昔日凭借上游原材料优势强势入局磷酸铁锂行业的钛白粉企业，正接二连三叫停此前跨界项目。 6月3日，中核钛白发布公告称，拟终止公司2021年度非公开发行股票募集资金投资的部分项目，并将前述募集资金投资项目剩余募集资金永 久补充流动资金，用于公司日常生产经营及业务发展。 | | | 单位: 兀 | | --- | --- | --- | | 募集资金投资项目 | 累计投入募集资金 | 剩余募集资金金额 | | 水溶性磷酸一铵(水溶 肥) 资源循环项目 | 232, 487, 803. 24 | 373, 267, 410. 27 | | 年产 50 万吨磷酸铁项目 | 1.308.926,311.51 | 1.292. 969. 192. 56 | | 合计 | 1.541.414.114.75 | 1.666.236,602.83 | 进度方面，截至目前，该项目已完成基础工程设计；规划场地平整；建成公辅装置、年产10万吨磷酸铁生产装置以及配套环保装置。 且年产 10万吨磷酸铁生产装置已投入运行，产品已实现市场化销售。 在起点锂电看来，目前磷酸铁锂市场的竞争已从产能转向质量和技术竞争，低端产能将持续过剩，高端产能诸 ...

龙头二线融资能力分化，淡季来临或加速出清——光伏主 产业链可持续经营梳理 20250603 摘要 2025 年二季度起，光伏需求环比走弱，国内分布式光伏装机下降，美 国市场受补贴政策不确定性影响需求疲软，市场化出清刚开始。需关注 政策变动对市场的影响。 光伏行业仍面临产能过剩，虽新增产能停止，但开工率走低，库存积压， 导致实际产出低于去年同期。行业自律虽能避免企业严重亏损，但国家 层面未见明显产能出清措施。 下游环节库存低的企业利润修复明显，如硅片、电池片因库存少而涨价 效果好。组件端虽涨价，但受美国出货减少影响，利润受压制。一季度 经营性现金流虽转负但较去年同期有所改善。 二线光伏公司筹资性现金流显著下降，融资压力巨大，少数公司通过 IPO 或股权融资获得资金。需警惕二线公司资金链断裂风险。 光伏行业公司负债率达历史高位，平均 67.5%，二线公司负债率更高。 高负债率主要由应付账款构成，影响企业经营风险，偿债能力受货币资 金受限问题制约。 Q&A 光伏组件体系产业链在过去一年中的变化及其影响是什么？ 在过去的一年中，光伏组件体系产业链发生了显著变化。首先，行业自律加强 以及 2025 年 5 月 31 日 ...

Core Viewpoint - Zhongke Titanium White (002145.SZ) has made a significant adjustment to its lithium battery cross-industry investment by terminating its project for an annual production of 500,000 tons of iron phosphate due to changes in market supply and demand dynamics, with plans to use the remaining 1.666 billion yuan of raised funds to enhance liquidity [1][4]. Company Summary - Zhongke Titanium White announced the termination of its iron phosphate project, which was initially planned for an investment of 3.82 billion yuan and expected to be operational by November 2024 [1][4]. - The company has already invested 1.3 billion yuan in the iron phosphate project, with a first phase capacity of 100,000 tons completed in 2023, currently in the new product validation stage [1]. - The capacity utilization rate for the iron phosphate project was less than 2% last year, significantly lower than the approximately 83% utilization rate for its titanium dioxide products [1]. Industry Summary - Since 2021, several titanium dioxide companies, including Zhongke Titanium White, Longbai Group (002601.SZ), and Jinpu Titanium Industry (000545.SZ), have announced substantial investments in the lithium battery sector, particularly in iron phosphate projects [5]. - The production of titanium dioxide generates significant by-products like ferrous sulfate, which can be used as a raw material for iron phosphate, allowing these companies to reduce costs compared to those sourcing iron externally [5][6]. - However, many of these projects have been postponed or terminated due to oversupply in the domestic iron phosphate market, leading to uncertain profitability [7]. - The price of iron phosphate has dropped from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [8]. - Analysts indicate that most iron phosphate companies are currently operating at a loss, with some lower-end capacities facing the risk of elimination [8]. - Other companies, such as Huiyun Titanium Industry and Jinpu Titanium Industry, have also halted their iron phosphate investments due to market conditions [9].

