中化新网讯 2025年，山东能源齐翔腾达持续深化产业工人队伍建设改革，聚焦产业工人素质提升、队 伍壮大等重点任务，搭平台、重激励、强引领，不断推动产业工人由"工"到"匠"，激活公司创新创效动 能。 激励是外在推力。在齐翔腾达，考证拿奖不是个人爱好，而是企业战略。该公司定期举办新职工座谈交 流会、工匠人才培养座谈会，领导也会深入现场解决青年职工成长难题，荣誉奖励也会向一线倾斜。齐 翔腾达高度重视职工技能提升工作，加大表彰奖励力度，让有能力、重实干、善创新的职工当"主角"。 同时，该公司还设立"劳模工匠风采"展示墙，扎实开展优秀职工评选、杰出青年技工评比等活动，近年 来共推出10余个典型人物和群体，营造出"尊重劳模、关心劳模、争当劳模"的氛围。 精神引领是内在动力。该公司定期举办"工匠精神"主题宣讲会、"星火青年"分享会，邀请劳模工匠、技 术能手分享成长故事，用榜样的力量点燃职工心中的"匠心之火";开展"优秀师徒"表彰会，鼓励老技师 与青年职工结对子，通过"传帮带"让技艺和精神代代相传;创新推出"政治+业务"双导师制，引导青年职 工将个人理想融入企业发展。 技能提升需要好的平台。该公司技术团队利用报废装置废旧控制 ...

证券日报网讯1月28日，齐翔腾达（002408）在互动平台回答投资者提问时表示，公司环氧丙烷装置采 用德国赢创、蒂森克虏伯共有的过氧化氢直接氧化法技术，该工艺具有原子经济性高、反应条件温和、 副产物仅为水等显著优势，较传统氯醇法大幅降低能耗与环保压力。当前环氧丙烷价格持续上行，叠加 公司原料自供稳定，产品毛利空间进一步打开，对公司业绩形成积极支撑。 ...

Core Viewpoint - Qichang Tengda has a production capacity of 300,000 tons per year for epoxy propane and has established a supporting high-concentration hydrogen peroxide facility with a capacity of 205,000 tons [2] Group 1 - The company has a stable supply of raw materials for epoxy propane production, supported by a propane dehydrogenation unit with a capacity of 700,000 tons per year [2] - The epoxy propane facility is currently operating at full capacity, ensuring a continuous and stable supply to downstream customers [2] - The company maintains a high production and sales rate, indicating strong operational performance [2] Group 2 - The company aims to seize market opportunities by continuously optimizing processes and strengthening cost control [2] - There is a focus on further enhancing operational efficiency to consolidate competitive advantages in the industry [2]

