Group 1 - The company, Tianyuan Co., Ltd. (002386), confirmed that it does not have phosphate operations in Yunnan [1] - The company stated that its phosphate mine in Mabi County, Sichuan Province, is currently in trial production and progressing well [1]

Group 1 - The core point of the article is that Tianyuan Co., Ltd. clarified that Tianyi Lithium Industry is not a subsidiary of the company [1] - The company supplies lithium iron phosphate cathode materials and has a stake in Yibin Lithium Treasure, which provides ternary cathode materials to leading enterprises in the industry [1]

Core Viewpoint - Shandong Fengyuan Chemical Co., Ltd. has announced the progress of guarantees for its wholly-owned subsidiary, Fengyuan Lithium Energy, with a total guarantee limit approved not exceeding 6.5 billion [1] Group 1 - The company signed a maximum guarantee contract with the Industrial and Commercial Bank of China Taierzhuang Branch, providing a joint liability guarantee of up to 250 million for Fengyuan Lithium Energy [1] - Due to changes in the asset-liability ratio of Fengyuan Lithium Energy, the company has adjusted an unused guarantee limit of 250 million from other companies for its use [1] - As of the announcement date, the total external guarantee balance for the company and its controlling subsidiaries is 2.9095 billion, accounting for 170.20% of the most recent audited net assets, with no off-balance sheet guarantees or overdue guarantees [1]

Core Viewpoint - The company is currently in the trial production phase for its high-end electronic chemicals project, and the products will undergo a market introduction period after production begins [1] Group 1 - The high-end electronic chemicals project is still in the trial production stage [1] - After the products are produced, they will enter a market introduction phase [1]

2025年9月17日，安徽华塑股份收到股东中国成达工程有限公司《简式权益变动报告书》。此次权益变 动为比例减少，变动前中国成达工程持股比例5.01%，对应18000万股；变动后持股比例降至5.00%，对 应17973.7万股，权益变动方式为集中竞价。该股东无一致行动人，本次变动未违反承诺，也未触发强 制要约收购义务。本次权益变动不涉及要约收购，不会使公司控股股东及实控人变化，不影响公司治理 与经营。目前减持计划未实施完毕，公司将持续关注并及时披露。 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current supply - demand pattern of ethylene glycol shows a weak balance, with insufficient momentum for price rebound. It may maintain a low - level oscillation in the short term, and if port destocking continues to fall short of expectations, the price may decline to the previous low. If inventory destocking starts, it is expected to drive a periodic price rebound [2][3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Prices and Basis**: The price of the main ethylene glycol futures contract rebounded for two consecutive days, reaching 4,297 yuan/ton on September 17, up 25 yuan/ton from the previous day. The spot price in the East China market rose to 4,380 yuan/ton, and the basis narrowed by 25 yuan to 83 yuan/ton. The 1 - 5 spread widened to - 61 yuan, and the 5 - 9 spread turned to a premium of 20 yuan [2] - **Positions and Trading Volume**: The position of the main contract decreased slightly by 107 lots to 310,700 lots, and trading volume decreased by 17% to 124,900 lots, indicating a cautious market sentiment [2] - **Supply Side**: The total ethylene glycol operating rate remained at 70.8%, with the operating rates of oil - based, coal - based, and methanol - based plants stable. Coal - based production continued to incur a loss of 402 yuan/ton [2] - **Demand Side**: The load of polyester plants was 89.42%, and that of Jiangsu and Zhejiang looms was 63.43%, remaining flat for many days. Terminal restocking demand was dull [2] - **Inventory Side**: The inventory at the main ports in East China increased by 5.9 tons to 485,700 tons (a weekly increase of 13.7%), and the inventory in Zhangjiagang soared by 52,000 tons to 180,000 tons, reaching a recent high [3] 2. Industrial Chain Price Monitoring - **Futures and Spot Prices**: On September 17, 2025, the main ethylene glycol futures contract price was 4,297 yuan/ton, up 25 yuan/ton from the previous day; the spot price in the East China market was 4,380 yuan/ton, and the basis was 83 yuan/ton [5] - **Spreads**: The 1 - 5 spread was - 61 yuan, the 5 - 9 spread was 20 yuan, and the 9 - 1 spread was 41 yuan [5] - **Profits**: Coal - based production profit was - 402 yuan/ton, with no change [5] - **Operating Rates**: The overall ethylene glycol operating rate was 70.8%, and the operating rates of various production methods remained unchanged [5] - **Inventory and Arrivals**: The inventory at the main ports in East China was 486,000 tons, and the inventory in Zhangjiagang was 180,000 tons. The arrival volume was 101,700 tons, down 67,000 tons from the previous period [5] 3. Industry Dynamics and Interpretations - On September 17, the spot price of ethylene glycol in Shaanxi remained stable at around 3,980 yuan/ton ex - works. The mainstream market was weak, but coal prices were firm [6] - On September 17, the mainstream market price was weak, while the price quoted by holders in the South China market remained stable, with a dull trading atmosphere at around 4,480 yuan/ton delivered [6] - On September 17, the crude oil market declined during the day, with unstable cost support. The supply - demand fundamentals of ethylene glycol were expected to weaken, and the market negotiation price declined, with the current East China price at around 4,360 yuan/ton [6] 4. Industrial Chain Data Charts - The report includes charts on the closing price and basis of the main ethylene glycol contract, ethylene glycol production profit, domestic ethylene glycol plant operating rate, downstream polyester plant operating rate, ethylene glycol inventory at the main ports in East China (weekly), and total industry inventory [7][9][11]

