Group 1: Metal Sector - Zijin Mining's copper production is expected to increase by 6% to 1.07 million tons in 2024 and by 7% to 1.15 million tons in 2025, with gold production rising by 7% to 73 tons in 2024 and by 16% to 85 tons in 2025[14] - The company's net profit forecast for 2025 is 42.06 billion CNY, with a PE ratio of 11.17[11] - The overall metal sector is benefiting from a strong price increase expectation due to supply constraints and demand from the new energy sector[14] Group 2: Building Materials Sector - Keda Manufacturing's total revenue is projected to grow from 57 billion CNY in 2017 to 126 billion CNY in 2024, with overseas revenue increasing from 20 billion CNY to 80 billion CNY, raising its overseas revenue share from 36% to 64%[19] - The net profit forecast for Keda Manufacturing in 2025 is 1.45 billion CNY, with a net profit margin of 6.8%[21] - Sankeshu's revenue is expected to compound at 26% from 2014 to 2024, with a projected net profit growth despite a downturn in the real estate market[36] Group 3: Logistics Sector - SF Holding's operating cash flow is expected to grow by 21% to 32.2 billion CNY in 2024, with a capital expenditure decrease of 27% to 9.9 billion CNY[44] - The company plans to increase its dividend payout ratio to 40% in 2024, enhancing shareholder returns significantly[44] Group 4: Chemical Sector - Yara International is focusing on overseas potassium mining, with a current production capacity of 1 million tons and a target annual output of 180-200 thousand tons[46] - The company is expanding its production capacity with plans for additional million-ton facilities in the future[48]

