齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心、中化东大(淄博)有限公 司、山东一诺威聚氨酯股份有限公司、山东隆华新材（301149）料股份有限公司相关负责人，共同交流聚氨酯产业创新发展、积极打造领先优势的发展故 事。 山东隆华新材料股份有限公司副总经理、董事会秘书徐伟介绍，隆华新材专注于聚醚多元醇、聚合物多元醇、端氨基聚醚的研发、生产与销售，致力于以 创新成熟的技术和稳定可靠的产品服务全球市场。在聚合物多元醇(POP)领域处于行业领先地位，拥有多项发明专利和实用新型专利。 其中，隆华新材自主研发的"无需脱除链转移剂法生产POP"专利技术，突破性解决了长期制约国内产业发展的两大关键技术瓶颈——产品遇水增稠及粘度 控制问题，填补了该领域国内技术空白，达到国际领先水平。依托此项技术，公司持续进行技术创新，提升生产效率，降低生产成本，实现了聚合物多元 醇产品性能的突破性提升，构建起聚合物多元醇优势地位。 目前，隆华新材聚合物产品全国市场占有率约为30%，位居行业首位。 徐伟表示，未来，隆华新材将持续深化全球研发协作，推动聚 ...

截至8月26日收盘，美瑞新材报17.15元，较前一交易日下跌1.15%。当日成交额1.11亿元，换手率 2.69%，总市值73.38亿元。 美瑞新材是国内聚氨酯新材料及特种化工原料生产企业，主营产品包括热塑性聚氨酯弹性体、水性聚氨 酯等，应用于消费电子、汽车制造等领域。公司是当前国内唯一以TPU为主营业务的上市公司。 风险提示：本文不构成投资建议，市场有风险，投资需谨慎。 消息面上，公司8月26日接待了北京禹田资本等10家机构调研，重点介绍了聚氨酯产业园项目进展及新 产品开发情况。此前一日披露的半年报显示，公司上半年净利润同比增长25.25%，并宣布拟向子公司 增资不超过3.5亿元以推进项目建设。 资金流向方面，8月26日主力资金净流出3006.73万元，近五日累计净流出1125.19万元。 ...

8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心、中化东大(淄博)有限公 司、山东一诺威聚氨酯股份有限公司、山东隆华新材（301149）料股份有限公司相关负责人，共同交流聚氨酯产业创新发展、积极打造领先优势的发展故 事。 齐鲁晚报.齐鲁壹点张文珂 "一诺威的核心竞争力源于'技术深耕'与'全链条协同'的双向赋能，具体体现在技术、生产、市场三大环节的高效联动。"李健表示。 其中，在技术端以高壁垒创新筑牢"护城河"，在生产端全链条打通实现效率碾压，在市场端深度绑定客户稳固市场优势。 正是凭借"技术护城河足够深、全链条服务足够快且准"的综合优势，一诺威才得以在聚氨酯领域建立起稳固的市场地位，形成特色的品牌竞争力。 此外，一诺威构建了从原料研发到智能制造的全产业链优势，通过智能化生产体系与低碳技术研发，一诺威持续推动行业绿色升级，与阿迪达斯、德国威 卡等国际品牌及知名院校建立深度合作，以"专业、高效、可持续"的品牌形象，助力全球客户实现高质量发展。 山东一诺威聚氨酯股份有限公司总经理李健介绍称，该公司成立于2003年12月，是高新技术企业、国家火炬计划重 ...

除汽车内饰领域外，中化东大在特种聚醚方面不断发力，突破了UV光固化聚醚等高端品种，替代部分进口产品，应用于电子显示屏粘结、光纤光缆涂 层、新能源电池包封装、电子器件胶黏剂等领域。 此外，中化东大还承担国家"十四五"重点研发计划课题，并自主研发了全球首款工业化"低碳环保聚氨酯防水涂料专用聚醚多元醇"，显著提高涂料的批次 稳定性，中间体粘度降低20%，并大幅降低防水涂料VOC排放，减少有毒有害溶剂的使用。凭借产品优势，中化东大成为巴斯夫、亨斯迈、科思创、三井 等多家跨国头部企业在国内的核心供应商，以及比亚迪（002594）、东风、瑞洋安泰、北京高盟、浙江华峰等国内龙头企业的长期合作伙伴。 胡永贺表示，中化东大作为省级绿色供应链管理企业和淄博市聚氨酯产业链合作联盟会长单位，将借助淄博市工业门类齐全的优势，整合环氧丙烷、聚醚 多元醇、聚氨酯等产业链资源，形成最大合力，助推淄博聚氨酯产业链做优做强。 齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心、中化东大(淄博)有限公 司、山东一诺威聚氨酯股份有限公司、山东隆华新材（3011 ...

