Market Overview - The FTSE China A50 Index components showed a mixed performance with banking and insurance stocks continuing to decline, while the liquor and food & beverage sectors experienced gains [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 249.93 billion with a trading volume of 446 million, showing a decline of 0.09 (-1.59%) [3]. - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 436.27 billion, 347.77 billion, and 1,028.70 billion respectively, with trading volumes of 991 million, 2.11 billion, and 462 million, reflecting declines of 0.51 (-1.39%), 0.70 (-1.22%), and 0.07 (-0.83%) [3]. Insurance Sector - The insurance sector continued to face downward pressure, with significant declines in major companies [3]. Liquor Industry - The liquor sector saw positive movement, with Kweichow Moutai, Shanxi Fenjiu, and Wuliangye reporting market capitalizations of 1,820.06 billion, 225.24 billion, and 482.06 billion respectively, and trading volumes of 2.14 billion, 1.36 billion, and 1.15 billion, with increases of 4.34 (+2.41%), 1.63 (+1.33%), and 5.86 (+0.41%) [3]. Semiconductor Sector - The semiconductor industry showed varied performance, with Northern Huachuang, Cambricon Technologies, and Haiguang Information having market capitalizations of 229.98 billion, 248.67 billion, and 316.92 billion respectively, and trading volumes of 1.33 billion, 2.71 billion, and 1.24 billion, with changes of -1.34 (-0.42%), +12.40 (+2.13%), and -0.32 (-0.23%) [3]. Oil Industry - The oil sector, including companies like Sinopec and PetroChina, reported market capitalizations of 725.05 billion and 1,643.53 billion respectively, with trading volumes of 758 million and 563 million, showing slight increases [3]. Coal Industry - The coal sector, represented by companies like Shenhua Group and Shaanxi Coal and Chemical Industry, had market capitalizations of 750.04 billion and 189.83 billion respectively, with minimal changes in stock prices [3]. Automotive Sector - The automotive sector, led by BYD, reported a market capitalization of 1,849.01 billion with a trading volume of 3.54 billion, showing a slight increase of 2.39 (+0.72%) [3]. Other Sectors - Various other sectors such as chemicals, pharmaceuticals, and logistics showed mixed results, with some companies experiencing gains while others faced declines [4][6].

Group 1 - The chemical sector is experiencing a strong rally, with the chemical ETF (516020) rising by 1.24% as of the latest update [1] - Key stocks such as Yipuli and Yara International have seen significant gains, with some stocks increasing over 3% [1] - The current situation in the chemical industry is reminiscent of the supply-side reforms of 2014-2015, suggesting a potential turning point for the sector [2] Group 2 - Domestic policies frequently emphasize supply-side requirements, while international factors like rising raw material costs and capacity exits in Europe and the U.S. add uncertainty to chemical supply [3] - The Chinese chemical industry is expected to leverage its competitive advantages in cost and technology to fill gaps in the international supply chain [3] - The implementation of new policies aimed at stabilizing growth in key industries, including chemicals, is anticipated to lead to structural adjustments and the elimination of outdated capacities [3] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, with nearly 50% of its holdings in large-cap stocks, providing an efficient way to invest in the sector [4] - The ETF includes a diverse range of chemical sub-sectors, allowing investors to capture various investment opportunities within the chemical industry [4]

| 晨会纪要 | | --- | | 数据日期:2025-07-21 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3559.79 | 11007.48 | 4085.60 | 12493.55 | 3175.41 | 1007.89 | | 涨跌幅度（%） | 0.71 | 0.85 | 0.66 | 1.19 | 0.94 | 0.03 | | 成交金额（亿元） | 7309.05 | 9690.74 | 3779.38 | 3441.04 | 4440.16 | 269.06 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 证券研究报告 | 2025年07月22日 宏观与策略 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （20250714-20250718） 固定收益周 ...

1、Wind数据显示，1998年至2025年二季度末，中国公募基金整体为持有人创造了5.94万亿元的利润。 二季度末，公募基金市场规模突破新高，达 33.73万亿元；公募基金整体净利润超过3800亿元； 利润排名前20的基金中，大部分都是宽基ETF，且利润多数超过20亿元。 2 、 东方电气 H 股昨日早盘出现异常交易，一度瞬间涨幅超 700% ，市场推测是 " 乌龙指 " 。 不过，有港股市场资深人士分析认为，东方电气 H 股连续出现十多笔异常高价成交，不能用常规的 " 乌龙指 " 来解释。或是由于买盘过多但卖盘挂单不足，有人趁机挂出超高价，一旦有市价买入 单，就可能以非常高的价格成交。 1 、 欧洲理事会主席科斯塔、欧盟委员会主席冯德莱恩将于 7 月 24 日访华。 国家主席习近平将会见科斯塔主席和冯德莱恩主席，国务院总理李强 将同欧盟两主席共同主持第二十五次中国 — 欧盟领导人会晤。 2 、 国务院总理李强日前签署国务院令，公布《住房租赁条例》，自 2025 年 9 月 15 日起施行。 《条例》旨在规范住房租赁活动，维护住房租赁活 动当事人合法权益，稳定住房租赁关系，促进住房租赁市场高质量发展，推动加 ...

