Core Viewpoint - Shandong chemical leader Binhua Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a strategic move to establish an "A+H" dual capital platform and enhance its global presence and competitiveness [1][5]. Industry Transformation - The global chemical industry is undergoing significant changes, with supply-demand mismatches, trade tensions, and geopolitical risks putting pressure on profits. However, long-term trends such as "green transformation," "domestic substitution," and "high-end industrialization" are creating strategic opportunities for structural shifts [1]. - The expansion of the new energy industry chain under the "dual carbon" strategy is generating new market opportunities within the chemical sector, making Binhua's timing for the Hong Kong listing particularly strategic [1]. Growth Drivers - Binhua Co., Ltd. reported strong growth in its Q1 2025 financial results, achieving revenue of 3.782 billion yuan, a significant year-on-year increase of 94.14%, primarily due to the production ramp-up of its carbon three and four projects. The net profit attributable to shareholders reached 95.9991 million yuan, reflecting a year-on-year growth of 225.75% [1]. - The company's net cash flow from operating activities surged by 8924.95% to 984 million yuan, indicating a marked improvement in cash flow management [1]. Technological Advancements - Continuous technological breakthroughs are laying the foundation for sustainable development. Binhua's newly developed processes for producing epoxy chloropropane and innovations in water resource utilization and energy-saving technologies have been recognized by industry associations [2]. - The successful production of qualified 6N-grade electronic-grade chlorine and the performance testing of a new alkaline water electrolysis hydrogen production system highlight the company's commitment to advancing in high-tech sectors [2]. Capital Strategy - The upcoming Hong Kong listing is expected to leverage international capital to accelerate Binhua's high-end and green industry layout, particularly in high-end chemical new materials and electronic chemicals [3]. Strategic Planning - Binhua has proposed the "Beikun Plan," which aims to establish a new green energy center in the northern coastal region of Binzhou, integrating renewable energy projects with biomass technology [4]. - The plan includes the development of six core industrial clusters, focusing on high-end new materials, deep processing of light hydrocarbons, electronic chemicals, and more, to promote cluster development in the Binzhou chemical industry [4]. - A strategic technology innovation system will guide industrial development, incorporating various initiatives to foster high-tech projects and support the creation of a zero-carbon industrial park [4].

山东主力下游采购价下调，烧碱承压运行 市场要闻与重要数据 氯碱日报 | 2025-08-01 PVC: 期货价格及基差：PVC主力收盘价5041元/吨（-118）；华东基差-121元/吨（-2）;华南基差-61元/吨（+58）。 现货价格：华东电石法报价4920元/吨（-120）；华南电石法报价4980元/吨（-60）。 上游生产利润：兰炭价格540元/吨（+0）；电石价格2780元/吨（+0）；电石利润58元/吨（+0）；PVC电石法生产毛 利-134元/吨（+181）；PVC乙烯法生产毛利-506元/吨（+89）；PVC出口利润-13.8美元/吨（-2.6）。 PVC库存与开工：PVC厂内库存35.7万吨（-1.0）；PVC社会库存42.7万吨（+1.6）；PVC电石法开工率74.42%（-4.79%）； PVC乙烯法开工率70.24%（+3.29%）；PVC开工率73.26%（-2.55%）。 下游订单情况：生产企业预售量79.5万吨（+9.9）。 烧碱： 期货价格及基差：SH主力收盘价2560元/吨（-53）；山东32%液碱基差34元/吨（+53）。 现货价格：山东32%液碱报价830元/吨（+0）； ...

氯碱日报 | 2025-07-31 基本面驱动不足，氯碱持续上行受限 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价5159元/吨（-33）；华东基差-119元/吨（+53）;华南基差-119元/吨（+13）。 现货价格：华东电石法报价5040元/吨（+20）；华南电石法报价5040元/吨（-20）。 上游生产利润：兰炭价格540元/吨（+5）；电石价格2780元/吨（+0）；电石利润58元/吨（-4）；PVC电石法生产毛利 -134元/吨（+181）；PVC乙烯法生产毛利-506元/吨（+89）；PVC出口利润-11.3美元/吨（+5.8）。 PVC库存与开工：PVC厂内库存35.7万吨（-1.0）；PVC社会库存42.7万吨（+1.6）；PVC电石法开工率79.21%（+1.69%）； PVC乙烯法开工率66.95%（-1.36%）；PVC开工率75.81%（+0.84%）。 下游订单情况：生产企业预售量79.5万吨（+9.9）。 烧碱： 期货价格及基差：SH主力收盘价2613元/吨（-29）；山东32%液碱基差-19元/吨（+29）。 现货价格：山东32%液碱报价830元/吨（+0）；山 ...

