资料显示，中国化学工程股份有限公司位于北京市东城区东直门内大街2号，成立日期2008年9月23日， 上市日期2010年1月7日，公司主营业务涉及工程承包;勘察、设计及服务;其他业务。主营业务收入构成 为：化学工程81.89%，基础设施11.08%，实业4.71%，环境治理1.19%，现代服务业0.84%，其他(补 充)0.29%。 中国化学所属申万行业为：建筑装饰-专业工程-化学工程。所属概念板块包括：气凝胶、煤化工、PPP 概念、央企改革、环氧丙烷等。 8月26日，中国化学盘中上涨2.09%，截至13:16，报8.30元/股，成交5.16亿元，换手率1.04%，总市值 506.87亿元。 资金流向方面，主力资金净流入1773.10万元，特大单买入8968.50万元，占比17.39%，卖出9420.84万 元，占比18.27%；大单买入1.37亿元，占比26.50%，卖出1.14亿元，占比22.18%。 中国化学今年以来股价涨2.42%，近5个交易日涨6.22%，近20日涨2.67%，近60日涨10.76%。 分红方面，中国化学A股上市后累计派现99.58亿元。近三年，累计派现33.05亿元。 机构持仓方面， ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨三维化学（002469.SZ） [Table_Title] 在手订单逐步确认，新项目稳步推进 报告要点 [Table_Summary] 公司公布 2025 年半年度报告，2025 年上半年实现营业收入 12.49 亿元，同比增长 21.81%； 归母净利润 1.20 亿元，同比增长 42.54%；扣非归母净利润 1.20 亿元，同比增长 46.32%。其 中 2025 年第二季度实现营业收入 7.01 亿元，同比增长 38.48%，环比增长 28.02%；归母净利 润 0.69 亿元，同比增长 156.22%，环比增长 33.53%；扣非归母净利润 0.68 亿元，同比增长 165.78%，环比增长 32.64%。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 1 三维化学（002469.SZ） cjzqdt11111 [Table_Title2] ...

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has shown a mixed performance in stock price and financial results, with a recent increase in stock price but a decline in revenue and net profit year-on-year [1][2]. Financial Performance - As of March 31, 2025, Yanzhou Coal reported a revenue of 30.31 billion yuan, a year-on-year decrease of 23.52% [2]. - The net profit attributable to shareholders was 2.71 billion yuan, down 27.86% compared to the previous year [2]. - The company has distributed a total of 85.04 billion yuan in dividends since its A-share listing, with 40.57 billion yuan distributed in the last three years [3]. Stock Market Activity - On August 25, 2023, Yanzhou Coal's stock price increased by 2.05%, reaching 13.44 yuan per share, with a trading volume of 436 million yuan [1]. - The company experienced a net inflow of 10.11 million yuan from major funds, with significant buying activity from large orders [1]. - Year-to-date, the stock price has decreased by 1.39%, but it has seen a 3.94% increase over the last five trading days and a 9.00% increase over the last 60 days [1]. Shareholder Structure - As of March 31, 2025, the number of shareholders increased to 146,100, with an average of 0 shares per shareholder [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 92.61 million shares, an increase of 4.10 million shares from the previous period [3].

Core Viewpoint - Lu'an Environmental Energy has shown a mixed performance in stock price, with a slight year-to-date decline but a significant increase over the past two months, indicating potential volatility in the coal industry [2]. Group 1: Stock Performance - As of August 25, Lu'an Environmental Energy's stock price increased by 2.06% to 13.88 CNY per share, with a trading volume of 364 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 41.52 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.50%, with a 1.31% increase over the last five trading days, a 0.50% decrease over the last 20 days, and a 34.37% increase over the last 60 days [2]. Group 2: Company Overview - Lu'an Environmental Energy, established on July 19, 2001, and listed on September 22, 2006, is based in Xiangyuan County, Shanxi Province, and primarily engages in coal mining, coal washing, and coke smelting [2]. - The company's revenue composition is as follows: coal accounts for 94.10%, coke for 4.62%, and other sources for 1.29% [2]. - The company is classified under the coal mining sector, specifically focusing on coking coal, and is associated with various concept sectors including thermal coal and coal chemical [2]. Group 3: Financial Performance - For the period from January to March 2025, Lu'an Environmental Energy reported a revenue of 6.968 billion CNY, representing a year-on-year decrease of 19.53%, while the net profit attributable to shareholders was 657 million CNY, down 48.95% year-on-year [2]. - The company has distributed a total of 25.851 billion CNY in dividends since its A-share listing, with 14.505 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of March 31, 2025, the number of shareholders for Lu'an Environmental Energy was 82,000, with an average of 36,480 circulating shares per person, showing no change from the previous period [2]. - Among the top ten circulating shareholders, Huatai-PB SSE Dividend ETF holds 42.3752 million shares, an increase of 356,700 shares from the previous period, while Hong Kong Central Clearing Limited holds 37.6163 million shares, an increase of 3.2758 million shares [3].

