成本支撑短期反弹，苯乙烯供过于求 一、 日度市场总结 通惠期货研发部 能源化工 纯苯&苯乙烯日报 通惠期货•研发产品系列 2025 年 9 月 3 日 星期三 （1）基本面 价格：9 月 2 日苯乙烯主力合约收跌 1.13%，报 6934 元/吨，基差 66（+44 元/吨）；纯苯主力合约收跌 1.23%，报 5936 元/吨。 成本：9 月 2 日布油主力收盘 64.6 美元/桶（+0.6 美元/桶），WTI 原油主 力合约收盘 68.1 美元/桶（+0.6 美元/桶），华东纯苯现货报价 5810 元/吨（- 75 元/吨）。 库存 17.9 万吨（+1.8 万吨），环比累库库 10.8%，苯乙烯累库幅度较大。 纯苯港口库存 13.8 万吨（-0.6 万吨），环比去库 4.2%。 供应：苯乙烯 9 月将有装置检修，供应预计有所减少。目前，苯乙烯周产 量 36.9 万吨（-0.2 万吨），工厂产能利用率 78.1%（-0.4%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 58.3%（-2.6%）， ABS 产能利用率 70.8%（-0.3%），PS 产能利用率 59.9%（+2.4%）。 ...

大宗商品研究 甲醇日报 2025 年 9 月 3 日 能源化工研发报告 甲醇日报 1 / 4 研究员：张孟超 从业资格号：F3068848 【重要资讯】 截至 2025 年 9 月 3 日，中国甲醇港口库存总量在 142.77 万吨，较上一期数据增加 12.84 万吨。其中，华东地区累库，库存增加 11.33 万吨；华南地区累库，库存增加 1.51 万吨。 【逻辑分析】 供应端，当前西北煤炭主产地煤矿开工率提升，需求下滑，原料煤价格持续回落， 西北主流甲醇企业竞拍价格坚挺，煤制甲醇利润在 650 元/吨附近，甲醇开工率高位稳 定，国内供应持续宽松。进口端，美金上周价格小幅下跌，进口顺挂扩大，伊朗装置基 本正常，非伊开工稳定，外盘开工高位，欧美市场稳定，中欧价差持续修复，东南亚转 口窗口关闭，伊朗 8 月装 104 万吨，印度受制裁影响伊朗货源，伊朗降价招标，中国流 向增加，非伊货源稳定。需求端，传统下游进入淡季，开工率回落，MTO 装置开工率 回升，兴兴 69 万吨/年 MTO 装置停车；南京诚志 1 期 29.5 万吨/年 MTO 装置负荷不满， 其配套 60 万吨/年甲醇装置正常运行；2 期 60 万吨/ ...

（原标题：上纬新材9月3日龙虎榜数据） 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交4.66亿元， 其中，买入成交额为8731.86万元，卖出成交额为3.78亿元，合计净卖出 2.91亿元。具体来看，今日上榜营业部中，第一大买入营业部为东方财富证券股份有限公司拉萨团结路第二证券营业部，买入金额为1962.35万 元，其次是中国国际金融股份有限公司深圳分公司，买入金额1875.01万元。卖出营业部中，卖出金额居首的是联储证券股份有限公司上海中山西 路证券营业部，卖出金额为14066.11万元。 9月3日上纬新材(688585)收盘价82.66元，收盘下跌15.31%，全天换手率5.60%，振幅13.13%，成交额19.10亿元。科创板交易公开信息显示，当日 该股因日收盘价跌幅达15%等上榜。 资金流向方面，该股今日全天主力资金净流出4.15亿元。 另据统计，近半年该股累计上榜龙虎榜17次，上榜次日股价平均涨12.97%，上榜后5日平均涨84.55%。（数据宝） 上纬新材9月3日龙虎榜 | 买入营业部名称 | 买入 | | --- | --- | | 金额(万元) | | | 东方财富证券股份有限公司 ...