Core Viewpoint - The company confirmed that its 480,000 tons of caustic soda project and titanium dioxide production facilities are operating normally, and it plans to expand its chloride titanium dioxide production capacity to 400,000 tons per year during the 14th Five-Year Plan period [2]. Group 1 - The company is currently operating its caustic soda and titanium dioxide production facilities normally [2]. - The company has a plan to establish a chloride titanium dioxide production capacity of 400,000 tons per year [2]. - The capacity expansion will be based on actual conditions [2].

News Summary Core Viewpoint - The current situation of ethylene glycol in East China shows an increase in port inventory, while production and capacity utilization have decreased, indicating a complex market dynamic with potential implications for pricing and supply [1][2][3]. Group 1: Inventory and Production Data - As of September 15, the port inventory of ethylene glycol in East China reached 395,600 tons, an increase of 32,400 tons compared to the previous Thursday and an increase of 8,800 tons compared to the previous Monday [1]. - The weekly production of ethylene glycol in China was 404,600 tons, a decrease of 5,400 tons or 1.33% from the previous week [1]. - The domestic ethylene glycol total capacity utilization rate was 66.55%, down by 0.90% week-on-week [1]. Group 2: Market Sentiment and Price Outlook - Newhu Futures indicated that the main contradiction in the ethylene glycol market lies between the expectation of inventory accumulation and the reality of low inventory levels, with no significant accumulation pressure expected in September and October [2]. - Southwest Futures noted that while domestic ethylene glycol production is high and new facilities are coming online, increased overseas maintenance and reduced imports have led to a significant decrease in inventory levels, suggesting potential pressure on prices [3]. - Despite the low inventory situation, Newhu Futures believes that the price of ethylene glycol has strong support around 4,200 [2].