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The silicon market is experiencing weak supply and demand, with high inventory pressure. Industrial silicon and polysilicon prices are expected to remain weak in the short term. It is recommended to take short positions on rebounds for both industrial silicon and polysilicon [1]. - For industrial silicon, the overall production has declined with a north - south difference in production trends, and demand from downstream industries is weak. For polysilicon, the supply side maintains a production cut state, and the demand side is also soft [1]. 3) Summary by Related Contents Industrial Silicon - **Price Information**: On June 3, 2025, the average price of non - oxygenated 553 (East China) was 8,250 yuan/ton, down 1.20%; the futures main contract closing price was 7,160 yuan/ton, down 0.76%. The prices of various grades of industrial silicon in different regions all showed a downward trend, with the largest decline of 1.82% for non - oxygenated 553 (Tianjin Port) [1]. - **Production and Inventory**: In May 2025, industrial silicon production was 307,700 tons, a month - on - month increase of 2.3% and a year - on - year decrease of 24.6%. From January to May 2025, the cumulative production decreased by 15.3% year - on - year. As of May 29, the total social inventory of industrial silicon in major regions was 589,000 tons, a week - on - week increase of 7,000 tons [1]. - **Fundamentals and Demand**: Some silicon enterprises in the north reduced production due to cost inversion. In the southwest production area, although the wet season was approaching, the willingness to resume production was insufficient. On the demand side, polysilicon enterprises maintained production cuts, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to cut production to support prices, but demand was weak. Silicon alloy enterprises purchased on demand, and the downstream's willingness to stock up at low levels was insufficient [1]. - **Investment Strategy**: It is expected that the short - term trend will remain weak, and it is recommended to take short positions on rebounds. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon - **Price Information**: On June 3, 2025, the price of N - type dense material remained unchanged at 35.5 yuan/kg, and the futures main contract closing price was 35,600 yuan/ton, up 0.91% [1]. - **Supply and Demand**: On the supply side, silicon material enterprises maintained production cuts, and some new production capacities might be put into operation, with the expected output remaining within 100,000 tons. On the demand side, the photovoltaic market was weak, with rising inventories of silicon wafers and silicon materials, and continuous price declines of silicon wafers, cells, and components [1]. - **Investment Strategy**: Considering the strong uncertainty of terminal installation and the short - term difficulty in solving the over - capacity problem, it is expected that the polysilicon price will not have an upward trend in the short term. It is recommended to take short positions on rebounds and continuously monitor the changes on the supply side [1]. Other Related Products - **Silicon Wafer, Cell, and Component Prices**: The prices of various types of silicon wafers, cells, and components remained unchanged on June 3, 2025 [1]. - **Organic Silicon Prices**: On June 3, 2025, the price of DMC was 11,450 yuan/ton, down 0.43%; the price of 107 glue was 12,100 yuan/ton, down 0.41%; the price of silicone oil was 13,900 yuan/ton, unchanged [1].

