证券日报网讯卫星化学（002648）7月29日在互动平台回答投资者提问时表示，公司会关注全球原料资 源的情况，保障原料安全供应。 ...

证券日报网讯卫星化学（002648）7月29日在互动平台回答投资者提问时表示，公司有多种方案保障原 料来源。 ...

证券日报网讯 卫星化学（002648）7月29日在互动平台回答投资者提问时表示，公司依法缴纳关税，合 规经营。关税已恢复正常水平，具体情况请详见政府主管部门公告。 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 7 月 28 日 强于大市 化工行业周报 20250727 国际油价下跌，纯碱、有机硅价格上涨 今年以来，行业受关税相关政策、原油价格大幅波动等因素影响较大，七月份建议关注：1、安 全监管政策、行业供给端变化等对农药及中间体行业的影响；2、上半年"抢出口"等因素带来 的部分公司业绩波动；3、自主可控日益关键背景下的电子材料公司；4、分红派息政策稳健的 能源企业等。 行业动态 投资建议 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250720》20250720 《化工行业周报 20250713》20250714 《化工行业周报 20250706》20250707 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 | 本周化 ...

Key Points - The report highlights a selection of stocks for July, including companies such as 滨江集团 (Binjiang Group) and 顺丰控股 (SF Holding) as part of the recommended investment portfolio [1] - The macroeconomic analysis indicates a gradual appreciation of the RMB against the backdrop of easing trade policy uncertainties between the US and China, which enhances the competitiveness of Chinese exports [2][6] - The report notes a slight decrease in the overall activity of mergers and acquisitions in the A-share market, with a total of 66 disclosed transactions amounting to 5233.44 billion RMB, indicating a trend towards structural reorganization despite a decrease in the number of major deals [12] - In the nuclear fusion sector, significant advancements have been made in China's nuclear fusion technology, which is expected to benefit from ongoing investments and the development of related industrial chains [13][15] - The report discusses the emergence of a new market for AI Infra catalyzed quartz fiber cloth, with the company 菲利华 (Philips) leveraging its full industry chain advantages to gain a first-mover advantage in the electronics fabric sector [17][18]

Report Overview - Report Title: "Yongan Synthetic Rubber Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: July 28, 2025 [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core View - Not provided in the given content 3. Summary by Relevant Catalogs 3.1 BR (Butadiene Rubber) 3.1.1 Futures Market - The closing price of the main contract on July 25 was 12,415, up 130 from the previous day [4]. - The open interest of the main contract on July 25 was 49,311, an increase of 483 from the previous day and 32,097 from the previous week [4]. - The trading volume of the main contract on July 25 was 160,791, up 12,149 from the previous day and 70,426 from the previous week [4]. - The warehouse receipt quantity remained unchanged at 9,840 on July 25 compared to the previous day, with a weekly increase of 140 [4]. - The virtual - to - physical ratio on July 25 was 25.06, up 16 from the previous week [4]. 3.1.2 Basis and Spread - The butadiene rubber basis on July 25 was - 215, down 30 from the previous day and 195 from the previous week [4]. - The 8 - 9 month spread on July 25 was - 30, down 5 from the previous day and 55 from the previous week [4]. - The 9 - 10 month spread on July 25 was 15, down 25 from the previous day and 15 from the previous week [4]. 3.1.3 Spot Market - The Shandong market price of butadiene rubber on July 25 was 12,200, up 100 from the previous day and 500 from the previous week [4]. - The Transfar market price on July 25 was 12,100, up 200 from the previous day and 500 from the previous week [4]. - The Qilu Petrochemical ex - factory price on July 25 was 12,200, unchanged from the previous day but up 500 from the previous week [4]. 3.1.4 Processing and Import - Export - The spot processing profit on July 25 was 81, up 24 from the previous day and 220 from the previous week [4]. - The on - disk processing profit on July 25 was 296, up 54 from the previous day and 415 from the previous week [4]. - The import profit on July 25 was - 87,056, down 16 from the previous day and 3,271 from the previous week [4]. - The export profit on July 25 was - 879, down 75 from the previous day and 284 from the previous week [4]. 3.2 BD (Butadiene) 3.2.1 Price - The Shandong market price of butadiene on July 25 was 9,725, up 75 from the previous day and 275 from the previous week [4]. - The Jiangsu market price on July 25 was 9,750, up 100 from the previous day and 300 from the previous week [4]. - The Yangzi Petrochemical ex - factory price on July 25 was 9,700, unchanged from the previous day but up 300 from the previous week [4]. - The CFR China price on July 25 was 1,100, unchanged from the previous day and up 50 from the previous week [4]. 3.2.2 Processing and Import - Export - The carbon - four extraction profit data for July 25 was not available [4]. - The butene oxidative dehydrogenation profit on July 25 was 866, up 100 from the previous day and 370 from the previous week [4]. - The import profit on July 25 was 697, up 90 from the previous day and down 80 from the previous week [4]. - The export profit on July 25 was - 1,470, up 64 from the previous day and down 282 from the previous week [4]. 3.3 Downstream Profits - The butadiene rubber production profit on July 25 was 296, up 54 from the previous day and 415 from the previous week [4]. - The styrene - butadiene rubber production profit on July 25 was 700, unchanged from the previous day and up 125 from the previous week [4]. - The ABS production profit data for July 25 was not available [4]. - The SBS (791 - H) production profit on July 25 was 520, unchanged from the previous day and down 150 from the previous week [4]. 3.4 Variety Spreads - The RU - BR spread on July 25 was - 33,726, down 143 from the previous day and 31,322 from the previous week [4]. - The NR - BR spread on July 25 was - 35,991, down 283 from the previous day and 31,452 from the previous week [4]. - The Thai mixed - butadiene rubber spread on July 25 was 2,900, up 100 from the previous day and 100 from the previous week [4]. - The 3L - styrene - butadiene rubber spread on July 25 was 2,750, down 100 from the previous day and up 100 from the previous week [4]. - The butadiene rubber standard - non - standard price difference on July 25 was 250, down 150 from the previous day and up 50 from the previous week [4]. - The styrene - butadiene rubber 1502 - 1712 spread on July 25 was 1,150, up 50 from the previous day and down 50 from the previous week [4].

