2025.06.23-06.27 纯碱、玻璃 期货品种周报 01 P A R T 纯碱期货 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 目录 中线行情分析 纯碱期货处于震荡阶段。 中线趋势判断 1 趋势判断逻辑 上周纯碱期货市场整体呈现震荡偏弱走势，价格波动幅度偏小。从 供应端来看，6月19日国内纯碱行业整体开工率为86.57%，整体仍 维持高位，部分装置检修或减量运行，如唐山三友、山东海天、江 苏华昌等企业均处于不同程度的降负或检修状态。此外，中盐昆山 自6月19日起停车检修，预计影响周期20天左右。需求方面，下游 行业采购意愿偏弱，普遍采取低价刚需策略，采购意愿低迷。当前 供需宽松格局未改，需求不振，预计纯碱期货价格仍将维持弱势震 荡走势。 2 中线策略建议 3 建议观望 品种交易策略 n 上周策略回顾 上周纯碱期货震荡偏弱，供应端开工率高、新增产能投产致 负荷提升，需求端刚需补库为主、观望浓厚，市场缺驱动且 基本面过剩，预计价格延续弱势震荡。预期纯碱2509运行区 间1150-1300，可考虑空仓观望。 n 本周策略建议 上周纯碱期货市场震荡偏弱，价格波动小。供应端开工 ...

Core Viewpoint - The Chinese chlorotoluene market is experiencing a significant shift due to domestic production capacity increases and technological advancements, leading to reduced import dependency and export challenges due to global economic slowdowns and trade barriers [1][13]. Industry Overview - Chlorotoluene is an organic compound with the formula C7H7Cl, characterized by its colorless liquid state and specific chemical properties [2]. - The industry has evolved through four main stages: initial reliance on imports, rapid domestic capacity expansion, high growth driven by downstream demand, and a current phase of optimization and competition [4][5][6]. Industry Development History - From 1970 to 2005, the industry was in its infancy, with limited domestic production and high reliance on imports [4]. - Between 2005 and 2010, domestic production capacity surged from 50,000 tons/year to 130,000 tons/year, making China the largest producer globally [5]. - The period from 2010 to 2015 saw continued growth, with consumption reaching 180,000 tons in 2013, driven by advancements in production technology and increased demand from agriculture and pharmaceuticals [5]. - Since 2015, the industry has entered a mature phase, focusing on technological upgrades and environmental sustainability [6]. Industry Chain - The upstream of the chlorotoluene industry includes raw materials like toluene and chlorine, while the downstream applications span pharmaceuticals, pesticides, and new materials [8]. Import and Export Situation - In the first four months of 2025, China imported 1 kg of chlorotoluene, with an import value of $13, a 72.92% decrease year-on-year [13]. - Exports during the same period totaled 75,800 kg, with a value of $78,216, reflecting a 76.52% decline in quantity and a 76.99% decline in value [13]. Key Companies' Performance - Wehua New Materials is a leading player in the chlorotoluene market, leveraging a complete supply chain and advanced technology to maintain a competitive edge [15]. - Anhui Haihua Technology holds a significant market share with over 50,000 tons/year production capacity, benefiting from integrated production processes [19]. - Jiangsu Changjiang Fine Chemical is recognized for its technological advancements and plans for capacity expansion [17]. Industry Development Trends 1. **Capacity Expansion and Technological Upgrades**: The industry is poised for growth driven by increased demand in agriculture, pharmaceuticals, and new materials, with companies like Anhui Haihua planning to enhance production capacity [20]. 2. **Structural Adjustment in Downstream Demand**: The demand for chlorotoluene is shifting towards high-end applications, particularly in pharmaceuticals and new materials, with significant growth potential in electric vehicle battery materials [22]. 3. **Green and Sustainable Development**: The industry is increasingly focusing on environmentally friendly production methods, with companies implementing waste reduction and energy efficiency measures [23].

Group 1 - The core viewpoint of the news is that Beihua Co., Ltd. (002246) has shown significant financial growth in its latest quarterly report, with a notable increase in revenue and net profit [1] - As of June 20, 2025, Beihua Co., Ltd. closed at 13.58 yuan, with a trading volume of 583,500 lots and a transaction amount of 778 million yuan [1] - The company's total operating revenue for Q1 2025 was 444 million yuan, representing a year-on-year growth of 49.50%, while the net profit attributable to shareholders was 29.51 million yuan, up 365.32% year-on-year [1] Group 2 - Beihua Co., Ltd. has a current liquidity ratio of 2.243 and a quick ratio of 1.973, indicating strong short-term financial health [1] - The company's debt-to-asset ratio stands at 33.78%, suggesting a moderate level of financial leverage [1] - The company has made investments in three enterprises and has participated in 4,215 bidding projects, showcasing its active engagement in the market [2]

