Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is currently in a downcycle, with recent safety incidents leading to stricter regulations on high-risk chemical projects. Leading companies with better safety management and advanced production technologies are expected to benefit from stable production amidst supply constraints [2][3] - The recent suspension of the Gaomi Renhe Chemical Industrial Park in Shandong due to a major safety incident will impact the supply of chlorantraniliprole and its intermediates, leading to price increases in the market [1][2] - The report suggests focusing on leading companies in the chemical sector, such as Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical, which are expected to maintain long-term value [2][4] Summary by Sections Industry Overview - The chemical industry is experiencing a downturn, with safety incidents prompting tighter regulations on high-risk projects. Leading firms are likely to benefit from their superior safety protocols and production capabilities [2] Recent Developments - A significant safety accident at Shandong Youdao Chemical has led to the suspension of the Gaomi Renhe Chemical Industrial Park, affecting the supply of chlorantraniliprole and its intermediates. This has resulted in a strong cost support for chlorantraniliprole, with market prices reaching 305,000 CNY per ton as of June 20 [1] Investment Recommendations - The report recommends focusing on companies involved in chlorantraniliprole, such as Lier Chemical, and those with K amine, like Lianhua Technology. It also suggests looking at competitors of chlorantraniliprole, such as Yangnong Chemical [1][2] - For the upstream oil and gas sector, companies like China Petroleum, Sinopec, and CNOOC are highlighted as potential investment opportunities [4] Price Trends - The report tracks price movements of key chemical products, noting significant increases in diesel and Brent crude oil prices, which rose by 10.97% and 10.58% respectively over the past week [18][19] Sub-industry Dynamics - The report highlights various sub-industries, including the polyester market, which is experiencing price fluctuations due to seasonal demand changes. The polyurethane market is facing weak domestic demand, while the titanium dioxide sector is seeing supply constraints due to structural adjustments [21][22]

金十图示：2025年06月23日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股多数走高、酿酒股、汽车股、石油股全 线下跌 富时中国A50指数连续 电力行业 互联网服务 东方财富 长江电力 8 中国核电 1916.94亿市值 n in home 7457.91亿市值 3271.44亿市值 9.17亿成交额 3.74亿成交额 17.77亿成交额 9.32 20.70 30.48 +0.08(+0.26%) -0.07(-0.75%) -0.01(-0.05%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 2231.91亿市值 3841.49亿市值 3233.29亿市值 3.45亿成交额 6.13亿成交额 3.14亿成交额 18.34 25.92 38.22 +0.04(+0.15%) -0.10(-0.54%) -0.29(-0.75%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3981.70亿市值 2402.28亿市值 3398.83亿市值 21.38亿成交额 10.26亿成交额 8.31亿成交额 51.47 20.05 33.14 -0.29(-0.56%) -0.54(-2.62 ...

本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 苯乙烯主要观点：原油端，受伊以冲突影响延续上涨趋势；周内美国介入与否尚存不确定性，届时不排除局势进一步升级，油价短期波动或剧烈。纯苯端，因原油高位支撑， 纯苯估值比价偏低向上存弹性。基本面看国内纯苯供需双增，下游苯乙烯复产支撑需求但非苯乙烯下游利润堪忧，进口方面船期后续到港有增多，港口库存仍表现出去化不畅的供 需矛盾，价格上方空间或因此受限。苯乙烯在复产下供增需减，上游检修装置回归叠加利润起色刺激意愿，供应压力增大；下游3S在此轮事件中价格跟涨乏力利润承压，叠加国补 和关税影响终端需求并不过分乐观。苯乙烯供需边际或逐步转弱，关注后续库存止降累库节点。短期地缘扰动仍是主要定价因素，原油波动剧烈建议谨慎参与。中期结合苯乙烯基 本面看高价仍存压力，可关注原油共振的高空机会。 期货策略建议：单边暂观望，中期关注原油共振的高空机会 期权策略建议：暂观望 01 纯苯 壹 2025年苯乙烯、纯苯链投产计划 苯乙烯周报 E B ：原油扰动剧烈 ， 关注苯乙烯边际转弱和累库时点 广发期货研究所 化工组 金果实 从业资格：F3083706 投 ...