Core Insights - The manufacturing PMI for August recorded at 49.4%, showing a month-on-month increase of 0.1 percentage points, remaining below the expansion line for five consecutive months [13] - The non-manufacturing PMI rose to 50.3%, up 0.2 percentage points, indicating continued expansion for 32 months [13] - The overall economic environment is characterized by rising raw material prices, improved production expectations, and increased downstream procurement demand, supporting the recovery of the manufacturing PMI [21] Industry Overview Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both declined, while the DXI Index increased by 1.67% to 89861.27 points [23] - The price of DDR5 DRAM memory increased by 1.05% to $6.05, while the NAND Index decreased by 0.08% [26] - In July, North American PCB shipments and order volumes turned positive, with shipments up 20.70% year-on-year [28] Midstream Manufacturing - The photovoltaic price index increased, with prices for battery cells, modules, and silicon wafers all rising [22] - Port cargo throughput and container throughput showed a year-on-year increase, indicating improved logistics activity [22] Consumer Demand - The average retail sales for air conditioners, refrigerators, and washing machines turned positive year-on-year, indicating a recovery in consumer spending [22] - Movie ticket prices increased, while box office revenues showed a decline, reflecting mixed trends in the entertainment sector [22] Resource Products - The price of Brent crude oil rose by 3.01%, while most industrial metal prices declined, with copper and cobalt prices increasing [22] - The national cement price index decreased, indicating a slowdown in construction activity [22] Financial Real Estate - The land transaction premium rate increased, and the area of commodity housing transactions rose, suggesting a slight recovery in the real estate market [22] - The A-share turnover rate and daily trading volume increased, reflecting heightened market activity [22] Public Utilities - Domestic natural gas ex-factory prices decreased, while UK natural gas futures prices also fell [22]

Core Insights - FTSE Russell announced significant adjustments to the FTSE China A50 Index and other related indices, effective after the market close on September 19, 2025 [2] - The adjustments include the inclusion of several innovative pharmaceutical and CPO sector stocks, while traditional dividend stocks have been removed from the FTSE China A50 Index [2][4] Group 1: Index Adjustments - The FTSE China A50 Index will now include stocks such as BeiGene (百济神州-U), Xinyisheng (新易盛), WuXi AppTec (药明康德), and Zhongji Xuchuang (中际旭创) [2][3] - Stocks removed from the index include China Nuclear Power (中国核电), China Unicom (中国联通), Guodian NARI (国电南瑞), and Wanhua Chemical (万华化学) [2][3] Group 2: Performance Metrics - Zhongji Xuchuang's stock price reached 426.19 CNY per share with a year-to-date increase of 246.45%, making it the second-largest company by market capitalization on the ChiNext board [4] - Xinyisheng's stock price increased nearly 350% year-to-date, with a total market capitalization of 367.4 billion CNY [6] - WuXi AppTec's stock price rose over 100% year-to-date, with a market capitalization of 325.5 billion CNY [6] - BeiGene's stock price also increased over 100% year-to-date, with a market capitalization of 280.7 billion CNY [6] Group 3: Stocks Removed and Their Performance - The stocks removed from the FTSE China A50 Index experienced declines in stock price year-to-date: China Nuclear Power down 14.55%, China Unicom down 2.14%, Guodian NARI down 1.43%, and Wanhua Chemical down 0.56% [6] - The latest market capitalizations for the removed stocks are 180.2 billion CNY for China Nuclear Power, 171.6 billion CNY for China Unicom, 171.7 billion CNY for Guodian NARI, and 209.4 billion CNY for Wanhua Chemical [6] Group 4: Other Index Adjustments - The FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index also underwent adjustments, with the FTSE China 50 Index remaining unchanged [8] - The FTSE China A150 Index added stocks such as China Nuclear Power and China Unicom while removing stocks like BeiGene and WuXi AppTec [8] - The FTSE China A200 Index included stocks like Huahong Semiconductor and Shengyi Technology while removing others [8] - The FTSE China A400 Index added 34 stocks including Yipinhong and Changfei Fiber, while also removing 34 stocks [8]

Core Viewpoint - The overall performance recovery is slowing down, with mid-cap growth stocks showing outstanding growth. The expansion of the AI trend and manufacturing overseas is expected to drive continued capacity cycle expansion, maintaining a differentiated structure of cyclical growth [1][2]. Group 1: Overall Performance - In H1 2025, the net profit of the entire A-share non-financial sector increased by 1.59% year-on-year, with revenue growth at 0.66%, indicating strong resilience despite rising operating costs leading to a narrowing of gross profit growth [2]. - The performance growth is differentiated across sectors, with the main board, ChiNext, and North Exchange showing a slowdown, while the growth of the Sci-Tech Innovation Board rebounded significantly [2]. - Mid-cap stocks outperformed in growth, while large-cap stocks showed resilience, and small-cap stocks experienced a noticeable decline [2]. Group 2: Sector Performance - The technology growth sector, including optical electronics, semiconductors, and communication equipment, continued to show high prosperity driven by overseas AI investments and domestic substitution demand [3]. - The cyclical sector faced pressure, but precious metals and minor metals still grew rapidly due to rising expectations of overseas interest rate cuts and tight supply [3]. - Essential consumption faced general pressure, but sectors like breeding, feed, and animal health showed significant growth due to capacity reduction and the expansion of the pet economy [3]. Group 3: Capacity Operation - In Q2 2025, traditional cyclical resources and equipment manufacturing industries are experiencing strong capacity decommissioning intentions, while emerging industries and new materials are showing expansion characteristics [4]. - The capacity utilization rate in emerging technology hardware and some consumer industries remains high, with marginal improvements observed [4]. - The capacity cycle is entering an expansion phase, particularly in emerging technology industries, new consumption, and certain cyclical materials [4].

