开工：截止1月23日，PVC粉整体开工负荷率为77.98%，环比下降1.10个百分点；其中电石法PVC粉开 工负荷率为80.14%，环比下降0.52个百分点；乙烯法PVC粉开工负荷率为73.04%，环比下降2.44个百分 点。 【PVC现货】 27日国内PVC现货市场弱势震荡，现货价格企稳，盘中寻低成交，2月亚洲多地受春节假期影响需求转 淡，叠加美寒潮未有供应影响，抵消抢出口市场热度，加之国内现货供应维持高位，行业库存持续累 库，现货价格成交重心承压，华东地区电石法五型现汇库提在4650-4750元/吨，乙烯法在4750-4950元/ 吨。以华东常州市场为基准，今日华东地区电石法五型现汇库提价格在4710元/吨，环比前一交易下调 40元/吨。 【PVC开工、库存】 【PVC行情展望】 27日PVC期货震荡下跌，现货价格整体维持弱稳格局，盘中寻低成交为主，市场情绪放缓，随着美国寒 潮影响不及预期，加之化工产品盘面拉涨未能对供需基本面利好，现货情绪转为看低。从基本面来看， 当前PVC供需未有改善，周内继续面临供大于求累库的压力，企业检修有限，国内需求受节日性影响减 弱，对外出口签单情绪放缓，成本支撑偏弱。前期上涨 ...

另据德国基尔世界经济研究所19日发布的研究报告，美国加征关税所产生的额外成本主要由美国进口商 和消费者承担，而非外国出口商。该研究基于超过2500万条美国进口货运数据，涉及金额约4万亿美 元。研究显示，2025年美国关税收入增加约2000亿美元，但外国出口商仅承担了约4%的关税负担，其 余96%由美国进口商和消费者承担。该研究所贸易政策研究主管表示，美国关税政策的实际效果类似于 对进口商品征收一种消费税，其成本由美国国内消化，最终损害美国自身经济。 （央视财经《第一时间》）德国经济研究所19日发布的报告显示，美国总统特朗普2025年1月上任以 来，德美经贸关系显著承压，特别是受政策不确定性影响，德国对美投资锐减，对美出口下滑，不仅拖 累德国经济，也削弱了美国经济吸引力和竞争力。 转载请注明央视财经 报告显示，2025年2月至11月，德国对美直接投资102亿欧元，明显低于上一年同期接近190亿欧元的水 平，同比降幅约45%。从2015年至2024年的中长期数据看，德企去年对美投资水平较平均值低24%以 上。 编辑：潘煦 另外，德国对美出口也明显走弱。报告指出，2025年2月至10月，德国对美出口额同比下降约9% ...

2026年1月20日，潞化科技（600691.SH）披露2025年年度业绩预亏公告，预计全年归属于上市公司股 东的净利润亏损6.38亿元至8.63亿元，扣除非经常性损益后的净利润亏损6.8亿元至9.2亿元。 潞化科技相关人士在接受《中国经营报》记者采访时表示，在行业供需矛盾突出的背景下，公司核心产 品尿素、聚氯乙烯等价格持续低位运行，影响了公司利润表现。 潞化科技方面在公告中表示，其业绩下滑主要受两方面因素影响：一是主营业务承压明显，2025年化工 市场需求整体走弱，尿素、聚氯乙烯等主要产品价格持续低位运行，挤压利润空间；二是基于谨慎性原 则，公司对各类资产进行全面减值测试后，计提了相应减值准备，进一步侵蚀利润。 潞化科技主营业务涵盖化工产品生产销售、化工装备制造等，其中尿素业务是其重要盈利支柱之一。但 2025年国内尿素行业面临供需失衡、价格下滑的严峻考验。 隆众资讯数据显示，以山东某主力企业价格为例，2025年全年出厂均价为1694元/吨，较2024年均价下 跌352元/吨，全年尿素价格波动范围也较2024年明显收窄。 对于后市走势，郭淑华表示，2026年伊始国内尿素行情偏强波动，多数尿素生产企业处于盈利 ...