Group 1 - The core viewpoint of the article emphasizes the importance of key project construction in stabilizing growth and promoting transformation in Yantai City [1] - Yantai City has maintained the highest number of provincial key projects for two consecutive years and the largest investment volume for four consecutive years, with a total investment of over 1 trillion yuan in 4 projects, over 100 billion yuan in 32 projects, and over 10 billion yuan in 266 projects this year [1][2] - In the first quarter, the construction speed was rapid, with a resumption rate of 86.4% for 337 provincial and municipal key projects, achieving an investment completion rate of 27.4%, totaling 63.12 billion yuan [1] Group 2 - The driving capacity of key projects is strong, with 61 projects put into operation in the first quarter, generating an additional output value of 17.66 billion yuan, and an expected annual increase of 75 billion yuan [2] - Yantai City is implementing a "list management and responsibility implementation" approach for key projects, ensuring adequate support for land, funds, energy consumption, talent, and technology [2] - The city aims to complete over 100 billion yuan in investment for 337 key projects in the first half of the year and over 230 billion yuan for the entire year, focusing on accelerating the progress of ongoing projects and addressing challenges for those not yet started [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the price of FEI at the bottom rebounded significantly, with high - level exports from the Middle East and medium - low - level exports from Russia. The East - West arbitrage logistics remained stable, and the overall supply of naphtha was stable. The impact of US naphtha on the Asian market was limited. The demand for naphtha decreased due to the increased propane procurement in Japan and South Korea, and the FEI - MOPJ spread rebounded significantly. The cracking profit of naphtha dropped to an extremely low level year - on - year, and the negative feedback of cracking units was expected to be delayed [8]. - For ethylene, whether the tariff is maintained or not, it has a limited impact on the domestic and Asian ethylene markets. The upstream and downstream are basically matched, and the expected supply - demand reduction of affected units can be compensated by imports to some extent. The actual gap will be balanced by the negative feedback of downstream demand [8]. - In the case of no tariff impact, the Asian ethylene cracking balance sheet shows a structural gap. After the partial restart of Southeast Asian units this week, the balance sheet tightened slightly in April, but the overall gap is still equivalent to the maintenance volume of 1 - 2 ethylene cracking units. After the US dollar price of ethylene actively declined this week and the profit was compressed by the strengthening of naphtha, the future dynamic balance is expected to deteriorate [86]. - Under the continuous impact of tariffs, the demand for Asian naphtha will increase in the near - term. However, due to the improved economic efficiency of propane for Japanese and South Korean factories, the degree of propane substitution in these factories will gradually increase. Eventually, the market will return to the supply - demand situation of cracking units [87]. 3. Summary According to the Directory 3.1 Naphtha Part 3.1.1 Price and Spot - The price of naphtha in Asia strengthened this week, and the cracking profit dropped to a year - on - year low. The spot market was tight at the end of the month, but the willingness of factories to stock up in the future decreased due to the rapid decline in ethylene cracking profit [10][11]. - The naphtha premium fluctuated this week, and the monthly spread structure changed little. The global naphtha price difference showed that the European support was relatively strong, and the East - West spread was repaired month - on - month [12][16]. - The overseas gasoline cracking spread rebounded this week, showing seasonal characteristics. The EIA data was optimistic, with a significant reduction in refined oil inventories in the US and a rapid decline in gasoline inventories. The European inventory remained high [18][21]. - The export quota of refined oil in 2025 changed, with a decrease in general trade quota and an increase in processing trade quota. The overall export plan of refined oil in April remained stable, with low exports of gasoline and diesel and high exports of jet fuel [26]. - The price difference between gasoline and naphtha in Europe and the US remained stable, and both gasoline and naphtha strengthened this week [27]. 3.1.2 Valuation - The global naphtha cracking spread strengthened this week, but the downstream profit weakened rapidly. Attention should be paid to the decline after the end of the pricing cycle [41]. - The Asian ethylene cracking profit declined significantly this week, and the FEI cracking profit declined year - on - year, but the substitution economy of Japan and South Korea was still better than that of naphtha [47]. - The Asian aromatics profit declined rapidly, while the change in Europe and the US was not significant month - on - month [59]. - The overseas refinery profit rebounded this week, while the domestic refinery profit continued to decline [64]. 3.1.3 Supply and Demand Balance - In terms of supply, the exports from major regions such as the Middle East, Russia, and the US changed little this week. The global CDU maintenance changed little week - on - week [66][67]. - In terms of demand, the substitution economy of propane raw materials in Japan and South Korea increased, and the demand for naphtha from CDU decreased [74]. - In the balance sheet, under the assumption of tariff mitigation, the Asian ethylene cracking balance sheet has a structural gap; under the assumption of continuous tariffs, the near - term demand for Asian naphtha will increase, but the substitution of propane will gradually increase [86][87]. 3.2 Ethylene Part 3.2.1 Global Capacity and Logistics - In 2025, the growth of global ethylene cracking capacity is mainly concentrated in China, while the capacity in other regions remains basically unchanged [107]. - Asia is the main pricing area. Japan and South Korea are exporters in Asia, while China and Chinese Taipei are importers. The US exports ethylene to Northeast Asia and Southeast Asia, and Europe has a net export of 3 - 4 million tons [109]. 3.2.2 Price and Profit - The price of ethylene in the domestic market remained stable this week, and the import profit increased. The downstream profit of ethylene derivatives was differentiated, with the profit of ethylene glycol and styrene weakening, while the profit of plastics remained stable and the profit of ethylene oxide remained high [110][115]. - The overseas downstream profit of ethylene derivatives remained at a relatively high level, and the overall chemical profit in Europe and the US was healthy [122]. 3.2.3 Supply and Demand Balance - This week, the maintenance of Asian ethylene cracking units changed little. Attention should be paid to the possible delayed restart and additional maintenance of Asian cracking units in May after the consumption of cheap raw materials and in a loss state [75][130]. - The domestic downstream production capacity of ethylene will increase in 2025, with significant growth in the production capacity of plastics, ethylene glycol, styrene, and other products [131].

