Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Pure Benzene: ★★☆ - PX: ★★☆ - Ethylene Glycol: ★★★ - Bottle Chip: ★★☆ - Methanol: ★★★ - Urea: ★★★ - PVC: ★★★ - Caustic Soda: ★★☆ - Soda Ash: ★★☆ - Glass: ★★☆ [1] Core Views - The futures of olefins and polyolefins showed mixed trends, with polypropylene facing supply pressure and polyethylene having potential demand growth [2]. - Pure benzene and styrene futures were in a consolidation pattern, with some improvement in the supply - demand situation expected in the third quarter [3]. - PX and PTA prices dropped slightly, while ethylene glycol was expected to oscillate, and short - fiber and bottle - chip had different supply - demand and price trends [5]. - Methanol and urea futures had different trends, with methanol affected by port and inland factors and urea in a supply - demand balance with limited upward drive [6]. - PVC and caustic soda futures were expected to be weak, facing supply and demand challenges [7]. - Soda ash and glass futures were under pressure, with soda ash facing supply pressure and glass having cost support [8]. Summary by Directory Olefins - Polyolefins - Propylene prices were supported by low inventory and shutdown news, while downstream demand was mainly for rigid needs [2]. - Polyethylene production enterprises had a strong intention to raise prices due to increased demand and macro - economic support, and polypropylene faced supply pressure and weak demand [2]. Pure Benzene - Styrene - Pure benzene futures oscillated, with a slight increase in domestic production, a decrease in imports, and a small rebound in processing margins [3]. - Styrene futures were in a narrow - range fluctuation, with a decline in enterprise开工 and a decrease in port inventory, but the supply - demand contradiction still existed [3]. Polyester - PX and PTA prices dropped slightly, with PTA装置 restarting and PX having a positive outlook in the third quarter [5]. - Ethylene glycol was expected to oscillate, with an increase in industry开工 and a decrease in port inventory [5]. - Short - fiber开工 increased, with stable supply - demand and was expected to be bullish in the medium - term, while bottle - chip had improved orders but low processing margins [5]. Coal Chemical Industry - Methanol futures were weakly oscillating, with an increase in port inventory and a decrease in coal - to - methanol profits in the northwest [6]. - Urea futures were oscillating firmly, with a weak agricultural demand season, a small decrease in port inventory, and a short - term supply - demand balance [6]. Chlor - Alkali Industry - PVC futures were in a narrow - range oscillation, with high supply, poor demand, and an expected weak trend [7]. - Caustic soda futures were under pressure, with high supply, general non - aluminum demand, and a long - term supply pressure [7]. Soda Ash - Glass - Soda ash futures dropped again due to weak spot and high supply, and were expected to be under pressure [8]. - Glass futures were weakly running, with an increase in industry profits and capacity, and were expected to be supported by cost [8].

化工行业周报（20250224-20250302） 本周化工品硫磺、硫酸、合成氨、氯化钾涨幅居前 2025 年 03 月 03 日 化工周观点： ➢ 市场交易活跃，成长股迎来较佳配置时机。重点推荐民生化工 24 年以来一 直推荐的民生化工"五虎"：圣泉集团、国瓷材料、国光股份、安利股份、聚合 顺。建议关注惠城环保、宇新股份、华恒生物、瑞联新材等。 ➢ 磷肥需求保持平稳，磷矿价格高景气延续。2024 年以来磷肥需求保持稳定 增长，整体价格保持高位运行。考虑磷矿行业准入壁垒提升叠加新磷矿投产后爬 产周期大概 1-2 年，磷矿供给大量释放的时间点或将晚于 2026 年，目前磷矿供 需紧平衡的格局或将延续，磷矿石价格有望维持高景气，建议关注具备"采、选、 加"一体化优势的大型磷化工企业：云天化、兴发集团、川恒股份、川发龙蟒等。 ➢ 建议关注大股东拥有优质体外资产的标的：恒申新材：实控人陈建龙所控制 的恒申合纤、恒新纤维、恒聚新材、恒诚新材等 8 家企业从事的业务与上市公司 主营业务存在同业竞争问题，陈建龙已承诺自力恒投资取得上市公司控制权之日 起 60 个月内将涉及同业竞争的资产和业务注入上市公司。中化国际：母公司中 ...