Core Viewpoint - The article highlights the successful development and application of domestically produced iron-molybdenum catalysts by Zhong Chumai New Materials Co., Ltd., marking a significant step towards reducing reliance on imported catalysts in China's chemical industry [1][4][21]. Industry Overview - Over 90% of chemical reactions globally require catalysts, with the catalyst market size and demand increasing annually [1]. - China is the largest producer and consumer of formaldehyde, with demand rising alongside urbanization, yet the key production technology has been heavily reliant on imports [4][21]. Company Profile - Zhong Chumai, established in 2008, focuses on the research, production, and sales of specialty molecular sieves and catalytic materials, providing comprehensive chemical industry solutions [5][21]. - The company has developed a range of catalysts, including molecular sieve-based, precious metal, and metal hydrogenation catalysts, with a strong emphasis on iron-molybdenum catalysts for formaldehyde production [5][21]. Technological Breakthroughs - Zhong Chumai has overcome significant technical challenges in developing iron-molybdenum catalysts, achieving high methanol conversion rates of 95% to 99% under specific conditions [4][11]. - The company has implemented innovative techniques to enhance catalyst stability, activity, and lifespan, including the use of automated control systems to minimize human error during production [11][12]. Market Impact - The successful industrial application of Zhong Chumai's catalysts has led to reduced production costs compared to imported alternatives, benefiting downstream formaldehyde-related enterprises [13][15]. - The company has secured commercial contracts with major chemical firms, demonstrating the effectiveness of its catalysts in real-world applications [15][16]. Future Outlook - Zhong Chumai aims to expand its international presence, having established partnerships with renowned global institutions and companies, with a vision to become a leader in the global formaldehyde catalyst market [18][21]. - The company plans to continue optimizing its catalyst technology and production processes to align with global green development trends [18][21]. Industry Implications - The development of domestically produced catalysts enhances China's supply chain resilience and reduces dependency on foreign technology, contributing to the overall upgrade of the chemical industry [21][22]. - The success of Zhong Chumai's catalysts serves as a model for other domestic enterprises, emphasizing the importance of innovation and collaboration in achieving technological independence [22][23].

// 一、市场要闻 // 1、国务院新闻办公室于4月27日（星期日）下午3时举行新闻发布会，请商务部副部长盛秋平和财政部、文化和旅游部、海关总署、税务总局、中国 民航局有关负责人介绍优化离境退税政策扩大入境消费有关情况，并答记者问。此外，27日还会公布中国3月规模以上工业企业利润数据。 2、全国31个省份的一季度经济运行情况已全部发布，其中21个省份达到或超过GDP预期增长目标，经济大省更是普遍超预期。从GDP排名来看，一 季度，上海、辽宁均连升2位，四川从第6位升至第5位；湖北则以6.3%增速领跑经济大省。此外，中西部和东北地区更敢花钱，消费增速排名前9名 均来自中西部和东北地区。 跨境贸易 国务院副总理何立峰出席跨境贸易便利化专项行动部署会并讲话。他指出，要抓好专项行动的组织实施，在取得阶段工作成效基础上，将成熟的举 措和经验做法尽快在全国复制推广。加力培育壮大外贸发展新动能，以更优口岸营商环境激发活力、应对外部冲击、稳定增长。 海关总署牵头部署开展跨境贸易便利化专项行动。专项行动为期5个月，将在全国25个城市开展，政策举措涵盖货物贸易、数字贸易、绿色贸易等领 域。 旅游 据交通运输部，2025年"五一" ...

【DT新材料】 获悉，4月25日， 万华化学 与 科威特石化工业公司 （下称"PIC"，科威特石油公司KPC全资子公司）正式签署合资协议， PIC投资 6.38亿美金认购万华化学全资子公司 万华化学（烟台）石化有限公司 25%的股权 。 在当下如此动荡的关税冲突下，预计未来将有更多石化企业转向与中东企业合作 。近年来最大的一个事件莫过于2023年3月， 全球最大石油公司 沙特 阿美 宣布投资246亿元，收购 荣盛石化 约10%股权，目前是该公司第二大股东。 同年9月，沙特阿美进一步宣布计划收购东方盛虹全资子公司 盛虹 石化 10%的战略股权 （尚未完成） 。同年10月，沙特阿美与南山集团、山东能源集团以及非上市炼化巨头山东裕龙共同签署了谅解备忘录，预示着 沙特阿美可能收购 山东裕龙 10%的战略股权 （尚未完成） 。 2024年4月22日，恒力石化公告，沙特阿美拟向恒力集团收购占 恒力石化 已发行股本 百分之十加一股的股份 （尚未完成） 。 点击扩展阅读 ：《 荣盛石化和沙特阿美收购投资项目重大进展！ 》、《 沙特阿美、荣盛石化、恒力石化，又来大动作！ 》 其他主要的中东石油大厂还有阿布扎比国家石油公司（ A ...