Group 1 - The core viewpoint is that Sinopec's Easy Joy is launching a campaign to assist foreign trade enterprises in transitioning to domestic sales by leveraging its extensive network of convenience stores [1][3] - Sinopec Easy Joy operates over 28,000 convenience stores nationwide, with more than 1,800 stores in Hubei, making it the largest chain in the province [3] - The initiative aims to reduce channel costs for foreign trade companies, allowing them to enter the domestic market at a lower cost and facilitating rapid product listing through integrated marketing strategies [1][3] Group 2 - The company is expanding its service offerings to include instant retail, catering, coffee, laundry, and home cleaning services to meet consumer demands for convenience and immediacy [5] - New product lines such as "Yichu Mingpin" and "Guo Yiyuan" featuring Hubei specialty products will be promoted through Easy Joy's channels, enhancing the reach of local goods [5] - The company is also launching a "Car Friends Festival" to provide various services and discounts for car owners, promoting self-driving tourism in collaboration with local tourism departments [7] Group 3 - The initiative is described as a blend of commercial value and social responsibility, aiming to empower partners and create opportunities through a collaborative ecosystem [8]

| 第一部分 | 前言概要 | 2 | | --- | --- | --- | | 【行情回顾】 | | 2 | | 【市场展望】 | | 2 | | 【策略推荐】 | | 2 | | 第二部分 | 基本面情况 | 3 | | 一、行情回顾 | | 3 | | 二、供应概况 | | 4 | | 三、需求概况 | | 6 | | 四、库存与估值 | | 8 | | 第三部分 后市展望及策略推荐 | | 9 | | 免责声明 10 | | | 能化板块研发报告 【市场展望】 近期沥青产业链累库速度放缓，2 季度库存水平若能维持低位，对后续 价格存在较强支撑。短期油价受宏观和地缘因素扰动，预计波动较大，中长 期油价仍面临下行压力。沥青单边价格波动弱于原油，在近端供需改善、下 半年供应端缺乏弹性的情况下，预计下行空间有限，以震荡思路对待， BU2506 运行区间预计在 3300-3450。 【策略推荐】 1.单边：区间震荡。 2.套利：沥青-原油价差走弱。 3.期权：如持有多单，可配合卖看涨策略。 风险提示：原油价格波动、宏观政策因素扰动。 交易咨询业务资格： 证监许可[2011]1428 号 沥青 5 月报 202 ...

Group 1: Market Position and Strategy - The company maintains a market share of approximately 70% in the domestic acetone market and over 65% in the export market [3] - No new production capacity is expected in the acetone industry for 2024-2025, with stable overall market demand anticipated [2] - The company has implemented over 120 technical innovations to reduce acetone production costs, maintaining a low-cost strategy [3] Group 2: Financial Performance and Growth - The financial data for Q1 2025 is still being compiled and will be disclosed on April 30, 2025 [4] - Ongoing projects include a 200,000 tons/year isononanol project and 16 investment-efficient technical improvement projects, which are expected to enhance overall profitability [5] Group 3: Future Development and Industry Outlook - The company plans to develop a carbon three industrial chain focusing on new materials, leveraging existing propylene conditions [6] - Emphasis on high-value fine chemical products through a new R&D center and collaboration with research institutions [7] - The petrochemical industry faces both challenges and opportunities, with increasing demand for high-performance chemical materials driven by global population growth and economic development [7] Group 4: Risk Management and Export Strategy - Exchange rate fluctuations impact export product profits, with the company employing foreign exchange options and forward contracts to mitigate risks [7] - The company has seen significant growth in export volume and revenue for 2024, adjusting sales strategies based on various market factors [7] - Currently, the company does not export directly to the U.S., focusing instead on East Asia, Southeast Asia, South America, and Europe [7]

