不过，英国能源转型慢于预期的现实又似乎给了英国炼厂一定的转机。电动车成本高企、电池材料受地 缘政治波动影响、英国电价高度不稳定，叠加生活成本危机，这些因素可能导致消费者保留现有柴油车 的时间远超政策制定者预期。除非需求比预期更快萎缩，否则英国柴油缺口可能持续存在。如是，则英 国炼油业还有一定的生存空间。而如果英国真的强行推动汽车电气化，则英国炼厂的最后关停并非不可 能发生的事情。 从技术上看，英国炼厂以加工轻质低硫原油为主，设计侧重汽油生产。历史上，英国汽油净出口常年为 正，大量输往北美及荷兰和比利时地区。但随着美国和中东成品油产业发展，加之英国汽车向柴油车型 转型，导致柴油持续短缺，英国只能以进口填补缺口：2024年英国62.4万桶/日清洁燃料进口中，柴油 26.5万桶/日，主要来自美国、沙特、荷兰和比利时，这导致英国本土炼油厂更加无利可图。此外，英 国净零战略计划2030年前逐步淘汰新汽柴油车销售，这进一步加剧了英国本土炼厂的压力。当本土炼油 成本无法与海外竞争时，英国炼油业就会有消失的可能。 今年，英国的炼油工业版图正经历数十年来最剧烈的收缩。4月29日，苏格兰唯一炼油厂格兰杰莫斯在 运营逾百年后停产， ...

"我们很高兴高端制造商大陆集团选择在其产品中使用我们的Vulkanox HS Scopeblue。这表明我们的创 新添加剂在行业内得到了认可与重视。"朗盛莱茵化学业务部门负责人Dr.Jens-Hendrik Fischer表示。"通 过此类解决方案，我们支持客户开发出最优产品，同时助力他们实现气候目标。" 中化新网讯 朗盛近日宣布，大陆集团成为首家采用朗盛新型Vulkanox HS Scopeblue可持续橡胶添加剂 的轮胎制造商。该产品是经市场验证的添加剂Vulkanox HS(TMQ)的升级版本，更具可持续性。它能在 硫化过程中为橡胶提供可靠防护，使其免受氧气、高温等因素的影响。 与传统工艺生产的产品相比，Vulkanox HS Scopeblue的碳足迹降低了30%以上。朗盛通过在生产中使用 可持续的生物循环丙酮与可再生能源实现了这一目标。该添加剂的整体化学结构保持不变，这意味着轮 胎制造商无需调整其生产工艺。 大陆轮胎采购负责人Steffen Ryssel表示："我们始终致力于提升产品的环保性能。与朗盛的此类合作， 以及使用Vulkanox HS Scopeblue等创新橡胶添加剂，有助于我们更接近2 ...

Core Insights - The 17th Global Chemical Regulations Annual Forum highlighted the challenges faced by the European chemical industry and the efforts to simplify compliance frameworks to enhance efficiency and reduce unnecessary costs [1][2] Group 1: European Chemical Industry Challenges - The European chemical industry has seen a 50% decline in global market share over the past 20 years, with over 20 major production sites closing in the last two years, resulting in a loss of 11 million tons of capacity [2] - Energy costs in Europe are significantly higher than in the US, with natural gas prices being four times higher, electricity prices two times higher, and CO2 prices two to three times higher [2] - The average operational time of European naphtha cracking units is 45 years, which is less efficient compared to modern ethane cracking units, contributing to the industry's struggles [2] Group 2: ECHA Action Plan - The European Chemicals Agency (ECHA) has outlined four key action areas: enhancing industrial resilience, ensuring energy supply while promoting decarbonization and circular economy, incentivizing green innovation and market mechanisms, and simplifying regulatory frameworks [2] - The ECHA plans to introduce simplification rules that will reduce the administrative burden on companies by 25% and by 35% for small and medium-sized enterprises [2] Group 3: Regulatory Developments - The European Commission proposed a basic regulation for the ECHA to strengthen its governance and financial sustainability, with targeted revisions to the REACH regulation expected by the end of 2025 [3] - Future proposals will focus on environmental legislation, agricultural biocontrol, and facilitating market access for biopesticides [3] Group 4: UK Regulatory Changes - The UK has introduced the Alternative Transitional Registration model (ATRm) to simplify regulatory measures while maintaining high levels of protection for human and environmental health [4] - The ATRm model is estimated to save 71% of compliance costs, equating to approximately £1.5 billion [4] - The UK chemical industry has expressed positive feedback regarding the government's recognition of the cost impacts of Brexit on the sector and the potential for the ATRm to provide regulatory certainty in the future [4]

