Core Viewpoint - The company announced the initiation of the Tianjin nylon new materials project, which is set to enhance its competitiveness in the new materials sector by integrating the entire production chain from "adiponitrile - hexamethylenediamine - nylon 66" [2] Group 1 - The project commenced pile foundation construction on September 24, 2025 [2] - The project is expected to be completed by 2027, following successful small-scale and pilot technology validations [2] - The completion of this project will further improve the company's new materials segment layout [2]

Core Insights - The company Xinhecheng announced on November 24 that its fragrance and flavor segment primarily produces various types of fragrances including linalool, citral, leaf alcohol, dihydro jasmine ketone methyl ester, and menthol, which are widely used in personal care, home care, cosmetics, and food sectors [2] Company Strategy - The company focuses on customer-centricity with a diverse product range to meet different customer needs [2] - Future plans include continuous optimization of product structure and expansion of fragrance product categories, aiming to launch integrated, series, and synergistic new fragrance varieties to enhance core competitiveness [2] Project Development - The company has initiated a project in Shandong covering approximately 1,000 acres for the layout of new products, with related projects currently in the early preparation and phased approval process [2]

证券日报网讯新和成11月24日发布公告，在公司回答调研者提问时表示，公司布局草铵膦项目主要考虑 产业链的协同性，公司积极关注并培育植保，希望以此产品为契机进入植保行业。目前在进行草铵膦立 项准备工作，精草铵膦项目目前已获环评审批，大生产投建计划需结合公司战略及市场情况确定。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯新和成11月24日发布公告，在公司回答调研者提问时表示，基于对公司未来持续稳定发展 的信心和长期投资价值的认可，为切实维护公司全体投资者利益，增强投资者信心，同时为了不断完善 公司长效激励机制，充分调动公司员工的积极性，公司拟以集中竞价交易方式回购公司股份，回购总金 额3亿元-6亿元，用于实施股权激励计划或员工持股计划。截至2025年10月31日，公司通过股票回购专 用证券账户以集中竞价交易方式回购公司股份数量为2，008.27万股，成交总金额为4.46亿元（不含交易 费用）。 ...

Group 1: Company Overview - The company is Zhejiang Xinhacheng Co., Ltd., with stock code 002001 and abbreviation Xinhacheng [1] - The investor relations activity was recorded under number 2025-014 [1] Group 2: Investor Relations Activity - The activity included a strategy meeting with various investment firms and analysts [2] - Key participants included representatives from Guosen Securities, Qianhai Hezhi, and Huaxia Fund among others [2] Group 3: Project Updates - The Tianjin Nylon New Materials project commenced pile foundation construction in September 2025 and is expected to be completed by 2027 [3] - The company has a solid methionine production capacity of 30,000 tons, with an expansion project of 70,000 tons nearing completion [3] - The Heilongjiang base focuses on bio-fermentation products, including Vitamin C and various amino acids, enhancing overall efficiency through technological upgrades [3] Group 4: New Materials and Product Development - The company aims to be a leader in the new materials sector, focusing on high-performance polymers like PPS, with a current capacity of 22,000 tons and plans for expansion [4] - The fragrance segment produces various products, including linalool and citral, with ongoing projects to enhance product offerings [4] Group 5: Future Plans and Strategic Focus - The company plans to focus on health and high polymer new materials, emphasizing integrated and collaborative development strategies [6] - A share buyback plan is in place, with a total amount of 300 million to 600 million yuan allocated for stock repurchase to enhance investor confidence [6]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Core Insights - The 9th Forum on High-Quality Development and Management Innovation was held at Zhejiang University, focusing on the integration of internal control and financial intelligence in enterprises [1] - The "Zhihai-Dayu" financial model 2.0 and the "2025 Zhejiang Listed Companies Internal Control Index Report" were released, highlighting the importance of management innovation [1] Group 1: Internal Control Rankings - The 2023 Internal Control Top 30 list includes 20 companies that have been consistently ranked for five years, such as Ningbo Port and Zhejiang Energy Power [2] - Six new entrants to the list include Top Group and Bull Group, with some companies returning after previous rankings [2] Group 2: Internal Control Index Trends - Since 2021, the average internal control index in Zhejiang has exceeded 65 points, indicating a gradual improvement in internal control quality among listed companies [3] - The number of Zhejiang companies in the national top 100 for internal control has decreased by two compared to last year, totaling seven [3] Group 3: Industry and Regional Distribution - Over half of the companies in the Internal Control Top 30 are from emerging industries, with the most represented sectors being new materials and new energy [3] - The top three cities for internal control levels in Zhejiang are Hangzhou, Taizhou, and Shaoxing, with nine cities producing top companies, indicating progress in internal control construction [3] Group 4: Research Significance - The "Zhejiang Listed Companies Internal Control Index Report" is a significant research outcome in the field of internal control evaluation, published annually since 2017 [4] - The report employs a stable research methodology with 144 indicators based on five internal control elements, gaining attention from regulatory bodies and the media [4]

