Core Points - The company Xinjiang Tianye (600075.SH) announced the resignation of non-independent director Cao Xinfeng due to work adjustments [1] - The resignation report was received by the board on November 14, 2025, and will take effect immediately upon delivery [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture is tentatively named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, accounting for 51% of the registered capital, while Tianchi Energy will contribute 24.5 million yuan, accounting for 49% [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects and explore sustainable development paths for modern coal chemistry [1] - The initiative is intended to facilitate the green transformation of the energy structure and the green upgrade of the industry [1]

Core Points - The company Xinjiang Tianye (600075.SH) announced the resignation of non-independent director Cao Xinfeng due to work adjustments [1] - The resignation report was received by the board on November 14, 2025, and will take effect immediately upon delivery to the board [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture is tentatively named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, holding a 51% stake, while Tianchi Energy will contribute 24.5 million yuan for a 49% stake [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects and explore sustainable development paths for modern coal chemistry [1] - The initiative is intended to facilitate the green transformation of the energy structure and the green upgrade of the industry [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture will be named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, holding a 51% stake, while Tianchi Energy will contribute 24.5 million yuan for a 49% stake [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects [1] - The initiative is dedicated to exploring sustainable development paths for modern coal chemical processes and facilitating the green transformation of the energy structure and industrial upgrades [1]

Market Overview - The chemical raw materials sector increased by 1.61% on November 13, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Performers - Kaisheng New Materials (301069) closed at 29.15, up 10.92% with a trading volume of 628,500 shares [1] - Sanyou Chemical (600409) closed at 6.61, up 9.98% with a trading volume of 1,168,200 shares [1] - Aoke Co., Ltd. (300082) closed at 13.62, up 9.31% with a trading volume of 1,428,400 shares [1] - Hengguang Co., Ltd. (301118) closed at 29.05, up 7.12% with a trading volume of 153,900 shares [1] - Shilong Industry (002748) closed at 14.31, up 7.11% with a trading volume of 641,600 shares [1] Market Capital Flow - The chemical raw materials sector saw a net inflow of 806 million yuan from institutional investors, while retail investors experienced a net outflow of 489 million yuan [2][3] - The top three stocks with significant net inflows from institutional investors include: - Kaisheng New Materials: 1.71 billion yuan [3] - Shilong Industry: 1.62 billion yuan [3] - Sanyou Chemical: 1.53 billion yuan [3] Notable Decliners - ST Yatai (000691) closed at 10.28, down 4.99% with a trading volume of 177,200 shares [2] - Zhenhua Co., Ltd. (603067) closed at 29.42, down 3.70% with a trading volume of 931,500 shares [2] - Sanxiang New Materials (603663) closed at 38.80, down 0.69% with a trading volume of 388,900 shares [2]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - **Caustic Soda**: The caustic soda industry still faces certain supply - demand pressures. With fewer maintenance enterprises, the total supply shows an increasing trend. The price of alumina, the main downstream product, continues to weaken, and the industry's profit keeps shrinking with increasing losses. Thus, the support from the main demand side of caustic soda is weak, suppressing the price. In the short term, the caustic soda price lacks support. Although the middle and lower reaches may have phased replenishment needs after consuming their own inventories, the price is still under pressure due to increased supply and weak demand. The non - aluminum market remains sluggish. It is expected that the caustic soda price will run weakly in the short term, and a bearish trend is advised, while tracking the downstream replenishment rhythm [2]. - **PVC**: The contradiction of oversupply has not improved. The pressure on the supply side continues to rise, the demand expectation weakens, and the cost - side support is insufficient. There is no positive macro - level expectation for the time being. Therefore, the price is expected to continue to decline. The main downstream fields such as real estate are still weak. The new orders of profile and pipe product enterprises are limited, mainly for rigid - demand procurement, which is difficult to provide continuous support to the market. There will still be an impact from new production capacity on the supply side from November to December. The demand from November to January of the next year is in the traditional off - season, and the overall real - estate demand will decrease, forming a negative impact. Regarding exports, the anti - dumping tax in India is unclear, and exports are mainly on hold. The supply - demand is still in an oversupply pattern, and it is difficult to be optimistic about the price. Although the absolute price is low, it is difficult to form an upward driving force, and it is expected to continue the downward trend at the bottom [3]. 3. Summary by Relevant Catalogs Caustic Soda - **Price and Market Situation**: The caustic soda price is affected by multiple factors such as macro - environment, alumina demand, and cost. The price has shown fluctuations, with periods of decline due to factors like increased supply and weak downstream demand, and short - term rebounds due to factors such as policy expectations and increased demand from alumina [6]. - **Supply**: The national average weekly weighted operating load rate of sample enterprises is 85.55%, a 0.1 - percentage - point increase from last week. The caustic soda output in terms of 100% strength this week is 82.53 tons, a 0.12% increase from last week. There are many ongoing maintenance of chlor - alkali plants this week, but some enterprises with under - capacity operation have increased their loads, resulting in a slight increase in output [25]. - **Alumina Demand**: From the end of 2024 to 2025, the planned production capacity of alumina is 12.3 million tons (including 2 million tons of replacement), and the estimated annual production capacity growth rate is around 10%. The estimated annual output of alumina in 2025 is over 88 million tons, with a production growth rate of around 6%. The new alumina projects will increase the demand for caustic soda by about 800,000 tons per year, with a relatively concentrated increase of 150,000 tons from April to June [30]. - **Alumina Market**: Although the operating rate of some alumina enterprises in the north has decreased recently, the domestic supply - demand contradiction has not been effectively resolved, and the social inventory of alumina continues to increase. It is expected that the domestic alumina price will continue to run weakly in the short term, with a price range of 2,750 - 2,950 yuan/ton [34]. - **Bauxite**: The bauxite price is stable, the port inventory fluctuates, and the enterprise raw - material inventory has increased significantly [38]. - **Electrolytic Aluminum**: In October, the electrolytic aluminum production remained at a high level, and the in - plant inventory of electrolytic aluminum decreased [44]. - **Non - Aluminum Downstream**: The operating rate of the printing and dyeing and textile industries has increased seasonally, and it is in the peak season. However, the overall non - aluminum downstream has not shown strong driving forces [49]. - **Caustic Soda Export**: In September, the export profit of caustic soda increased, and the export volume rebounded significantly. It is estimated that the export profit will decline in October [54]. PVC - **Price and Market Situation**: The PVC price has been on a downward trend due to the lack of positive supply - demand drivers and a poor commodity atmosphere. The price has been affected by factors such as macro - sentiment, supply - demand changes, and export conditions, with periods of sharp declines and short - term rebounds [61]. - **Profit**: The PVC industry has been in a state of continuous losses, with losses in both the calcium - carbide and ethylene - based production methods [67]. - **Calcium Carbide**: The calcium carbide production has increased month - on - month, but the profit has weakened [72]. - **Supply**: The operating load rate of the domestic PVC powder industry has increased this week. Although there are 4 new enterprises for maintenance or shutdown, the overall maintenance loss has decreased, and the industry operating rate has increased. The overall operating load rate of PVC powder this week is 79.28%, a 2.19 - percentage - point increase from last week [83]. - **Downstream Demand**: The two major downstream industries of PVC, profiles and pipes, face great pressure. The real - estate sector, with the goal of "de - inventorying and stabilizing prices", will continue to have a negative impact on demand. The domestic demand has not improved significantly, and it is expected that the PVC downstream will not have positive drivers [93]. - **Real - Estate Data**: The real - estate industry is still in the bottom - building cycle, with indicators such as housing sales price index, land transaction area, and new - construction area showing weak performance [94]. - **Inventory**: The PVC inventory has remained flat recently, and the total inventory is at the highest level in recent years compared year - on - year [101]. - **External Market**: The external market price of PVC has weakened, and the export situation is affected by factors such as anti - dumping taxes in India [108]. - **Export**: In September 2025, the PVC import volume was 14,400 tons, and the export volume was 346,400 tons. The export volume has increased significantly both month - on - month and year - on - year [119].

