[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]

公司于 2023 年 6 月 30 日收到中国银行间市场交易商协会核发的《接受注册通 知书》（中市协注2023DFI36 号），中国银行间市场交易商协会接受公司债务融 资工具注册，注册自通知书落款之日起 2 年内有效，在注册有效期内可分期发行超 短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工 具等产品。 公司根据自身资金计划安排和银行间市场情况，于 2025 年 6 月 12 日在全国银 行间市场发行了 2025 年度第六期科技创新债券，募集资金已于 2025 年 6 月 13 日 到账。发行结果如下： | | 万华化学集团股份有限公司2025年 | | 25万华化学 MTN006(科创 | | --- | --- | --- | --- | | 名称 | | 简称 | | | | 度第六期科技创新债券 | | 债) | | 代码 | 102582405 | 期限 | 3年 | | 起息日 | 2025年06月13日 | 兑付日 | 2028年06月13日 | | 计划发行总额 | 12亿元 | 实际发行总额 | 12亿元 | | 发行利率 | 1.83% | 发行价格 | 100元 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with the banking and insurance sectors continuing to rise in the afternoon, while the consumer electronics sector experienced divergent trends [1][7]. Banking and Insurance Sector - Major banks and insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 376.78 billion, 340.36 billion, and 996.83 billion respectively, with trading volumes of 7.95 million, 46.06 million, and 6.95 million [3]. - The insurance sector saw positive changes with Ping An Insurance increasing by 1.54 (+2.89%) and China Life Insurance by 0.14 (+1.67%) [3]. Consumer Electronics Sector - The consumer electronics sector displayed mixed results, with companies like Industrial Fulian and Luxshare Precision reporting market capitalizations of 408.89 billion and 240.74 billion respectively, and trading volumes of 39.50 million and 10.37 million [4]. - Industrial Fulian's stock decreased by 0.22 (-1.06%), while Luxshare Precision increased by 0.18 (+0.35%) [4]. Alcohol Industry - The alcohol sector, represented by Kweichow Moutai and Wuliangye, showed strong market capitalizations of 1,794.68 billion and 223.79 billion respectively, with trading volumes of 49.91 million and 21.95 million [3]. - Kweichow Moutai's stock increased by 2.66 (+0.19%), while Wuliangye rose by 6.84 (+3.87%) [3]. Semiconductor Sector - The semiconductor industry, including companies like North Huachuang and Cambrian, reported market capitalizations of 227.97 billion and 310.30 billion respectively, with trading volumes of 14.35 million and 21.38 million [3]. - North Huachuang's stock increased by 3.21 (+0.76%), while Cambrian's stock decreased by 8.11 (-1.39%) [3]. Automotive Sector - The automotive sector, featuring Great Wall Motors and BYD, had market capitalizations of 179.31 billion and 1,869.56 billion respectively, with trading volumes of 25.08 million and 3.83 million [3]. - Great Wall Motors' stock decreased by 0.25 (-0.07%), while BYD's stock decreased by 0.16 (-0.76%) [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, reported market capitalizations of 1,676.47 billion and 1,095.42 billion respectively, with trading volumes of 12.62 million and 8.75 million [3]. - China Petroleum's stock increased by 0.21 (+1.30%), while China Shenhua's stock decreased by 1.84 (-0.76%) [3].

