基础化工月报：三氯乙烯等价格上行，我国甲醇表观消 费量首次突破 1 亿吨 [Table_ReportDate] 2025 年 5 月 8 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [基础化工月报： Table_Title] 三氯乙烯等价格上行，我国甲醇表观 消费量首次突破 1 亿吨 [Table_Re ...

基础化工月报：三氯乙烯等价格上行，我国甲醇表观消 费量首次突破 1 亿吨 [Table_ReportDate] 2025 年 5 月 8 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [基础化工月报： Table_Title] 三氯乙烯等价格上行，我国甲醇表观 消费量首次突破 1 亿吨 [Table_Re ...

证券研究报告 基础材料/能源 24 年中游盈利磨底，25Q1 下游渐修复 华泰研究 2025 年 5 月 07 日│中国内地 专题研究 24 年大宗化工盈利磨底，25Q1 下游渐修复 24 年油价高位致行业整体成本端有所承压，而地产等需求偏弱叠加行业新 增供给仍在投放，大宗化工企业盈利处于磨底阶段，下游制品/精细品需求 缓慢复苏叠加成本略改善，盈利改善趋势初显。25Q1 油价中枢下行致油气 产业链盈利渐下移，中游大宗化工仍待供需拐点到来，下游制品受益于成本 改善和终端需求增长，盈利延续弱复苏态势。基础化工&石油天然气（华泰 化工分类）505 家上市企业 24 年营收/净利 103171/4985 亿元，同比 -1%/-1%，净利率 4.8%，同比+0.03pct；25Q1 营收/净利 25157/1426 亿元， 同比-4%/-3%（环比+2%/+78%），净利率 5.7%，同比+0.09pct。 25 年初以来地产等需求呈现企稳态势，家电产量、汽车销量等数据保持增 长。我们预计关税政策等影响或加速产业链在 25Q2 加速去库，25H2 伴随 行业资本开支或迎来增速拐点，叠加出口亚非拉及内需改善助力，行业景气 ...

Core Viewpoint - The "Shaanxi Province Standardization Regulations" has been revised and will take effect on June 1, 2025, aiming to enhance standardization work, improve product and service quality, and promote high-quality development in the province [2][33]. Chapter Summaries Chapter 1: General Principles - The regulations are established to strengthen standardization work, enhance product and service quality, promote scientific and technological progress, and ensure safety and high-quality development [3][4]. - Standardization work should adhere to principles such as market-driven, government guidance, enterprise leadership, social participation, openness, integration, and collaborative advancement [4][5]. Chapter 2: Standard Formulation - Standards should be demand-oriented, goal-oriented, and problem-oriented, promoting the rational use of resources and improving economic, social, and ecological benefits [10]. - Local standards can be formulated to meet specific local needs, and public suggestions for standard formulation are encouraged [11][12]. Chapter 3: Standard Implementation - Mandatory standards must be enforced, and products or services not meeting these standards cannot be produced, sold, or imported [28]. - Local standard implementation feedback and evaluation mechanisms should be established to ensure effective application and periodic review of standards [32][25]. Chapter 4: Supervision and Management - Standardization administrative departments at the county level and above are responsible for supervising and inspecting the implementation of standards [37]. - A unified public service platform for standard information will be established to enhance public service levels in standardization [38]. Chapter 5: Legal Responsibilities - Violations of the regulations may lead to administrative penalties, including the withdrawal of unauthorized local standards and disciplinary actions against responsible personnel [43][44]. Chapter 6: Supplementary Provisions - The regulations will come into effect on June 1, 2025, marking a significant step in the standardization efforts of Shaanxi Province [33].

——公司 2025 年一季报点评报告 投资评级：买入（维持） 日期 2025/5/7 当前股价(元) 12.22 一年最高最低(元) 20.18/11.76 总市值(亿元) 329.12 流通市值(亿元) 329.12 总股本(亿股) 26.93 流通股本(亿股) 26.93 近 3 个月换手率(%) 38.73 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 2025-05 淮北矿业 沪深300 煤炭/煤炭开采 淮北矿业（600985.SH） Q1 降本对冲煤价下滑影响，关注成长性及破净修复 2025 年 05 月 08 日 相关研究报告 《煤炭量价齐跌致业绩承压，关注成 长性及破净修复—公司 2024年报点评 报告》-2025.3.28 《Q3 煤炭量价齐跌拖累业绩，关注煤 矿+煤化工成长—公司信息更新报告》 -2024.10.30 《煤炭量价回落，关注煤矿和煤化工 项目成长—公司 2024 年中报点评报 告》-2024.8.30 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S079052 ...

