Group 1 - The article discusses the strong performance of certain stocks, particularly Chengfei, which has shown a significant upward trend and is expected to continue its momentum, potentially leading to further gains in the market [1][2] - The analysis highlights the importance of understanding market dynamics, emphasizing that despite fluctuations, sectors like chemicals and tungsten resources are still poised for recovery and growth [2][3] - The article notes that the chemical sector, despite some recent weaknesses, is expected to rebound, with several stocks like Zhongyi and Hongbao Li showing strong performance [3][4] Group 2 - The article mentions that the market sentiment is shifting positively, with stocks like Chengfei and others in the automotive parts sector experiencing a surge, indicating a potential trend reversal [1][2] - It points out that the chemical sector has been a main focus for several months, and despite some signs of weakness, the overall trend remains bullish, suggesting continued investment opportunities [3][4] - The analysis indicates that even with large-cap stocks experiencing some volatility, there are still opportunities for upward movement in the market, particularly in the chemical and tungsten sectors [4]

Core Viewpoint - Yongshan Lithium Industry (603399) is under market scrutiny to see if it can transform into a well-known lithium company with the support of its new controlling shareholder after experiencing ownership changes and declining core business performance [1] Fundraising and Financial Situation - On May 15, Yongshan Lithium announced a plan to raise no more than 500 million yuan through a private placement to its controlling shareholder, Yongrong Zhisheng, to supplement working capital [2][4] - The private placement will issue up to 71.84 million shares, accounting for 13.94% of the total share capital, at a price of 6.96 yuan per share, which is approximately 20% lower than the closing price on May 15 [4] - As of the end of Q1 2025, Yongshan Lithium had cash reserves of 408 million yuan, a year-on-year decrease of 65.86%, while short-term borrowings surged by 157.63% to 419 million yuan, indicating significant debt pressure [5] Business Performance - Yongshan Lithium's main businesses, molybdenum and lithium, have shown poor performance, leading to a decline in overall revenue. The company reported revenues of 7.061 billion yuan in 2022, 7.505 billion yuan in 2023, and 5.895 billion yuan in 2024, with net profits of 492 million yuan, -337 million yuan, and 25.42 million yuan respectively [9] - The molybdenum business generated 4.867 billion yuan in revenue in 2024, a year-on-year decrease of 14.72%, while the lithium business revenue fell by 43.39% to 1.015 billion yuan [10] - In Q1 2025, the company reported a net loss of 29.49 million yuan, a year-on-year decrease of 141.28%, attributed to declining product prices and increased inventory impairment losses [12] Strategic Shift and New Ownership - The new controlling shareholder, Yongrong Group, is expected to shift Yongshan Lithium's strategic focus towards lithium, leveraging its background in the lithium industry [13][16] - Yongrong Group, which operates over 60 subsidiaries and employs nearly 10,000 people, aims to position Yongshan Lithium as a key player in the new energy chemical materials sector, with a production scale that could enhance its global competitiveness [16] - The management team of Yongshan Lithium has been replaced by executives from Yongrong Group, indicating a significant shift in corporate governance [16] Market Conditions - The lithium market is currently facing volatility, with prices for battery-grade lithium carbonate reported to have dropped significantly, raising concerns about profitability for many lithium companies [17]

"作为全球规模最大的EO/EG洗涤塔，它所需的作业占地面积也比较大，该设备的按期吊装，对于周边 其他装置的地面作业至关重要，关乎后续设备安装、管道连接、系统调试等环节的启动。"EO/EG装置 EPC总承包单位——中石化上海工程有限公司项目经理吴南介绍说，该设备的成功吊装是推进项目建设 的关键路径之一。 吊装作业涉及机械操作、人员协调和环境控制等多重因素，是工程建设中的高风险环节，能否安全、准 确地一次性完成任务，关乎整个项目建设的成败。 中新网漳州5月16日电 (牟洋 卢冠琼 柯少如)5月16日，中沙古雷乙烯项目传来捷报，全球最大的 EO/EG(环氧乙烷/乙二醇)洗涤塔在福建省漳州市古雷石化基地成功吊装，标志着中沙古雷乙烯项目建设 取得又一关键性突破。 中沙古雷 乙烯项目EO/EG洗涤塔运抵古雷港。陈汉祥 摄 作为全球规模最大的EO/EG装置核心设备，该洗涤塔自重超2560吨、长度达109米，由"国之重器"—— 5000吨级液压提升机和2000吨级溜尾吊机共同吊装作业。"穿衣戴帽"后重量3250吨，在重量、高度等方 面均是同类装置之最。同时，该设备还以25天的施工时长刷新了全国同类塔器施工作业最快需要45天的 ...

