行 业 及 产 业 基础化工 2025 年 06 月 02 日 爆炸事件导致康宽及 K 胺供需趋 紧，有望推动农药行业景气加速修 复，硝化棉价格或继续上行 看好 ——《化工周报 25/05/26-25/05/30》 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项 ...

Core Viewpoint - The demand for glycolic acid in China is steadily increasing, projected to rise from 98,000 tons in 2022 to 108,000 tons in 2024, driven by its applications in pharmaceuticals, fragrances, and food additives, as well as emerging sectors like lithium battery electrolytes and biodegradable plastics [1][12]. Industry Overview - Glycolic acid is an organic compound with the formula C2H2O3, characterized by its white crystalline form and various industrial applications [2]. - The market for glycolic acid is expanding due to rising living standards and increased demand in various sectors [1][12]. Production Methods - The primary production methods for glycolic acid include oxalic acid electrolysis, glyoxal nitric oxidation, and ozone oxidation of anhydride, with domestic producers predominantly using glyoxal nitric oxidation [3][4]. Industry Chain - The glycolic acid industry chain involves upstream sectors like petrochemicals and biomass energy, providing essential raw materials, while downstream applications span pharmaceuticals, pesticides, dyes, and food additives [8]. Market Competition - The Chinese glycolic acid market is characterized by a dominance of large enterprises, with significant players including Hubei Hongyuan Pharmaceutical and Qingdao Guolin Technology, while smaller firms focus on niche markets [16][17]. Industry Development Trends - Innovations in production processes, such as using biomass-derived acetyl acid, are expected to enhance efficiency and product quality [21]. - Increased international cooperation is anticipated, particularly under the Belt and Road Initiative, which may expand market share and enhance technological capabilities [22]. - The pharmaceutical sector's growth is likely to broaden the consumption of glycolic acid, solidifying its market position as a crucial raw material for various drugs [24].

5月上旬，沈佳高铁沈白段铺轨收官。在这段长白山区，为应对最低零下40℃的极寒，由江苏团队研制 的"橡胶改性沥青"用于其中3300米的防水封闭层建造。就在同时，上海松江区沪松路完成了1万平米新 型道路养护铺设，运用了同样的"橡胶改性沥青"。 从雄安新区长寿命路面到环青海湖骑行环线，不论繁忙都市还是高寒高海拔极端场景，这种用废旧轮胎 橡胶融入沥青正以稳定的性能被业界接受，累计铺设验证性路面超100公里。 东南大学交通学院特种沥青铺面技术中心主任陈先华介绍，经过充分验证，这项新材料正加速迈入产业 化阶段，变废旧轮胎为更环保、更长效的交通基础设施，已成为行业发展方向。 图为橡胶改性沥青铺装的青海湖环湖公路路面。 每年报废旧轮胎超3亿条，能否"变废为宝"？ 交通设施对安全性、可靠性要求极高。这种新式橡胶路面由江苏中宏环保科技有限公司联合东南大学、 上海交通大学等高校科研团队共同研制。2017年起，高校团队每年测试1万余组试件，企业投入千万级 研发经费，经历小试、中试、大试和四轮技术迭代，目前已形成年均30万吨的废旧轮胎处理产能。 这一切都是从为废旧轮胎找出路开始的。 我国废旧轮胎年产生量超过3亿条，折合重量达1000万 ...

从技术面分析，目前半年线和年线仍然保持稳定向上的态势，这足以支撑市场维持慢牛格局。然而，由 于成交量始终无法有效放大，难以同时支持多个板块的持续上涨，因此市场只能在一两个板块之间进行 轮番表现。回顾4月和5月的市场表现，新型消费、可控核聚变、创新药以及化工板块等表现相对较好。 从昨天的市场表现来看，科技股在一些事件驱动因素的影响下，出现了资金介入的迹象。此前在4月和5 月，科技股整体表现较为平淡，因此也急需一次表现机会。展望后市，进入6月份，科技股和消费股这 两个板块可能会出现轮番互动的格局。它们之间可能会相互转换强弱态势，但都不会呈现出明显的主升 浪特征，市场仍将维持震荡攀升的格局。不过，由于下方均线系统的支撑，6月份的行情有望比5月份表 现得更好。 在操作策略上，我们应更加关注那些在低位开始有资金介入、且经过一段时间调整后出现新增资金攻击 的板块。这些板块可能会成为我们后续关注的重点方向。而消费板块作为政策预期支持的重点领域，仍 将保持一定的活跃度。因此，大消费、大循环和大科技这三个板块可能会在6月份继续轮番表现。这是 我们对6月份行情的总体看法。总的来说，我们对市场既不悲观，也不过于乐观，盘整向上仍是主 ...

