金融界消息 截至2025年7月30日收盘，卫星化学（002648）报收于19.78元，上涨7.21%，换手率 4.44%，成交量149.58万手，成交金额29.19亿元。 通过天眼查大数据分析，卫星化学股份有限公司共对外投资了13家企业，参与招投标项目214次，知识 产权方面有商标信息33条，专利信息147条，此外企业还拥有行政许可47个。 来源：金融界 卫星化学最新一期业绩显示，截至2025一季报，公司营业总收入123.29亿元、同比增长40.03%，归属净 利润15.68亿元，同比增长53.38%，扣非净利润16.92亿元，同比增长59.17%，流动比率1.141、速动比率 0.830、资产负债率53.62%。 天眼查商业履历信息显示，卫星化学股份有限公司，成立于2005年，位于嘉兴市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本336864.569万人民币，实缴资本336864.569万人民币。 公司法定代表人为杨卫东。 资金流向方面，今日主力资金净流入4293.41万元，占比成交额1.47%。其中，超大单净流入1606.49万 元、占成交额0.55%，大单净流入2686.92万元、占 ...

7月30日午间开盘，A股三大指数红盘震荡。板块题材上，创新药、影视院线板块走高，电池、数字货 币、多元金融板块调整。截至14：02，跟踪中证A500指数的A500ETF基金（512050）走高后小幅回 调，持仓股华能国际触及涨停。卫星化学、包钢股份、科伦药业、张江高科等持仓股强势上涨，涨幅超 过5%。截至发稿，该ETF盘中成交额突破38亿元。 中国银河证券首席经济学家章俊表示，"稳股市"已成为提振信心、稳定预期的关键抓手，政策重心已转 向结构性增效，强调以深化改革释放市场内生动力，持续健全常态化的稳市机制安排，将为资本市场高 质量发展创造更加良好的环境。 （文章来源：每日经济新闻） 消息面上，A500ETF基金（512050）持仓股华能国际公布了2025年半年度业绩，公司归属于上市公司股 东的净利润约92.62亿元，同比增长24.26%。 ...

Group 1 - The chemical sector showed a positive trend today, with the chemical ETF (516020) reaching a maximum intraday increase of 2.27% and closing up 1.36% [1] - The basic chemical sector has attracted significant capital, with over 145 billion yuan net inflow from main funds in the last 60 trading days, ranking fifth among 30 first-level industries [2] - The chemical ETF (516020) has seen substantial net subscriptions, with a total of 97.12 million yuan in the last five trading days and over 240 million yuan in the last ten trading days [3] Group 2 - From a valuation perspective, the current time is considered a good opportunity for investment in the chemical sector, with the chemical ETF (516020) trading at a price-to-book ratio of 2.08, which is at a low point compared to the past decade [5] - The market's expectations for "anti-involution" policies have increased, leading to a recovery in valuations within the petrochemical and chemical industries, particularly for products that have seen price increases [5] - Some stocks in the petrochemical and fertilizer sectors have shown significant gains, with Satellite Chemical rising over 6% and several others increasing by more than 3% [6] Group 3 - The overall performance of the chemical industry remains weak, with varying performance across sub-industries due to past capacity expansions and weak demand, although some sectors like lubricants have exceeded expectations [7] - Investment opportunities are suggested in areas such as fertilizers, import substitution, domestic demand, and high-dividend assets [7] - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks [7]

化工板块今日（7月30日）早盘走高后持续高位震荡，反映化工板块整体走势的化工ETF（516020）盘 中场内价格最高涨幅达到2.27%，截至发稿，涨1.36%。 成份股方面，石化、氮肥等板块部分个股涨幅居前。截至发稿，卫星化学飙涨超6%，新凤鸣大涨超 4%，恒力石化、华鲁恒升、鲁西化工等多股涨超3%。 | | | 318 8-1 15 59 159 159 (109 E . | | | | | 19 dramate find not no and the will of a | | | | 《《TETE CO | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.575 | | | | surance manus | 516020(KLIETF] 13:43 价 0.66) 2009(1.36%) 136% 0.671 版权服 1870 10PV 0.6679 "227% | | | | | | 0.669 SSE CNY 1341:57 交通中 | | +0 ...

