万华化学集团股份有限公司 2025 年度第三期科技创新债券发行结果公告 证券代码：600309 证券简称：万华化学 公告编号：临 2025-29 号 公司根据自身资金计划安排和银行间市场情况，于 2025 年 5 月 19 日在全国银 行间市场发行了 2025 年度第三期科技创新债券，募集资金已于 2025 年 5 月 19 日 到账。发行结果如下： 特此公告。 万华化学集团股份有限公司 2025 年 5 月 21 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 | 名称 | 万华化学集团股份有限公司2025年 | 简称 | 25 万 | 华 化 | 学 | SCP003( | 科 创 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 度第三期科技创新债券 | | 债) | | | | | | 代码 | 012581162 | 期限 | 180天 | | | | | | 起息日 | 2025年05月19日 | 兑付日 | | 2025年11月15日 | | ...

本文来源： #鑫椤锂电 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ " 自从磷酸铁锂于 2023 年进入亏损周期后，行业何时触底就是一个老生常谈的话题了，也是 一个行业一直期望却一再落空的话题。 " 产能利用率高 I C C S I N O 根据 ICC 鑫椤锂电统计， 2025 年以来，除了 2 月份受春节放假影响，月度出货量在百吨级以上的样本 企业，月度合计产能利用率是节节攀升的。 湖南裕能、富临升华几乎满产，安达科技、万润新能、友山科 技、国轩高科等龙头企业也保持高负荷。 数据来源： ICC 鑫椤锂电 扩产在继续 I C C S I N O 虽然包括龙头企业在内的绝大部分企业已经停止了扩产步伐，但市场上依然有不小的产能在按部就班地释 放，包括富临升华、万华化学、邦普循环、瑞翔新材、当升科技、湖南鹏博等。 需要强调的是， 以上企业目前已经在大批量出货，所以以上扩产的产线一旦建成投产，是会形成实实在在 的销售的，这必然会对市场产生新一轮大的冲击。 | 177 | 扩产计划 | | --- | --- | | 皇临升华 | 1将于不晚于2025年4月30日前完成 ...

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

Cost Side - LPG prices have become the most significant marginal variable for PP costs, especially after the commissioning of numerous PDH-based PP plants post-2022, reducing the impact of coal-based processes on PP [2] - From July to September 2023, LPG prices surged from 3,800 RMB/ton to 5,660 RMB/ton, an increase of nearly 50%, leading to a corresponding rise in PP prices from 6,900 RMB/ton to 8,100 RMB/ton, approximately a 17% increase [2] - The LL-PP price spread decreased significantly from 855 RMB/ton in July to 392 RMB/ton, a drop of 54% [2] - LPG valuation is currently much higher than that of crude oil and naphtha, suggesting that even with OPEC+ production increases leading to lower crude prices, LPG is expected to decline more sharply, further driving down PP prices and widening the LL-PP spread [2] Supply Side - The production mismatch between PP and LL is expected to accelerate the widening of the LL-PP spread, with a total PP production plan of 3.7 million tons, including nearly 2.2 million tons in June, while LL has only 1.4 million tons planned for the entire year [10] - The production mismatch in June 2023 mirrors that of 2022, with a significant 200,000 tons capacity mismatch, leading to expectations of a widening LL-PP spread starting from late May to early June [10] Export Side - In 2024, PP export volumes are expected to double year-on-year, reaching an average of 180,000 tons per month, marking a significant development for PP exports [11] - However, due to fluctuations caused by the U.S. "tariff sanctions" policy, PP export volumes have decreased compared to last year, which may support a bullish outlook for the LL-PP spread [11]