Core Viewpoint - The Guangdong Provincial Emergency Management Department has issued the "Safety Guidelines for Major Overhaul of Petrochemical Enterprises in Guangdong Province (Trial)" to enhance safety risk management during planned overhauls in petrochemical companies [1][2]. Group 1: Guidelines Overview - The guidelines apply to planned and periodic shutdown overhauls in petrochemical enterprises within Guangdong Province, excluding emergency repairs [1]. - Companies are required to establish and implement a safety management responsibility system, overhaul planning and approval processes, energy isolation, blind plate management, and safety checks before and during operations [1][2]. Group 2: Pre-Overhaul Requirements - Prior to the overhaul, companies must form a well-structured overhaul organization, conduct risk analysis to identify hazards, and prepare a comprehensive overhaul plan at least one year in advance [2]. - Safety education and training for personnel must be conducted, including training on operational procedures and emergency response [2]. Group 3: On-Site Safety Management - On-site management must include clear safety signage, maintenance of emergency access routes, and ensuring the integrity of facilities and equipment [2]. - Companies are encouraged to engage third-party professional safety services to establish a collaborative regulatory model [3].

Core Insights - The conference highlighted that fine chemicals are not only the core driving force for high-quality development in the petrochemical industry but also a strategic support for industrial upgrading and the cultivation of new productive forces [1] Industry Structure - Fine chemicals refer to fine chemical products and new chemical materials, contrasting with basic chemicals, as defined in the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [2] - China's annual production capacity for fine chemicals is nearing 200 million tons, with a supply guarantee rate of 90% for bulk products [2] - The country holds a significant competitive position in the global market, with a 75% market share in pesticides and synthetic sweeteners, 70% in rubber additives, and 60% in organic acids and feed vitamins [2] - Structural contradictions exist, with self-sufficiency rates exceeding 130% for food additives and traditional pesticides, while rates for products like photoresists and specialty gases are below 20% [2] Technological Innovation - There is a significant gap between the performance of fine chemicals and downstream expectations, with 99% of fine chemicals producible but lacking stability and quality compared to international standards [3] - Continuous R&D innovation is essential for industry breakthroughs, exemplified by companies like Shin-Etsu Chemical and 3M, which have transformed through sustained innovation [3] - Market-driven technological advancements are crucial, as seen in the evolution of adhesives from auxiliary materials to functional solutions in various industries [3] Innovation Trends - High-performance fibers, such as PBO fibers, are emerging as key materials, with PBO capable of lifting 450 kilograms with a 1mm diameter strand [4] - Silicon carbide fibers are also highlighted for their high-temperature resistance and applications in various industrial sectors [4] - New high-performance materials, including ethylene-acrylic copolymers and carbon nanotubes, are gaining traction due to their superior properties and cost-effectiveness [5] - Silicon-based new materials are expected to disrupt the coatings and adhesives industries, with modified silicone resins capable of withstanding extreme temperatures [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Views - The company is positioned to benefit from the high demand in the Xinjiang civil explosives market, being the only producer of ammonium nitrate in the region, which provides both supply and licensing advantages [3][9]. - Following the acquisition by Guangdong Hongda, the company is expected to receive additional civil explosive capacity and optimized regional layout, leading to significant revenue and profit elasticity [3][9]. - Projected net profits for the company are estimated to reach 750 million, 890 million, and 940 million yuan for the years 2025 to 2027, respectively [3][9]. Company Overview - The company operates in the civil explosives and chemical sectors, covering the entire civil explosives industry chain, including upstream natural gas transportation, LNG, and ammonium nitrate production, as well as downstream blasting engineering and mining services [6][20]. - The company was established in 1958 and has undergone several transformations, becoming a joint-stock company in 2011 [20][21]. Civil Explosives Sector - The civil explosives market in Xinjiang is experiencing rapid growth due to the release of coal production capacity, with the company benefiting from its comprehensive industry chain [7][54]. - The company has a production capacity of 119,500 tons of industrial explosives and is the only producer of ammonium nitrate in Xinjiang, with a capacity of 660,000 tons per year [7][22]. - The market share of leading companies in the civil explosives industry is increasing, with the CR10 rising from 44% in 2017 to 62% in 2024 [7][59]. Chemical Sector - The company has expanded its chemical production capabilities through the acquisition of Xinjiang Yuxiang HuYang Chemical Co., which includes products like compound fertilizers, melamine, and ammonium nitrate [8][24]. - By the end of 2024, the company’s production capacities for melamine, urea, nitro compound fertilizer, and ammonium nitrate are projected to reach 210,000, 600,000, 900,000, and 660,000 tons per year, respectively [8][25]. Financial Performance - The company’s revenue and net profit have shown fluctuations, with a significant increase in revenue from 2.61 billion yuan in 2021 to 6.90 billion yuan in 2022, followed by a decline in 2024 due to low prices of bulk chemicals [31][37]. - In 2024, the company achieved a revenue of 6.10 billion yuan, a decrease of 13.1% year-on-year, and a net profit of 670 million yuan, down 21.7% year-on-year [31][41]. Market Dynamics - The demand for civil explosives is primarily driven by mining activities, with coal mining accounting for a significant portion of the demand [59][65]. - Xinjiang's coal production is expected to continue growing, supported by national policies and the region's rich coal resources, which will further drive the demand for civil explosives [69][73].

