1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report focuses on the weekly data of the basic chemical industry, showing that the demand is weak and the MDI price is running weakly. It details the price and profit changes of various chemical products in different sectors such as polyurethane, oil - gas - olefin, and coal - chemical industries, and also tracks the stock price, market value, and profit of related listed companies [1][2]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - **Stock Price Fluctuations**: From July 11, 2025, the basic chemical index rose 1.5% in the past week, 2.5% in the past month, 11.1% in the past three months, 20.9% in the past year, and 8.9% since the beginning of 2025. Among related companies, Wanhua Chemical rose 3.0% in the past week, Baofeng Energy fell 2.6%, Satellite Chemical fell 1.8%, and Hualu Hengsheng fell 1.5% [8]. - **Profit Tracking**: As of July 11, 2025, Wanhua Chemical had a total market value of 174.9 billion yuan, with a net profit attributable to the parent company of 13.033 billion yuan in 2024A, 13.966 billion yuan in 2025E, 16.864 billion yuan in 2026E, and 19.233 billion yuan in 2027E. Similar data is provided for Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [8]. - **Polyurethane Industry Chain** - **Product Prices and Profits**: This week, the average prices of pure MDI, polymer MDI, and TDI were 16,640 yuan/ton, 14,800 yuan/ton, and 12,120 yuan/ton respectively, with week - on - week changes of - 300 yuan/ton, - 420 yuan/ton, and + 120 yuan/ton. The corresponding gross profits were 3,565 yuan/ton, 2,765 yuan/ton, and 1,110 yuan/ton, with week - on - week changes of - 153 yuan/ton, - 295 yuan/ton, and + 213 yuan/ton [2][8]. - **Oil - Gas - Olefin Industry Chain** - **Raw Material Prices**: The average prices of ethane, propane,动力煤, and naphtha this week were 1,254 yuan/ton, 4,135 yuan/ton, 483 yuan/ton, and 4,211 yuan/ton respectively, with week - on - week increases of 56 yuan/ton, 65 yuan/ton, 13 yuan/ton, and 102 yuan/ton [2]. - **Product Prices and Profits**: The average price of polyethylene was 7,931 yuan/ton, down 15 yuan/ton week - on - week. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1,304 yuan/ton, 2,046 yuan/ton, and 68 yuan/ton respectively, with week - on - week decreases of 62 yuan/ton, 44 yuan/ton, and 119 yuan/ton. The average price of polypropylene was 7,064 yuan/ton, down 56 yuan/ton week - on - week. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were - 45 yuan/ton, 1,670 yuan/ton, and - 127 yuan/ton respectively, with week - on - week decreases of 101 yuan/ton, 71 yuan/ton, and 145 yuan/ton [2]. - **Coal - Chemical Industry Chain** - **Product Prices and Profits**: The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,228 yuan/ton, 1,808 yuan/ton, 4,255 yuan/ton, and 2,301 yuan/ton respectively, with week - on - week changes of - 13 yuan/ton, + 11 yuan/ton, + 235 yuan/ton, and - 49 yuan/ton. The corresponding gross profits were 343 yuan/ton, 148 yuan/ton, 141 yuan/ton, and 12 yuan/ton, with week - on - week changes of - 9 yuan/ton, + 3 yuan/ton, + 327 yuan/ton, and + 7 yuan/ton [2]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: No specific content provided other than the mention of the index and related data in the data briefing section [12]. - **Polyurethane Sector**: Analyzes the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and profit of polymer MDI, TDI, and pure MDI [17][18]. - **Oil - Gas - Olefin Sector**: Covers the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic动力煤, and naphtha, and the profit of different production processes such as ethane cracking, naphtha cracking, MTO, and CTO for producing PE and PP [24][30]. - **Coal - Chemical Sector**: Analyzes the price trends and profits of coal - coking products, traditional coal - chemical products, and new materials such as coking coal, coke, synthetic ammonia, methanol, urea, DMF, acetic acid, DMC, oxalic acid, octanol, adipic acid, caprolactam, and PA6 [10][42].

Group 1 - The core viewpoint of the news is that Ningxia Baofeng Energy Group Co., Ltd. has applied for a patent related to the calculation method for propylene loss during the regeneration of propylene protection beds and liquid phase dryers, which aims to control production costs and improve economic efficiency [1] Group 2 - Ningxia Baofeng Energy Group Co., Ltd. was established in 2005 and is located in Yinchuan City, primarily engaged in the manufacturing of chemical raw materials and chemical products [2] - The company has a registered capital of 733.336 million RMB and has made investments in 16 enterprises [2] - The company has participated in 5,000 bidding projects and holds 438 patents along with 23 trademark registrations and 774 administrative licenses [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

