Group 1 - High Energy Environment reported a net profit of 502 million yuan for the first half of 2025, an increase of 20.85% year-on-year, while revenue decreased by 11.20% to 6.7 billion yuan [1] - Angel Yeast plans to acquire 55% of Shengtong Sugar Industry for 506 million yuan, which will make Shengtong a subsidiary [1] - Wentech Technology's shareholders plan to reduce their holdings by up to 1% of the company's shares, amounting to approximately 12.45 million shares [1][2] Group 2 - *ST Zhengping clarified that it is not involved in the Yarlung Zangbo River downstream hydropower project, despite market speculation [2] - Aidi Te announced that two shareholders plan to reduce their holdings by up to 3% of the company's shares, totaling approximately 319,690 shares [3] - *ST Baoying intends to publicly transfer 50.1% of its stake in Danhua Renewable Energy for an initial price of 30 million yuan, expecting a loss of about 29.4 million yuan [5] Group 3 - Yaoji Technology's controlling shareholder plans to reduce their holdings by up to 3% of the company's shares, approximately 1.25 million shares [6] - China Haicheng reported a net profit of 152 million yuan for the first half of 2025, an increase of 8.52% year-on-year, with total revenue of 2.745 billion yuan [8] - Shenzhou Information's major shareholder plans to reduce their holdings by up to 0.97%, approximately 9.5 million shares [9] Group 4 - Betaini's major shareholder plans to reduce their holdings by up to 2%, approximately 842,590 shares [10] - Guotou Intelligent's shareholders plan to reduce their holdings by up to 1.35%, approximately 11.59 million shares [12] - Shen Shui Institute confirmed it is not participating in the Yarlung Zangbo River downstream hydropower project [14] Group 5 - Xidi Micro announced a risk of losing control over its subsidiary Zinitix due to alleged misconduct by current directors [15] - Tiantian Technology's controlling shareholder plans to reduce their holdings by up to 3%, approximately 38.95 million shares [17] - Ningbo Color Master announced a plan to reduce holdings by up to 1.38%, approximately 231,550 shares [19] Group 6 - Dongguan Holdings plans to publicly transfer 20% of its stake in Dongguan Songshan Lake Microfinance Company for a base price of 48.12 million yuan [21] - Bohai Leasing's subsidiary Avolon intends to purchase 15 A330NEO and 75 A321NEO aircraft from Airbus [22] - Dongfang Fortune reported that shareholder Shen Yougen's stake has decreased to 0.19% after transferring 158.8 million shares [23] Group 7 - Quanzhu Co. plans to raise up to 180 million yuan through a private placement to fund AI-based projects [24] - Zhongjin Gold announced that its subsidiary in Inner Mongolia has ceased operations following a tragic incident [25] - *ST Xinchao has changed its chairman and legal representative, appointing Zhang Junyu as the new chairman [27]

1. Report Industry Investment Rating - The investment rating for the plastics industry is "Oscillating Upward" [1] 2. Core View of the Report - The report suggests a strategy of buying on dips or implementing a 09 - 01 reverse spread. Although there are issues such as high inventory and low - season demand in the plastics industry, the upcoming release of a new round of stability - growth work plans for key industries and the elimination of old and backward devices are expected to improve market sentiment [1] 3. Summary by Relevant Catalogs Strategy Analysis - On July 24, the plastic operating rate remained at around 87%, a neutral level. The PE downstream operating rate rose 0.64 percentage points to 38.51%, still at a relatively low level in recent years. The petrochemical de - stocking speed has accelerated, but the inventory is still high. The coal price has risen significantly due to production checks. With new capacity coming on - stream and restart of some devices, the plastic operating rate has increased slightly. Considering the upcoming policies and market sentiment improvement, it is recommended to buy on dips or implement a 09 - 01 reverse spread [1] Futures and Spot Market Conditions - Futures: The plastics 2509 contract oscillated upward with a decrease in positions, closing at 7385 yuan/ton, up 0.89%. The trading volume decreased by 16,764 lots to 371,617 lots [2] - Spot: The PE spot market showed mixed price movements, with price changes ranging from - 30 to + 50 yuan/ton. LLDPE was priced at 7160 - 7440 yuan/ton, LDPE at 9280 - 9630 yuan/ton, and HDPE at 7620 - 8250 yuan/ton [3] Fundamental Tracking - Supply: On July 24, the number of overhaul devices changed little, and the plastic operating rate remained at around 87%, a neutral level [4] - Demand: As of the week of July 18, the PE downstream operating rate rose 0.64 percentage points to 38.51%. The agricultural film is in the off - season with a slight decrease in orders, while packaging film orders increased slightly. The overall downstream operating rate is still at a relatively low level in recent years [4] - Inventory: The petrochemical early inventory on Thursday decreased by 15,000 tons to 750,000 tons, 40,000 tons higher than the same period last year. The de - stocking speed has accelerated, but the inventory is still high [4] - Raw Materials: Brent crude oil's October contract oscillated around $68/barrel. The Northeast Asian ethylene price remained flat at $830/ton, and the Southeast Asian ethylene price also remained flat at $820/ton [4]

