Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given reports. 2. Core Viewpoints - The current core contradictions affecting the propylene trend include the potential repeated submission of "anti - involution" with no actual progress, coal price weakness driving the futures market down, spot price fluctuations due to individual device operations, sufficient supply and weak demand in the PP market, and continuous losses in PDH profits [2]. - There are both positive and negative factors in the propylene market. Positive factors are that device overhauls in some enterprises such as Binhuahua, Haiwei, and Xintai have led to a rebound in spot prices. Negative factors are that PDH has not shown significant negative feedback in the short - term despite losses, and the downstream market, especially the PP market, remains weak [3]. 3. Summary by Directory 3.1 Propylene Price Forecast and Hedging Strategies - The monthly price range forecast for propylene is 5700 - 6200 yuan/ton, with a current 20 - day rolling volatility of 0.121 and a 3 - year historical volatility percentage of 0.5432 [1]. - For inventory management, when the finished product inventory is high and there are concerns about price drops, it is recommended to short - sell propylene futures (PL2603) at a 50% hedging ratio when the price is between 6100 - 6200 yuan/ton and short - sell call options (PL2601C6000) at a 25% ratio when the price is between 60 - 80 yuan. For procurement management, when the regular inventory is low, it is recommended to buy propylene futures (PL2603) at a 25% hedging ratio when the price is between 5700 - 5800 yuan/ton and short - sell put options (PL2601P5800) at a 25% ratio when the price is between 60 - 80 yuan [1]. 3.2 Industry Data - **Upstream raw material prices**: On November 19, 2025, Brent crude oil was at $63.16/barrel, down $1.2 from the previous day; WTI was at $59.41/barrel, down $1.16. Other upstream raw materials such as MOPJ, NWE NAP, etc., also showed price changes. For example, MOPJ was at $561.94/ton, down $9.39 [5]. - **Mid - stream propylene prices**: On November 19, 2025, the price of propylene in the East China region was 5925 yuan/ton, up 10 yuan from the previous day; the price difference between CFR China and FOB South Korea remained at $35/ton [5]. - **Downstream product prices**: On November 19, 2025, the price of polypropylene powder was 6200 yuan/ton, unchanged from the previous day; the price of polypropylene granules was 6440 yuan/ton, also unchanged. Other downstream products like acrylonitrile, acrylic acid, etc., also had corresponding price changes [5]. - **Profit situation**: Main refinery profit was 704.12 yuan/ton, and MTO monomer profit was - 179.17 yuan/ton. PDH profit was in a continuous loss state, with propylene PDH profit - FEI at - 225.20 yuan/ton [5]. - **Price difference situation**: The price difference between MOPJ and propylene was 1829.03 yuan/ton, and the price difference between PP powder and propylene was not available on November 19, 2025 [5].

Market Overview - A-shares continue to show a volatile trend, with the Shanghai Composite Index stabilizing around 4000 points and other indices like the ChiNext and STAR Market maintaining key levels [1] - Weekly trading volume slightly decreased but remained above 10 trillion yuan [1] - Margin trading saw net purchases exceeding 11.6 billion yuan this week, with cumulative net purchases for the year surpassing 626.4 billion yuan, more than double last year's total [1] Sector Performance - The electric equipment sector attracted significant attention from margin traders, with net purchases exceeding 6.8 billion yuan [1] - Other sectors such as pharmaceuticals, basic chemicals, and computers also saw net purchases over 1 billion yuan, while telecommunications and non-ferrous metals experienced net selling exceeding 1 billion yuan [1] - The electric equipment sector led with over 66.7 billion yuan in net inflows, followed by basic chemicals with over 30.9 billion yuan [1] Future Market Outlook - Zhongyuan Securities predicts a sideways market in November, lacking clear directional catalysts, with a focus on balancing growth and value styles [2] - Western Securities highlights potential structural opportunities in the North Exchange, particularly in industrial machinery and electric equipment sectors [2] - The chemical industry has shown strong performance, with several sub-sectors reaching historical highs [2] Chemical Sector Highlights - The chemical sector has seen significant stock price increases, with companies like Aowei New Materials rising 1471% year-to-date [3] - Recent price increases in chemical products include a 7% rise in yellow phosphorus and an 8.61% increase in the market price of thionyl chloride [3] - Warren Buffett's acquisition of OxyChem for $9.7 billion indicates strong interest in the chemical sector, particularly in chlor-alkali and PVC production [4] Investment Insights - Buffett's investment in OxyChem reflects long-term expectations for the chlor-alkali industry, with improved demand dynamics and a halt in domestic capacity expansion [4] - The chemical sector's production has high technical and energy barriers, suggesting a favorable environment for high-energy products like PVC [4]

