Group 1 - The recent disclosure of A-share listed companies' semi-annual reports reveals significant movements by institutional investors, with pension funds entering the top ten shareholders of 29 new stocks in Q2 [1] - Eleven stocks saw new holdings from pension funds with a market value exceeding 100 million yuan, including Satellite Chemical, Shengyi Technology, Hongfa Technology, Yuyue Medical, and others [1] - Additional companies that received new holdings from pension funds include Huafeng Aluminum, Guomai Culture, and others, indicating a broad interest in various sectors [1] Group 2 - Satellite Chemical reported a new holding value of 346 million yuan from pension funds, with a revenue of 23.46 billion yuan in H1 2025, marking a 20.93% year-on-year increase, and a net profit of 2.744 billion yuan, up 33.44% [2] - The company is focusing on high-end new materials and has applied for 122 patents, with 57 granted, and plans to invest 3 billion yuan in high-performance catalyst industrialization [2] - Shengyi Technology saw a new holding value of 273 million yuan, with H1 2025 revenue of 3.769 billion yuan, a 91% increase, and a net profit of 531 million yuan, up 452% [3] - The growth is attributed to the demand from AI servers and high-speed switches, with a 1.9 billion yuan investment to expand PCB production capacity [3] - Hongfa Technology received a new holding value of 248 million yuan, reporting H1 2025 revenue of 8.347 billion yuan, a 15.43% increase, and a net profit of 964 million yuan, up 14.19% [4] - The company benefits from improved downstream demand in consumer electronics and is expected to maintain steady growth [4]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

资金流向方面，卫星化学8月22日主力资金净流出1.2亿元，近五个交易日累计净流出4.83亿元。在所属 的基础化工行业中，当日全行业主力资金净流出20.95亿元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 截至2025年8月22日15时，卫星化学股价报19.89元，较前一交易日下跌0.45%。当日成交量为58.2万 手，成交金额达11.57亿元，振幅为1.85%。公司当前总市值670.02亿元，市盈率12.21倍。 卫星化学属于基础化工行业，主营业务涵盖丙烯酸及酯、高分子乳液等化工产品的研发、生产和销售。 公司产品广泛应用于建筑、纺织、包装等领域。 公开信息显示，社保基金在今年二季度新进成为卫星化学前十大流通股东，持仓市值达3.5亿元。与此 同时，公募基金也对该股进行了配置，显示出机构投资者对公司的一定关注。 ...

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - The report highlights the recent price movements in lithium carbonate, international oil prices, and organic silicon prices, with a focus on the implications of these changes for various sub-industries [1][7] - Key areas of focus for August include mid-year report trends, the impact of "anti-involution" on supply in related sub-industries, the importance of self-sufficiency in electronic materials companies, and stable dividend policies in energy companies [1][8] Industry Dynamics - In the week of August 11-17, 2025, among 100 tracked chemical products, 28 saw price increases, 42 saw declines, and 30 remained stable. Overall, 57% of products had a month-on-month average price increase, while 37% saw a decrease [2][7] - The average price of lithium carbonate increased by 17.48% compared to the previous week, reaching 84,000 CNY/ton, marking a cumulative increase of 41.18% since June 20 [2][7] - International oil prices fell, with WTI crude oil futures closing at 62.80 USD/barrel (down 1.69%) and Brent crude at 65.85 USD/barrel (down 1.11%) [2][7] - Organic silicon prices decreased by 8.00% to an average of 11,500 CNY/ton, attributed to weak terminal demand and the conclusion of pre-sale orders [2][7] Investment Recommendations - The report suggests focusing on mid-year report trends, the effects of "anti-involution" on supply, the significance of self-sufficiency in electronic materials, and the stability of dividend policies in energy companies [1][8] - Long-term investment themes include the sustained high prices of crude oil, the ongoing recovery of the oil service industry, and the rapid development of downstream industries, particularly in new materials [8] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [8][9]

