Core Insights - Guotai Group's trading volume reached 1.008 billion RMB, marking the highest level since December 9, 2016 [2] - The latest stock price increased by 6.95%, with a turnover rate of 11.56% [2] - The previous trading day's total trading volume was 422 million RMB [2] Company Overview - Jiangxi Guotai Group Co., Ltd. was established on December 8, 2006, with a registered capital of 621.241828 million RMB [2]

Core Points - The Ministry of Commerce announced the initiation of a final review investigation on anti-dumping measures against imported n-propanol from the United States, effective from November 18, 2025, following a request from domestic producers [2][3]. Group 1: Anti-Dumping Measures - The anti-dumping tax rates for n-propanol imported from the U.S. are set at 254.4% for The Dow Chemical Company and 267.4% for OQ Chemicals Corporation and other U.S. companies [3]. - The review period for the dumping investigation is from July 1, 2024, to June 30, 2025, while the injury investigation period spans from January 1, 2021, to June 30, 2025 [3]. Group 2: Product Scope and Characteristics - The product under review is n-propanol, also known as 1-propanol, with the molecular formula C3H8O [4]. - N-propanol is a colorless liquid with a characteristic alcohol odor, a molecular weight of 60.10, a melting point of -127°C, and a boiling point of 96.5-98°C [5]. Group 3: Applications and Importance - N-propanol is widely used in food packaging production, as a solvent in printing inks, and as a key component in lithium battery electrolytes for electric vehicles [5]. - It serves as a precursor in the production of antibiotics and is utilized in various industries, including coatings, adhesives, cosmetics, and pharmaceuticals [5].

Core Viewpoint - The recent surge in the stock price of Furui Co., Ltd. is attributed to the significant increase in the price of electrolyte additive VC (Vinylene Carbonate), which has risen from 45,000 yuan/ton to over 100,000 yuan/ton, marking a 150% increase [1] Group 1 - Furui Co., Ltd. experienced an 8-day consecutive limit-up in stock price, reaching a historical high of 12.72 yuan/share and a total market value exceeding 12 billion yuan [1] - A representative from the company's investor relations stated that the stock price increase is unrelated to discussions about the company's name circulating in the market [1] - On the 16th, Furui Co., Ltd. issued an announcement regarding abnormal stock price fluctuations, indicating potential irrational speculation and significant trading risks, including the possibility of a short-term decline [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Methanol: The current situation remains poor, with Iran's plant shutdown slower than expected. High imports are expected in November, making it difficult to resolve the contradictions in the 01 contract. It is anticipated that the port sanctions issue will be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [2]. - Polyethylene: The inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Overseas markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200, with no further increase for now. Non - standard HD injection prices are stable, other price differentials are fluctuating, and LD is weakening. Maintenance in September is flat compared to the previous period, and recent domestic linear production has decreased month - on - month. Attention should be paid to LL - HD conversion and US quotes. New device pressure is high in 2025, and the commissioning of new devices should be monitored [7]. - Polypropylene: Upstream and mid - stream inventories of polypropylene are decreasing. In terms of valuation, the basis is - 60, non - standard price differentials are neutral, and import profit is around - 700. Exports have been good this year. Non - standard price differentials are neutral. European and American markets are stable. PDH profit is around - 400, propylene is fluctuating, and powder production starts are stable. Draw production scheduling is neutral. Future supply is expected to increase slightly month - on - month. Current downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH device overhauls, the supply pressure can be alleviated to a neutral level [7]. - PVC: The basis is maintained at 01 - 270, and the factory - pickup basis is - 480. Downstream operating rates are seasonally weakening, but there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously accumulating. Northwest plants have seasonal overhauls in summer, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. Recent export orders have slightly declined. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC overhauls. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether subsequent export orders can support high - grade caustic soda. PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [7]. 