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Group 1: Conference Overview - The conference will be held from August 20-22, 2025, in Ningbo, Zhejiang [1]. - It aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition in the biomanufacturing sector [1]. Group 2: Organizers and Supporters - Organized by Ningbo Detaizhongyan Information Technology Co., Ltd. (DT New Materials) and co-organized by several academic and research institutions [2]. - Supported by various associations and alliances, including the Chinese Society of Biotechnology and the Zhejiang Synthetic Biology Industry Technology Alliance [2]. Group 3: Key Speakers and Experts - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University, and other prominent figures from various universities and research institutes [4][5][7][8][11][15][19][21][27][30]. - The conference will feature discussions on innovative biomanufacturing technologies and applications, including the development of bio-based products and processes [9][12][24][31]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics such as green chemicals, AI in biomanufacturing, and future food and agriculture [36][37]. - Activities will include a high-level roundtable, youth forums, and specialized sessions focusing on various aspects of biomanufacturing [36][37].

【DT新材料】 获悉，7月21日， 万华化学 发布公告， 根据化工企业生产工艺特点，为确保生产装置安全有效运行，按照年度检修计划，子公司 匈牙利宝思德化 学公司（BorsodChem Zrt.） MDI（40 万吨/年）、 TDI（甲苯二异氰酸酯， 25 万吨/年）等一体化装置及相关配套装置将于2025年7月23日开始陆续停产检修，预 计检修30天左右。 虽然，这只是个普通检修工作，但在当下却显得特别"眼前一亮"。 因为，就在 7月12日 ， 科思创（Covestro） 位于德国多尔马根（Dormagen）的工厂发生电气火灾，导致其烧碱、氯气和盐酸生产遭遇不可抗力。该工厂烧碱年产 能44.8万吨，氯气年产能48万吨 ，这些原料短缺直接影响下游TDI生产 。 7月16日 ， 科思创 正式宣布，因为氯气中断，其TDA/TDI、基于OTDA的产品、聚醚多元醇遭遇不可抗力，短期内无法通过其他工厂或外购完全弥补，涉及 30万 吨/年TDI装置（ 欧洲最大单体工厂 ）， 以及聚醚多元醇装置等，不可抗力持续时间暂不确定。 再加上， 万华化学福建 一期36万吨/年TDI装置自6月5日起进入45天检修周期， 新疆装置 同步启动 ...

Core Viewpoint - The article discusses the 2025 China International Engineering Plastics Industry Innovation Awards, highlighting the importance of innovation in the plastics sector and the upcoming evaluation process involving expert reviews and public voting [1][2]. Group 1: Event Overview - The event features participation from well-known companies such as Wanhua Chemical, DOMO, Asahi Kasei, and LG Chem, with over 30 new products being launched [2]. - Online voting for the "New Plastic Award" will conclude on July 23, followed by an expert review session from July 24 to July 25 [2][3]. Group 2: Evaluation Process - The online expert review for the "Innovative Materials Award" is scheduled for July 24 from 14:00 to 16:45, while the "Innovative Industry Solutions Award" review will take place on July 25 from 14:00 to 16:15 [3][6]. - The evaluation criteria include innovation degree, feasibility, economic viability, and impact [9][10][11][12]. Group 3: Award Categories and Participants - The "Innovative Materials Award" includes submissions from companies like Jiangsu Jino New Materials, Wanhua Chemical, and LG Chem, showcasing products such as flexible polyimide foam and optical-grade methyl methacrylate-styrene copolymer [4]. - The "Innovative Industry Solutions Award" features projects from companies like Suzhou Mold Flow Analysis Software and Guangdong Enbixin Intelligent Equipment, focusing on innovative solutions like vacuum weighing technology [5]. Group 4: Event Highlights - The event will gather over 600 global enterprise leaders and top scientists, promoting collaboration and exchange [13]. - It will also feature a grand award ceremony with over 100,000 exposures, establishing industry benchmarks and helping users select quality solutions [14].

