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 ...

截至2025年7月2日收盘，华润材料(301090)报收于7.66元，上涨1.59%，换手率0.43%，成交量6.43万 手，成交额4879.08万元。 董秘最新回复 投资者： 近期国家出台鼓励并购重组的政策，企业并购的合规成本和风险显著降低。建议借大集团协 同优势，趁行业低迷之际开展国内外并购，扩展业务板块，突破中国卡脖子技术，进一步提升国际核心 竞争力！ 华润化学材料科技股份有限公司发布了关于回购公司股份的进展公告。主要内容包括：- 公司于2024年 10月28日召开第二届董事会第十六次会议，审议通过了以集中竞价交易方式回购公司股份的议案，回购 股份价格不超过人民币10.29元/股，回购资金总额不低于人民币6,000万元且不超过人民币11,000万元， 回购股份将全部予以注销并减少注册资本，回购期限为自公司股东大会审议通过回购方案之日起12个月 内。- 2024年11月14日，公司2024年第四次临时股东大会审议通过了该回购方案。- 截至2025年6月30 日，公司累计通过回购专用证券账户以集中竞价交易方式回购公司股份7,896,357股，占公司目前总股本 的0.53%，最高成交价为7.58元/股、最低成 ...

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。 1、各方主体 九江天赐成立于2007年10月30日，拥有液体六氟磷酸锂生产工业化技术，为保护公司的商业秘密，九江 天赐建立了完善的保密管理制度和保密措施。 被告九李胜于2017年8月23日进入原告九江天赐工作，与九江天赐签订了《劳动合同》《商业保密、竞 业限制协议》等，于2021年5月20日从九江天赐离职。其在九江天赐工作期间先后担任电池生产部工艺 技术总监、总工程师等职务。为了获取非法利益，被告九李胜违反保密义务，伙同被告人七郑飞龙与被 告一浙江永太科技股份有限公司、被告三何人宝达成合作协议后，被告一至被告五将其通过收买的不正 当手段非法获取的原告液体六氟磷酸锂工艺技术资料运用于被告二邵武永太高新材料有限公司年产13.4 万吨液体锂盐产业化项目中。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。 特别提示： 3、涉案金额：预期经济损失人民币88,71 ...

Core Viewpoint - Zhejiang Yongtai Technology Co., Ltd. is facing a civil lawsuit from Jiujiang Tianci High-tech Materials Co., Ltd. regarding a trade secret infringement dispute, but the company has not yet received any legal documents related to the case [1][2]. Group 1 - The lawsuit was filed against the company and its subsidiary, Shaowu Yongtai High-tech Materials Co., Ltd., in the Jiangxi Provincial High People's Court [1]. - The company emphasizes its commitment to respecting intellectual property rights and asserts that its production processes are fully independently developed [1][2]. - The potential lawsuit is not expected to impact the company's core technology and independent research capabilities [1]. Group 2 - The company currently only produces solid lithium hexafluorophosphate and has not engaged in the production or sale of the liquid variant involved in the lawsuit [2]. - The company cannot predict the impact of the lawsuit on its current or future financial performance until a court ruling is made [2]. - The company will closely monitor the situation and will actively respond to the lawsuit to protect its legal rights and maintain its reputation and shareholder interests [2].