2025 年 05 月 16 日 行 业 及 产 业 煤炭/ 煤炭开采 新疆煤炭白皮书 看好 ——能源安全与产业蝶变 本期投资提示： 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 (8621)23297818× shijy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 / 行 业 深 度 业 研 究 证 券 研 究 报 告 相关研究 - ⚫ 新疆煤炭储量丰富，资源品位高，开采成本低，未来增量潜力巨大。新疆预测煤炭资源 量 2.19 万亿吨，占全国总量的 39%，累计查明煤炭资源量 4500 亿吨。从新疆煤种分 布看，低变质的长焰煤、不黏煤、弱黏煤等占全部查明保有资源储量的 95%。新疆已形 成吐哈、准噶尔、伊犁、库 ...

Core Viewpoint - The company held an earnings and cash dividend briefing for the fiscal year 2024 and the first quarter of 2025 to provide investors with a comprehensive understanding of its performance and future plans [1] Group 1: Earnings Briefing Details - The earnings briefing was conducted on May 16, 2025, from 15:00 to 16:00 via the Shanghai Stock Exchange's online platform [1] - Key executives, including the Chairman, General Manager, Secretary of the Board, Financial Officer, and Independent Director, participated in the briefing [1] Group 2: Investor Questions and Company Responses - The company reported that the COC downstream certification is progressing smoothly, with batch stability testing currently underway, although stability issues remain due to the new product and processes [2][4] - Future growth drivers identified include expanding the overseas market for existing products and accelerating the industrialization of new products [2] - The company acknowledged that the COC production timeline has not met expectations but emphasized that significant foundational work has been completed [2][3] - The overall performance of the polyether amine industry is currently in a downturn, but the company remains optimistic about the future of the chemical new materials sector [3] - Plans for 2025 include efforts to increase market share in both domestic and international markets for polyether amines and optical materials [3][4] - The company will continue to invest idle funds in principal-protected financial products as per the board's approval [4]

Group 1 - The core project, Changhong Sanjie Phase IV, is a significant investment of 3.2 billion yuan, aimed at creating a digital benchmark factory in the industry [3] - The company is enhancing its R&D efforts by optimizing resistive charge and discharge technology to inverter-based systems, improving battery efficiency and enabling energy recovery [3] - The project is expected to commence production in June 2023, with four new production lines capable of producing 300 battery units per minute, serving global top brand clients [3] Group 2 - Since 2016, Changhong Sanjie has experienced rapid growth, with revenue projections reaching 1.65 billion yuan in 2024, maintaining a leading net profit margin in the industry [3] - The company holds a 40% market share in the domestic market for cylindrical lithium batteries used in power tools, supplying major global brands such as Lishen, Bosch, and Stanley [3] - The company's strategy of investing, exploring, and innovating is considered key to its competitive advantage in the market [3]

