1. Report Industry Investment Rating - Not provided in the doc 2. Core Views 2.1纯碱市场 - 检修带动短期产量偏低但后续将提升，计划内检修较少；国外价格到国内暂无优势，进口窗口未开，国内价格低位出口较好；终端备货充足，需求有回落预期，库存压力难解；市场正反馈情绪回落后维持偏空思路，短期防范风险观望为主 [7][9] 2.2玻璃市场 - 部分前期点火产线等待出品，供应端存政策端利多导向但暂未落地；近周末市场氛围受盘面走强提振，观察梅雨季后市场情绪变化；需求情绪走强库存下行；低位多单持有思路，情绪转弱则灵活离场 [153][155] 3. Summary by Directory 3.1纯碱市场 3.1.1市场综述 - 当期总产量70.89万吨，环比持平，预计后续提升；重质产量40.01万吨，环比增0.43万吨；轻质产量30.88万吨，环比降0.43万吨；进口0.03万吨，环比持平；出口4.1万吨，环比持平；浮法玻璃日熔量158425t/d，环比增650t/d；光伏玻璃日熔量91400t/d，环比降600t/d；重碱消费量33.70万吨，环比增0.02万吨；轻碱表需29.57万吨，环比增0.88万吨；纯碱表需65.50万吨，环比降1.13万吨；碱厂库存186.34万吨，环比增5.39万吨；社会库存23.80万吨，环比增1.00万吨；样本终端原料天数23.36天，环比增1.54天；氨碱法成本1281元，环比持平；氨碱法利润 -81元，环比增40元；联碱法成本1142元，环比降8元；联碱法利润8元，环比增48元；华中重碱 - 轻碱价差0元，环比持平；沙河市场价基差 -75元，环比降48元 [7] 3.1.2月度供需 - 展示了2020 - 2025年各月纯碱当月产量、进口量、表观需求量、出口量数据 [15][17][18][20] 3.1.3基差价差 - 展示了纯碱和玻璃期现货价格对照、纯碱合约基差、跨期价差、玻璃 - 纯碱合约/现货价差数据 [24][25][26][27][29][31][32][34][35][36][38][39][40][41] 3.1.4市场价格 - 沙河区域重质纯碱当期价1207元，环比上周涨23元，环比去年降693元；轻重碱区域价格有不同变化；展示了各区域重质、轻质纯碱价格及价差数据 [44][48][68] 3.1.5供应 - 目前多家企业检修/降负荷，部分企业有计划检修；当期国内纯碱开工率81.32%，环比上周持平，环比去年降6.01%；周产量70.89万吨，环比上周持平，环比去年降1.91%；重质纯碱产量40.01万吨，环比上周增0.43万吨，环比去年降2.47万吨；轻质纯碱产量30.88万吨，环比上周降0.43万吨，环比去年增0.56万吨；重质化率56.44%，环比上周增0.61%，环比去年降1.91%；产销比92.40%，环比上周降1.59%，环比去年降18.59% [74][75] 3.1.6需求 - 展示了浮法、光伏玻璃在产日熔量、重质纯碱日耗量、周度需求、周度表观消费量、产销率及光伏玻璃价格数据 [122][124][126][128][130][131][134][135] 3.1.7库存 - 当期纯碱企业库存186.34万吨，环比增5.39万吨，环比去年增87.98万吨；轻质纯碱企业库存79.13万吨，环比降1.35万吨，环比去年增20.80万吨；重质纯碱企业库存107.21万吨，环比增6.74万吨，环比去年增67.18万吨；库存天数15.45天，环比增0.45天，环比去年增7.19天 [139] 3.1.8仓单数量/有效预报 - Not provided in the doc 3.1.9地产相关数据 - Not provided in the doc 3.2玻璃市场 3.2.1市场综述 - 当期浮法玻璃日熔量158425t/d，环比增650t/d；周产量110.90万吨，环比增0.45万吨；表观消费量120.81万吨，环比增9.71万吨；厂库库存335.51万吨，环比降9.92万吨；天然气线成本1408元，环比增8元；天然气线利润 -178元，环比降8元；煤制气线成本931元，环比增12元；煤制气线利润214元，环比降6元；石油焦线成本1051元，环比增8元；石油焦线利润19元，环比降8元；华东 - 华中价差160元，环比持平；沙河5mm大板基差 -79元，环比降47元 [153] 3.2.2月度供需 - 展示了2020 - 2025年平板玻璃当月产量、浮法玻璃当月进口量、当月产量同比、当月出口量数据 [160][162][163][165] 3.2.3基差价差 - 展示了纯碱和玻璃期现货价格对照、玻璃合约基差、跨期价差、玻璃 - 纯碱合约/现货价差数据 [169][170][171][172][174][175][176][178][180][181][183][184][185][186] 3.2.4市场价格 - 展示了浮法玻璃5mm区域价格，包括沙河、华北、华东等地区不同规格价格及环比情况；还展示了各区域浮法玻璃5mm市场价及沙河、湖北部分企业5mm大板含税价数据 [190][192][193][195][196][198][200][202][204][206][208][210][211][213][215][216][217][219][221][223] 3.2.5供应 - 当期浮法玻璃煤制气企业利润108.78元，环比增22.80元；石油焦企业利润 -50.47元，环比增34.29元；天然气企业利润 -183.11元，环比增5.57元 [227] 3.2.6需求 - Not provided separately in the doc 3.2.7库存 - 厂库库存335.51万吨，环比降9.92万吨，预计后续继续下降 [153]