Group 1 - The core viewpoint indicates that leading chemical companies such as Wanhua, Satellite, Hualu, Hengli, and Rongsheng have collectively surged, driven by a historical correlation where the chemical index outperforms during PPI recovery cycles [1] - The elimination of backward production capacity aligns well with the characteristics of the chemical ETF, which tracks a leader-focused index, benefiting from the capital expenditures of leading companies in recent years [1] - As of July 30, 2025, the CSI Sub-Industry Chemical Theme Index (000813) rose by 1.80%, with significant gains from constituent stocks like Satellite Chemical (up 6.83%) and Wanhua Chemical (up 4.71%) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index (000813) include Wanhua Chemical, Yilake Co., and Juhua Co., collectively accounting for 43.37% of the index [2] - The Chemical ETF (159870) closely tracks the CSI Sub-Industry Chemical Theme Index, which consists of seven sub-indices reflecting the overall performance of listed companies in related sub-industries [1][2]

Group 1 - The Shanghai Composite Index is at 3625.08 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares is 820.266 billion yuan [1] - A total of 339 A-shares have prices that have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Shiyan Institute (300732) with a deviation rate of 15.41% and a daily increase of 20.00% [1] - *ST Tianwei (688511) with a deviation rate of 7.56% and a daily increase of 10.34% [1] - Shenma Electric Power (603530) with a deviation rate of 7.42% and a daily increase of 10.01% [1] - Other stocks with notable performance include: - Hehua Co. (000953) with a deviation rate of 7.39% and a daily increase of 10.01% [1] - Luban Chemical (600727) with a deviation rate of 6.98% and a daily increase of 10.05% [1]

Summary of Conference Call Records Industry and Companies Involved - **Companies**: Wanhua Chemical and Satellite Chemical - **Industry**: Chemical Industry, specifically focusing on polyurethane and petrochemical sectors Key Points and Arguments Satellite Chemical 1. **Cost Advantage from Ethane Cracking**: Satellite Chemical benefits from low-cost raw materials due to the surplus of ethane in the U.S. and low processing fees, significantly enhancing ethylene revenue and cash flow [1][5] 2. **Response to Trade Tensions**: The company has effectively managed U.S.-China trade tensions by quickly obtaining exemptions and export licenses to maintain operations [1][7] 3. **Revenue Growth Strategy**: By expanding revenue, Satellite Chemical addresses raw material dependency and increases cash flow to support R&D and acquisitions, enhancing global competitiveness [1][6] Wanhua Chemical 1. **Market Position**: Wanhua Chemical is a leading player in the polyurethane sector, expanding capacity and industry chain layout to compete with global leaders like BASF [1][15] 2. **Financial Performance**: Projected revenue for 2024 is approximately 180 billion RMB, but profits are expected to decline due to falling product prices despite increased sales in polyurethane, petrochemicals, and new materials [1][17] 3. **Impact of Trade War**: The trade war has temporarily affected downstream consumption, leading to price declines, but long-term global consumption growth remains positive, particularly in China and Southeast Asia [1][18] 4. **Strategic Investments**: Wanhua plans to introduce strategic investors to ensure raw material supply and is adjusting its investment pace to focus on operational and profit potential [1][24] Market Dynamics 1. **MDI and TDI Market Trends**: MDI demand is steadily growing, with Wanhua holding a significant market share. TDI prices have surged by 50%-70% due to supply issues, positioning Wanhua favorably as the largest TDI producer [1][22][21] 2. **Petrochemical Business Challenges**: The petrochemical sector has faced profitability issues due to high raw material prices, prompting Wanhua to adjust its feedstock strategy from propane to ethane [1][24] 3. **Future Oil Price Outlook**: Oil prices are expected to stabilize between $60 and $75, which will maintain a reasonable price differential between ethane and crude oil [1][11] Future Directions 1. **High-Quality Growth Focus**: Wanhua aims for high-quality growth through product optimization and is expected to benefit from potential policy changes in the petrochemical industry [1][13] 2. **Investment Strategy Shift**: The company plans to reduce its investment scale to around 25 billion RMB in 2025 to improve cash flow, shifting focus from revenue-driven growth to operational efficiency [1][27] 3. **New Materials Development**: Wanhua is making significant progress in fine chemicals and new materials, with successful launches in various product lines, indicating a strong growth trajectory [1][26] Market Sentiment 1. **Positive Long-Term Outlook**: Analysts suggest a buy-and-hold strategy for Wanhua's stock, citing its strong market position and favorable valuation metrics, with a PB ratio at historical lows [1][29] Other Important Insights 1. **Operational Resilience**: Both companies have demonstrated strong operational resilience in the face of external challenges, maintaining solid financial performance and strategic execution [1][8][9] 2. **Strategic Resource Acquisition**: Satellite Chemical's early investments in U.S. ethane resources provide a competitive edge in raw material procurement [1][5]

