编辑丨王多鱼 排版丨水成文 近日， 沈阳化工大学 和 中国科学院大连化学物理研究所 的 一篇观点文章登上了 登上了 Cell Press 官网头条。 该文章题为 ： Shaping the future of green methanol （ 塑造绿色甲醇的未来 ） ，文章于 2025 年 9 月 18 日在线发表于 Cell 子刊 Chem Catalysis 上， 通 讯作者为中国科学院大连化学物理研究所 邓德会 研究员、 胡景庭 副研究员，第一作者为沈阳化工大学 Cui Xinyue 、 中国科学院大连化学物理研究所 Hou Deshan 。 沈阳化工大学为文章第一署名单位。 甲醇 是一种重要的平台化学品和替代燃料，最近，甲醇因作为有前景的 储氢载体 而备受关注。 全球向碳中和经济的转型，加上日益严格的环境法规，正在推动基于 可再生氢 （通过可再生能源驱动的水电解制得） 和 捕获的二氧化碳原料 的 绿色甲醇合成 技术 的发展。这种电能到液体的技术，代表了化学制造领域的一场范式转变，它能有效地将间歇性的可再生能源 电力 转化为 可储存的液体燃料或化学品 ，同时 实现碳循环的闭环。 然而，通过二氧化碳加氢来 ...

Core Viewpoint - The European Commission has imposed significant anti-dumping duties on glyoxylic acid products originating from China, which may impact the company's export dynamics to the EU market, although the overall revenue from these exports is relatively low. Group 1: Anti-Dumping Duties - The final ruling from the European Commission on September 22, 2025, imposed a 57.30% anti-dumping tax on glyoxylic acid produced by Xinjiang Guolin, while other Chinese companies face duties ranging from 29.20% to 124.90% [1] - The anti-dumping measures will take effect from the date of the final ruling and will last for five years [1] Group 2: Impact on Revenue - In 2024 and the first half of 2025, the revenue from glyoxylic acid exports to the EU accounted for a small percentage of the company's total revenue, specifically 3.50% and 1.27% respectively [1] - Overall, the low proportion of revenue from EU exports suggests that the anti-dumping duties will not have a significant impact on the company's future operations [1] Group 3: Market Dynamics and Strategy - The imposition of high anti-dumping duties has reduced the price competitiveness of the company's glyoxylic acid, leading some customers to stop importing the products [2] - Despite the challenges, some customers are willing to continue purchasing the products despite the higher tariffs, indicating a mixed response in the market [2] - The company plans to enhance product research and development, reduce costs, and explore markets outside the EU to mitigate the impact of the duties and expand its market share [2]

Core Viewpoint - The European Commission announced the final ruling on anti-dumping investigations against acetic acid products originating from China, imposing a 57.3% anti-dumping tax on the acetic acid produced by the company's wholly-owned subsidiary, Xinjiang Guolin, while other Chinese companies face taxes ranging from 29.2% to 124.9% [1] Company Summary - The anti-dumping measures will take effect from the date of the European Union's final ruling announcement and will last for five years [1] - In 2024 and the first half of 2025, the revenue from the company's acetic acid exports to the EU will account for a small proportion of total revenue, specifically 3.5% and 1.27% respectively [1] - Overall, the low proportion of revenue from acetic acid exports to the EU indicates that the imposition of anti-dumping taxes will not have a significant impact on the company's future production and operations [1]

Core Viewpoint - The European Commission has imposed significant anti-dumping duties on acetic acid products originating from China, which will affect the pricing competitiveness of the company's exports to the EU market [1][2]. Group 1: Anti-Dumping Duties - The final ruling on the anti-dumping investigation resulted in a 57.30% duty on acetic acid produced by Xinjiang Guolin, while other Chinese companies face duties ranging from 29.20% to 124.90% [1]. - The anti-dumping measures will be effective for five years from the date of the announcement [1]. Group 2: Impact on Business Operations - In 2024 and the first half of 2025, the revenue from acetic acid exports to the EU accounted for a small percentage of the company's total revenue, specifically 3.50% and 1.27% respectively [1]. - The imposition of high anti-dumping duties has led to a decrease in the price competitiveness of the company's acetic acid, resulting in some customers ceasing imports due to the burden of the duties [2]. - Despite some customers opting to continue purchasing, there is an expectation that demand may be suppressed due to the anti-dumping duties, which could exert pressure on the company's sales in the EU market [2]. Group 3: Strategic Response - The company plans to enhance product research and development, reduce costs, and expand sales in markets outside the EU to mitigate the impact of the duties [2]. - The company will closely monitor policy and tariff changes in key export countries to improve its risk resilience [2].

Core Viewpoint - The European Commission has announced the final ruling on anti-dumping investigations concerning Chinese glycolic acid products, imposing a 57.30% anti-dumping tax on Xinjiang Guolin's products, while other Chinese companies face taxes ranging from 29.20% to 124.90% [1] Company Summary - The anti-dumping measures will be effective for five years from the announcement date [1] - In the first half of 2024 and 2025, the revenue from glycolic acid exports to the EU will account for 3.50% and 1.27% of the company's total revenue, respectively, indicating a limited impact on the company's operations [1] - The company plans to enhance product research and development, reduce costs, and explore markets outside the EU to mitigate the effects of the anti-dumping tax [1]

