Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - BZ port inventory has decreased slightly without further accumulation. Short - term downstream demand for BZ is okay, but the开工 rates of CPL and styrene have declined, and there is still some pressure on finished product inventory for the corresponding downstream. Phenol - ketone 开工 has also declined. In terms of supply, the shipping pressure from South Korea has not further increased, but there is an impact from the new production capacity of Yulong Petrochemical in China, and BZ processing fees continue to consolidate at a low level. For styrene, port inventory declined again during the week, port basis and the 09 - 10 inter - period spread of futures rebounded from the bottom. Combined with the increase in downstream提货 volume, it reflects that the speculative demand for the peak seasons of "Golden September and Silver October" has begun to appear. This week, the 开工 of styrene downstream was differentiated. EPS significantly reduced its load due to inventory pressure, while the 开工 of PS and ABS rebounded from the bottom. The inventory pressure of PS has eased, but the inventory pressure of ABS still persists [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene main contract basis was - 113 yuan/ton (+78), and the spread between East China pure benzene spot and M2 was - 25 yuan/ton (+50). Styrene main contract basis was 49 yuan/ton (- 11 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee was 173 dollars/ton (+7 dollars/ton), and FOB South Korea processing fee was 161 dollars/ton (+9 dollars/ton), with a US - South Korea spread of 86.8 dollars/ton (+6.1 dollars/ton). Styrene non - integrated production profit was - 280 yuan/ton (- 62 yuan/ton), and it was expected to gradually compress [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory was 16.30 tons (- 0.70 tons), styrene East China port inventory was 159,000 tons (- 5,000 tons), and East China commercial inventory was 66,500 tons (- 1,000 tons). The 开工 rate of pure benzene downstream was mixed, and the 开工 rate of styrene was 77.7% (- 1.2%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit was 178 yuan/ton (+0 yuan/ton), PS production profit was - 72 yuan/ton (+0 yuan/ton), and ABS production profit was 92 yuan/ton (- 2 yuan/ton). EPS 开工 rate was 43.67% (- 10.58%), PS 开工 rate was 55.00% (+1.70%), and ABS 开工 rate was 71.10% (+5.20%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit was - 1,660 yuan/ton (- 80), phenol - ketone production profit was - 647 yuan/ton (+0), aniline production profit was 101 yuan/ton (+261), and adipic acid production profit was - 1,472 yuan/ton (- 72). Caprolactam 开工 rate was 88.41% (- 1.79%), phenol 开工 rate was 77.00% (+4.00%), aniline 开工 rate was 73.46% (- 0.48%), and adipic acid 开工 rate was 54.40% (- 10.40%) [1]

金融界2025年8月8日消息，国家知识产权局信息显示，中国石油化工股份有限公司、中石化（北京）化 工研究院有限公司取得一项名为"装填有催化剂的反应器及应用和制备苯酐的方法"的专利，授权公告号 CN116651331B，申请日期为2022年02月。 来源：金融界 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 中石化（北京）化工研究院有限公司，成立于2021年，位于北京市，是一家以从事化学原料和化学制品 制造业为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，中石化（北京）化工研究 院有限公司共对外投资了4家企业，参与招投标项目1365次，财产线索方面有商标信息16条，专利信息 1676条，此外企业还拥有行政许可938个。 ...

董事长兼总经理蒋卫和合计控制公司43.66%股份，系昌德新材实际控制人。 公司55岁董秘徐冬萍，和蒋卫和是校友及同事，徐冬萍一人在公司身兼三职。 蒋卫和，1969年出生，55岁，湖南大学工程硕士，1991年7月至1995年7月，曾就职于中国石化巴陵石油工 公司、中国巴陵石油化工公司己内酰胺厂、巴陵石化鹰山石油化工厂，任车间班长；1995年8月至2020年 12 月，就职于岳阳昌德化工实业有限公司，历任开发部经理、实业一部经理、副总经理、总经理；2017年9月 至2021年10月，就职于昌德有限，任执行董事、总经理；2021年10月至今，就职于昌德科技，任董事长、 总经理。 | | 职业(创业)经历 | | --- | --- | | 将卫和 | 本科毕业于浙江大学化学工程专业 湖南大学工程硕士,高级工程师(研究员级), | | | 国务院政府特殊津贴专家、湖南省科技创新创业团队带头人、获省市科技奖励3次。 | | | 1991年7月至1995年7月,曾就职于中国石化巴陵石油化工公司、中国巴陵石油 | | | 化工公司己内酰胺厂、巴陵石化鹰山石油化工厂,任车间班长:1995年8月至2020 | | | 年12月 ...

Company Overview - Changde New Materials Technology Co., Ltd. was established on September 11, 2017, with a registered capital of 134 million RMB [1][2] - The company is primarily engaged in resource utilization and new materials [2] - The actual controller of the company is Jiang Weihe, who holds a total of 43.66% of the shares [4] IPO and Listing Status - The company completed its IPO counseling filing with the Hunan Securities Regulatory Bureau on August 6, 2023, and plans to list on the Beijing Stock Exchange, with CITIC Securities as the counseling institution [1] - In June 2022, the company submitted an application for an initial public offering on the main board, which was accepted [3] - In February 2023, the application was transferred to the Shenzhen Stock Exchange and accepted, but the application was withdrawn in July 2024 [3] Financial Performance - The company's operating revenue for 2022, 2023, and the first eight months of 2024 was 969 million RMB, 1.064 billion RMB, and 947 million RMB, respectively [4] - The net profit attributable to the parent company for the same periods was 183 million RMB, 79.76 million RMB, and 50.54 million RMB [4] - The comprehensive gross profit margins for these years were 35.21%, 19.91%, and 13.07%, indicating a decline in profitability due to falling prices of key products like polyether amine [4]