3. Summary by Commodity Methanol - **Price Data**: From November 10 - 14, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2065 to 2060, the South China spot price decreased from 2068 to 2048, and the Northwest discounted - to - futures price decreased from 2603 to 2580. The daily change on November 14 showed a 0 change in power coal futures, a - 17 change in Jiangsu spot price, and a - 25 change in the Northwest discounted - to - futures price [2]. Polyethylene - **Price and Inventory Data**: From November 10 - 14, 2025, the Northeast Asia ethylene price was mostly stable at 740 (except for November 14 with no data). The North China LL price increased from 6770 to 6830, and the two - oil inventory remained at 12067 on November 14. The daily change on November 14 showed a 40 increase in North China LL price and a 35 increase in import profit [7]. Polypropylene - **Price and Inventory Data**: From November 10 - 14, 2025, the Shandong propylene price increased from 5750 to 5790, the Northeast Asia propylene price remained at 695, and the two - oil inventory remained at 14642. The daily change on November 14 showed a 30 increase in Shandong propylene price and a 65 increase in East China PP price [7]. PVC - **Price and Profit Data**: From November 10 - 14, 2025, the Northwest calcium carbide price was mostly 2400 (except for November 14 with no data), the Shandong caustic soda price remained at 802, and the East China calcium carbide - based PVC price increased from 4570 to 4580. The daily change on November 14 showed a 10 increase in the East China calcium carbide - based PVC price [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the lack of demand highlights and persistent supply pressure, the domestic methanol market is expected to fluctuate and consolidate next week. Inland, although methanol factories in production areas, especially in the northern line of Inner Mongolia, have tight inventories and the current price is at a low level, which supports the price as most traders are cautious about short - selling. However, the inland methanol operation rate is high, the inter - regional goods circulation is active, and imported goods flow back into southern Shandong and even some into northern Shandong. The supply remains abundant, but the demand in the sales area is generally supported, and traders have no intention to hold goods for the time being. It is expected that the inland market will be in a stalemate and consolidation next week. In the port area, although the market sentiment has changed due to the potential reduction in overseas supply, there is actually no support for a reverse upward trend. It is expected that the port methanol market may fluctuate strongly at the bottom and wait for an opportunity to rebound. Attention should be paid to the actual implementation of Iranian device maintenance and the overseas methanol transaction situation [5]. 3. Summary According to the Directory 3.1 Weekly Review - The demand for methanol has no highlights and the supply pressure persists. The domestic methanol market is expected to fluctuate and consolidate next week. Inland and port markets have different situations as described above [5]. 3.2 Fundamental Data 3.2.1 Domestic Methanol Spot Price - From November 7th to November 14th, the prices in different regions showed different trends. In Jiangsu, the price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%. In Shandong (Lunan), the price remained unchanged at 2310 yuan/ton. In Hebei, the price increased from 2070 yuan/ton to 2090 yuan/ton, an increase of 0.97%. In Inner Mongolia, the price dropped from 2000 yuan/ton to 1980 yuan/ton, a decrease of 1.00%. In Fujian, the price dropped from 2095 yuan/ton to 2050 yuan/ton, a decrease of 2.15% [6]. 3.2.2 Methanol Basis - From November 7th to November 14th, the spot price of methanol in Jiangsu dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, and the futures price dropped from 2112 yuan/ton to 2055 yuan/ton, a decrease of 2.70%. The basis increased from - 22 yuan/ton to - 8 yuan/ton [8]. 3.2.3 Methanol Production Profits by Different Processes - For coal - based methanol, the profit dropped from - 36 yuan/ton on November 7th to - 61 yuan/ton on November 14th, a decrease of 24 yuan/ton. For natural - gas - based methanol, the profit remained at - 40 yuan/ton. For coke - oven - gas - based methanol, the profit decreased from 106 yuan/ton to 123 yuan/ton, an increase of 320 yuan/ton (might be a data error in the original report) [10]. 3.2.4 Domestic Methanol Enterprise Load - Nationally, the methanol load decreased from 78.71% last week to 74.90% this week, a decrease of 3.81%. In the northwest region, the load decreased from 85.09% last week to 81.54% this week, a decrease of 3.55% [12]. 3.2.5 Outer - Market Methanol Price and Spread - From November 7th to November 14th, the CFR China price dropped from 246 US dollars/ton to 239 US dollars/ton, a decrease of 2.85%. The CFR Southeast Asia price dropped from 322.5 US dollars/ton to 319.5 US dollars/ton, a decrease of 0.93%. The spread between them decreased from - 76.5 US dollars/ton to - 80.5 US dollars/ton [15]. 3.2.6 Methanol Import Spread - From November 7th to November 14th, the spot price dropped from 2090 yuan/ton to 2047 yuan/ton, a decrease of 2.06%, the import cost dropped from 2165 yuan/ton to 2106 yuan/ton, a decrease of 2.73%, and the import spread increased from - 75 yuan/ton to - 59 yuan/ton [18]. 