Group 1 - The chemical sector experienced a strong opening on July 30, with the chemical ETF (516020) rising over 2% during intraday trading, reflecting overall positive momentum in the sector [1] - Key stocks in the sector, including Satellite Chemical, Xin Fengming, and others, saw significant gains, with Satellite Chemical surging over 6% and several others rising more than 4% [1][2] - The basic chemical sector attracted substantial capital inflow, with net inflows exceeding 2.2 billion yuan, ranking second among 30 major sectors [1][3] Group 2 - The domestic chemical industry is facing a cycle of "expansion-price suppression-loss," leading to deteriorating profitability and a need for capacity constraints to break this cycle [3] - Leading companies in the chemical sector are expected to benefit significantly due to their lack of obsolete capacity, cost advantages, and high market share, which positions them well for profitability [3] - Current valuation metrics suggest that it may be an opportune time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.08, indicating a low valuation relative to historical levels [4] Group 3 - The market anticipates a policy shift towards "de-involution," which could lead to a re-pricing of cost factors in the chemical sector, similar to the effects seen during the supply-side reform period [4] - Investors are encouraged to focus on cyclical basic chemical products and leading companies with cost advantages as potential investment opportunities [4] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and concentrating on large-cap leading stocks, which enhances investment efficiency [5]

化工板块今日（7月30日）开盘猛攻，反映化工板块整体走势的化工ETF（516020）开盘后震荡拉升， 盘中场内价格一度涨超2%。 东方证券表示，市场对于"反内卷"的政策预期进一步提升，石化与化工行业估值有所修复，其中表现较 为突出的是产品价格也出现上涨的品种。其认为自从2022年景气度高点之后，石化化工行业指数持续下 跌。在"反内卷"政策预期出现前，行业的景气度与估值水平都已处于较低水平，在强政策预期驱动下， 出现估值修复也比较合理。 成份股方面，氮肥、石化、橡胶等板块部分个股涨幅居前。截至发稿，卫星化学飙涨超6%，新凤鸣大 涨超5%，昊华科技、鲁西化工、华鲁恒升等多股涨超4%。 | 序号 | 代码 | 名称 | 主力净流入额▼ | | --- | --- | --- | --- | | 1 | CI005018 | 医药(中信) | 26.78亿 | | 2 | CI005006 | 基础化工(中信) | 22.84亿 | | 3 | CI005005 | 钢铁(中信) | 2222.61 | | 4 | CI005021 | 银行(中信) | 12.16亿 | | ਟ | CI005024 | 交通运输( ...

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。 ...