Group 1 - The recent interest rate cut on May 8 and the expected reserve requirement ratio reduction on May 15 are seen as positive signals for the market [1] - The military industry stocks have shown significant activity, particularly influenced by geopolitical tensions such as the India-Pakistan conflict and the 80th anniversary of the Soviet Union's victory in World War II [2] - The chemical sector is experiencing a recovery, with specific stocks like Zhongyida and Hongbaoli showing notable performance [2][3] Group 2 - The market is currently experiencing a divergence, with a strong pullback expected after the recent recovery of the index, which aimed to fill the gap at 3319 [1] - The consumer sector is seeing a return of funds, particularly after military stocks hit their limits, indicating a shift in market sentiment [3] - The technology sector, especially in robotics and AI computing, is anticipated to maintain its profitability in the near term, contingent on the outcomes of the U.S. interest rate meeting [3]

今天还是先聊聊上午的发布会，昨天会议通知出来后，我们提到四点，一是大概率一把手出席，二是应该不会发布突破既有框架的政策，三是不 要抱有太大的预期，更像是阶段性成果的定期通报，四是可能降准。 坦率说，发布会整体是超过我个人预期的，当然，核心是我的预期放的足够低。 我借一下中信建投汇总的信息， 下图，把发布会涉及的政策贴一下 。 不过，从资产价格的反映来看， 大部分人可能会觉得低于预期 ，下图，沪深300高开低走，而30年国债一路上行，股债都是日内被套的行情。 但是，我还是想聊一下， 为什么， 我对发布会很乐观。 注意，为了防止有人抬杠，我再强调一下， 我是对"发布会"本身体现出来的信息和趋势，很乐观 ，并不是对经济、股市等全面乐观。 事实上，我们要清楚，当下我们面临的，最大的三个问题，一是疫情后的伤疤效应，二是逆全球化下的供给过剩，三是城镇化冲顶后的长期人口 下行周期，这些，都不是三个金融监管部门可以解决的事情。 所以，得首先承认， 降准降息等政策，并不是板蓝根 ，是没法包治百病的，这样才能建立起合理的预期，更好理解政策的导向，并做出相应的 投资决策。 ...... 我把发布会体现出来的信息和趋势，总结成10条 ...

Group 1: Business Performance and Market Conditions - In 2024, the chemical new materials business faced significant losses due to a slowdown in ethylene demand and high production costs, particularly from the naphtha cracking route [3] - The industrial water treatment business is projected to grow by 53.16% in 2024, driven by the advancement of the Qinghai salt lake resource project and other ongoing projects [5] - The company aims to improve profit margins in the chemical new materials sector by focusing on cost reduction and enhancing product quality [3] Group 2: Strategic Initiatives and Innovations - The company is accelerating investment and renovation projects, with the first phase of the Jieyang C4 and C5 project nearing completion, transitioning to production preparation [3] - The hazardous waste treatment business is developing advanced technologies for high-concentration organic wastewater, achieving high removal rates for pollutants [6] - The company is optimizing its carbon five hydrogenation and separation processes to enhance product yield and quality [6] Group 3: Future Development and Market Trends - The company plans to leverage its dual focus on chemical new materials and environmental protection to create synergies and reduce operational risks [5] - The industrial water treatment sector will benefit from stricter environmental regulations and increased government support for ecological initiatives [5] - The renewable energy business is exploring new applications for lithium resource extraction technologies, aiming for high-quality development [7]

Group 1 - The core viewpoint indicates that the chemical sector is becoming the main driving force for the second quarter, with stocks like Hongbaoli and Yuchanxia leading the surge [1][2] - The article highlights the strong performance of the chemical sector compared to technology stocks, suggesting a shift in market sentiment towards chemical stocks [1][2] - There is a cautionary note regarding the potential for a pullback in stocks that are driven by pure sentiment, particularly if the leading stocks like Hongbaoli show signs of weakness [2][3] Group 2 - The article discusses the potential for a rotation of funds into lower-tier stocks within the chemical sector, indicating that there may be new leaders emerging in this space [3] - It mentions that the technology sector is experiencing a divergence, with some stocks showing signs of recovery, which could lead to a positive sentiment shift [4] - The analysis suggests that investors should be cautious about entering positions at high levels during periods of market excitement, advocating for a more strategic approach to trading [4]

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 证券代码：002170 证券简称： 芭田股份 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 编号：2025-01 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访  业绩说明会 | | 动类别 | □路演活动 新闻发布会 | | | □现场参观 | | | □其他 | | 参与单位名称 | 投资者 | | 及人员姓名 | | | 时间 | 年 月 日下午 2025 5 07 15:00-17:00 | | 地点 | "进门财经"网站 (https://s.comein.cn/ws7y8gpj) | | 上市公司接待 | 董事长、总裁黄培钊先生 | | | 常务副总裁吴益辉先生 | | 人员姓名 | 董事、董事会秘书郑宇先生 | | | 独立董事李伟相先生 | | | 财务总监胡茂灵先生 | | | 公司于 2025 年 5 月 7 日下午 15:00-17:00 在"进门财经"举 | | | 办 2024 年年度网上业绩说明会，本次说明会采用网络远程 | | | 的形式召开，就投资者关注的主要问 ...