Report Industry Investment Rating - Not provided in the content Core Viewpoints - The global logistics of pure benzene is experiencing significant changes, with an increasing proportion of US dollar-denominated pure benzene supplies entering factories and warehouses [1] - After the return of maintenance of styrene plants in China from December 2024 to January 2025, China has once again become a net exporter of styrene, and this trend is expected to continue [29] Summary by Directory Japan's Pure Benzene and Styrene Import and Export Data from January to February 2025 - Japan's pure benzene exports exceeded 30,000 tons for two consecutive months in January and February 2025, with 74,400 tons in January (a record high) and 59,000 tons in February. The increase was due to the maintenance of multiple styrene plants in Japan, leading to a decline in pure benzene demand. Asian supplies, including those from Japan and South Korea, are expected to have a strong bearish impact on the US market in March [1] - Japan's styrene exports were at a five-year low in the same period due to numerous plant maintenance. In January, 31,300 tons were exported, and in February, 14,700 tons were exported. 65% of Japan's styrene exports from January to February went to South Korea. Japan's first export of styrene to Mexico reflects the current situation where the US has no trouble exporting styrene after a large number of European styrene plants shut down [3] South Korea's Pure Benzene and Styrene Import and Export Data from February to March 2025 - In March 2025, South Korea exported 299,777 tons of pure benzene, with 287,975 tons to China, 11,802 tons to Taiwan, 6,000 tons to Singapore, and 500 tons to Japan. South Korea's exports to the US and Taiwan were at historical lows in the same period. The significant reduction in South Korea's pure benzene trade volume to Taiwan was due to low downstream demand and a shift in procurement to Indian pure benzene [5] - In February 2025, South Korea exported 18,200 tons of styrene (a month-on-month decrease of 11,900 tons) and imported 61,600 tons (a month-on-month increase of 21,000 tons), resulting in a net import of 43,400 tons. South Korea exported 14,400 tons of styrene to Turkey due to the maintenance of Middle Eastern plants and imported 10,000 tons of US styrene that was shipped at the end of December [8] - South Korea's pure benzene production decreased from 560,000 tons in January to 480,000 tons in February. With low production and high exports in February, South Korea's pure benzene inventory decreased by about 30,000 tons. Some refinery reforming units in South Korea are planned to reduce production or undergo maintenance from April to May, and production is expected to decline. However, the current expectations of production reduction and maintenance from April to May have basically been reflected in the Alpha price in May (rising from $18 to $22) [12] - South Korea's styrene production decreased from 150,000 tons in January to 140,000 tons in February. The inventory from January to February was at a historical low in the same period [14] China's Pure Benzene and Styrene Import and Export Data from January to February 2025 - China's pure benzene imports remained at a high level from January to February 2025, with 470,000 tons imported in January and 518,000 tons in February. China's pure benzene imports have entered the "500,000-ton era." The rumored 50,000 tons of Saudi pure benzene shipment to China in late January was disproven by customs data (only 10,000 tons of Omani pure benzene were imported in February). The shutdown of Saudi styrene plants did not lead to a large-scale pure benzene logistics flow from the Middle East to China but instead redirected the logistics to India. In the import structure from January to February, the import volume of Indian supplies increased significantly, reaching a record high, with 38,600 tons imported in January and 24,000 tons in February. The pure benzene trade volume from Southeast Asia also increased significantly, mainly due to the shutdown and maintenance of styrene plants in Singapore and phenol plants in Thailand, as well as fewer pure benzene maintenance activities in Southeast Asia from January to February. Only Indonesia's exports of pure benzene to China decreased due to the shutdown of the aromatics complex of TPPI and Pertamina [19] - China's estimated pure benzene imports in March 2025 are around 530,000 tons. The proportion of US dollar-denominated pure benzene supplies to trade warehouses decreased significantly in the first quarter of 2025. From January to March 2025, the proportion of US dollar-denominated pure benzene supplies in total imports is expected to be less than 25%. This reflects two issues: ① Traders with downstream pure benzene factory resources prefer to directly send goods to factories. Especially for pure benzene traders with long-term contracts, they are bound to incur losses this year, and storing goods in traders' warehouses will further magnify the losses. Therefore, actively matching downstream factories is a good way to reduce losses. ② The pure benzene directly arriving at Lianyungang Ruiheng and Satellite may be the marginal volume contributing to the decrease in the proportion of US dollar-denominated BZ arriving at the main ports in East China [27] - In January 2025, China imported 51,500 tons of styrene and exported 3,400 tons. In February, the import volume was 17,100 tons, and the export volume was 48,800 tons. After the 140,000-ton/year styrene plant of Hong Kong Petrochemical (now acquired by Guoen) restarted at the beginning of January after a long-term shutdown, China's South China region began to export styrene to Hong Kong in February. Due to the planned maintenance of many styrene plants in Japan in the first quarter, 3,000 tons of styrene were exported to Japan in January. Overall, after the return of maintenance of styrene plants in China from December 2024 to January 2025, China has once again become a net exporter of styrene, and this trend is expected to continue. It is estimated that China's styrene exports will further increase in March, with about 30,000 tons to South Korea and 20,000 - 30,000 tons to other countries (Taiwan, India) [29] India's Pure Benzene and Styrene Import and Export Data in 2024 - In 2024, India exported a total of 1.27 million tons of pure benzene, an increase of 140,000 tons compared to 2023. In terms of flow direction, the volume to the Middle East decreased significantly (-154,100 tons), while the volume to Northeast Asia increased significantly (+273,500 tons). Among them, 143,000 tons were exported to China (+82,000 tons) and 227,000 tons to Taiwan (+191,000 tons) [32] - In 2024, India imported a total of 1.12 million tons of styrene, an increase of 50,000 tons compared to 2023. Specifically, the styrene exports from Northeast Asia to India increased by 95,500 tons, and those from the Middle East to India increased by 76,100 tons. The styrene exports from Southeast Asia to India decreased by 110,000 tons [40]