第十届生物基大会暨展览 Bio-based 2025 （5月25-27日，上海佘山茂御臻品之选酒店） 由 4位 院士领衔100+顶尖专家和企业高层 ，为生物基行业的下一个拾年"把脉问诊"。活动以" 行业大会、 创新展览、新叶奖评选与颁奖 " 三大板块同期进行，共设置 1场评选、5大论坛、17大专场、8大特 色对接会 ，预 计将 超过 2000+ 行业同仁出席。 向绿而行，向新而质 。第十届生物基大会立足全球视野，加速科技创新与产业创新融合发展，助力 行业上下游企业迈向新征程。 组织机构与展会信息 Bio-based 2025 01 大会主席团 宁波德泰中研信息科技有限公司（DT新材料） 协办单位 吉林省国科创新孵化投资有限公司 长春市新材料知识产权产业运营服务中心 舟山市投资促进中心 支持单位 主办单位 浙江省 生物基高分子材料重点实验室 中国合成树脂协会生物基与可降解分会 中国合成橡胶工业协会热塑性弹性体分会 生物基材料产业技术创新战略联盟 生物质产业碳中和技术创新联盟 nova institute 韩国生物塑料协会（KBPA） 大会专家顾问团 （顾问专家无先后排列顺序） 姚献平 ， 杭州市化工研究院院长、 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的趋势下受益于市场集中度提升，在业绩披露期或更受资金青睐。 A500指数成份股中，广誉远、珀莱雅涨超10%，卫星化学、新易盛、沪电股份、甘李药业涨超7%，中 际旭创、胜宏科技涨超5%，其余成份股积极跟涨。 A50指数成份股中，爱尔眼科、万华化学涨超4%，立讯精密、中国铝业涨超2%，洛阳钼业、紫光股 份、万科A涨超1%。 A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 消息面上，今年一季度，我国GDP同比增长5.4%，经济增速在全球主要经济体中名列前茅。4月政治局 会议会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币 政策。今年以来，地方新增专项债发行提速，一季度新增专项债累计发行量接近1万亿元；2025年超长 期特别国债也已开启发行。相关方面表示，我国政策空间仍然较足 ...

坚持精准服务，增强发展信心。持续深化产业链服务推进工作机制，依托各级服务企业专员，开展供 需、人才、资金等精准对接活动，紧扣企业需求提供精准服务。指导各区和重点企业用足用好国家、省 市一揽子增量政策，强化叠加效应和组合效应。对体量大、支撑强、生产经营出现较大波动的企 业，"一对一"做好对接服务，积极协调解决企业生产经营中遇到的困难问题，全力保障企业安心经营、 稳定发展。 齐鲁晚报.齐鲁壹点闫丽君 强化运行调度，稳定工业大盘。统筹市县两级工信力量，强化与电力、税务等部门对接联动，最大程度 凝聚稳增长工作合力。强化运行监测服务，密切关注国内外环境的诸多不确定性，盯紧盯牢先行指标、 下行指标，加强实时调度，精准掌握重点产业、主要行业、骨干企业生产经营情况，及时发现苗头性、 趋势性问题，做到早研判、早预警、早应对。 4月27日，烟台市人民政府新闻办公室举办全市一季度经济社会运行情况新闻发布会。会上，烟台市工 业和信息化局党组成员、副局长张正功围绕烟台下一步在推动工业经济平稳增长方面将采取的举措回答 了记者提问。 抓好增量培育，夯实发展支撑。坚持"要素跟着项目走、服务围着项目转"导向，保障裕龙岛项目一期、 万华乙烯二期 ...

