Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The short - term overall methanol industry's overall开工率 is expected to increase slightly, and the MA2509 contract is expected to fluctuate in the range of 2380 - 2450 yuan/ton [2][3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main methanol contract is 2411 yuan/ton, up 46 yuan; the 9 - 1 spread is - 71 yuan/ton, down 2 yuan; the main contract's open interest is 650455 lots, down 19282 lots; the net long position of the top 20 futures holders is - 115233 lots, up 28083 lots; the number of warehouse receipts is 10344, up 1800 [2] 3.2 Spot Market - The price in Jiangsu Taicang is 2390 yuan/ton, up 15 yuan; in Inner Mongolia, it is 1985 yuan/ton, up 2.5 yuan; the East - Northwest price difference is 405 yuan/ton, up 12.5 yuan; the basis of the main Zhengzhou methanol contract is - 21 yuan/ton, down 31 yuan; CFR China Main Port is 273 dollars/ton, down 2 dollars; CFR Southeast Asia is 330 dollars/ton, down 3 dollars; FOB Rotterdam is 222 euros/ton, down 14 euros; the China Main Port - Southeast Asia price difference is - 57 dollars/ton, up 1 dollar [2] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.51 dollars/million British thermal units, down 0.05 dollars [2] 3.4 Industry Situation - The inventory in East China ports is 63.4 tons, up 6.35 tons; in South China ports, it is 15.62 tons, up 0.78 tons; the methanol import profit is 10.48 yuan/ton, up 14.54 yuan; the monthly import volume is 129.23 tons, up 50.46 tons; the inventory of inland enterprises is 352300 tons, down 4600 tons; the methanol enterprise's operating rate is 82.69%, down 2.06% [2] 3.5 Downstream Situation - The formaldehyde operating rate is 43.65%, down 1.59%; the dimethyl ether operating rate is 5.19%, unchanged; the acetic acid operating rate is 90.59%, down 3.32%; the MTBE operating rate is 67.63%, up 0.77%; the olefin operating rate is 85.1%, down 0.05%; the methanol - to - olefin disk profit is - 942 yuan/ton, down 60 yuan [2] 3.6 Option Market - The 20 - day historical volatility of methanol is 22.64%, up 1.28%; the 40 - day historical volatility is 22.78%, up 0.29%; the implied volatility of at - the - money call options is 15.56%, up 0.72%; the implied volatility of at - the - money put options is 15.56%, up 0.72% [2] 3.7 Industry News - As of July 16, the inventory of Chinese methanol sample production enterprises was 35.23 tons, down 0.46 tons, a 1.28% decrease; the orders to be delivered were 24.31 tons, up 2.19 tons, a 9.89% increase; the total port inventory was 79.02 tons, up 7.13 tons; as of July 17, the inventory of Chinese high - cis butadiene rubber sample enterprises was 3.23 tons, down 0.05 tons, a 1.59% decrease [2] 3.8 Viewpoint Summary - Recently, the overall methanol production has decreased slightly. The inventory of inland enterprises has shown differences, with the overall inventory showing a downward trend. The port inventory has continued to accumulate, and the downstream demand has been weak [2] 3.9 Suggested Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [2]

证券研究报告——市场日报 市场风格转向 沪指再攀高峰 证券研究报告——市场日报 2025.07.18 （预计发布时间：2025.07.21） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号山西世贸中心 A 座 F12、F13 网址: http://www.dtsbc.com.cn 行情回顾 周五（7 月 18 日），A 股三大指数集体收 涨。沪指早盘波动上扬，午盘回落后再度震荡 上行，收报 3534.48 点，涨幅 0.50%，创年内 收盘新高。深指、创指高开后震荡走低，午后 触底反弹，尾盘收红，深指收报 10913.84 点， 涨 0.37%；创业板指报 2277.15 点，涨 0.34%。 当日两市成交额 1.57 万亿，两市量能仍维持 较高区间。板块方面，小金属、能源金属等周 期资源板块领涨，稀土永磁概念爆发。而 CPO 概念回调，计算机、光伏等板块走弱。个股涨 跌互现，近 2600 只个股上涨。 风险提示 中报业绩存雷，追高需谨慎 当日要闻 TDI 全球市场震荡 有工厂单日涨价 30% 国内龙 ...