Core Viewpoint - Wanhua Chemical is committed to building a "waste-free group" and achieving the "three zero" goals of zero harm, zero accidents, and zero emissions, emphasizing sustainable development and environmental protection in its operations [2][17]. Group 1: Sustainable Development Initiatives - Wanhua Chemical has integrated sustainable development into its corporate strategy, focusing on resource recycling, carbon reduction, and environmental protection through systematic innovation and collaboration across the entire industry chain [2][17]. - The company has established a new model for urban wastewater recycling in collaboration with local governments and professional institutions, significantly enhancing water resource efficiency [4][5]. Group 2: Water Resource Management - The Yantai industrial park of Wanhua Chemical utilizes 40 million tons of recycled water annually, meeting 75% of the park's industrial water needs and contributing to local water ecosystem protection [5]. - The company has developed a customized treatment process that transforms municipal wastewater into high-quality industrial water, reducing losses during water transport and significantly improving water usage efficiency [4][5]. Group 3: Air Emission Control - Wanhua Chemical has implemented a comprehensive control strategy for air emissions, achieving a "three no" status (no visible flames, no odor diffusion, no light noise pollution) in its Yantai industrial park [8]. - The company has integrated its flare system with a waste gas recovery system, allowing for the effective collection and conversion of high-calorific waste gases into usable steam, thus achieving 100% harmless treatment of waste gases [8][12]. Group 4: Solid Waste Management - Wanhua Chemical has initiated a "waste-free group" pilot project, implementing a four-dimensional waste reduction concept that includes source reduction, raw material substitution, facility sharing, and process simplification [11][12]. - In 2024, the company achieved a solid waste reduction of 47,000 tons and resource utilization of 45,000 tons, demonstrating both economic and environmental benefits [11][12]. Group 5: Circular Economy Innovations - The company has successfully transformed industrial waste into treatment agents for wastewater, significantly reducing treatment costs and enhancing the value of waste materials [15][16]. - Wanhua Chemical has developed a centralized disposal system for hazardous waste, maximizing resource utilization and minimizing environmental impact [16]. Group 6: Future Directions - Wanhua Chemical aims to deepen its sustainable development strategy and increase investments in environmental technologies, while exploring innovative solutions to global environmental challenges [17]. - The company is committed to collaborating with international organizations and research institutions to contribute to ecological civilization and sustainable development [17].

Core Insights - The report emphasizes the importance of strategic collaboration between China and Russia in the context of evolving international dynamics, highlighting the need to maintain supply chain stability and support multilateral trade systems [5][8] - The macroeconomic environment in China shows signs of gradual recovery, with consumer spending and investment being the main drivers of growth, while the A-share market is expected to experience steady fluctuations [9][12] - The report suggests a focus on sectors such as technology, consumer goods, and dividend-paying assets for investment opportunities in the second half of 2025, driven by supportive policies and improving market conditions [15][30] Domestic Market Performance - The A-share market has shown mixed performance, with the Shanghai Composite Index closing at 3,359.90, down 0.07%, and the Shenzhen Component Index at 10,005.03, down 0.47% [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 13.83 and 36.38 respectively, indicating a suitable environment for medium to long-term investments [9][17] International Market Performance - Major international indices such as the Dow Jones and S&P 500 have experienced declines, with the Dow closing at 30,772.79, down 0.67%, and the S&P 500 at 3,801.78, down 0.45% [4] Industry Strategies - The report outlines several industry strategies for the second half of 2025, focusing on technology self-sufficiency, boosting domestic consumption, and identifying dividend-paying assets as key investment themes [15][32] - The semiconductor industry is highlighted for its potential growth due to increasing demand for domestic production capabilities amid external pressures [26][34] Key Data Updates - The report includes updates on stock performance, with significant trading volumes indicating active market participation, and highlights the importance of monitoring market trends and external factors [7][11] Investment Recommendations - The