闫建涛建议，中国企业要通过供应链转移、签署长期合同、扩张中国本土产能、寻找替代产品、提升中 国自给率、申请豁免等方式应对挑战；二是成立相关产品战略储备，开发替代原料技术路线，促进关键 依赖品进口多元化，设立重点材料技术攻关专项和完善能源化工品期货对冲工具。 中国出口美国的石化产品以塑料、橡胶、有机化学品为主，"对等关税"导致中国相关化工产品在美国市 场的价格优势大幅削弱。中国橡胶工业协会会长徐文英接受《中国化工报》记者采访时表示，美国增加 关税将极大增加中国橡胶制品出口美国的难度，基本上很难再出口。以轮胎企业为例，不少轮胎企业选 择在东南亚建厂的方式将产品出口至美国，然而东南亚也是此次美国关税政策的重灾区，阻断了中国轮 胎企业的"另辟蹊径"。徐文英认为，要通过刺激国内需求、扩大国内市场，来弥补失去的国外市场。 "面对严峻考验，我国轮胎行业要进一步加大基础研究力度，缩小与世界先进水平的差距；要坚持创新 发展，加强新技术研发，并在全产业链推广应用；要重视AI技术在轮胎研发、生产制造、物流运行和 渠道营销等方面的赋能作用，沿着绿色、稳固、可持续方向发展。"中国橡胶工业协会副秘书长兼轮胎 分会秘书长史一锋说。 中国塑 ...