Industry Overview - The Chinese polyether market price was 10,400 yuan/ton as of the end of March 2025, facing severe challenges of overcapacity [12] - Total polyether production capacity reached 9.5 million tons/year by February 2025, with expectations to exceed 11 million tons/year due to new capacity from several factories [12] - Despite the automotive and soft furniture industries being in a relatively busy season, overall demand remains weak, leading to increasing supply surplus issues [12] Industry Development History - The polyether industry in China has gone through four main stages, starting from the establishment of the largest polyether production facility in 1989 with an annual capacity of 20,000 tons [4] - By the end of 1996, national polyether production capacity reached 260,000 tons/year, marking a nearly 50% increase from 1994 [5] - The 2000s saw structural adjustments and technological innovations, with China becoming the second country to master PEEK technology in 2000 [5] Industry Current Status - The polyether market is currently characterized by overcapacity, with production capacity expected to exceed demand in the near future [12] - The market activity is low, and the overall demand is not keeping pace with the production capacity expansion [12] Industry Segmentation - The special polyether market, including low unsaturation polyether and bio-based polyether, saw a market size of 2.166 billion yuan in 2024, a year-on-year decrease of 6.92% [14] - Demand growth in downstream applications, particularly in new energy and high-end manufacturing, has slowed due to global economic conditions [14] Key Companies' Performance - Wanhua Chemical, a leading player in the polyether industry, reported a revenue of 46.161 billion yuan in Q1 2024, showing a 6.70% year-on-year decline [18] - Changhua Chemical achieved a revenue of 3.05 billion yuan in 2024, with a year-on-year growth of 12.47% [20] - Longhua New Materials focuses on soft foam polyether and CASE polyether, with products widely used in various sectors [20] Industry Development Trends - The polyether industry is expected to continue growing, driven by expanding downstream applications and steady demand growth [22] - Technological innovation and green production are becoming core drivers for future development, with a focus on cleaner and safer production technologies [24] - The competitive landscape is evolving, with leading companies consolidating their market positions while smaller firms seek opportunities through differentiation and industry chain integration [25]

Group 1 - China has maintained its position as the world's largest automobile exporter for two consecutive years, highlighting the industry's growing importance, comparable to real estate [1] - Industry leader Wei Jianjun has raised concerns about overcapacity and capital bubbles in the automotive sector, warning of an impending "Evergrande crisis" [3] - The automotive industry is facing significant transformation challenges, with three major trends expected to emerge in the next two years [3] Group 2 - The era of rapid price reductions for new energy vehicles (NEVs) is coming to an end, with significant price drops observed in recent years [5] - New regulations on battery production and procurement are expected to enhance the pricing power of NEVs, as safety and durability standards are raised [6][8] - Government policies aimed at stimulating consumption will likely lead to increased vehicle prices, supported by a reduction in the reserve requirement ratio for automotive finance companies [10] Group 3 - The potential lifting of purchase restrictions in major cities could address inventory issues faced by car manufacturers and stimulate demand [12][14] - The automotive industry is projected to contribute significantly to tax revenues, which is crucial for local governments facing fiscal challenges [12] - The penetration rate of new energy vehicles in China's market has exceeded 51%, indicating a mature market with potential for further growth [16] Group 4 - Technological advancements in smart features are driving the competitiveness of domestic NEVs, moving beyond traditional vehicle functionalities [16] - Rising fuel prices due to geopolitical tensions are expected to favor the sales of NEVs, as consumers seek alternatives [18] - The ongoing trade tensions may limit the market share of imported luxury fuel vehicles, benefiting domestic high-end NEV manufacturers [20] Group 5 - The automotive industry is recognized as a strategic sector representing China's manufacturing and consumption upgrades, with the potential for continued growth despite existing concerns [21] - The global popularity of Chinese automobiles is expected to enhance the international perception of China's economic prospects [23]