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - In the first half of 2025, the power market supply - demand pattern was marginally loose, and prices declined. Looking ahead to the second half of the year, electricity prices will still face downward pressure due to factors such as supply - demand looseness, falling primary energy prices, accelerated power spot market construction, and the full - scale participation of new energy in market transactions [68][69]. - In different regional power spot markets that have been officially launched, electricity prices in various regions are expected to show different degrees of decline, with varying influencing factors and characteristics in each region [70]. Summary by Relevant Catalogs 1. Review of the Power Market in the First Half of 2025 1.1 Power Supply - From January to April 2025, the newly installed power generation capacity reached 141 million kilowatts, a year - on - year increase of 58.2%. Solar energy had the largest increase, with new capacity of 105 million kilowatts, a year - on - year increase of 74.6%. Wind and thermal power also showed rapid growth, while hydropower slightly decreased, and nuclear power had no new installations [6]. - The cumulative average utilization hours of power generation equipment from January to April 2025 were 1008 hours, a year - on - year decrease of 103 hours. The growth rate of power generation significantly slowed down. The proportion of thermal power generation continued to decline, while other power sources increased to varying degrees [8]. 1.2 Power Demand - From January to April 2025, the cumulative electricity consumption of the whole society was 3156.6 billion kilowatt - hours, a year - on - year increase of 3.1%. Although the electricity consumption growth rate recovered month by month, it was still relatively low compared to the high - base growth last year. The main reasons included the leap - year effect, warm - winter weather, industrial structure adjustment, and weak external demand [15]. 1.3 Power Price - From January to May 2025, the overall pattern of industrial and commercial agency power purchase prices across the country was "more declines than increases." As of May, the average price was 387.3 yuan per megawatt - hour, a year - on - year decrease of 2.8%. There was a further differentiation in prices among regions [22]. 2. Outlook for the Power Market in the Second Half of 2025 2.1 Macro Outlook - **Supply - side**: The newly installed power generation capacity is expected to continue to grow at a high rate. It is estimated that the total power generation in 2025 will reach 11.6 trillion kilowatt - hours, a year - on - year increase of 11.3% [24]. - **Demand - side**: The GDP elasticity coefficient of power consumption in 2025 is expected to drop to around the 2022 - 2023 level. The total national electricity consumption is expected to be 10.4 trillion kilowatt - hours, with the year - on - year growth rate dropping to 5.9% [25]. - **Supply - demand relationship**: The calculated power generation - to - consumption ratio is only 89.6%, indicating that the power market supply - demand is becoming looser [28]. - **Cost factor**: The prices of primary energy such as thermal coal and natural gas have continued to decline, weakening the cost support for electricity prices [30]. - **Market mechanism factor**: The construction of the power spot market has accelerated, and new energy has fully participated in market transactions, both of which will put downward pressure on electricity prices [32][37]. 2.2 Outlook for Electricity Prices in Spot Markets that have been Officially Launched - **Guangdong**: The power market is generally in a state of loose supply - demand. Electricity prices are expected to continue the year - on - year decline trend, but the construction of the southern regional power market may cause some disturbances [38][50]. - **Shanxi**: Electricity prices are expected to gradually approach the cost of coal - fired power and continue to decline under the background of the downward cycle of coal - fired power [51]. - **Shandong**: With the continuous increase in the proportion of new energy and limited demand growth, the spot electricity price still has room to decline [55]. - **Gansu**: The proportion of new energy is high, and electricity prices will face long - term downward pressure. The high volatility of electricity prices is expected to continue due to the high sensitivity to climate conditions [60][63]. - **Western Inner Mongolia**: The proportion of new energy power is expected to increase, and the willingness of thermal power to bid high is weak. The spot price is expected to remain weak, but the downward space is relatively limited as the current price is already at a low level [64][67]. 3. Conclusion - In the first half of 2025, the power market supply - demand was marginally loose, and prices declined. In the second half of the year, electricity prices will still face downward pressure due to multiple factors. Different regions will have different trends in electricity prices [68][69][70].

Group 1: Market Overview - The FTSE China A50 Index components showed a rebound in banking, insurance, and liquor sectors, while the power sector continued to adjust [1][4][5] - Major insurance companies like China Pacific Insurance, China Life Insurance, and Ping An Insurance reported market capitalizations of 378.55 billion, 342.10 billion, and 994.83 billion respectively, with trading volumes of 4.88 million, 24.23 million, and 3.99 million [4] - The liquor industry, led by Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, had market capitalizations of 1807.87 billion, 225.39 billion, and 463.74 billion respectively, with trading volumes of 27.96 million, 15.85 million, and 20.97 million [4] Group 2: Sector Performance - The semiconductor sector, including companies like Northern Huachuang and Cambrian, had market capitalizations of 226.75 billion and 240.86 billion respectively, with trading volumes of 7.87 million and 14.31 million [4] - In the automotive sector, Great Wall Motors and BYD reported market capitalizations of 281.32 billion and 1874.12 billion respectively, with trading volumes of 13.90 million and 1.60 million [4] - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 746.53 billion and 329.67 billion respectively, with trading volumes of 9.73 million and 16.36 million [5] Group 3: Notable Companies - China Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 193.12 billion and 1095.10 billion respectively, with trading volumes of 4.57 million and 18.81 million [4] - In the food and beverage sector, companies like Citic Securities and Haitai Flavor reported market capitalizations of 385.04 billion and 325.62 billion respectively, with trading volumes of 5.48 million and 3.31 million [5] - The electronics sector, including companies like Industrial Fulian and Luxshare Precision, had market capitalizations of 342.13 billion and 409.89 billion respectively, with trading volumes of 5.39 million and 23.98 million [5]

本报记者 毛艺融 发行利率显著下降 《公告》明确，金融机构、科技型企业、私募股权投资机构和创业投资机构（以下简称"股权投资机构"）等三类机构可发 行科技创新债券，募集资金用于支持科技创新领域投融资。 5月7日以来，科创债发行呈现出规模大、认购热情高、利率低、主体多元等特点。尤其是政策红利的持续释放，使得金融 机构、科技型企业和股权投资机构积极参与，推动了科创债市场的快速发展。 具体来看，在前述299只科创债中，银行发行的科创债成为主力，25家银行合计发行2275亿元，发行规模占比超四成。例 如，6月13日，南京银行发行的"25南京银行科创债01BC"上市，发行规模50亿元，期限5年，票面利率1.79%。南京银行表示， 本期科技创新债券所募集的资金，将专项为科技创新企业中长期融资需求提供有力支撑，进一步提升科创金融服务能力，加快 培育和发展新质生产力。 券商也在积极响应。前述299只科创债里，有28家证券公司合计发行279.7亿元。 根据公告，首批银行科创债募集资金将用于发放科技贷款、投资科创债等，券商科创债募集资金将用于新增科技创新投 资、置换前期投资支出、补充流动资金等。 科创债再次迎来政策层面的支持。证监 ...