8月25日，山西焦煤盘中上涨2.05%，截至10:32，报7.45元/股，成交3.38亿元，换手率0.98%，总市值 422.94亿元。 资金流向方面，主力资金净流出1221.05万元，特大单买入3147.14万元，占比9.32%，卖出3851.39万 元，占比11.40%；大单买入7149.08万元，占比21.17%，卖出7665.89万元，占比22.70%。 山西焦煤今年以来股价跌7.11%，近5个交易日涨2.76%，近20日涨2.05%，近60日涨28.45%。 分红方面，山西焦煤A股上市后累计派现238.15亿元。近三年，累计派现126.03亿元。 今年以来山西焦煤已经1次登上龙虎榜，最近一次登上龙虎榜为7月22日，当日龙虎榜净买入1.02亿元； 买入总计2.78亿元 ，占总成交额比13.66%；卖出总计1.76亿元 ，占总成交额比8.64%。 机构持仓方面，截止2025年3月31日，山西焦煤十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股8291.34万股，相比上期减少146.52万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股4645.11万股，相比上期减少2 ...

8月22日，华阳股份盘中下跌2.03%，截至10:28，报7.23元/股，成交9494.47万元，换手率0.36%，总市值260.82亿元。 截至8月8日，华阳股份股东户数9.00万，较上期减少7.22%；人均流通股40083股，较上期增加7.78%。2025年1月-3月，华阳股份实现营业收入58.17亿元，同比减少5.53%；归母净利润5 分红方面，华阳股份A股上市后累计派现129.30亿元。近三年，累计派现58.14亿元。 机构持仓方面，截止2025年3月31日，华阳股份十大流通股东中，香港中央结算有限公司位居第二大流通股东，持股2852.53万股，相比上期减少1539.88万股。南方中证500ETF（510500） 责任编辑：小浪快报 今年以来华阳股份已经1次登上龙虎榜，最近一次登上龙虎榜为3月25日，当日龙虎榜净买入1.59亿元；买入总计2.69亿元 ，占总成交额比27.83%；卖出总计1.10亿元 ，占总成交额比11.4 资料显示，山西华阳集团新能股份有限公司位于山西省阳泉市桃北西街2号，成立日期1999年12月30日，上市日期2003年8月21日，公司主营业务涉及主要从事煤炭生产、洗选加工、销售, ...

Group 1 - The core viewpoint of the news is that Wanhua Chemical's stock has shown a recent upward trend despite a year-to-date decline, with significant trading activity and net inflow of funds [1][2] - As of August 22, Wanhua Chemical's stock price increased by 2.06% to 66.95 CNY per share, with a total market capitalization of 209.58 billion CNY [1] - The company has experienced a year-to-date stock price decline of 5.20%, but has seen a 6.29% increase over the last five trading days and a 22.17% increase over the last 60 days [1] Group 2 - As of June 30, the number of shareholders for Wanhua Chemical increased by 22.10% to 269,200, while the average number of circulating shares per person decreased by 18.10% to 11,665 shares [2] - For the first half of 2025, Wanhua Chemical reported a revenue of 90.901 billion CNY, reflecting a year-on-year decrease of 6.35% [2] - Since its A-share listing, Wanhua Chemical has distributed a total of 50.24 billion CNY in dividends, with 14.05 billion CNY distributed in the last three years [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.249 billion yuan for 1H2025, representing a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 120 million yuan, up 42.54% year-on-year [7][8] - The engineering segment saw significant revenue growth, primarily due to the steady progress of the Beifang Huajin project, which generated 239 million yuan in revenue in 1H2025 [7][8] - The company expects to achieve net profits of 339 million yuan, 451 million yuan, and 581 million yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 17.9, 13.5, and 10.5 [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,657 million yuan in 2023, 2,554 million yuan in 2024, 3,075 million yuan in 2025, 3,658 million yuan in 2026, and 4,296 million yuan in 2027, with a revenue growth rate of 20.4% in 2025 [6][9] - The net profit attributable to shareholders is projected to be 282 million yuan in 2023, 263 million yuan in 2024, 339 million yuan in 2025, 451 million yuan in 2026, and 581 million yuan in 2027, with a net profit growth rate of 29.2% in 2025 [6][9] - The company's sales gross margin for 1H2025 was 19.94%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 9.64%, up 1.4 percentage points year-on-year [7][8] Market Performance - The company's stock price closed at 9.38 yuan as of August 20, 2025, with a circulating share capital of 629 million shares and a total share capital of 649 million shares [2]