Market Overview and Sector Characteristics - The Shanghai Composite Index decreased by 0.25%, and the Shenzhen Component Index fell by 0.36%, with the median decline of A-shares at 0.34% [2][3] - A total of 52 stocks hit the daily limit up, which is a decrease of 10 from the previous day, while 3 stocks hit the limit down, a decrease of 6 from the previous day [3] Sector Performance - The leading sectors for limit-up stocks today were chemical products, chemical raw materials, and photovoltaic equipment, indicating a strong focus on energy-related sectors [4][5] - The chemical industry is experiencing a price increase in over 30 organic and inorganic raw materials, with epoxy chloropropane seeing a year-to-date increase of over 40%, marking a three-year high [2][5] Conceptual Characteristics - The top three concepts for limit-up stocks were photovoltaic, lithium batteries, and smart grids, reflecting strong policy support and demand growth in these areas [6] - Specific stocks in the photovoltaic sector include Yijing Photovoltaic and Hongseng Silicon, while lithium battery stocks include Duofluor and Tianji Co., among others [6] Limit-Up Stock Rankings - Among the limit-up stocks, one stock, Sanxiang New Materials, reached a historical high, while 23 others achieved a new high in the past year [7][8] - The stocks with the highest net inflow of main funds included Fangzheng Electric and Yuanda Environmental Protection, indicating strong investor interest [9][10] Continuous Limit-Up Stocks - There were 41 new limit-up stocks today, with 8 stocks achieving a two-day limit-up and 3 stocks achieving three or more consecutive limit-ups [11] - The stocks with the highest consecutive limit-up counts included Hailu Heavy Industry and Moen Electric, showcasing strong market momentum in these sectors [11]

虽然今天三大指数冲高回落，但相较本周持续下跌的日韩股市，"逆势"气质仍在。 指数修复离不开板块和个股的走强，而有趣的是，本周既没有涨幅特别大的板块（相对过去几周来 说），也没有跌幅特别大的板块。 | 名称 | 5日涨幅%1 | 年初至今 | 涨幅% | | --- | --- | --- | --- | | 1 电网设备 | 8.71% | +47.75% | +0.26% | | 2 钛白粉概念 | 8.32% | +45.10% | +3.37% | | 3 区融田世界 | 8.21% | +31.84% | +2.26% | | 4 磷化工 | 7.85% | +49.41% | +3.47% | | 個慶 5 | 7.69% | +35.51% | +2.16% | | 6 硅能源 | 7.37% | +47.27% | +3.67% | | 1 有机硅概念 | 6.92% | +61.93% | +4.65% | | 8 柔性直流输电 | 6.46% | +37.80% | -0.17% | | 9 优肥 | 6.21% | +28.86% | +1.98% | | 10 光热发电 | 6.06% ...

Market Overview - A-shares opened lower and experienced fluctuations, with the Shanghai Composite Index fiercely contesting around the 4000-point mark, while the ChiNext Index fluctuated around 3200 points and the Sci-Tech 50 Index held steady at 1400 points. The number of declining stocks outnumbered advancing ones, and trading volume showed a shrinking trend [1] Organic Silicon Demand Growth - The organic silicon sector has seen continuous strength, with the sector index rising over 4% today, reaching a three-year high, and half-day trading volume exceeding the previous day's total. Companies like Dongyue Silicon Material and Jiangsu Guotai saw significant stock price increases [1] - From 2019 to 2024, China's apparent consumption of organic silicon is projected to increase from 1.062 million tons to 1.816 million tons, with a compound annual growth rate (CAGR) of 11.3%. The demand is expected to grow due to increased penetration in electronics, new energy vehicles, and photovoltaic cells [3] - By 2025, the consumption of organic silicon in the electronics sector is expected to grow by 16.7% to 503,000 tons, in the photovoltaic sector by 19.4% to 765,000 tons, and in new energy vehicles by 44.2% to 304,000 tons [3] Export Growth - China's organic silicon exports are rapidly increasing, with a projected export volume of 545,700 tons in 2024, a year-on-year increase of 35.21%. Although growth slowed to 2.26% in the first three quarters of 2025, there has been a resurgence in export growth since September, with a year-on-year increase of 9.57% [3] Chemical Industry Price Trends - The chemical industry is experiencing a collective rise, with various indices reaching historical highs. Companies like Shenzhen New Star and Zhejiang Zhongcheng have seen significant stock price increases [5] - Recent data indicates that the yellow phosphorus index has risen over 7% in the past two weeks, and the average market price of thionyl chloride has surged by 8.61% to 1552 yuan per ton, with a cumulative increase of 19.38% since August [7] - The chemical industry is entering a phase of improved profits as capital expenditures taper off, with recommendations for sectors such as chromium chemicals, civil explosives, and refrigerants, as well as new materials like vacuum materials and bio-manufacturing [7]