Group 1 - Aishuo Co., Ltd. expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [1] - Changcheng Military Industry anticipates a net loss of 25 million to 29.5 million yuan for the first half of 2025, with a net loss of 35 million to 41 million yuan after excluding non-recurring gains and losses [1] - Changyuan Donggu expects a net profit of 155 million to 180 million yuan for the first half of 2025, representing a year-on-year increase of 62.65% to 88.88% [1] Group 2 - Beifang Navigation forecasts a net profit of 105 million to 120 million yuan for the first half of 2025, turning around from a loss of 74.2168 million yuan in the same period last year [3] - Xizi Clean Energy expects a net profit of 130 million to 180 million yuan for the first half of 2025, a decrease of 47.40% to 62.01% compared to the same period last year [4] - Tianbao Infrastructure anticipates a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.80% to 2329.27% [4] Group 3 - Taiping Bird expects a net profit of approximately 77.7 million yuan for the first half of 2025, a decrease of about 55% compared to the same period last year [6] - Xibu Chuangye forecasts a net profit of approximately 295 million yuan for the first half of 2025, an increase of 88.99% compared to the same period last year [8] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 249.03% to 264.72% [9] Group 4 - Songzhi Co., Ltd. anticipates a net profit of 140 million to 170 million yuan for the first half of 2025, representing a year-on-year increase of 53.58% to 86.49% [10] - Hailide expects a net profit of 280 million to 310 million yuan for the first half of 2025, a year-on-year increase of 47.65% to 63.47% [12] - Chenhua Co., Ltd. forecasts a net profit of 48.8176 million to 56.6284 million yuan for the first half of 2025, a year-on-year increase of 25% to 45% [13] Group 5 - Yuanlin Co., Ltd. expects a net loss of 68 million to 92 million yuan for the first half of 2025, with a net loss of 70 million to 95 million yuan after excluding non-recurring gains and losses [14] - Chuanhua Zhili anticipates a net profit of 500 million to 550 million yuan for the first half of 2025, representing a year-on-year increase of 72.78% to 90.06% [15] - Longyuan Technology expects a net profit of 26 million to 31 million yuan for the first half of 2025, a year-on-year increase of 116.61% to 158.26% [17] Group 6 - Jiangshan Co., Ltd. forecasts a net profit of 300 million to 360 million yuan for the first half of 2025, a year-on-year increase of 75.65% to 110.78% [32] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, a year-on-year increase of 100.73% to 114.12% [33] - Zhongyan Chemical's subsidiary signed a 6.809 billion yuan mining rights transfer contract [35]

Core Viewpoint - The company announced that its subsidiary, Shaanxi Yanchang Petroleum Yushen Energy Chemical Co., Ltd., has completed its annual maintenance plan and will fully resume production on July 10, 2025 [1] Group 1 - The Yushen Energy Chemical facility underwent a scheduled shutdown for maintenance starting June 5, 2025, with an expected duration of 35 days [1] - During the maintenance period, the facility replaced the catalyst in the ethanol carbonylation unit and made rectifications to other units to enhance the performance and operational quality of production equipment [1]

停车检修期间，榆神能化更换了乙醇羰基化装置催化剂， 同时对其他装置进行了消缺整改，提升了各装置生产设备的性 能和运行质量，以确保装置安、稳、长、满、优运行。截至本 公告披露日，榆神能化已完成全部检修计划，并于 7 月 10 日全 面恢复生产运行，进入稳定运行状态。 公司选定的信息披露媒体为《证券时报》《中国证券报》 及巨潮资讯网（www.cninfo.com.cn），公司所有信息均以在上 述媒体披露的信息为准。敬请广大投资者注意投资风险。 特此公告。 股票代码：002109 股票简称：兴化股份 编号：2025-024 陕西兴化化学股份有限公司董事会 陕西兴化化学股份有限公司 关于子公司榆神能化完成年度检修计划恢复 运行的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 陕西兴化化学股份有限公司（以下简称公司）控股子公司 陕西延长石油榆神能源化工有限责任公司（以下简称榆神能化） 为了确保后期生产装置的安全平稳运行，按照计划于 2025 年 6 月 5 日进行例行停车检修，预计停车 35 天，具体内容详见 2025 年 6 月 6 日披露的《关于子公司榆神能化 ...