Core Viewpoint - The closure of the world's largest phenol and acetone production facility by INEOS in Germany highlights the challenges faced by the European chemical industry, primarily due to high energy costs and punitive carbon taxes, leading to reduced competitiveness against imports and a decline in local demand [1][3][5]. Group 1: Company Actions - INEOS plans to permanently close its production facility in Gladbeck, Germany, which has an annual production capacity of 650,000 tons [1][2]. - The closure is attributed to the high energy costs in Europe and the impact of carbon tax policies, which have made it difficult for the company to compete with imports from China and a global supply surplus [3][5]. - INEOS has previously expressed concerns about the viability of the European chemical industry, indicating that it is facing extinction due to similar challenges [5][6]. Group 2: Industry Trends - The European chemical industry, which generates approximately €1 trillion in revenue, is undergoing significant strategic adjustments, with many companies announcing closures or layoffs due to high operational costs [5][8]. - Other companies, such as SGL Carbon, Teijin, and Dow, are also making similar moves, including plant closures and workforce reductions, in response to the challenging market conditions [8][9]. - The closure of INEOS's phenol plant is indicative of a broader trend in the industry, where many companies are facing overcapacity and declining prices, particularly in the phenol market, which is expected to see additional capacity coming online in 2025 [11]. Group 3: Market Outlook - The domestic phenol production capacity has reached 6.39 million tons, with leading companies like Zhejiang Petrochemical and Wanhua Chemical dominating the market [11]. - The industry is already experiencing oversupply, with an expected additional capacity of 995,000 tons in 2025, leading to a downward trend in phenol prices since the second quarter of 2025 [11]. - A report indicates that 24 types of products are under capacity warning, with 14 categorized as high-risk, suggesting a need for cautious investment and project management in the chemical sector [11].

Core Viewpoint - The sixth Multinational Corporation Leaders Qingdao Summit highlighted the "Investment in China" investment exchange cooperation meeting, showcasing typical cases of multinational companies aiding Shandong's green, low-carbon, and high-quality development [1][4]. Group 1: Investment Projects - The investment exchange meeting presented 10 typical cases selected from 52 submissions across 16 cities in Shandong, demonstrating the collaborative efforts between multinational companies and Shandong in pursuing green development [4]. - SKF Group, the world's largest bearing manufacturer, invested 500 million yuan in Jinan to expand its factory and establish a global commercial vehicle R&D center [4]. - AstraZeneca, a Fortune 500 company, invested 750 million USD in Qingdao to build a zero-carbon inhalation aerosol production base and regional headquarters [4]. - Hexagon, the largest manufacturer of coordinate measuring instruments globally, invested 2.1 billion yuan in Qingdao to create a technology R&D center and Greater China headquarters [4]. Group 2: Strategic Partnerships - Kuwait Petroleum Company acquired a 25% stake in Wanhua Chemical through capital increase and merger, with foreign investment amounting to approximately 638 million USD [5]. - OSI Group, an American company, established its tenth factory in China in Weihai, with a total foreign investment exceeding 140 million USD over two years [6]. - Henkel, a Fortune 500 company, invested 120 million euros in Yantai to create its largest single investment project globally [7]. - Komatsu, another Fortune 500 company, invested 10.6 billion yuan to build a global smart manufacturing industrial base in Jining [8]. - Eagle Group from Singapore invested approximately 11 billion yuan in a 600,000-ton lyocell fiber project in Jining, while Asia Pacific Forestry's projects in Rizhao accumulated nearly 30 billion yuan in investment [8]. - ZF Friedrichshafen, a German Fortune 500 company, made three consecutive capital increases totaling 140 million euros to establish a safety airbag integrated project globally for the first time in Rizhao [8]. - Cigna Group, a Fortune 500 company, has cumulatively invested 580 million USD in a biotechnology project in Liaocheng, with 10 expansions since 2004 [9].

Group 1: Investor Relations Activity Overview - The investor relations activity was categorized as a specific audience survey [3] - The event took place on June 17, 2025, at the company's headquarters in Wuxi [3] - Attendees included representatives from various securities firms and the company's board secretary, financial officer, and director [3] Group 2: Company Performance and Operations - The company reported a stable production and operational status with sufficient orders on hand [5] - Significant receivables from large debts were collected in Q1 2025, as detailed in the quarterly report [5] Group 3: Product Development and Client Engagement - The company is actively collaborating with clients on solid electrolyte projects and has received orders [6] - The company has nearly 30 years of experience in fine chemicals, enhancing its market competitiveness [7] - Products are utilized in the automated production processes of new modified materials and engineering plastics [7] Group 4: Share Buyback and Incentive Plans - The company has repurchased 701,614 shares, representing 0.67% of the total share capital [8] - Future stock incentive plans will be developed based on operational and management needs [8]