Core Viewpoint - Goldman Sachs indicates that the market's expectations for the photovoltaic industry, particularly for polysilicon prices, are "overly" optimistic, predicting a significant price decline due to weak demand and aggressive cost-cutting by leading manufacturers [1][2] Group 1: Market Expectations - Since July 1, photovoltaic stocks have risen by an average of 40%, with market pricing reflecting expectations of polysilicon prices reaching 60 yuan per kilogram [1] - Goldman Sachs forecasts a 20% decline in polysilicon prices to approximately 42 yuan per kilogram, driven by a pessimistic outlook on future demand [1] Group 2: Demand and Inventory Pressure - Anticipated component demand is expected to drop by 40% to 45% year-on-year from the second half of 2025 to the first half of 2026, with global component demand already experiencing a sharp decline in June and July [1] - The industry is facing increasing inventory pressure, particularly in the polysilicon segment, which is leading to a situation where price increases upstream are not being transmitted downstream, further compressing profit margins in the photovoltaic industry [1] Group 3: Cost Reduction by Leading Firms - Leading companies are rapidly reducing production costs through optimizing factory capacity and adopting cost-reduction technologies, with cash costs expected to decrease by 10% to 14% across major segments of the supply chain [2] - Specifically, polysilicon cash costs are projected to fall to 25 yuan per kilogram, providing an incentive for leading firms to lower prices to gain market share in a weak demand environment [2] Group 4: Profitability and Valuation Adjustments - Goldman Sachs has lowered its EBITDA forecasts for the photovoltaic industry by an average of 45% compared to market consensus, indicating a downward pressure on valuations [2] - Although EBITDA expectations for polysilicon have been raised for 2025-2027, long-term forecasts for 2028-2030 have been downgraded, reflecting a cautious analysis of demand, costs, and prices [2]

据报道，浦项国际正在考虑通过承购方式采购LNG，即买方承诺在投产前购买所需数量的LNG。阿拉 斯加LNG项目涉及新建一条1300公里长的天然气管道，将从北极阿拉斯加北坡冰冻地区开采的天然气 输送到安克雷奇附近的不冻港尼基斯基，在那里进行液化后再供应给需求地区。 该项目约在10年前首次提出，当时埃克森美孚等美国能源企业也表现出兴趣，但由于投资成本高昂等商 业风险而被搁置，导致长时间进展缓慢。不过，随着特朗普总统在今年年初上任后不久签署相关行政命 令，该项目目前已重新取得进展。 中化新网讯 近日，韩国浦项国际表示，该公司将参与美国正在推进的阿拉斯加液化天然气(LNG)项目。 浦项国际已与阿拉斯加LNG项目首席开发商Glenfarne签署了一份为期20年、年供应100万吨LNG的意向 合同。该合同还包括浦项国际为阿拉斯加LNG项目提供建设所需的约1300千米的输油管道钢材。 ...

Core Insights - PPG Industries has been recognized in Time magazine's "2025 World's Best Companies" list, which highlights 1,000 leading employers shaping the future [1] Summary by Categories Employee Satisfaction - The ranking is based on employee satisfaction as one of the three core dimensions evaluated [1] Revenue Growth - Revenue growth is another critical factor considered in the selection process for the list [1] Sustainability - Sustainability is the third dimension that plays a significant role in the evaluation of companies for this recognition [1] Company Statement - PPG's Vice President and Chief Communications Officer, Bryan Iams, emphasized the company's mission of "protecting and beautifying the world" through innovative coatings and specialty materials solutions, highlighting the commitment of its 43,000 global employees [1]

Group 1 - The "14th Five-Year Plan" period is significant for ecological civilization construction and environmental protection in China, with continuous improvement in national ecological environment quality summarized by "five new" aspects [1][2] Group 2 - New achievements in pollution prevention include the completion of coal management for 41 million households and the elimination of nearly 20 million high-emission vehicles [1] - In water protection, the remediation completion rates for seven major river basins and key bays reached 90% and 93.3% respectively [1] - Soil pollution tracing for heavy metals in agricultural land in 132 key counties has been largely completed [1] Group 3 - Green and low-carbon development has made progress, with 1.12 billion kilowatts of coal power units and 950 million tons of crude steel capacity undergoing ultra-low emission transformations [1] - China has established the world's largest carbon trading market, which is now operating stably, and has initiated a voluntary greenhouse gas reduction trading market [1] Group 4 - Ecological protection and restoration have seen advancements, with over 30% of land area under ecological protection red lines and the rectification of 4,545 key issues in national nature reserves [2] - Major biodiversity protection projects have effectively safeguarded 90% of terrestrial ecosystem types and 74% of key wild animal and plant populations [2] Group 5 - Environmental governance efficiency has improved, with eight batches of central ecological environment protection inspections conducted, receiving over 144,000 public complaints [2] - A comprehensive ecological environment zoning control system has been established, along with the largest national ecological environment quality monitoring network globally [2] Group 6 - China has demonstrated new responsibilities in global environmental governance by successfully hosting the 15th Conference of the Parties to the Convention on Biological Diversity and promoting the "Kunming-Montreal Global Biodiversity Framework" [2] - The "Kunming Fund" has been initiated and is operational, effectively boosting global confidence in biodiversity protection [2]