Core Insights - Hainan Free Trade Port has successfully transitioned from policy design to practical implementation, marking a smooth start and positive initial outcomes in its first month of operation [1][14]. Policy Implementation and Economic Impact - The core policy framework of the Free Trade Port has been effectively operationalized, directly benefiting the market. The "zero tariff" policy processed 53 transactions worth 7.53 billion yuan, a year-on-year increase of 38.9%, resulting in a tax reduction of 1.09 billion yuan, an increase of 194.6% [2][15]. - The processing and value-added tax exemption policy recorded 214 transactions, a growth of 37.2%, with a total value of 85.87 million yuan, leading to a tax exemption of 3.32 million yuan [2][15]. - The successful management of the restricted and prohibited list has completed its first transaction, valued at 347,000 yuan, indicating the effective establishment of a liberalized and facilitated trade system characterized by "zero tariffs" [2][15]. Customs Efficiency and Trade Volume - Customs have optimized regulatory models, allowing for smoother operations at ports. The average customs clearance time has been reduced by 27%. In the first month, the total import and export value at open ports reached 16.368 billion yuan, a year-on-year increase of 3.6% [3][15]. - The number of inbound and outbound travelers reached 289,100, with an average of 9,300 daily, marking a growth of 31.3%. Notably, the daily average of visa-free foreign visitors increased by 64.3% [3][15]. Market Dynamics and Business Growth - The implementation of the Free Trade Port policies has significantly stimulated market vitality, with 26,800 new business entities established in the first month, including 21,000 new companies, a year-on-year increase of 16.42% [4][15]. - The number of newly established foreign-funded enterprises reached 331, a growth of 13%, reflecting international confidence in the Free Trade Port's prospects [4][15]. - The duty-free shopping market has seen robust growth, with sales amounting to 4.86 billion yuan, a year-on-year surge of 46.8%, and the number of shoppers reaching 745,000, an increase of 30.2% [4][15]. Future Outlook - The Hainan provincial government plans to continue focusing on trade and investment liberalization, further optimizing the port business environment and innovating regulatory models to enhance service efficiency [5][15].

2026年1月1日，《区域全面经济伙伴关系协定》（RCEP）迎来生效实施四周年。记者从阿拉善海关获悉，2025年该关共签发原产地证书1074份、签证金 额11.84亿元人民币，同比分别增长49.17%、41.22%，企业享受关税减让优惠约1017万元，两项核心指标均创下自2020年开关以来的历史新高，RCEP政 策红利在阿拉善盟外贸领域得到充分释放。 据了解，《区域全面经济伙伴关系协定》（RCEP）是由东盟十国与中国、日本、韩国、澳大利亚、新西兰共15个国家组成的全球最大自由贸易区，也是 当前全球覆盖人口最多、经贸规模最大的自由贸易协定。而RCEP优惠原产地证书，正是该协定项下用于证明货物原产资格和原产国（地区）的官方文 件，是企业享受RCEP协定关税减让优惠的核心凭证。企业凭借这份证书，可在出口至RCEP成员国时获得相应的关税减免。 近年来，阿拉善海关立足辖区化工产品、畜产品等特色优势产业，主动靠前服务，精准指导企业用足用好RCEP关税减让、原产地累积等自贸协定优惠政 策，依托原产地证书这一关键载体，为外贸出口质升量稳保驾护航。中盐内蒙古化工进出口贸易有限公司副经理徐芳对此深有感触："我们公司主要从事 化工 ...

Core Viewpoint - South Africa's manufacturing output experienced declines both year-on-year and month-on-month in November 2025, attributed to structural pressures on economic growth and weak demand in key industries [1] Group 1: Manufacturing Output Decline - In November 2025, South Africa's manufacturing output decreased by 1.0% year-on-year and 1.1% month-on-month [1] - The wood and wood products, paper, publishing, and printing sectors saw the largest decline, with a year-on-year reduction of 7.9%, contributing to a 0.8 percentage point decrease in overall output growth [1] - The steel, non-ferrous metal products, metal products, and machinery sectors experienced a year-on-year decline of 2.5%, impacting overall output growth by 0.6 percentage points [1] Group 2: Sector Contributions - The motor vehicles, parts, and other transport equipment sector reported a year-on-year decrease of 4.4%, contributing to a 0.4 percentage point decline in overall output growth [1] - Conversely, the petroleum, chemical products, rubber, and plastic products sector achieved a year-on-year growth of 5.5%, enhancing overall output growth by 1.1 percentage points, marking it as the largest contributing sector [1]