微成都报道5月27日晚间，四川泸天化股份有限公司（简称"泸天化"，000912.SZ）披露，公司拟收购泸州锦天 宏发展有限公司（下称"锦天宏公司"）持有的泸州弘盛化工园区运营服务有限公司（下称"泸州弘盛"）100% 的股权。 鉴于交易转让方锦天宏公司是公司控股股东泸天化集团的全资子公司，此交易构成关联交易。交易双方以资 产评估结果为依据，确定泸州弘盛100%股权的交易价格为6.76亿元。 据悉，泸天化此次收购目的在于获取泸州弘盛的土地资产，以推动上市公司中长期、短期化工项目的顺利实 施。 意在标的土地资产 评估增值率超100% 公告显示，泸州弘盛成立于2022年11月，注册资本为3.6亿元，主要提供园区管理服务、热力生产和供应等服 务。 截至2024年末，泸州弘盛资产总额为33,597.47万元，净资产为33,577.07万元。其评估价值为67,587.96万元， 评估增值率达101.29%。 针对评估增值较大的原因，泸天化在公告中表示，泸州弘盛账面实物资产及土地使用权是通过司法拍卖取 得，拍卖价格是考虑资产成新率和快速变现折扣的影响确定。该公司以实际支付价款入账，账面金额非该资 产原始购建成本。 ▲资产评估 ...

答：您好，是承包公司的，安全方面对方有主体责任。 3、请问他们怎么分工的？ 深圳市芭田生态工程股份有限公司投资者关系活动记录表 | | ☑特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □路演活动 新闻发布会 | | | | □现场参观 | | | | □其他 | | | | 华西证券股份有限公司、华金证券股份有限公司、信达证券股 份有限公司、华安证券股份有限公司、博时基金管理有限公司、 | | | | 山西证券股份有限公司、国盛证券有限责任公司、海南省亿能 | | | 参与单位名称及 | 投资有限公司、东北证券股份有限公司、生命保险资产管理有 | | | 人员姓名 | 限公司、上海人寿保险股份有限公司、南华基金管理有限公司、 | | | | 西藏合众易晟投资管理有限责任公司、深圳市华安合鑫私募证 | | | | 券基金管理有限公司 | | | 时间 | 2025 年 5 月 23 日上午 9:50-10:50 | | | 地点 | 贵州省黔南布依族苗族自治州瓮安县工业园区 | | | | 常务副总裁吴益辉先 ...

Group 1 - The 2025 China International Chemical Process Safety Conference commenced in Yantai, focusing on enhancing chemical process safety management to improve overall safety levels in the industry [1][2] - The conference highlighted the importance of chemical process safety management as an effective method for controlling major safety risks associated with hazardous chemicals, with China adopting this management concept for several decades [1][2] - Challenges in implementing process safety management in China's chemical industry include a lack of systematic regulations, unclear safety management responsibilities, and insufficient professional capabilities among personnel [1][2] Group 2 - The conference emphasized the need for collaboration among government, enterprises, and industry associations to achieve improved chemical process safety [2] - Key focus areas for enterprises include understanding the hazardous properties of chemicals, preventing uncontrolled chemical reactions, and ensuring effective risk management through updated hazard analyses [2] - The event featured specialized training sessions and exhibitions showcasing innovative solutions for emergency response in hazardous chemical production, with over 70 experts discussing various safety topics [2][3]