（文章来源：证券日报） 证券日报网讯 12月23日，联泓新科在互动平台回答投资者提问时表示，公司4000吨/年锂电添加剂VC装 置已于12月22日顺利投产，并成功产出合格产品。 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The PVC market is experiencing an upward trend in a volatile manner, but the upward space in the near term is limited. The supply side shows a decrease in the PVC operating rate, while new production capacity has been put into operation. The demand side is affected by the slow improvement of the real - estate market, and downstream orders are poor. The export situation is that although there was a slight increase in export orders last week, the Indian market has low prices and limited demand. The social inventory is still high despite a slight decrease [1]. Summary by Relevant Catalogs 1. Market Analysis - The calcium carbide price in the northwest region of the upstream decreased by 25 yuan/ton. The PVC operating rate decreased by 1.07 percentage points to 78.36% on a month - on - month basis, and it continued to decline, being at a moderately high level in the same period in recent years. In winter, the downstream operating rate of PVC decreased by 3.5 percentage points, and downstream product orders were poor. In terms of exports, PVC increased sales by reducing prices, with a slight increase in export orders last week, but the Indian market price is low and demand is limited. The social inventory decreased slightly last week but is still high, with significant inventory pressure. From January to November 2025, the real - estate market was still in the adjustment phase, with large year - on - year declines in investment, new construction, construction, and completion areas, and further decreases in year - on - year growth rates in investment, sales, new construction, and completion. The weekly sales area of commercial housing in 30 large - and medium - sized cities continued to rise on a month - on - month basis but was still at the lowest level in the same period in recent years. The real - estate market needs time to improve. New production capacities of 300,000 tons/year of Gansu Yaowang and 300,000 tons/year of Jiaxing Jiahua have been newly put into operation. The rebound of bulk commodities such as coking coal boosted market sentiment, the comprehensive gross profit of chlor - alkali decreased, and the operating expectations of some producers declined, but the current production decline is limited, and the futures warehouse receipts are still at a high level. December is the traditional off - season for domestic PVC demand, the social inventory is basically stable, and the market transactions are weak after the spot price rises [1]. 2. Futures and Spot Market Conditions Futures - The PVC2605 contract increased in a volatile manner with a reduction in positions. The lowest price was 4595 yuan/ton, the highest price was 4760 yuan/ton, and it finally closed at 4738 yuan/ton, above the 20 - day moving average, with a gain of 3.02%. The position volume decreased by 5287 lots to 964,843 lots [2]. Basis - On December 23, the mainstream price of calcium carbide - based PVC in the East China region rose to 4410 yuan/ton, and the futures closing price of the V2605 contract was 4625 yuan/ton. The current basis was - 328 yuan/ton, which weakened by 54 yuan/ton and was at a relatively low level [3]. 3. Fundamental Tracking Supply - Affected by plants such as Ningbo Hanwha and Leshan Yongxiang, the PVC operating rate decreased by 1.07 percentage points to 78.36% on a month - on - month basis, and it continued to decline, being at a moderately high level in the same period in recent years. New production capacities of 500,000 tons/year of Wanhua Chemical, 400,000 tons/year of Tianjin Bohua, 200,000 tons/year of Qingdao Gulf, 300,000 tons/year of Gansu Yaowang, and 300,000 tons/year of Jiaxing Jiahua have been put into operation in the second half of the year [4]. Demand - The real - estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, and completion areas, and further decreases in year - on - year growth rates in investment, sales, new construction, construction, and completion. From January to November 2025, the national real - estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. From January to November, the sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; among which, the sales area of residential housing decreased by 8.1%. The sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1%, and the sales volume of residential housing decreased by 11.2%. From January to November, the new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5%; among which, the new construction area of residential housing was 391.89 million square meters, a decrease of 19.9%. From January to November, the construction area of houses of real - estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. From January to November, the completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0%; among which, the completion area of residential housing was 281.05 million square meters, a year - on - year decrease of 20.1%. The overall real - estate market needs time to improve. As of the week ending December 21, the sales area of commercial housing in 30 large - and medium - sized cities increased by 20.86% on a month - on - month basis but was still at the lowest level in the same period in recent years. Attention should be paid to whether real - estate favorable policies can boost the sales of commercial housing [5]. Inventory - As of the week ending December 18, the PVC social inventory decreased by 0.25% to 1.0566 million tons on a month - on - month basis, 28.58% higher than the same period last year. The social inventory decreased slightly but is still high (Longzhong increased the social storage capacity in East and South China from 21 to 41) [6].