Group 1: Market Overview - The non-ferrous metal sector experienced a significant rise, with major companies like Zijin Mining and Luoyang Molybdenum seeing substantial gains [1][4] - The oil and gas extraction sector also strengthened, with "three major oil companies" collectively rising, including China National Offshore Oil Corporation increasing over 7% [8] - The overall market sentiment towards resource stocks extended to other cyclical sectors such as chemicals, steel, and coal, all of which saw upward movement [1][11] Group 2: Specific Sector Performance - Precious metals led the gains in the non-ferrous metal sector, with stocks like Zhaojin Mining, Sichuan Gold, and Hunan Gold hitting the daily limit [5][7] - The chemical sector benefited from price increase themes, with specific products like epoxy propylene and glyphosate seeing price hikes [11][12] - The semiconductor sector was also active, with companies like Zhongwei Semiconductor rising over 14% after announcing price increases of 15%-50% for certain products due to supply chain pressures [14] Group 3: Economic Indicators - The US dollar index fell significantly, reaching a near four-year low, influenced by market speculation regarding potential currency interventions by the US and Japan [10] - Analysts predict that oil prices may see a bottoming out and potential recovery in mid-2026, driven by demand recovery and global inventory accumulation [10]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The basic chemical industry index closed at 4971.22 points, up 7.29% from the previous week, outperforming the CSI 300 index by 7.91% [16][19] - Among 24 sub-industries, 23 saw price increases, with the leading sectors being other chemical raw materials, textile chemical products, chlor-alkali, coal chemical, and viscose, with weekly increases of 12.94%, 12.92%, 10.93%, 10.50%, and 10.21% respectively [19][21] - The report highlights China's commitment to implementing a dual control system for carbon emissions, aiming for peak carbon emissions before 2030 and carbon neutrality by 2060 [6] Weekly Chemical Market Overview - The basic chemical industry index rose to 4971.22 points, marking a 7.29% increase compared to the previous week, and outperformed the CSI 300 index by 7.91% [16][19] - The report tracked 380 chemical products, with 114 showing price increases and 54 showing decreases [23] - The top ten products with the highest price increases included solid methionine, NYMEX natural gas, and battery-grade lithium carbonate, with increases ranging from 7% to 128% [25] Key Chemical Sub-Industry Tracking Polyester Filament Yarn - The market price for polyester filament yarn increased, with POY averaging 6710 CNY/ton, FDY at 6950 CNY/ton, and DTY at 7850 CNY/ton [27] - The average industry operating rate for polyester filament yarn was approximately 85.27% [28] - The average processing margin for POY was 1189.33 CNY/ton, indicating a profit increase compared to the previous week [29][30] Tire Industry - The operating rate for the all-steel tire industry was 62.53%, while the semi-steel tire industry saw an increase to 73.84% [41] - The average price of styrene-butadiene rubber decreased by 1.53% to 12096.25 CNY/ton [43] - The report noted a decline in export volumes for major tire companies in Southeast Asia [41][42] Refrigerants - The domestic refrigerant R22 market remained stable, with prices holding steady compared to the previous week [49] - Mainstream companies quoted R22 at 15500-18000 CNY/ton, with no significant willingness to lower prices [50]

Core Viewpoint - The company is actively exploring new downstream application scenarios for its products, including the use of ketones in electronic cleaning, anhydride in new environmentally friendly board materials, high-purity anhydrous tert-butanol in semiconductor photoresist diluents, and propylene oxide in new energy vehicle seat filling materials [1] Group 1 - The company is focusing on the development of emerging applications for its products [1] - The company is advancing key technology breakthroughs through independent research and collaboration with research institutions and universities [1] - The company is leveraging its existing MMA product advantages to gradually extend into the downstream high-performance resin material field [1] Group 2 - The company has initiated technical cooperation for PMMA small-scale trials with research institutions [1] - The company plans to advance pilot testing and industrialization research for PMMA [1]

Core Viewpoint - The company plans to increase capital expenditure in 2026 compared to 2025, focusing on optimizing and upgrading its existing industrial chain through process innovation and equipment upgrades [1] Group 1: Capital Expenditure and Strategy - The company will focus on optimizing and upgrading its existing industrial chain, aiming to enhance production potential and improve the output ratio of high value-added products [1] - The company is set to accelerate the construction progress of its 8,000 tons/year catalytic new materials project, which is nearing completion [1] - The completion of this project is expected to significantly enhance the company's self-supply capability in the high-end catalyst field, breaking foreign technology monopolies and expanding the added value of the industrial chain [1] Group 2: Future Projects - The company plans to gradually launch a series of small investment projects that yield quick results, in line with its existing industrial layout [1]

Core Viewpoint - The company is actively exploring new application scenarios for its products, focusing on emerging markets and technological advancements [1] Group 1: Product Development - The company is expanding the application of acetone in electronic cleaning, anhydride in new environmentally friendly board materials, high-purity anhydrous tert-butanol in semiconductor photoresist diluents, and propylene oxide in new energy vehicle seat filling materials [1] - The company is leveraging its existing MMA product advantages to gradually extend into downstream high-performance resin materials, specifically PMMA [1] Group 2: Technological Innovation - The company is advancing key technological breakthroughs through independent research and collaboration with research institutions and universities [1] - The company has initiated small-scale PMMA technology trials in partnership with research institutions, with plans to progress to pilot testing and industrialization research [1]