摘要：【图】2025年5月中国初级形态塑料产量数据分析 2025年5月初级形态塑料产量统计： 初级形态塑料产量：1190.0 万吨 据统计，2025年5月我国规模以上工业企业初级形态塑料产量与上年同期相比增长了10.2%，达1190.0万 吨，增速较上一年同期高5.9个百分点，继续保持增长。 详见下图： 图1：中国初级形态塑料产量分月（当月值）统计图 2025年1-5月初级形态塑料产量统计： 同比增长：10.2% 增速较上一年同期变化：高5.9个百分点 增速较上一年同期变化：高3.8个百分点 据统计，2025年1－5月，我国规模以上工业企业初级形态塑料产量与上年同期相比增长了10.1%，达 5809.8万吨，增速较上一年同期高3.8个百分点，继续保持增长。详见下图： 图2：中国初级形态塑料产量分月（累计值）统计图 注：初级形态的塑料2004年及以前名称为塑料树脂及共聚物，简称塑料。 从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000 万元。 产业调研网为您提供更多 石油化工行业最新动态 石油的现状和发展趋势 化工行业现状与发展趋势 日化市场现状及前景分析润滑油 ...

Group 1: Core Insights - The competition in the electric vehicle (EV) market is intensifying, with a focus on extending driving range through lightweight materials [1] - Jingbo has launched the LA640T high-impact copolymer polypropylene, which redefines automotive interior lightweight standards by balancing lightweight and high strength [1][2] - The LA640T material significantly reduces weight in key components, contributing to improved EV range and energy efficiency [2] Group 2: Material Innovations - The LA640T polypropylene features an exceptional melt flow index of 66.0g/10min, doubling the processing efficiency compared to standard high melt flow polypropylene [2] - The material's density (0.90~0.91g/cm³) and high flow characteristics allow for substantial weight reductions, such as 4KG less for the dashboard skeleton compared to steel [2] - The innovative design of LA640T enhances safety and comfort by improving energy absorption in side impacts while maintaining structural integrity [3] Group 3: Sustainability and Future Directions - Jingbo aims to promote the rapid growth of modified polypropylene in strategic emerging industries through continuous technological and service innovations [4] - The company is focused on developing high-performance, low-energy, and recyclable materials, expanding its chemical recycling polypropylene product line [4] - Future developments will emphasize high performance, green low-carbon solutions, and the global commercialization of recycling technologies [4]