Market Overview - The FTSE China A50 index components showed mixed performance with logistics, chemical pharmaceuticals, and home appliances leading in gains, while the coal sector faced declines [1] Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance reported market capitalizations of 980.99 billion, 361.31 billion, and 326.32 billion respectively, with trading volumes of 6.54 million, 10.71 million, and 5.58 million [3] Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1993.60 billion, 242.98 billion, and 501.66 billion respectively, with trading volumes of 18.64 million, 10.49 million, and 5.22 million [3] Semiconductor - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 231.43 billion, 284.52 billion, and 325.85 billion respectively, with trading volumes of 7.93 million, 15.80 million, and 6.32 million [3] Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-speed Railway reported market capitalizations of 1192.71 billion, 199.78 billion, and 294.15 billion respectively, with trading volumes of 37.01 million, 1.61 million, and 2.02 million [3] Oil Industry - COSCO Shipping, Sinopec, and China National Petroleum had market capitalizations of 687.67 billion, 1498.94 billion, and 254.36 billion respectively, with trading volumes of 2.16 million, 2.49 million, and 14.71 million [3] Coal Industry - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL reported market capitalizations of 194.68 billion, 1198.11 billion, and 777.26 billion respectively, with trading volumes of 3.11 million, 3.58 million, and 50.90 million [3] Power Industry - Dongfang Electric, Yangtze Power, and China Nuclear Power had market capitalizations of 753.62 billion, 197.66 billion, and 341.13 billion respectively, with trading volumes of 10.66 million, 7.40 million, and 21.45 million [4] Food and Beverage - CITIC Securities, Guotai Junan, and Haitian Flavoring reported market capitalizations of 387.85 billion, 311.87 billion, and 240.72 billion respectively, with trading volumes of 1.95 million, 7.07 million, and 2.48 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Heng Rui Medicine had market capitalizations of 379.50 billion, 235.47 billion, and 348.74 billion respectively, with trading volumes of 3.94 million, 17.94 million, and 15.65 million [4] Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods reported market capitalizations of 261.19 billion, 245.55 billion, and 216.54 billion respectively, with trading volumes of 11.37 million, 5.03 million, and 4.47 million [4] Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 178.50 billion, 224.01 billion, and 272.74 billion respectively, with trading volumes of 9.22 million, 6.67 million, and 4.36 million [4] Telecommunications - China Construction, China Unicom, and China Telecom had market capitalizations of 235.94 billion, 171.33 billion, and 466.44 billion respectively, with trading volumes of 11.23 million, 2.30 million, and 8.29 million [4] Transportation Equipment - China CRRC and Guodian NARI had market capitalizations of 209.50 billion and 184.02 billion respectively, with trading volumes of 1.15 million and 2.30 million [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The LL - PP spread has completed bottom - building, and the upward breakthrough of the platform is a reversal signal. This is supported by three aspects: high LPG valuation on the cost side, the largest annual production mismatch between LL and PP in June on the supply side, and the decline in PP export volume year - on - year [2]. 3. Summary by Related Catalogs Cost Side - After the large - scale commissioning of PDH - made PP plants since 2022, the impact of coal - based processes on PP has gradually weakened, and LPG price fluctuations have become the most important marginal variable on the PP cost side, while the PE cost side is still dominated by crude - oil - based processes [3]. - In 2023, the low water level of the Panama Canal affected the LPG volume shipped from the US East to China. From July to September 2023, the LPG price rose from 3,800 yuan/ton to 5,660 yuan/ton (nearly 50% increase), the PP price rose from 6,900 yuan/ton to 8,100 yuan/ton (about 17% increase), and the LL - PP spread dropped from 855 yuan/ton in July to 392 yuan/ton (a decline of - 54%) [3]. - Currently, LPG valuation is much higher than that of crude oil and naphtha. Even if the OPEC+ meeting in June decides to increase production and cause the crude oil price to decline, LPG, as a high - valuation variety, should fall more, driving a greater decline in PP and ultimately widening the LL - PP spread [3]. Supply Side - According to the latest industry commissioning data, the total planned commissioning capacity of the PP09 contract is up to 3.7 million tons, with nearly 2.2 million tons in June. In contrast, LL has only 1.4 million tons of planned commissioning capacity for the whole year, and only 200,000 tons in June [12]. - Comparing the commissioning mismatch in the first half of 2023 (from May to July 2023, PP planned to commission 2.3 million tons and LL 0 tons, and the LL - PP09 contract rose from 245 yuan/ton to 800 yuan/ton), the commissioning mismatch in June this year is very similar. It is expected that the expectation of the widening LL - PP spread will start to be traded at the end of May and the beginning of June, and from July to September, the commissioning and the seasonal peak season will magnify the LL - PP spread to a high point [12]. PP Export End - In 2024, the PP export volume doubled year - on - year, with the monthly average export volume nearly doubling to 180,000 tons/month. However, this year, affected by the "tariff sanctions" policy in the US, the PP export volume has declined year - on - year, and the marginal bullish factor has failed, which supports going long on the widening LL - PP spread [14].

