本报驻德国特约记者 青 木 据德新社、德国NTV电视台网站4日报道，德国化工巨头巴斯夫集团将于今年第一季度正式启用位于中 国湛江的综合性生产基地。中国德国商会此前的一项调查显示，德国化工企业普遍对中国市场增长前景 持乐观态度。根据巴斯夫的说法，中国约占全球化工市场50%的份额，而该公司希望抓住这一机遇。 据报道，湛江基地耗资约87亿欧元，是巴斯夫迄今为止最大的单笔投资项目。该基地是一个集生产设 施、物流和物料流于一体的综合性工业基地。该基地也将成为巴斯夫继德国路德维希港基地和比利时安 特卫普基地之后的全球第三大综合生产基地。 巴斯夫认为，中国市场是其未来发展不可或缺的一部分。该公司预计，到2035年，全球化工行业约80% 的增长将集中在亚太地区，而中国目前已占全球化工市场约50%的份额。"鉴于此，巴斯夫在未来最大 市场中国的份额仍然不足：2024年，巴斯夫在中国的销售额约占该集团总销售额的13%。其市场份额远 低于美国甚至欧洲市场。"该公司表示。 据报道，德国化工企业普遍对中国的增长前景持乐观态度。中国德国商会去年12月发布的商业信心调查 报告显示，84%的在华化工企业预计未来5年年均增长率将有所提高。61% ...

土耳其化工品出口占土耳其总出口额的12.7%。土耳其的化工品出口到全世界190多个国家和地区。未来土耳其化工行业增长将超过整体经济的增长速率。 过去的五年里土耳其化工行业每年以11%的速度增长。由此，土耳其的化工品进口的需求量也巨大，年化工品进口总额达到了900亿美金，年增长速度达到 了10%。 土耳其化工进口数量巨大，其中石油化工产品占据重要的比例。土耳其是全球第二大石油化工进口国。过去五年当中，土耳其进口的化工品中聚 氨酯保持35%的增长，纤维原料保持18%增长，橡胶原料保持47%增长，其他石油化工品保持31%的增长。 一、土耳其化工行业地位显著 1、经济规模与增长：土耳其化工行业经济规模庞大，2006年约为87亿美元，主要集中在基础化学品和塑料生产领域。至2022年，该行业经济规模已达336亿 美元，成为土耳其最大的出口行业，过去18年间经历了重大转型。 2、企业数量与就业：土耳其共有6200多家化工企业，化工从业人员达到20万人，显示出化工行业在土耳其经济中的重要地位。 二、土耳其地理优势突出 1、欧亚大陆桥梁：土耳其位于欧亚大陆的十字路口，具有得天独厚的地理优势。这一地理位置使得土耳其成为连接欧洲和 ...

Core Insights - The basic chemical industry is experiencing stable demand with global supply dominance, focusing on sub-industries such as sucralose, pesticides, MDI, and amino acids [1] - Domestic demand-driven segments like refrigerants, fertilizers, and dyes are expected to mitigate tariff impacts, with active performance in phosphate, potassium, compound fertilizers, and dye industries [1] - The cyclical bottom is becoming clearer, with marginal improvements in supply and demand for sub-industries like silicone and spandex due to prioritized capacity recovery [1] - From January to August, the total profit of the chemical raw materials and chemical products manufacturing industry decreased by 5.5% year-on-year, although prices for products like hydrogen peroxide and hydrofluoric acid have risen sharply due to concentrated maintenance and support from new energy demand [1] - The industry is in a rebalancing phase following capital expenditure release, necessitating attention to oil price fluctuations and new capacity risks [1] Industry Overview - The chemical leader ETF (516220) tracks the sub-sector chemical index (000813), which selects listed companies involved in organic and inorganic chemicals, fertilizers, and pesticides to reflect the overall performance of the chemical industry [1] - The sub-sector chemical index focuses on the chemical industry, selecting representative enterprises as constituent stocks, emphasizing growth potential and market position to comprehensively showcase the overall development trend of the chemical industry [1]