Report Information - Analyst: He Hui, Energy and Chemical Team, including Guo Jianfeng, Guo Yanpeng, and Li Qian [2] - Company: Zhonghui Futures Co., Ltd. - Date: May 30, 2025 [2] Investment Rating - Not provided in the report Core Viewpoints - In May, the domestic and overseas macroeconomic situation did not improve significantly, and the commodity market was weak. The soda ash futures market was also in a downward trend, searching for a bottom. [3] - Soda ash is facing a situation of over - capacity, insufficient demand, and cost collapse. In the short term, it is difficult to find supply - demand drivers, while in the long - term, it is anchored to natural soda ash cost and demand growth rate. [3] Market Review Futures Market - As of May 30, the SA2509 contract closed at 1,190 yuan/ton, with a monthly change of - 12% (a decrease of 165 yuan) [6] 现货市场 - In May, the prices of heavy soda ash were differentiated, with most prices decreasing by 50 yuan/ton, a change ranging from - 5.1% to 3.2% [6] Basis - In May, the spot price of soda ash was weak, while the futures price was even weaker, resulting in a stronger basis. The basis of the main SA509 contract (against Shahe heavy soda ash) was 40 points, with a basis rate of 3.3% [8] Inter - month Spread - The SA09 - 01 contract spread was 2 points, changing from negative to positive, showing a flat - water structure. The SA01 - 05 contract spread was - 52 points, indicating a weaker expectation for the far - month contract [11] Term Structure and Inter - commodity Spread - The soda ash futures market changed from a contango structure to a near - month back flat - water structure, compressing the downward space. The FG - SA09 contract spread was about - 200, and the long - glass short - soda ash spread had a profit of 100 points from - 300 [13] Supply Analysis Device Maintenance and New Capacity - Currently, the maintenance devices of soda ash plants are gradually restarting, and new capacities are being put into production one after another. In 2025, the total planned new capacity is 590 tons/year [17][18] Operating Rate - In May, the comprehensive operating rate of soda ash decreased significantly. Currently, the national operating rate is 78.57% (a month - on - month decrease of 10.87%), with the ammonia - soda process operating rate at 71.41% (a month - on - month decrease of 15.71%) and the combined - soda process operating rate at 76.54% (a month - on - month decrease of 10.58%) [20] Production - In May, the weekly average production of soda ash was 70.32 tons, with the estimated monthly production at 311.41 tons, a month - on - month decrease of 1.9% and a year - on - year decrease of 1.1%. The weekly average production of heavy soda ash was 38.38 tons, with the estimated monthly production at 170 tons, a month - on - month decrease of 2.4% and a year - on - year decrease of 5.1% [31][34] Demand Analysis Glass Melting Volume - Currently, the daily melting volume of float glass is 15.77 tons, a month - on - month increase of 0.32% and a year - on - year decrease of 8.25%. The daily melting volume of photovoltaic glass is 9.88 tons, a month - on - month increase of 0.61% and a year - on - year decrease of 13% [39] Total Melting Volume - In May, the average daily total production of float glass and photovoltaic glass was 25.55 tons, a month - on - month increase of 0.5% and a year - on - year decrease of 9.9% [42] Supply - demand Gap of Heavy Soda Ash - In May, the estimated monthly demand for heavy soda ash was 158.4 tons, and the supply - demand surplus was 11.55 tons, still in a state of oversupply [43] Inventory Analysis Total Inventory - Currently, the total inventory of domestic soda ash manufacturers is 162.43 tons, a month - on - month decrease of 3.94% and a year - on - year increase of 98.52%. The available inventory days are 13.47 days, a month - on - month decrease of 0.43 days and a year - on - year increase of 6.6 days [51] Inventory of Heavy and Light Soda Ash - Currently, the inventory of heavy soda ash is 80.6 tons, a month - on - month decrease of 4.1% and a year - on - year increase of 76.95%. The inventory of light soda ash is 81.83 tons, a month - on - month decrease of 3.79% and a year - on - year increase of 125.6% [54] Cost and Profit Analysis Cost - Currently, the production cost of the ammonia - soda process is 1,283 yuan/ton, a month - on - month decrease of 7.23% and a year - on - year decrease of 26.39%. The production cost of the combined - soda process (double - ton) is 1,610 yuan/ton (75% single - ton cost is 1,208 yuan), a month - on - month decrease of 2.1% and a year - on - year decrease of 19.1% [58] Profit - Currently, the production profit of the ammonia - soda process is 67.2 yuan/ton, a month - on - month increase of 49.7 yuan/ton and a year - on - year decrease of 85.28%. The production profit of the combined - soda process is 215 yuan/ton, a month - on - month decrease of 40.5 yuan/ton and a year - on - year decrease of 78.49% [60] Trading Strategies Single - side Strategy - Currently, the main 09 contract has fallen below the combined - soda process cost of 1,200 yuan/ton. Technically, it shows a short - position arrangement of moving averages. Maintain a bearish view, dynamically track the pressure level of the 20 - day moving average, with a reference range of 1,050 - 1,250 [4] Arbitrage Strategy - Currently, the 9 - 1 spread of soda ash is near 0, almost at par. Considering the seasonal maintenance in summer and the planned new natural soda ash capacity at the end of the year, participate in the 9 - 1 positive spread. In terms of inter - commodity spreads, the FG - SA09 contract spread is about - 200, and the long - glass short - soda ash spread can still be held in the short term, and stop profit when the spread narrows to - 150 [4] Hedging Strategy - Currently, the inventory of soda ash plants is at an absolute high level. Upstream enterprises can pay attention to the short - hedging opportunities of the 09 contract when the futures price is at a premium or at par with the spot price, around 1,200 - 1,250. Downstream glass enterprises can conduct long - hedging when the futures price is lower than the spot delivery cost [4]