证券研究报告 | 公司动态点评 2025 年 08 月 22 日 卫星化学（002648.SZ） 公司 1H25 业绩稳健增长，看好α-烯烃综合利用项目建设 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 41,487 | 45,648 | 53,795 | 62,543 | 71,512 | | 增长率 yoy（%） | 12.0 | 10.0 | 17.8 | 16.3 | 14.3 | | 归母净利润（百万元） | 4,789 | 6,072 | 6,370 | 7,686 | 9,475 | | 增长率 yoy（%） | 54.7 | 26.8 | 4.9 | 20.7 | 23.3 | | ROE（%） | 18.8 | 20.0 | 18.2 | 18.5 | 18.9 | | EPS 最新摊薄（元） | 1.42 | 1.80 | 1.89 | 2.28 | 2.81 | | P/E（倍） | 13.5 | 10.7 | 10.2 | 8.4 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs BR (Butadiene Rubber) - **Contract Information**: On August 21, the closing price of the main contract was 11,775, with a daily increase of 60 and an interval increase of 130; the position was 38,436, up 2,745 daily and 14,763 in the interval; the trading volume was 106,881, down 62,183 daily but up 38,728 in the interval; the warehouse receipt quantity was 12,190, unchanged daily and up 1,720 in the interval; the virtual - real ratio was 15.77, up 1 daily and 4 in the interval [3][13][23]. - **Spot Market**: The Shandong market price was 11,750, up 150 daily and 50 in the interval; the Chuanhua market price was 11,700, up 200 daily and 50 in the interval; the Qilu ex - factory price was 11,900, unchanged daily and up 100 in the interval; CFR Northeast Asia was 1,450, unchanged; CFR Southeast Asia was 1,725, unchanged daily and down 10 in the interval [3][13][23]. - **Profitability**: The spot processing profit was - 64, up 12 daily; the disk processing profit was - 39, down 78 daily and up 105 in the interval; the import profit was - 85,257, up 142 daily and down 733 in the interval; the export profit was - 469, down 130 daily and down 46 in the interval [3][13][23]. BD (Butadiene) - **Price**: The Shandong market price was 9,425, up 135 daily and 25 in the interval; the Jiangsu market price was 9,350, up 100 daily and 50 in the interval; the Yangzi ex - factory price was 9,400, unchanged; CFR China was 1,080, unchanged daily and up 10 in the interval [3][13][23]. - **Profitability**: The butene oxidative dehydrogenation profit was 256, up 100 daily and 50 in the interval; the import profit was 442, up from the previous value; the export profit was - 1,037, down 15 daily and up 26 in the interval; the butadiene styrene production profit was 938, unchanged daily and up 100 in the interval; the SBS production profit (791 - H) was 1,145, unchanged [3][13][23]. Price Spreads - **Inter - Variety**: The Thailand mixed - butadiene spread was 2,870, down 60 daily and up 150 in the interval; the 3L - butadiene styrene spread was 2,600, down 100 daily and up 150 in the interval [3][13][23]. - **Intra - Variety**: The butadiene standard - non - standard price spread was 150, unchanged daily and down 50 in the interval; the butadiene styrene 1502 - 1712 spread was 1,000, up 50 daily and unchanged in the interval [3][13][23].

截至8月21日收盘，丙烯酸概念上涨1.71%，位居概念板块涨幅第8，板块内，10股上涨，阿科力涨停， 万华化学、卫星化学、兴业股份等涨幅居前，分别上涨4.06%、4.01%、3.57%。跌幅居前的有天龙集 团、国恩股份、双象股份等，分别下跌3.34%、2.68%、0.92%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可燃冰 | 3.12 | 稀土永磁 | -2.14 | | 数字货币 | 2.38 | 兵装重组概念 | -2.11 | | 跨境支付(CIPS) | 2.19 | 光刻机 | -2.11 | | 草甘膦 | 2.03 | PCB概念 | -2.10 | | 电子身份证 | 1.93 | 液冷服务器 | -2.06 | | 钛白粉概念 | 1.89 | PEEK材料 | -2.03 | | 移动支付 | 1.73 | 共封装光学(CPO) | -2.03 | | 丙烯酸 | 1.71 | 减速器 | -1.96 | | 财税数字化 | 1.40 | 汽车热管理 | -1.82 | | 信托 ...