Core Viewpoint - The recent decline in raw material prices, particularly crude oil and coal, is expected to positively impact the company's procurement costs, although the overall profitability is influenced by product supply and demand dynamics rather than just raw material costs [2]. Group 1: Stock Performance - As of April 3, 2025, Hengli Petrochemical (600346) closed at 15.46 yuan, down 0.26%, with a turnover rate of 0.12%, a trading volume of 83,700 shares, and a transaction value of 130 million yuan [1]. Group 2: Investor Inquiries - The company confirmed that the Secretary of the Board is Mr. Li Feng and there has been no change in this position [3]. - The company has not yet deployed DeepSeek but is actively exploring the integration of artificial intelligence in production processes to enhance efficiency and optimize operations [2]. Group 3: Trading Information - On April 3, 2025, the net outflow of main funds was 13.74 million yuan, accounting for 10.57% of the total transaction value; the net outflow of speculative funds was 6.18 million yuan, making up 4.75% of the total; while retail investors showed a net inflow of 19.93 million yuan, representing 15.33% of the total transaction value [4].

Core Perspective - Nanjing is promoting itself as a hub for innovation and investment through a unique narrative represented by five key maps: coordinate map, panoramic map, matrix map, route map, and heat map [1][3] Group 1: Economic and Historical Significance - Nanjing has a rich history with over 3000 years of city establishment, recognized as a national historical and cultural city [3] - The city's economic output is 1.85 trillion, ranking it among the top ten cities in China [3] - Nanjing hosts over 1 million university students and ranks third in the number of "Double First Class" universities nationwide [3] - The city maintains stable economic and trade cooperation with over 210 countries and regions [3] - Nanjing has been awarded "Most Livable City" 15 times, reflecting its high quality of life [3] Group 2: Industrial Development Strategy - Nanjing is focusing on becoming an industrial powerhouse by enhancing its four pillar industries: petrochemicals, steel, automotive, and electronics [6][8] - The city aims to develop eight strategic emerging industries, including software and information services, smart grid, intelligent manufacturing, biomedicine, new energy vehicles, and new materials [8] - Four industry task forces have been established to focus on breakthroughs in artificial intelligence, robotics, biomedicine, and next-generation information communication [8] Group 3: Innovation and Research Infrastructure - Nanjing is building a matrix of four strategic technological forces to become a globally influential innovation center [12] - The city has established high-level laboratories and is leading the construction of national innovation centers in various fields [12] - Major technological infrastructure projects, such as the Future Network Experimental Facility, have been completed [12] Group 4: Technology Transfer and Commercialization - Nanjing is creating a pathway for technology transfer and commercialization, aiming to be the preferred location for such activities [14] - The city is establishing a national technology transfer center focused on biomedicine and information communication [14] - A comprehensive support system for innovation and industry incubation is being developed, involving collaboration among scientists, entrepreneurs, and investors [14] Group 5: Business Environment Optimization - Nanjing is continuously improving its business environment by implementing a lifecycle service model for enterprises [17][19] - The city has established an integrated government service matrix that has been promoted nationwide [19] - A total of over 200 billion yuan has been allocated to the "4+N" industrial fund to enhance financial support for businesses [19]

Core Viewpoint - Satellite Chemical achieved record growth in 2024, with revenue of 45.6 billion yuan, a 10.0% increase year-on-year, and a net profit of 6.1 billion yuan, up 26.8% [1] Group 1: Financial Performance - In 2024, Satellite Chemical's revenue reached 45.6 billion yuan, marking a 10.0% year-on-year growth [1] - The company's net profit attributable to shareholders was 6.1 billion yuan, reflecting a 26.8% increase compared to the previous year [1] - R&D investment hit a new high of over 1.75 billion yuan, a 7.7% increase, accounting for 3.8% of revenue [1] Group 2: Industry Context - The petrochemical industry saw a revenue recovery in 2024, but total profits declined by 8.8% year-on-year, highlighting structural issues such as excess low-end capacity and a shortage of high-end supply [1] Group 3: Strategic Developments - The successful operation of an 800,000-ton multi-carbon alcohol facility in July 2024 enhanced the company's C3 industry chain integration, improving resource allocation efficiency and industry resilience [2] - Ongoing projects, such as the acrylic acid project, are expected to provide raw material support for high-value downstream chemical products, driving sustainable growth [2] Group 4: Innovation and R&D - Satellite Chemical's R&D investment of 1.75 billion yuan in 2024 positions it as a leader in the industry, with over 500 global patents, including more than 100 in catalysts and new materials [3] - The company achieved international advanced levels in two key technologies: a green process for producing 1-butene and a high-activity catalyst for polyethylene elastomers [3][4] Group 5: Innovation Ecosystem - The establishment of the Future R&D Center aims to enhance innovation capabilities, focusing on key strategic materials and creating a global collaborative innovation platform [4][5] - Partnerships with top universities are being developed to accelerate the transformation of research outcomes into production capabilities [5] Group 6: Competitive Advantages - Satellite Chemical's dual strategy of "technology leadership and management leadership" supports its high-quality development, optimizing processes and enhancing product value [6] - The company has developed a low-energy consumption process for producing ethylene glycol, achieving a conversion rate of over 99.995% [6] Group 7: Green Initiatives - The company integrates low-carbon strategies into its operations, achieving significant energy efficiency and earning multiple industry accolades for its environmental performance [8][9] - Satellite Chemical has established a comprehensive carbon footprint management system, covering all production stages and achieving certifications for several products [8] Group 8: AI Integration - The company is exploring AI applications in the chemical industry to enhance operational efficiency and market responsiveness [10] - AI-driven projects have been recognized as exemplary digital initiatives, contributing to improved production planning and resource utilization [10]