Investment Rating - The report assigns a neutral rating to the industry, indicating a cautious outlook on investment opportunities [1]. Core Insights - The report highlights that U.S. inflation data for April has continued to cool, with the Consumer Price Index (CPI) rising by 2.3% year-on-year, the lowest level since February 2021. Core CPI has also dropped to 2.8%, marking the first time it has fallen below 3% [1]. - Moody's has downgraded the U.S. credit rating from Aaa to Aa1, reflecting concerns over the worsening government deficit. The report anticipates that the federal deficit will approach 9% of GDP by 2035, with federal debt reaching 134% of GDP [2]. - The report notes that U.S. Treasury yields have risen across the board, with the 10-year and 2-year yields recorded at 4.43% and 3.99%, respectively. The yield spread between 10-year and 2-year bonds has narrowed to 44 basis points [3]. Summary by Sections U.S. Macroeconomic and Liquidity Analysis - April's inflation data shows a significant decline in prices for food, used cars, and air transportation, contributing to the overall slowdown in inflation. However, housing costs remain a major driver of inflation, accounting for over half of the CPI increase [1]. - The report emphasizes the potential lagging effects of trade tariff adjustments, which may not yet be fully reflected in the market, suggesting that future tariff increases could lead to a rebound in core commodity prices [1]. Credit Rating Actions - Moody's recent downgrade of the U.S. credit rating has intensified market concerns regarding fiscal sustainability, potentially limiting the scope for monetary policy easing. The market expects the first interest rate cut to occur in September, with an anticipated reduction of approximately 50 basis points over the year [2][3]. - The report indicates that the recent downgrade, while anticipated, may still impact risk appetite in the short term, urging investors to adopt a cautious approach towards long-duration bonds [3]. Important Events and Data - The report advises monitoring upcoming U.S. economic indicators, including April's real estate sales data, April's Personal Consumption Expenditures (PCE), and May's Purchasing Managers' Index (PMI) data [3].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For caustic soda, in the short term, the supply pressure is limited during the concentrated maintenance period, and the demand from the alumina sector has improved. Supported by the fundamentals and positive macro - drivers from the easing of Sino - US tariffs, the spot price is strong. However, attention should be paid to the price acceptance of non - aluminum sectors and the valuation of caustic soda after the reduction of coal and electricity costs. It is recommended to wait and see in the short term, with the resistance level of the near - month contract at around 2550 [3]. - For PVC, stimulated by the progress of Sino - US tariff negotiations, the domestic commodity atmosphere is positive. In the short term, the supply - demand contradiction of PVC is limited due to concentrated maintenance, limited inventory pressure compared to the same period, and the expectation of rush exports of PVC products. But in the medium - to - long term, PVC still shows obvious over - supply pressure due to the lack of effective boost in the real estate market. It is recommended to wait and see, with the resistance level of the 09 contract at around 5150 [4]. 3. Summary According to Relevant Catalogs 3.1 Caustic Soda - **Caustic Soda Futures and Spot**: The price of caustic soda has fluctuated due to various factors such as macro - policies, supply - demand changes, and alumina procurement prices. Recently, the easing of Sino - US tariff conflicts and the increase in alumina procurement willingness have led to a stronger market [7]. - **Caustic Soda Profit**: The current integrated profit is at a relatively high level in the same period of the past three years [13]. - **Caustic Soda Supply**: As of May 15, the national and Shandong regional weighted average operating rates decreased. In the second quarter, more maintenance is expected, and the operating rate will decline compared to the first quarter. The inventory has decreased from the high point, and the current supply - demand pressure is limited, supporting the increase in the spot price [24]. - **Caustic Soda Device Dynamics**: Many companies in different regions have carried out maintenance or production capacity adjustments, and there are also plans for new production capacity to be put into operation in 2025 [25]. - **Alumina**: From the end of 2024 to 2025, there are plans to put into operation 1230 million tons of alumina production capacity, with an estimated annual production capacity growth rate of around 10%. The new production lines stimulate the demand for caustic soda, and Shandong alumina plants have continuously raised the purchase price, supporting the spot price of caustic soda. However, the medium - term profit of alumina is still worrying [29][36]. - **Bauxite**: The price has declined, which may further drive down the price of alumina [37]. - **Electrolytic Aluminum**: The weekly production remains at a high level [43]. - **Non - Aluminum Downstream**: The industry is fragmented, and the impact of tariffs needs to be monitored [47]. - **Caustic Soda Export**: The spot price has risen, and the estimated export profit compression window may close [54]. 3.2 Polyvinyl Chloride (PVC) - **PVC Futures and Spot**: The price of PVC has fluctuated due to factors such as energy - saving and carbon - reduction news, supply - demand changes, and macro - sentiment. Recently, the easing of Sino - US tariffs and the limited supply - demand contradiction during the concentrated maintenance period have led to a price rebound [61]. - **PVC Profit**: The overall industry profit is relatively low [67]. - **Calcium Carbide**: The supply - demand contradiction is prominent, the industry profit is under pressure, and the driving force for PVC is limited [72]. - **PVC Supply**: In April 2025, the production of PVC powder was 1.9264 million tons, and the cumulative production from January to April was 7.9262 million tons, a year - on - year increase of 1.1%. As of May 15, the overall operating rate of PVC powder decreased. The second quarter is the concentrated period of seasonal maintenance, and the operating rate will decline compared to the first quarter [83]. - **PVC Device Dynamics**: Many companies have carried out maintenance, and there are also plans for new production capacity to be put into operation in the future [84]. - **PVC Downstream Demand**: The two major downstream sectors of PVC, profiles and pipes, face great pressure. The real estate sector still has a negative impact on demand. The hard - product performance is average, and the soft - product performance is relatively better. The downstream orders are significantly lower than the same period in the past five years, and both raw material and finished - product inventories are at high levels [92]. - **Real Estate Data**: The new construction of real estate is still weak, and attention should be paid to whether housing prices can stabilize effectively [93]. - **PVC Inventory**: After the festival, the inventory continued to decline, and the pressure compared to the same period was limited [100]. - **PVC Outer Market**: As of May 15, the Asian PVC market price was stable on a weekly basis. India's high imports are expected to continue, which theoretically benefits China's exports. However, the long - term implementation of India's BIS and anti - dumping duties will have a negative impact on PVC [118]. - **PVC Import and Export**: The US tariff has an impact on the export of terminal products. The BIS extension in India may benefit exports in the short term, but long - term policies need further attention [118].

