周波来到北方华锦合成橡胶（辽宁）有限公司，详细了解企业生产经营情况，得知企业通过高端 化、差异化产品研发，培育新质生产力，产品远销国内外，周波充分肯定，鼓励企业持续推动技术升 级，打造合成橡胶产业优势。在盘锦三力中科新材料有限公司，周波走进中控室，查看企业年产十万吨 新材料项目运行情况。该企业乙烯三步法制甲基丙烯酸甲酯技术达到国际先进水平，打破国外垄断，填 补国内空白。周波对此表示赞赏，强调要加大自主创新成果转化力度，充分发挥国家级高新技术企业引 领作用。在盘锦研峰科技有限公司，周波重点了解企业在新药、半导体、石化聚烯烃等领域专用金属有 机新材料研发生产情况，对企业建立技术团队，攻克"卡脖子"技术表示认可，鼓励企业完善研发—中试 —产业化机制，不断迭代研发生产高端金属有机新材料及相关产品，提升市场竞争力。 1月6日，省政协主席周波到盘锦市，围绕"十五五"时期推进大盘绿色石化集群向世界级迈进开展调 研，并走访所联系企业。 周波来到辽滨沿海经济技术开发区智慧管控平台，详细了解园区数字化治理、绿色低碳发展等情 况，强调要以智慧赋能园区管理提质增效，筑牢安全环保底线。在所联系企业辽宁汇福粮油集团，周波 走进生产车间和 ...

Core Viewpoint - Qixiang Tengda's stock performance shows a slight increase, with significant trading activity and a notable balance in margin financing and securities lending [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Qixiang Tengda reported a revenue of 18.212 billion, a year-on-year decrease of 0.77% [2]. - The company experienced a net profit attributable to shareholders of -146 million, reflecting a significant year-on-year decline of 174.19% [2]. Group 2: Shareholder and Trading Activity - As of November 11, Qixiang Tengda's financing buy-in amounted to 11.6827 million, with a net buy of 2.91 million, indicating active trading [1]. - The total margin financing and securities lending balance reached 406 million, with the financing balance accounting for 2.82% of the circulating market value, which is below the 30th percentile of the past year [1]. - The number of shareholders increased to 56,600, with an average of 48,602 circulating shares per person, a slight decrease of 0.28% [2]. Group 3: Dividend and Institutional Holdings - Qixiang Tengda has cumulatively distributed 2.643 billion in dividends since its A-share listing, with 908 million distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.6957 million shares [3].

Core Viewpoint - Qixiang Tengda's stock price has shown fluctuations, with a recent increase of 2.07% and a total market value of 14.044 billion yuan, despite a year-to-date decline of 1.20% [1] Financial Performance - For the period from January to September 2025, Qixiang Tengda reported a revenue of 18.212 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of -146 million yuan, a significant decline of 174.19% [2] - Cumulative cash dividends since the company's A-share listing amount to 2.643 billion yuan, with 908 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 56,600, with an average of 48,602 circulating shares per person, a decrease of 0.28% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.6957 million shares, and new entrants such as Penghua Zhongzheng Fine Chemical Industry Theme ETF and Guangfa Advantage Growth Stock A [3]

Core Insights - PTTGC has announced the sale of its 20.1% stake in KGC to Kolon, which will be completed by October 20, 2025 [1] - Following the transaction, PTTGC's ownership in KGC will decrease from 33.4% to 13.3%, while Kolon's stake will increase from 53.3% to 73.4% [1] - The remaining 13.3% of shares will continue to be held by Sumitomo Corporation [1] - This transaction aligns with PTTGC's ongoing asset portfolio transformation strategy [1] Company Overview - KGC is known for producing engineering plastics such as polyamide 9T (PA9T) and hydrogenated styrenic block copolymers [1] - KGC's production facility is located in the WHA Eastern Industrial Park in Thailand's Eastern Economic Corridor [1] Recent Developments - Last year, PTTGC and Asahi Kasei's joint venture, PTT Asahi Chemical Co., Ltd. (PTTAC), decided to cease operations and dismantle its production facility in Rayong, Thailand [1] - PTTAC previously produced acrylonitrile via propane method and methyl methacrylate through acetone cyanohydrin method, along with ammonium sulfate [1]

