Core Viewpoint - The company has developed new solutions for recycling waste plastics into plastic products, highlighting the limitations of physical recycling methods and the need for chemical recycling to address plastic pollution effectively [2] Company Focus - The company is concentrating on the production of plastic raw materials such as ethylene, propylene, and benzene in the dynamic landscape of the chemical industry [2] - A production scale of 200,000 tons has been established to align with market product demand, leading to plans for facility upgrades and modifications [2] Future Expansion - With the successful advancement of expansion projects, the company aims to diversify its production beyond liquefied plastic cracking gas and light oil from plastic cracking to include basic chemical raw materials like ethylene, propylene, and low-carbon aromatics [2] - The market capacity for chemical recycling is expected to be roughly equivalent to that of physical recycling [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The pure benzene market is experiencing weak demand, with rising port inventories and ongoing supply pressure. The demand side is unlikely to improve significantly in the short term, and the oversupply situation will persist. [2][3] - The styrene market is facing a mismatch between supply and demand, with low demand unable to support price rebounds. Although macro - policy may provide some support, the weak supply - demand pattern will continue. [4][5] 3. Summary by Section Pure Benzene - **Market Overview**: The pure benzene market is operating weakly, with port inventories rising again and increasing supply pressure. Downstream开工率 is low, and product inventories in some industries are high, dragging down demand. [3] - **Supply and Demand**: Supply is abundant, but due to weak downstream demand, the supply - demand contradiction has not been effectively resolved. The weak demand has led to a lack of price support and increased supply pressure. [3] - **Market Outlook**: Given the continued low - level downstream demand and high inventories in some industries, the demand side of the pure benzene market is unlikely to improve significantly in the short term. Port inventories may remain high in the coming weeks, and the basis may continue to weaken. [3] - **Key Indicators**: Supply is sufficient, port inventories are rising, downstream开工率 is falling, the monthly spread is weak, and the basis is weakening. The international arbitrage window is closed. [7] - **Supply Details**: Last week, new maintenance at Yulong Petrochemical, Shengxing Petrochemical, Urumqi Petrochemical, and Guangzhou Petrochemical occurred, but overall supply remained high. For hydrobenzene, there is more spot supply, and some plants have reduced their loads. [10] - **Import Situation**: Pure benzene imports are rising. Affected by US tariff policies, the US - Asia arbitrage window is closed, and most of South Korea's pure benzene is flowing to China, increasing import pressure. [12][14] - **Downstream Situation**: Downstream profits are weakening, and开工率 is seasonally declining. Overall demand is weakening, and downstream inventories are generally high. [16][18][23] - **Inventory Situation**: As of October 22, pure benzene port inventories were 99,000 tons, up 9,000 tons from last week. Due to weak downstream demand, inventories are expected to continue to accumulate. [28] - **Price Spread**: The pure benzene - naphtha price spread weakened after a brief recovery, and the BZN spread is low, indicating low pure benzene valuation. [30][32] Styrene - **Market Overview**: The styrene market continues to operate weakly, with significant pressure on both the supply and demand sides. Although downstream开工率 has increased,提货 performance is average, and port inventories are under pressure. [4] - **Supply and Demand**: In the short term, there are still maintenance plans, which may lead to some production cuts. However, new plants will impact the market supply. Downstream demand growth is limited due to weak terminal demand and high inventories in some downstream industries. [4] - **Cost and Price**: The non - integrated cost of styrene has decreased due to falling international oil prices, and losses have deepened. Although the supply - demand situation is weak, the valuation of the November contract is low, and the downward space is relatively limited due to potential macro - policy support in late October. [4] - **Market Outlook**: This week, styrene production is expected to decline slightly due to previous plant shutdowns. However, considering the concentrated downstream production in November and December, the supply - demand mismatch may intensify, and the weak supply - demand pattern will continue. [5] - **Key Indicators**: Supply has decreased slightly, downstream demand recovery space is limited, the EB2511 - EB2512 spread is suitable for reverse arbitrage, and port inventories are still high. [7] - **Production Situation**: Styrene开工率 has declined, and production has decreased. In September, production decreased but was still higher than in previous periods. The cumulative supply from January to September increased by 17.28% year - on - year. [36][38] - **Import and Export Situation**: In September, styrene imports were 26,200 tons, a slight increase from the previous month, and exports were 31,500 tons, showing significant year - on - year and month - on - month growth. [41] - **Inventory Situation**: As of October 22, styrene port inventories increased to 203,000 tons, up 6,000 tons from last week. Inventories are likely to continue to accumulate in late October. [45] - **Downstream Situation**: Downstream开工率 has weakened, and the profits of 3S products have declined. Downstream production is high, and there are no obvious signs of inventory reduction. [47][55] - **Basis Situation**: The styrene basis has been fluctuating narrowly. Due to weak downstream demand and high inventories, the basis is still weak and may decline further in the future. [57]

