Core Viewpoint - The successful trial production of POE products by Dingjide's subsidiary marks a significant step towards establishing a complete and controllable POE production chain, addressing the growing demand in the photovoltaic and automotive sectors [1][2][3][4] Group 1: Production and Technology - Dingjide's trial production of POE products has achieved stable operation and met international standards, laying a solid foundation for the planned annual production of 200,000 tons of POE [1] - The company has independently developed and verified the performance of metallocene catalysts, which are crucial for POE production, achieving industry-leading standards [1][4] - The successful trial production indicates that Dingjide has overcome three major technical challenges in POE domestic production, enhancing its competitive edge in the market [4] Group 2: Market Demand and Applications - The demand for POE in the renewable energy sector is expected to surge, with projections indicating a potential global demand of nearly 1 million tons by 2025, significantly outpacing other application areas [2] - Dingjide is targeting major automotive manufacturers, as the lightweight and weather-resistant properties of POE make it suitable for various automotive components, further driving demand [3] - The company aims to fill the current domestic supply gap in POE production, as existing capacities are nearly non-existent, positioning itself as a key player in the market [2][3] Group 3: Strategic Positioning - Dingjide has established strong relationships with downstream customers in the polyolefin industry, particularly in antioxidant and POE particle applications, providing a solid foundation for customer expansion [2] - The company’s ability to produce its own metallocene catalysts and α-olefins allows it to maintain control over the entire POE production chain, reducing reliance on foreign technology and enhancing profit margins [4] - With the completion of trial production, Dingjide is well-positioned to capture a larger market share in the trend of domestic substitution for high-end materials [4]

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]

Core Viewpoint - Renqiu City is undergoing a significant industrial transformation from a traditional oil-based economy to a more diversified and sustainable model, focusing on new energy and advanced materials, driven by the dual carbon goals and digital transformation initiatives [1][2][5]. Group 1: Economic Transformation - Renqiu's GDP is projected to reach 70.22 billion yuan in 2024, with the industrial and service sectors driving growth, as the proportion of the secondary industry decreases from 69.1% in 2011 to 47.2% in 2024, while the tertiary industry increases from 26.6% to 50.7% [2]. - The city is shifting its petrochemical industry from a "fuel-type" to a "material-type" focus, emphasizing green oil products and fine chemicals through integrated refining and extending the industrial chain [2][3]. Group 2: Innovation and Technology - North China Petrochemical is enhancing its research capabilities and focusing on the development of green low-carbon projects, including bio-jet fuel and high-value new materials, with a production target of 1.352 million tons of aviation kerosene in 2024 [3]. - The company is also advancing a 200,000 tons/year carbon capture and utilization project, aiming to establish a benchmark in the carbon capture and utilization sector [3]. Group 3: Digital Transformation - Renqiu is leading in digital transformation, with 1,561 companies adopting cloud technologies, ranking first in Cangzhou, showcasing a commitment to upgrading traditional industries through digital means [7]. - North China Petrochemical is implementing a "smart refining" system and has launched a 5G fully connected factory, which has been recognized in the Ministry of Industry and Information Technology's 2024 5G factory directory [5][7]. Group 4: Business Environment Improvement - Renqiu has streamlined its business approval processes, reducing the time for enterprise migration from 5 days to 1 day, significantly enhancing the ease of doing business and attracting companies from the Beijing-Tianjin region [8][9]. - The city has implemented a "one-day completion" commitment for approvals, allowing for same-day business registration and operational commencement for migrating companies [9][10].

南亚市场崛起 在亚洲石化行业整体面临危机的大背景下，南亚新兴市场的崛起，为行业带来了新的希望。印度化学品 和石化制造商协会秘书长谢卡尔·巴拉克里希南表示，作为亚洲新兴的大型市场，印度凭借蓬勃发展的 终端应用行业，成为石化产品需求"增长的灯塔"。 近年来，印度经济快速发展，正逐步成为世界上增长最快的经济体之一。汽车、基础设施、建筑等终端 应用行业的强劲崛起，为石化行业的发展奠定了坚实基础。这些行业对石化产品的大量需求，将印度石 化行业推向了新的高度。巴拉克里希南表示，印度石化行业已进入新的增长阶段。目前，印度斯坦石油 公司计划今年在印度西部拉贾斯坦邦巴尔默的炼油和石化综合设施也将开始商业运营，该综合设施可年 产82万吨乙烯和40万吨丙烯。 值得一提的是，在追求经济增长的同时，印度也特别关注环境责任。巴拉克里希南强调，印度石化行业 正在积极拥抱循环经济，尤其是在聚合物领域。例如，印度如今已能将90%以上的聚对苯二甲酸乙二醇 酯(PET)瓶回收制成高附加值物品，在解决全球材料浪费危机的同时，也为再利用和回收创造了巨大机 会。 在全球经济与产业格局深刻变革的当下，亚洲石化行业正站在命运的十字路口。近日，在2025年亚 ...

