recent market volatility, analysts believe the foundation of the current slow bull market remains intact. They anticipate that the A-share index has the potential to continue strengthening [12] - The chief economist of Qianhai Kaiyuan Fund, Yang Delong, suggests that the market is likely to transition from a structural bull market to a comprehensive bull market by 2026, which could enhance consumer confidence and drive economic growth [12][13] Investment Strategies - Analysts recommend focusing on three investment themes for the future: technological self-reliance, upgrading industrial foundations, and securing strategic resources [13] - The Chen Guo team from Dongfang Caifu expresses optimism for the Chinese stock market in 2026, highlighting potential areas of outperformance, including corporate earnings and advancements in AI [14]

思科赛是一家精细化工与新材料领域的创新型企业，总部位于陕西西安。目前，公司主要从事农药、医 药高级中间体和化工新材料等产品的研发、生产与销售，其主要产品包括全球第一大杀虫剂氯虫苯甲酰 胺中间体K酸（1-吡唑酸）、K胺（3-甲基2-氨基-5-氯苯甲酰胺）等医药/农药中间体，以及阴离子膜、 净水材料等化工新材料。 思科赛K酸和K胺产品的市占率位居全球前列，这块业务也贡献公司的大部分营收和利润来源。据透 露，2021年，思科赛整体营收为1.45亿元。2024年，思科赛营收已经超过4.5亿元。随着新厂生产基地产 能的逐步释放，今年，公司收入和利润将持续增加。 21世纪经济报道记者 申俊涵 实习生 曾伊可 西安报道 "纯原始创新是科学家做的事情，对创业者来说，更多是把人才、技术、产业、市场等各方面的资源聚 集在一起重新组合创新，加速将技术转化为商业价值，整合式创新是把事情做成的关键。"近日，西安 思科赛实业有限公司董事长王鹏宝在接受21世纪经济报道记者专访时说。 与此同时，王鹏宝带领团队持续进行新业务拓展。公司从2021年起步探索阴离子膜业务，该产品可以应 用于磷酸生产的精制工段，从原有化学萃取法工艺替代成物理膜分离法 ...

Core Viewpoint - On November 21, Chenhua Co., Ltd. experienced a decline of 5.06%, with a stock price of 11.64 yuan per share, a trading volume of 59.11 million yuan, a turnover rate of 3.08%, and a total market capitalization of 2.503 billion yuan [1] Company Overview - Chenhua Co., Ltd. is located at 999 Huaijiang Avenue, Baoying County, Jiangsu Province, and was established on May 12, 1995. The company was listed on February 13, 2017. Its main business involves the research, production, and sales of fine chemical new materials, primarily using olefin oxides, fatty alcohols, and siloxanes as raw materials [1] - The revenue composition of the company includes: surfactants 81.58%, flame retardants 11.11%, silicone rubber 6.48%, and others 0.83% [1] Fund Holdings - From the perspective of the top ten holdings of funds, data shows that one fund under Xinghua Fund has a significant position in Chenhua Co., Ltd. The Xinghua Jinghe Mixed Initiation A (024499) held 130,200 shares in the third quarter, accounting for 4.17% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 80,700 yuan [2] Fund Performance - Xinghua Jinghe Mixed Initiation A (024499) was established on June 12, 2025, with a latest scale of 25.1421 million yuan and a cumulative return of 24.87% since inception [3] - The fund managers are Cui Tao and Huang Shengpeng. As of the report, Cui Tao has a tenure of 2 years and 170 days, managing a total fund size of 160 million yuan, with the best return during his tenure being 27.64% and the worst being -6.1%. Huang Shengpeng has a tenure of 1 year and 303 days, managing a total fund size of 37.0614 million yuan, with the best return during his tenure being 53.93% and the worst being 8.19% [4]

Core Viewpoint - Tianqi Materials experienced a decline of 1.16% in stock price on November 20, with a trading volume of 8.279 billion yuan, indicating a high level of market activity and investor interest [1] Financing Summary - On November 20, Tianqi Materials had a financing buy-in amount of 946 million yuan and a repayment of 932 million yuan, resulting in a net financing buy of 14.77 million yuan [1] - The total financing and securities lending balance reached 3.043 billion yuan, with the financing balance accounting for 3.42% of the circulating market value, indicating a high level compared to the past year [1] - The securities lending activity included a repayment of 37,400 shares and a sale of 5,300 shares, with a total selling amount of 234,900 yuan, also reflecting a high level of activity [1] Business Performance - As of September 30, the number of shareholders for Tianqi Materials increased to 305,800, a rise of 67.71%, while the average circulating shares per person decreased by 40.37% to 4,528 shares [2] - For the period from January to September 2025, Tianqi Materials reported a revenue of 10.843 billion yuan, representing a year-on-year growth of 22.34%, and a net profit attributable to shareholders of 421 million yuan, up 24.33% year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Tianqi Materials has distributed a total of 2.756 billion yuan in dividends, with 1.922 billion yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the second-largest shareholder with 53.6773 million shares, a decrease of 2.6555 million shares from the previous period [3] - Other notable shareholders include Quan Guo Xu Yuan Mixed A and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3]

（编辑 任世碧） 证券日报网讯 金能科技11月20日在互动平台回答投资者提问时表示，公司经过多年发展，已成为资源 综合利用型、经济循环式的综合性化工企业，业务涉及石油化工、煤化工、精细化工三大板块，主要产 品有丙烯、聚丙烯、炭黑、焦炭、山梨酸（钾）、对甲基苯酚等。 ...

Group 1 - The actual controller of Kosi Co., Ltd. passed away, leading to a change in the company's control structure [1] - The shares held by the deceased, totaling 13,650,000 shares, will be inherited by his spouse [1] - After the change, the actual controller will be Zhou Xuming [1] Group 2 - Kosi Co., Ltd. reported that its revenue composition for the first half of 2025 is 100% from fine chemicals [1] - The company's market capitalization is currently 7 billion yuan [2]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [9][19]. Core Viewpoints - The report highlights the significant price increases in products such as toluene (up 25.22%) and liquid chlorine (up 13.73%), while products like butadiene and vinyl acetate saw notable declines [4][5][16]. - It suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high dividend stocks, particularly in light of the current international oil price fluctuations [6][19]. - The report anticipates that the international oil price will stabilize around $65 per barrel, which could benefit companies with high dividend yields and those that are sensitive to raw material price declines [6][19]. Summary by Sections Chemical Industry Investment Suggestions - The report emphasizes the importance of monitoring sectors like glyphosate, fertilizers, and high-dividend assets for potential investment opportunities [19]. - It recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [19]. - The report also highlights the resilience of domestic chemical fertilizer and certain pesticide sectors, suggesting a focus on companies like China Heartland Fertilizer and Hualu Hengsheng [19]. Price Trends and Market Analysis - The report notes that while some chemical products have rebounded in price, the overall industry remains weak, with mixed performance across sub-sectors [17][19]. - It provides detailed price movements for various chemicals, indicating a general trend of price increases for certain products and declines for others [4][5][16]. - The report discusses the impact of OPEC's decisions on oil prices and how this affects the chemical industry, particularly in terms of raw material costs [6][20]. Company Focus and Earnings Forecast - The report includes a detailed earnings forecast for key companies, with a focus on their expected EPS and PE ratios for the coming years [9]. - Companies such as Sinopec, Jiangshan Co., and others are highlighted for their strong market positions and potential for growth [9][19]. - The report suggests that companies with strong asset quality and high dividend yields, like the "three barrels of oil," will benefit from the current market conditions [19].