Core Viewpoint - The integration of traditional fossil resource utilization with biomass resource development is highlighted as a unique opportunity for the development of Shihezi and Xinjiang, focusing on the conversion path from coal/cotton stalks to ethanol, ethylene, and high-end chemicals [1][2]. Group 1: Industry Development - Shihezi City has abundant coal resources, allowing for the extension of coal power, coking, and chemical industries, thereby forming a large industrial chain [1]. - Xinjiang has established a diversified pattern of coal-based ethanol production, actively expanding into biomass ethanol [1]. - The total licensed capacity for coal-based ethanol technology in China has reached 4.55 million tons per year, with Xinjiang's planned capacity at approximately 2.2 million tons per year [1]. Group 2: Biomass Resource Utilization - Xinjiang accounts for over 90% of the national cotton production, with a projected output of 5.686 million tons in 2024, representing 92.25% of the national total [2]. - The annual collection of cotton stalks can reach over 10 million tons, with utilization rates categorized as follows: 87.8% for fertilizer, 10.7% for feed, and 1.5% for fuel, substrate, and raw materials [2]. - The conversion of 1 million tons of cotton stalks could generate an annual output value of approximately 6 billion yuan, significantly benefiting downstream industries such as textiles, materials, biomanufacturing, and health foods [3].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes that green and low-carbon initiatives will become a significant focus, as highlighted by the release of the white paper "China's Actions on Carbon Peak and Carbon Neutrality" [2][8] - The chemical industry is expected to see a recovery in demand, particularly in sectors like polyester, MDI, and PVC, driven by policy support and market dynamics [3][8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying shares of Wanhua Chemical (600309), a leader in MDI, while PVC-related companies such as Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), and Tianyuan Co. (002386) are rated as not yet evaluated. Companies like Chuanheng Co. (002895) and Yuntianhua (600096) are also noted for their growth potential driven by energy storage [3] Industry Trends - The report notes that the chemical industry has shown improved performance recently, particularly in polyester, PTA, organic silicon, chlor-alkali, and phosphate sectors. Despite a decline in the overall industry sentiment in Q3, there is optimism for recovery driven by demand-side improvements and policy changes [8] - The report highlights that the U.S. entering a rate-cutting cycle and easing tariff issues may lead to marginal improvements in demand, while emerging markets provide long-term growth potential for chemical products [8]

Group 1 - Xinjiang Tianye's stock price increased by 5.04% on November 7, reaching 5.21 CNY per share, with a trading volume of 149 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 8.895 billion CNY [1] - The stock has risen for five consecutive days, with a cumulative increase of 5.76% during this period [1] - Xinjiang Tianye was established on June 9, 1997, and listed on June 17, 1997, with its main business involving chlor-alkali chemicals and plastic water-saving devices [1] Group 2 - The main revenue composition of Xinjiang Tianye includes chemical products (89.72%), cement products (7.15%), other (1.82%), highway transportation (1.23%), and packaging materials (0.08%) [1] - Manulife Fund has a significant holding in Xinjiang Tianye, with its Manulife High-end Equipment Stock A fund (022327) holding 1.7993 million shares, accounting for 4% of the fund's net value, making it the sixth-largest holding [2] - The Manulife High-end Equipment Stock A fund has generated a return of 30.27% since its inception, with a current scale of 60.4163 million CNY [2]