2025年苯乙烯供需失衡动态：阶段性压力与结构转变 【导语】进入2025年，中国苯乙烯市场仍处在产能扩张周期中，呈现出显著的供需格局季节性演变。三 季度供应压力集中释放，将苯乙烯周度供需差推升至过去四年的峰值水平，成为拖累市场价格的主要因 素；而二、四季度则回归相对均衡，尤其在年末出现超预期的供应收紧信号。这一动态演变过程，不仅 与主港库存变化紧密联动，更深刻揭示了市场在巨大产能压力下寻求新平衡的内在逻辑。 压力峰值：三季度苯乙烯供需差高企与价格承压 2025年第三季度是苯乙烯市场供需矛盾最为突出的时期。如图1所示，周度供需差大部分时间运行于过 去三年最大值上方，表明当季供应过剩的压力达到了一个阶段性高位。具体数值来看，三季度苯乙烯周 度供需差（周度产量-周度三S对苯乙烯的需求量）达到了10.52万吨的均值，而过去三年（22-24年）三 季度的周度供需差均值仅为7.5万吨。 这一局面的形成，透过图2和图3中苯乙烯供应和需求的周度变化可以看出，供应端的超季节性变化是主 因，如图2所示，三季度苯乙烯周度产量显著高于过去三年的最高值，且7月中旬至9月上旬，苯乙烯单 周产量连续达到37万吨以上，显著高于34.7万吨的 ...

Group 1 - The company held its 20th meeting of the 9th Board of Directors on December 23, 2025, with all 9 directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][3] - The Board approved several proposals, including the change of the accounting firm, with 100% approval from the attending directors [3][10] - The proposal to change the accounting firm requires further approval from the shareholders' meeting [5][60] Group 2 - The company proposed to extend a loan of 12 million yuan from its controlling shareholder, with a maximum extension period of 10 months at an annual interest rate of 6.9%, without requiring collateral [44][47] - This loan extension constitutes a related party transaction and requires approval from the shareholders' meeting, with related shareholders abstaining from voting [45][53] - The company has previously engaged in related transactions with its controlling shareholder, including loans and other financial arrangements [48][50] Group 3 - The company’s subsidiary, Weifang Yaxing New Materials Co., Ltd., is transferring 7.1438% of its equity for 60 million yuan, with the company waiving its right of first refusal [28][29] - This transaction does not constitute a related party transaction or a major asset restructuring and will not affect the company's financial status significantly [40][30] - The transaction is part of the company's strategic adjustments and does not change its ownership structure in the subsidiary [40][29] Group 4 - The company plans to hold its first extraordinary shareholders' meeting of 2026 on January 9, 2026, with both on-site and online voting options available [14][15] - The meeting will address the proposals approved by the Board, including the change of accounting firm and the loan extension [17][18] - Shareholders must register to attend the meeting and can delegate their voting rights to a proxy [20][22] Group 5 - The company intends to change its accounting firm to Zhongshun Zhonghuan Accounting Firm, which has a strong reputation and experience in auditing public companies [59][61] - The previous accounting firm, Yongtuo, has no objections to the change, and the transition will be managed according to regulatory requirements [72][73] - The new accounting firm is expected to enhance the company's financial audit processes and internal controls [61][72]