Report Industry Investment Rating - Unilateral: Neutral; pay attention to the PL01 - 02 high - price reverse spread after the restart of the main PDH [3] - Cross - period: After the restart of the main PDH, focus on the PL01 - 02 high - price reverse spread [3] - Cross - variety: None [3] Core View - On the supply side, two PDH units of Wanhua Penglai and Hebei Haiwei restarted and increased production. There is still a load reduction at Binhua, the PDH unit of Qingdao Jinneng continues to be under maintenance, Shandong Zhenhua is expected to restart in the short term, and the PDH units of Donghua Zhangjiagang and Ningbo Jinfa in the East China region continue to be shut down [2] - On the demand side, the profits of propylene downstream are greatly compressed, and the overall start - up rate has decreased month - on - month. Among them, the start - up rate of PP has decreased significantly, the price difference between PP and propylene has narrowed significantly, and the start - up of powder materials is difficult to recover. Due to the shutdown and maintenance of the plant, the start - up of phenol - acetone has also decreased significantly. The PO unit of Qixiangtengda is shut down for maintenance, and the start - up of propylene oxide is expected to decline. The profit of butanol and octanol is good, and the start - up rate continues to rise. After the restart of the Wanhua acrylic acid unit, the start - up rate has the largest increase. Downstream purchases at low prices, and the demand support has improved, but the downstream cost pressure has not been relieved, which may suppress the upward space of propylene [2] - On the cost side, the geopolitical situation is still volatile, the center of oil prices has rebounded, and the price of propane in the external market has continued to strengthen, so the cost side still has support [2] Summary by Directory 1. Propylene Basis Structure - The closing price of the propylene main contract is 6462 yuan/ton (+17), the spot price of propylene in East China is 6475 yuan/ton (+25), the spot price of propylene in North China is 6615 yuan/ton (+65), the basis of propylene in East China is 13 yuan/ton (+8), and the basis of propylene in North China is 153 yuan/ton (+48) [1] 2. Propylene Production Profit and Start - up Rate - The start - up rate of propylene is 73% (-2%), the spread between Chinese propylene CFR and Japanese naphtha CFR is 200 US dollars/ton (+4), the spread between propylene CFR and 1.2 propane CFR is 92 US dollars/ton (+0) [1] 3. Propylene Import and Export Profit - The import profit of propylene is - 395 yuan/ton (-115) [1] 4. Propylene Downstream Profit and Start - up Rate - The start - up rate of PP powder is 33% (-4.04%), and the production profit is - 205 yuan/ton (-65) [1] - The start - up rate of propylene oxide is 74% (+0%), and the production profit is - 534 yuan/ton (+49) [1] - The start - up rate of n - butanol is 87% (+1%), and the production profit is - 113 yuan/ton (-46) [1] - The start - up rate of octanol is 96% (+1%), and the production profit is 15 yuan/ton (-54) [1] - The start - up rate of acrylic acid is 74% (+5%), and the production profit is 603 yuan/ton (+68) [1] - The start - up rate of acrylonitrile is 72% (-1%), and the production profit is - 505 yuan/ton (+0) [1] - The start - up rate of phenol - acetone is 71% (+2%), and the production profit is - 247 yuan/ton (+0) [1] 5. Propylene Inventory - The in - plant inventory of propylene is 31710 tons (-5320) [1]

交易咨询业务资格：证监许可【2012】1091号 2025-09-18甲醇早报 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 1 ࠠݺܶठ 近期多空分析 利多： ࡉीһי 2 ܨݤׁޯ 3 4 ߳ҒࢩӐ 甲醇2601： 1、基本面：供需逻辑不同预计本周国内甲醇呈现区域性走势，整体或呈北强南弱走势。内地方面，产区烯烃需求明显 增量致使区域内甲醇供应紧张，供需紧平衡的利好驱动下，本周产区预计走高概率较大。销区方面，下游有节前备货需 求，以及运费仍有上涨空间，贸易商有惜售情绪，共同支撑下游到货价格走高。但套利空间打开后，港口货源可倒流内 地，制约销区甲醇价格上涨幅度。港口方面，伊朗10月缺气检修，且伊朗busher一套年产165万吨甲醇装置上周临时停 车，后续进口货源逐步减少，远月强预期；同时港口主力烯烃装置近期重启叠加十一假期前 ...