3.2.7 Traditional Downstream Product Prices of Methanol - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from November 7th to November 14th, with no weekly change [25]. 3.2.8 Production Profits and Loads of Traditional Downstream Products - **Formaldehyde**: The production profit decreased from - 111 yuan/ton to - 120 yuan/ton, a decrease of 9 yuan/ton, and the load increased from 30.97% last week to 30.98% this week, an increase of 0.01% [26]. - **Dimethyl ether**: The production profit decreased from 611 yuan/ton to 582 yuan/ton, a decrease of 28 yuan/ton, and the load increased from 8.34% last week to 9.79% this week, an increase of 1.45% [28]. - **Acetic acid**: The production profit increased from 251 yuan/ton to 274 yuan/ton, an increase of 24 yuan/ton, and the load decreased from 73.61% last week to 72.32% this week, a decrease of 1.29% [32]. 3.2.9 MTO Production Profit and Load - The MTO production profit increased from 12 yuan/ton to 138 yuan/ton. The MTO load decreased from 86.45% last week to 84.18% this week, a decrease of 2.27% [36]. 3.2.10 Methanol Port Inventory - In the East China port, the inventory increased from 78.8 to 80.33, an increase of 1.53. In the South China port, the inventory decreased from 49.81 to 47.57, a decrease of 2.24 [37]. 3.2.11 Methanol Warehouse Receipts and Effective Forecasts - The warehouse receipts increased from 10914 on November 7th to 11579 on November 14th, an increase of 6.09%. The effective forecasts remained at 0 on November 14th after reaching 1170 in the middle of the week [41]. 3.3 Maintenance Status 3.3.1 Domestic Methanol Device Maintenance - Many domestic methanol production enterprises are in maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, Shaanxi Huangling, etc. Different enterprises have different maintenance start and end times, raw materials, and maintenance losses [43]. 3.3.2 Overseas Methanol Device Operation - Overseas methanol production enterprises in different countries have different operation statuses. For example, some Iranian enterprises are in the process of restarting, and some Saudi and Malaysian enterprises are operating normally [44]. 3.3.3 Olefin - Related Device Operation in the Northwest - In the northwest region, some olefin - related enterprises have different operation statuses. For example, Shaanxi Qingcheng Clean Energy is in maintenance, while some enterprises such as Yan'an Energy and Shenhua Yulin are running smoothly [45].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The supply pressure of PVC decreased this week, and the expected maintenance is expected to decrease next week, with a slight increase in scheduled production. The current demand may remain sluggish, and the PVC2601 is expected to fluctuate in the range of 4584 - 4632. The main logic is that the overall supply pressure is strong, and the domestic demand recovery is not smooth [6][9][14]. - There are both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export advantages. Negative factors include the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [13]. 3. Summaries According to Relevant Catalogs 3.1 Daily Views - On November 14, the price of East China SG - 5 was 4590 yuan/ton, and the basis of the 01 contract was - 18 yuan/ton, with the spot at a discount to the futures, showing a neutral situation. The factory inventory was 32235 tons, a decrease of 3.65% month - on - month, and the social inventory was 53230 tons, a decrease of 2.45% month - on - month. The MA20 of the disk is downward, and the futures price of the 01 contract closed below the MA20, showing a bearish trend. The net position of the main contract is short, and the short position is decreasing, also showing a bearish trend [11]. 3.2 Fundamental/Position Data 3.2.1 Supply Side - In October 2025, the PVC output was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the capacity utilization rate of sample enterprises was 78.51%, a decrease of 0.03 percentage points month - on - month. The output of calcium carbide enterprises was 34355 tons, a decrease of 0.52% month - on - month, and the output of ethylene enterprises was 13491 tons, a decrease of 8.08% month - on - month. Next week, the expected maintenance is expected to decrease, and the scheduled production is expected to increase slightly [6]. 3.2.2 Demand Side - The overall downstream operating rate was 49.54%, a decrease of 0.06 percentage points month - on - month, higher than the historical average. The operating rate of downstream profiles was 36.96%, a decrease of 0.64 percentage points month - on - month, lower than the historical average. The operating rate of downstream pipes was 40.6%, an increase of 0.2 percentage points month - on - month, higher than the historical average. The shipping cost is expected to decline, and the domestic PVC export price is competitive. The current demand may remain sluggish [6]. 3.2.3 Cost Side - The profit of the calcium carbide method was - 819.69 yuan/ton, with the loss increasing by 6.50% month - on - month, lower than the historical average. The profit of the ethylene method was - 491 yuan/ton, with the loss increasing by 5.50% month - on - month, lower than the historical average. The double - ton spread was 2186.35 yuan/ton, with the profit increasing by 0.40% month - on - month, lower than the historical average, which may put pressure on production scheduling [8]. 