Group 1 - As of the end of Q2 2023, QFII held shares in 1145 A-share companies with a total market value exceeding 140 billion yuan [1][3] - In Q2, QFII initiated positions in 813 new stocks, increased holdings in 173 stocks, reduced holdings in 126 stocks, and maintained positions in 33 stocks [2][6] - The banking sector remains a primary focus for QFII, with the top four holdings being banks, including Nanjing Bank and Ningbo Bank, both of which saw increased QFII holdings in Q2 [3][6] Group 2 - Significant adjustments were observed in QFII's holdings in sectors such as machinery, hardware equipment, chemicals, and electrical equipment, while coal and building materials saw reductions [2][7] - The top sectors by QFII holdings include banking (670.35 billion yuan), hardware equipment (181.97 billion yuan), and machinery (67.28 billion yuan) [9] - New QFII heavyweights in Q2 included companies like Haowei Group and Jianghuai Automobile, with respective market values of 1.45 billion yuan and 675 million yuan [6][8] Group 3 - The distribution of QFII's new heavyweights shows a preference for hardware equipment, machinery, and chemicals, with hardware equipment leading at 40.79 billion yuan in market value [8][9] - The top ten QFII holdings by market value include Ningbo Bank (36.16 billion yuan) and Nanjing Bank (23.19 billion yuan) [6][9] - QFII's new positions in sectors like industrial trade and telecommunications indicate a diversification strategy [2][7]

减持方式及对应减持数量方面，集中竞价减持不超过1300万股，大宗交易减持也不超过1300万股。不 过，采取集中竞价交易方式时，在任意连续90日内，减持股份的总数不超过公司股份总数的1%；采取 大宗交易方式时，在任意连续90日内，减持股份的总数不超过公司股份总数的2%。减持价格将按市场 价格确定，若计划减持期间有派息、送股、资本公积金转增股本、配股、可转债转股等股份变动事项， 拟减持股份数量和比例将相应进行调整。 近日，彤程新材料集团股份有限公司发布股东减持股份计划公告，披露股东舟山市宇彤创业投资合伙企 业（有限合伙）（以下简称"宇彤投资"）的减持计划。 截至公告披露日，宇彤投资持有彤程新材23,894,623股，占公司股份总数的3.99%（以公司截至2025年8 月26日总股本598,955,455股为基数计算）。其中，IPO前取得22,706,723股，集中竞价交易取得 1,187,900股。宇彤投资并非公司控股股东、实控人及一致行动人，也不属于公司董事、监事和高级管理 人员，为5%以下股东，且无一致行动人。 因自身资金需求，宇彤投资拟通过集中竞价交易和/或大宗交易方式合计减持不超过1300万股，即不超 过 ...

证券代码：002783 证券简称：凯龙股份 公告编号：2025－070 湖北凯龙化工集团股份有限公司 关于 2021 年限制性股票激励计划第二批暂缓授予部分 特别提示： 票数量为 9.735 万股，占公司目前总股本的 0.0195%。 异。 湖北凯龙化工集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召 开了第九届董事会第二次会议，审议通过了《关于 2021 年限制性股票激励计划 第二批暂缓授予部分第一个解除限售期解除限售条件成就的议案》。董事会认为 公司 2021 年限制性股票激励计划第二批暂缓授予部分第一个解除限售期的解除 限售条件均已成就。根据公司 2022 年第二次临时股东大会对董事会的授权及《湖 北凯龙化工集团股份有限公司 2021 年限制性股票激励计划（草案修订稿）》（以 下简称"《激励计划》"）的规定，同意为符合解除限售条件的 3 名激励对象解除 限售的 9.735 万股限制性股票，现就相关事项公告如下： 第一个解除限售期解除限售股份上市流通的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本次激励计划批准 ...

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, effective after market close on September 19, 2025 [2][3] - The FTSE China A50 Index will include new A-shares: BeiGene Ltd (688235.SH), Neway Valve (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Xuchuang (300308.SZ) [2] - The index will remove A-shares: China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian Nanjing Automation (600406.SH), and Wanhua Chemical (600309.SH) [2] Group 2 - The FTSE China A50 Index is a significant reference for overseas investors, and historical adjustments have attracted substantial passive capital from abroad [3] - The FTSE China 50 Index remains unchanged, with only the list of candidate stocks updated, including China Hongqiao (01378), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [3]