Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The supply of polyolefins remains abundant, and the fundamentals are weak. In the medium to long term, the industry is in a capacity expansion cycle, and there is an expectation of a continued decline in the price center of crude oil on the cost side. Therefore, the strategy is to be bearish on rebounds. For L2509, the focus range is [7050 - 7250], and for PP2509, it is [7050 - 7200] this week and [7050 - 7170] next week. The short position of the L - PP09 spread should be held [3][4][5]. Summary Based on Directories This Week's Review PE - **Viewpoint Review**: The supply - demand situation is characterized by strong supply and weak demand, with a volatile and weak trend. The new 208 - million - ton devices of Wanhua and others were put into production in the first quarter, and the 70 - million - ton Shandong New Era and 50 - million - ton ExxonMobil devices are planned to start in April. Although there is an expectation of supply reduction due to counter - sanctions, as demand gradually weakens, the pressure of inventory accumulation in the fundamentals is increasing. The L2509 was expected to be in the range of [7050 - 7250], and the short position of the L - PP09 spread should be held [3]. - **Viewpoint Review**: The L2509 fluctuated in the range of [7086 - 7220] this week, basically in line with expectations. The weekly output increased for 5 consecutive weeks, with a cumulative year - on - year increase of 16.5%. The peak season of agricultural films is coming to an end, and the operating rate has declined for 4 consecutive weeks. The fundamentals show strong supply and weak demand, and the market fluctuated weakly [3]. PP - **Viewpoint Review**: Attention should be paid to the changes in PDH devices, and the strategy is to be bearish on rebounds. Some devices are planned for maintenance and restart next week, and it is expected that the output will decrease slightly. Currently, the propane import gap has not significantly affected the PP end, and the PDH operating rate is basically the same as the same period in previous years. In terms of valuation, due to the double - weak situation of coal, the profits of oil - based and coal - based production are significantly higher than the same period last year, and there is still room to short the profits. In the short term, the operation of PDH devices is uncertain, so it is advisable to wait and see. In the medium to long term, multiple devices are planned to be put into production in the second quarter, and the medium - to - long - term pattern is weak. The PP2509 was expected to be in the range of [7050 - 7200] [5]. - **Viewpoint Review**: The PP2509 fluctuated in the range of [7056 - 7148] this week, basically in line with expectations. The supply - side output was 730,000 tons, a week - on - week decrease of 14,000 tons, and it has declined for 2 consecutive weeks. The cumulative year - on - year increase in output from January to the 17th week is 16.3%. The downstream operating rate has declined for 5 consecutive weeks, showing a situation of weak supply and demand, and the total commercial inventory has declined for 2 consecutive weeks [5]. Next Week's Outlook PE - The supply remains abundant, and the fundamentals are weak. Attention should be paid to the dynamics of funds. The new 258 - million - ton devices of Wanhua, Exxon, etc. have been put into production since the beginning of the year, and the 70 - million - ton Shandong New Era and 50 - million - ton ExxonMobil devices are planned to start in the second quarter. The import volume decreased significantly in March, and the import margins of LL and LD are negative. The demand is in the seasonal off - season, and the pressure of inventory accumulation in the industry chain is increasing. The L2509 is expected to be in the range of [7050 - 7250]. Currently, the concentration of short positions in the 09 contract is relatively high. As the long holiday approaches, if a large number of short positions are closed for profit, the market may rebound periodically. The short position of the L - PP09 spread should be held [4]. PP - High maintenance cannot offset high production, and the strategy is to be bearish on rebounds. Multiple devices such as Ningbo Taishu and