交易咨询业务资格：证监许可【2012】1091号 2025-07-09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 目 录 1 每日提示 2 多空关注 1.部分装置停车：榆林凯越、新疆新业等。 2.伊朗甲醇开工降低；港口库存处于低位。 3.荆门60万吨/年醋酸装置已于5月16日出产品；新疆中和合众60万吨/年醋酸本月下旬 有投产计划。 3 基本面数据 4 检修状况 甲醇2509： 1、基本面：港口方面，短期尚有部分内地货源流入套利，且本周进口到货集中，库存或有累积风险，另随着伊朗装置 逐步恢复，后续进口量回升预期下，短期业者信心不足，不过伊朗中止与联合国核监督机构合作，宏观面尚存支撑，短 期港口甲醇多空博弈下震荡为主。内地方面，上游甲醇企业库存不多，加之近期产区甲醇装置集中检修，供应端并无压 力，对行情有一定支撑。 ...

万和财富早班车 2025年7月9日 ● 国内金融市场 ● 我们不是资讯的搬运工 而是有态度的发现者 宏观消息汇总 1。国家发展改革委新增下达100亿元中央预算内投资，开展以 工代赈行动,预计吸纳带动31万名重点群体就业 2. 七部门发文加快推进普惠托育服务体系建设,明确发展"1+N" 的托育服务体系 3. 香港证监会：扩大南向通参与机构范围,加入券商、保险公 司、理财及资产管理公司 二、行业最新动态 1。万马股份(002276)：万马高分子超高压绝缘料三期项目达产后. 合计年产能将达到6万吨,市占率从15%提升至约20% 2 联合化学(301209)：公司拟以自有和自筹资金1.2亿元增资卓 光芮科技，增资后将持有卓光芮19.3548%的股权 3、金岭矿业(000655):预计公司上半年净利润盈利比上年同期增 长66.48%-111.54%,业绩增长主要由于主产品铁精粉销量增加 4、科大智能(300222)：公司全资子公司持股18%的参股公司科大智 能（合肥）科技有限公司为小米汽车充电桩的供应商 四、市场回顾及展望 七月八日(周二),昨天市场小幅高开后一路震荡上行,黄线 领涨白线,指数盘中突破7月4日的高点再度 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA: The PTA futures fluctuated within a range yesterday, and the spot market negotiation atmosphere improved compared to the previous day. The basis continued to be weak, and the decline in the afternoon widened. The current market supply - demand contradiction is not prominent, and the social inventory is at a relatively low level. It is expected that the PTA spot price will still fluctuate and adjust following the cost side in the short term, and the supporting effect may appear after the rapid decline of the spot basis. Attention should be paid to the results of the OPEC+ meeting and the polyester load fluctuations [6]. - MEG: On Tuesday, the price center of ethylene glycol was narrowly sorted, and the market negotiation was average. The supply - demand structure of ethylene glycol is gradually changing, and the inventory accumulation expectation is obvious in the third quarter. The willingness of traders in the market to hold goods is poor. Due to the weakening supply - demand and the polyester off - season, the upper side of the ethylene glycol disk is under pressure. In the short term, the ethylene glycol price will be mainly sorted in a low range. Subsequently, attention should be paid to the return efficiency of the supply side and the changes in the cost side [7]. 3. Summary According to the Directory 3.1 Previous Day Review No relevant content provided. 3.2 Daily Tips - **PTA**: - Fundamental: Futures fluctuated, spot negotiation improved, basis weakened, and suppliers offered for sale. The mainstream spot basis today is 09 + 91, and the price negotiation range is 4780 - 4820 yuan/ton [6]. - Basis: The spot price is 4805, the 09 - contract basis is 80, and the disk is at a discount, which is bullish [6]. - Inventory: The PTA factory inventory is 3.95 days, a decrease of 0.14 days compared to the previous period, which is bullish [6]. - Disk: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bullish [6]. - Main force position: Net short position, short position increased, which is bearish [6]. - **MEG**: - Fundamental: The price center was narrowly sorted, the basis was stable, and the spot negotiation was around a premium of 70 - 72 yuan/ton over the 09 contract. The overseas market price center was sorted at a low level [7]. - Basis: The spot price is 4343, the 09 - contract basis is 68, and the disk is at a discount, which is bullish [7]. - Inventory: The total inventory in the East China region is 53.2 tons, an increase of 2.73 tons compared to the previous period, which is bearish [7]. - Disk: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bearish [7]. - Main force position: The main force is net short, and the short position decreased, which is bearish [7]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, load, output, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, as well as the changes in inventory and supply - demand gap [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the ethylene glycol total operating rate, production, import, total supply, polyester production, consumption, and port inventory data from January 2024 to December 2025, along with the supply - demand difference [12]. - **Price Data**: It includes the spot and futures prices of various products such as naphtha, PX, PTA, MEG, and polyester fibers, as well as the basis, spread, and profit data on July 8 and July 7, 2025 [13]. 3.5 Price - **PTA and MEG Spot and Futures Prices**: The prices of naphtha, PX, PTA, MEG, and polyester fibers are provided, along with the changes in basis, spread, and profit on July 8, 2025, compared to July 7, 2025. For example, the spot price of naphtha increased by 1.5 dollars/ton, and the spot price of PX decreased by 7 dollars/ton [13]. - **PET Bottle - Chip Related Prices**: The historical data of the spot price, production gross profit, capacity utilization rate, and inventory of PET bottle - chips are presented [16][18][21][24]. 3.6 Inventory Analysis - **PTA Inventory**: The historical data of the PTA factory inventory available days in China are shown [42]. - **MEG Inventory**: The historical data of the MEG port inventory in the East China region are provided [42]. - **Polyester Product Inventory**: The historical data of the inventory available days of PET slices, polyester fibers (POY, DTY, FDY, short - fiber) in China are presented [44][51]. 3.7 Polyester Upstream and Downstream开工 - **Upstream**: The historical data of the operating rates of PTA, PX, and ethylene glycol in China are provided [53][55]. - **Downstream**: The historical data of the operating rates of polyester factories and Jiangsu - Zhejiang looms in the PTA industry chain are presented [57][59]. 3.8 PTA Processing Fee and MEG Profit - **PTA Processing Fee**: The historical data of the PTA processing fee in China are shown [60][61]. - **MEG Profit**: The historical data of the production gross profit of MEG produced by different methods (methanol, coal - based syngas, naphtha integration, ethylene) in China are presented [63][64]. - **Polyester Fiber Profit**: The historical data of the production gross profit of polyester short - fiber and long - fiber (DTY, POY, FDY) in China are provided [66][68][69][70].