Core Viewpoint - BASF and IFF have formed a strategic partnership to accelerate the development of IFF's Designed Enzymatic Biomaterials™ (DEB) platform, focusing on high-performance, sustainable enzyme and bio-based polymer solutions for various applications, including fabric care, personal care, and industrial cleaning [2][6]. Group 1: Technological Collaboration - The DEB platform, launched in September, aims to commercialize unique polysaccharides that mimic natural components, replacing non-degradable ingredients in laundry formulations with bio-based solutions [5][6]. - The collaboration will expand the application of DEB technology into personal care, fabric washing, and industrial cleaning sectors [6]. Group 2: Innovation in Raw Materials Driven by Biotechnology - Enzymes are increasingly used in beauty and cleaning products, enhancing performance while reducing reliance on chemical ingredients, aligning with consumer demand for natural and eco-friendly products [6][7]. - In the beauty sector, enzymes facilitate biochemical reactions that improve skin conditions, with applications in exfoliation, antioxidant effects, anti-inflammation, whitening, and enhancing moisture retention [6][7]. Group 3: Market Trends and Growth - The anti-aging cosmetics market in China is projected to reach CNY 307.57 billion in 2024, growing by 17.2% year-on-year, while the whitening cosmetics market is expected to reach CNY 106.92 billion, with a growth rate of 6.0% [7]. - Recent advancements in biotechnology have led to the introduction of new bio-based raw materials, such as BASF's Verdessence Maize and Evonik's TEGOSOFT BC MB emulsifier, which significantly reduce carbon footprints compared to traditional chemical processes [9].

芳烃橡胶早报 | 苯 乙 烯 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 乙烯(CFR东北 | 纯苯（CFR中 | 纯苯（华东） | 加氢苯（山 | 苯乙烯（CFR | | 苯乙烯（江 | 苯乙烯（华 | EPS(华东普通 | | | 亚） | 国） | | 东） | 中国） | | 苏） | 南） | 料） | | 2025/10/16 | 785 | 692 | 5615 | 5480 | 815 | | 6535 | 6695 | 7550 | | 2025/10/17 | 780 | 684 | 5615 | 5380 | 800 | | 6495 | 6610 | 7550 | | 2025/10/20 | 780 | 684 | 5535 | 5250 | 785 | | 6430 | 6570 | 7550 | | 2025/10/21 | 780 | 674 | 5435 | 5250 | 795 | | 6465 | 6550 | 7550 | | 2025/ ...