1. Report Industry Investment Rating No information provided in the content 2. Core Viewpoints of the Report The report presents a weekly data briefing on the basic chemical industry, covering price and profit changes in various sectors such as polyurethane, oil - gas - olefin, and coal - chemical industries, as well as the performance of related listed companies [2][8][10] 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a weekly increase of 0.8%, a monthly increase of 3.3%, a quarterly increase of 3.1%, and an annual increase of 15.9% as of July 4, 2025. Among related companies, Wanhua Chemical had a weekly increase of 1.3%, Baofeng Energy had a weekly decrease of 1.5%, Satellite Chemical had a weekly increase of 4.0%, and Huarun Hengsheng had a weekly increase of 1.0% [8] - In terms of profitability, Wanhua Chemical's estimated归母净利润 in 2025 is 13966 million yuan, Baofeng Energy's is 12360 million yuan, Satellite Chemical's is 7004 million yuan, and Huarun Hengsheng's is 4265 million yuan [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 16940, 15220, and 12000 yuan/ton respectively, with week - on - week changes of - 100, - 430, and + 775 yuan/ton. Their respective gross profits were 3718, 3061, and 897 yuan/ton, with week - on - week changes of + 162, - 116, and + 1177 yuan/ton [2][8] - **Oil - Gas - Olefin Industry Chain** - Raw material prices: The average prices of ethane, propane,动力煤, and naphtha this week were 1198, 4071, 470, and 4108 yuan/ton respectively, with week - on - week changes of + 25, - 118, + 0, and - 114 yuan/ton [2][8] - Product prices and profits: The average price of polyethylene was 7946 yuan/ton, with a week - on - week decrease of 29 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1365, 2091, and 189 yuan/ton respectively, with week - on - week changes of - 50, - 19, and + 94 yuan/ton. The average price of polypropylene was 7120 yuan/ton, with a week - on - week decrease of 16 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 56, 1742, and 20 yuan/ton respectively, with week - on - week changes of + 94, - 11, and + 101 yuan/ton [2] - **Coal - Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2242, 1797, 4020, and 2349 yuan/ton respectively, with week - on - week changes of + 28, - 5, + 60, and - 32 yuan/ton. Their respective gross profits were 352, 144, - 186, and 6 yuan/ton, with week - on - week changes of + 16, - 12, + 28, and + 2 yuan/ton [2][10] 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - No detailed content provided in the given text - **2.2 Polyurethane Plate** - Analyzes the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil - Gas - Olefin Plate** - Discusses the price trends of raw materials such as ethane, propane,动力煤, and naphtha, as well as the profit situations of different production processes for polyethylene and polypropylene [2][8] - **2.4 Coal - Chemical Plate** - Covers the price and profit trends of coal - chemical products such as synthetic ammonia, urea, DMF, and acetic acid [2][10]

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

证券代码：600989 证券简称：宝丰能源 公告编号：2025-023 宁夏宝丰能源集团股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/5/15 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 | 5 | 月 | 14 | 日~2026 | 年 | 13 日 | | 预计回购金额 | 10亿元~20亿元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 6,059.34万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.83% | | | | | | | | 累计已回购金额 | ...

Core Viewpoint - The successful operation of Baofeng Energy's coal-to-olefins project in Inner Mongolia marks a significant milestone in China's coal chemical industry, showcasing advancements in clean and efficient coal utilization and modern coal chemical technology [1][2][3]. Group 1: Project Significance - The project represents a breakthrough in the clean and efficient utilization of coal, addressing resource constraints and environmental challenges, and is a key component of China's energy security strategy [2][3]. - The production of olefins from coal can replace petroleum-based materials, reducing crude oil imports significantly, thus enhancing energy security [2]. - The project has achieved a continuous stable production of over 200 days, demonstrating its operational reliability and technological success [1]. Group 2: Technological Advancements - The project employs the world's first "green hydrogen coupled coal-to-olefins" process, which reduces carbon emissions significantly compared to traditional methods [2]. - It has set new industry benchmarks by achieving a comprehensive energy consumption that is 15% lower than the industry standard [2]. - The project has been recognized for its use of domestically produced equipment, with 23 items reaching leading domestic and international standards, marking a shift from being a follower to a leader in coal chemical equipment [3][4]. Group 3: Economic Impact - The project is expected to generate an industrial output value of approximately 30 billion yuan and contribute over 3 billion yuan in taxes by 2025, while creating nearly 6,000 jobs [6]. - Baofeng Energy aims to expand its coal-to-olefins capacity to over 10 million tons, contributing to the replacement of high-end chemical imports and enhancing national energy security [6]. Group 4: Future Prospects - There are aspirations for further research and development in areas such as ultra-supercritical power generation and low-grade coal utilization, aiming to innovate within the coal chemical sector [7]. - The project is seen as a model for future coal chemical standards, with hopes to transform the "Baofeng model" into a "Chinese standard" for global energy transition [7].