3.3 PVC Market Overview - The report provides yesterday's market data, including prices, price changes, month - to - month spreads, inventory, and downstream operating rates of different types of PVC enterprises and products, as well as cost and profit data [17]. 3.4 PVC Futures Market 3.4.1 Basis Trend - The report shows the basis trend of PVC from 2022 to 2025, including the relationship between the basis, the East China market price of PVC, and the closing price of the main contract [20]. 3.4.2 Futures Price and Volume Trends - It presents the price, trading volume, and position changes of the PVC futures main contract from October to November 2025 [23]. 3.4.3 Spread Analysis - Main Contract Spread - It shows the spread trends of different contract months (such as 1 - 9, 5 - 9) of PVC futures from 2024 to 2025 [26]. 3.5 PVC Fundamental - Calcium Carbide Method 3.5.1 Lanthanum Coke - The report shows the price, cost - profit, operating rate, inventory, and daily output trends of lanthanum coke from 2016 to 2025 [29]. 3.5.2 Calcium Carbide - It presents the price, cost - profit, operating rate, maintenance loss, and output trends of calcium carbide from 2018 to 2025 [32]. 3.5.3 Liquid Chlorine and Raw Salt - It shows the price, output trends of liquid chlorine from 2020 to 2025, and the price and monthly output trends of raw salt from 2019 to 2025 [34]. 3.5.4 Caustic Soda - It provides the price, cost - profit, operating rate, output, maintenance volume, apparent consumption, inventory, and flake caustic soda inventory trends of 32% caustic soda (Shandong) from 2019 to 2025, as well as the cost - profit trends of Shandong chlor - alkali [36][39]. 3.6 PVC Fundamental - Supply Trend - It shows the capacity utilization rates of calcium carbide and ethylene methods, the profit trends of calcium carbide and ethylene methods, daily output, weekly maintenance volume, weekly capacity utilization rate, and weekly output of sample enterprises of PVC from 2018 to 2025 [41][43]. 3.7 PVC Fundamental - Demand Trend - It presents the daily sales volume of PVC traders, weekly pre - sales volume, weekly production - sales ratio, apparent consumption, downstream average operating rate, operating rates of profiles, pipes, films, and paste resin of PVC, as well as the profit, cost, monthly output, and apparent consumption of paste resin from 2019 to 2025. It also shows the real estate investment completion amount, housing construction area, new housing start - up area, commercial housing sales area, and housing completion area from 2018 to 2025, as well as the social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment (excluding electricity) year - on - year from 2019 to 2025 [46][48][53]. 3.8 PVC Fundamental - Inventory - It shows the trends of exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 [57]. 3.9 PVC Fundamental - Ethylene Method - It presents the import volumes of vinyl chloride and dichloroethane, PVC export volume, FOB spread of ethylene method (Tianjin - Taiwan), and vinyl chloride import spread (Jiangsu - Far East CIF) from 2018 to 2025 [59]. 3.10 PVC Fundamental - Supply - Demand Balance Sheet - It shows the monthly import, output, factory inventory, social inventory, demand, and export data of PVC from September 2024 to October 2025 [62].

Core Viewpoint - Jiangsu Sopo (600746.SH) has experienced significant fluctuations in revenue and net profit from 2022 to the first half of 2025, primarily due to market performance of its core products, acetic acid and ethyl acetate, which have seen declining prices impacting overall gross margins [1][2]. Financial Performance Summary - Revenue figures for Jiangsu Sopo from 2022 to the first half of 2025 are as follows: 7.172 billion, 5.390 billion, 6.403 billion, and 3.158 billion [1]. - Net profit for the same period shows a decline to 0.18 billion in 2023, with a recovery to 2.13 billion in 2024, and 1.02 billion in the first half of 2025 [2]. - The gross margin for the main business has decreased over the years, with figures of 15.58%, 7.62%, 8.72%, and 8.40% respectively [1]. Product Performance Analysis - The decline in gross margin is attributed to the market performance of acetic acid and ethyl acetate, with acetic acid's gross margin dropping from 24.69% and ethyl acetate's margin showing a slight recovery in 2025 due to raw material price decreases [1][2]. - In 2024, net profit recovery was supported by stable operations and increased sales volumes of acetic acid and ethyl acetate, which grew by 36.82% and 20.33% respectively [2]. Industry Comparison - Compared to peers, Jiangsu Sopo's gross margin and net profit trends differ due to its concentrated business model focused on acetic acid and derivatives, while competitors like Hualu Hengsheng have a more diverse product range and lower raw material costs [3]. - The overall industry trend shows a decline in gross margins in 2023 followed by a recovery in 2024, aligning with Jiangsu Sopo's performance despite differences in product composition and cost control capabilities [3].

