Core Insights - The "Three Reductions" policy (reducing salt, oil, and sugar) is crucial for the healthy development of China's catering industry, driven by the rising incidence of non-communicable diseases globally [2][3] - The World Health Organization and China's "Healthy China 2030" initiative set specific targets for the "Three Reductions" by 2030, highlighting the urgency of addressing dietary risks [2] Industry Role - The catering industry is encouraged to comply with national nutrition plans and dietary actions, including employing nutritionists and establishing nutritional operation standards for collective dining units [3] - Guidelines from the National Health Commission provide clear directives for the catering industry to implement the "Three Reductions" effectively [3] Current Implementation Status - Current assessments indicate that while the average sugar intake is within reasonable limits, there is a significant concern regarding excessive salt and oil consumption, which exceeds recommended levels [3] - The sources of salt, oil, and sugar intake have been analyzed, emphasizing that the "Three Reductions" require a gradual approach rather than abrupt changes [3] Collaborative Efforts - The advancement of the "Three Reductions" necessitates a collective effort from society, with policy support and industry innovation being essential [3] - There is a need for food education to instill a sense of personal responsibility for health among individuals, promoting a collaborative approach to achieving the "Three Reductions" [3]

每经记者｜杨欢 每经编辑｜刘艳美 据浙江发布消息，7月18日丽水机场将迎来首航，标志着丽水正式迈入"航空时代"。丽水机场距市中心约15公里，定位为国内 支线机场、旅游机场，飞行区等级为4C，本期按年旅客吞吐量100万人次、货邮吞吐量4000吨的规模设计。航站楼融合丽水山 水特色，集便捷出行与特色商业于一体，为旅客提供安全、便捷、舒适的乘机体验。 丽水机场初期将开通北京首都、上海浦东航线，8月起，将陆续开通深圳、贵阳、广州航线（具体执飞航司及时刻待民航批复 后公布）。10月民航冬春换季后，计划进一步增加前往重庆、成都、西安、长沙、武汉、青岛、哈尔滨等热门城市的航线 （将根据保障能力稳步推进）。 解读：浙江省发展规划研究院课题组曾在2023年提出过一条浙江地区差距的分割线——"清大线"，以杭州临安清凉峰镇为起 点，到温州苍南大渔镇为终点的直线。线的东北侧，水系纵横、土壤肥沃，经济社会发展总体较好；线的西南侧，群山连 绵、耕地稀缺，经济发展水平相对落后。 从地图上看，丽水基本位于"清大线"西南侧，市域面积1.73万平方公里，是浙江省陆域面积最大的地级市，占全省的1/6，全市 90%以上的辖区面积是山地，素有"九山半 ...

Core Insights - The article highlights the rapid development of the green petrochemical industry in Jieyang, Guangdong, with significant projects boosting the local economy and positioning the city as a new growth hub in the petrochemical sector [1][5]. Group 1: Industry Development - The Dannan Sea Petrochemical Industrial Zone has achieved significant milestones, including passing the second batch of chemical park reviews and successfully trialing a world-first continuous and large-scale waste plastic chemical recycling project [1][2]. - The Guangdong Petrochemical integrated refining and chemical project, with an investment of 65.4 billion yuan, has become a major player in the national petrochemical landscape, processing 20 million tons of crude oil annually and producing various petrochemical products [2][4]. - The industrial zone is expected to generate over 50 billion yuan in total output value from 14 downstream petrochemical projects [1]. Group 2: Economic Impact - Jieyang's GDP growth surged to 7.5% in 2023, ranking first in Guangdong, following the establishment of major petrochemical projects that have revitalized the local economy [5]. - The region is transitioning from a traditional manufacturing base to focus on green petrochemicals and offshore wind power, creating a diversified industrial structure [5][6]. Group 3: Technological Innovations - The successful launch of the 20,000 tons/year mixed waste plastic deep cracking project by Dongyue Chemical represents a significant technological breakthrough, positioning Jieyang as a potential global leader in plastic chemical recycling [6][7]. - The Guangdong Petrochemical project has developed 17 new chemical products, marking a shift from oil refining to integrated refining and chemical production [3][4]. Group 4: Future Prospects - Plans are in place to transform the Dannan Sea Petrochemical Industrial Zone into a hub for high-end chemical new materials and fine chemicals, aiming for an industrial output value of 250 billion yuan by the end of 2035 [8]. - The establishment of a "wet electronic chemicals specialty industrial park" is intended to support the electronic information industry, leveraging existing raw materials to enhance competitiveness [7][8].