Core Insights - In the first half of 2025, Hunan Province's industrial enterprises produced a total of 971,000 tons of sulfuric acid, marking a 9.4% increase compared to the same period in 2024, with a growth rate 36.1 percentage points higher than 2024 and 3.1 percentage points above the national average [1] - The production accounted for 1.8% of the national sulfuric acid output, which was 54,909,357.2 tons during the same period [1] Monthly Production Analysis - In June 2025, Hunan's sulfuric acid production reached 168,000 tons, reflecting an 8.5% increase year-on-year, with a growth rate 8.3 percentage points higher than June 2024, although it was 0.5 percentage points lower than the national growth rate [3] - The June production also represented 1.8% of the national output of 9,223,598.2 tons for that month [3]

Core Viewpoint - Satellite Chemical Co., Ltd. has shown strong revenue growth and resilience despite external challenges, particularly from U.S. export restrictions on ethane, which have had a limited impact on its operations [5][11][34]. Financial Performance - Revenue for the first half of 2025 increased by over 20% year-on-year, with a consistent growth trend observed in both domestic and international markets [5][9]. - Net profit rose by one-third compared to the previous year, nearing the peak levels achieved in the first half of 2022 [11]. - The gross profit margin has fluctuated, with a notable decline from its peak in 2021, stabilizing around 20% in 2025 [13][20]. Product Segmentation - The "functional chemicals" segment saw significant growth of over 30%, becoming the core business, while "high polymer materials" and "new energy materials" experienced declines [7]. - The international market's growth rate reached 80%, contributing to 13.9% of total revenue, while the domestic market surpassed 20 billion yuan [9]. Cost and Profitability - The gross profit margin for the domestic market decreased slightly by 0.1 percentage points, while the international market saw a more significant decline [17]. - Operating expenses have shown a downward trend relative to revenue, with R&D expenses being the largest component [20]. Cash Flow and Debt Management - The net cash flow from operating activities has been strong, with a gradual decrease in fixed asset investment, allowing for potential increases in dividends or reductions in financial leverage [27]. - The company has been reducing its debt levels, improving long-term solvency while maintaining a relatively low short-term debt ratio [29][30]. Market Position and Strategy - Satellite Chemical's strategy of focusing on downstream operations rather than upstream refining has proven wise, leading to stable revenue and performance compared to peers [11][34]. - The company is positioned to manage the impacts of U.S. trade restrictions effectively, with adjustments to mitigate potential risks [34].

Core Viewpoint - The chemical sector in China is maintaining its development momentum despite external challenges, supported by strong domestic demand and favorable policies, with a notable recovery in product demand driven by various industries [1][6]. Group 1: Industry Performance - In Q1, the chemical sector's 529 listed companies reported a total revenue of 621.73 billion yuan, a year-on-year decline of 15.33%, while net profit reached 36.208 billion yuan, showing a slight increase of 1.58% [1]. - The refrigerant industry benefited from regulatory policies, leading to a revenue increase of 23.31% to 14.654 billion yuan and a net profit surge of 140.16% to 1.77 billion yuan [2]. - The chlor-alkali industry saw a net profit increase of 84.55% to 3.117 billion yuan, despite a revenue decline of 13.98% to 45.922 billion yuan [2]. - The food and feed additive sector achieved a revenue of 37.773 billion yuan, up 4.21%, with net profit rising 75.57% to 5.369 billion yuan [3]. - The agricultural chemical sector reported a revenue of 49.378 billion yuan, down 6.51%, but net profit increased by 25.12% to 3.093 billion yuan [3]. Group 2: Industry Challenges - The organic silicon industry faced significant challenges, with net profit dropping by 37.74% despite stable revenue [4]. - The titanium dioxide sector experienced a revenue decline of 14.35% and a net profit drop of 35.61% due to high production levels and weak downstream demand [4]. - The nitrogen fertilizer industry reported a revenue decrease of 4.28% and a significant net profit decline of 56.82% [4]. - The tire industry showed a revenue increase of 6.34% but faced a net profit decline of 24.84%, attributed to rising production costs [4][5]. Group 3: Future Outlook - The refrigerant industry is expected to maintain its growth cycle due to quota systems and increasing downstream demand [6]. - The agricultural chemical market is anticipated to stabilize as the peak usage season approaches, with active trading expected [6]. - The chemical industry must navigate challenges such as increased competition in the titanium dioxide market and the need for innovation in the daily chemical sector [6].