Core Viewpoint - Fengyuan Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of 33.09% over three consecutive trading days, indicating strong market interest and trading activity [2] Stock Performance - The stock reached a price of 23.85 yuan, with a turnover rate of 8.29% and a trading volume of 23.1 million shares, amounting to a transaction value of 543 million yuan as of 9:37 AM [2] - The stock has recorded a total market capitalization of 6.679 billion yuan and a circulating market capitalization of 6.643 billion yuan [2] - The stock's trading data shows a net inflow of 181.01 million yuan on November 14, with a daily increase of 9.99% and a turnover rate of 12.21% [2] Margin Trading Data - As of November 14, the margin trading balance for the stock is 217 million yuan, with a financing balance of 217 million yuan, reflecting an increase of 19.34 million yuan or 9.78% from the previous trading day [2] - Over the past three days, the margin trading balance has increased by 44.16 million yuan, representing a growth of 25.54% [2] Company Financials - For the first three quarters, the company reported a total revenue of 1.172 billion yuan, marking a year-on-year growth of 19.70% [2] - The net profit for the same period was -374 million yuan, showing a year-on-year decline of 189.27% [2] - The basic earnings per share were reported at -1.3400 yuan [2] Company Background - Shandong Fengyuan Chemical Co., Ltd. was established on August 23, 2000, with a registered capital of 280.062508 million yuan [2]

Group 1 - The core point of the news is that Fengyuan Co., Ltd. experienced a stock price increase of 6.78%, reaching 23.15 yuan per share, with a total market capitalization of 6.483 billion yuan [1] - Fengyuan Co., Ltd. is primarily engaged in the production and sales of oxalic acid and nitric acid, with lithium battery cathode materials accounting for 92.78% of its main business revenue [1] - The company was established on August 23, 2000, and went public on July 7, 2016 [1] Group 2 - Among the top ten circulating shareholders of Fengyuan Co., Ltd., the Jiashi Fund's Jiashi CSI Rare Earth Industry ETF (516150) has recently entered the list, holding 2.118 million shares, which is 0.76% of the circulating shares [2] - The Jiashi CSI Rare Earth Industry ETF has achieved a year-to-date return of 71.01% and a one-year return of 55.86% [2] - The fund was established on March 9, 2021, and currently has a total scale of 7.648 billion yuan [2] Group 3 - The fund manager of Jiashi CSI Rare Earth Industry ETF is Tian Guangyuan, who has been in the position for 4 years and 255 days [3] - Under Tian Guangyuan's management, the fund has achieved a best return of 126.93% and a worst return of -46.65% [3]

Core Insights - On November 14, China Resources Materials experienced a slight decline of 0.24% with a trading volume of 57.69 million yuan [1] - The company reported a net financing outflow of 825,900 yuan on the same day, indicating a low level of financing activity [1] - As of November 14, the total balance of margin trading for China Resources Materials was 82.13 million yuan, which is relatively low compared to historical levels [1] Financing Summary - On November 14, the financing buy-in amount was 5.87 million yuan, while the financing repayment was 6.70 million yuan, resulting in a net financing buy-in of -825,900 yuan [1] - The current financing balance stands at 82.02 million yuan, accounting for 0.68% of the circulating market value, which is below the 50th percentile level over the past year [1] Securities Lending Summary - On November 14, the company repaid 11,000 shares in securities lending and sold 500 shares, with a selling amount of 4,085 yuan based on the closing price [1] - The remaining amount of securities lent is 13,700 shares, with a balance of 111,900 yuan, which is also below the 10th percentile level over the past year [1] Company Overview - China Resources Chemical Materials Technology Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on July 14, 2003, with its listing date on October 26, 2021 [1] - The company's main business involves the research, production, and sales of polyester materials and new materials, with polyester products accounting for 82.77% of revenue and raw materials and others making up 17.23% [1] Shareholder Information - As of November 10, the number of shareholders for China Resources Materials was 23,200, a decrease of 0.66% from the previous period [2] - The average circulating shares per person increased by 0.66% to 63,671 shares [2] - For the period from January to September 2025, the company reported a revenue of 10.296 billion yuan, a year-on-year decrease of 24.74%, and a net profit attributable to shareholders of -95.28 million yuan, an increase of 62.35% year-on-year [2] Dividend Information - Since its A-share listing, China Resources Materials has distributed a total of 253 million yuan in dividends, with 181 million yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included new entrants and changes in holdings among various funds, indicating active institutional interest [2]