Report Industry Investment Rating - The report does not explicitly assign an investment rating to the methanol industry but suggests a bearish outlook, advising to sell high on rallies [5][43] Core Viewpoints - The methanol market is expected to remain in a weak and volatile state, and it is recommended to sell high on rallies. The valuation of methanol is relatively high, and there is downward pressure on prices due to increased supply and weak downstream demand [5][43] Summary by Directory 1. Market Review - From August 1 to August 15, methanol prices trended lower. After the weakening of the "anti - involution" sentiment in coking coal, methanol prices returned to a weak fundamental state, with increasing supply putting downward pressure on prices [5][10][43] 2. Basis and Spread - In the East China region, the spot price has been continuously at a discount to the futures price. The 09 - 01 spread has been decreasing, maintaining a C - shaped structure in the monthly spread. On August 1, the basis in East China was - 23 yuan/ton, and on August 15, it was - 6 yuan/ton. The 09 - 01 spread was - 92 yuan/ton on August 1, and - 96 yuan/ton on August 15 [11] 3. Supply - side Analysis 3.1 Cost and Operation - Coal - to - methanol profit remains high. Although the weekly operating rate of coal - to - methanol enterprises declined slightly, it is still at a year - on - year high. Most maintenance devices are expected to restart from late August to late September, so the upstream operating rate is expected to gradually increase. As of August 15, the closing price of Qinhuangdao steam coal was 696 yuan/ton, up 39 yuan/ton from August 1, and the FOB price of Datong steam coal was 630 yuan/ton, up 45 yuan/ton from August 1. As of August 14, the weekly operating rate of coal - to - methanol enterprises was 77.68%, a decrease of 1.13 percentage points from the previous period, and an increase of 1.04 percentage points year - on - year; the weekly operating rate of gas - to - methanol enterprises was 50.79%, an increase of 0.78 percentage points from the previous period, and a decrease of 5.73 percentage points year - on - year [14] 3.2 Inventory - The inventory accumulation rate at East China ports has accelerated. As of the week of August 14, the inventory at East China ports was 56.33 tons, a week - on - week increase of 5.25 tons and a year - on - year increase of 7.56 tons; the inventory at South China ports was 32.78 tons, a week - on - week increase of 3.53 tons and a year - on - year increase of 2.65 tons. Inland inventory in the northwest region decreased to a low level. As of the week of August 13, the inventory in the northwest region was 18.25 tons, a week - on - week decrease of 0.3 tons and a year - on - year decrease of 9.87 tons [21] 4. Demand - side Analysis 4.1 MTO Demand - The operating rate of MTO remained relatively high. As of August 14, the weekly operating rate of downstream methanol - to - olefin was 81.41%, a decrease of 0.1 percentage points from the previous period and an increase of 1.51 percentage points year - on - year; the weekly operating rate of enterprises that purchase methanol externally for olefin production was 76.92%, an increase of 0.52 percentage points from the previous period and an increase of 7.38 percentage points year - on - year. However, MTO enterprises have a high inventory of methanol raw materials, about 68 tons, so the demand for further inventory building is low [26] 4.2 Traditional Demand - The traditional downstream industries of methanol, including acetic acid, MTBE, formaldehyde, and dimethyl ether, experienced a decline in operating rates last week, mainly due to the significant decline in acetic acid production. Overall, downstream profits are still poor, and the ability to accept high - priced methanol is limited. Currently, it is in a pre - peak season decline, and attention should be paid to the performance during the peak season from September to October [34] 5. Summary and Outlook - The methanol market has been in a weak and volatile state since early August. The report maintains a bearish view on methanol, suggesting selling high on rallies. The 01 contract is expected to trade in the range of 2300 - 2500, and it is recommended to sell high on rallies [5][43]