Core Viewpoint - The article discusses the challenges faced by the Shanghai Composite Index in breaking through the 3400-point barrier, highlighting the current high valuation levels and the lack of supportive policies or improved earnings expectations as key obstacles [4][10]. Valuation Analysis - The static PE ratio of the Wind All A (excluding financials) is currently at 31.51 times, which is at the 49th percentile since 2000, the 54th percentile over the past decade, and the 100th percentile over the last three years, indicating that the market is nearing its high tolerance for valuations [6][10]. - Compared to global equity markets, the valuation of Wind All A (excluding financials) is relatively high, with the Nasdaq at 44 times, S&P 500 (excluding financials) at approximately 30 times, and the Hang Seng Tech Index at 21 times, suggesting that A-shares lack a solid foundation to maintain levels above 3400 points [9][10]. Market Conditions - The article emphasizes that without new incremental policy support or significant improvements in earnings expectations, the market is unlikely to sustain levels above 3400 points. Current trade environment pressures limit the feasibility of large-scale policy stimulus [10]. - The Producer Price Index (PPI) has shown a continuous decline, with a year-on-year drop of 3.3% in May, indicating that A-share earnings are unlikely to improve in the near term [10]. Future Market Outlook - The market is expected to experience volatility, with a higher probability of downward movement. The focus will likely shift towards sectors with more predictable earnings, suggesting a strategy of seeking certainty and avoiding underperforming stocks [10][11]. - In the absence of significant changes in policies or PPI, a notable rise in the Shanghai Composite Index above 3400 points would be seen as a signal to reduce positions rather than increase them [11]. Structural Opportunities - The article outlines different market styles based on historical data since 2015, indicating that stable styles (e.g., utilities, consumer staples) are favored during external risks or tightening policies, while cyclical styles (e.g., materials, industrials) thrive in improving economic conditions [13][14]. - Growth styles (e.g., technology, emerging industries) depend on upward industry trends, policy support, and liquidity, while consumer styles are closely tied to economic recovery and consumer confidence [15][16]. - Currently, the market environment is characterized by weak earnings and low capital inflows, which is unfavorable for cyclical, growth, and consumer styles, but relatively beneficial for stable and financial styles [19]. Investment Recommendations - The article suggests a balanced allocation strategy, focusing on sectors with potential marginal improvements such as petrochemicals, brokerages, non-ferrous metals, military, and electric power, as well as industries aligned with policy and industry trends like AI applications, gaming, communication, and semiconductors [19].

纯苯苯乙烯周报：压缩利润 国泰君安期货研究所·黄天圆 投资咨询从业资格号：Z0018016 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint 淡季压缩利润，旺季小反弹 1. 端午节后，原油大幅上涨，支撑苯乙烯绝对价格估值。 2. 5月开始了一轮来自终端贸易商补库形成的淡季正反馈，当前苯乙烯下游中PS>EPS>ABS，PS改善最为明显。产 业链上游液体隐性库存逐步去化，转移到下游固体塑料粒子。ABS受到家电拖累，整体表现一般。PS下游库存 结构快速转好，工厂库存压力逐步降低，并且原料备货并不多，当前反而是下游中最好的。EPS工厂目前接到 618订单不多，成品库存偏高，但是实际压力并不大，超卖为主。当前家电企业实际的备货情况也一般。终端 需求处于低预期、低备货的格局，和年初刚好相反。这决定了今年的金九银十的反弹仍然存在。 3. EB高利润逐步刺激高供应，小装置逐步重启；区域物流改变，港口加速累库。周内部分小产能装置、僵尸产 能开始陆续讨论重启计划，华东某POSM工厂6月中旬大概率也会出料，苯乙烯供应在高利润刺 ...

人民网沈阳6月13日电 （殷韬）6月9日至13日，外交部组织来自13个国家的18位驻华使节、外交官 和代表赴辽宁，举办以"辽宁石化 链接全球"为主题的"驻华使节地方行"活动。 辽宁作为中国重要的石化产业基地，具有丰富的资源禀赋和深厚产业基础。近年来，辽宁在石化行 业转型升级中取得了显著成效，吸引国际关注。在此次活动中，使节团来到工业园区实地调研，进入工 厂近距离观察，这不仅让各国使节全方位了解辽宁石化产业规模化、绿色化、高端化、集群化的发展之 路，更为中外石化产业的合作和发展搭建了重要平台，创造国际合作新机遇。 大连的长兴岛是东北石化产业的一张名片，坐落于此的恒力石化产业园更是其中的一颗明星。它是 全球PTA（对苯二甲酸）产能最大的基地之一，其工艺技术和装置能效水平处于行业领先地位，是首批 国家级绿色工厂。马来西亚驻华使馆公参王程星表示，马来西亚每年能生产数量可观的化工原料，"我 们希望能在产业链的上、中、下游有更进一步的发展，我们十分期待与中国企业在生产技术、延长生产 线、绿色转型等方面的合作。"比利时驻华使馆公参姚婷娜在参观后感叹中国石化产业的蓬勃发展，并 期待两国能在石化产业开展进一步合作。 6月10日 ...

