Investment Direction 1: Dividend Strategy - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) with an expected Brent oil price range of $60-70 per barrel in 2026 [2][3] - CNOOC is committed to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, while PetroChina benefits from domestic natural gas market reforms [2][3] Investment Direction 2: Capital Allocation to Undervalued Chemical Leaders - Recommended companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, which are expected to benefit from industry barriers related to cost, technology, and market [2][3] - The report suggests prioritizing capital allocation to chemical ETFs and leading companies as their performance is expected to stabilize [2][3] Investment Direction 3: Price Increases Driven by Downstream Demand - Traditional demand sectors such as food additives, pesticides, and fertilizers are highlighted, with companies like New Hope Liuhe and Jiangshan Chemical expected to benefit from stable growth in demand [2][3] - Emerging demand in phosphorous and fluorine chemicals is driven by the needs of new energy battery and AI cooling applications, with companies like Chuanheng Chemical and Juhua Co. being key players [2][3] Investment Direction 4: Domestic Anti-Competition Driving Price Increases - The report emphasizes the focus on large refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from anti-competitive measures in the domestic market [2][3] - The organic silicon sector is entering the end of its expansion cycle, with major companies like Sinan Silicon Material adjusting industry operating rates [2][3] - The soda ash industry is facing capacity controls and the need to phase out outdated production, with companies like Boyuan Chemical under observation [2][3] Oil Price Analysis - The report anticipates a Brent oil price range of $60-70 per barrel in 2026, with a slight oversupply expected [11][12] - OPEC+ has postponed production increases for Q1 2026, indicating a cautious approach to market conditions [11][12] - The report highlights geopolitical factors, including the ongoing Russia-Ukraine conflict and U.S.-Venezuela relations, which may impact oil supply dynamics [12][13] Three Major Oil Companies Insights - CNOOC is focused on increasing reserves and production while reducing costs, while PetroChina is benefiting from natural gas market reforms [34][36] - Sinopec is concentrating on domestic refining and chemical anti-competition developments [34][36] - The overall profitability of the three major oil companies is expected to be supported by the anticipated oil price stabilization [34][36]

巨化股份 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议资料 浙江巨化股份有限公司 一、会议基本情况 （一）股东大会召开日期：2025 年 12 月 23 日 2025 年 12 月 23 日 1 巨化股份 2025 年第二次临时股东大会会议资料 目 录 | 2025 | 年第二次临时股东大会议程 3 | | --- | --- | | 2025 | 年第二次临时股东大会议事规则及注意事项 5 | | 审议议案： | | | 1、关于取消监事会并修订《公司章程》及相关制度的议案 7 | | | 2、浙江巨化股份有限公司关联交易管理规定（2025 | 年修订） 62 | | 3、关于公司日常关联交易 | 2026 年计划的议案 79 | | 4、公司 | 2025 年前三季度利润分配方案 99 | 2 巨化股份 2025 年第二次临时股东大会会议资料 浙江巨化股份有限公司 2025 年第二次临时股东大会议程 （二）本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （三）股东大会类型和届次：2025 年第二次临时股东大会 （四）股东大会召集人：董事会 （五）会议主持 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The announcement of the 2026 refrigerant quota indicates a long-term constraint on the supply side of both second and third-generation refrigerants, suggesting a continuation of product prosperity in the refrigerant market [3][5] - For second-generation refrigerants, the production and usage in 2026 will be reduced by 71.5% and 76.1% from the baseline, respectively, with R22 production quota reduced by 3,005 tons, a year-on-year decrease of 2.02% [3][6] - The total production quota for third-generation refrigerants in 2026 is set at 797,800 tons, an increase of 5,963 tons compared to the beginning of 2025, with specific increases in R32, R125, and R134a quotas [2][3][7] - The report emphasizes that the tightening of refrigerant quotas is a long-term trend, and it is expected that the main third-generation refrigerants will maintain a tight supply-demand balance in 2026, with significant price upside potential [3][20] Summary by Sections Second-Generation Refrigerants - The production quota for second-generation refrigerants in 2026 is 151,400 tons, a decrease of 12,100 tons from 2025, with R22 production quota at 146,100 tons, down 3,005 tons year-on-year [6][3] - The internal usage quota for R22 is 77,900 tons, reflecting a year-on-year reduction of 3.60% [6] Third-Generation Refrigerants - The total production quota for third-generation refrigerants is 797,800 tons, with an internal usage quota of 394,100 tons, both showing increases from 2025 [7][3] - Specific increases in production quotas include R32 at 281,500 tons, R134a at 211,500 tons, and R125 at 167,600 tons, while R143a, R152a, and R227ea show slight decreases [7][3] Investment Recommendations - The report suggests focusing on leading fluorochemical companies with complete industrial chains, advanced technology, and strong quota positions, such as Juhua Co., Ltd., Sanmei Co., Ltd., and Dongyue Group [20][21]

Core Viewpoint - Zhongjuxin announced the renewal of daily operational contracts with its largest shareholder, Zhejiang Juhua Co., Ltd., and its controlling shareholder, Juhua Group Co., Ltd., to regulate daily related transactions and protect the interests of all shareholders, particularly minority shareholders [2] Group 1 - The company will sign the "Daily Operational Contract" with Juhua Group and Zhejiang Juhua to ensure compliance in daily related transactions [2] - The contract aims to prevent harm to the company's independence and avoid significant reliance on related parties, thereby reducing redundant investments and resource waste [2] - The effective period of the contract is three years, starting from January 1, 2026, to December 31, 2028 [2]