证券代码：601678 股票简称：滨化股份 公告编号：2025-074 二、主要产品的价格变动情况 1 单位：元/吨 主要产品 2025 年 1-9 月均价 2024 年 1-9 月均价 年度同比变 动幅度（%） 三季度同比 变动幅度（%） 三季度环比 变动幅度（%） 甲基叔丁基醚 4,730.03 - - - -1.00 环氧丙烷 6,582.88 7,851.33 -16.16 -13.78 1.99 烧碱（折百） 3,151.87 2,773.90 13.63 9.19 0.84 丙烯 5,850.40 6,090.60 -3.94 -7.18 -2.49 环氧氯丙烷 8,727.62 6,757.77 29.15 46.50 20.65 三、主要原材料的价格变动情况 滨化集团股份有限公司 2025 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》的相关规 定，滨化集团股份有限公司（以下简称"公司"）现将 2025 年前三季度主要经 ...

Core Insights - Nanshan Aluminum achieved a revenue of 26.325 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.66% [1] - The company reported a total profit of 5.348 billion yuan, up 20.58% year-on-year, and a net profit attributable to shareholders of 3.772 billion yuan, an increase of 8.09% [1] Company Performance - Nanshan Aluminum has established a comprehensive aluminum processing industry chain within a 45 square kilometer area, enhancing its risk resistance and cost control capabilities [1] - The company is actively expanding its operations in Indonesia, with 3 million tons of alumina production capacity currently in operation and an additional 1 million tons under construction [1][2] Strategic Initiatives - The company is leveraging the "Belt and Road" initiative to extend its aluminum processing industry chain into Southeast Asia, particularly focusing on Indonesia [1] - Nanshan Aluminum is constructing a complete industrial support system in Indonesia, including power plants and ports, which is crucial for its overseas aluminum industry expansion [2] Financial Returns - Nanshan Aluminum has implemented a profit distribution plan, distributing a cash dividend of 0.40 yuan per 10 shares, totaling 462 million yuan, with a distribution ratio of 17.7% [2] - The company plans to issue a special dividend of 2.584 yuan per 10 shares, amounting to 3 billion yuan [2] - As of September 30, 2025, Nanshan Aluminum has repurchased 80.9745 million shares, accounting for approximately 0.70% of its total share capital [2]

证券代码：605589 证券简称：圣泉集团 公告编号：2025-086 济南圣泉集团股份有限公司 关于公司 2025 年前三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2025 年前三季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）2025 前三季度公司主要产品价格变动情况 | 主要产品 | 2025 年前三季度 | | 2024 年前三季度 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | 合成树脂类 | | 6,958.45 | | 7,573.81 | -8.12 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 585,520.23 588,666.24 409,62 ...

证券代码：603002 证券简称：宏昌电子 公告编号：2025-040 宏昌电子材料股份有限公司 | 主要产品 | | 2024 年 | 1-9 | 月 | 2025 1-9 | 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 环氧树脂 | 平均售价（元/吨） 13,189.33 | | | | 平均售价（元/吨） 13,216.75 | | 0.21 | | | | | | | 年 | | | 三、环氧树脂业务主要原材料的价格变动情况（不含税） | 主要原料 | 2024 年 1-9 月 平均进价（元/吨） | 2025 年 1-9 月 平均进价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 双酚 A | 8,550.36 | 7,533.00 | -11.90 | | 环氧氯丙烷 | 6,987.22 | 9,079.89 | 29.95 | | 四溴双酚 A | 19,619.76 | 21,088.67 | 7.49 | 1 一、环氧树脂业务主要产品的产量、销量及收入实现情况 ...

Group 1 - The core business of the company includes fluorinated refrigerants, fluorinated foaming agents, and hydrogen fluoride [2] - Current projects under construction include lithium hexafluorophosphate, perfluoroethylene propylene, polyvinylidene fluoride, caustic soda, and epichlorohydrin [2]