Q&A 今年下半年宏观经济和政策的判断是什么？ 从上半年的经济数据来看，经济总量仍然偏稳，尤其是出口和工业生产，中国 制造业超出预期。然而，从结构上看，需求和供给分化较大，价格指标相对偏 低。内外需也存在分化。因此，下半年政策端将试图解决一些结构性问题，总 量上需要稳需求，尤其是地产消费方面。货币政策预计会进一步降息，各类政 策利率可能出现降息，也存在降准的可能性，货币政策将维持宽松。财政方面， 由于上半年经济数据较好，短期内加码财政的可能性不大，但七八月份的数据 非常关键，如果数据回落压力增大，我们估计九月、十月会有一些托底政策出 台。此外，下半年还需关注供给端的政策变化，从去年四季度开始讲，今年上 钢铁板块近期大涨受下游基建重大工程预期升温、稳增长政策方案及供 给端反内卷政策等因素影响。从供需和成本端分析，钢铁行业未来两年 存在确定性上行机会，推荐宝钢、中信特钢、华菱钢铁等龙头公司。 工程机械行业 7 月数据表现良好，内销持平略增，出口预计增长 10%以 上。雅砻江项目催化下，可分领域推荐掘进设备、土方设备、混凝土及 基础施工设备，徐工作为国企项目主要供应商受益程度较高。 半年的措施效果不明显，因此如果供 ...

Core Viewpoint - The article discusses the recent surge in A-share market driven by infrastructure projects, particularly the Yarlung Tsangpo River hydropower project, which has led to significant gains in related sectors such as construction materials and engineering machinery [1][9]. Group 1: Market Performance - The A-share market saw a collective rise in major indices, with the Shanghai Composite Index up by 0.72%, the Shenzhen Component Index up by 0.86%, and the ChiNext Index up by 0.87% [7]. - Over 4,000 stocks rose, with 130 stocks hitting the daily limit up, indicating strong market sentiment [7][9]. Group 2: Infrastructure Projects - The Yarlung Tsangpo River hydropower project is expected to have an annual investment that could reach 86.8% of Tibet's GDP, significantly impacting local economies and related industries [9]. - The project is anticipated to utilize advanced construction technologies, such as GIL technology, which will benefit companies in the supply chain [9]. Group 3: Sector Performance - The construction materials and engineering machinery sectors experienced a surge, with companies like China Power Construction and Tibet Tianlu seeing substantial stock price increases [9]. - The steel sector also showed strength, with companies like Xining Special Steel and Ba Yi Steel hitting the daily limit up, driven by government policies aimed at stabilizing growth in key industries [10]. Group 4: Policy and Economic Outlook - Analysts expect further monetary easing measures, including potential interest rate cuts and reserve requirement ratio reductions, to support economic growth [5]. - The upcoming political bureau meeting is anticipated to discuss additional stimulus measures, reflecting a proactive approach to economic management [4][5].

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [7]. Core Insights - The report highlights significant price increases in TDI and Vitamin D3, suggesting a focus on the TDI and organic silicon sectors [1][5]. - The chemical sector outperformed the market, with a weekly increase of 1.77%, surpassing the Shanghai A-share index by 1.08 percentage points [2][15]. - Key stocks that performed well include Dongcai Technology (+33.16%) and Cangzhou Dahua (+28.47%), while stocks like Guangxin Materials (-9.26%) and Ando A (-9.05%) saw declines [2][15]. Industry Performance - In the third week of July, 20 sub-industries within the chemical sector saw increases, with the top five being modified plastics (+7.42%) and phosphate chemicals (+7.41%) [3][19]. - The dynamic PE ratio for the chemical sector is reported at 25.83 times, which is lower than the average PE of 30.02 times since 2015 [2][15]. Price and Spread Trends - The report lists the top five products with the highest weekly price increases: liquid chlorine (+21.78%), TDI (+18.83%), and Vitamin D3 (+10%) [4][22]. - The report also notes significant changes in price spreads, with the ethylene spread increasing by 81.82% and PTA spread decreasing by 357.81% [4][43]. Inventory Changes - Notable inventory changes include an increase in epoxy propane (+11.97%) and a decrease in ethylene (-8.57%) [5][61]. Recommendations - The report suggests monitoring companies such as Cangzhou Dahua and Wanhua Chemical due to the significant rise in TDI prices [5]. - Attention is also drawn to organic silicon producers like Xin'an Chemical and Xinfeng Group, following a fire incident affecting supply [5].