"反应尾气综合利用制氮项目"是公司通过对现有偏苯三酸酐生产装置排放的中压富氮尾气进行综合回收 利用。本项目是公司践行节能减排、实现资源循环利用的重要举措，有助于公司降低综合能耗、巩固偏 苯三酸酐产品的竞争优势，并有望产生良好的经济效益，符合国家环保双降、绿色低碳的可持续发展战 略。 智通财经APP讯，正丹股份(300641.SZ)发布公告，公司向不特定对象发行可转换公司债券募集资金投资 项目中的"反应尾气综合利用制氮项目"已完成工程主体建设及设备安装、调试工作，试生产方案及试生 产条件论证报告经专家评审通过，该项目进入试生产阶段。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The EB2602 contract is expected to show a volatile trend in the short term, with technical support around 6390 and resistance around 6690. The domestic styrene supply - demand is shifting towards a looser balance, and the pace of visible inventory depletion is expected to slow down. The non - integrated process losses are deepening, while the integrated process profitability is expanding. The overall demand is difficult to see significant growth [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6509 yuan/ton, down 31 yuan; the trading volume is 445526 lots, up 59642 lots. The long positions of the top 20 holders are 351589 lots, down 18663 lots; the net long positions are - 24911 lots, down 9610 lots. The short positions of the top 20 holders are 376500 lots, down 9053 lots. The contract price for January is 6467 yuan/ton, down 36 yuan. The open interest is 314602 lots, down 228 lots, and the total warehouse receipt quantity is 600 lots, up 500 lots [2] 3.2 Spot Market - The spot price of styrene is 6642 yuan/ton, up 6 yuan. The FOB South Korea middle price is 812.5 dollars/ton, up 17 dollars; the CFR China middle price is 822.5 dollars/ton, up 17 dollars. The mainstream prices in the Northeast, South, North, and East China regions are 6325 yuan/ton (up 50 yuan), 6720 yuan/ton (up 65 yuan), 6525 yuan/ton (unchanged), and 6550 yuan/ton (up 50 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene is 746 dollars/ton (unchanged), the CFR Southeast Asia middle price is 726 dollars/ton (unchanged), the CIF Northwest Europe middle price is 661.5 dollars/ton, up 3 dollars, and the FD US Gulf price is 408 dollars/ton, up 19.5 dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the South China, East China, and North China markets are 661.17 dollars/ton (unchanged), 739 dollars/ton (unchanged), 5300 yuan/ton (unchanged), 5325 yuan/ton (up 40 yuan), and 5150 yuan/ton (unchanged) respectively. The US Gulf FOB price is 279 cents/gallon (unchanged) [2] 3.4 Industry Situation - The overall styrene operating rate is 69.13%, up 0.84 percentage points. The national inventory is 170960 tons, down 7550 tons. The total inventory at the main ports in East China is 13.93 million tons, up 0.46 million tons; the trade inventory is 8.46 million tons, up 0.22 million tons. The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 51.81% (down 1.96 percentage points), 70.1% (down 0.43 percentage points), 54.5% (down 3.8 percentage points), 36% (unchanged), and 79.23% (down 0.94 percentage points) respectively [2] 3.5 Downstream Situation - From December 12th to 18th, the overall output of Chinese styrene factories was 346800 tons, up 2.38% from the previous period, and the factory capacity utilization rate was 69.13%, up 1.02% month - on - month. The consumption of EPS, PS, and ABS in the styrene downstream was 261800 tons, down 3.89% month - on - month. As of December 18th, the styrene factory inventory was 171000 tons, down 4.23% from the previous week. As of December 22nd, the styrene inventory at the East China ports was 139300 tons, up 3.41% from the previous week; the South China port inventory was 11000 tons, down 26.67% from the previous week. As of December 17th, the non - integrated profit of styrene was - 203 yuan/ton, and the integrated profit was 421.08 yuan/ton [2]

每经AI快讯，12月23日，东材科技（601208）(601208.SH)公告称，公司股票于2025年12月19日、12月 22日、12月23日连续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。 公司大部分产品处于完全竞争产业，随着海外制造企业转移，国内竞争对手密集投放产能，技术水平迭 代升级，同质化竞争逐年加剧。公司主导产品的原材料成本占比较高，其采购价格与国际原油价格密切 相关，主要原材料的价格波动可能影响公司经营业绩的稳定性。针对上述风险，公司将坚持差异化产品 策略，积极拓展新兴业务领域、抢占增量市场，持续优化品种结构，合理规划原材料的库存储备，以应 对日益激烈的市场竞争态势。 ...