Group 1 - The core viewpoint of the news is that Dongyangguang's stock has experienced a significant increase, with a 35% rise over the past seven days, reaching a price of 30.28 yuan per share and a market capitalization of 911.29 billion yuan [1] - Dongyangguang Technology Holdings Co., Ltd. is based in Dongguan, Guangdong, and was established on October 24, 1996, with its listing date on September 17, 1993. The company operates in four main business segments: electronic new materials, alloy materials, chemical products, and pharmaceutical manufacturing [1] - The revenue composition of Dongyangguang's main business includes high-end aluminum foil at 40.81%, new chemical materials at 27.63%, electronic components at 25.40%, and other categories contributing 2.63% [1] Group 2 - From the perspective of fund holdings, Invesco Great Wall Fund has a significant position in Dongyangguang, with its "Invesco Great Wall Stable Pension Target Three-Year Holding Period Mixed Fund (FOF) A" holding 2,000 shares, representing 0.05% of the fund's net value [2] - The fund has generated a floating profit of approximately 740 yuan today, with a total floating profit of 15,700 yuan during the seven-day increase [2] - The fund was established on September 26, 2019, with a current scale of 72.67 million yuan, and has achieved a year-to-date return of 1.41%, ranking 763 out of 1,305 in its category [2]

Group 1 - The core viewpoint of the report highlights significant price increases in certain chemical products such as butadiene and acrylonitrile, while others like sulfur and aluminum fluoride have seen substantial declines [1][2][4] - This week, the products with the largest price increases include butadiene (Shanghai Petrochemical, +10.09%), acrylonitrile (East China AN, +7.29%), and nitric acid (Anhui, +6.67%) [1][2] - Conversely, products with the largest price declines include liquid chlorine (East China, -21.55%), aluminum fluoride (Henan, -9.58%), and natural rubber (Malaysian No. 20 standard rubber SMR20, -4.68%) [2][4] Group 2 - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [4] - It emphasizes investment opportunities in glyphosate, fertilizers, and sectors benefiting from domestic demand and high dividend yields [4] - Specific recommendations include focusing on companies like Jiangshan Co. (600389) and Xingfa Group (600141) in the glyphosate sector, and China Heartland Fertilizer as a key recommendation [4]

Group 1 - The core point of the news is that Dongyangguang's stock price increased by 5.08% to 25.65 CNY per share, with a trading volume of 1.251 billion CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 77.195 billion CNY [1] - Dongyangguang Technology Holdings Co., Ltd. is located in Dongguan, Guangdong Province, and was established on October 24, 1996, with its listing date on September 17, 1993. The company operates in four main business segments: electronic new materials, alloy materials, chemical products, and pharmaceutical manufacturing [1] - The revenue composition of Dongyangguang's main business includes high-end aluminum foil at 40.81%, chemical new materials at 27.63%, electronic components at 25.40%, and other categories at 5.16% [1] Group 2 - From the perspective of fund holdings, one fund under Huaxia Fund has a significant position in Dongyangguang. Huaxia Excellent Growth Mixed A (024928) held 5.572 million shares in the third quarter, accounting for 4.36% of the fund's net value, making it the sixth-largest holding [2] - The estimated floating profit from Huaxia Excellent Growth Mixed A on the current day is approximately 6.9093 million CNY [2] - The fund manager of Huaxia Excellent Growth Mixed A is Zhong Shuai, who has been in the position for 5 years and 165 days, with the fund's total asset size at 13.26 billion CNY and a best return of 185.99% during his tenure [3]

Group 1 - Dongyangguang's stock price increased by 5.35% to 23.63 CNY per share, with a trading volume of 795 million CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 71.116 billion CNY [1] - Dongyangguang Technology Holdings Co., Ltd. was established on October 24, 1996, and listed on September 17, 1993. The company operates in four main business segments: electronic new materials, alloy materials, chemical products, and pharmaceutical manufacturing [1] - The revenue composition of Dongyangguang includes: high-end aluminum foil at 40.81%, chemical new materials at 27.63%, electronic components at 25.40%, and other categories at 5.16% [1] Group 2 - Penghua Fund has one fund heavily invested in Dongyangguang, specifically the Penghua CSI A-Share Resource Industry Index (LOF) A (160620), which reduced its holdings by 52,200 shares to 218,200 shares, accounting for 3.6% of the fund's net value [2] - The Penghua CSI A-Share Resource Industry Index (LOF) A (160620) was established on January 1, 2021, with a current scale of 119 million CNY. The fund has achieved a year-to-date return of 50.14%, ranking 640 out of 4189 in its category [2] - The fund manager, Yan Dong, has been in position for 6 years and 295 days, managing assets totaling 22.118 billion CNY, with the best fund return during his tenure being 456.3% [3]