Core Viewpoint - The event "Liaoning Diplomats' Visit" aimed to promote Liaoning's petrochemical and fine chemical industries, enhancing international understanding of China's Northeast revitalization strategy and the integration of its petrochemical sector into the global supply chain [1][2]. Group 1: Event Overview - The Ministry of Foreign Affairs organized a visit for 18 diplomats and business representatives from 13 countries to Liaoning from June 9 to 13, focusing on the theme "Liaoning Petrochemicals Link to the World" [1]. - The "Local Diplomats' Visit" series is part of a broader initiative to leverage diplomatic resources for high-quality development and international cooperation [1]. Group 2: Industry Promotion - The visit highlighted Liaoning's advantages in the petrochemical and fine chemical industries, showcasing its role as a significant petrochemical base in China [1]. - The delegation visited key industrial parks and companies, including the Changxing Island Fine Chemical Innovation Park and several major petrochemical firms, to experience the strengths of Liaoning's petrochemical sector [2]. Group 3: Industry Development Insights - Representatives noted that Liaoning's fine chemical industry is diverse and has made significant progress in areas such as catalysts, electronic chemicals, and new chemical materials [2]. - The delegation expressed intentions to strengthen communication and cooperation among industry players in Liaoning, aiming for shared opportunities and mutual benefits [2].

"我们真诚欢迎各位使节和所在国家的企业以此次活动为契机，与辽宁企业家们建立起更加紧密的联 系，对接产业需求，深入探寻同辽宁石化产业乃至中国石化产业的合作机遇"。姚绍俊代表外交部外事 管理司，重申了"驻华使节地方行"这一品牌活动的宗旨——为各国驻华使领馆深入了解中国地方发展优 势、为中国地方拓展国际合作搭建平台、提供助力。 "耳闻之不如目见之，目见之不如足践之。"姚绍俊在致辞中引用古语点明此行的深意。交流会前夕，使 节团深入大连、营口、盘锦等地重点企业和园区实地考察。全球最大的PTA生产基地恒力石化展示了全 产业链的高效运作；宝来利安德巴赛尔石化有限公司聚焦高端聚烯烃生产；千亿级中沙合资的华锦阿美 精细化工及原料工程项目等，无不展现辽宁从原油炼化到高端新材料的完整链条和强大制造实力。 阿根廷驻华大使马致远在致辞中直言："辽宁全产业链整合的规模令人震撼，我们非常希望加深合作， 在产业链条上实现优势互补。"圭亚那驻华大使周雅欣对企业的智能化水平印象深刻："参观企业的智能 中控系统与无人化生产线，为圭亚那探索低碳制造提供了全新视角。" 交流会上，抚顺、辽阳等重点石化城市领导推介城市产业优势与投资环境。沈阳科创化学品有 ...

Core Viewpoint - The visit of diplomats from 13 countries to Liaoning Petrochemical highlights China's advancements in the petrochemical industry, focusing on high-end, intelligent, and green transformation practices [1][3]. Group 1: Industry Development - Liaoning is one of China's seven major petrochemical industry bases, with Dalian Changxing Island being a representative site for the development of the northeastern petrochemical industry [1]. - The Hengli Petrochemical Industrial Park exemplifies a complete industrial chain model, connecting refining to chemical production, showcasing a "from a drop of oil to a piece of cloth" approach [1]. - The region is actively promoting the development of high-value-added industries such as fine chemicals and new chemical materials to address the challenges of the petrochemical sector [4][6]. Group 2: Environmental Practices - The visit included a tour of a wastewater treatment facility, demonstrating the integration of modern industrial practices with environmental protection, featuring advanced technologies that purify wastewater to a chemical oxygen demand of below 15 mg/L [3][4]. - The facility's design incorporates green spaces and showcases the use of treated water for ecological purposes, reflecting a commitment to sustainable practices [3][4]. Group 3: International Cooperation - The visit fostered discussions on deepening cooperation between China and countries like Argentina and Pakistan in the petrochemical sector, with diplomats expressing interest in China's achievements and potential collaboration opportunities [3][8]. - The ongoing project between Saudi Aramco and Chinese enterprises, with an investment of 83.7 billion yuan, signifies the importance of international partnerships in the evolving petrochemical landscape [8].