镇江江化微本次换发安全生产许可证系将"年产22.8万吨超高纯湿电子化学品、副产0.7万吨工业级化学 品及再生项目"中二期项目新增部分产品和产能增加到许可范围内。本次安全生产许可证换发不会影响 公司及子公司正常生产经营。公司及子公司安全生产许可证连续有效，其生产经营符合相关法律法规的 规定。 格隆汇12月23日丨江化微(603078.SH)公布，公司全资子公司江化微（镇江）电子材料有限公司（以下 简称"镇江江化微"）完成安全生产许可证的换发工作，并收到江苏省应急管理厅颁发的《安全生产许可 证》，具体内容如下： 许可范围：氨溶液【含氨>10%】（10300吨/年）、硫酸（25600吨/年）、盐酸（3000吨/年）、过氧化 氢溶液【含量＞8%】（15500吨/年）、2-丙醇（5015吨/年）；有效期：2025年5月18日至2028年5月17 日。 ...

江化微公告称，其全资子公司镇江江化微完成安全生产许可证换发工作，收到江苏省应急管理厅颁发的 证书。该证有效期从2025年5月18日至2028年5月17日，许可范围包括氨溶液、硫酸等多种化学品及对应 年产量。此次换发是将二期项目新增部分产品和产能纳入许可范围，不会影响公司及子公司正常生产经 营，其生产经营符合法规规定。 ...

Core Viewpoint - The Zhejiang Provincial Market Supervision Administration has released the results of a quality supervision inspection for 62 types of products, including hot-rolled ribbed steel bars, water-soluble fertilizers, and portable fire extinguishers, revealing that 210 out of 2331 batches tested were found to be non-compliant [1][2]. Group 1: Inspection Results - A total of 2331 batches of products were inspected, with 210 batches identified as non-compliant, indicating a non-compliance rate of approximately 9% [2][3]. - The inspected products span seven categories, including electrical materials, electronic appliances, mechanical and safety products, building materials, daily and textile products, light industrial products, and agricultural production materials [2][3]. Group 2: Non-Compliant Products - Specific products that failed the inspection include various types of stainless steel pipes, fire safety equipment, and agricultural fertilizers, while no non-compliance was found in several categories such as water-soluble fertilizers and children's shoes [3][4]. - The administration has mandated local market supervision departments to take legal actions against the manufacturers of non-compliant products, including confiscation and administrative penalties [3][4]. Group 3: Follow-Up Actions - The Zhejiang Provincial Market Supervision Administration will ensure that responsible parties rectify the issues identified and will conduct follow-up inspections to verify compliance [3][4]. - For products linked to businesses outside the province, the cases have been forwarded to the respective local market supervision departments for further action [3].

Group 1 - The company has not yet obtained the mining rights for the Nanhuangcaohua coal mine and is currently in the process of renewing the exploration rights for the coal mine [1] - The new mining law, which came into effect on July 1, introduces certain uncertainties regarding the exploration rights [1]

Group 1 - The core business of the company is focused on the research, production, and sales of polyvinyl alcohol (PVA), specialty fibers, vinyl acetate (VAC), and calcium carbide, establishing a complete industrial chain for PVA [1][2] - Since its establishment in 2009, the company has adhered to an integrated operation model, emphasizing green and sustainable development, and has developed a circular economy industrial chain centered on PVA [2] - The company has an annual production capacity of 130,000 tons for PVA and ranks among the top three in the industry for PVA production in 2024, with a calcium carbide production capacity of 870,000 tons [2] Group 2 - The company’s products are in high demand, operating at full capacity with low inventory levels, and achieving high utilization and sales rates [2] - The company has established long-term stable partnerships with influential manufacturers in various industries, both domestically and internationally, exporting products to over 40 countries [3] - The company’s PVA products have received recognition, including brand certification from the China Council for the Promotion of International Trade, and are used in various applications such as banknote paper and functional films [3]