Group 1: Report Industry Investment Ratings - Urea: Oscillating [1] - Soda Ash: Oscillating [1] - Glass: Oscillating [1] Group 2: Core Views of the Report - Urea futures prices declined weakly on Thursday, with the 09 contract closing at 1,715 yuan/ton, a 0.75% drop, and the 01 contract at 1,726 yuan/ton, a 1.76% decline. The spot market was weak, and some mainstream regions saw slight price cuts. Supply was stable, while demand was weak, and there may be price cuts for sales in the future. The futures market will continue to oscillate slightly, and short - term sentiment is weak [1]. - Soda ash futures prices were firm and oscillating on Thursday, with the 01 contract closing at 1,400 yuan/ton, a 0.36% decline, and the 09 contract at 1,294 yuan/ton, a 0.08% increase. The spot market was mostly stable, but prices in some regions dropped. Supply pressure increased, and demand was weak. The futures market is driven by certain expectations, and the price difference between months has widened, but the supply - demand situation is still weak [1]. - Glass futures prices were weakly oscillating on Thursday, with the 01 contract closing at 1,220 yuan/ton, a 1.37% decline, and the 09 contract at 1,053 yuan/ton, a 2.23% decline. The spot market was weak, and demand was insufficient, but the trading atmosphere was slowly improving. The futures market is affected by external factors and will continue to oscillate slightly in the short term [1]. Group 3: Summary by Relevant Catalogs Market Information - Urea - On August 14, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 3,823, unchanged from the previous trading day, with 50 valid forecasts [4]. - On August 14, the daily output of the urea industry was 194,400 tons, an increase of 3,200 tons from the previous working day and 24,100 tons from the same period last year. The daily start - up rate was 83.97%, a 6.73% increase from 77.24% in the same period last year [4]. - On August 14, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,720 yuan/ton, a 10 - yuan decline; Henan 1,740 yuan/ton, unchanged; Hebei 1,740 yuan/ton, a 10 - yuan decline; Anhui 1,740 yuan/ton, unchanged; Jiangsu 1,730 yuan/ton, unchanged; Shanxi 1,620 yuan/ton, unchanged [4]. - On August 13, the inventory of domestic urea enterprises was 957,400 tons, a weekly increase of 69,800 tons, or 7.86% [4]. Market Information - Soda Ash & Glass - On August 14, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 10,192, an increase of 917 from the previous trading day, with 1,001 valid forecasts. The number of glass futures warehouse receipts was 3,243, a decrease of 300 from the previous trading day [6]. - On August 14, the spot prices of soda ash in various regions were as follows. Some regions saw price cuts for heavy soda ash [6]. - As of August 14, the weekly output of soda ash was 761,300 tons, an increase of 16,600 tons, or 2.24%. The capacity utilization rate was 87.32%, a weekly increase of 1.91 percentage points [6]. - As of August 14, the inventory of soda ash enterprises was 1,893,800 tons, an increase of 17,600 tons from Monday, or 0.94%, and an increase of 28,700 tons from last Thursday, or 1.54% [6]. - On August 14, the average price of the float glass market was 1,164 yuan/ton, a daily decline of 2 yuan/ton. The daily output of the industry was 159,600 tons, unchanged from the previous day [6]. - As of August 14, the total inventory of domestic float glass sample enterprises was 63.426 million weight boxes, a weekly increase of 1.579 million weight boxes, or 2.55%, and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from last week [7]. Chart Analysis - The report presents multiple charts, including those showing urea and soda ash basis, trading volume and open interest of main contracts, price differences between different contracts, spot price trends, and price differences between different varieties [9][11][15]. Research Team Introduction - The research team consists of Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different research areas related to futures products and have rich experience and many honors [22].