Key Insights - The report emphasizes a longer investment cycle, transitioning from price rebounds to performance realization, highlighting the importance of sustained earnings in equity markets compared to commodity investments [6][8] - A fire incident at Covestro's German plant has disrupted TDI supply, leading to price increases due to limited availability and strong overseas demand [11][12] - Forklift sales in the first half of 2025 have shown double-digit growth, with domestic sales increasing by 27.3% and exports by 15.2%, driven by strong demand in manufacturing and logistics sectors [16][17] - The humanoid robot industry is experiencing a significant shift from concept to mass production, with major companies ramping up investments and production plans, indicating a burgeoning market potential [21][22] Group 1: Investment Logic and Market Overview - The global asset review indicates a mixed performance in stock markets, with the Hang Seng Tech Index outperforming other indices, while commodity prices have shown varied trends [6][8] - The RJ/CRB commodity price index has increased by 2.97% since early July, reflecting a broader trend of price fluctuations in commodities [8] - The report notes that the domestic equity market is characterized by a growth-oriented style, with a daily average trading volume of 15,260 billion yuan [7] Group 2: Chemical Industry Insights - The incident at Covestro has resulted in a significant supply disruption for TDI, with an estimated 117,000 tons of capacity affected globally, representing 35% of total capacity [12][13] - Domestic TDI prices have surged, with prices in East China reaching 13,700-14,200 yuan per ton, reflecting a rise of over 2,000 yuan since July [12][14] - The report suggests that Chinese companies are well-positioned to capture increased export opportunities in the TDI market due to shrinking overseas capacity [13][15] Group 3: Machinery and Robotics Sector - The forklift market is projected to continue its growth trajectory, supported by improving macroeconomic indicators and increasing logistics demands [17][19] - The report highlights the rapid growth of the unmanned forklift market, with a 46.6% increase in sales in 2023, driven by rising labor costs and the need for automation [19][20] - The humanoid robot sector is set to expand significantly, with projections indicating a market size of 150 billion yuan by 2029, driven by advancements in core components and increased production capacity [22][23]

Important Market News - The National Export Control Work Coordination Mechanism Office held a meeting in Nanning, Guangxi, to enhance law enforcement against strategic mineral smuggling and export violations, emphasizing the need to prevent circumvention of export control measures [1] Industry Insights - UBTECH Robotics won the largest procurement order for humanoid robots globally, amounting to 90.5115 million yuan, and plans to deliver 500 units of its Walker S2 robot this year, which features autonomous battery swapping technology [2][3] - The humanoid robot industry is expected to enter a critical growth phase by 2025, driven by advancements in component performance and cost reduction, with the market for embodied intelligence projected to exceed 1 trillion yuan by 2026 [2] - China holds 70% of global rare earth production capacity and 90% of processing output, with a favorable supply-demand outlook for rare earth materials due to export controls and limited supply increases [3] - A fire at Covestro's plant in Germany has led to supply disruptions in TDI production, causing prices to surge significantly, with TDI prices in East China rising by 2,000 yuan per ton since the beginning of the month [4] - Domestic TDI prices continue to rise, with a recent increase of 613 yuan per ton, indicating a tightening supply situation due to maintenance and international supply chain issues [4]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Views - The fire at Covestro's German plant has led to a rapid increase in TDI prices, which may also drive up MDI prices [1] - Covestro's TDI production capacity of 300,000 tons/year is significantly impacted, affecting 30% of TDI capacity in Europe [4] - Domestic TDI prices have risen to 14,913 RMB/ton, a 6.04% increase, with expectations for further price hikes in Q3 [4] - The report anticipates that TDI price increases will lead to a rise in MDI prices, which are currently at 15,200 RMB/ton, up 1.33% [4] Industry Trends - Covestro's supply disruptions and domestic maintenance activities are tightening TDI supply, leading to increased prices [4] - The report notes that overseas TDI capacity is shrinking, with significant closures in Germany and Japan, which may benefit Chinese exporters [4] - China's TDI exports reached 51,600 tons in May 2025, a year-on-year increase of 98.45%, indicating strong demand in Southeast Asia [4] - The report highlights key companies in the industry, including Wanhua Chemical, Cangzhou Dahua, and Hualu Hengsheng, with respective TDI capacities of 1,110,000 tons/year, 160,000 tons/year, and 300,000 tons/year planned for 2024 [4]