"产业发展需要人才支撑。"展望未来，新一届理事会会长郎红旗表示，中国化工教育协会将以更加积极 作为的态度，充分发挥党建引领作用，主动担当、创新突破，努力发展和壮大化工教育事业。一是持续 发挥协会的桥梁纽带作用，加强调查研究，为化工教育的发展与石油和化工行业人力资源建设提供更多 有效参考；二是集中反映会员单位诉求，搭建各类合作交流平台；三是继续举办各级、各类学生竞赛， 推动创新型、技能型人才队伍建设；四是大力开展各类培训及交流活动，为壮大人才队伍搭建能力提升 平台；五是推进石油和化工行业"十五五"规划教材建设工作，更好地服务高等工程教育、职业教育和在 职教育改革；六是在教育部的领导下，做好石油和化工行业相关的职业教育教学指导工作；七是继续推 进石油和化工行业终身教育体系建设。 第五届理事会会长郝长江回顾了过去6年的主要工作：一是倾心服务会员、精准筑基行业，会员单位累 计增加124家，其中本科院校会员单位占比由34.5%提升至42%；二是助力教师发展、提高教研水平，累 计启动（新增）教师活动11个，覆盖31个省（市）；三是激发学生潜能、驱动创新跃升，累计启动（新 增）学生活动11个，参赛人数超20万人次；四是提升 ...

教育事业是新知识、新科技、新思想的摇篮，是培养创新型高素质人才的高地。在5月10日举行的中国 化工教育协会第六次会员大会暨第六届一次理事会会议上，协会第五届理事会会长郝长江在回顾2019— 2024年化工教育领域的进展时慨叹道："最大的感受就是，化工教育回归了育人、回归了行业。" 教师发展平台不断丰富，教研水平明显提高。为助力教师发展，中国化工教育协会陆续启动了一批创新 项目，如针对性培训、教学能力大赛等。"2021年，协会首次举办了全国高等院校化工类专业教师课程 思政能力大赛，化工教育迎来重要进展。"郝长江指出，大赛不仅能引导教师在参赛过程中主动思考， 深挖课程思政元素，推进化工专业课程思政建设，培养学生爱党、爱国、爱人民的责任意识；还能引导 学生正确认知石油和化工行业，共塑行业美丽形象。 学生技能比拼的舞台越来越大，潜能被不断激发，为行业发展注入新活力。在2019~2024年，全国大学 生化工设计竞赛、全国大学生化工实验大赛、全国大学生化工过程数字创新竞赛等11项由中国化工教育 协会主办的学生技能比拼活动火热开展，累计吸引20余万人次参加。另有一批有口皆碑的品牌活动连续 多年如期开展，如全国大学生化工实验 ...

20250516申万期货品种策略日报-聚烯烃（LL&PP） | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | LL PP | | | | | | | | | 1月 5月 9月 1月 5月 9月 | | | | | | | | | 前日收盘价 | 7217 | 7500 | 7298 | 7094 | 7248 | 7161 | | 期 | 前2日收盘价 | 7259 | 7480 | 7339 | 7136 | 7220 | 7193 | | 货 | 涨跌 | -42 | 20 | -41 | -42 | 28 | -32 | | 市 | 涨跌幅 | -0.58% | 0.27% | -0.56% | -0.59% | 0.39% | -0.44% | | 场 | 成交量 | 41121 | 228 | 460827 | 19015 | 1 | 379584 | | | 持仓量 | 73716 | 1787 | 527579 | 44608 | 3078 ...

基础化工行业：行业整体盈利承压，细分 行业表现分化 2025 年 5 月 15 日 看好/维持 基础化工 行业报告 ——化工行业 2024 及 2025Q1 业绩回顾 | | | 投资摘要： 我们按照中证行业分类，对化工行业分类中的 384 家公司的 2024 年年报及 2025 年 1 季报的整体经营状况进行梳理。 2024 年化工行业增收不增利，业绩依然承压。2024 年化工品价格指数小幅震荡下行，化工行业仍处于低景气阶段。2024 年全球化工市场需求不足，行业竞争持续加剧，化工产品价格和盈利继续面临压力。2024 年，化工行业整体实现营业收入 28649.67 亿元，同比变动+2.96%；归母净利润 1080.70 亿元，同比变动-7.10%。行业销售毛利率（整体法）为 14.57%， 同比变动-0.65 个百分点。 2025 年 1 季度化工行业同比小幅改善。2025 年年初至今，化工品价格指数继续下行。2025 年 1 季度，化工行业整体实现 营业收入 6769.65 亿元，同比变动+1.30%；归母净利润 337.50 亿元，同比变动+5.58%。行业销售毛利率（整体法）为 15.38%， 同比变 ...