决议公告：2025-031 证券代码：002254 股票简称：泰和新材 公告编号：2025-031 泰和新材集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况： 通过深圳证券交易所交易系统进行网络投票的具体时间：2025年5月12日 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间：2025年5月12日9:15-15:00。 二、提案审议表决情况： 通过现场和网络投票的股东及股东授权委托代表380人，代表有表决权的股 份329,793,804股，占公司有表决权股份总数的38.6120%（截至股权登记日，公 司总股本为862,945,783股，其中回购专户中库存股 8,824,123 股，有表决权股 决议公告：2025-031 本次股东大会采用现场记名式书面投票表决与网络投票相结合的表决方式， 对以下议案进行了逐项表决，股东表决结果如下： 份总数为 854,121,660 股）。其中：通过现场投票的股东及股东授权委托代表10 表决情况为：同意328,492,497股 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report From May 6th to May 9th, the PVC futures price hit a new low for the year. In May, the PVC industry faces pressure from a decrease in maintenance volume and the commissioning of new devices. The supply side is unlikely to see significant positive factors, while the demand side is significantly affected by the real estate sector, with weak domestic orders and uncertain exports. The macro - policy stimulus is limited. Overall, PVC lacks a clear upward driving force and is expected to operate at the bottom [2][44]. Summary by Directory 1. Market Review From May 6th to May 9th, the PVC futures price hit a new low for the year. The price center of V2509 gradually declined from 4,950 yuan/ton to around 4,800 yuan/ton. As of the close on May 9th, V2509 closed at 4,805 yuan/ton, with a weekly decline of 2.54%. The weekly trading volume was 2.93 million lots, a net increase of 0.99 million lots compared to the previous period, and the open interest was 1.08 million lots, a net increase of 0.19 million lots. In the spot market, prices continued to decline, and trading remained cautious and the atmosphere was light. As of May 9th, the price of SG - 5 PVC in East China was 4,680 yuan/ton, a 2.09% decrease compared to before the Labor Day holiday [2][5]. 2. Supply Aspect As of May 9th, the weekly operating rate of the PVC industry was 80.34%, a 1.01 - percentage - point increase compared to the previous period. The weekly output was 467,300 tons, a 0.96% increase compared to the previous period. New PVC devices with a total annual production capacity of 1.7 million tons are planned to be commissioned from May to July [6][8]. 3. Demand Aspect - **Order Receiving of PVC Producers Weakened**: As of May 9th, the weekly pre - sale order volume of PVC producers was 520,800 tons, a 10.79% decrease compared to the previous week [12]. - **Post - holiday Operating Rate of Downstream Products Rebounded**: As of May 9th, the comprehensive operating rate of PVC downstream factories was 45.99%, a 2.05 - percentage - point increase compared to the previous week. However, downstream orders were poor, and procurement was mainly for rigid demand [17]. - **Uncertainty in Future PVC Exports**: Affected by India's anti - dumping policy on imported PVC, future Chinese PVC exports are uncertain. Attention should also be paid to the possibility of the extension of India's BIS policy at the end of June [18]. - **Stabilization of Commercial Housing Sales**: In the week of May 11th, the transaction area of commercial housing in 30 large and medium - sized cities was 1.6141 million square meters, a 3.57% increase compared to the previous period. The real estate sales market shows signs of stabilizing [20]. 4. Cost Aspect - **Stable Calcium Carbide Price**: As of May 9th, the calcium carbide price in Wuhai, Inner Mongolia was 2,550 yuan/ton, the same as the previous week. Due to power cost and maintenance factors, the supply is unstable, which is conducive to price stability [24]. - **Weakening Ethylene Price**: As of May 9th, the Northeast Asian ethylene price was 781 US dollars/ton, a 1.26% decrease compared to the previous week. Overseas ethylene producers maintain high - load operation, the market supply is loose, and the price is expected to be weak in the short term [25]. 5. Inventory Aspect As of May 9th, the weekly social inventory of domestic PVC was 409,800 tons, a 1.54% increase compared to the previous period, mainly due to the decrease in the post - holiday procurement willingness of the mid - and downstream [28]. 6. Spread Aspect - **Strengthening of PVC Basis**: The basis between the near - term spot and the V2509 contract was in the range of [- 170, - 100] [39]. - **Slight Rebound of the 9 - 1 Spread**: As of May 9th, the PVC 9 - 1 spread was - 109 yuan/ton, a 9 - yuan increase compared to before the Labor Day holiday [40]. 7. Conclusion In May, the PVC industry faces pressure from a decrease in maintenance volume and the commissioning of new devices. The supply side is unlikely to see significant positive factors, while the demand side is significantly affected by the real estate sector, with weak domestic orders and uncertain exports. The macro - policy stimulus is limited. Overall, PVC lacks a clear upward driving force and is expected to operate at the bottom [44].