中国石油集团安全环保技术研究院有限公司，成立于2007年，位于北京市，是一家以从事研究和试验发 展为主的企业。企业注册资本46000万人民币。通过天眼查大数据分析，中国石油集团安全环保技术研 究院有限公司共对外投资了5家企业，参与招投标项目327次，财产线索方面有商标信息4条，专利信息 543条，此外企业还拥有行政许可11个。 来源：金融界 金融界2025年4月25日消息，国家知识产权局信息显示，中国石油天然气股份有限公司、中国石油集团 安全环保技术研究院有限公司申请一项名为"一种化工装置预警模型构建方法、构建系统及预警系统"的 专利，公开号 CN119808333A，申请日期为 2023年10月。 专利摘要显示，本发明属于石油化工安全生产技术领域，公开了一种化工装置预警模型构建方法、构建 系统及预警系统，其中方法包括：获取化工装置的拟合数据集；对拟合数据集内数据使用平滑三次样条 拟合方法进行处理，获取对应时间段的运行参数曲线函数；基于运行参数曲线函数获取运行参数，计算 得到对应时间段的运行参数的变化速率；计算对应时间段运行参数的数值按照所述变化速率偏离到危险 临界值所需要的平均偏离时间。本发明通过对DCS仪 ...

Group 1 - The global economy is slowly recovering, with a projected GDP growth of 3.2% in 2024, up from 2.6% in 2023, while inflationary pressures are being contained [4][6] - China's GDP reached 134.91 trillion yuan in 2024, growing by 5% year-on-year, maintaining a leading growth rate among major economies [6] - The petrochemical industry in China is expected to achieve revenues of 16.28 trillion yuan in 2024, a 2.1% increase, but profits are projected to decline by 8.8% to 789.71 billion yuan, indicating an adjustment phase [8] Group 2 - The petrochemical industry faces both opportunities and challenges, with China's chemical products sales accounting for 43% of the global market in 2023 [7] - The industry is undergoing a transformation towards high-end, intelligent, and green development, with significant investments in technology and innovation [9] - The company, Rongsheng Petrochemical, is a leading producer in the chemical materials sector, with a refining capacity of 40 million tons of crude oil annually and ranked 14th in the global chemical company list [10][11] Group 3 - Rongsheng Petrochemical's strategic cooperation with Saudi Aramco enhances its resource supply and global market reach, including a commitment to supply 480,000 barrels of high-quality crude oil per day [19] - The company is actively expanding its product matrix to include high-end and green products, supported by various government policies aimed at promoting the petrochemical industry [12][14] - The company has achieved a significant increase in its ESG rating, now at BBB, reflecting its commitment to environmental sustainability and corporate governance [11][17]

据证券之星公开数据整理，近期上海石化(600688)发布2025年一季报。截至本报告期末，公司营业总收 入195.21亿元，同比下降8.28%，归母净利润-8983.9万元，同比下降206.87%。按单季度数据看，第一季 度营业总收入195.21亿元，同比下降8.28%，第一季度归母净利润-8983.9万元，同比下降206.87%。本报 告期上海石化公司应收账款体量较大，当期应收账款占最新年报归母净利润比达431.74%。 本次财报公布的各项数据指标表现一般。其中，毛利率16.96%，同比增1.91%，净利率-0.46%，同比减 215.04%，销售费用、管理费用、财务费用总计3.7亿元，三费占营收比1.89%，同比减14.25%，每股净 资产2.36元，同比增2.28%，每股经营性现金流0.17元，同比增354.4%，每股收益-0.01元，同比减 200.0% 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为0.46%，近年资本回报率不强。公司 业绩具有周期性。去年的净利率为0.37%，算上全部成本后，公司产品或服务的附加值不高。偿债能 力：公司现金资产非常健康。融资分红：公司上市32年以来， ...

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0800 | 0.1200 | -33.33 | 0.3300 | | 每股净资产（元） | 0 | 4.38 | -100 | 4.67 | | 每股公积金(元) | 0 | 1.07 | -100 | 1.07 | | 每股未分配利润(元) | | 2.85 | -100 | 2.89 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3264.75 | 3251.12 | 0.42 | 2890.95 | | 净利润(亿元) | 7.24 | 11.58 | -37.48 | 33.41 | | 净资产收益率(%) | 1.65 | 2.48 | -33.47 | 6.87 | 数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 二、前10名无限售条件股东持股情况 三、分红送配方案情况 10派1元(含税) 前十大流通股东累计持有： 708209.67万 ...