Report Summary 1. Report Industry Investment Rating - The document does not provide the industry investment rating [66][67] 2. Core Viewpoints of the Report - The decline in ethane prices has enhanced the profitability of the gas - based olefin production route [1] - The report presents price, profit, and other data of different chemical product segments, including polyurethane, oil - gas - coal olefins, and coal chemical industries [2] 3. Summary by Related Catalogs 3.1 Foundation Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The basic chemical index had a - 1.5% decline in the past week, 5.8% increase in the past month, 12.3% increase in the past three months, 26.9% increase in the past year, and 13.6% increase from the beginning of 2025 to date. Among related companies, Wanhua Chemical decreased by 3.3% in the past week, Baofeng Energy decreased by 3.1%, Satellite Chemical increased by 3.3%, and Hualu Hengsheng decreased by 0.9% [8] - In terms of profitability, the report provides the stock price, total market value, net profit attributable to the parent company, PE, and PB of Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng from 2024A to 2027E [8] - **Polyurethane Industry Chain** - The weekly average prices of pure MDI, polymer MDI, and TDI were 17040, 15460, and 15940 yuan/ton respectively, with week - on - week changes of +240, - 100, and - 207 yuan/ton. Their respective gross profits were 3720, 3192, and 4592 yuan/ton, with week - on - week changes of +71, - 143, and +167 yuan/ton [2][8] - **Oil - Gas - Coal Olefin Industry Chain** - Raw material prices: The weekly average prices of ethane, propane, NYMEX natural gas, Brent crude oil, and naphtha were 1184, 3887, 1139, 3736, and 4286 yuan/ton respectively, with week - on - week changes of - 71, +29, - 39, +149, and +195 yuan/ton [8] - Profitability: The theoretical profits of ethane cracking, CTO, and naphtha cracking for polyethylene production were 1346, 1994, and - 36 yuan/ton respectively, with week - on - week changes of +89, +27, and - 176 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking for polypropylene production were 125, 1596, and - 252 yuan/ton respectively, with week - on - week changes of - 7, +27, and - 175 yuan/ton [2] - **C2 and C3 Segments** - In the C2 segment, products such as ethylene, HDPE, and others showed different price and spread changes. For example, ethylene had a price of 5868 yuan/ton, a week - on - week increase of 3 yuan/ton, and a spread of 2099 yuan/ton with 1.3 ethane (CIF), a week - on - week increase of 94 yuan/ton [10] - In the C3 segment, products like propylene, polypropylene, etc. also had corresponding price and spread variations. For instance, propylene had a price of 5508 yuan/ton, a week - on - week increase of 6 yuan/ton, and a spread of 844 yuan/ton with 1.2 propane, a week - on - week decrease of 29 yuan/ton [10] - **Coal Chemical Industry Chain** - Coal - coking products: The weekly average prices of coking coal and coke were 1142 and 1207 yuan/ton respectively, with week - on - week changes of +60 and +88 yuan/ton. The gross profit of coke was - 45 yuan/ton, a week - on - week increase of 10 yuan/ton [10] - Traditional coal chemical products: The weekly average prices of synthetic ammonia, urea, DMF, and acetic acid were 2498, 1771, 4015, and 2224 yuan/ton respectively, with week - on - week changes of +144, - 28, - 215, and - 8 yuan/ton. Their respective gross profits were 559, 102, - 292, and - 54 yuan/ton, with week - on - week changes of +144, - 30, - 334, and - 0 yuan/ton [2][10] - New materials: Products such as DMC, oxalic acid, etc. also had price and profit changes. For example, DMC had a price of 12500 yuan/ton, a week - on - week increase of 200 yuan/ton, and a gross profit of - 2258 yuan/ton, a week - on - week decrease of 58 yuan/ton [10] 3.2 Foundation Chemical Weekly Report - **2.1 Foundation Chemical Index Trend** - The document does not show detailed content regarding the foundation chemical index trend, only mentions it [12] - **2.2 Polyurethane Plate** - It presents the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and gross profit of pure MDI, polymer MDI, and TDI [17][18][22] - **2.3 Oil - Gas - Coal Olefin Plate** - Displays the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, etc., and the profitability of different production routes such as ethane cracking, PDH, coal - based, and naphtha - based production of PE and PP [26][30][34] - **2.4 Coal Chemical Plate** - Shows the price trends and gross profits of domestic coking coal, coke, urea, acetic acid, DMF, synthetic ammonia, octanol, caprolactam, adipic acid, etc. [43][47][55]