Group 1: Middle East Geopolitical Risks - The Middle East region has high geopolitical uncertainty, with structural conflicts persisting despite temporary de-escalations[5] - The potential for localized control or conflict in the Strait of Hormuz poses significant risks to global shipping and energy supply[6] - In extreme scenarios, a blockade of the Strait could lead to a supply gap of approximately 12.7% of global oil demand[6] Group 2: Impact on Global Supply Chains - If conflicts escalate, oil and chemical transport through the Strait of Hormuz could decrease by 25% compared to pre-conflict levels[6] - Asian economies, particularly China, India, Japan, and South Korea, face the highest exposure to risks from Middle Eastern energy supplies[7] - The chemical industry will be directly impacted, with disruptions likely to affect downstream sectors such as transportation, pharmaceuticals, and electronics[8] Group 3: China's Response and Strategies - China must diversify its import sources for products heavily reliant on Middle Eastern supplies, particularly in energy and chemicals[8] - Key products at risk include liquefied propane and butane (50.5% reliance), crude oil and asphalt (48.2%), and various chemical compounds (42.4%)[8] - The report suggests enhancing domestic production capabilities and exploring alternative import channels from countries like Canada, Algeria, and Brazil[73]

Core Viewpoint - A research team from the University of Tokyo has successfully synthesized ammonia using nitrogen, water, reducing agents, and light at room temperature and pressure, marking a significant advancement in clean energy technology [1][3][5]. Group 1: Research Significance - This is claimed to be the "world's first" case of synthesizing ammonia using nitrogen, water, and light, published in the journal Nature Communications [3]. - Ammonia's global annual production is approximately 200 million tons, comparable to the primary raw material for plastics, ethylene, with about 80% of ammonia produced used for fertilizers [3]. Group 2: Traditional Ammonia Production Challenges - Current ammonia production methods rely on a process invented in the early 20th century, which requires high temperatures (400-600°C) and pressures, leading to significant greenhouse gas emissions from hydrogen production using fossil fuels [5][9]. - The traditional method's reliance on methane for hydrogen production results in carbon dioxide emissions, while water electrolysis, though cleaner, is costly and not widely adopted [5]. Group 3: New Methodology and Future Prospects - The new method utilizes abundant resources—nitrogen, water, and light—potentially offering a clean way to synthesize ammonia, which could contribute to decarbonization efforts [5][7]. - The research focuses on mimicking enzymes found in symbiotic bacteria of leguminous plants, which convert nitrogen into ammonia without carbon emissions [5][7]. Group 4: Practical Applications and Market Potential - If ammonia can be synthesized solely from nitrogen, water, and light, it could lead to the development of next-generation vehicles powered by ammonia, or systems similar to photovoltaic panels installed on rooftops [8]. - Ammonia is gaining attention not only for its traditional fertilizer use but also as a fuel for power generation and as a means to transport hydrogen, which is difficult to store and transport [8][9]. Group 5: Competitive Landscape - The ammonia synthesis field is highly competitive, with other researchers, such as those from Caltech and Tokyo University of Science, also exploring enzyme mimicry and low-temperature, low-pressure methods for ammonia production [9]. - Achieving practical applications of direct ammonia synthesis requires overcoming challenges related to efficiency and scalability [9].

Group 1 - The China Securities 2000 Index decreased by 0.35% as of July 18, 2025, with mixed performance among constituent stocks [1] - Wenzhou Hongfeng led the gains with an increase of 20.03%, while Jiayuan Technology saw the largest decline at 7.88% [1] - The China Securities 2000 ETF (Hua Xia, 562660) fell by 0.69%, with a latest price of 1.45 yuan and a trading volume of 12.01 million yuan [1] Group 2 - The petrochemical industry is facing intense competition, with both profitability and valuation at low levels, but policies advocating "anti-involution" are expected to benefit the industry's valuation recovery [2] - Since 2022, capital expenditure in the chemical industry has rapidly increased, but weak global demand has led to a significant decline in profit margins [2] - The China Securities 2000 ETF closely tracks the China Securities 2000 Index, which selects 2000 small-cap stocks with good liquidity, focusing on emerging industries such as machinery, electronics, and biomedicine [2]