证券之星消息，8月21日化学原料板块较上一交易日上涨1.71%，江天化学领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300927 | 江天化学 | 31.98 | 10.47% | 18.93万 | | 5.87亿 | | 002145 | 中核钛白 | 4.90 | 10.11% | 302.37万 | | 14.56亿 | | 301190 | 善水科技 | 27.44 | 6.73% | 0 9.08万 | | 2.45亿 | | 000830 | 鲁西化工 | 12.98 | 5.44% | 1 70.00万 | | 9.02亿 | | 000683 | 博源化工 | 6.10 | 5.35% | 178.60万 | | 10.77亿 | | 600722 | 金牛化工 | 7.15 | 5.15% | 134.21万 | | 9.28 ...

Investment Rating - The industry investment rating is "Overweight" for both Oil & Gas and Basic Chemicals [6]. Core Viewpoints - The global ethylene production capacity optimization is accelerating, leading to a potential reshaping of the supply-demand landscape, particularly with the exit of high-cost production in Europe and East Asia [1][2]. - The report highlights that while low-cost production in the Middle East and North America is increasing, China's integrated large-scale new capacity is expected to impact global ethylene supply significantly [3][4]. - The report recommends companies such as Baofeng Energy, Satellite Chemical, and Hengli Petrochemical as beneficiaries of the evolving supply landscape [1][4]. Summary by Sections Global Ethylene Supply-Demand Dynamics - The report indicates that approximately 55 million tons of global ethylene capacity is at risk of shutdown, with high-risk capacities in China, Asia, and Europe estimated at 5.7 million, 7 million, and 10 million tons respectively [2]. - Major companies in Europe, such as ExxonMobil and SABIC, have begun shutting down ethylene facilities due to economic pressures [2][12]. China's Ethylene Capacity - China's ethylene capacity is projected to reach 57.09 million tons by 2024, with an expected increase of 27.35 million tons in 2025-2026, which may pose challenges to global supply-demand balance [3][4]. - The report emphasizes that the increase in China's capacity, combined with low-cost production from the U.S. and the Middle East, will not lead to a significant turning point in the industry [3]. Cost Advantages and Recommendations - The development of gas and coal-based production routes in China, along with its diverse downstream manufacturing advantages, is expected to reshape the global ethylene supply-demand structure [4]. - The report maintains a positive outlook on companies like Baofeng Energy, Satellite Chemical, and Hengli Petrochemical, suggesting they will benefit from the low-cost production environment [1][4][27].

上证指数强势反弹逼近3800点，化工板块强势上涨。消息面上，本周（2025.8.8-2025.8.14）钛精矿市场正面临日益严峻的供需失衡局面，行业整体陷入低迷 状态。下游采购意愿薄弱，库存积压问题突出。生产企业连续下调报价，买方交易稀少。预计攀矿价格TiO2≥46%,10矿主流价格1600-1700元/吨。进口矿方 面存在下滑趋势。TiO246%攀钢钛矿最新价格为1665元/吨。 本周（2025.8.8-2025.8.14）海绵钛行业库存呈上升趋势，下游采购积极性不足。下游民品采购积极性不佳，工厂库存仍在不断累积，实际成交价格松动；军 工方向需求旺盛。综合来看海绵钛行业库存仍处在不断累积的过程中，短期看价格弱势震荡运行。预计一级海绵钛市场价格在4.8-4.9万元/吨之间。海绵钛 最新价格45500元/吨（环比持平）。 本周（2025.8.8-2025.8.14）旺季涨价传闻四起，钛白粉出货节奏加快。截止本周四，硫酸法金红石型钛白粉市场主流报价为12200-13700元/吨，结合市场行 情经加权计算均价为13302元/吨，环比上周价格暂稳。综合来看，钛白粉"地板价"维持了较长时间，预计需求有望得到提升，价格有 ...