Core Viewpoint - The China Securities Index for cyclical steady growth has shown a mixed performance, with a recent decline in the index while maintaining a positive trend over the past month and three months [1][2]. Group 1: Index Performance - The Shanghai Composite Index decreased by 0.37%, while the China Securities Index for cyclical steady growth 50 fell by 0.84%, closing at 1652.84 points with a trading volume of 17.107 billion yuan [1]. - Over the past month, the cyclical steady growth 50 index has increased by 3.62%, and over the last three months, it has risen by 7.90%. However, year-to-date, it has declined by 1.53% [1]. Group 2: Index Composition - The cyclical steady growth 50 index comprises 50 companies selected based on low price-to-book ratios, high revenue growth, and high return on equity (ROE) [1]. - The top ten weighted companies in the index include China State Construction (9.6%), China Petroleum (9.45%), and COSCO Shipping Holdings (9.33%) among others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange, which accounts for 76.10% of the index, while the Shenzhen Stock Exchange represents 23.90% [1]. Group 3: Sector Allocation - The sector allocation of the cyclical steady growth 50 index shows that materials account for 40.39%, industrials for 29.59%, and energy for 28.80%, with real estate making up only 1.22% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

证券日报网讯卫星化学8月1日在互动平台回答投资者提问时表示，公司投资项目情况请以公司公告及在 指定媒体披露信息为准。 （文章来源：证券日报） ...

国信证券发布研报称，7月下旬，美欧达成贸易协议，特朗普将缩短俄乌达成和平协议的最后期限，且 美国可能施压二级制裁，并对俄油买家发出关税威胁，同时墨西哥下调产量预估，沙特或上调9月 OSP，叠加需求旺季支撑，国际原油价格加速冲高。此外，全球外部环境急剧变化，同时俄乌、美伊以 及美国"对等关税"政策均存在较大不确定性，但考虑到OPEC+较高的财政平衡油价成本，以及美国页 岩油较高的新井成本，预计2025年布伦特油价中枢在65-75美元/桶，2025年WTI油价中枢在60-70美元/ 桶。 国信证券主要观点如下： 7月油价回顾：2025年7月布伦特原油期货均价为69.4美元/桶，环比下跌0.4美元/桶，月末收于73.2美元/ 桶；WTI原油期货均价67.1美元/桶，环比下跌0.6美元/桶，月末收于70.0美元/桶。 7月上旬，美国关税政策暂缓，中东地缘局势反复，叠加夏季需求旺季支撑，国际油价震荡上涨；7月中 旬，美国宣布对巴西商品加征关税，欧佩克下调未来四年全球石油需求预测，国际油价大幅下跌；7月 下旬，美欧达成贸易协议，特朗普将缩短俄乌达成和平协议的最后期限，且美国可能施压二级制裁，并 对俄油买家发出关税威胁，同 ...

Investment Rating - The oil and gas industry is rated as "Outperform" [4][6] Core Views - In July 2025, Brent crude oil futures averaged $69.4 per barrel, a slight decrease of $0.4 from the previous month, while WTI averaged $67.1 per barrel, down $0.6 [1][13] - OPEC+ announced an accelerated production increase of 548,000 barrels per day for August, with plans to complete the remaining increase by September 2025 [2][17] - Global oil demand is expected to grow by 700,000 to 1.3 million barrels per day in 2025, with similar growth projected for 2026 [3][18] - The expected price range for Brent crude oil in 2025 is between $65 and $75 per barrel, while WTI is projected to be between $60 and $70 per barrel [3][19] Summary by Sections July Oil Price Review - Brent crude oil futures closed at $73.2 per barrel at the end of July, while WTI closed at $70.0 per barrel [1][13] - The oil price experienced fluctuations due to geopolitical tensions and seasonal demand [1][13] Oil Price Outlook - OPEC+ has extended its voluntary production cuts and announced an increase in production rates [2][17] - The demand for oil is expected to rise significantly, with major energy agencies forecasting increases in daily consumption [3][18] Key Data Tracking - As of July 30, 2025, WTI crude oil futures settled at $70.00 per barrel, reflecting a 7.5% increase from the previous month [40] - U.S. crude oil production averaged 13.337 million barrels per day in July, showing a slight decrease [46] - The average operating rate of U.S. refineries was 94.9% in July, indicating strong demand for refined products [56]