近日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》（中国人民银 行 中国证监会公告〔2025〕8号，以下简称《公告》），从丰富科技创新债券产品体系和完善科技创新债 券配套支持机制等方面，对支持科技创新债券发行提出若干举措。同日，交易商协会发布《关于推出科技 创新债券构建债市"科技板"的通知》，同步推出科技创新债券。 政策下发后，银行、券商、创投机构等市场主体响应迅速，助力全国首批科技创新债券集中"亮相"，公告发 行。 六家银行发行规模达750亿元 根据中国债券信息网，5月12日，农行、交行公告发行科技创新债券，基本发行规模合计达200亿元。 农业银行公告显示，该行拟发行2025年科技创新债券（债券通），基本发行规模为100亿元，附不超过100亿元 超额增发权，债券期限为3年。 交通银行公告称，该行拟发行2025年科技创新债券（债券通），债券基本发行规模为100亿元，其中，品种一 基本发行规模为50亿元，期限为3年；品种二基本发行规模为50亿元，期限为5年。品种一和品种二的合计增发 规模不超过100亿元。 这是继工行、国开行等银行"首发"后，国有大行再次发挥带头作用，以实际行动助力 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material opportunities, especially in the agricultural sector [13]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels, while distillate and propane inventories saw decreases [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutes, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material substitutes, especially in the agricultural sector [13][14]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels to 225.7 million barrels, while distillate fuel inventory decreased by 1.1 million barrels to 106.7 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [9][15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

金十图示：2025年05月12日（周一）富时中国A50指数成分股今日收盘行情一览：券商、保险股走高，酿酒股飘红 保险 队 中国人保 中国太保 中国平安 咖啡 3307.95亿市值 3091.98亿市值 9578.58亿市值 8.88亿成交额 30.28亿成交额 5.02亿成交额 32.14 52.60 7.48 +0.31(+0.97%) +0.85(+1.64%) +0.03(+0.40%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20155.69亿市值 2513.86亿市值 5161.37亿市值 39.68亿成交额 21.82亿成交额 7.49亿成交额 132.97 1604.50 206.06 +2.74(+1.35%) +13.32(+0.84%) +1.39(+1.06%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2332.64亿市值 2819.50亿市值 3340.07亿市值 17.35亿成交额 42.92亿成交额 16.42亿成交额 436.68 675.40 143.70 -24.60(-3.51%) -4.17(-0.95%) -0.18(-0.13%) 汽车整车 铁路公路 比亚迪 ...

Group 1: Report Summary - Report Title: Styrene Weekly Report - EB: Weak Supply-Demand Expectations, Focus on Raw Material Resonance Opportunities [1] - Core View: Crude oil is expected to be weak in the medium term under Trump's policy, suppressing the valuation of chemical products. Pure benzene's supply-demand situation shows short-term marginal improvement but still faces pressure, dragging down the styrene price. Styrene's downstream demand is weak, and the supply-demand balance is under pressure. In the medium term, the terminal pressure will gradually emerge due to tariff effects, and high-cost styrene may face resistance. [5] - Strategy Suggestion: Maintain a short position on styrene, with the upper resistance level for the near-month contract at 7300. Sell the EB2506-C-8000 option. [6] Group 2: Pure Benzene 2025 Production Plan - Multiple companies in various provinces have plans to expand pure benzene, styrene, and their downstream production capacities in 2025, including Shandong Yulong Petrochemical, ExxonMobil in Guangdong, etc. [8] March - May 2025 Device Dynamics - Many pure benzene production devices are scheduled for maintenance from March to May 2025, resulting in a net reduction in supply and demand during this period, with a slight inventory drawdown. [10][11] Supply, Inventory, and Price - From January to April this year, the cumulative pure benzene production was 718.5 million tons, a year-on-year increase of 6.11%. As of May 9, the capacity utilization rate was 73.25%, and the weekly production was 401,600 tons. The port inventory remained at 120,000 tons without significant change. [45] - South Korea's exports of pure benzene to China have remained at a high level, and the inventory drawdown has been slow due to high production and imports. [28][34] Downstream Situation - The weighted average operating rate of pure benzene downstream industries has rebounded recently with the restart of styrene devices. However, the overall profit is weak, with adipic acid and caprolactam still experiencing significant losses, and styrene's profit has improved but remains below the break-even point. [46][57] Group 3: Styrene Futures and Spot Market - The spot price and basis of styrene show certain fluctuations, and the monthly spread and registered warehouse receipts also have corresponding changes. [63] Supply and Profit - The monthly and weekly production of styrene and the operating rate show upward trends in general. The non-integrated and integrated profits of styrene and the styrene-pure benzene spread also fluctuate. [68][71][72] Import and Export - With the shutdown of multiple styrene devices in Asia, China has gradually shifted from a net importer to a net exporter of styrene in the past five years, and exports have continued from April to May. [80] Inventory - The port inventory of styrene has continued to decline, with relatively limited year-on-year pressure, while the factory inventory is under pressure. [81] Downstream Situation - The high capacity growth rate of 3S (PS, EPS, ABS) has intensified competition, and the high production has supported the demand for styrene. However, the industry is facing profit compression, and the current downstream is characterized by low profit and high inventory, indicating limited terminal demand. [86][90] - The prices of 3S products have weakened, but the estimated profit has strengthened due to the significant fluctuations in styrene prices. [91] - The high production of 3S has led to a significant increase in inventory, indicating resistance in demand transmission, and the support for styrene demand may weaken marginally. [96][99] Terminal Market - After the implementation of tariffs, exports are likely to be restricted, and domestic demand depends on subsidy policies. The domestic and export sales of home appliances such as air conditioners, refrigerators, and washing machines show certain trends. [100]