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Core Viewpoint - The company has decided to postpone the "Epoxy Propane Comprehensive Technology Renovation Project" due to delays in project construction and regulatory approvals, with the expected operational date now extended to June 30, 2026 [6][11][13]. Group 1: Fundraising Overview - The company raised a total of RMB 508.87 million through a private placement of 133,211,727 shares at RMB 3.82 per share, with a net amount of RMB 499.19 million after deducting issuance costs [2]. - The funds are to be used specifically for the "Epoxy Propane Comprehensive Technology Renovation Project," with a planned total investment of RMB 399.10 million, of which RMB 371.62 million will be funded by the raised capital [4][8]. Group 2: Project Delay Reasons - The delay in the project is attributed to increased regulatory requirements and longer safety evaluations, which have extended the construction timeline [5][10]. - Additional factors include unexpected difficulties in installation and adverse weather conditions during peak construction periods [10]. Group 3: Project Investment Adjustment - The investment estimate for the project has been revised to RMB 584.88 million, an increase of RMB 18.58 million from the original plan, with the shortfall to be covered by the company's own funds [7]. Group 4: Impact of Delay on Operations - The postponement of the project is expected to have no significant impact on the company's daily operations and aligns with the company's development needs [11][12]. - The company will maintain strict oversight of the use of raised funds and ensure compliance with relevant regulations [12]. Group 5: Board and Sponsor Opinions - The board of directors has approved the project delay, confirming that it does not affect the project's implementation, funding purposes, or scale [13][15]. - The sponsor institution has also expressed no objections to the delay, affirming that the decision adheres to regulatory requirements [14][15].

（来源：工人日报） 2025年初，宁夏回族自治区总工会着眼于一线职工的急难愁盼问题，聚焦职工思想引领、技能提升、建 功立业、权益保障、关怀服务等重要领域，在全区范围内全面启动推广五项典型经验的工作，即银川 市"新时代凤城工友"职工思想文化品牌、石嘴山市"区域化+网格化""产改"工作模式、吴忠市劳模工匠 评选服务管理工作机制、宁夏新安科技有限公司企业民主管理"梦想积分制"以及银川市兴庆区总工 会"微驿站"建设。 通过深入调研、梳理典型案例、总结经验做法、汇编推广材料、持续跟踪督导等一系列有效举措，宁夏 回族自治区总工会成功将各地的"特色服务"升级为全区的"普惠福利"，带动全区各级工会以更精准、更 贴心的服务，为广大职工托起稳稳的幸福。 以"凤城工友"品牌推广为抓手，为职工打造"成长乐园" 近年来，宁夏回族自治区银川市总工会紧扣新时代职工思想文化新需求，整合优化全市各级工会阵地资 源，创新推出"凤城工友宣讲团""凤城工友大舞台""凤城工友大学堂""凤城工友读书会""凤城工友志愿服 务"五大系列活动，打造"新时代凤城工友"职工思想文化品牌，构建起集思想政治引领、文化浸润、技 能提升和互动交流于一体的职工成长平台。 ...

当日关注点 截至2025年12月24日收盘，华润材料(301090)报收于7.1元，上涨2.6%，换手率0.44%，成交量6.4万手， 成交额4513.97万元。 北京市嘉源律师事务所对华润化学材料科技股份有限公司2025年第三次临时股东大会的召集、召开程 序、出席人员资格、表决程序及表决结果等事项进行了见证，并出具法律意见书。本次股东大会于2025 年12月24日以现场和网络投票方式召开，审议通过了变更注册资本、取消监事会、修订公司章程、日常 关联交易预计、期货套期保值计划及治理制度修订等议案。表决结果合法有效，会议程序符合相关法律 法规及公司章程规定。 华润化学材料科技股份有限公司于2025年12月24日召开2025年第三次临时股东大会，审议通过了变更公 司注册资本、取消监事会及修订公司章程并办理工商变更登记的议案，同意占比99.7848%。会议还审 议通过了2026年度日常关联交易预计、期货套期保值年度计划及相关授权、修订公司部分治理制度等议 案。其中涉及关联交易的子议案关联股东已回避表决。本次会议由董事会召集，董事长主持，出席股东 代表股份占总表决权股份的85.6705%，表决结果合法有效。 以上内容 ...

Core Viewpoint - The company announces the redemption and delisting of the "Xinhua Convertible Bond" effective December 26, 2025, following the fulfillment of conditional redemption criteria [4][5]. Redemption Details - The last trading day for the "Xinhua Convertible Bond" is December 22, 2025, and it will stop trading from December 23, 2025 [2][6]. - The final conversion date is December 25, 2025, with only one trading day remaining before this date [3][6]. - The redemption price is set at 100.1151 yuan per bond, which includes accrued interest of 0.1151 yuan per bond [4][9]. - The redemption registration date is December 25, 2025, and the redemption payment date is December 26, 2025 [6][11]. Conditional Redemption Criteria - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price (25.753 yuan) for at least 15 trading days [5][7]. - The redemption can occur if either the stock price condition is met or if the remaining unconverted bonds are less than 30 million yuan [7]. Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, resulting in a net redemption amount of 100.0921 yuan per bond after tax [12]. - For qualified foreign institutional investors, the redemption amount remains at 100.1151 yuan per bond, as they are exempt from certain taxes [13].