1. Report Industry Investment Rating No information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The profitability of the gas - based olefin production route has strengthened due to the decline in ethane prices [1]. - The prices and gross profits of pure MDI, polymer MDI, and TDI in the polyurethane sector have increased this week [2]. - In the oil - gas - coal olefin sector, the prices of raw materials such as ethane, propane, and stone naphtha have changed, and the theoretical profits of different production processes for polyethylene and polypropylene have also changed [2]. - In the coal chemical sector, the prices and gross profits of products such as synthetic ammonia, urea, DMF, and acetic acid have changed [2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing 3.1.1 Related Company Performance Tracking - The basic chemical index had a weekly increase of 4.0%, a monthly increase of 9.0%, a quarterly increase of 13.7%, an annual increase of 34.4%, and a year - to - date increase of 15.3% as of July 25, 2025 [8]. - The stock price increases of relevant companies such as Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng in different time periods are different, and their profit - related indicators such as net profit and PE also vary [8]. 3.1.2 Polyurethane Industry Chain - The weekly average prices of pure MDI, polymer MDI, and TDI were 16,800 yuan/ton, 15,560 yuan/ton, and 16,148 yuan/ton respectively, with a week - on - week increase of 200 yuan/ton, 660 yuan/ton, and 2,612 yuan/ton respectively. The corresponding gross profits were 3,649 yuan/ton, 3,335 yuan/ton, and 4,425 yuan/ton, with a week - on - week increase of 176 yuan/ton, 591 yuan/ton, and 1,321 yuan/ton respectively [8]. 3.1.3 Oil - Gas - Coal Olefin Industry Chain - The weekly average prices of raw materials such as ethane, propane, and stone naphtha changed. For example, the price of ethane was 1,255 yuan/ton, a week - on - week decrease of 79 yuan/ton [8]. - The theoretical profits of different production processes for polyethylene and polypropylene also changed. For example, the theoretical profit of ethane cracking to produce polyethylene was 1,257 yuan/ton, a week - on - week increase of 76 yuan/ton [2][8]. 3.1.4 C2 and C3 Plates - In the C2 plate, products such as ethylene, HDPE, and ethylene glycol had price and spread changes. For example, the price of ethylene was 5,866 yuan/ton, a week - on - week decrease of 4 yuan/ton [10]. - In the C3 plate, products such as propylene, polypropylene, and acrylic acid also had price and spread changes. For example, the price of propylene was 5,503 yuan/ton, a week - on - week decrease of 24 yuan/ton [10]. 3.1.5 Coal Chemical Industry Chain - In the coal - coking products, the prices of coking coal and coke changed. For example, the price of coking coal was 1,082 yuan/ton, a week - on - week increase of 33 yuan/ton [10]. - In traditional coal chemical products, the prices and gross profits of products such as synthetic ammonia, urea, and DMF changed. For example, the price of synthetic ammonia was 2,354 yuan/ton, a week - on - week increase of 102 yuan/ton [10]. - In new materials, the prices and gross profits of products such as DMC, oxalic acid, and octanol changed. For example, the price of DMC was 12,300 yuan/ton, a week - on - week increase of 1,180 yuan/ton [10]. 3.2 Basic Chemical Weekly Report 3.2.1 Basic Chemical Index Trend No detailed content provided in the given text about the basic chemical index trend analysis. 3.2.2 Polyurethane Sector - The prices and gross profits of pure MDI, polymer MDI, and TDI have increased, and their price and profit trends are presented through relevant charts [2][17]. 3.2.3 Oil - Gas - Coal Olefin Sector - The prices of raw materials such as MB ethane, NYMEX natural gas, and East China propane have changed, and the profitability of different production processes for polyethylene and polypropylene has also changed, which are presented through relevant charts [24][31]. 3.2.4 Coal Chemical Sector - The prices and gross profits of products such as coking coal, coke, urea, and acetic acid have changed, and their price and profit trends are presented through relevant charts [41][45].