report recommends focusing on sectors such as artificial intelligence, consumer electronics, and telecommunications for potential investment opportunities, given their expected growth trajectories [23][30] - Specific companies within the semiconductor and AI sectors are identified as having strong growth potential, driven by technological advancements and market demand [27][34]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report suggests taking profit on long positions on rallies in the first three trading days of the week due to the daily increase in the number of warehouse receipts and the less - than - expected destocking at ports. On Thursday, it recommends going long on pullbacks as the supply - demand outlook for pure benzene in July tightens and the probability of an escalation in the situation among the US, Israel, and Iran increases [2]. - According to the expected changes in oil prices and BZN, the valuation range of EB2508 is revised up to 7400 - 8150 yuan. It is recommended to hold long positions and go long on pullbacks [3]. Summary by Directory 01 Pure Benzene Logic - **Domestic and Asian Device Maintenance**: In China, many domestic pure benzene - related devices have maintenance plans or actual maintenance situations. The total domestic maintenance loss in June is 17.69 million tons, and in July it is 17.10 million tons. In Asia, many foreign devices also have maintenance plans, with a total maintenance loss of 23.27 million tons in June and 11.01 million tons in July [10][11]. - **Overseas Aromatic Hydrocarbon Supply - Demand Changes**: From May to June in the US, the total pure benzene imports were only 3 - 4 million tons, and the inventory of pure benzene traders and downstream raw materials in the US Gulf ports decreased significantly. In Europe, multiple phenol plants announced permanent closures this year [12]. - **Production and Profit**: The weekly production profit of petroleum benzene increased by 100 yuan/ton week - on - week, and the capacity utilization rate was 80.36% (+0.96). The weekly production profit of hydro - benzene decreased by about 97 yuan/ton, and the operating rate was 67.87% (+0.77). The import profit of domestic pure benzene decreased by 49.86 yuan/ton week - on - week, and the far - month import window closed [15][18]. - **Crude Oil and Related Inventory**: In the week of June 13, EIA crude oil inventories decreased by 11.473 million barrels, Cushing crude oil decreased by 995,000 barrels, and SPR replenished by 230,000 barrels. The refinery operating rate dropped to 93.2% [22]. - **Downstream Product Conditions**: In the phenol sector, some plants increased their loads; in the caprolactam sector, the profit improved significantly and there was still room for restocking; in the aniline and adipic acid sectors, some plants had start - up and shutdown situations, and the profit of adipic acid increased slightly [27][29]. - **Inventory and Consumption**: As of June 16, the pure benzene inventory in East China ports was 153,000 tons (+4000), and the提货 volume decreased significantly. The five major downstream industries' total consumption of pure benzene increased by about 27,300 tons. After revising up the caprolactam operating rate forecast, the pure benzene supply - demand in July turned back to a tight balance [31][35]. 02 Styrene Logic - **Device Maintenance**: Domestically, Baolai's 350,000 - ton device entered maintenance, and some other devices restarted or postponed maintenance. Overseas, some devices restarted or had restart failures, and some were shut down due to raw material problems. The total domestic maintenance loss in June was 106,600 tons, and in July it was 50,500 tons [41][42]. - **Production and Profit**: This week, the domestic styrene production was 361,900 tons (+23,800), and the capacity utilization rate was about 79.01% (+5.2). The average weekly integrated profit of styrene increased by about 91 yuan/ton, the profit of PO/SM plants increased by about 29 yuan/ton week - on - week, and the average weekly profit of non - integrated plants decreased by about 25 yuan/ton [43][47]. - **Inventory and Trade**: This week, the styrene inventory in sample enterprises' factories was about 188,800 tons (+4100), and the inventory in East China ports was 66,300 tons (-13,700). The import profit of styrene decreased by 34.79 yuan/ton week - on - week, and the far - month import window closed. The export of styrene in June is expected to be 21,000 tons, a decrease from the previous month [55][58]. - **Supply and Demand**: This week, the total consumption of styrene by the three S products decreased by about 2400 tons. In the short term, the supply of styrene increased while the demand decreased, but the accumulation of factory and port inventories was small [61]. 