Core Viewpoint - The article highlights the achievements of Juhua Group in the recent "2025 Zhejiang Province Chemical Industry Science and Technology Award," where the company received multiple awards for its innovative projects in the chemical industry [1]. Group 1: Awards and Recognition - Juhua Group won several awards at the "2025 Zhejiang Province Chemical Industry Science and Technology Award," including two second prizes and one third prize for its projects [1]. - The projects recognized include the development of new high-end hydrofluoroether products and key technologies for special fluororubber used in new energy applications [1]. Group 2: Technological Innovations - The Juhua Technology Center developed a specialized catalytic reaction system for hydrofluoroether, achieving an annual production capacity of 100 tons and applying for over 10 invention patents [2]. - The project team established an electronic fluorinated liquid testing application platform, facilitating breakthroughs in the application of hydrofluoroether in various industries [2]. Group 3: Special Fluororubber Development - Juhua's subsidiary, Jusheng Company, focused on breaking the foreign monopoly on special fluororubber, creating the world's largest fluororubber production base and achieving industry-leading single kettle efficiency [2]. - The team developed peroxide-cured fluororubber technology, with performance surpassing imported products, and has been supplying leading companies in the new energy sector [2]. Group 4: Green Technology Initiatives - The Jinlun Company project on the development of green technology for high-quality diketoxime production resulted in significant improvements in product quality and energy efficiency, along with reductions in waste emissions [3]. - The project has established a benchmark for the industry, promoting the transition of traditional diketoxime production towards high-end and green processes [3]. Group 5: Future Plans - Juhua Group aims to continue its focus on green new materials and tackle more critical technologies to empower industrial upgrades and support the city's "strong industrial city" strategy [3].

Core Viewpoint - The article highlights the strategic partnership between Wankai New Materials and Lingxin Qiaoshou, focusing on the supply of lightweight components for humanoid robots, which signifies a breakthrough in the application of new materials in high-end equipment manufacturing [1][2]. Group 1: Business Developments - Wankai New Materials announced a procurement contract with Lingxin Qiaoshou for lightweight components and assembly services for humanoid robot arms, with a total contract value of RMB 10 million [1]. - The expected related transactions between the two companies for 2026 are projected to reach RMB 50 million [1]. - This partnership is seen as a recognition of Wankai's advancements in polyester lightweight structural materials and precision injection molding technology [2]. Group 2: Market Positioning - The collaboration aims to promote the engineering application of high-performance engineering plastics as a substitute for metal materials, enhancing market penetration in the humanoid robot sector [2]. - Wankai New Materials has strategically invested in Lingxin Qiaoshou and established a joint venture, Zhejiang Qingmei Zhisi Technology Co., Ltd., to further integrate into the robotics supply chain [3]. Group 3: R&D Initiatives - Wankai New Materials is focusing on several innovative projects, including bio-based furan polyester, new heat-resistant copolyester, and PET chemical recycling technology [4]. - A joint venture with Carbios has been established to create a facility in China for processing 50,000 tons of waste PET annually, with a total investment of approximately RMB 922 million, positioning the company as a leader in the recycled PET market [4].

（编辑 丛可心 袁冠琳） 证券日报网讯 12月24日，惠柏新材在互动平台回答投资者提问时表示，公司新型复合材料用环氧树脂 相关产品，可以应用在各类运动器材（如自行车架、高尔夫球杆等）、储氢气瓶、碳板、运动鞋材、机 器人手臂、无人机、汽车轻量化材料、军工等领域。具体公司产品的应用领域请见公司公开披露的信 息。 ...