Group 1: Company Performance and Challenges - The company's performance in 2025 showed a decline, with profits in the first half followed by losses in the third and fourth quarters due to falling product prices and weak downstream demand [1] - The main reason for the losses was the significant drop in product prices, which outpaced the reduction in costs from raw materials, leading to an expanded gap between the two [1] - The company is focusing on optimizing its product structure and enhancing high-value product development to improve margins and production efficiency [1] Group 2: Cash Flow and Financial Stability - Despite overall losses in 2025, the company maintained a stable cash flow, supported by improved credit ratings and financing conditions after joining an energy group [2] - The average financing cost in 2025 decreased by 0.49 percentage points compared to the previous year, significantly reducing financing expenses [2] - Measures such as reducing accounts receivable and optimizing inventory have been implemented to ensure healthy cash flow [2] Group 3: Market Dynamics and Product Pricing - The recent surge in butadiene prices was attributed to multiple facility maintenance shutdowns, leading to tightened market supply and increased export orders, particularly from Southeast Asia and South Korea [2] - The demand for synthetic rubber is expected to grow due to the transition from traditional to electric vehicles and ongoing infrastructure projects [2] Group 4: Capital Expenditure and Future Investments - Capital expenditure for 2026 is projected to increase compared to 2025, focusing on optimizing and upgrading existing production lines [3] - The company is advancing an 8,000 tons/year catalytic materials project, which aims to enhance its capabilities in high-end catalyst production and break foreign technology monopolies [3] Group 5: Operational Efficiency and Industry Outlook - The company’s main production facilities are operating at over 90% capacity, with a comprehensive product matrix covering over 30 types of chemicals [3] - The industry is expected to see a turning point in 2026, driven by the exit of foreign capacities and the ongoing removal of inefficient production, which may stabilize product prices and restore market confidence [3] Group 6: Innovation and New Applications - The company is exploring new applications for its products, such as acetone in electronic cleaning and maleic anhydride in eco-friendly materials [3] - Ongoing collaborations with research institutions aim to accelerate the development of key technologies and the commercialization of new high-performance resin materials [3]

Summary of Conference Call Notes Industry Overview - The petrochemical industry is experiencing a price surge driven by aromatics and by-products, with significant improvements in price differentials since early December. Key price changes include: - PX price differential improved by $81/ton - Pure benzene price differential improved by $98/ton - PTA price differential improved by 190 RMB/ton - Styrene price differential improved by 866 RMB/ton - Butadiene increased by 3650 RMB/ton - Sulfur increased by 325 RMB/ton, reaching a new high [1][1][1] Key Points and Arguments 1. **Aromatics and By-products as Price Drivers**: The surge in prices is attributed to the early end of production and a decline in supply for aromatics and by-products, indicating a long-term supply-demand imbalance. Exports exceeding expectations are also a significant catalyst for this price increase [1][1][1]. 2. **Olefins Rebalancing**: The year 2025 is projected to be a significant year for olefin production, which may lead to severe price impacts. The ethylene/propylene price differential is currently below the 20th percentile of the last decade. The market is in a rebalancing phase, with expectations of increased maintenance and exit plans for overseas ethylene in 2026, leading to a potential recovery of 600-700 RMB/ton in PP/PE futures from recent lows [1][1][1]. 3. **Tightening of Olefin Approvals**: Although olefin approvals have significantly tightened, existing capacity will need time to be absorbed, with a potential rebound in 2026, though a reversal is not yet assured [2][2][2]. 4. **Impact of Carbon Neutrality Goals**: The "dual carbon" goals are reshaping the long-term pricing logic in the industry. The tightening of carbon indicators during the 14th Five-Year Plan and the difficulty in approving new petrochemical capacities suggest that supply-demand improvements are a long-term trend. The elimination of older facilities may accelerate, benefiting leading companies that have expanded capacity in recent years, thereby strengthening their cost and carbon emission advantages [2][2][2]. Recommendations - The petrochemical sector is a key focus area for national macroeconomic regulation. The recent price increases in the sector are not merely valuation adjustments but are driven by the sequential price increases of key products. Recommended companies include: - Rongsheng Petrochemical - Hengli Petrochemical - Dongfang Shenghong - Hengyi Petrochemical - Huajin Co., Ltd. - Qixiang Tengda [2][2][2].