Ningxia Baofeng were shut down unexpectedly at the end of the week, and the maintenance losses will be postponed to next week. Although the supply pressure has been marginally relieved, according to data, the planned new maintenance volume before May is less than the device restart volume, and the 955,000 - ton new device of Exxon was put into production in late April. In the medium to long term, multiple devices are planned to be put into production in the second quarter, and the medium - to - long - term pattern is weak. The PP2509 is expected to be in the range of [7050 - 7170] [6]. PE - Related Data - **Monthly Supply - Demand Balance**: The effective production capacity is increasing throughout the year. The production capacity utilization rate fluctuates between 76% - 87%. The monthly output, import volume, and export volume also show certain fluctuations. The cumulative year - on - year growth rates of output and apparent consumption are positive, and the inventory at the end of the period shows a certain degree of change [7]. - **Weekly Fundamental Data**: The PE main contract closing price, regional prices, and various costs and profits have changed. The PE output has increased slightly, and the downstream operating rate has decreased slightly. The inventory of enterprises, society, and traders has changed to varying degrees, and the position volume has increased significantly [8]. - **Production and Inventory**: This week's PE output is 640,000 tons, increasing for 5 consecutive weeks. The cumulative year - on - year increase in output from January to the 17th week is 16.5%. Next week, it is expected that the total output will be 658,700 tons, an increase of 16,200 tons compared with this week [18]. - **Import and Export**: From January to March, the cumulative PE import volume was 3.64 million tons, a year - on - year increase of 6.4%. Currently, the import margins of LL and LD have turned negative, and the import pressure will gradually ease. It is expected that the total import volume of polyethylene in April and May will be about 1.01 million tons and 950,000 tons respectively [28]. - **Demand**: The downstream operating rate of PE is 40% (a week - on - week increase of 0.01 pct). The peak season of agricultural films is coming to an end, and the operating rate has declined for 4 consecutive weeks. The operating rate of the packaging industry is running at a low level [31][37][40]. - **Cost and Profit**: The profit is at a relatively high level compared with the same period [45]. - **Position Volume**: As of April 25th, the net short position of the L2509 main contract accounts for 63%. Attention should be paid to the capital dynamics of seats such as Guotai, Qiankun, and CITIC [50][51]. PP - Related Data - **Monthly Supply - Demand Balance**: The effective production capacity is increasing throughout the year. The production capacity utilization rate fluctuates between 77% - 79%. The monthly output, import volume, and export volume also show certain fluctuations. The cumulative year - on - year growth rates of output and apparent consumption are positive, and the inventory at the end of the period shows a certain degree of change. The 50 - million - ton fourth line of Zhenhai Refining and Chemical's production plan has been postponed to mid - June [52]. - **Weekly Fundamental Data**: The PP main contract closing price, regional prices, and various costs and profits have changed. The output has decreased, and the production capacity utilization rate has decreased. The downstream operating rate has decreased slightly, and the total commercial inventory, enterprise inventory, and trader inventory have all decreased [53]. - **Supply**: This week's PP output is 730,000 tons, a week - on - week decrease of 14,000 tons, and it has declined for 2 consecutive weeks. The cumulative year - on - year increase in output from January to the 17th week is 16.3%. Due to the unexpected shutdown of multiple devices at the end of the week, the production capacity utilization rate of polypropylene is expected to continue to decline, and it is expected to run at around 74% next week [61]. - **Import and Export**: In March, PP turned into a net exporter again [69]. - **Demand**: The downstream operating rate has declined slightly for 3 consecutive weeks. The operating rate of the raffia is at a relatively high level compared with the same period. The profit of BOPP is relatively low, and the operating rate of PP non - woven fabrics is running smoothly [71][72][75][81]. - **Cost and Profit**: The profit is at a relatively high level [87]. - **Position Volume**: As of April 25th, the net short position of the PP2509 main contract accounts for 51%. Attention should be paid to the capital dynamics of seats such as Dongzheng, CITIC, and Guotai [106][107].