Group 1: Industry Overview - The petrochemical and chemical indices experienced a positive trend due to tariff policy impacts, with the chemical raw materials index rising by 1.30%, chemical machinery index by 0.12%, pharmaceutical index by 2.01%, and pesticide and fertilizer index by 1.28% [1] - In the oil sector, the oil processing index remained stable, while the oil extraction index increased by 0.64% and the oil trading index rose by 0.98% [1] - International crude oil prices fluctuated, with WTI settling at $62.49 per barrel, up 2.41% from May 9, and Brent at $65.41 per barrel, up 2.35% [1] Group 2: Market Performance - The top five performing listed chemical companies in the capital market included Yuzhong Three Gorges A, which rose by 50.65%, Jitai Co., up 47.10%, Suzhou Longjie, up 36.27%, ST Youfu, up 34.54%, and Hongqiang Co., up 33.55% [2] - The five companies with the largest declines were Aiai Precision Engineering, down 7.50%, Yongyue Technology, down 7.49%, Huate Gas, down 6.90%, Aladdin, down 6.88%, and Runbei Hangke, down 6.38% [2] Group 3: Product Price Changes - The top five petrochemical products with the highest price increases included butadiene, up 21.10%, SBS, up 13.65%, pure benzene, up 11.36%, styrene, up 10.43%, and PX, up 9.77% [1] - The five petrochemical products with the largest price declines were liquid chlorine, down 464.29%, trichloromethane, down 6.49%, yellow phosphorus, down 5.80%, vitamin VC, down 5.13%, and ethylene, down 3.53% [1]

PTA&MEG早报-2025年5月20日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 交易咨询业务资格：证监许可【2012】1091号 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收跌，现货市场商谈氛围尚可，现货基差走强后略有松动，贸易商商谈为主。个别聚酯工厂买货， 5月主港主流在09+200附近成交，个别略高，下午现货基差松动，少量在09+190~195附近成交，价格商谈区间在4955~5035附近。 6月主流在09+180~190有成交。今日主流现货基差在09+198。中性 2、基差：现货4995，09合约基差219，盘面贴水 偏多 3、库存：PTA工厂库存4.28天，环比减少0.23天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓： ...

股票研究 /[Table_Date] 2025.05.19 新股首日涨幅收敛，申购收益增厚有限 本周新股发行信息 [table 优优绿能_NewStock] （301590.SZ）发行 1050 万股 中策橡胶（603049.SH）发行 8745 万股 ——次新市场周报（2025 年 5 月第 2 周） | [table_Authors] 王政之(分析师) | 施怡昀(分析师) | 王思琪(分析师) | | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | 登记编号 S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 5 月第 2 周，次新板块延续上行趋势，领涨市场。当周上市 2 只新股首日涨幅收敛 至 100%附近，合计贡献 A/B 类投资者单账户打满收益 9.60 / 9.57 万元，对应 5 亿 规模账户增厚收益率为 0.19‰/0.19‰，收益增量有限。 投资要点： 股 票 研 究 新 股 研 究 -IPO 专 题 券 研 究 报 告 请务必阅读正文之后的 ...

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]

Core Viewpoint - The Chinese Ministry of Commerce has imposed anti-dumping duties on imported urea-formaldehyde from the US, EU, Japan, and Taiwan, with rates as high as 74.9%, indicating a strategic move to protect domestic industries while asserting China's position in international trade [1][3]. Group 1: Anti-Dumping Measures - The anti-dumping investigation took a year, confirming that the imports from the specified regions were indeed sold at unfairly low prices, harming domestic industries [1]. - This action reflects China's commitment to safeguarding its economic interests and demonstrates a robust trade strategy amidst ongoing negotiations with the US [3][4]. Group 2: Strategic Implications - The anti-dumping measures serve as a dual-purpose tool: economically protecting domestic industries and politically enhancing China's bargaining power in international trade discussions [3]. - The situation illustrates China's independent stance in trade negotiations, emphasizing that it will not be passive in defending its interests even while engaging with major powers like the US [3][4]. Group 3: International Trade Dynamics - The ongoing trade tensions, including unresolved issues like fentanyl tariffs, suggest that while there may be temporary easing in trade conflicts, the underlying challenges remain [3]. - The reactions from the US, EU, and Japan to these anti-dumping measures will be crucial for understanding the broader implications for international trade relations [5].

碳黑作为一种重要的化工原料，在包括橡胶、塑料、油墨等多个行业都扮演着重要的角色。其中，N219碳黑产品更是在市场上享有广泛的应用。在生产过 程中，我们不能忽视对N219碳黑产品成本进行合理的核算与管理，这对于企业来说是一项重要的任务。本文将从多个角度探讨N219碳黑产品成本核算的重 要性以及核算的方法。 ，合理核算N219碳黑产品成本有助于企业及时发现和解决生产过程中的问题。通过分析成本数据，企业可以发现一些不必要的成本支出，进而采取相应的 措施进行调整和节约。同时，成本核算还可以帮助企业发现生产效率低下、资源浪费等问题，并及时进行改进，提高企业的整体竞争力。 那么，如何进行N219碳黑产品成本的合理核算呢？，企业需要建立完善的成本核算体系，包括规范的成本分类、计算方法以及数据收集与分析等。，在核 算数据的收集上，企业应充分考虑到各个环节的成本，例如原材料采购、生产过程中的能源消耗以及人力成本等。同时，还需要根据实际情况制定合理的成 本分配方法，确保各个环节的成本能够被准确地反映在核算结果中。 为了更好地进行成本核算，企业还需要与供应商、生产部门、质量控制部门等进行紧密合作。供应商的价格、质量对成本的影响不容 ...

