Investment Rating - The report maintains a "Recommended" investment rating for the basic chemical industry [2] Core Views - The basic chemical industry is expected to see a layout period at the end of the year, with a high overall weighted operating rate and low price differentials indicating potential for a reversal [14] - The tire industry has shown signs of recovery, with leading companies expected to return to high growth by 2026 due to easing tariffs and recovering raw material costs [15] - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical and Chemical Industry (2025-2026)" is anticipated to accelerate industry transformation and upgrading [16] Summary by Sections Industry Basic Data - The industry comprises 494 listed companies with a total market value of 54,965.58 billion and a circulating market value of 48,900.97 billion [2] Price and Performance - The report indicates a 2.0% absolute performance increase over one month, 28.6% over six months, and 25.6% over twelve months [3] - Key price increases this week include Henry natural gas (+18.5%), ethane (+10.4%), and octanol (+7.8%) [13] Sector Tracking - The tire sector is highlighted for its recovery, with nine out of eleven listed companies reporting profit growth in Q3 [15] - The agricultural chemical sector is noted for recent price increases in small pesticide varieties and the essential nature of fertilizers [7] - The phosphorous chemical sector is under observation for changes in industry dynamics due to favorable policies [7] Investment Strategies - Suggested investment routes include early-stage recovery stocks, scarce resource leaders, high-growth potential companies, and sectors with favorable supply-demand structures [14] - The report emphasizes the importance of focusing on the fluorine, silicon, and phosphorus sectors for their valuation elasticity and potential for new cycle star products [17][18] Policy and Regulatory Developments - The Ministry of Industry and Information Technology has initiated discussions on PTA industry development to prevent excessive competition and promote stable operations [16] - The report notes that the petrochemical sector is expected to undergo significant changes due to new policies aimed at optimizing supply and enhancing technological innovation [19]

Core Insights - Anhui Jiuyi Agricultural Co., Ltd. (referred to as "Jiuyi Co.") has filed for IPO guidance with the Anhui Securities Regulatory Bureau, with Guoyuan Securities as the advisory institution [1] - Jiuyi Co. previously submitted an IPO application to the ChiNext in June 2022 but withdrew it in October 2024 due to strategic adjustments [1] - Established in 2001, Jiuyi Co. specializes in the R&D, production, and sales of green pesticide products and is listed on the New Third Board with stock code 831006 [1] - The company ranked 54th among China's top 100 pesticide companies in 2024, with key products including efficient and environmentally friendly herbicides and fungicides [1] Industry Performance - Jiuyi Co. reported a revenue of 917 million yuan in the first half of 2025, representing a year-on-year growth of 6.02%, with a net profit of 91.93 million yuan [2] - The Chinese pesticide industry has seen growth in production, prices, and exports in 2025, but is facing increased differentiation due to policy adjustments and raw material price fluctuations [2] - The industry is moving towards high-quality and green development, necessitating compliance with new regulations and innovation in technology and product structure [2] Product Development - Jiuyi Co. has successfully overcome several foreign technical barriers in the past five years, launching multiple new products that have gained significant attention domestically and internationally [1] - The company’s product, Pymetrozine, has been widely adopted, with a cumulative application area exceeding 20 million acres, significantly improving the control of major diseases like wheat scab [1] - In 2023, Jiuyi Co.'s Pymetrozine was selected for the Ministry of Agriculture and Rural Affairs' "2024-2026 National Disaster Relief Pesticide Reserve Project" [1] - Jiuyi Co. led the formulation of the international standard for Pymetrozine in 2024 [1] Shareholding Structure - The controlling shareholder of Jiuyi Co. is Shen Yunhe, who holds a direct stake of 62.85% [3]

Core Viewpoint - Anhui Jiuyi Agricultural Co., Ltd. has announced its application for a public stock offering and listing on the Shenzhen Stock Exchange, marking a significant step in its growth strategy [1][4]. Group 1: Company Overview - Anhui Jiuyi Agricultural Co., Ltd. was established in 2001 and specializes in the research, production, and sales of green pesticide products [4]. - The company is listed on the "New Third Board" innovation layer and ranked 54th among China's top 100 pesticide companies in 2024 [4]. Group 2: Financial Performance - According to the company's mid-year report for 2025, it achieved a revenue of 916.9 million yuan, representing a year-on-year growth of 6.02% [5]. - The net profit for the same period was 91.93 million yuan [5]. Group 3: Stock Offering Details - On November 26, 2025, the company signed a stock issuance and listing guidance agreement with Guoyuan Securities Co., Ltd. [1]. - The company submitted relevant materials for the initial public offering and listing guidance to the Anhui Regulatory Bureau of the China Securities Regulatory Commission on the same day [1].