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雅下水电、反内卷火了!钢铁ETF、化工ETF、基建50ETF、建材ETF本周强势吸金
Ge Long Hui· 2025-07-27 08:17
(原标题:雅下水电、反内卷火了!钢铁ETF、化工ETF、基建50ETF、建材ETF本周强势吸金) 化工ETF跟踪中证细分化工产业主题指数,覆盖氟化工、煤化工、钛白粉、化肥等多个化工细分领域,权重股包含万华化学、盐湖股份、巨化股 份、宝丰能源等行业龙头股。 此外,反内卷政策优化了部分行业格局,龙头盈利有望迎来拐点。 兴业证券研报称,在反内卷涉及的重点行业中,普钢、玻璃玻纤、钛白粉、新能源链(硅料硅片、光伏电池组件、锂电专用设备)当前企业盈利状 况和资本开支均处在历史低位,参与反内卷意愿较强,短期内有望看到行业做出积极变化;其中,钢铁板块国企占比较高、去产能阻力较小,后 续如有进一步的政策下达,或是反内卷实施较为顺畅的行业之一。 对于当下市场,渤海证券指出,在"反内卷"政策将获推进预期下,市场进一步迎来重大水电工程及基建项目的部署,供给端去化预期叠加需求端 政策加码,权重板块带动指数实现进一步上涨。市场交投也显著活跃,日均成交额一度达到近1.9万亿元。展望而言,在流动性及政策部署为主要 驱动因素的行情中,市场乐观预期正被快速定价,未来市场能否实现进一步上行,一方面需要关注国际贸易、国内经济政策能否有增量利好,另 ...
基础化工周报:乙烷价格下滑,气头制烯烃路线盈利能力加强-20250727
Soochow Securities· 2025-07-27 08:15
1. Report Industry Investment Rating No information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The profitability of the gas - based olefin production route has strengthened due to the decline in ethane prices [1]. - The prices and gross profits of pure MDI, polymer MDI, and TDI in the polyurethane sector have increased this week [2]. - In the oil - gas - coal olefin sector, the prices of raw materials such as ethane, propane, and stone naphtha have changed, and the theoretical profits of different production processes for polyethylene and polypropylene have also changed [2]. - In the coal chemical sector, the prices and gross profits of products such as synthetic ammonia, urea, DMF, and acetic acid have changed [2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing 3.1.1 Related Company Performance Tracking - The basic chemical index had a weekly increase of 4.0%, a monthly increase of 9.0%, a quarterly increase of 13.7%, an annual increase of 34.4%, and a year - to - date increase of 15.3% as of July 25, 2025 [8]. - The stock price increases of relevant companies such as Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng in different time periods are different, and their profit - related indicators such as net profit and PE also vary [8]. 3.1.2 Polyurethane Industry Chain - The weekly average prices of pure MDI, polymer MDI, and TDI were 16,800 yuan/ton, 15,560 yuan/ton, and 16,148 yuan/ton respectively, with a week - on - week increase of 200 yuan/ton, 660 yuan/ton, and 2,612 yuan/ton respectively. The corresponding gross profits were 3,649 yuan/ton, 3,335 yuan/ton, and 4,425 yuan/ton, with a week - on - week increase of 176 yuan/ton, 591 yuan/ton, and 1,321 yuan/ton respectively [8]. 3.1.3 Oil - Gas - Coal Olefin Industry Chain - The weekly average prices of raw materials such as ethane, propane, and stone naphtha changed. For example, the price of ethane was 1,255 yuan/ton, a week - on - week decrease of 79 yuan/ton [8]. - The theoretical profits of different production processes for polyethylene and polypropylene also changed. For example, the theoretical profit of ethane cracking to produce polyethylene was 1,257 yuan/ton, a week - on - week increase of 76 yuan/ton [2][8]. 3.1.4 C2 and C3 Plates - In the C2 plate, products such as ethylene, HDPE, and ethylene glycol had price and spread changes. For example, the price of ethylene was 5,866 yuan/ton, a week - on - week decrease of 4 yuan/ton [10]. - In the C3 plate, products such as propylene, polypropylene, and acrylic acid also had price and spread changes. For example, the price of propylene was 5,503 yuan/ton, a week - on - week decrease of 24 yuan/ton [10]. 3.1.5 Coal Chemical Industry Chain - In the coal - coking products, the prices of coking coal and coke changed. For example, the price of coking coal was 1,082 yuan/ton, a week - on - week increase of 33 yuan/ton [10]. - In traditional coal chemical products, the prices and gross profits of products such as synthetic ammonia, urea, and DMF changed. For example, the price of synthetic ammonia was 2,354 yuan/ton, a week - on - week increase of 102 yuan/ton [10]. - In new materials, the prices and gross profits of products such as DMC, oxalic acid, and octanol changed. For example, the price of DMC was 12,300 yuan/ton, a week - on - week increase of 1,180 yuan/ton [10]. 3.2 Basic Chemical Weekly Report 3.2.1 Basic Chemical Index Trend No detailed content provided in the given text about the basic chemical index trend analysis. 3.2.2 Polyurethane Sector - The prices and gross profits of pure MDI, polymer MDI, and TDI have increased, and their price and profit trends are presented through relevant charts [2][17]. 3.2.3 Oil - Gas - Coal Olefin Sector - The prices of raw materials such as MB ethane, NYMEX natural gas, and East China propane have changed, and the profitability of different production processes for polyethylene and polypropylene has also changed, which are presented through relevant charts [24][31]. 3.2.4 Coal Chemical Sector - The prices and gross profits of products such as coking coal, coke, urea, and acetic acid have changed, and their price and profit trends are presented through relevant charts [41][45].