03 Downstream Products & Terminal Industry Logic - **EPS**: The average weekly external procurement profit was - 4 yuan/ton, the production was about 88,900 tons (-3000), the capacity utilization rate was about 53.63% (-1.84), and the inventory in sample enterprises' factories was about 27,700 tons (-2400). The mainstream price increased by 260 yuan/ton week - on - week (+3%) [67][82]. - **ABS**: The external procurement profit increased by about 18.33 yuan/ton week - on - week, the production was about 119,800 tons (-200), the capacity utilization rate was about 63.97% (-0.11), and the inventory in sample enterprises' factories was about 209,000 tons (-9000). The average price increased by 78.33 yuan/ton week - on - week (+0.72%) [73][82]. - **PS**: The average weekly external procurement profit decreased by 53 yuan/ton, remaining in a loss state. The production was about 89,900 tons (+600), the capacity utilization rate was about 58.7% (+0.4), and the inventory in sample enterprises' factories was about 102,000 tons (+6000). The average price of GPPS increased by 215 yuan/ton week - on - week (+2.69%) [77][82]. - **Terminal Industry**: From January to May 2025, the cumulative year - on - year increase in automobile sales was 1.2314 million vehicles (+12.61%), and the cumulative year - on - year increase in exports was 319,400 vehicles (+15.2%). In May, the production of air conditioners decreased by 1.353 million units month - on - month but increased by 430,000 units year - on - year; the production of color TVs decreased by 310,000 units month - on - month and 1.193 million units year - on - year; the production of refrigerators increased by 331,000 units month - on - month but decreased by 422,000 units year - on - year [86]. 04 Pure Benzene, Styrene Monthly Supply - Demand Balance Sheet - **Pure Benzene**: The supply - demand balance sheet shows changes in pure benzene production, import, and downstream consumption demand from January to December 2025. After adjustment, the supply - demand in July turned to a tight balance [104]. - **Styrene**: The supply - demand balance sheet shows changes in styrene production, net import, and downstream demand from January to December 2025, as well as inventory changes and forecasts [108].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of synthetic rubber will follow crude oil and remain in a high - level oscillation. In the medium term, due to the high supply and the supply growth rate exceeding the demand growth rate, there is still significant fundamental pressure. The current main contradiction in the market may be the geopolitical conflict from a macro perspective [2][4]. 3. Summary by Relevant Catalogs 3.1行情研判 - **Futures - end static valuation**: The static valuation range of butadiene rubber futures fundamentals is 11,400 - 12,000 yuan/ton. The dynamic valuation is expected to oscillate. The upper valuation of the futures price is around 12,000 - 12,100 yuan/ton, and when the main BR2507 contract has a premium of about 100 yuan/ton over the market price in Shandong, there is a risk - free arbitrage opportunity. The theoretical bottom valuation range is 11,400 yuan/ton [4]. - **Butadiene fundamentals**: The price of Asian butadiene remains stable, and the domestic butadiene market has seen improved short - term transactions, with prices oscillating around 9,500 yuan/ton. The industry's operating rate is still high year - on - year and has increased month - on - month. Short - term imports are neutral. Demand from butadiene rubber remains neutral, and there is also rigid demand from styrene - butadiene rubber, ABS, and SBS. Inventories of production enterprises and ports have increased slightly. Overall, butadiene is expected to oscillate with support [4]. - **Butadiene rubber fundamentals**: The processing profit of butadiene rubber has gradually returned above the break - even line, and the supply - side operating rate is expected to remain high year - on - year and increase month - on - month. The apparent demand this week remains high, but the substitution demand is expected to decline. Inventories have been at a high level year - on - year. The current fundamentals have a weak driving force, and spot prices are expected to oscillate in the short term [4]. - **Butadiene rubber futures**: In the short term, the escalating geopolitical conflict in the Middle East has pushed up international energy prices, and synthetic rubber, as a crude oil chemical product, may oscillate at a high level following oil products. In the medium term, the fundamentals are under pressure. Overall, the market is mainly affected by the geopolitical conflict, and it is expected to oscillate at a high level in the short term and face pressure after returning to fundamentals in the medium term [4]. - **Strategy**: Unilateral positions are short - term bullish; the spread between NR - BR is expected to narrow [4] 3.2丁二烯基本面 - **Pricing stage**: Butadiene is currently in the supply - demand pricing stage and has a low correlation with the