Core Viewpoint - Yongtai Technology has initiated legal action against Tianci Materials, claiming defamation and seeking compensation of 57.52 million yuan after Tianci accused Yongtai of infringing on its trade secrets [1][5]. Group 1: Legal Actions - Yongtai Technology and its subsidiary Shaowu Yongtai High-tech Materials Co., Ltd. have filed lawsuits against Tianci Materials, demanding a total compensation of 57.52 million yuan for defamation [1]. - The lawsuits were filed in response to Tianci Materials' claims regarding the illegal acquisition of its liquid lithium hexafluorophosphate technology by former employees [5]. Group 2: Company Responses - Yongtai Technology has stated that it only produces solid lithium hexafluorophosphate and has not engaged in the production or sale of the liquid variant involved in the dispute [5]. - The company asserts that it has not purchased any trade secrets from the former employee of Tianci and that the technology in question was developed independently [5]. Group 3: Allegations and Counterclaims - Tianci Materials has accused Yongtai Technology of using its illegally obtained technology in a project with an annual capacity of 134,000 tons of liquid lithium salt [5]. - Yongtai Technology claims that Tianci has repeatedly used media to defame the company and that these actions are intended to influence ongoing bidding processes, thereby attempting to eliminate competition [5].

Core Viewpoint - The article provides a comprehensive analysis of the pure benzene industry, highlighting its production processes, supply chain dynamics, and market trends, particularly focusing on the impact of downstream demand and global trade flows [3][5][17]. Summary by Sections Pure Benzene Overview - Benzene (C6H6) is a colorless, flammable liquid that serves as a fundamental petrochemical raw material, indicating the development level of a country's petrochemical industry [3][12]. Pure Benzene Industry Chain - The main downstream products of pure benzene include styrene, caprolactam, phenol, aniline, and adipic acid, with styrene consumption being the largest but declining in recent years due to real estate market influences [12][16]. Production Process - Pure benzene is produced as a byproduct in various chemical processes, with its output influenced by the profitability of producing other chemicals like PX and the demand for blending oil [16]. Global Capacity and Distribution - Global pure benzene capacity has accelerated, primarily driven by China, with Northeast Asia accounting for nearly half of the total capacity [17][24]. Trade Flows - The global trade flow of pure benzene moves from major production areas to consumption regions, with China, the US, and Europe being the primary consumers [20][41]. Domestic Capacity and Production - By the end of 2024, China's pure benzene capacity is projected to reach 25.73 million tons, with significant capacity additions in 2022 and 2023, although growth is expected to slow in 2024 [24]. Seasonal Operation Rates - The operational rates of domestic pure benzene facilities exhibit seasonality, aligning with refinery maintenance schedules, particularly in spring and autumn [33]. Downstream Demand - Downstream demand for pure benzene has been increasing, especially since 2021, driven by the commissioning of styrene and other downstream facilities, although the share of styrene has been declining [35]. Import and Export Dynamics - Domestic pure benzene is primarily imported, with significant imports from South Korea and Southeast Asia, while exports remain minimal [41]. Profitability - The profitability of pure benzene production is typically assessed through the price spread between pure benzene and naphtha, with variations depending on market conditions [46]. Supply and Demand Balance - The supply-demand balance for pure benzene is influenced by various factors, including production costs and downstream demand fluctuations [50]. Futures Contracts - Futures contracts for pure benzene are traded on the Dalian Commodity Exchange, with specific trading units and delivery standards outlined [53][54]. Delivery Standards - The delivery standards for pure benzene include specifications for appearance, purity, and various chemical content limits, ensuring quality control in trading [54][55]. Delivery Areas and Pricing - Delivery areas for pure benzene are strategically chosen to facilitate trade, with pricing adjustments based on regional supply and demand dynamics [56].