1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views Polyester Industry - PX: Short - term supply is stable, but 8 - month downstream PTA device maintenance increases and terminal demand lacks improvement. Its trend follows macro - sentiment and oil prices. PX09 is treated with caution and short - bias, and the PX - SC spread is expanded at low levels [2]. - PTA: Current load is around 80%, but 8 - month device maintenance increases. Supply - demand improves in the short - term but weakens in the medium - term. The absolute price follows the cost and market sentiment. TA is short - biased above 4900, TA9 - 1 is in a rolling reverse spread operation, and the PTA disk processing fee is expanded at low levels [2]. - Ethylene Glycol: Supply turns loose in August, and demand is weak in the traditional off - season. It is greatly affected by the macro in the short - term. EGO9 is on the sidelines, and 9 - 1 is in a reverse spread operation [2]. - Short - fiber: Supply - demand is weak in the short - term, and the absolute price follows the raw materials. The operation strategy is the same as TA, and the PF disk processing fee fluctuates between 800 - 1100 [2]. - Bottle - chip: Supply is high, demand follows up generally, and the processing fee increase is limited. The absolute price follows the cost. PR is the same as PTA, and the PR main disk processing fee is expected to fluctuate between 350 - 600 yuan/ton [2]. Urea Industry The core contradiction of the urea fundamentals is unresolved, and the market is in a shock pattern. It is recommended to use a band - trading idea, and the release of export demand needs to be tracked [10]. Crude Oil Industry Overnight oil prices rose, driven by macro and geopolitical factors. In the short - term, the upward momentum of prices depends on the continuation of geopolitical tensions. It is recommended to use a band - trading idea, with short - term long - bias [55]. PVC and Caustic Soda Industry - Caustic Soda: The disk is volatile and relatively resistant to decline. Spot prices are stable for now, and it is expected that the liquid caustic soda price will be stable this week. Attention should be paid to risk avoidance [43]. - PVC: The disk is volatile and relatively resistant to decline. Spot prices are rising, and export expectations are good. However, the overall supply exceeds demand, and short - term caution is recommended [43]. Pure Benzene and Styrene Industry - Pure Benzene: Supply - demand improves slightly in the first quarter, but the destocking amplitude is limited. It follows the overall market sentiment in the short - term, and the main contract BZ2603 follows the oil price and styrene [46]. - Styrene: Supply - demand is expected to be weak, and the basis is weakening. The price is under pressure, and EB09 is in a rolling short - bias operation [46]. LLDPE and PP Industry In August, the supply pressure of PP and PE increases, and there is potential restocking demand. The overall valuation is moderately high, and the fundamental contradiction is not significant. PP is short - biased (7200 - 7300), and LP01 is held [50]. Methanol Industry Inland maintenance will peak in early August, production is high, ports are slightly accumulating inventory, and the basis is weakening. In August, imports are still high, and downstream demand is weak. The MTO09 profit can be expanded at low levels [58]. 