raw material end [7]. - **Capacity expansion**: To support the expansion of downstream industries such as ABS, SBS, styrene - butadiene rubber, and butadiene rubber, butadiene capacity has been continuously expanding, with the speed and amplitude slightly faster than those of downstream industries at certain stages [9]. - **New capacity in 2024 and 2025**: In 2024, a total of 380,000 tons of new capacity were put into operation, and in 2025, 860,000 tons are expected to be added, mainly through the C4 extraction process [11]. - **Supply - side operating rate**: The overall operating rate of butadiene is high, with some fluctuations due to enterprise maintenance. The total weekly production capacity is 1.4167 million tons, and the operating rate is 69.95%, with a weekly output of 991,000 tons [15]. - **Net imports**: Short - term imports are neutral, with data showing monthly import and export volume changes [16]. - **Demand - side capacity**: The capacity of butadiene rubber and styrene - butadiene rubber is expanding, with new projects being put into operation in multiple regions. For example, in 2024 - 2026, new capacity of butadiene rubber and styrene - butadiene rubber will be added in Zhejiang, Shandong, and other places [19]. - **Demand - side operating and maintenance**: The operating rates of butadiene rubber and styrene - butadiene rubber vary among enterprises, with some in normal operation, some under reduced load, and some under maintenance [24]. - **ABS and SBS capacity**: The capacity of ABS and SBS has also been increasing. In 2024, the ABS capacity increased by 2.06 million tons, and in 2025, it is expected to increase by 1.5 million tons. For SBS, the capacity increased by 160,000 tons in 2024 and is expected to increase by 250,000 tons in 2025 [28]. - **ABS and SBS fundamentals**: The operating rate, net profit, inventory, and capacity utilization of ABS and SBS show certain trends and fluctuations [29][30]. - **Inventory**: The inventories of butadiene production enterprises and ports have increased slightly, and the total inventory shows an upward trend [32][33][34] 3.3合成橡胶基本面 - **Butadiene rubber supply - production**: The weekly production of high - cis butadiene rubber shows certain trends and fluctuations, and the operating rate of enterprises also varies [39]. - **Butadiene rubber supply - cost and profit**: The theoretical production cost, profit, and gross profit margin of butadiene rubber show different trends over time [41][42][43]. - **Butadiene rubber supply - import and export**: The monthly import and export volumes of butadiene rubber show certain trends [44][47]. - **Butadiene rubber supply - inventory**: The inventories of butadiene rubber enterprises, traders, and futures are at a relatively high level year - on - year [50][51]. - **Butadiene rubber demand - tires**: The inventory days of all - steel tires in Shandong Province and the operating rates of domestic semi - steel and all - steel tires show certain trends [54][55]

Group 1: Investment Highlights - This week, the average prices of pure MDI, polymer MDI, and TDI in the polyurethane sector were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases of 360 yuan/ton, 20 yuan/ton, and 178 yuan/ton. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, down 620 yuan/ton, 320 yuan/ton, and 229 yuan/ton week-on-week [2]. - In the oil, gas, and olefin sector: ① The average prices of ethane, propane, steam coal, and naphtha this week were 1,245 yuan/ton, 4,373 yuan/ton, 495 yuan/ton, and 4,547 yuan/ton respectively, with week-on-week changes of -142 yuan/ton, +107 yuan/ton, -5 yuan/ton, and +356 yuan/ton. ② The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via ethane cracking, CTO, and naphtha cracking were 1,323 yuan/ton, 2,021 yuan/ton, and -246 yuan/ton respectively, with week-on-week changes of +230 yuan/ton, +101 yuan/ton, and -263 yuan/ton. ③ The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week. The theoretical profits of polypropylene production via PDH, CTO, and naphtha cracking were -184 yuan/ton, 1,702 yuan/ton, and -383 yuan/ton respectively, with week-on-week changes of -65 yuan/ton, +46 yuan/ton, and -318 yuan/ton [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,272 yuan/ton, 1,813 yuan/ton, 3,940 yuan/ton, and 2,364 yuan/ton respectively, with week-on-week changes of -75 yuan/ton, +10 yuan/ton, -25 yuan/ton, and -13 yuan/ton. Their respective gross profits were 399 yuan/ton, 166 yuan/ton, -236 yuan/ton, and -57 yuan/ton, down 62 yuan/ton, +29 yuan/ton, -117 yuan/ton, and -89 yuan/ton week-on-week [2]. - Relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. Group 2: Weekly Data Briefing of Basic Chemical Industry Company Performance Tracking - As of June 20, 2025, the Basic Chemical Index dropped 2.5% in the past week, 2.2% in the past month, 3.6% in the past three months, but rose 7.0% in the past year and 3.2% since the beginning of 2025. Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng had different performance in terms of stock price changes and profit [8]. Polyurethane Industry Chain - The average prices of pure MDI, polymer MDI, and TDI were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, also showing week-on-week declines [8]. Oil, Gas, and Olefin Industry Chain - Raw material prices: The average prices of ethane, propane, NYMEX natural gas, Brent crude oil, naphtha, steam coal, and methanol had different week-on-week changes. For example, ethane was 1,245 yuan/ton, down 142 yuan/ton week-on-week; propane was 4,373 yuan/ton, up 107 yuan/ton week-on-week [8]. - Product prices and profits: The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via different routes had different week-on-week changes. The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week, and the theoretical profits of polypropylene production via different routes also changed accordingly [8]. C2 and C3 Segments - In the C2 segment, products such as ethylene, HDPE, and ethylene glycol had different price changes and raw material price differences. For example, the price of ethylene was 5,891 yuan/ton, up 268 yuan/ton week-on-week, and the price difference with 1.3 ethane (CIF) was 2,034 yuan/ton, up 455 yuan/ton week-on-week [10]. - In the C3 segment, products like propylene, polypropylene, and acrylic acid also had their own price and price difference changes. For instance, the price of propylene was 5,461 yuan/ton, up 28 yuan/ton week-on-week, and the price difference with 1.2 propane was 213 yuan/ton, down 100 yuan/ton week-on-week [10]. Coal Chemical Industry Chain - Coal and coke products: The price of coking coal was 1,069 yuan/ton, down 24 yuan/ton week-on-week; the price of coke was 1,107 yuan/ton, down 22 yuan/ton week-on-week, and its gross profit was -25 yuan/ton, up 24 yuan/ton week-on-week [10]. - Traditional coal chemical products: The prices and gross profits of synthetic ammonia, urea, DMF, and acetic acid had different week-on-week changes [10]. - New materials: Products such as DMC, oxalic acid, and octanol also showed price and gross profit changes [10]. Group 3: Basic Chemical Industry Weekly Report 2.1 Basic Chemical Index Trend - The report may analyze the trend of the basic chemical index, but specific content is not fully presented in the provided text [12]. 2.2 Polyurethane Sector - The report may show the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and gross profit trends of polymer MDI, TDI, and pure MDI, but detailed analysis is not provided [17][18]. 2.3 Oil, Gas, and Olefin Sector - It may cover the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, and crude oil, as well as the profitability of different production routes such as ethane cracking to PE, PDH to PP, coal to PE, coal to PP, and naphtha to PE/PP, but in - depth analysis is lacking [25][33]. 2.4 Coal Chemical Sector - It may analyze the price trends of domestic coking coal and coke, as well as the price and gross profit trends of coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid, but detailed content is not given [42][47][54].

[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 基础化工 2025 年 06 月 22 日 关注钾肥板块投资机会 [Table_Summary] 投资要点： 核心观点： 请务必阅读正文之后的信息披露和法律声明 1.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 2.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 3.《万华化学（600309.SH）：主营 业务保持稳健，减值&报废短期拖 累》，2025.6.4 4.《SAF 企业有望迎来量价齐升阶 段！》，2025.6.4 5.《新一轮化工供给侧改革或将开 启》，2025.6.3 本周基础化工板块表现好于大盘。根据 Wind，本周（6/13-6/20）上证综指涨跌幅 为-0.5%，创业板指 ...

Group 1 - Weipengsheng (Shandong) Vacuum Equipment Co., Ltd. has developed dry screw vacuum pumps with vibration levels controlled below 2.8 mm/s, which is nearly 40% lower than the industry average, and a mechanical lifespan of up to 20 years [1] - The company has significantly increased its domestic core component localization rate from less than 5% to 95%, achieving an ultimate vacuum degree of 0.1 Pa and a maximum pumping speed of 2700 cubic meters per hour [2] - In the first quarter of this year, Weipengsheng's output reached 40 million yuan, with an annual target of over 200 million yuan, and 30% of the nearly 100 new jobs created are in R&D [2] Group 2 - The tax policies have provided substantial financial support to Weipengsheng, including a research and development expense deduction of nearly 3.4 million yuan and a corporate income tax reduction of about 700,000 yuan due to the high-tech enterprise status [2] - The industrial added value of the Weihai Lingang District increased by 8.3% in the first quarter, indicating a broader trend of technological innovation and industrial upgrading among similar enterprises [2] - Weipengsheng's products have entered the supply chains of major companies like PetroChina and Wanhua Chemical, showcasing the successful transition from reliance on imports to domestic production [3]