Group 1 - A new company named Handan Huayao New Materials Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Wang Ting [1] - The business scope includes sales of coatings (excluding hazardous chemicals), petroleum products (excluding hazardous chemicals), building materials, construction decoration materials, chemical products (excluding licensed chemical products), metal products, traffic safety and control equipment manufacturing, and lighting fixtures manufacturing and sales [1]

天眼查显示，近日，宿迁泰昶新材料科技有限公司成立，法定代表人为严存安，注册资本200万人民 币，由江苏兆加禾新材料科技有限公司全资持股。 序号股东名称持股比例1江苏兆加禾新材料科技有限公司100% 经营范围含新材料技术研发；新材料技术推广服务；专用化学产品销售（不含危险化学品）；化工产品 销售（不含许可类化工产品）；有色金属合金销售；建筑材料销售；金属材料销售；涂料销售（不含危 险化学品）；表面功能材料销售；机械设备销售；工程塑料及合成树脂销售；皮革制品销售；电工仪器 仪表销售；工业自动控制系统装置销售；仪器仪表销售；日用百货销售；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称宿迁泰昶新材料科技有限公司法定代表人严存安注册资本200万人民币国标行业制造业>化学 原料和化学制品制造业>基础化学原料制造地址江苏省宿迁市宿豫区江苏宿迁生态化工科技产业园经一 路2号企业类型有限责任公司营业期限2025-8-7至无固定期限登记机关宿迁市宿豫区数据局 来源：金融界 ...

Core Viewpoint - Recently, Hongsheng New Materials R&D Technology (Nanjing) Co., Ltd. was established, fully owned by Jiangsu Hongsheng New Materials Co., Ltd. with a registered capital of 5 million RMB [1] Company Summary - The legal representative of Hongsheng New Materials R&D Technology (Nanjing) Co., Ltd. is Ni Lifeng [1] - The company is classified under the manufacturing industry, specifically in the chemical raw materials and chemical products manufacturing sector [1] - The registered address is located at 22 Tian Sheng Road, Building G, 15th Floor, Jiangbei New District, Nanjing, Jiangsu Province [1] - The company type is a limited liability company, wholly owned by a natural person [1] - The business scope includes new materials technology R&D, promotion services, engineering and technical research, resource recycling technology R&D, and various sales and consulting services related to chemical products [1] Shareholder Information - Jiangsu Hongsheng New Materials Co., Ltd. holds 100% of the shares in Hongsheng New Materials R&D Technology (Nanjing) Co., Ltd. [1]

Core Viewpoint - The PVC market is experiencing stable upstream calcium carbide prices, with a slight increase in PVC operating rates, but overall demand remains cautious and below historical levels [1] Supply Side - Calcium carbide prices are stable across most regions - PVC operating rate increased by 0.05 percentage points to 76.84%, still at a high level compared to previous years [1] Demand Side - Downstream operating rates for PVC have not changed significantly and remain low compared to previous years - India's BIS policy has been postponed for another six months until December 24, 2025, while Taiwan's Formosa Plastics lowered its August prices by $10 to $35 per ton - Recent export orders have been underwhelming, but India's delay in announcing anti-dumping duties until September 25 may stimulate Chinese PVC exports [1] Inventory - Social inventory has continued to increase and remains at a high level, indicating significant inventory pressure [1] Real Estate Sector - The real estate sector is undergoing adjustments, with significant year-on-year declines in investment, new starts, and completion areas from January to June 2025 - The weekly transaction area of commercial housing in 30 major cities has seen a slight increase but is at the lowest level for the same period in previous years, indicating that improvements in real estate will take time [1] Industry Profitability - Chlor-alkali comprehensive profits have shown some recovery, with PVC operating rates remaining stable but still under pressure - New capacities from companies like Wanhua Chemical and Tianjin Bohua have begun trial production, while calcium carbide prices are weakly supporting PVC [1] Policy Environment - There are currently no significant policies affecting the PVC industry, with most old facilities undergoing technical upgrades - Macro policies regarding anti-competition and the elimination of outdated facilities may impact future market conditions [1] Market Outlook - The recent rise in coking coal prices supports the PVC market, but the fundamental pressures on PVC remain significant - A downward trend is expected, with a recommendation for a 09 - 01 reverse spread operation [1]

Group 1 - The core business of the company has shifted to the production and sales of coal-based synthetic ammonia, methanol, methylamine, DMF, ethanol, and methyl acetate [1] - The ammonium nitrate business was divested during the restructuring process in 2016 [1]

Group 1 - Shandong Haihua announced an investment of 2.32 billion yuan to acquire a 29% stake in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd. through capital increase and listing [1] - The investment will be made in two phases: 1.975 billion yuan by August 8, 2025, and 345 million yuan by September 25, 2025 [1] - The total registered capital of Zhongyan Soda Industry is 8 billion yuan, with additional funding sourced through bank project loans [1][2] Group 2 - The Tongliao Naiman natural soda project has a total estimated investment of approximately 26.1 billion yuan, with 8 billion yuan as registered capital and the remaining 18.1 billion yuan to be financed through bank loans [2] - Shandong Haihua aims to diversify its product structure by investing in natural soda while maintaining its existing business operations, enhancing overall competitiveness [2] - The project is expected to lay a solid foundation for building a trillion-level natural soda industry cluster in Inner Mongolia [1]