完善期货品种 深化市场开放 我国正从塑料生产大国加快向强国转型，如何增强我国企业在国际市场中的话语权成为业内焦点。近 日，大连商品交易所(以下简称大商所)于大连召开的提升塑料期货价格影响力研讨会上，参会代表围绕 更好发挥期货市场功能作用、服务中国塑料"走出去"积极建言献策。 记者了解到，我国塑料产业规模全球第一，但定价方式却长期受制于人。2024年，我国塑料产量占全球 比重接近30%，聚氯乙烯(PVC)、聚丙烯(PP)等品种出口增速均超过50%，东南亚以及非洲、南美等新 兴市场成为中国塑料的重要出口目的地。然而，塑料品种的国际贸易定价多依赖于境外现货价格指数或 直接采取"一口价"模式，缺乏透明度和公允性，难以匹配我国企业的全球布局需求。 对此，多位企业代表认为，当前塑料期货已逐步成为国内现货贸易重要的定价基准，未来进一步提升塑 料期货价格影响力、探索推动塑料期货在国际贸易定价中的应用，将有助于我国企业将生产优势转化为 市场优势，增强中国价格的国际影响力和化工企业的国际竞争力。 有代表提出，提升塑料期货价格影响力的首要任务是丰富期货品种供给。浙江明日控股集团董事长韩新 伟表示："塑料品种类别牌号众多，无论境内还 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年7月23日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，据隆众统计，2025年6月PVC产量为199.134万吨，环比减少1.40%；本周样本企业产能利 用率为77.59%，环比增加0.01个百分点；电石法企业产量34.032万吨，环比增加0.63%,乙烯法企业产 量11.589万吨，环比增加1.31%；本周供给压力有所增加；下周预计检修有所减少，预计排产增加幅度 可观。 需求端来看，下游整体开工率为40.11%，环比减少1个百分点，低于历史平均水平；下游型材开工率为 34.55%，环比持平，低于历史平均水平；下游管材开工率为33.75%，环比减少3.92个百分点，低于历 史平均水平；下游薄膜开工率 ...

1. Report Industry Investment Rating - The investment rating for the plastics industry is "Oscillating Upward" [1] 2. Core View of the Report - The plastics market is expected to experience a strong oscillation in the near future. It is recommended to switch to buying on dips or engage in a 09 - 01 reverse spread strategy. This is due to factors such as the restart of previously shut - down production facilities, the impact of coal price increases on costs, the current situation of downstream demand, and positive market sentiment driven by government policies [1] 3. Summary by Relevant Catalogs Strategy Analysis - On July 22, the restart of maintenance devices in Zhejiang Petrochemical Phase II LDPE and Shanghai SECCO HDPE led to the plastics operating rate rising to around 87%, currently at a neutral level. The downstream PE operating rate increased by 0.64 percentage points to 38.51% week - on - week. Although the agricultural film is in the off - season with a slight decrease in orders, packaging film orders increased slightly. The overall downstream PE operating rate is still at a relatively low level in recent years. The de - stocking speed of petrochemicals was slow last week, and petrochemical inventory is at a relatively high level in recent years. Due to coal production inspections, coal prices have risen significantly. With new production capacity coming on - stream and the restart of maintenance devices, and considering government policies, it is recommended to buy on dips or engage in a 09 - 01 reverse spread [1] Futures and Spot Market Conditions - **Futures**: The plastics 2509 contract reduced positions and oscillated upward, with a low of 7264 yuan/ton, a high of 7373 yuan/ton, and a final closing price of 7368 yuan/ton, above the 60 - day moving average, up 1.26%. The open interest decreased by 13,406 lots to 394,148 lots [2] - **Spot**: Most of the PE spot market prices rose, with price changes ranging from - 50 to + 50 yuan/ton. LLDPE was reported at 7130 - 7440 yuan/ton, LDPE at 9240 - 9630 yuan/ton, and HDPE at 7660 - 8220 yuan/ton [3] Fundamental Tracking - **Supply**: On July 18, there were few changes in maintenance devices, and the plastics operating rate remained at around 84%, currently at a neutral level [4] - **Demand**: As of the week of July 18, the downstream PE operating rate increased by 0.64 percentage points to 38.51% week - on - week. The agricultural film is in the off - season, with a slight decrease in orders, while packaging film orders increased slightly. The overall downstream PE operating rate is still at a relatively low level in recent years [4] - **Inventory**: Petrochemical early - morning inventory on Tuesday decreased by 30,000 tons to 790,000 tons compared to the previous day, 25,000 tons higher than the same period last year. The de - stocking speed of petrochemicals was slow last week, and petrochemical inventory is at a relatively high level in recent years [4] - **Raw Materials**: The Brent crude oil 09 contract fell to $68/barrel. The price of Northeast Asian ethylene remained flat at $830/ton week - on - week, and the price of Southeast Asian ethylene also remained flat at $820/ton [4]