据介绍，该项目由被告四王国超、被告五邵鸿鸣具体负责，并由被告十浙江美阳国际工程设计有限公司进行项目产线设计，并由被告六上海桦置工程科技有 限公司（该公司由郑飞龙、被告八姜存华与何人宝成立，实控人为何人宝）承接项目部分。 基于江西省九江市濂溪区人民法院已做出的一审《刑事判决书》所审查查明的事实及原告掌握的被告实施的侵权行为，九江天赐认为，被告具有明显的侵权 故意，应就其共同侵权行为承担连带赔偿责任。因此，九江天赐依法向法院提起诉讼，请求判令被告立即停止侵害技术秘密信息的行为，销毁侵权项目中的 生产产线设备及生产工艺资料，销毁承载商业秘密的专用设备、存储设备及工艺资料，共同赔偿经济损失及律师费用，并在相关媒体上赔礼道歉，消除影 响。 天赐材料表示，因本次诉讼事项中公司的全资子公司作为原告，预计不会对公司当期损益产生直接的负面影响。但因本案尚未开庭审理，亦不排除在审理过 程中达成和解或进行调解的可能，公司目前尚无法判断本次公告的诉讼对公司期后利润的影响。公司将密切关注本次诉讼事项的后续进展情况，并按照相关 规定履行信息披露义务。 天赐材料作为一家在行业内具有重要影响力的企业，此次提起的诉讼不仅是为了维护自身的合法权 ...

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. is applying for listing on the Beijing Stock Exchange, focusing on the development, production, and sales of ketoxime products, establishing a green circular industry chain [1][3]. Group 1: Company Background - The company has developed a green circular industry chain consisting of ketoxime/aliphatic oxime, oxime silane, and hydroxylamine series products [1]. - The chairman, Lei Jun, previously held positions at Juhua Co., Ltd., including general manager and deputy general manager [1][3]. Group 2: Related Party Transactions - The company has significant related party transactions with Juhua Group, with procurement amounts of 32,965.04 million, 29,940.15 million, and 26,620.75 million yuan over the past three years, accounting for 38.28%, 35.65%, and 28.38% of total procurement respectively [3][4]. - In 2023 and 2024, the company plans to procure raw materials from Juhua Group amounting to 81,949,053.10 yuan and 65,417,991.14 yuan respectively [4]. Group 3: Raw Material Supply and Production Capacity - Juhua Group sold ketoxime materials to Jinhua New Materials for 16,276.9 million yuan and 13,365.89 million yuan in 2023 and 2024, respectively, which exceeds the procurement amounts disclosed by Jinhua [5]. - Jinhua New Materials is expanding its own production capacity for ketoxime, with a planned production start in June 2024, aiming to reduce reliance on external procurement [5]. Group 4: Market Conditions and Product Pricing - The utilization rate of the company's core product, silane crosslinking agent, decreased from 96.19% in 2023 to 76.15% in 2024, with no explanation provided in the prospectus [7]. - The company has been reducing the sales prices of silane crosslinking agents due to a downturn in downstream market demand, particularly in the construction and photovoltaic sectors [8].

亚星化学(600319)今日下跌8.23%，全天换手率22.01%，成交额5.44亿元，振幅15.12%。龙虎榜数据显 示，营业部席位合计净卖出1074.29万元。 上交所公开信息显示，当日该股因日振幅值达15.12%、日跌幅偏离值达-8.41%上榜，营业部席位合计净 卖出1074.29万元。 4月26日公司发布的一季报数据显示，一季度公司共实现营业收入1.99亿元，同比增长5.61%，实现净利 润-4604.51万元。（数据宝） 亚星化学7月3日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中国银河证券股份有限公司北京中关村大街证券营业部 | 1140.37 | | | 买二 | 国泰海通证券股份有限公司总部 | 759.78 | | | 买三 | 中国国际金融股份有限公司上海分公司 | 730.51 | | | 买四 | 国金证券股份有限公司深圳分公司 | 674.75 | | | 买五 | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券 | 583.32 | | ...