Group 1 - The core viewpoint is that the supply-demand imbalance in the anhydride industry is worsening due to significant capacity expansion and weak downstream demand, leading to a continued decline in market conditions [1][2] Group 2 - Capacity is continuously being released, with new anhydride production capacity expected to reach 1.25 million tons per year in 2024, resulting in a total capacity of 3.08 million tons, an increase of over 68% compared to 2023 [1] - In 2025, over 1 million tons of new capacity is anticipated, with 450,000 tons of new capacity added by the end of May 2024, a year-on-year increase of nearly 15% [1] - The market remains sluggish, with anhydride prices continuing to decline, reaching a near five-year low, and capacity utilization dropping to around 48% [1][2] Group 3 - Demand support is weak, with oversupply being a significant factor in the ongoing downturn of the anhydride industry [2] - Despite an increase in downstream product consumption last year, the growth rate lagged behind raw material supply, exacerbating the supply-demand imbalance [2] - Economic slowdown and low real estate activity are impacting end demand, with limited growth in emerging downstream BDO and an oversupply of acid anhydride products [2] Group 4 - To alleviate domestic market pressure, production companies are actively exploring overseas markets, with a record high export volume of anhydride expected in 2024 [2] - In the first five months of this year, cumulative anhydride exports increased by 11.32% year-on-year, providing some relief to the domestic market, although it does not fundamentally resolve the supply-demand conflict [2] Group 5 - Facing intense competition, an integrated model is expected to be the mainstream development approach for anhydride companies in the future [2] - Leading anhydride producers are equipped with comprehensive industry chain structures to reduce overall production costs, while also relying on technological innovation to enhance market competitiveness [2]

期货研究报告|聚酯产业链专题 2025-6-24 裂解集中投产下的国内石脑油供需 研究院 化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 liuqizhan@htfc.com 从业资格号：F03140168 投资咨询业务资格： 证监许可【2011】1289 号 摘要 2020 年以来中国乙烯产能加速增长，2020~2024 年五年产能复合增长率 14.3%。在国 内炼厂"减油增化" 转型的大背景下，2025~2027 年中国有近 3000 万吨乙烯装置的投 产计划，维持高增长速度，乙烯产能的爆发必然也会带来其上游原料需求的增长。 本 文统计了国 ...

证券研究报告 | 2025年06月20日 | 晨会纪要 | | --- | | 数据日期:2025-06-19 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3362.10 | 10051.96 | 3843.09 | 11411.90 | 2849.78 | 962.94 | | 涨跌幅度（%） | -0.78 | -1.21 | -0.82 | -1.24 | -1.70 | -0.54 | | 成交金额（亿元） | 4732.58 | 7773.65 | 2348.40 | 2813.42 | 3868.60 | 196.31 | 【常规内容】 宏观与策略 固定收益周报:政府债务周度观察-土地储备专项债已发行近 1700 亿 行业与公司 机械行业 6 月投资策略：重点关注工程机械、电测仪器、燃机叶片等细 分方向 互联网行业周报:人工智能周报（25 年第 24 周）-OpenAI 上线 o3-pro 模型，字节跳动发布豆包大模型 1.6 金 ...