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Insights - The demand for lightweight materials is expected to significantly increase due to the rise of high-tech industries such as semiconductors, new energy vehicles, and commercial aircraft during the 14th Five-Year Plan period [21][22] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating substantial growth potential [2][26] - The humanoid robot market is anticipated to grow from approximately 1.017 billion USD in 2024 to 15 billion USD by 2030, with a compound annual growth rate (CAGR) exceeding 56% [2][30] Summary by Sections Lightweight Materials Development - Lightweight material companies are experiencing rapid growth and continuous breakthroughs, driven by the demand from high-tech industries [21] - In 2024, Zhongyan Co. achieved ISO16949 certification in the automotive sector and received Class III medical device registration for its PEEK materials in the medical field [22] - Jinfa Technology's modified plastics sales reached 2.5515 million tons in 2024, a year-on-year increase of 20.78% [23] Low-altitude Economy - The low-altitude economy is recognized as a strategic emerging industry, with significant government support and policy initiatives [25][27] - By 2024, 449 general airports and 32 flight service stations have been established, with over 440 drone routes operational [26] - Various provinces have introduced action plans to promote the development of the low-altitude economy, indicating a strong commitment to this sector [28][29] Humanoid Robots - The humanoid robot market is expected to see substantial growth, with global sales projected to increase from 11,900 units in 2024 to 605,700 units by 2030 [2][30] - Companies like Tesla are making significant advancements in humanoid robot development, with plans for mass production by 2030 [33] - The humanoid robot sector is supported by numerous local government policies aimed at fostering innovation and industry growth [32] Investment Recommendations - The report suggests focusing on upstream oil and gas sectors, undervalued chemical leaders, and new materials related to semiconductors, OLEDs, wind power, lithium batteries, and photovoltaic materials [4]

触媒，是催化剂的别称，指能够改变化学反应速率而自身不参与消耗的物质。在全球化工产业中，超90%的 化学反应需要催化剂参与，催化剂市场规模与市场需求逐年上升。但部分催化剂生产企业因技术工艺水平不 足，长期从事低端催化剂生产工作，产品附加值较低。当前，我国石化产业正处于产业变革的关键节点，亟 须加快催化剂等产业的升级转型和技术自主化步伐。 在中国，有这样一家以触媒命名的企业——中触媒新材料股份有限公司(以下简称中触媒)。该公司多年深耕 催化剂的研发与应用，在铁钼法甲醇制甲醛催化剂这一长期被国际化工企业技术垄断的领域，突破了催化剂 一致性、稳定性和装填等核心技术瓶颈，实现了国产化替代技术研发与应用，目前已完成产品全生命周期运 行。 从技术攻坚到产业赋能，中触媒成功研发出甲醛铁钼催化剂，彰显了该公司克服重重困难推动催化剂产业化 的创新精神，为化工行业转型升级提供了重要范本。 中触媒全景图 铁钼催化剂进入"国产时代" 甲醛作为基础化工原料，是胶合板、家具、纺织品等领域的核心中间体，亦在消毒防腐行业占据重要地位。 甲醇氧化制甲醛工艺通常以甲醇为原材料，通入空气，经原料汽化、催化氧化、产品吸收和浓缩精制等流程 制得成品。 ...

// 一、市场要闻 // 1、国务院新闻办公室于4月27日（星期日）下午3时举行新闻发布会，请商务部副部长盛秋平和财政部、文化和旅游部、海关总署、税务总局、中国 民航局有关负责人介绍优化离境退税政策扩大入境消费有关情况，并答记者问。此外，27日还会公布中国3月规模以上工业企业利润数据。 2、全国31个省份的一季度经济运行情况已全部发布，其中21个省份达到或超过GDP预期增长目标，经济大省更是普遍超预期。从GDP排名来看，一 季度，上海、辽宁均连升2位，四川从第6位升至第5位；湖北则以6.3%增速领跑经济大省。此外，中西部和东北地区更敢花钱，消费增速排名前9名 均来自中西部和东北地区。 跨境贸易 国务院副总理何立峰出席跨境贸易便利化专项行动部署会并讲话。他指出，要抓好专项行动的组织实施，在取得阶段工作成效基础上，将成熟的举 措和经验做法尽快在全国复制推广。加力培育壮大外贸发展新动能，以更优口岸营商环境激发活力、应对外部冲击、稳定增长。 海关总署牵头部署开展跨境贸易便利化专项行动。专项行动为期5个月，将在全国25个城市开展，政策举措涵盖货物贸易、数字贸易、绿色贸易等领 域。 旅游 据交通运输部，2025年"五一" ...

【DT新材料】 获悉，4月25日， 万华化学 与 科威特石化工业公司 （下称"PIC"，科威特石油公司KPC全资子公司）正式签署合资协议， PIC投资 6.38亿美金认购万华化学全资子公司 万华化学（烟台）石化有限公司 25%的股权 。 在当下如此动荡的关税冲突下，预计未来将有更多石化企业转向与中东企业合作 。近年来最大的一个事件莫过于2023年3月， 全球最大石油公司 沙特 阿美 宣布投资246亿元，收购 荣盛石化 约10%股权，目前是该公司第二大股东。 同年9月，沙特阿美进一步宣布计划收购东方盛虹全资子公司 盛虹 石化 10%的战略股权 （尚未完成） 。同年10月，沙特阿美与南山集团、山东能源集团以及非上市炼化巨头山东裕龙共同签署了谅解备忘录，预示着 沙特阿美可能收购 山东裕龙 10%的战略股权 （尚未完成） 。 2024年4月22日，恒力石化公告，沙特阿美拟向恒力集团收购占 恒力石化 已发行股本 百分之十加一股的股份 （尚未完成） 。 点击扩展阅读 ：《 荣盛石化和沙特阿美收购投资项目重大进展！ 》、《 沙特阿美、荣盛石化、恒力石化，又来大动作！ 》 其他主要的中东石油大厂还有阿布扎比国家石油公司（ A ...