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 深 度 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 李绍程 (8621)23297818× lisc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 12 日 在建工程连续两个季度回落，25Q1 补库 带来盈利改善 看好 ——基础化工行业 2024 年报及 2025 年一季报总结 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 ...

Group 1 - The Shanghai 50 Index (000016) increased by 0.46% as of May 12, 2025, with notable gains from China Shipbuilding (up 9.05%) and other companies like Haier Smart Home and Longi Green Energy [2] - The Shanghai 50 ETF (510050) rose by 0.58%, marking its fifth consecutive increase, with a management fee of 0.15% and a custody fee of 0.05%, the lowest among comparable funds [2] - As of April 30, 2025, the top ten weighted stocks in the Shanghai 50 Index included Kweichow Moutai, Ping An Insurance, and China Merchants Bank, with Kweichow Moutai holding the highest weight at 12.31% [4] Group 2 - Recent financial policies from the People's Bank of China, financial regulatory authorities, and the China Securities Regulatory Commission aim to stabilize the market and expectations, with April's import and export data showing strong resilience [4] - The release of liquidity and a decrease in financing costs are expected to directly benefit the real economy, with a rebound in social financing growth anticipated in the second quarter, particularly benefiting infrastructure and manufacturing investments [5] - The overall outlook for the Chinese economy remains positive, characterized by stability, advantages, resilience, and potential, suggesting a favorable development trend for the capital market with sustained inflows of long-term funds [5]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Viewpoints - The report continues to favor domestic alternative materials such as MXD6, ion exchange resins, and semiconductor materials amid the backdrop of US-China trade tensions [1][22] - The US has confirmed that additional tariffs on Chinese products have reached 145%, which is expected to tighten the supply of imported new materials, making domestic products more appealing due to better cost-performance and timely technical responses [1][22] - Downstream customers in high-tech fields are accelerating the validation of domestic new materials to ensure supply chain security [1][22] Summary by Sections MXD6 - MXD6 is a high-performance engineering plastic with applications in automotive and drone lightweighting, expected to grow from a market size of $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [2][30] - Domestic manufacturers like Sinochem International and Qicai Chemical are breaking through technical barriers, with Qicai Chemical's 5000 tons/year MXD6 project entering trial production in September 2024 [2][31][32] Ion Exchange Resins - The high-end market for ion exchange resins is dominated by international giants such as Dow Chemical and Lanxess, while domestic leaders like Bluestar Technology and Zhengguang Co. are making strides in domestic substitution [3][41] - The report highlights that the recent antitrust investigation into DuPont in China may accelerate the domestic substitution process for ion exchange resins, benefiting domestic leaders [40][41] Semiconductor Materials - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of $630.5 billion, representing a year-on-year growth of approximately 19.7% [4][43] - The semiconductor market's steady growth is anticipated to drive demand for semiconductor materials, with a projected market size of $697.1 billion by 2025 [4][43]