【品大事】 宁德时代：拟通过境外全资子公司参与投资境外私募股权投资基金 宁德时代公告称，公司拟通过境外全资子公司香港时代新能源科技有限公司作为有限合伙人参与投资 境外私募股权投资基金Lochpine Green Fund I, LP，基金主要围绕碳中和领域上下游开展相关投 资，目标规模为15亿美元，其中公司境外全资子公司拟认缴出资额不高于2.25亿美元。本次投资在 公司总经理审批权限范围内，无须提交董事会及股东会批准。 白云机场：拟450万元与中免集团等共同设立免税品公司 白云机场公告，公司拟与中国免税品（集团）有限责任公司、广州市广百股份有限公司、广州岭南集 团控股股份有限公司共同投资设立中免市内免税品（广州）有限公司（简称"新设公司"），运营广 州市市内免税店相关业务。新设公司的注册资本为4500万元，其中，公司拟以自有资金投资450万 元，占新设公司注册资本的10%。 2025.05. 16 5月16日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 两连板丽人丽妆：公司含"麦角硫因"成分产品销售收入整体占比很低 贵州茅台：截至目前已累计回购股份264.21万股 ...

Mergers and Acquisitions - Kaineng Health plans to acquire 7 million shares of Yuaneng Group for 22.89 million yuan, increasing its ownership from 42.4136% to 43.6956% [1] - Binhai Energy intends to purchase 100% equity of Cangzhou Xuyang Chemical through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [2] - ShenNan Electric A plans to acquire 75% equity of Sichuan Ruinan by assuming and repaying a debt of 18.3375 million yuan owed by Kelu Electronics [3] Share Buybacks and Increases - Jianghan New Materials announces a share buyback plan with an amount ranging from 200 million to 400 million yuan, with a maximum price of 30 yuan per share [4] - Guizhou Moutai has repurchased a total of 2.6421 million shares, amounting to 4.05 billion yuan, representing 0.2103% of its total share capital [5] - Tunnel Holdings' controlling shareholder plans to increase its stake in the company with an investment between 250 million and 500 million yuan, not exceeding 2% of the total share capital [6] Risk Matters - Tailing Microelectronics reports that the National Integrated Circuit Industry Investment Fund has reduced its shareholding to 6.95% after selling 4.8 million shares [7] - Dianguang Media received an administrative regulatory measure decision from Hunan Securities Regulatory Bureau due to undisclosed related party transactions and inadequate inventory impairment preparation [9] - Huitian Thermal Power received a warning letter from Liaoning Securities Regulatory Bureau for failing to timely disclose a significant lawsuit amounting to 35 million yuan [10]

Group 1 - The article discusses the potential for a significant market rally similar to last year's performance, particularly focusing on the chemical sector and specific stocks like Zhongyi and Sanxia [1][3] - There is a notable divergence in market sentiment, with some stocks experiencing strong gains while others face selling pressure, indicating a potential shift in investment strategies [1][2] - The chemical sector is highlighted as having strong momentum due to rising raw material prices, with companies like Zhongyi and Hongqi benefiting from price increases in their products [3] Group 2 - The performance of specific ETFs is summarized, including the Food and Beverage ETF, which has seen a slight increase of 1.17% over the past five days, and the Gaming ETF, which has decreased by 3.93% [5][6] - The Semiconductor ETF has also experienced a decline of 3.95%, while the Cloud Computing ETF has dropped by 3.62%, indicating a broader trend of volatility in these sectors [6]

证券研究报告——晨会聚焦 2025 年 5 月 16 日 中银晨会聚焦-20250516 ■重点关注 【宏观经济】4 月金融数据点评*张晓娇 朱启兵。4 月新增社融和新增信贷 偏弱，主要是受美国关税政策冲击；但 4 月数据中仍反映出积极的财政政策 落地速度较快、居民购房需求仍在恢复趋势当中；5 月国内宏观政策加大宽 松力度、海外经贸形势出现较大变化，我们预计将提振二季度经济预期。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3380.82 | (0.68) | | 深证成指 | 10186.45 | (1.62) | | 沪深 300 | 3907.20 | (0.91) | | 中小 100 | 6321.96 | (1.34) | | 创业板指 | 2043.25 | (1.92) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 美容护理 | 3.68 | 计算机 | (2.97) | | 煤炭 | 0.42 | 通信 | (2.45) ...