Core Viewpoint - Major chemical companies, including Dow, INEOS, and others, are shutting down production facilities in Europe due to high costs, stringent regulations, and competition from imports, indicating a significant restructuring in the chemical industry [2][3][6][7][8]. Group 1: Dow Chemical - Dow plans to close its polyether polyol plant in Tertre, Belgium, with an annual capacity of 94,000 tons by the end of Q1 2026 as part of a strategic restructuring in Europe [3]. - The closure is attributed to high costs, strict regulations in Europe, and competitive pressure from imports, particularly from Asia [3]. - Dow's other planned closures include an ethylene cracker in Germany and a chlor-alkali facility, with further reductions in production capacity expected [3]. Group 2: Market Conditions - The European polyether polyol market is currently weak, with key end-use sectors like automotive and construction showing low demand, leading to overcapacity and increased imports [4]. - From 2020 to 2024, the average annual import volume of polyether is projected to be 286,000 tons, with a record high of 323,000 tons last year [4]. - In China, the domestic polyether industry is expected to see increased concentration among leading companies, with total production around 5.55 million tons and consumption at approximately 4.08 million tons in 2024 [4]. Group 3: INEOS - INEOS confirmed the closure of two production plants in Rheinberg, Germany, resulting in the loss of 175 jobs, due to high energy and carbon emission costs [6]. - The plants produce essential chemicals, including key components for epoxy resins, which are critical for defense, aerospace, and renewable energy infrastructure [6]. - INEOS also plans to cut 20% of the workforce at its acetyl plant in Hull, UK, citing competition from low-cost imports [6]. Group 4: Arlanxeo - Arlanxeo announced the closure of its synthetic rubber production facility in France, with an annual capacity of 140,000 tons, due to rising costs and market imbalances [7]. - The facility produces Nd-PBR and solution polymerized styrene-butadiene rubber, facing continuous losses without viable paths to profitability [7]. Group 5: Solvay - Solvay plans to permanently close its MMA and acetone cyanohydrin production operations in Italy, transitioning to purchasing MMA from third-party suppliers [8]. - This strategic shift is part of a broader plan to streamline operations and focus on chemical recycling initiatives [8]. Group 6: Future Outlook - The domestic polyether industry in China is expected to continue expanding, with a projected increase of over 4 million tons per year in new capacity from 2025 to 2029 [5]. - Leading companies in the sector are focusing on high-value products, indicating a shift towards more specialized and profitable offerings [5].

Group 1: Foreign Trade Data - In the first half of the year, China's total goods trade import and export value reached 21.79 trillion yuan, a year-on-year increase of 2.9% [1] - Private enterprises showed outstanding performance, with import and export value reaching 12.48 trillion yuan, a year-on-year increase of 7.3%, accounting for 57.3% of China's foreign trade [1] - The export scale of high-tech products, new three categories of products, and self-owned brand products from private enterprises reached historical highs for the same period [1] Group 2: Chemical Industry Developments - Chongqing Yixiang Chemical Co., Ltd. is the largest producer of methyl methacrylate (MMA) in China, breaking the long-standing technological and product monopoly held by Japan and Europe [7] - The company achieved its first export of 20 million USD in 2023, showcasing its technological breakthroughs and industrial upgrades [7] - MMA is widely used in the production of organic glass, automotive and construction coatings, and is a key raw material for optical fibers and optical lenses [9] Group 3: Industry Cluster and Innovation - The chemical industry benefits from extended industrial chains, leading to higher product added value [11] - Chongqing's Changshou district has over 100 new materials enterprises, forming a core industrial cluster in natural gas chemical new materials, silicon-based new materials, and new energy materials [11] - The collaboration among numerous enterprises enhances export capabilities and helps navigate trade barriers, likened to the agility of small boats and the strength of large ships [13]

Core Viewpoint - The successful commissioning of the 260,000 tons/year acrylonitrile project by Sinochem Quanzhou marks a significant upgrade in the company's production capabilities, focusing on high-value chemical products [1][2]. Group 1: Project Overview - The acrylonitrile project is a key initiative for Sinochem Quanzhou, leveraging raw material advantages from its integrated refining and chemical project [1]. - The project includes the construction of a 260,000 tons/year acrylonitrile (AN) unit, a 100,000 tons/year methyl methacrylate (MMA) unit, and a 200,000 tons/year spent acid regeneration (SAR) unit, with completion expected by November 30, 2024 [1]. Group 2: Product Significance - Acrylonitrile is a crucial monomer for synthetic fibers, synthetic rubber, and synthetic resins, serving as a core material for high-value products such as carbon fibers, ABS resins, and nitrile rubber, with applications in aerospace, new energy vehicles, electronics, and environmental management [2]. - Methyl methacrylate is an important organic chemical raw material used in the production of organic glass (PMMA), PVC additives (ACR), and various resins, adhesives, and coatings [2]. Group 3: Production Milestones - The acrylonitrile unit achieved successful initial feeding on April 10, 2025, with product quality meeting standards by April 13, 2025 [2]. - The MMA unit also passed rigorous inspections, confirming its status as a high-quality product by April 24, 2025, indicating the successful operation of the entire production line [2].