第十届生物基大会暨展览 Bio-based 2025 （5月25-27日，上海佘山茂御臻品之选酒店） 由 4位 院士领衔100+顶尖专家和企业高层 ，为生物基行业的下一个拾年"把脉问诊"。活动以" 行业大会、 创新展览、新叶奖评选与颁奖 " 三大板块同期进行，共设置 1场评选、5大论坛、17大专场、8大特 色对接会 ，预 计将 超过 2000+ 行业同仁出席。 向绿而行，向新而质 。第十届生物基大会立足全球视野，加速科技创新与产业创新融合发展，助力 行业上下游企业迈向新征程。 组织机构与展会信息 Bio-based 2025 01 大会主席团 宁波德泰中研信息科技有限公司（DT新材料） 协办单位 吉林省国科创新孵化投资有限公司 长春市新材料知识产权产业运营服务中心 舟山市投资促进中心 支持单位 主办单位 浙江省 生物基高分子材料重点实验室 中国合成树脂协会生物基与可降解分会 中国合成橡胶工业协会热塑性弹性体分会 生物基材料产业技术创新战略联盟 生物质产业碳中和技术创新联盟 nova institute 韩国生物塑料协会（KBPA） 大会专家顾问团 （顾问专家无先后排列顺序） 姚献平 ， 杭州市化工研究院院长、 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的趋势下受益于市场集中度提升，在业绩披露期或更受资金青睐。 A500指数成份股中，广誉远、珀莱雅涨超10%，卫星化学、新易盛、沪电股份、甘李药业涨超7%，中 际旭创、胜宏科技涨超5%，其余成份股积极跟涨。 A50指数成份股中，爱尔眼科、万华化学涨超4%，立讯精密、中国铝业涨超2%，洛阳钼业、紫光股 份、万科A涨超1%。 A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 消息面上，今年一季度，我国GDP同比增长5.4%，经济增速在全球主要经济体中名列前茅。4月政治局 会议会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币 政策。今年以来，地方新增专项债发行提速，一季度新增专项债累计发行量接近1万亿元；2025年超长 期特别国债也已开启发行。相关方面表示，我国政策空间仍然较足 ...

坚持精准服务，增强发展信心。持续深化产业链服务推进工作机制，依托各级服务企业专员，开展供 需、人才、资金等精准对接活动，紧扣企业需求提供精准服务。指导各区和重点企业用足用好国家、省 市一揽子增量政策，强化叠加效应和组合效应。对体量大、支撑强、生产经营出现较大波动的企 业，"一对一"做好对接服务，积极协调解决企业生产经营中遇到的困难问题，全力保障企业安心经营、 稳定发展。 齐鲁晚报.齐鲁壹点闫丽君 强化运行调度，稳定工业大盘。统筹市县两级工信力量，强化与电力、税务等部门对接联动，最大程度 凝聚稳增长工作合力。强化运行监测服务，密切关注国内外环境的诸多不确定性，盯紧盯牢先行指标、 下行指标，加强实时调度，精准掌握重点产业、主要行业、骨干企业生产经营情况，及时发现苗头性、 趋势性问题，做到早研判、早预警、早应对。 4月27日，烟台市人民政府新闻办公室举办全市一季度经济社会运行情况新闻发布会。会上，烟台市工 业和信息化局党组成员、副局长张正功围绕烟台下一步在推动工业经济平稳增长方面将采取的举措回答 了记者提问。 抓好增量培育，夯实发展支撑。坚持"要素跟着项目走、服务围着项目转"导向，保障裕龙岛项目一期、 万华乙烯二期 ...

孙吉鹏说，重点项目建设是稳增长、促转型的关键抓手，烟台市省级重点项目数量连续两年、投资体量 连续四年居全省首位，今年省市重点项目总投资过千亿元的4个、过百亿元的32个、过十亿元的266 个，"千亿领航、百亿支撑、十亿带动"项目格局持续巩固。从一季度建设情况看，主要有三个特点。 要素保障足。对全市重点项目实施"清单化管理、责任化落实"，压实责任、压茬推进项目建设各项任 务。发挥好烟台市重点项目要素保障服务专员制度机制效能，充分保障项目土地、资金、能耗、人才、 技术等要素需求，全力推动项目建设提速增效。 建设速度快。一季度，337个省市重点建设类项目开复工率86.4%、投资完成率达27.4%，累计完成投资 631.2亿元、超额完成目标任务。其中，137个省级重点建设类项目累计开复工110个、开复工率80.3%， 累计完成投资323.4亿元、投资完成率24.7%；200个市级重点建设类项目累计开复工181个、开复工率 90.5%，累计完成投资307.8亿元、投资完成率31%。 下步，烟台将抢抓施工"黄金期"，分类施策、持续攻坚，重点加快已开工项目进度、破解未开工项目难 题、推动拟竣工项目投产，力争337个省市重点建 ...