山东政商要情(7.21—7.27)
Jing Ji Guan Cha Wang· 2025-07-27 06:19
1,2025年上半年山东GDP50046亿元 增长5.6% 7月21日,山东省统计局、国家统计局山东调查总队发布《2025年上半年全省经济运行情况解读》。根据地区生产总值统一核算结果,2025年上半年山东省 生产总值为50046亿元,按不变价格计算,增长5.6%。 分产业看,第一产业增加值3015.4亿元,增长3.9%;第二产业增加值19799.1亿元,增长5.6%;第三产业增加值27231.5亿元,增长5.8%。全省经济运行保持 稳健向好、进中提质的良好态势,顺利实现"双过半",高质量发展扎实推进。 此外,本次大会还发布了《粮食减损南南合作行动方案》,明确未来三年五大重点:建立国际减损技术共享平台、推动数字技术应用于全供应链智能管理 (包括库存、物流与质量追溯)、推进粮食基础设施多双边项目、出版全球减损案例及促进经验分享、深化与国际组织协作。 规模以上工业增加值增长7.7%。分经济类型看,国有控股企业增加值增长2.0%;股份制企业增长8.2%,外商及港澳台商投资企业增长4.7%;私营企业增长 7.7%。从三大门类看,采矿业增长4.8%,制造业增长9.0%,电力、热力、燃气及水的生产和供应业下降1.4%。从重 ...
行业周报:雅鲁藏布江下游水电工程开工,新疆新业百亿级煤化工项目环评公示-20250726
Huafu Securities· 2025-07-26 13:02
Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The chemical sector has shown significant growth, with the CITIC Basic Chemical Index rising by 3.65% and the Shenwan Chemical Index increasing by 4.03% this week [14][17]. - Key sub-industries such as soda ash, modified plastics, and organic silicon have experienced notable price increases, indicating strong market performance [17][18]. - The report highlights several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][8]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 1.67%, while the ChiNext Index rose by 2.76% this week [14]. - The basic chemical sector outperformed, with significant gains in various sub-industries, particularly soda ash, which saw a 12.49% increase [17][18]. Key Industry Developments - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3]. - A new coal-to-natural gas project in Xinjiang has been announced, with a total investment of 15.488 billion yuan, expected to commence production by the end of 2027 [3]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Phosphate and Fluorine Chemicals**: The report suggests that supply constraints and rising demand in the new energy sector will tighten the supply-demand balance, making companies like Yuntianhua and Juhua attractive [5]. - **Vitamin Supply Disruptions**: BASF's announcement regarding supply issues for vitamins A and E is expected to create market imbalances, presenting investment opportunities in companies like Zhejiang Medicine [8].
PVC周报:反内卷情绪高涨,印度反倾销延期-20250726
Wu Kuang Qi Huo· 2025-07-26 12:44
反内卷情绪高涨, 印度反倾销延期 PVC周报 2025/07/26 马桂炎(联系人) 13923915659 magy@wkqh.cn 交易咨询号:Z0020397 从业资格号:F03136381 刘洁文(能源化工组) 从业资格号:F03097315 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 成本利润:乌海电石价格报2225元/吨,周同比下跌25元/吨;山东电石价格报2780元/吨,周同比下跌45元/吨;兰炭陕西中料585元/吨,周 同比持平。利润方面,氯碱综合一体化利润上升至年内高点,乙烯制利润持续反弹,目前估值支撑较弱。 ◆ 供应:PVC产能利用率76.8%,环比下降0.8%;其中电石法79.3%,环比下降0.5%;乙烯法70.3%,环比下降1.7%。上周供应端负荷下降,主因 鄂尔多斯氯碱、伊东东兴、中泰阜康、新浦化学检修,下周预期负荷回升。7月检修相对6月增加,但供应压力依旧较大,新装置方面三季度 投产压力较大。 ◆ 需求:出口方面印度反倾销政策延期至9月底,三季度弱出口的 ...