Group 1 - The supply of soda ash remains in excess, requiring upstream low operating rates to maintain supply-demand balance, with high visible inventory levels in the midstream and upstream sectors [1][5] - Domestic soda ash is in a capacity expansion cycle, with new capacity of 2.5 million tons expected in 2024 and an additional 900,000 tons in the first quarter of 2025, leading to an overall effective capacity growth rate of approximately 5.6% by 2025 [2][4] - From August 2024, due to domestic soda ash surplus and declining prices, the export window has opened, with some producers actively exploring overseas markets, resulting in a net export status for soda ash [2][4] Group 2 - The float glass production is currently at a low level, with significant losses reported since July 2024, leading to an increase in cold repairs and a decrease in daily melting capacity from 170,000 tons to 158,000 tons [3] - The photovoltaic glass sector is experiencing a rebound, with daily melting capacity increasing to around 100,000 tons by the end of April 2025, although inventory levels are rising, which may hinder further increases [3] - Light soda ash demand growth is projected at 7.2% for 2024, but the growth rate for 2025 is expected to be lower at around 5.2%, with a year-on-year decline of 7.8% observed from January to April 2025 [3] Group 3 - The long-term outlook for soda ash remains oversupplied, with significant new production capacity planned for 2025, including 4.05 million tons from various producers [4] - The current high levels of visible inventory in the upstream sector indicate that while there may be short-term rebounds, sustained low operating rates will be necessary to maintain balance [5] - The forecasted operating rate for 2025 is approximately 83.7%, down from 86.4% in 2024, indicating a continued oversupply situation for soda ash [4]

Core Viewpoint - The Canadian economy's GDP growth of 2.2% in the first quarter exceeded expectations, but underlying issues suggest a more concerning economic reality [1] Economic Performance - The 2.2% annualized GDP growth was driven by a 6.7% surge in exports and an increase in corporate inventories [1] - Preliminary estimates for April indicate a 0.1% month-over-month growth, primarily supported by the commodities sector [1] Domestic Demand - Domestic demand remains weak, reflecting declining household confidence and businesses scaling back or canceling investment plans due to high uncertainty in trade policies [1] - Early tracking for the second quarter suggests a significant slowdown, with projected growth of only 0.5%, indicating potential overcapacity in the economy [1]

以下文章来源于日经中文网 ，作者日经中文网 日经中文网 . 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 4月中国对东盟出口额按美元计算同比增长21%。一方面，对美国的出口下降21%。对美国出货量下降的中国造个人电脑和智能手机流入东 南亚。美国总统特朗普的高关税政策是背后原因…… 来源｜ 日经中文网（ID：rijingzhongwenwang） 美国总统特朗普的高关税政策是背后原因。美国针对世界各国征收的对等关税已将加征部分的生效暂缓了90天。在越南，利用这 一过渡期提前向美国供货的动向加强，4月对美出口同比增长3成以上。 封面来源 ｜ IC Photo 受特朗普关税的影响，东南亚的来自中国的进口正在扩大。4月对美国出货量下降的中国造个人电脑和智能手机流入东南亚。由于 美国对等关税部分暂缓实施，东南亚出现紧急增加对美出口的动向，与此同时，来自中国的零部件采购也在增加。 中国海关总署的数据显示，4月中国对东盟（ASEAN）出口按美元计算同比增长21%。增幅高于3月的12%。针对4月将对华加征 关税提高至145%的美国，中国方面的出口下降21%，而 ...