Core Viewpoint - Shanxi Tongde Chemical Co., Ltd. and its subsidiaries are facing a lawsuit from Changjiang United Financial Leasing Co., Ltd. regarding a financing lease contract dispute, with a total claim amount of approximately 75.09 million yuan [1] Group 1: Legal Proceedings - The lawsuit is set to be heard on November 10, with claims including rental payments, overdue interest, penalties, and legal fees [1] - The dispute arises from a financing leaseback business initiated in July 2024, where the defendants allegedly failed to make rental payments as agreed, constituting a breach of contract [1] Group 2: Financial Implications - The outcome of the case and its potential impact on the company's profits remain uncertain, as the case has not yet been adjudicated [1] - The company plans to actively respond to the lawsuit and will disclose updates in a timely manner [1]

Core Viewpoint - First Shanghai maintains a "Buy" rating for Dongyue Group (00189), predicting revenue for 2025-2027 to be RMB 16.09 billion, RMB 17.47 billion, and RMB 18.15 billion respectively, with net profits of RMB 1.90 billion, RMB 2.58 billion, and RMB 2.81 billion. A target price of HKD 18.9 is set for 2025, indicating a potential upside of 57.5% from the current price [1] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 7.46 billion, a year-on-year increase of 2.8%. The gross margin was 29.1%, up nearly 9.3 percentage points, and the net profit attributable to shareholders was RMB 780 million, a significant year-on-year growth of 153.3%, slightly exceeding the company's profit forecast [2] Refrigerant Business - The refrigerant segment showed rapid growth, contributing significantly to the company's performance. In the first half of 2025, this segment generated revenue of RMB 2.29 billion, a year-on-year increase of 47.7%. Profit reached RMB 1.03 billion, up 209.8%, with a segment profit margin of 44.9%, an increase of 23.5 percentage points. The price of major products like R32, R22, and R410a has risen significantly, with R22 priced at RMB 34,500 per ton, up RMB 2,500 per ton since the beginning of the year [3] Fluoropolymer and Silicone Business - The fluoropolymer materials segment continues to face pressure due to weak downstream demand, leading to a further decline in product prices compared to last year. Despite this, the company maintains a competitive advantage with superior product quality and higher prices than market peers. In the first half of 2025, this segment reported revenue of RMB 1.94 billion, a year-on-year decrease of 4.6%, with a segment profit of RMB 260 million and a profit margin of 13.4% [4] - The silicone segment is impacted by the release of new production capacity, weak downstream demand, and international trade conditions, resulting in a serious supply-demand imbalance and declining product prices. In the first half of 2025, revenue was RMB 2.76 billion, down 15.9%, with a profit of RMB 875,000, a decrease of 83.7%, and a profit margin of 0.38% [4]

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。 CONTENTS 目 录 交易咨询业务资格：证监许可【2012】1091号 2025-09-23甲醇早报 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：多空并存下，预计本周国内甲醇市场或震荡整理为主。内地方面，随着部分下游用户节前备货进入尾声， 传统下游需求或弱化，以及假期临近运输受限贸易商持货意愿不强，另外港口高库存对其周边地区均有一定制约，后期 内地甲醇上涨或有一定压力。但同时产区甲醇工厂库存紧张，贸易商做空谨慎，以及运费上涨对销区价格有一定托底， 预计内地甲醇回调空间同样有限。港口方面，短期看，新兴下游烯烃装置重启和节前备货对市场尚有支撑；中期看，港 口累库预计持续至10月，但伊朗开工下降和国内旺季需求有潜在利多；中性 2、基差：江苏甲醇现货价为229 ...

Group 1 - The core viewpoint of the news is that Xingfu Electronics has shown fluctuations in its stock performance and financing activities, with a notable decrease in net financing and a significant increase in revenue and profit year-on-year [1][2]. Group 2 - As of September 22, Xingfu Electronics' stock price decreased by 0.03%, with a trading volume of 187 million yuan. The financing buy-in amount was 28.30 million yuan, while the financing repayment was 42.74 million yuan, resulting in a net financing outflow of 14.44 million yuan [1]. - The total balance of margin trading for Xingfu Electronics as of September 22 is 247 million yuan, which accounts for 10.18% of its circulating market value [1]. - The company specializes in the research, production, and sales of wet electronic chemicals, with its main products including electronic-grade phosphoric acid and sulfuric acid, as well as various functional wet electronic chemicals [1]. Group 3 - As of August 29, the number of shareholders for Xingfu Electronics was 11,900, a decrease of 32.72% from the previous period, while the average circulating shares per person increased by 58.32% to 6,137 shares [2]. - For the first half of 2025, Xingfu Electronics achieved an operating income of 672 million yuan, representing a year-on-year growth of 31.43%, and a net profit attributable to the parent company of 104 million yuan, up 22.37% year-on-year [2]. Group 4 - Since its A-share listing, Xingfu Electronics has distributed a total of 72 million yuan in dividends [3]. - As of June 30, 2025, the top ten circulating shareholders of Xingfu Electronics saw the exit of the fund "Puyin Ansheng Growth Power Mixed A" from the list [3].

Core Viewpoint - Solvay announced adjustments to its product lines at the Bad Wimpfen plant in Germany, resulting in approximately 100 job losses. The company plans to cease production of trifluoroacetic acid (TFA) and its derivatives by early 2026, and gradually stop producing certain inorganic materials, including hydrogen fluoride, by the end of 2026. However, other product lines at the plant will remain unaffected. [1] Group 1 - The company will invest approximately €25 million for restructuring and strategic investments related to the adjustments at the Bad Wimpfen plant [1] - The plant is set to become a global center for the production, research, and application of Nocolok brand soldering technology, with plans to establish a Nocolok paste and coating factory [1] - The Nocolok technology center and production operations will be relocated from Gabon to Bad Wimpfen [1] Group 2 - The Bad Wimpfen plant is scheduled to cease operations by 2028 [1] - The adjustments will not affect other product lines at the Bad Wimpfen facility [1] - The company aims to complete the transition and investment plans by the end of 2026 [1]