Group 1: Price Trends in Chemical Industry - Recent price increases in various chemical products and industrial raw materials indicate a gradual improvement in supply-demand dynamics and macroeconomic stimulus effects [4] - TDI prices have risen significantly, with a current average of 14,100 CNY/ton, up 613 CNY/ton from the previous day, marking a 4.56% daily increase and over 2,000 CNY increase since July began [12][13] - Epoxy chloropropane prices have also surged, reaching 10,000 CNY/ton, up over 1,000 CNY since early May, with a year-on-year increase exceeding 30% [19][20] Group 2: Silicon Material Price Dynamics - Silicon material prices continue to rise, with multi-crystalline silicon N-type prices ranging from 40,000 to 49,000 CNY/ton, averaging 41,700 CNY/ton, reflecting a 12.4% week-on-week increase [5][11] - The price of N-type G10L monocrystalline silicon wafers has jumped 22.09% week-on-week, indicating strong demand and supply constraints [6][8] - The silicon industry anticipates further price increases, with new pricing agreements expected to exceed current averages by up to 45% [5][8] Group 3: TDI Market Insights - TDI market dynamics are influenced by supply constraints due to production issues in Europe and increased overseas demand, leading to a tightening of TDI supply [14][15] - China's TDI exports have surged, reaching 51,600 tons in May, a 98.45% year-on-year increase, positioning China as a key player in the global TDI market [15] - The TDI industry is experiencing a recovery in gross profit margins, with current margins at 3,104 CNY/ton compared to less than 900 CNY/ton in early July [16] Group 4: Epoxy Chloropropane Market Outlook - The price of epoxy chloropropane is driven by rising glycerin costs and increased downstream demand, with glycerin prices rising 26% since the beginning of the year [20] - Companies like Sinochem International and Juhua Co. are expected to benefit from the rising prices of epoxy chloropropane, with improved profit margins reported [21][22] - The overall market sentiment for epoxy chloropropane remains positive, with expectations of stable pricing in the near future [20] Group 5: Coking Coal Market Trends - Coking coal prices have increased by 4.32% since the beginning of July, driven by supply constraints and rising demand from the coking industry [24][25] - The price of high-quality coking coal in Shanxi has exceeded 1,150 CNY/ton, with some prices surpassing 1,300 CNY/ton, reflecting a significant increase from earlier in the month [24] - Analysts predict that coking coal prices will continue to show strength in the short term, supported by ongoing supply tightness and positive market sentiment [26]

Core Viewpoint - The article highlights the success of Zhonghua Dongda in the high-end environmentally friendly polyether polyol market, achieving a 35% market share in automotive interior materials, driven by proactive strategies and technological advancements [1][9]. Company Overview - Zhonghua Dongda, located in Zibo Hantai, focuses on the research and production of high-end environmentally friendly polyether polyols [1]. - The company has transformed from a traditional chemical manufacturer to a high-performance new materials producer, responding to market demands and regulatory changes [12][14]. Market Position and Strategy - Zhonghua Dongda has captured 35% of the high-end automotive market, with its products widely used in automotive interiors and rail transportation [9]. - The company has proactively developed methods to reduce volatile organic compounds in its products, achieving significant reductions in harmful substances [6][19]. Technological Advancements - The company has invested in R&D, resulting in a decrease in the content of harmful substances from 1 ppm to as low as 0.05 ppm [6]. - Zhonghua Dongda has established a strong patent portfolio with 65 effective patents and has developed innovative products, such as the world's first commercialized solvent-free polyurethane waterproof coating [20][22]. Future Outlook - The company aims to enhance its production capacity to 64,000 tons per year and is expanding its market presence in Southern and Eastern China [20]. - Zhonghua Dongda is committed to continuous innovation and aims to lead in the development of ultra-green and high-performance polyether polyols, contributing to the high-quality development of the polyurethane industry in Zibo [23].