Group 1 - The petrochemical industry is currently facing significant "involution" competition, leading to a decline in profit margins from 8.03% in 2021 to 4.85% in 2024, with the first half of 2025 still at low levels [1][16][17] - Central authorities have proposed comprehensive rectification measures to combat this issue, focusing on self-discipline, innovation, and the elimination of non-compliant capacity [1][16] - The industry is expected to transition towards high-quality sustainable development through capacity optimization and price ecology restructuring [1][16] Group 2 - The chemical industry's anti-involution policies have deepened from institutional construction to special rectification, with measures introduced to curb redundant construction and market segmentation [2][17] - Key sectors such as refining, olefins, and certain pesticide varieties are anticipated to benefit from supply-side reforms, leading to improved profitability as inefficient capacity is phased out [2][17] - The overall supply-demand structure is expected to gradually optimize, with the potential for profit recovery in the industry [2][17] Group 3 - As of July 2025, the China Chemical Product Price Index (CCPI) reported a decline of 5.6% from the beginning of the year, indicating a slight decrease in the prices of major chemical products [3][18] - The international crude oil prices showed a fluctuating upward trend, with Brent crude rising from $67.11 to $73.24 per barrel in July, influenced by geopolitical tensions and seasonal demand [4][19] - The forecast for Brent crude oil prices is set between $65 and $70 per barrel, with WTI prices expected between $60 and $65 per barrel, highlighting the importance of geopolitical dynamics and OPEC+ policies [4][19] Group 4 - The investment portfolio for the month includes companies such as Shengquan Group, Hubei Yihua, Satellite Chemical, China Petroleum, Lier Chemical, and Yara International, focusing on sectors with growth potential [9][22] - Shengquan Group is highlighted as a leader in synthetic resins, particularly in the rapidly growing electronic specialty resin market [9][22] - Hubei Yihua is positioned to benefit from its resource advantages in the fertilizer sector, while China Petroleum is recognized for its comprehensive energy capabilities [9][22] Group 5 - The electronic resin sector is experiencing rapid growth driven by demand from AI servers, with the global high-frequency and high-speed PCB market expected to grow at a compound annual growth rate of 26% from 2024 to 2026 [7][20][33] - The phosphoric fertilizer market is seeing resilience due to overseas agricultural recovery and regional stockpiling, with global prices on the rise [8][20] - The pesticide sector is anticipated to recover as the downward cycle reaches its bottom, supported by increased demand from South America and limited export growth from India and the U.S. [8][21]

格隆汇7月31日丨卫星化学(002648.SZ)于投资者互动平台表示，公司有产品出口至欧盟国家。 ...

格隆汇7月31日丨卫星化学(002648.SZ)于投资者互动平台表示，公司有产品出口至欧盟国家。 ...

Core Insights - The report emphasizes the rising demand for nuclear fusion power sources, driven by advancements in fusion technology and increasing investment in the sector [3][6][8] - The report highlights the high technical and customer barriers in the nuclear fusion power supply industry, indicating a favorable environment for companies involved in this field [8] Market Performance - The report provides a snapshot of market indices, with the Shanghai Composite Index closing at 3615.72, reflecting a slight increase of 0.17%, while the Shenzhen Component Index decreased by 0.77% to 11203.03 [4] - The report also details the performance of various industry sectors, noting that the steel sector saw a rise of 2.05%, while the electric equipment sector experienced a decline of 2.22% [5] Industry Focus - The nuclear fusion power supply is identified as a critical component in fusion devices, with the need to optimize heating temperature and energy confinement time to enhance fusion performance [3][6] - The report discusses the specific requirements for different fusion technology routes, such as Tokamak and linear devices, which demand high-performance power supplies with strict specifications [7][8] - The report notes that the cost of power supplies can account for 30%-50% of the overall cost of fusion devices, underscoring the importance of this segment in the fusion industry [6][7] Investment Opportunities - The report suggests that as the investment climate for nuclear fusion improves, there will be increased demand for specialized power supplies, presenting potential investment opportunities for companies in this sector [8] - The report indicates that domestic capabilities for core components of power supplies have improved, reducing reliance on imports and enhancing competitive positioning [7][8]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300732 | 设研院 | 20.00 | 19.58 | 9.20 | 10.62 | 15.41 | | 835305 | *ST云创 | 28.14 | 22.46 | 16.05 | 18.08 | 12.66 | | 300767 | 震安科 技 | 11.29 | 18.77 | 13.91 | 15.18 | 9.13 | | 688511 | *ST天微 | 10.34 | 4.68 | 19.14 | 20.59 | 7.56 | | 603530 | 神马电 力 | 10.01 | 1.55 | 27.21 | 29.23 | 7.42 | | 000953 | 河化股 份 | 10.01 | 13.65 | 7.47 | 8.02 | 7.39 | | 002453 | 华软科 技 | 10.09 | 4.87 | 5. ...