供应缩减预期 甲醇增仓上行 1 行情回顾 2 甲醇基本面分析 3 后市展望 Part1 第一部分 行情回顾 200 250 300 200 300 数据来源：WIND 国信期货 2023-02-01 2023-03-01 2023-04-01 2023-05-01 2023-06-01 2023-07-01 2023-08-01 2023-09-01 2023-10-01 2023-11-01 2023-12-01 2024-01-01 2024-02-01 2024-03-01 2024-04-01 2024-05-01 2024-06-01 甲醇主力合约MA2509截止收盘在2529元/吨，周涨幅6.35%，增仓12万手，持仓88万手，港口基差大幅上行约100元。 --国信期货甲醇周报 2025年6月22日 目 录 CONTENTS 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 -400 -300 -200 -100 0 100 400 500 1月2日 1月10日 1月18日 1月26日 2月3日 2月11日 2月19日 2月27日 3月6日 3月14日 3月22日 3月30日 4月8日 ...

Group 1 - The core viewpoint of the news is that the construction of the high-end new material project for POE by Liaoning Dingjide has reached a significant milestone with the successful installation of the T1402 stripping tower, marking the project entering the full construction phase of the main device [1] - The project includes the largest ethane-to-alpha-olefin facility in the country, with a capacity of 300,000 tons per year, and the installation process was completed in just six days through meticulous planning and execution [1] - The project team has implemented innovative management practices and established a strict quality control system to ensure high-quality and efficient construction, addressing challenges such as tight timelines and large engineering volumes [1] Group 2 - The Liaoning Dingjide POE high-end new material project is being constructed in two phases, with the first phase including a 200,000 tons per year POE joint device, a 300,000 tons per year alpha-olefin device, and a 400 Nm³/h electrolytic water hydrogen production unit [2] - Alpha-olefin is a key raw material for producing POE, and the project aims to address the domestic supply shortage of high-end products, which has long relied on imports [2] - The new process adopted in the project effectively resolves critical technical issues related to the impact of solid oligomers on heat and mass transfer in the polymerization reaction [2]

继 中国化学 后，近日，又一企业实现超高分子量聚乙烯项目中交。 目前在建的MTO及烯烃分离装置挖潜增效改造项目对原MTO及烯烃分离装置进行扩能改造，将装置 处理能力提升至130%（年处理折纯甲醇234万吨），年产双烯84.88万吨，年增产双烯15.93万吨。 MTO及烯烃分离装置挖潜增效改造项目副产的双烯将作为原料延伸烯烃产业链，生产高附加值的高 端聚烯烃新材料。 点击扩展阅读 ： 5万吨！中国化学，又一热门材料项目中交！ 据悉，全球UHMWPE还处在快速发展的阶段， 锂电池隔膜、医疗用料及纤维仍 将是带动全球 UHMWPE消费量增长的主要下游领域。据第三方统计， 截至目前，国内超高分子量聚乙烯在产产能 合计约为27万吨/年，在建产能32万吨，另有约48万吨/年拟新建产能，总产能超100万吨！ 【DT新材料】 获悉， 6月15日，由陕西化建总承包施工的 蒲洁能化4万吨/年超高分子量聚乙烯装 置 正式完成中间交接（中交）。该项目 是全国首套大型煤基超高分子量聚乙烯工业化装置，该项目 顺利中交标志着 全国同产品最大装置正式由建设阶段转入生产准备阶段 ！ 该装置采用 中国科学院上海有机化学研究所 与 中石化上海工程 ...

文/梧桐兄弟 6月20日，上交所公布对青岛海湾化学股份有限公司主板IPO终止审核的决定，直接原因是公司及保荐机构中信证券申请撤回申报/保荐。海湾化学IPO申报于2023 年2月28日获得受理，7月20日收到首轮问询，但直到今日，上交所网站都未公布问询问题及回复。公司本次IPO拟募资30亿元。 一、净利润一度逾20亿元，高耗能、高排放行业 发行人的主营业务为氯碱化工、有机化工原料和高分子新材料以及无机硅产品的研发、生产与销售 ，主要产品包括乙烯法PVC、苯乙烯、聚苯乙烯以及烧碱，同 时利用部分自产烧碱生产偏硅酸钠，实现对无机化学品业务的延伸。 二、公司预计2022年度净利润下降-47.85%至-39.62% 公司预计2022年实现营业收入区间为1,244,500.00万元至1,441,000.00万元，同比波动为-4.47%至10.61%；预计实现归属于母公司股东的净利润区间为108,300.00至 125,400.00万元， 同比波动为-47.85%至-39.62% ；预计实现扣非后归属于母公司股东的净利润区间为102,000.00至119,100.00万元， 同比波动为-50.00% 至-41.62%。 公 ...