Core Viewpoint - Zhongjuxin (688549.SH) plans to renew the "Daily Production and Operation Contract" with Juhua Co., Ltd. and its controlling shareholder Juhua Group to regulate daily related transactions in various areas such as raw material supply, production energy supply, public engineering maintenance services, transportation services, and environmental testing logistics services. The contract will be effective for three years, from January 1, 2026, to December 31, 2028 [1] Group 1 - The contract aims to standardize daily related transactions between Zhongjuxin and Juhua Group [1] - The effective period of the contract is from January 1, 2026, to December 31, 2028 [1]

Core Viewpoint - The company plans to renew the "Daily Production and Operation Contract" with its largest shareholder, Zhejiang Juhua Co., Ltd., and its controlling shareholder, Juhua Group Co., Ltd., for a period of three years from January 1, 2026, to December 31, 2028 [1] Group 1 - The renewal aims to standardize daily related transactions and protect the legal rights of all parties and their shareholders [1] - The contract will not harm the interests of the company and all shareholders, especially minority shareholders [1] - The agreement is expected to maintain the company's independence and reduce reliance on related parties, thereby minimizing redundant investments and resource waste [1]

Group 1 - The company Zhejiang Juhua Co., Ltd. will hold an investor reception day on December 19, 2025, to enhance communication with investors and address their concerns [1][2] - The event will take place from 14:00 to 17:00 at the Jinhua Hotel in Quzhou City, Zhejiang Province [1] - The attendees will include the company's General Manager Han Jinming and the Secretary of the Board and Financial Officer Wang Xiaoming [1] Group 2 - Investors interested in participating must register by December 18, 2025, at 17:00, as the event is limited to 100 participants [2] - Successful registrants will receive a confirmation via SMS, which will serve as their entry pass [3] - Personal identification is required for individual investors, while institutional representatives must provide relevant identification documents [3][4] Group 3 - The company will ensure compliance with legal regulations regarding the event and will require participants to sign a commitment letter [4] - After the event, the company will disclose the event's details and main content through designated media outlets [5] - Contact information for inquiries includes Zheng Kewei, with a phone number and email provided [5]

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-57 浙江巨化股份有限公司 关于举办投资者接待日活动的公告 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个别及连带责任。 为进一步加强与投资者沟通交流，解答投资者关心的各类问题，倾听投资者 的意见和建议，便于广大投资者全面、深入地了解浙江巨化股份有限公司（以下 简称"公司"）的生产经营情况，公司定于 2025 年 12 月 19 日以现场方式举办 投资者接待日活动。现将有关事项公告如下： 一、活动召开时间及地点 活动时间：2025 年 12 月 19 日下午 14:00-17:00 活动地点：浙江省衢州市柯城区衢化宾馆景园厅（柯城区北苑村 1 号） 二、出席人员 公司总经理韩金铭先生，董事会秘书、财务负责人王笑明先生。 三、活动安排 投资者与公司领导座谈交流。 四、投资者参加方式 为了更好地安排本次活动，请有意参与本次活动的投资者于 2025 年 12 月 18 日 17:00 前，扫描下列二维码预约登记。由于接待规模限制，本次现场参观 活动名额限 100 人，公司将 ...

2025 年 12 月 09 日 开源晨会 1209 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-12 2025-04 2025-08 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.794 | | 综合 | 3.031 | | 电子 | 2.600 | | 非银金融 | 1.904 | | 计算机 | 1.492 | 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -1.433 | | 石油石化 | -0.839 | | 食品饮料 | -0.775 | | 公用事业 | -0.421 | | 钢铁 | -0.271 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】推动基础设施 REITs 扩围——宏观周报-20251207 行业公司 【中小盘】商业航天催化不断，可复用火箭迎来大发展——中小盘 ...

Market Overview - On December 8, the Zhejiang state-owned enterprise reform sector rose by 0.93% compared to the previous trading day, with Zhejiang Xiantong leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Top Gainers in Zhejiang State-Owned Enterprises - Jiangxi Xianyun (603239) closed at 21.46, up 6.40%, with a trading volume of 163,000 shares and a transaction value of 340 million [1] - Yong'an Futures (600927) closed at 15.63, up 4.97%, with a trading volume of 221,500 shares and a transaction value of 345 million [1] - Yilida (002686) closed at 7.50, up 4.46%, with a trading volume of 718,200 shares and a transaction value of 532 million [1] - Hangzhou Hydrogen (002430) closed at 29.27, up 4.20%, with a trading volume of 122,300 shares and a transaction value of 641 million [1] - Juhua Co., Ltd. (600160) closed at 35.34, up 3.97%, with a trading volume of 298,900 shares and a transaction value of 1.05 billion [1] Top Losers in Zhejiang State-Owned Enterprises - Zhejiang Zhenyuan (000705) closed at 9.91, down 1.49%, with a trading volume of 86,400 shares [2] - Kang En Bei (600572) closed at 4.65, down 1.48%, with a trading volume of 334,600 shares [2] - Zhongjie Resources (002021) closed at 2.67, down 1.48%, with a trading volume of 323,300 shares [2] Capital Flow Analysis - The net inflow of main funds in the Zhejiang state-owned enterprise reform sector was 40.66 million, while retail funds saw a net inflow of 58.29 million [2] - Speculative funds experienced a net outflow of 98.95 million [2] Individual Stock Fund Flow - Juhua Co., Ltd. (600160) had a main fund net outflow of 50.89 million, with a retail net inflow of 14.95 million [3] - Yilida (002686) saw a main fund net inflow of 44.27 million, but a retail net outflow of 27.83 million [3] - Hangzhou Oxygen (002430) had a main fund net inflow of 39.64 million, with a retail net outflow of 19.51 million [3]