Core Viewpoint - The article discusses the advancements in green bio-manufacturing, particularly focusing on the synthesis of aliphatic short-chain diamines and diols from renewable resources, highlighting the importance of reducing reliance on fossil resources and addressing environmental concerns [3][4][5]. Group 1: Importance of Green Bio-Manufacturing - The chemical industry is a significant part of the national economy, with over 100,000 types of fine chemical products globally. Traditional production methods heavily rely on fossil resources, leading to resource depletion and CO2 emissions [4]. - Transitioning to renewable resources for bio-manufacturing is crucial for achieving a clean, low-carbon, and sustainable environment. China has set goals to replace traditional chemical raw materials with bio-based materials [4][5]. Group 2: Advances in Bio-Synthesis - Significant progress has been made in the bio-synthesis of 1,3-propanediamine, 1,4-butanediamine, and their corresponding diols, with commercial applications already realized by companies like DuPont and Genomatica, achieving cost reductions of 37% and energy savings of 30% compared to petrochemical processes [5][6]. - Companies such as Ningxia Yipin Biotechnology and Shanghai Kaisi Bio-Industry have successfully scaled up the production of 1,5-pentanediamine using whole-cell catalysis, claiming a 30% cost reduction compared to traditional methods [5][6]. Group 3: Challenges in Bio-Synthesis - Despite advancements, challenges remain in the bio-synthesis of most diamines and diols, including high production costs and the lack of natural biosynthetic pathways for certain compounds [6][7]. - Research is focused on developing bio-synthesis routes using non-food biomass and one-carbon feedstocks to reduce fossil resource dependence and CO2 emissions [6][7]. Group 4: Metabolic Pathways and Carbon Cycling - The article outlines the carbon cycling and metabolic pathways involved in utilizing renewable resources for bio-manufacturing, emphasizing the role of biomass derived from agriculture, forestry, and waste [8][9]. - Various metabolic pathways for sugars derived from lignocellulosic biomass have been identified, which can be utilized for synthesizing short-chain diamines and diols [11][13]. Group 5: Synthesis Routes for Specific Compounds - Detailed synthesis routes for 1,3-propanediamine and 1,3-propanediol are discussed, highlighting the use of key amino acid precursors and various microbial pathways [20][21]. - The synthesis of 1,4-butanediamine and 1,4-butanediol involves multiple pathways, including those utilizing ornithine and arginine, with significant advancements in microbial engineering to enhance yields [23][24]. - The article also covers the synthesis routes for 1,5-pentanediamine and 1,5-pentanediol, focusing on the use of lysine as a precursor and the challenges in achieving high yields [25][26].

Core Viewpoint - The company plans to establish a wholly-owned or controlling subsidiary in the China-Malaysia Qinzhou Industrial Park to invest in the construction of a project with an annual production capacity of 153,000 tons of polyamine series products in three phases [1] Group 1: Project Details - The first phase of the project will require an investment of approximately 800 million yuan, with fixed asset investment around 720 million yuan and working capital of about 80 million yuan [1] - The construction cycle is set to be completed within 4 months after obtaining the real estate registration certificate, with project construction starting within 1 month after obtaining the construction permit [1] - The entire engineering construction is expected to be completed within 18 months after the start of construction, followed by equipment installation and commissioning to be completed within 3 months after construction completion [1] Group 2: Production Capacity - The project will primarily produce ethylenediamine, diethylenetriamine, triethylenetetramine, piperazine, and tetraethylenepentamine among other polyamine series products [1] - Upon reaching full production capacity in the first phase, the project is expected to achieve an annual output of 40,000 tons of ethylene amine series products [1]

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-7-3 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 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。 每日观点 纯碱： 1、基本面：碱厂检修零星启动，供给仍处高位；下游浮法和光伏玻璃日熔量平稳，终端需求一 般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1210元/吨，SA2509收盘价为1205元/吨，基差为5元，期货贴 水现货；中性 3、库存：全国纯碱厂内库存176.69万吨，较前一周增加2.33%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面供强需弱，短期预计低位震荡运行为主。 利多： 1、下游玻璃盘面回升，提振纯碱市场情绪。 利空： 主要逻辑和风险点 1、主要逻辑：纯碱供给高位，终端需求改 ...

甲醇聚烯烃早报 研究中心能化团队 2025/07/03 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/06/2 6 | 801 | 2760 | 2505 | 2480 | 2600 | 2460 | 2580 | 286 | 347 | 258 | 340 | -1243 | | 2025/06/2 7 | 801 | 2820 | 2505 | 2460 | 2600 | 2460 | 2580 | 282 | 350 | 267 | 400 | -1176 | | 2025/06/3 0 | 801 | 2785 | 2485 | 2430 | 2 ...

期货研究报告|纯苯专题 2025-07-03 纯苯下游格局 研究院化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 摘要 华泰期货纯苯上市专题系列之四：纯苯下游格局。分为横向对比分析及纵向自身分 析。 横向对比的分析，第一是纯苯下游苯乙烯、己内酰胺、酚酮、苯胺、己二酸五大品种 的下游需求占比及基础介绍；第二是按照外采纯苯比例加权后的纯苯下游需求占比， 找出对纯苯需求边际影响更大的品种；第三是列出五个品种的年度产能增速，对比 5 个品种的投产周期；第四是分析纯苯需求分地区占比，且各地区下游占比分析，特别 是定价主要集中地的华东的下游需求占比分析，还 ...