Key Points - The report highlights a selection of stocks for July, including companies such as Binjiang Group (002244.SZ) and SF Holding (002352.SZ) as part of the recommended investment portfolio [1] - The establishment of China Fusion Energy Co., Ltd. marks a significant step in the commercialization of fusion energy in China, with a capital increase of 11.5 billion yuan from seven state-owned enterprises [2][7][9] - The fusion company aims to develop fusion energy through a phased approach, focusing on magnetic confinement Tokamak technology, with the goal of achieving commercial application [8][10] - The report discusses the acquisition plan by GoerTek to purchase 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited for approximately 9.5 billion yuan, which is expected to enhance the company's performance [3][12][13] - The report emphasizes the strong competitive position of the target companies in the precision metal components sector, which is crucial for high-tech industries [14]

Group 1 - The core viewpoint of the articles highlights the positive performance of the chemical sector, particularly the rise in the Zhongzheng Subdivided Chemical Industry Theme Index and its constituent stocks [1][2] - The chemical ETF has shown a significant increase, with a reported price of 0.63 yuan and a subscription of 36.5 million units during the trading session [1][2] - The Daqing Petrochemical Company has achieved record production levels of MTBE, increasing by 0.44 thousand tons compared to the same period last year, reflecting effective management and production optimization [1] Group 2 - The second quarter of this year saw a rapid rebound in the overall market, with the chemical sector focusing on price increases, domestic demand support, and new materials [2] - Investment in the chemical sector is being directed towards potassium fertilizers and fluorochemical sectors due to their fundamental support, while domestic demand is gaining attention amid international trade conflicts [2] - The top ten weighted stocks in the Zhongzheng Subdivided Chemical Industry Theme Index account for 43.37% of the index, indicating a concentration of investment in major players like Wanhua Chemical and Yanhai Co [3]

Key Insights - The report highlights a focus on the humanoid robot industry, which has seen a significant increase in market attention, with the National Securities Robot Industry Index rising by 7.6% from July 7 to July 18, 2025 [6][8] - Major factors driving this resurgence include substantial orders from leading companies, capital acquisitions, influential statements from industry leaders, and supportive government policies aimed at fostering innovation in humanoid robotics [7][8] - The report also notes that the active equity fund median position reached 90.63% in Q2 2025, indicating a historical high and a shift towards increased allocations in TMT, Hong Kong stocks, and machinery sectors [9][10] Humanoid Robot Industry - The humanoid robot market is experiencing a revival, with key players like China Mobile placing significant orders, which serve as a validation of product functionality and market readiness [6][7] - The report identifies a trend of increased capital activity, with companies pursuing mergers and acquisitions to enhance their market positions [7] - Government initiatives are also playing a crucial role, with policies aimed at promoting the development of humanoid robots and related technologies [8] Active Equity Fund Analysis - The report indicates that the highest allocation sectors for active equity funds in Q2 2025 were TMT (23.37%), Hong Kong stocks (20.41%), and machinery (19.68%), reflecting a strategic shift in investment focus [9][10] - The report emphasizes that the current allocation levels are above historical averages for several sectors, indicating a bullish sentiment among fund managers [9][10] AI Computing Industry - The AI computing supply chain is entering a phase of maturity, driven by advancements in generative AI and large language models, leading to a closure of the demand-supply loop [11][12] - The report highlights that the infrastructure for AI computing is expected to see continued investment, with significant growth in demand for high-end AI servers [12][13] - The competition in the PCB industry is intensifying due to the rising demand for AI servers, with a projected 150% increase in demand for high-density interconnect (HDI) boards [13]