Core Points - The Shanghai Stock Exchange Listing Review Committee held a meeting on October 22, 2025, to review Jiangsu Lianrui New Materials Co., Ltd.'s application for issuing convertible bonds to unspecified objects [2] - The review concluded that the company's application meets the issuance conditions, listing conditions, and information disclosure requirements [2]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The core contradictions affecting the current trend of propylene include sufficient supply but insufficient demand in the main downstream PP, small price differences between PP powder, granules, and propylene, and weak overall downstream, lacking upward drivers. Additionally, the PDH cost has collapsed, with the CP October contract price dropping unexpectedly [3]. - There are some positive factors, such as a slight reduction in supply in the Shandong market due to the shutdown of Yulong cracking, the maintenance of Lihuayi PDH, and the shutdown of Jingbo K - cot. There are also some buyers after the decline in spot prices, and the increase in recent maintenance at the PP end has temporarily relieved the supply - side pressure [3]. - Negative factors include the possibility of repeated submissions of the "anti - involution" affecting expectations, and the spot price being easily affected by individual device fluctuations. In the past two weeks, the supply - demand gap has slightly decreased due to the maintenance of some devices. Also, after the decline in propane, the PDH profit has expanded, but propylene and PP cannot bear the high profit, and the PP downstream remains weak [4][5]. 3. Summary by Related Catalogs 3.1 Propylene Price Forecast and Hedging Strategy - **Price Forecast**: The monthly price range forecast for propylene is 5800 - 6200 yuan/ton. The current 20 - day rolling volatility is 0.1067, and the historical percentage of the current volatility in the past 3 years is 0.6333 [2]. - **Hedging Strategy** - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short - allocate propylene futures at high prices (50% hedging ratio, recommended entry range 6300 - 6400 yuan/ton for PL2601) to lock in profits. They can also sell call options (25% hedging ratio, recommended entry range 140 - 150 for PL2601C6200) to collect premiums and reduce costs [2]. - **Procurement Management**: For enterprises with low regular procurement inventory and aiming to purchase according to orders, they can buy propylene futures at low prices (25% hedging ratio, recommended entry price 5800 yuan/ton for PL2601) to lock in procurement costs. They can also sell put options (25% hedging ratio, recommended entry range 50 - 70 for PL2601P5800) to collect premiums and reduce procurement costs [2]. 3.2 Industrial Data Summary - **Upstream Raw Material Prices**: On October 21, 2025, Brent was at $61.36/barrel (+$0.56 day - on - day, -$0.92 week - on - week), WTI was at $57.58/barrel (+$0.65 day - on - day, -$0.6 week - on - week), and other upstream prices also showed various changes [7]. - **Mid - stream Prices**: The price of propylene in the East China region on October 21, 2025, was 6075 yuan/ton (unchanged day - on - day, - 140 yuan/ton week - on - week), and prices in other regions also had corresponding fluctuations [7]. - **Downstream Prices**: The price of polypropylene granules on October 21, 2025, was 6550 yuan/ton (unchanged day - on - day, - 50 yuan/ton week - on - week), and prices of other downstream products also changed [7]. - **Profits**: Profits in the mid - upstream, such as the profit of propylene PDH - FEI, were 307.34 yuan/ton (-65.37 yuan/ton day - on - day, -95.26 yuan/ton week - on - week), and profits in different sectors showed different trends [7]. - **Price Spreads**: The spread between PP granules and propylene on October 21, 2025, was 440 yuan/ton (-30 yuan/ton day - on - day, +170 yuan/ton week - on - week), and other price spreads also had corresponding changes [7].

每经AI快讯，10月22日，A股市场化工原料股普跌，其中，博苑股份跌超12%，澄星股份跌超8%，海科 新源、多氟多跌超6%，光华科技跌超4%，凯盛新材跌超3%。 （文章来源：每日经济新闻） ...

Group 1 - The A-share market saw a significant decline in chemical raw material stocks, with notable drops in several companies [1] - Boyuan Co., Ltd. experienced the largest decline at over 12%, while Chengxing Co., Ltd. fell by over 8% [1] - Other companies such as Haike Xinyuan, Duofluor, and Guanghua Technology also reported declines exceeding 6% [1] Group 2 - Specific stock performance data includes: - Boyuan Co., Ltd. down 12.63% with a market cap of 11.8 billion and a year-to-date increase of 127.50% [2] - Chengxing Co., Ltd. down 8.56% with a market cap of 6.071 billion and a year-to-date increase of 54.66% [2] - Haike Xinyuan down 6.45% with a market cap of 6.105 billion and a year-to-date increase of 109.48% [2] - Duofluor down 6.09% with a market cap of 23.5 billion and a year-to-date increase of 67.08% [2] - Guanghua Technology down 4.04% with a market cap of 9.5 billion and a year-to-date increase of 23.67% [2] - Kaisheng New Materials down 3.29% with a market cap of 9.877 billion and a year-to-date increase of 58.92% [2]