【冠通研究】:PVC:震荡上行
Guan Tong Qi Huo· 2025-07-25 11:22
【冠通研究】 PVC:震荡上行 制作日期:2025年7月25日 【策略分析】 逢低做多/09-01反套 上游电石价格部分地区下跌25元/吨。目前供应端,PVC开工率环比增加0.62个百分点至77.59%, PVC开工率转而上升,升至近年同期偏高水平。PVC下游开工同比往年仍偏低,采购较为谨慎。印度 将BIS政策再次延期六个月至2025年12月24日执行,中国台湾台塑7月份报价上调10-25美元/吨,近期 出口签单一般,不过印度宣布将反倾销税延迟至9月25日公布,或将刺激中国PVC抢出口。上周社会 库存继续增加,目前仍偏高,库存压力仍然较大。2025年1-6月份,房地产仍在调整阶段,投资、新 开工、竣工面积同比降幅仍较大,投资、销售同比增速进一步下降。30大中城市商品房周度成交面 积环比继续回落,仍是历年同期最低水平,房地产改善仍需时间。氯碱综合利润修复,PVC开工率上 周有所增加。同时万华化学、天津渤化等新增产能已经试产,电石价格支撑弱,需求未实质性改善 之前PVC压力较大。不过最新工信部提到新一轮十大重点行业(包括石化、建材等)稳增长工作方案 近期将陆续发布,摸底石化、化工老装置清单,淘汰20年落后装置,国 ...
基础化工行业报告:反内卷政策陆续出台,化工行业优先受益
CMS· 2025-07-25 10:22
Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].
张先恩/薛闯/袁其朋/王丹/杨世辉/姚远...第四届合成生物与绿色生物制造大会(8月20-22日,宁波)
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 take place from August 20 to 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: Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University of Technology, and other prominent figures from various universities and research institutes [4][5][6][7][10][12][14][18][20][22][30][32]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics such as green chemicals, new materials, AI in biomanufacturing, and future food and agriculture [36][37]. - Specific sessions will focus on the construction of efficient cell factories for the production of aromatic compounds and the biomanufacturing of polyamide materials [8][11].
金十图示:2025年07月25日(周五)富时中国A50指数成分股今日收盘行情一览:盘面整体跌多涨少,银行、石油、煤炭等板块表现低迷
news flash· 2025-07-25 07:07
富时中国A50指数连续 U.UU(U.UU%) -0.10(-1.21%) +0.07(+0.62%) 光大银行 2410.69亿市值 7.16亿成交额 4.08 -0.05(-1.21%) 得經 中国平安 中国太保 中国人保 0 3745.77亿市值 3606.67亿市值 10576.50亿市值 19.62亿成交额 7.89亿成交额 29.59亿成交额 58.08 37.49 8.47 +0.10(+0.27%) -0.56(-0.95%) +0.04(+0.47%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18277.68亿市值 2264.01亿市值 4795.34亿市值 61.40亿成交额 16.09亿成交额 22.85亿成交额 185.58 123.54 1455.00 -36.50(-2.45%) -4.88(-2.56%) -2.01(-1.60%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2467.60亿市值 2816.75亿市值 3288.71亿市值 50.00亿成交额 21.05亿成交额 81.33亿成交额 673.30 341.96 141.49 +3.31(+0.98%) +4 ...
化工板块逆市拉升!低估值龙头井喷,博源化工涨超6%!机构:化工行业有望进入新一轮长景气周期
Xin Lang Ji Jin· 2025-07-25 02:54
今日(7月25日),化工板块继续拉升!反映化工板块整体走势的化工ETF(516020)开盘后震荡走 高,盘中场内价格最高涨0.9%,后略有回落,截至发稿,涨0.3%。 成份股方面,纯碱、农药、石化等板块部分个股涨幅居前。截至发稿,博源化工飙涨超6%,扬农化工 大涨超5%,齐翔腾达涨超3%,桐昆股份、新凤鸣、华峰化学等多股跟涨超2%。 | 分野 多日 1分 5分 15分 30分 60分 日 周 月 夏多 | | | | | | | F9 型车型后 图出 九星 面达 工具 份 (3) > | | 42 TETF 1 | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 516020(RCIETF) 10:31 @ 0.666 图数 0.00280.30% /267 0.667 成交量 1170 /OPV 0.6657 | 0.670 | | | | | | | 2025/07/25 | 0.666 | | =0.002 +0.301 | | 551 CNF 10:31:41 文明申 | 0. ...