2)公司通过炼厂升级改造及延长天然气产业链，积极践行"减油增特"战略。克拉玛依石化经过多年研发， 实现了稠油加工技术从空白到国际先进的跨越，目前建成稠油集中加工、环烷基润滑油生产、高等级道路 沥青生产、低凝柴油生产＂四大基地＂。独山子石化则实现了塔里木油田丰富、稳定的乙烷高值化利用， 一期已经建成 60 万吨/年乙烯裂解装置，2026 年即将建成 120 万吨/年乙烯裂解装置，该项目充分发挥中 国石油上下游一体化的规模效应和低成本优势。 投资建议：我们维持之前盈利预测，预计公司 2025-2027 年归母净利润 1674/1709/1740 亿元，摊薄 EPS 分别为 0.91/0.93/0.95 元，对于当前 A 股 PE 为 10.09/9.87/9.66x，对于 H 股 PE 为 6.79/6.65/6.51x， 维持"优于大市"评级。 证券研究报告 | 2025年06月19日 中国石油（601857.SH） 油气产储日新月异，炼化产能减油增特 公司研究·公司快评 石油石化·炼化及贸易 投资评级：优于大市（维持） 证券分析师： 杨林 010-88005379 yanglin6@guosen.com.cn ...

Group 1 - The core viewpoint of the article highlights that China National Petroleum Corporation (CNPC) has achieved a continuous growth rate of 50% in its new materials business over the past three years, with an expected production capacity of 5 million tons by the end of this year and a future target of 15 million tons [1] - CNPC is actively pursuing a strategy of "reducing oil and increasing chemicals" and "increasing specialty products," aiming to adjust its refining structure by decreasing the output of diesel and gasoline while increasing the proportion of chemical products [1] - In 2024, CNPC's listed company, PetroChina (601857.SH), is projected to produce approximately 2 million tons of new materials [1]

Group 1 - The provincial political consultative conference chairman Zhou Bo conducted research in Panjin City focusing on the development of the fine chemical industry cluster and the growth of the private economy [1][2] - Zhou Bo visited several companies including Liaoning Jincheng Petrochemical Co., Panjin Northern Asphalt Fuel Co., and Baolai Liande Basell Petrochemical Co., to understand their operational management and production conditions [1] - At the Huajin Amoco fine chemical and raw material engineering project site, Zhou Bo emphasized the importance of accelerating construction while ensuring safety [1] Group 2 - Zhou Bo encouraged Liaoning Zhonglian Automation Technology Co. to deepen its engagement in the production service industry to contribute to the high-quality development of modern services in the province [2] - At Dalian University of Technology Panjin Industrial Technology Research Institute, Zhou Bo learned about research achievements in energy conservation and environmental protection in the chemical sector [2] - Zhou Bo highlighted the need to promote the "reduce oil and increase chemicals" strategy, focusing on the development of new chemical materials and fine chemical products while adhering to green development principles [2]

Core Viewpoint - The event emphasizes the importance of reducing salt and oil intake, promoting balanced eating and maintaining a healthy weight, aligning with the health dietary initiatives of the Hunan provincial government [1] Group 1: Company Initiatives - Hunan Salt Industry Group received the title of "Low Sodium Salt and Ecological Salt Promotion Demonstration Unit" for its contributions in product innovation and health education [1] - Xue Tian Salt Industry, a subsidiary of Hunan Salt Industry Group, launched a series of health education initiatives called "Healthy Salt Science Year" to promote the concept of "less salt, better salt" [1] - The company showcased three major health product lines, including ecological salt with 99.7% purity, low sodium salt that substitutes part of sodium chloride with potassium chloride, and seaweed iodized salt that ensures stable iodine release [1][2] Group 2: Product Launch and Marketing - The highlight of the event was the launch of the "Xue Tian Salt: Three Meals Four Seasons" family pack, which combines various types of salt to cater to different cooking needs and health requirements [2] - To spread the health message, Xue Tian Salt collaborated with a researcher to create a health-themed rap song, and utilized public transport advertising to promote the event and products [2] - The market response was positive, with products like ecological salt, low sodium salt, and seaweed iodized salt selling out and requiring urgent restocking during the event [2] Group 3: Future Plans - Xue Tian Salt Industry plans to expand its health initiatives through community outreach, educational lectures, and a nationwide promotion of the "Healthy Salt Science Year" campaign [3] - The chairman of Hunan Salt Industry Group expressed intentions to accelerate the research and development of ecological and low sodium salt products to enhance public dietary health [3]