陕西兴化化学股份有限公司 关于子公司兴化化工例行停车检修的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 陕西兴化化学股份有限公司（以下简称公司）接到全资子公 司陕西延长石油兴化化工有限公司（以下简称兴化化工）的通知， 为了确保后期生产的安全平稳运行，按照计划兴化化工安排例行 停车检修。 兴化化工于 2025 年 6 月 29 日开始进行生产装置例行停车检 修，预计停车约 34 天，具体复产时间以装置实际开车时间为准。 本次停车检修是兴化化工的例行年度检修，对公司第三季度的经 营业绩会产生一定影响，但对 2025 年经营业绩不会产生重大影响。 本次实施停产检修有利于兴化化工提升生产设备性能和运行 质量、确保生产装置安全有效运行，能够促进兴化化工生产经营 良性发展，符合公司和全体股东的利益。公司将持续关注本次停 车检修的进展，并根据检修、复产的实际情况，依照相关规定及 时履行信息披露义务，公司选定的信息披露媒体为《证券时报》 股票代码：002109 股票简称：兴化股份 编号：2025-023 《中国证券报》及巨潮资讯网（www.cninfo.com.cn） ...

Core Viewpoint - The company announced a routine maintenance shutdown for its wholly-owned subsidiary, Shaanxi Yanchang Petroleum Xinghua Chemical Co., Ltd., starting on June 29, 2025, for approximately 34 days, which will impact the third quarter's operating performance but will not significantly affect the 2025 annual performance [1] Group 1 - The maintenance shutdown is part of the annual routine maintenance schedule for Xinghua Chemical [1] - The specific resumption time will depend on the actual startup time of the facility [1] - The company anticipates a certain impact on the third quarter's operating results due to this maintenance [1]

Summary of Key Points Core Viewpoint - Xinghua Co., Ltd. has experienced significant stock performance, with three trading halts in the last seven days and a cumulative increase of 26.32% in stock price, alongside a turnover rate of 54.77% [2]. Stock Performance - The stock recorded a trading volume of 45.99 million shares and a transaction amount of 188 million yuan on the latest trading day, with a turnover rate of 3.60% [2]. - The total market capitalization of the stock reached 5.513 billion yuan [2]. Margin Trading Data - As of June 20, the margin trading balance for the stock was 136 million yuan, with a financing balance of 136 million yuan, reflecting a decrease of 10.04 million yuan (6.89%) from the previous trading day, but a cumulative increase of 17.49 million yuan (14.79%) over the past seven days [2]. Institutional Trading Activity - The stock was listed on the "Dragon and Tiger List" due to a daily price deviation of 7%, with institutional investors net selling 98,900 yuan and total net selling by brokerage seats amounting to 4.87 million yuan [2]. Financial Performance - The company reported a total operating revenue of 840 million yuan for the first quarter, representing a year-on-year decrease of 7.53%, while the net profit was -96 million yuan, showing a year-on-year increase of 35.82% [2].

Group 1 - The chemical sector experienced a significant rebound, driven by the strength in oil and gas stocks, leading to widespread gains across the industry [1] - Xinghua Co. achieved a limit-up increase, marking its third consecutive day of gains over a seven-day period [1] - Other companies such as Six National Chemical, Zhongyida, Danhua Technology, and Bohai Chemical also reached their daily limit-up, indicating strong market performance [1]

Core Points - Xinghua Co., Ltd. experienced a limit down on the trading day, with a turnover rate of 9.08% and a total transaction amount of 468 million yuan, reflecting a price fluctuation of 9.67% [2] - Institutional investors net sold 98,900 yuan, while the total net selling by brokerage seats amounted to 4.87 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to a daily price deviation of -9.40% [2] Trading Data - The top five brokerage seats accounted for a total transaction amount of 75.65 million yuan, with buying transactions at 35.34 million yuan and selling transactions at 40.31 million yuan, resulting in a net selling of 4.97 million yuan [2] - Among the brokerage seats, two institutional specialized seats were involved, with a total buying amount of 7.55 million yuan and a selling amount of 7.64 million yuan, leading to a net selling of 9,890 yuan [2] Fund Flow - The stock saw a net inflow of 2.72 million yuan from main funds, with a net outflow of 930,200 yuan from large orders and a net inflow of 3.65 million yuan from major orders [2] - Over the past five days, the main funds experienced a net outflow of 120 million yuan [2]

Core Viewpoint - Xinghua Co., Ltd. has announced that its subsidiary, Xinghua Chemical, has a methanol production capacity of 300,000 tons per year, with an expected production of 322,900 tons in 2024. The majority of this methanol will be used internally for the production of products such as methylamine, DMF, and ethanol, with external sales projected at approximately 62,300 tons and a sales revenue (excluding tax) of 122 million yuan in 2024 [1] Group 1 - The methanol production capacity of Xinghua Chemical is designed at 300,000 tons per year [1] - The expected methanol production for 2024 is 322,900 tons [1] - A significant portion of the methanol produced will be utilized for internal product needs [1] Group 2 - External sales of methanol are estimated to be around 62,300 tons in 2024 [1] - The projected sales revenue from external methanol sales is 122 million yuan (excluding tax) [1]