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( ...

Core Viewpoint - Satellite Chemical (002648) is focusing on monitoring global raw material resources to ensure a secure supply of raw materials [1] Group 1 - The company is actively engaging with investors through interactive platforms to address concerns regarding raw material supply [1]

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].