证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，公司POE产品正在加 快推进，各个牌号的样品都在测试，具体进展请关注公司官方信息或披露公告。 ...

证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，公司围绕公司利益最 大化进行决策，可依据市场情况灵活调节环氧乙烷自用及外售比例。 ...

证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，POE下游应用广阔， 在光伏、新能源车、聚合物改性、日用消费等领域均有较好应用前景，目前国内POE主要依赖进口。公 司通过自主研发α-烯烃原料、催化剂及聚合工艺解决国产替代难题，将紧紧围绕以客户为中心为其提供 整体解决方案。 ...

证券日报网讯 12月17日，卫星化学（002648）在互动平台回答投资者提问时表示，公司专注于围绕优 势竞争力打造世界一流化学新材料科技公司，乙烯聚合工艺是公司下游重要发展方向之一，α-烯烃单 体、茂金属催化剂及聚合工艺都是公司自主技术，对该领域都有深入的研究与心得，正在研发不同性能 产品的机理。 ...

证券日报网讯12月17日，卫星化学（002648）在互动平台回答投资者提问时表示，公司已关注到超高分 子量聚乙烯的应用及市场前景，也是研发方向之一，尤其是能满足不同应用场景的产品，具体进展请关 注公司官方信息或披露公告。 ...

Group 1 - The report forecasts that the Brent crude oil price will fluctuate around $60-65 per barrel in 2026, with potential short-term increases due to geopolitical factors [3][6][7] - The midstream and downstream sectors are expected to improve, driven by a global economic resonance from the Federal Reserve's interest rate cuts and supply-side contractions due to anti-involution policies [3][7] - Investment opportunities are highlighted in cyclical growth stocks, coal chemical equipment investments, and high-dividend sectors [3][8] Group 2 - In 2025, oil prices are projected to oscillate between $60-70 per barrel, with a slight recovery in midstream and downstream sectors [6][7] - The report outlines a three-phase oil price trend in 2025, characterized by initial declines, a subsequent recovery, and a final drop influenced by geopolitical tensions and OPEC's production decisions [6][27] - Natural gas prices are expected to decrease due to increased LNG supply, with the JKM and TTF gas prices showing a downward trend compared to the previous year [6][30] Group 3 - The chemical industry is experiencing a weak recovery, with structural improvements in end-consumer demand, particularly in the textile sector, although domestic consumption remains under pressure [7][56] - The report anticipates an upward trend in industry prosperity as global interest rate cuts stimulate economic activity [7][8] - Key investment themes include cyclical opportunities, growth stocks, and companies benefiting from the coal chemical investment cycle [8][9] Group 4 - The report emphasizes the importance of high-quality growth stocks, particularly in the coal chemical sector and energy companies with stable cash flows and high dividend yields [8][9] - Specific companies highlighted for potential investment include Satellite Chemical, Baofeng Energy, and high-dividend firms like CNOOC, PetroChina, and Sinopec [8][9] - The report also notes the expected benefits for companies involved in high-end material imports and coal chemical equipment investments as the domestic coal chemical investment cycle unfolds [8][9]

格隆汇12月17日丨卫星化学(002648.SZ)在互动平台表示，公司致力于成为世界一流的化学新材料科技 公司，不断完善产业链和增强产业链竞争力。目前在产业布局上以打造具有市场竞争力的产品为核心， 围绕"管理领先""技术领先"，从发挥产业链优势、掌控催化剂核心技术、掌握专有生产工艺、定制满足 客户需求的差异化产品着力，有序推进新产品新业务，避免"内卷式"竞争。公司基于碳氢化合物的浸没 式液冷冷却液有高研发难度、高附加值的特性，预计成功商业化后有较高附加值。 ...

格隆汇12月17日丨卫星化学(002648.SZ)在互动平台表示，公司致力于成为世界一流的化学新材料科技 公司，不断完善产业链和增强产业链竞争力。目前在产业布局上以打造具有市场竞争力的产品为核心， 围绕"管理领先""技术领先"，从发挥产业链优势、掌控催化剂核心技术、掌握专有生产工艺、定制满足 客户需求的差异化产品着力，有序推进新产品新业务，避免"内卷式"竞争。公司基于碳氢化合物的浸没 式液冷冷却液有高研发难度、高附加值的特性，预计成功商业化后有较高附加值。 ...

中化新网讯 12月12日，卫星化学股份有限公司（以下简称卫星化学）丙烯酸酯绿色升级改造项目签约 仪式举行。 该技改项目总投资7.4亿元，将依托卫星化学自有的绿色新工艺、新技术，拆除原有年产4万吨丙烯酸装 置，新建10万吨/年丙烯酸装置及10万吨/年精丙烯酸装置，并对原丙烯酸装置（二期）、内烯酸装置 （三期）共两套6万吨/年内烯酸生产装置进行技术提升，提纯工艺变更为新工艺，并提升产能至7万吨 年产丙烯酸生产装置，技改完成后形成24万吨/年丙烯酸及10万吨/年精丙烯酸生产装置。此外，卫星化 学还将对丙烯酸装置（一期）丙烯酸甲酯生产装置进行技改，形成4.5万吨/年丙烯酸甲酯/丙烯酸乙酯柔 性生产装置。 卫星化学董事长兼总裁杨卫东表示，绿色升级改造项目是公司推进"零地增产、扩能增效"的重要布局， 将进一步完善上下游产业链结构，加强与SAP等下游产品的协同发展，推动园区内原料、能源高效互 供，提升资源要素集约利用水平，放大产业集聚效应。 ...

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]