本次活动精心安排上市公司实例分享、市场宏观环境研判、上市公司融资服务方案介绍等多环节， 是一次近距离、全方位的企业服务交流。后续，银河证券将针对参会企业需求，通过有效整合企业、券 商、媒体等活动关联资源，为企业及股东客户提供一站式、全链条延展服务。 2025年，"中国银河证券·星耀企业家办公室"将持续整合公司企业服务资源，通过企业家办公室活 动平台，助力拓展企业家及家庭核心圈层，不断扩大企业服务边际效应。银河证券将始终秉持"金融报 国 客户至上"的服务理念，深刻把握金融工作"功能性"，积极投身并融入区域产业和经济发展。未来， 中国银河证券将继续同各方紧密携手，服务于国家战略，实现高质量发展。（CIS） 杨超提到，我国将面临新一轮科技革命和国际竞争挑战与机遇，政策重心进一步从"稳市场"向"强 机制"过渡。他还对2025年中国A股市场的趋势、风格和结构进行了分析。 荣子光重点介绍了当前相关部门对并购重组的最新政策，并以案例讲解的形式剖析了多类并购重组 的不同路径和风险点。这一贴合资本市场当前热点趋势的发言受到了参加上市公司的好评。 唐志伟介绍了人工智能的最新趋势，以及中国证券报在如何利用人工智能提升信披效率和质量 ...

不许中国买石油，白宫开危险一枪，美专机直飞北京，中间人已行动 不让中国买伊朗的石油，白宫打算怎么做？美国专机已直飞北京，中间人已开始行动，中国的态度怎样？ 美国政府正试图切断伊朗的资金链，如何阻止伊朗继续出口原油是重中之重，中国与伊朗的能源交易再次被美国盯上。美国财政部近日发表声明，宣布对中 国山东寿光鲁清石化有限公司，以及华瀛（惠州大亚湾）石化码头仓储有限公司进行制裁，制裁原因是这两家公司购买伊朗原油，其中山东这家企业据称购 买了数百万桶的伊朗原油，价值约5亿美元。美国国务院发言人强调，这一轮制裁是根据美国总统特朗普对伊朗施压的行动实施的，最终目的是将伊朗的石 油出口，包括对中国的石油出口降低为零！ 对于美国的相关制裁，中国外交部重申中方一贯反对滥施非法单边制裁和"长臂管辖"，呼吁美国停止干扰和破坏中伊的正常商贸合作。外交部还强调将采取 必要措施，维护中企合法权益。由此可见，中国并不认可美国的制裁行动，不会因为美国的制裁威胁，就主动停止与伊朗的合作。 事实上，美国一边对中国企业进行制裁，另一边还要拉着中国进行对话，一架美国专机已直飞北京。3月20号，蒙大拿州共和党参议员戴恩斯抵达北京访 问，他成为特朗普开启 ...