孙吉鹏说，重点项目建设是稳增长、促转型的关键抓手，烟台市省级重点项目数量连续两年、投资体量 连续四年居全省首位，今年省市重点项目总投资过千亿元的4个、过百亿元的32个、过十亿元的266 个，"千亿领航、百亿支撑、十亿带动"项目格局持续巩固。从一季度建设情况看，主要有三个特点。 要素保障足。对全市重点项目实施"清单化管理、责任化落实"，压实责任、压茬推进项目建设各项任 务。发挥好烟台市重点项目要素保障服务专员制度机制效能，充分保障项目土地、资金、能耗、人才、 技术等要素需求，全力推动项目建设提速增效。 建设速度快。一季度，337个省市重点建设类项目开复工率86.4%、投资完成率达27.4%，累计完成投资 631.2亿元、超额完成目标任务。其中，137个省级重点建设类项目累计开复工110个、开复工率80.3%， 累计完成投资323.4亿元、投资完成率24.7%；200个市级重点建设类项目累计开复工181个、开复工率 90.5%，累计完成投资307.8亿元、投资完成率31%。 下步，烟台将抢抓施工"黄金期"，分类施策、持续攻坚，重点加快已开工项目进度、破解未开工项目难 题、推动拟竣工项目投产，力争337个省市重点建 ...

秦立燕说，烟台是外贸大市，对外贸易在全市高质量发展中发挥着举足轻重的作用。今年以来，面对严 峻复杂的形势，烟台市商务系统主动作为、积极应对，着力从政策服务、主体培育、业态创新等多方面 发力，取得良好成效。一季度，全市实现货物进出口总额1170.8亿元，总量居全省第二位，同比增长 12.5%，增速分别高于全国、全省11.2、6.6个百分点，总量占全省比重达14.3%，同比提升0.8个百分 点，实现了"开门红"，为全省商务指标稳健向好作出了烟台贡献。 持续加大政策供给。全面落实省政府关于打造高水平对外开放新高地等有关文件，立足烟台特色和工作 实际，制定出台《关于打造高水平对外开放新高地的实施意见》，持续完善国际物流通道，明确发展新 业态、加快推进绿色贸易等4项重点任务，充分赋能外贸发展。印发《烟台市跨境电商高质量发展三年 行动计划(2025—2027)》，实施跨境电商产业升级、主体培育、基础扩容、人才培育、服务创新五大工 程，年内打造20个海外仓、优化12个跨境电商产业带。 烟台市商务局将深入研判形势变化，坚定不移扩大高水平对外开放，采取行之有效的应对措施，全力稳 住外贸基本盘，加快推动内外贸一体化，以高质量发展 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The prices of bio-jet fuel and refrigerants are stable with slight increases, while bromine and vitamin prices are declining [5][12] - The low-altitude economy and robotics industry are moving towards commercialization, which may increase the demand for new materials and lightweight materials [5][12] - The semiconductor materials market is experiencing growth, with China's market growing faster than the global market [17][20] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel price is $1789 per ton, up 1.25% from last week; biodiesel price is 8267 RMB per ton, stable with a 10.23% increase since the beginning of the year [3][10] - Refrigerant prices are stable, with R32 at 48500 RMB per ton (up 1.04%) and R134a at 47000 RMB per ton (up 1.08%); bromine price has dropped to 22000 RMB per ton (down 38.32%) [4][10] - Vitamin A price is 68 RMB per kg (down 9.33%), and Vitamin E price is 108 RMB per kg (down 6.09%) [4][10] 2. Key Company Announcements and Industry News - Companies to watch in the refrigerant sector include Juhua Co. and Sanmei Co. due to enhanced profitability [5] - The report highlights the importance of companies with existing bio-jet fuel production capacity and airworthiness certification [5] - The report suggests monitoring companies in the carbon fiber industry and those involved in the low-altitude economy and robotics [5][12] 3. Electronic Chemicals - The electronic chemicals industry is characterized by a wide variety of products and high technical barriers, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][13] - The semiconductor materials market is projected to grow, with China's market expected to expand at a CAGR of 10% from 2017 to 2023 [17][20] 4. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials for emerging industries, including low-altitude economy and robotics [32][36] - The demand for PEEK materials is expected to rise due to their suitability for humanoid robots, with consumption growing significantly from 80 tons in 2012 to 1980 tons in 2021 [37][38] 5. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-walled carbon nanotube powder at 64000 RMB per ton [40][42] - Sodium-ion battery materials are gaining attention due to their cost advantages and potential applications in large-scale energy storage [42][43] 6. Renewable and Modified Plastics - The report notes the increasing application of renewable plastics and the growing demand for special engineering plastics in various industries [57][58] 7. Coatings, Inks, and Pigments - The demand for new functional coating materials is increasing due to the growth in the automotive and consumer electronics sectors [65][66]