值得注意的是，虽然电子等台湾地区外销主力产业4-5月份对美订单大幅增长，但这与美国厂商"提前备 货"有关，并不代表无风险。调查报告发现，台湾地区高科技产业中有逾四成厂商预估未来营收将明显 下滑，"显示美国关税政策若进一步延伸至半导体及关键零组件，台湾地区整体出口结构恐将面临深层 冲击"。 调查报告同时结合多场座谈与访谈，归纳出台湾地区中小企业当前面临的五大结构性挑战，包括汇率剧 烈波动、工业电价3年累计涨幅66%、AI与绿色转型门槛、缺工与人才排挤，还有当局协助政策信息落 差等。"民间版冲击影响评估"提出五大政策建议，分别为稳定汇率、检讨能源政策、扩大稳定就业措施 与劳工保障、设立AI转型专责单位、建立贸易协助单一窗口。管中闵还提醒说，若美国经济衰退1%， 台湾地区经济衰退约0.29%，但若大陆经济衰退1%，台湾地区最高恐衰退0.39%，"因此关税战对大陆的 影响也要注意"。学者林祖嘉称，这是初步调查，未来还要思考如果"对等关税"超过30%可能带来的冲 击，以及新台币升值对产业的影响。 美国政府8月1日的"关税大限"将至，台"经济部长"郭智辉21日称"目前还在谈判中"，台"行政院副院 长"郑丽君将第4次赴美谈 ...

Core Insights - The third China International Supply Chain Promotion Expo highlighted China's commitment to deepening cooperation in global supply chains amidst the restructuring of global industrial chains [1] - The "Global Supply Chain Promotion Report" presented at the expo emphasized that enhancing global supply chain resilience relies on the synergy of development environment, connectivity, and innovation capabilities [1] - The report introduced a new paradigm for supply chain management, suggesting that resilience is achieved through dynamic balance across the entire supply chain rather than strengthening individual segments [1] Group 1: Supply Chain Resilience - Supply chain vulnerabilities often stem from price fluctuations and supply disruptions, with the futures market emerging as a key tool for risk management [1] - Futures markets provide hedging and basis trading models that help companies build risk management systems to cope with price volatility, thereby enhancing supply chain resilience and promoting international cooperation [2] Group 2: Futures Market Impact - The introduction of lumber futures in November 2024 is expected to provide a fair and authoritative price benchmark for trade and processing enterprises, improving pricing transparency and standardization across the industry [2] - The plastic industry has seen significant changes, with domestic companies increasingly participating in international supply chains, and plastic futures becoming an important pricing benchmark for domestic spot trading [3] - The comprehensive layout of futures for crude oil, fuel oil, and other energy products provides a buffer against price fluctuations, while the launch of carbon lithium futures supports the development of the new energy industry [4] Group 3: Future Outlook - As the international influence of China's futures market grows, domestic companies can leverage price signals from the futures market to secure better conditions in international trade, enhancing competitiveness and promoting deeper integration of global supply chains [5]

Core Viewpoint - The PVC futures market is experiencing a slight decline in prices, with a weekly drop of 1.52%, while the overall supply-demand dynamics remain weak, indicating a potential bottoming phase in the market [1][3][4] Market Performance - As of July 18, 2025, the main PVC futures contract closed at 4937 yuan/ton, with a weekly trading range between 4980 yuan/ton and 5027 yuan/ton, and a lowest point of 4922 yuan/ton [1] - The trading volume increased by 17,071 contracts compared to the previous week [1] Supply and Demand Analysis - The downstream operating rate for PVC decreased by 1.77% to 41.11%, with pipe manufacturing down by 1.83% to 37.67% and profile manufacturing down by 0.2% to 34.55% [2] - PVC social inventory rose by 2.89% to 591,800 tons compared to the previous week, but showed a year-on-year decrease of 7.66% [2] - The production of PVC last week was 466,000 tons, a decrease of 0.37 tons or 0.80% from the previous period, with a capacity utilization rate of 78.62% [3] Institutional Perspectives - Southwest Futures indicates that the PVC market is likely to enter a phase of consolidation due to an oversupply situation, with limited downward potential [3] - Hualian Futures notes that the supply side is facing challenges due to maintenance of production facilities, while demand remains weak, particularly in the real estate sector [4] - The cost side is influenced by the prices of raw materials, with current prices for calcium carbide and ethylene at 4850-4950 yuan/ton and 4900-5100 yuan/ton respectively [3]