天眼查App显示，近日，泽西化妆品（天津）有限公司成立，法定代表人为刘猛，注册资本1000万人民 币，由泽西品牌管理（天津）有限公司全资持股。 序号股东名称持股比例1泽西品牌管理（天津）有限公司100% 企业名称泽西化妆品（天津）有限公司法定代表人刘猛注册资本1000万人民币国标行业制造业>化学原 料和化学制品制造业>基础化学原料制造地址天津市津南区双港镇双港工业园区丽港园11号2-244企业类 型有限责任公司(法人独资)营业期限2025-6-20至无固定期限登记机关天津市津南区市场监督管理局 来源：金融界 经营范围含许可项目：化妆品生产；卫生用品和一次性使用医疗用品生产。（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）日用化学产品 制造；化妆品批发；化妆品零售；化工产品销售（不含许可类化工产品）；专用化学产品销售（不含危 险化学品）；卫生用品和一次性使用医疗用品销售；日用化学产品销售；合成材料销售；日用品批发； 日用品销售；日用百货销售；日用玻璃制品销售；纸制品销售；塑料制品销售；家用电器销售；家具销 售；针纺织品销售；皮革销售；办公用品销售；橡胶制品 ...

Core Viewpoint - The company, Jiangsu Sop Chemical Co., Ltd., has provided a guarantee of RMB 2.2 billion for its wholly-owned subsidiary, Jiangsu Sop New Materials Technology Co., Ltd., to support financing for a project construction [1][2][7]. Summary by Sections Guarantee Overview - The company has approved a total credit limit of up to RMB 5 billion for itself and its subsidiaries, with a maximum guarantee of RMB 3 billion for its wholly-owned subsidiaries [1][3]. Basic Information on the Guarantee - The guarantee amount is RMB 2.2 billion, with the funds allocated for the construction of the "Vinyl Acetate and EVA Integration Project (Phase I)" [2][3]. - The company has provided no prior guarantees for the subsidiary, and the current guarantee does not involve any counter-guarantee [1][3]. Subsidiary Information - Jiangsu Sop New Materials Technology Co., Ltd. was established on December 4, 2015, with a registered capital of RMB 150 million, focusing on the production and sales of various chemical products [4]. Guarantee Agreement Details - The guarantee is a joint liability guarantee, effective for three years from the date of the guarantee contract [5][6]. - The guarantee covers the principal amount of RMB 2.2 billion, including interest and other related costs [6]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the financing needs of the subsidiary's project, aligning with the company's long-term development strategy [7][8]. - The company maintains control over the subsidiary's operations and management, ensuring that the guarantee risk is manageable [8]. Total External Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 3 billion, which is 55.70% of the company's latest audited net assets [8].

Core Viewpoint - The company plans to provide financial assistance to its subsidiary, Anshan Huihong Pigment Technology Co., Ltd., in the form of a cash loan not exceeding RMB 50 million, with an interest rate of 3.0% and a repayment period of up to 24 months for each loan [1][8]. Financial Assistance Overview - The financial assistance aims to support the daily operations and project development of Huihong Technology without affecting the company's normal business operations and fund usage [1][7]. - The decision for this financial assistance will be valid for two years from the date of approval by the board of directors [8]. Subsidiary Information - Huihong Technology is a wholly-owned subsidiary of Meicai New Materials, with a registered capital of RMB 150 million and a good credit rating, indicating its ability to fulfill repayment obligations [3][5]. - As of December 31, 2024, Huihong Technology reported total assets of approximately RMB 205.18 million, total liabilities of about RMB 26.62 million, and a net profit of approximately RMB 14.28 million for the year [4][5]. Financial Assistance Agreement - The loan agreement allows Huihong Technology to use the loan amount cyclically, with each loan's term not exceeding 24 months from the actual payment date [6][8]. - The company will charge interest based on the loan market quotation rate (LPR) plus a penalty for any defaults [6]. Board of Directors' Opinion - The board believes that providing financial assistance will alleviate Huihong Technology's financial pressure and support its operational and project funding needs [7][8]. - The financial assistance is structured to ensure it does not harm the interests of the company or its shareholders, particularly minority shareholders [7][8]. Current Financial Assistance Status - As of the announcement date, the company has provided a total of RMB 43.45 million in financial assistance to its subsidiaries, which constitutes 2.27% of the company's latest audited net assets, with no overdue amounts reported [8].