Core Viewpoint - The company, Luoyang Jianlong Micro-Nano New Materials Co., Ltd., reported a significant decline in revenue for 2024, with total operating income of 779 million yuan, a year-on-year decrease of 20% [1]. Revenue Composition - The main business segments, including gas separation and life health, experienced revenue declines of 16% and 58% respectively, with changes in customer structure noted [1][2]. - The company’s primary products, including medical oxygen molecular sieves and industrial oxygen molecular sieves, generated a total revenue of 615.89 million yuan, down 27.71% year-on-year, primarily due to a 32.13% drop in average selling prices despite a 6.51% increase in sales volume [2][3]. Downstream Demand and Price Changes - The demand for medical oxygen molecular sieves decreased by 54.05% due to inventory adjustments by downstream customers following a peak demand period from 2020 to 2023 [3]. - The price of lithium salt, a key raw material, fell from 538,000 yuan per ton at the beginning of 2023 to approximately 76,300 yuan per ton by the end of 2024, a decline of about 85.82%, which contributed to the reduction in selling prices [3][4]. Comparison with Industry Peers - The revenue trends of comparable companies in the industry showed a similar downward trajectory, with Jianlong Micro-Nano's revenue decline aligning with that of Wanrun Co. and others, while Zhongchumai's revenue increased due to a 68% growth in overseas sales [5][6]. - The differences in revenue growth rates among peers are attributed to variations in product structures, downstream application industries, and raw material dependencies [5][6]. Customer Structure and Sales - The company identified changes in its top five customers across different business segments, noting that three new customers entered the top five for the gas separation segment [9][10]. - The life health segment's major customers, including Yuyue Medical and Kangjuren, reported revenue declines of 22.42% and 32.02% respectively, reflecting a broader market trend of reduced demand [7][9]. Domestic vs. Overseas Revenue - In 2024, domestic sales revenue was 579.74 million yuan, down 27.23%, while overseas sales increased by 13.36% to 199.01 million yuan, driven by growth in animal feed molecular sieve sales [12][13]. - The disparity in revenue trends between domestic and overseas markets is attributed to differences in product structure and pricing strategies, with overseas sales generally yielding higher profit margins [14][16]. Cost Structure and Supplier Relationships - The company reported a 36% decrease in direct material costs, while manufacturing expenses rose by 40%, indicating a shift in cost structure due to raw material price fluctuations [17][18]. - The top five suppliers included new entrants, and the company provided details on procurement amounts and relationships, indicating a strategic shift in supply chain management [22].

Core Viewpoint - The company, Jianlong Micro-Nano, reported a significant decline in revenue for 2024, with total operating income of 779 million yuan, a year-on-year decrease of 20%. The decline is attributed to changes in product and customer structure, particularly in the gas separation and life health business segments, which saw revenue drops of 16% and 58% respectively [1][3]. Revenue Composition - The company's main business segments contributed a total revenue of 678.66 million yuan, accounting for 87.15% of total operating income. The primary products include medical oxygen molecular sieves, industrial oxygen molecular sieves, industrial hydrogen molecular sieves, and adsorption drying molecular sieves, which collectively generated 615.89 million yuan, representing 79.09% of total revenue [2][3]. - The medical oxygen molecular sieve segment experienced a revenue drop of 69.31% compared to 2023, primarily due to a 54.05% decrease in sales volume and a 33.21% decline in average selling price [4][3]. Downstream Demand and Market Trends - The decline in demand for medical oxygen molecular sieves is linked to a post-pandemic inventory adjustment by downstream customers, leading to reduced purchasing activity. The price of lithium salt, a key raw material, fell by approximately 85.82%, further impacting product pricing [3][4]. - The industrial oxygen molecular sieve segment's revenue decline is influenced by reduced capital expenditures in traditional industries such as steel and metallurgy, which saw a 1.7% decrease in crude steel production in 2024 [4][5]. Comparison with Industry Peers - The revenue trends of Jianlong Micro-Nano align with those of comparable companies in the industry, such as Wanrun and Zhongchumai, which also reported declines. However, Zhongchumai's revenue increased due to a 68% growth in overseas sales, contrasting with Jianlong's domestic revenue drop of 27.23% [5][10]. - The differences in revenue performance among peers are attributed to variations in product structure, downstream application industries, and raw material dependencies [5][10]. Customer Structure and Sales Dynamics - The company identified changes in its top five customers across different business segments, noting the presence of new customers and shifts in purchasing behavior. The sales amounts and relationships with these customers were detailed, indicating a need for strategic adjustments in response to market dynamics [10][12]. - The company’s overseas sales reached 199 million yuan, a 13.36% increase year-on-year, while domestic sales fell to 579 million yuan, a decrease of 27.23%. This disparity is attributed to differences in product structure and pricing strategies between domestic and international markets [14][15]. Gross Margin Analysis - The gross margin for overseas sales was 34%, which is 6.91 percentage points higher than that for domestic sales. This difference is due to the company's differentiated pricing strategies based on market characteristics [14][16]. - The competitive landscape in the domestic market is more intense, leading to price sensitivity among customers, which has pressured overall gross margins [16][15]. Audit and Revenue Verification - The company’s external auditor conducted a thorough review of the authenticity of overseas revenue, verifying 69.44% of the reported overseas sales through various documentation and customer confirmations [18][19].