（责任编辑：董萍萍 ） 没有股票账户的投资者可关注国泰中证全指建筑材料ETF发起联接C（013020），国泰中证全指建 筑材料ETF发起联接A（013019）。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 平安证券指出，行业反内卷措施持续推进，包括加大错峰限产和超产治理，有望推动下半年旺季价 格止跌回升。截至2025年4月，全国水泥行业共退出产能约3165万吨，实际净退出1220万吨，预计下半 年产能出清将提速。西藏水泥市场格局良好，区域封闭性和高集中度支撑价格稳定。随着雅下水电项目 开工，预计将带来超过3400万吨水泥需求，年化需求占西藏产量的17%以上，推动当地市场进入景气上 行周期。全国层面，水泥行业供需格局有望通过错峰协同和超产治理实现长期优化。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建 ...

Core Viewpoint - Dow Chemical plans to close its organic silicon plant in the UK, impacting approximately 145,000 tons/year of siloxane capacity, which accounts for about 30.5% of Europe's total siloxane capacity as of 2024. This closure is attributed to high energy costs, stricter environmental regulations, and intensified global competition in the organic silicon industry [2]. Group 1: Dow Chemical's Plant Closures - Dow Chemical announced the closure of its ethylene cracking facility in Germany and its organic silicon plant in the UK, with the UK plant expected to close by mid-2026 [2]. - The closure of the UK organic silicon plant will significantly reduce the supply of organic silicon in Europe, potentially alleviating downward price pressure caused by global overcapacity [2]. Group 2: Policy Impacts on Organic Silicon Demand - Recent favorable policies in the photovoltaic and real estate sectors are expected to boost demand for organic silicon products. The Central Financial Committee emphasized the need to regulate low-price competition and improve product quality [3]. - The push for new urbanization and the recovery of the photovoltaic and construction industries are anticipated to enhance the overall demand for organic silicon, leading to improved industry conditions [3]. Group 3: Supply and Demand Dynamics - As of June 2025, domestic organic silicon DMC capacity is projected to remain at 3.44 million tons/year, with no new capacity expected in 2025. Although 1.85 million tons/year of capacity is planned for 2026-2027, delays are anticipated due to financial pressures on companies [4]. - The apparent consumption of organic silicon DMC in China from January to May 2025 reached 838,000 tons, reflecting a year-on-year growth of approximately 25%, indicating a steady increase in demand despite supply constraints [4].

行业研究 2025 年 6 月 12 日 扬帆新材子公司车间着火，持续关注光引发剂行业供需格局优化 ——石化化工交运行业日报第 77 期（20250612） 要点 扬帆新材子公司江西扬帆车间着火，光引发剂中间体供应或受影响。2025 年 6 月 10 日晚间，扬帆新材发布公告表示 2025 年 6 月 9 日晚上 8 时左右，扬 帆新材全资子公司江西扬帆的 109 车间发生一起火灾事故，事故造成一名员 工轻度烧伤。江西扬帆于 2025 年 6 月 10 日收到彭泽县应急管理局下发的 《现场处理措施决定书》，决定书责令要求江西扬帆停产停业整顿。根据扬 帆新材 2024 年年报，全资子公司江西扬帆拥有 3170 吨中间体产能，主要为 巯基化合物及衍生品，此外扬帆新材内蒙古基地拥有 15275 吨中间体产能， 浙江生产基地在建有 2200 吨中间体产能。2024 年，江西扬帆实现营收 3.46 亿元，约占上市公司 2024 年总营收的 47.3%。根据扬帆新材招股说明书， 巯基化合物及其衍生物主要包括茴香硫醚等品种，其主要为光引发剂 907 的 原料，也是重要的医药、农药和材料等精细化学品的中间体。我们认为，由 于 ...

Group 1 - Multiple new funds targeting the pharmaceutical sector have shortened their fundraising periods, with the Oriental Alpha Health Industry Fund ceasing investor subscriptions after just 4 trading days starting June 10 [1] - Over 10 public fund institutions, including China Merchants Fund and Oriental Fund, announced restrictions on large subscriptions for certain bond funds on June 10, indicating a trend of "limited purchases" in the bond fund sector [2] - Guoxin Guozheng Fund issued a warning about fraudulent activities, where criminals impersonate the company and its employees to deceive investors into joining chat groups and downloading illegal applications [3] Group 2 - Fund manager Ge Lan has increased her stake in Mai Pu Medical, with the latest report showing her fund holding 2.4396 million shares as of May 21, marking her first appearance in the top ten circulating shareholders [4] - The ETF market experienced a rebound, with the Shanghai Composite Index rising by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21%, while the total trading volume decreased by 159.9 billion yuan compared to the previous trading day [5] - The rare earth sector is expected to continue optimizing its supply-demand dynamics, driven by growth in demand from electric vehicles, wind power, and robotics, suggesting potential investment opportunities in rare earth ETFs [8] Group 3 - A new fund, CITIC Securities CSI A500 Index Enhanced Fund, is set to launch, managed by Wang Peng, with a performance benchmark of 95% of the CSI A500 Index return plus 5% of the after-tax bank demand deposit rate [9]