3. Summary by Catalog Polyester Industry - **Prices and Spreads**: Most upstream and downstream product prices in the polyester industry showed small fluctuations on July 30th compared with July 29th. For example, Brent crude oil (September) rose by 1.0%, and POY150/48 price rose by 0.6% [2]. - **开工率**: Asian PX, PTA, and MEG comprehensive开工率 showed different degrees of change, with polyester comprehensive开工率 rising by 0.5% [2]. Urea Industry - **Prices and Spreads**: Futures prices of different contracts showed small fluctuations, and spot prices in different regions also had slight changes. For example, the 05 - contract of urea futures rose by 0.28% [6]. - **Inventory and Production**: Domestic urea daily production increased by 1.26% on August 1st compared with July 31st, and factory inventory increased by 6.81% week - on - week [10]. Crude Oil Industry - **Prices and Spreads**: On July 31st, Brent and WTI crude oil prices rose, and spreads such as Brent M1 - M3 and WTI M1 - M3 changed [55]. - **Inventory and Production**: US crude oil production increased, and commercial crude oil inventory increased by 769.8 barrels compared with the previous week [13]. PVC and Caustic Soda Industry - **Prices and Spreads**: PVC and caustic soda spot and futures prices showed different degrees of change. For example, the price of East China calcium - carbide PVC increased by 0.8% [43]. - **开工率 and Inventory**: Caustic soda and PVC开工率 changed slightly, and inventory also had certain fluctuations. For example, PVC total social inventory increased by 3.9% [43]. Pure Benzene and Styrene Industry - **Prices and Spreads**: Pure benzene and styrene prices and spreads changed. For example, the price of pure benzene in East China spot rose by 0.7% [46]. - **开工率 and Inventory**: The开工率 of pure benzene and styrene and their downstream industries changed, and port inventory increased [46]. LLDPE and PP Industry - **Prices and Spreads**: Futures and spot prices of LLDPE and PP showed small fluctuations. For example, the price of East China PP fiber decreased by 0.28% [50]. - **开工率 and Inventory**: The开工率 of PE and PP devices and their downstream industries changed, and enterprise and social inventory also had certain changes [50]. Methanol Industry - **Prices and Spreads**: Methanol futures and spot prices changed. For example, the MA2509 closing price decreased by 0.62% [58]. - **开工率 and Inventory**: Methanol enterprise and port inventory changed, and upstream and downstream开工率 also had certain fluctuations [58].

商 品 研 究 2025 年 7 月 31 日 PVC：短期偏弱震荡 | | 陈嘉昕 | 投资咨询从业资格号：Z0020481 | chenjiaxin2@gtht.com | | --- | --- | --- | --- | | 【基本面跟踪】 | | | | | PVC 基本面数据 | | | | | 09合约期货价格 | 华东现货价格 | 基差 | 9-1月差 | | 5159 | 5060 | -99 | -137 | 资料来源：隆众资讯，国泰君安期货研究 【现货消息】 国内 PVC 市场现货震荡调整，受政策预期影响盘面开盘拉升，然午后预期未有利好盘中转跌，PVC 供 需基本面维持双弱，新增产能投产供应维持高位，内外贸需求淡季，行业库存继续累库，现货价格承压，华 东地区电石法五型现汇库提在 5050-5150 元/吨，乙烯法在 5000-5200 元/吨。 【市场状况分析】 PVC 在此轮反内卷过程中基本面并没有明显改善，考虑到 PVC 装置大多有持续维护升级改造，目前反 内卷政策也未涉及 PVC 行业，因此影响相对有限。但短期仍受反内卷情绪扰动，关注焦煤等商品走势。 基本面看，PVC 行业利润在此 ...

Group 1: Report Industry Investment Rating - No industry investment rating information provided in the report Group 2: Core View of the Report - The main factors affecting the market trends of PVC and caustic soda are "anti - involution" and the rectification of old devices. The market sentiment has improved, and the futures prices of both have risen. However, the fundamentals of both still face challenges, and the future trends need to pay attention to policy implementation [3] - For PVC, the supply pressure is high, the demand is weak, the cost support is insufficient, and there is pressure to compress the comprehensive profit of chlor - alkali [3] - For caustic soda, the supply pressure is large, the demand has rigid support from the alumina industry but is weak in non - aluminum fields, and the inventory pressure is increasing [3] Group 3: Summary of PVC - related Content Market News and Important Data - Futures price: The closing price of the PVC main contract was 5,192 yuan/ton (+43). The East China basis was - 172 yuan/ton (- 83), and the South China basis was - 132 yuan/ton (- 43) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 5,020 yuan/ton (- 40), and the South China calcium carbide - based PVC was quoted at 5,060 yuan/ton (+0) [1] - Upstream production profit: The semi - coke price was 535 yuan/ton (+0), the calcium carbide price was 2,780 yuan/ton (+0), the calcium carbide profit was 62 yuan/ton (+0), the gross profit of calcium carbide - based PVC production was - 134 yuan/ton (+181), the gross profit of ethylene - based PVC production was - 506 yuan/ton (+89), and the PVC export profit was - 17.1 US dollars/ton (+11.1) [1] - Inventory and production: The in - factory PVC inventory was 35.7 tons (- 1.0), the social PVC inventory was 42.7 tons (+1.6), the calcium carbide - based PVC operating rate was 79.21% (+1.69%), the ethylene - based PVC operating rate was 66.95% (- 1.36%), and the overall PVC operating rate was 75.81% (+0.84%) [1] - Downstream orders: The pre - sales volume of production enterprises was 79.5 tons (+9.9) [1] Market Analysis - The short - term PVC futures price is mainly driven by macro sentiment. The fundamentals have not improved significantly. The supply pressure is high, the demand is weak, and the cost support is insufficient. There is pressure to compress the comprehensive profit of chlor - alkali [3] Strategy - Unilateral: Wait and see - Inter - period: Do reverse spreads when the V09 - 01 spread is high - Inter - variety: No strategy Group 4: Summary of Caustic Soda - related Content Market News and Important Data - Futures price: The closing price of the SH main contract was 2,642 yuan/ton (+49), and the basis of 32% liquid caustic soda in Shandong was - 48 yuan/ton (- 49) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 830 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,330 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,603 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 739.5 yuan/ton (+80.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 687.53 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,684.34 yuan/ton (- 50.00) [2] - Inventory and production: The liquid caustic soda factory inventory was 40.84 tons (+2.45), the flake caustic soda factory inventory was 2.31 tons (- 0.09), and the caustic soda operating rate was 84.00% (+1.40%) [2] - Downstream operating rate: The alumina operating rate was 85.45% (+1.84%), the printing and dyeing operating rate in East China was 58.89% (+0.00%), and the viscose staple fiber operating rate was 84.97% (+0.42%) [2] Market Analysis - The price trend of caustic soda futures is volatile. The supply pressure is large, the demand has rigid support from the alumina industry but is weak in non - aluminum fields, and the inventory pressure is increasing [3] Strategy - Unilateral: Wait and see - Inter - period: Do reverse spreads for the SH2509 - SH2601 spread - Inter - variety: No strategy

聚酯产业链日报 投资咨询业务资格:证监许可 【2011】1292号 张晓珍 Z0003135 | 下游聚酯产品价格及现金流 | 上游价格 | 品种 | 7月29日 | 7月28日 | 单位 | 品种 | 7月29日 | 7月28日 | 涨跌 | 张跃 | 涨跌幅 | 旅跌幅 | 单位 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 布伦特原油(9月) | 72.51 | 70.04 | 2.47 | 3.5% | POY150/48价格 | 6720 | 6715 | ટ | 0.1% | 美元/桶 | 5 | 3.7% | FDY150/96价格 | WTI原油(9月) | 66.71 | 2.50 | 7015 | 7010 | 0.1% | 69.21 | | | 0 | 1.7% | DTY150/48价格 | 7910 | CFR日本石脑油 | ...

2025 年 7 月 30 日 PVC：短期仍受反内卷情绪扰动 | | 陈嘉昕 | 投资咨询从业资格号：Z0020481 | chenjiaxin2@gtht.com | | --- | --- | --- | --- | | 【基本面跟踪】 | | | | | PVC 基本面数据 | | | | | 09合约期货价格 | 华东现货价格 | 基差 | 9-1月差 | | 5192 | 5020 | -172 | -124 | 资料来源：隆众资讯，国泰君安期货研究 【现货消息】 国内 PVC 现货市场成交清淡，现货市场报价淡稳，盘中价格震荡走低，行业政策预期偏弱，现货基本 面供需矛盾持续，终端采购谨慎观望，华东地区电石法五型现汇库提在 4980-5120 元/吨，乙烯法在 5000- 5200 元/吨。 【市场状况分析】 PVC 在此轮反内卷过程中基本面并没有明显改善，考虑到 PVC 装置大多有持续维护升级改造，目前反 内卷政策也未涉及 PVC 行业，因此影响相对有限。但短期仍受反内卷情绪扰动，关注焦煤等商品走势。 期货研究 基本面看，PVC 行业利润在此轮反弹过程中大幅扩张。下半年看，供应端减产驱动不足，PV ...