目前，链上企业延链成群，淄博高新区获批建设"国家火炬淄博高新区聚氨酯特色产业基地""淄博聚氨酯产业集群"入围山东省"十强"产业"雁阵形"集群。 中化东大(淄博)、一诺威聚氨酯分别作为中国聚氨酯工业协会多元醇、铺装材料专业委员会主任委员单位，领导国内同行业企业共同发展。 淄博聚氨酯产业链条完备，形成从各类聚醚多元醇、聚酯多元醇、聚合物多元醇到聚氨酯组合料、聚氨酯预聚体、热塑性弹性体，再到下游管道保温材 料、夹心板材、塑胶跑道工程施工服务等一条完整的产业链条。拥有国家级专精特新小巨人企业2家，国家级制造业单项冠军企业3家。2025年上半年，全 市24家聚氨酯规模以上企业实现营业收入176亿元。 代丽丽表示，淄博是国内最早引进聚氨酯原材料生产技术的地区，产业发展早、技术水平国内领先，涌现出了以中化东大、一诺威、隆华新材为代表的诸 多领军企业。 齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心纪委书记代丽丽，中化东大 (淄博)有限公司党委副书记、纪委书记胡永贺，山东一诺威聚氨酯股份有限公司总经理李健，山东隆华新材（301149 ...

Summary of Key Points from the Conference Call Industry Overview - The chemical industry is currently at the bottom of the cycle, but leading Chinese companies have strong cash flow and low debt ratios, which may enhance potential dividend yields as capacity expansion slows down [1][3][5] - Global GDP growth supports chemical demand, and changes on the supply side combined with demand growth are expected to lead to a recovery in industry prosperity [1][4] Key Insights - The "anti-involution" policy aims to control new capacity in sectors like coal chemical, refining, and polyurethane, which may still yield considerable dividend rates even at the cycle's bottom [1][5] - The industrial silicon and soda ash sectors, which are currently in surplus, have greater elasticity due to restrictions on existing and new capacities [1][5] - The oil and gas chemical sector has begun to see positive free cash flow in 2024, indicating a gradual improvement in the industry [8] Financial Metrics - In 2024, the net cash flow for the chemical industry is projected to shrink to nearly 20 billion, while total operating cash flow exceeds 250 billion [7] - Capital expenditures are expected to decrease from 350 billion to below 300 billion [7] - By 2025 or 2026, the industry is anticipated to generate positive net free cash flow, marking a historic shift [7] Company-Specific Insights - Hualu Hengsheng's market value in 2024 is approximately 50.6 billion, with cash flow expected to rise from 5 billion in 2025 to 8.3 billion by 2027, suggesting attractive dividend yields even in a downturn [9] - The European chemical production capacity utilization is at a historical low of around 74%, indicating that high-cost production is unlikely to recover, which benefits Chinese companies with cost advantages [10][11] Future Trends - The chemical industry is expected to see a rebound in prosperity due to low inventory levels and attractive valuations [11] - The exit of high-cost European production will allow Chinese leaders to further consolidate and expand their market positions [11] - The polyurethane sector is currently at a cyclical low, but price recovery is anticipated due to supply constraints and demand growth [18][19] Challenges and Opportunities - The olefin industry faces challenges with low prices, but strict approval processes for new capacities may lead to a recovery if production contracts [16] - The refining sector is grappling with overcapacity and outdated facilities, but the anti-involution policy may help improve market conditions for major players [17] - The organic silicon market is at a historical low, but limited new capacity and potential overseas exits may lead to a recovery in the medium to long term [24][25][26] Sector-Specific Recommendations - Focus on companies in controlled capacity sectors like coal chemicals (e.g., Hualu Hengsheng, Baofeng Energy) and refining (e.g., Sinopec) for potential dividend yields [5][17] - Monitor the industrial silicon market for companies like Hesheng Silicon Industry, which may see profit doubling if prices recover [32] - In the soda ash sector, companies like Boyuan Chemical are worth watching as they navigate a challenging market [33] Conclusion - The chemical industry is poised for a potential recovery driven by policy changes, strong cash flows from leading companies, and a favorable global economic backdrop. Investors should focus on companies with strong fundamentals and those positioned to benefit from supply-side constraints and market shifts.

行 基础化工 2025 年 08 月 24 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：万华化学 TDI 新装置投产，中国化学 国内单套规模最大粗苯加氢项目中交 投资要点： 本周行业主要动态： 万华化学 TDI 新装置投产。 万华化学 8 月 19 日公告，其福建工业园 新建 TDI 二期装置(36 万吨/年)已于近期建成投产，并产出合格产品。同时， 万华化学还披露，子公司匈牙利宝思德化学公司 MDI(40 万吨/年)、TDI(25 万吨/年)等一体化装置及相关配套装置于 7 月 23 日开始陆续停产检修。截 至目前，上述 TDI 装置的停产检修已经结束，恢复正常生产；MDI 装置待 复产后另行公告。公告称，按照年度检修计划，公司烟台产业园 30 万吨/ 年 TDI 装置及相关配套装置将于 8 月 19 日开始陆续停产检修，预计检修 40 天左右。万华化学全球最大的 MDI 和 TDI 供应商，截至 2024 年末，拥 有 TDI 产能 111 万吨/年。随着福建工业园新建 TDI 二期装置的投产，其 TDI 总产能进一步提升。（资料来源：中国化工报、万华化学） 中国化学国内单套规模最大粗苯加 ...