[Table_MainInfo] 宏观研究 证券研究报告 宏观周报 2025 年 3 月 16 日 相关研究 [Table_ReportInfo] 《财政周期：序幕开启——财政部新闻发 布会解读》2024.10.12 《假期经济：恢复如何？——国内高频指 标跟踪（2024 年第 38 期）》2024.10.7 《"可感可及"的宏观转向周——国内高 频指标跟踪（2024年第 37期）》2024.9.29 出口或边际改善 ——国内高频指标跟踪（2025 年第 11 期） [Table_Summary] 投资要点： 经济改善的幅度或有小幅波动，如服务消费、新房销售等，仍有待政策继续 发力。消费方面，商品消费表现相对稳定，但服务消费有所回落，尤其是电 影消费热度回落至低于同期低位。投资方面，基建资金到位速度放缓，或对 后续形成工作量有一定影响，地产销售中一、二手房的分化仍在持续，基建 和地产建设进度均偏慢。进出口方面，韩国进出口和港口数据显示，3 月初 出口情况或边际改善。生产方面，钢铁行业持续改善，煤电和石化行业震荡 下行。库存方面，建材库存持续处于低位，或因为持续供应偏低。物价方面， CPI 中有分化，PPI 中 ...

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第六， 2月服务业PMI环比下降0.3个点至50。航空、邮政、信息服务、生态环保景气领先；景气偏低的行业 集中在两类，一类是生产性服务业（租赁商务、道路运输、水上运输、批发），一类是与居民线下消费（住 宿、餐饮），统计局在解读中提到与"节后假日效应消退"等因素有关 [2] 。从过去几个月来看，2024年12 月服务业PMI环比大幅上行，其中包含资本市场相关行业的高位、生产性服务业的活跃；1月受春节前居民生 活半径扩张影响，与居民出行相关的交通运输服务业、住宿餐饮服务业景气环比明显改善。2月节假日效应消 退，叠加部分行业工作日较短（元宵节位于2月12日），因此出现较集中的环比下行。 第一， 随着节后复工推进，2025年2月制造业PMI环比上行1.1个点至50.2。 在经历了1月的季节性回落 后，经济景气重回2024年9月以来的修复趋势，绝对景气度略高于2024年12月的50.1。 中观景气面同步改 善，15个细分制造业行业中共7个位于景气扩张，好于2025年1月的5个，持平于2024年12月。 第二， 从行业景气度 ...

Investment Rating - The report rates the electric equipment industry as "Positive" [3] Core Insights - The Guangdong carbon market has achieved a near balance between carbon emission allowances issued and actual emissions, although it remains slightly loose. The total carbon emissions from key industries such as steel, cement, paper, petrochemicals, civil aviation, and electricity are approximately 355-396 million tons, with average allowances issued around 425-451 million tons [1][2] - By 2025, significant changes are expected in the industries under the Guangdong carbon market, with steel and cement likely exiting the market to comply with national regulations, while the textile industry is anticipated to be included with a control scale of approximately 1.5-4 million tons [2] Summary by Sections Section 1: Background and Mechanism of Guangdong Carbon Market - The Guangdong carbon market was established to address climate change, with a goal to reduce carbon emissions by 40%-45% by 2020 compared to 2005 levels. The market began operations in 2013, covering key industries [11][12] - The total carbon emission allowances represent 75%-90% of Guangdong's total emissions (excluding Shenzhen), with the power generation sector being the largest contributor [12][13] Section 2: Key Issues in the Guangdong Carbon Market - The report analyzes the carbon emissions and theoretical allowances for each regulated industry, noting that the overall emissions are directly related to production capacity and utilization rates [38] - The carbon market has seen a gradual expansion in the number of regulated industries, with the threshold for inclusion being lowered over time [17][18] - The distribution of allowances combines free and paid methods, with a significant portion of allowances being issued for free to encourage compliance and reduce costs for industries [19][22]