Group 1 - The report emphasizes the focus on chemical new materials and fine chemicals as key investment areas in the context of China's dual carbon goals, with a series of top-level designs and policies to accelerate the industry's transformation towards high-end, intelligent, and green development [4][21][49] - The Shenyuan Basic Chemical Index has outperformed the CSI 300 Index, rising by 31.7% year-to-date as of November 19, 2023, surpassing the CSI 300 by 15.1 percentage points, ranking 6th among 31 Shenyuan industries [4][11] - The report suggests that the demand for modified plastics is expected to grow significantly, with production increasing from 22.5 million tons in 2020 to 33.2 million tons in 2024, reflecting a compound annual growth rate of 10% [4][24][30] Group 2 - The vitamin industry is expected to see improvements in supply-demand structure due to restrictions on new production capacities for various vitamins, which will help stabilize prices and enhance market conditions [4][38][50] - China is the largest producer of vitamins globally, with an expected production of 491,000 tons in 2025, accounting for 89% of global output, and the country has implemented restrictions on new capacity for several vitamins [34][38][50] - The report highlights that the demand for vitamins is anticipated to grow, driven by global population growth and increasing life expectancy, which will enhance the need for nutritional products [42][48][50] Group 3 - The report recommends focusing on key companies such as Kingfa Technology, Yinhai Technology, and Guoen Co., which are expected to benefit from the growth in modified plastics [4][49][51] - For the vitamin sector, companies like Wanhua Chemical, New Hope Liuhe, and Tianxin Pharmaceutical are highlighted as key players to watch due to their strong market positions and growth potential [4][49][51] - The report indicates that modified plastics are recognized as a strategic emerging industry in China, supported by various policies aimed at promoting technological innovation and application [4][21][24]

Group 1 - The Artemisinin concept index rose by 0.31%, ranking 10th among concept sectors, with three stocks increasing in value, including Delong Huineng, Rundu Co., and Haizheng Pharmaceutical, which rose by 4.35%, 0.87%, and 0.19% respectively [1] - The leading decliners in the sector included Fosun Pharma, New Hecheng, and Baiyunshan, which fell by 1.23%, 0.36%, and 0.34% respectively [1] Group 2 - The main capital flow analysis indicates a net outflow of 176 million yuan from the Artemisinin concept sector, with only one stock, Delong Huineng, experiencing a net inflow of 8.0428 million yuan [2] - The capital flow rankings for the Artemisinin concept show that Delong Huineng had a trading volume of 4.35% and a turnover rate of 13.19%, while other stocks like Kunming Pharmaceutical Group and Rundu Co. had net outflows of 1.72 million yuan and 3.06 million yuan respectively [2][3]

Group 1 - The event held in Zhengzhou focused on the release and matching of scientific and technological achievements, highlighting the collaboration between Henan Ruizhi Machinery Technology Co., Ltd. and the Chinese Academy of Sciences on a key project for intelligent manufacturing of hydraulic shock absorbers for new energy vehicles [1][3] - Henan Ruizhi Machinery Technology Co., Ltd. is recognized as a national high-tech enterprise and a specialized and innovative enterprise in Henan Province, with over 30 patents and partnerships with various academic institutions [2] - The project aims to utilize advanced magnesium alloy precision processing technology and robotic automation to enhance production efficiency and safety, addressing industry challenges such as the flammability of magnesium chips [2] Group 2 - The event was guided by the Henan Provincial Government and the Chinese Academy of Sciences, featuring a total of 627 technological achievements from the Chinese Academy of Sciences and 118 from the Henan Academy of Sciences, with 236 achievements released on-site [3] - The showcased technologies span various fields including electronic information, new materials, new energy, biomedicine, low-altitude economy, and modern agriculture, indicating a broad focus on innovation and industrial empowerment [3]