7月29日晚，滨化股份(601678)公告，目前正在筹划境外发行股份（H股）并在香港联交所上市事项。同 时，公司正在与相关中介机构就本次H股上市的具体推进工作进行商讨，目前相关细节尚未确定。 2025年第一季度，滨化股份实现营业收入37.82亿元，同比增长94.14%；实现归母净利润0.96亿元，同 比增长225.75%。 值得关注的是，近年来，氯碱行业逐步从传统制造业向高端化、智能化方向发展。滨化股份也欲打造中 国北方高端电子化学品基地、"新能源+化工"零碳示范园区、绿色低碳循环经济产业园、化工新材料产 业基地，推动产业数字化。 据公开报道，2025年6月29日，公司氯醇法环氧丙烷钙法皂化工艺顺利通过中国氯碱工业协会组织的专 家验收，成为国内首家通过论证的氯醇法环氧丙烷生产企业。这一突破性技术获得认证，不仅标志着滨 化股份实现了关键技术升级。 业内人士认为，此次赴港IPO是滨化股份推进全球化战略的重要一步，有助于加快海外业务发展，提升 公司的国际品牌形象及综合竞争实力。 截至7月29日收盘，滨化股份最新股价4.48元/股，总市值92.15亿元。 （文章来源：证券时报网） 资料显示，滨化股份于2010年2月在 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The macro - sentiment has weakened, leading to a downward oscillation in the chlor - alkali futures market. The PVC and caustic soda futures prices have both declined. The PVC market is mainly influenced by macro - sentiment in the short term, and the supply pressure is high while the demand is weak. The caustic soda market price fluctuates more, with high supply pressure and rigid demand from the alumina sector [1][3]. 3. Summary by Relevant Catalogs PVC - **Futures Price and Basis**: The PVC main contract closed at 5149 yuan/ton, down 224 yuan. The East China basis was - 89 yuan/ton, up 134 yuan; the South China basis was - 89 yuan/ton, up 164 yuan [1]. - **Spot Price**: The East China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 90 yuan; the South China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 60 yuan [1]. - **Upstream Production Profit**: The PVC calcium carbide - based production gross profit was - 134 yuan/ton, up 181 yuan; the PVC ethylene - based production gross profit was - 506 yuan/ton, up 89 yuan; the PVC export profit was - 28.2 dollars/ton, down 8.6 dollars [1]. - **Inventory and Operation Rate**: The PVC factory inventory was 35.7 tons, down 1.0 tons; the PVC social inventory was 42.7 tons, up 1.6 tons. The PVC calcium carbide - based operation rate was 79.21%, up 1.69%; the PVC ethylene - based operation rate was 66.95%, down 1.36%; the overall PVC operation rate was 75.81%, up 0.84% [1]. - **Downstream Order Situation**: The production enterprise's pre - sales volume was 79.5 tons, up 9.9 tons [1]. Caustic Soda - **Futures Price and Basis**: The SH main contract closed at 2593 yuan/ton, down 44 yuan. The Shandong 32% liquid caustic soda basis was 1 yuan/ton, up 44 yuan [1]. - **Spot Price**: The Shandong 32% liquid caustic soda was quoted at 830 yuan/ton, unchanged; the Shandong 50% liquid caustic soda was quoted at 1330 yuan/ton, unchanged [2]. - **Upstream Production Profit**: The Shandong caustic soda single - product profit was 1603 yuan/ton, unchanged; the Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) was 659.5 yuan/ton, up 40.0 yuan; the Shandong chlor - alkali comprehensive profit (1 ton of PVC) was 687.53 yuan/ton, down 60.00 yuan; the Northwest chlor - alkali comprehensive profit (1 ton of PVC) was 1734.34 yuan/ton, up 14.50 yuan [2]. - **Inventory and Operation Rate**: The liquid caustic soda factory inventory was 40.84 tons, up 2.45 tons; the flake caustic soda factory inventory was 2.31 tons, down 0.09 tons. The caustic soda operation rate was 84.00%, up 1.40% [2]. - **Downstream Operation Rate**: The alumina operation rate was 85.45%, up 1.84%; the East China printing and dyeing operation rate was 58.89%, unchanged; the viscose staple fiber operation rate was 84.97%, up 0.42% [2]. Strategies - **PVC**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the V09 - 01 spread when it is high [4]. - **Caustic Soda**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the SH2509 - SH2601 spread [4].