公开信息显示，现任基金经理吴振翔先生:中国国籍,中国科学技术大学管理学博士,中国科学院数学与系 统科学院应用数学专业博士后。曾任长盛基金管理有限公司金融工程研究员、上投摩根基金管理有限公 司产品开发高级经理。2008年3月加入汇添富基金管理股份有限公司,历任产品开发高级经理、数量投资 高级分析师、基金经理助理,现任指数与量化投资部副总监。2010年2月6日至今任汇添富上证综合指数 证券投资基金的基金经理。2011年9月16日至2013年11月7日任深证300交易型开放式指数证券投资基金 的基金经理。2011年9月28日至2013年11月7日任汇添富深证300交易型开放式指数证券投资基金联接基 金的基金经理。2013年8月23日至2015年11月2日任中证金融地产交易型开放式指数证券投资基金的基金 经理。2013年8月23日至2015年11月2日任中证能源交易型开放式指数证券投资基金的基金经理。2013年 8月23日至2015年11月2日任中证医药卫生交易型开放式指数证券投资基金的基金经理。2013年8月23日 至2015年11月2日任中证主要消费交易型开放式指数证券投资基金的基金经理。2013年11月6日至今 ...

Core Viewpoint - The 10th Bio-based Conference and Exhibition aims to accelerate the integration of technological and industrial innovation in the bio-based industry, focusing on global perspectives and downstream user needs, with over 1500 industry professionals expected to attend [1]. Group 1: Event Overview - The event will take place from May 25-27 in Shanghai, featuring over 100 corporate executives and top experts led by four academicians [1]. - The conference includes three main components: industry conference, innovation exhibition, and the New Leaf Award selection and ceremony, with a total of 1 evaluation, 6 forums, 17 specialized sessions, and 4 unique matchmaking and communication meetings [1]. Group 2: Organizing Institutions - The conference is organized by the Zhejiang Bio-based Polymer Materials Key Laboratory and Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials), with support from various associations and innovation alliances [9][10]. Group 3: Expert Advisory Team - The advisory team includes prominent figures such as Yao Xianping, Wu Tao, Liu Dehua, and Meng Yuezhong, who are leaders in their respective fields related to chemical engineering and carbon neutrality [11][12]. Group 4: Exhibiting Companies - Notable exhibiting companies include Wanhua Chemical Group, Mitsubishi Chemical (China), and Sulzer Chemtech (Shanghai), representing leaders in the chemical and bio-based materials sectors [16][17]. - Other companies such as Hefei Lif Biotechnology and Suzhou Polywin Biotech are recognized for their contributions to the bio-based industry, focusing on products like PEF and FDCA [16]. Group 5: Attendee Information - The conference will attract a diverse range of attendees, including academicians, industry leaders, and researchers from various institutions, highlighting the collaborative nature of the bio-based sector [19][20].