2025 年 8 月 24 日 行业研究 磷肥出口二阶段配额落地，磷矿石价格坚挺行业景气依旧 ——基础化工行业周报（20250818-20250824） 要点 6 月开始进入磷酸一铵及磷酸二铵的出口集中期。当前我国肥料级磷酸一铵 及磷酸二铵出口需要进行法检同时执行配额制，根据往年情况出口配额通常 集中在 5-9 月期间。然而，根据海关总署数据 2025 年我国磷铵出口时间整 体有所延后，2025 年自 6 月开始磷铵出口量才出现明显上升。2025 年 1-7 月，我国磷酸一铵和磷酸二铵出口总量分别为 60.1 万吨和 158.3 万吨，同比 分别减少 49.4%和 21.7%。其中，2025 年 5-7 月我国磷酸一铵和磷酸二铵 的出口总量分别为 52.6 万吨和 150.4 万吨，相较于 2024 年 5-7 月出口总量 分别变动-40.1%和+1.4%。基于此，我们认为 2025 年我国磷铵出口将集中 在 Q3 进行，但考虑到 1-7 月出口量的明显缩减，我们预计 2025 年全年磷铵 出口量将少于 2024 年水平。 2025 年磷铵出口二阶段配额基本落地，当前海外磷铵价格仍显著高于国内水 平。2025 ...

Overview - Thermoplastic Polyurethanes (TPU) are high-performance polymer materials made from MDI, TDI, and polyols, known for their excellent elasticity and durability [2][8] - The TPU market is experiencing stable growth in traditional applications such as footwear, films, sealing materials, and hoses, driven by increasing consumer demands for performance and comfort [1][16] Industry Development - The TPU industry in China has evolved significantly since its introduction in the 1980s, with rapid advancements in technology and production capabilities leading to a substantial market presence [8][10] - By 2024, China's TPU consumption is projected to reach 720,000 tons, with production capacity expected to hit 1.5 million tons, resulting in a capacity utilization rate of approximately 59.7% [1][16] Market Applications - Footwear remains the largest consumption market for TPU in China, accounting for nearly 30% of the total market, with the shoe industry experiencing a market size of 531.12 billion yuan in 2023, growing by 7.9% year-on-year [14][16] - Emerging applications for TPU are expanding into areas such as 3D printing, smart wearables, and medical devices, driven by its flexibility and biocompatibility [1][16] Competitive Landscape - The TPU market in China is characterized by a "two super, many strong" competitive structure, with Wanhua Chemical and Huafeng Group as the leading players [19] - Wanhua Chemical is the largest TPU producer in China, with a revenue of 182.1 billion yuan in 2024, where polyurethane products contribute 41.65% of total revenue [21] - Other notable companies include Meirui New Materials and Shanghai Huide Technology, which focus on TPU R&D and production, contributing to the competitive landscape [23] Future Trends - The TPU market is expected to maintain a loose supply with a slowdown in expansion speed, while competition intensifies, leading to increased market concentration [25] - There is a growing emphasis on environmentally friendly TPU products, such as bio-based and biodegradable TPUs, alongside advancements in multifunctional applications through nanotechnology and composite materials [25]

Investment Rating - The report maintains a "Buy" rating for several companies including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, China Petroleum & Chemical Corporation, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, and Sai Lun Tire [10]. Core Viewpoints - The report highlights significant price increases in industrial-grade lithium carbonate (up 22.06%) and sulfur (up 5.26%), while synthetic ammonia and butanone experienced substantial declines [4][20]. - The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities due to the impact of renewed U.S. tariffs and geopolitical tensions affecting international oil prices [6][20]. - The overall chemical industry remains in a weak position, with mixed performance across sub-sectors, influenced by past capacity expansions and weak demand [23]. Summary by Sections Chemical Industry Investment Suggestions - Key products with notable price increases include industrial-grade lithium carbonate, sulfur, and urea, while synthetic ammonia and butanone saw significant price drops [4][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and high-dividend assets amid a challenging market environment [23][24]. Price Trends and Market Dynamics - The report notes fluctuations in international oil prices, with Brent crude at $65.85 per barrel and WTI at $62.80 per barrel, reflecting a downward trend [6][20]. - The chemical product prices have shown some rebound, but many products still face price declines, indicating a mixed market sentiment [23][24]. Company Focus and Profit Forecasts - The report recommends companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, which are expected to enter a favorable economic cycle [8][23]. - It also highlights the potential of domestic fertilizer companies to meet local demand, with specific recommendations for companies like Hualu Hengsheng and Xin Yang Feng [23][24].