Core Viewpoint - Xiangyuan New Materials (300980.SZ) has achieved significant growth in both revenue and net profit in the first three quarters of 2025, driven by increased sales and strong cash flow performance [1][2][3] Revenue Growth - In the first three quarters, the company reported revenue of 440 million yuan, a year-on-year increase of 32.34% from 332 million yuan [2] - The net profit attributable to shareholders reached 40.65 million yuan, up 94.49% compared to 20.90 million yuan in the same period last year [2] - Excluding non-recurring gains and losses, the net profit attributable to shareholders surged by 144.97% to 33.02 million yuan [2] - In Q3 alone, revenue was 169 million yuan, reflecting a year-on-year growth of 33.70%, while net profit was 20.51 million yuan, a significant increase of 105.37% [2] Cash Flow and Financial Management - The company reported a net cash flow from operating activities of 28.45 million yuan in the first three quarters, a remarkable increase of 260.40% [3] - The strong cash flow is attributed to increased sales collections and tax refunds [3] - Xiangyuan New Materials maintains a low debt-to-asset ratio and ample cash flow, providing solid financial support for ongoing operations and strategic initiatives [3] - The company has a total of 172 authorized patents, including 60 invention patents, enhancing its technological capabilities [3] Market Position and Applications - Xiangyuan New Materials has become a key supplier in the fields of polyolefin, polyurethane, and silicone foam materials, with applications across construction decoration, consumer electronics, automotive interiors, new energy, medical, and packaging sectors [3] - The company has established partnerships with major smartphone manufacturers such as OPPO, vivo, Xiaomi, and HUAWEI, producing 0.06mm thick IXPE materials, breaking the foreign monopoly on materials below 0.2mm thickness [2]

Core Viewpoint - The domestic melamine industry is experiencing a deep adjustment period characterized by supply-demand imbalance, leading to intensified market competition and declining prices since 2025 [1][2]. Supply and Demand Imbalance - The domestic melamine market ended the first half of 2025 with a downward trend, primarily driven by supply-demand imbalance. The production capacity reached 2.31 million tons in 2024 and is expected to increase to 2.6 million tons by the end of 2025, with an additional 940,000 tons of new capacity expected to come online in the following years [2]. - Demand remains weak, particularly from the construction sector, which accounts for nearly 60% of melamine consumption. The sales area of new commercial housing is projected to decline by 12.9% in 2024, and the consumption of melamine in the artificial board industry is expected to drop to 771,100 tons in 2025, a further decrease from 2024 [2]. Profit Margin Compression - The supply-demand pressure has directly impacted corporate profitability, with melamine prices dropping by 20% year-on-year in 2025. As of mid-October, the cash reference price for melamine was 5,084 yuan per ton, while production costs for companies using external urea ranged from 4,778 to 4,856 yuan, resulting in a profit margin of only 228 yuan, down 16 yuan from the previous week [3]. - The core reasons for the shrinking profit margins include persistent weak demand and limited support from raw material prices. The average price of urea in the third quarter of 2025 was 1,762 yuan, reflecting a 6.37% decline from the previous quarter and a 17.27% year-on-year drop [3]. Export Challenges - The export volume of melamine reached 427,300 tons in the first eight months of the year, a 6.2% increase year-on-year. However, the average export price fell by 166.3 USD, resulting in a situation where increased export volume did not translate into higher profits [4]. Industry Structural Adjustments - The industry is witnessing three major trends: increased concentration of enterprises, heightened regional concentration, and a shift towards green and high-end transformation. The market share of the top five melamine companies (CR5) rose from 38% in 2020 to 52% in 2025, indicating a 14 percentage point increase over five years [5]. - By the end of 2025, the total melamine production capacity in China is expected to reach 2.6 million tons, with five regions (Xinjiang, Shandong, Sichuan, Henan, and Shanxi) accounting for 77.5% of this capacity [5]. - The tightening of environmental regulations and the upgrading of downstream demand are driving the need for green and high-end transformation in the industry. The implementation of the new national standard for formaldehyde emissions in 2026 is expected to indirectly boost the demand for environmentally friendly melamine [5][6].