编者按 今年上半年，A股共有5424家上市公司披露半年报。其中，石化行业588家上市公司合计实现营 业收入5.1077万亿元，同比下降4.93%；实现归母净利润0.27万亿元，同比下降10.28%，营收与利润呈 现"双降"态势。其中，油气板块和基础化工板块表现如何?它们交出了一份怎样的中期"答卷"?《石化化 工行业板块业绩分析》系列报道将分上下两篇，为广大读者进行解读。 今年上半年，国际油价环比回落。一季度WTI原油主力期货合约均价为71.5美元/桶，二季度降至68.5美 元/桶；同期布伦特原油均价从75美元/桶回落至71.5美元/桶。受此影响，涵盖油气开采、炼化、油服三 大子板块的油气板块整体业绩承压，但细分领域表现分化，油服板块凭借长期需求支撑实现稳步增长。 上半年，三大子板块合计实现营业收入37548.48亿元，同比下降7.93%；实现归母净利润1918.91亿元， 同比下降13.98%。利润降幅大于营收，反映出油价下行对行业盈利能力的直接冲击。 中国石化积极布局氢能、太阳能、风能、地热等业务，加快推动多能互补、融合发展，形成油、气、新 能源"三足鼎立"之势。目前，该公司已建成氢燃料电池供氢中心11个、 ...

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.21%, while the chemical machinery index increased by 2.90% [1] - The pharmaceutical index fell by 1.36%, and the pesticide and fertilizer index dropped by 2.50% [1] - The oil processing index declined by 2.22%, the oil extraction index decreased by 3.17%, and the oil trading index fell by 1.46% [1] Group 2: Oil Prices - As of September 19, the WTI crude oil futures settled at $62.68 per barrel, down 0.02% from September 12 [1] - The Brent crude oil futures settled at $66.68 per barrel, down 0.46% from the previous Friday [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were liquid chlorine (up 22.93%), isooctyl acrylate (up 7.47%), acrylic acid (up 5.04%), calcium carbide (up 4.94%), and MMA (up 4.51%) [1] - The top five petrochemical products with price decreases were vitamin E (down 10.00%), epichlorohydrin (down 6.44%), sulfuric acid (down 4.94%), p-nitrochlorobenzene (down 4.62%), and dichloromethane (down 3.64%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Kaimete Gas (up 28.62%), Hongda Explosive (up 22.93%), Sanwei Co. (up 22.53%), Zhongshi Technology (up 21.57%), and Jinghua New Materials (up 18.94%) [2] - The bottom five performing listed chemical companies were Runyang Technology (down 11.48%), Lafang Cosmetics (down 10.43%), Wankai New Materials (down 10.42%), Jiaao Environmental Protection (down 10.25%), and Shilong Industrial (down 9.41%) [2]

Core Viewpoint - Dalian Baiao Chemical Co., Ltd. reported a revenue of 749 million yuan for the first half of 2025, marking a year-on-year increase of 28.42%, while net profit decreased by 44.22% to 91.79 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 749 million yuan, reflecting a growth of 28.42% compared to the previous year [1] - Net profit for the first half of the year was 91.79 million yuan, which represents a decline of 44.22% year-on-year [1] Group 2: Business Segments - Baiao Chemical has established a dual business model focusing on industrial biocides and semiconductor equipment [1] - The chemical business is facing challenges due to external environmental factors, weak market demand, and continuously low prices, leading to sustained pressure on profitability [1] - The semiconductor business is part of a long-term strategic plan aimed at technology accumulation and building a competitive advantage [1] Group 3: Market Trends - Despite the overall pressure on the biocide business, positive changes are emerging, with the average sales price of biocide products increasing by 7.69% quarter-on-quarter [1] - The comprehensive procurement cost of key raw materials, including n-octylamine, methyl acrylate, magnesium nitrate, ethyl acetate, and chlorine, decreased by 21.37% quarter-on-quarter [1] - The gross margin of the industrial biocide business is expected to improve on a quarter-on-quarter basis [1]