Core Viewpoint - The article highlights the dedication and contributions of Xia Jie, a senior technician in the chemical quality inspection field at Yunnan Yuntianhua Red Phosphorus Chemical Co., Ltd, showcasing her journey from a novice to a key technical figure in the company, and her significant role in enhancing product quality and operational efficiency [3][4][5]. Group 1: Professional Development - Xia Jie began her career at Red Phosphorus Chemical in 2000, quickly adapting to complex instruments and data analysis through rigorous learning and mentorship [4]. - Over the years, she transformed from a beginner to a technical expert, playing a crucial role in the analysis and guidance of new equipment trials and product development [4]. Group 2: Technical Innovations - In 2019, Xia Jie contributed to a significant technical upgrade involving a new potassium dihydrogen phosphate production process, which required the laboratory to provide 207 data points daily across 23 control points and 83 analysis projects [4]. - She developed and standardized analysis methods that significantly reduced operational costs and improved the success rate of equipment trials [4][5]. Group 3: Contributions to Company Growth - Xia Jie has been instrumental in the internationalization of the company's brand, creating mathematical models for efficient resource utilization, which supported the integrated production model of "mining-acid-fertilizer" [5]. - Her efforts have strengthened the market position of the "Bai Xian" brand in Vietnam, enhancing the company's export advantages [5]. Group 4: Talent Development - Xia Jie established a "master-apprentice + school-enterprise linkage" model to train over 30 technical personnel, facilitating their advancement to engineering and technician roles [6][7]. - She organized over 30 skill training sessions and chemical inspection competitions, promoting skill development and recognition among employees [6][7]. Group 5: Recognition and Awards - Over the years, Xia Jie has received numerous accolades, including the title of "National Labor Model" in 2025, reflecting her exceptional contributions to the industry [7].

甲醇聚烯烃早报 研究中心能化团队 2025/07/09 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/07/0 2 801 2465 2480 2460 2550 2445 2603 277 345 18 45 -1240 2025/07/0 3 801 2470 2468 2500 2550 2445 2610 280 345 48 45 -1268 2025/07/0 4 801 2455 2465 2495 2550 2445 2610 277 340 58 35 -1219 2025/07/0 7 801 2437 2448 2485 2550 2445 2585 277 340 36 25 -1219 2025/07/0 8 801 2420 2428 2475 2540 2445 2565 277 340 18 20 -1174 日度变化 0 -17 -20 -10 -10 0 -20 0 0 -18 -5 45 观点 高进口开始兑现，累库开始发生，盘面低估值，等待淡 ...

期货研究报告|丙烯专题 2025-07-09 丙烯系列报告-丙烯下游需求介绍 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 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 liuqizhan@htfc.com 从业资格号：F03140168 投资咨询业务资格： 证监许可【2011】1289 号 摘要 本篇为丙烯系列报告第三篇，主要介绍丙烯下游需求情况，包括下游消费量、消费增速、 消费结构，以及聚丙烯、环氧丙烷、丁辛醇、丙烯酸、丙烯腈、苯酚、丙酮、环氧氯丙 烷等下游品种，对丙烯下游产业链进行全面解读。 丙烯下游应用广泛，主要用于生产聚丙烯，此外还可合成环氧丙烷、丙烯腈、丙烯酸、 苯酚、丙酮等化学品，主要应用于塑料、医药、农业等领域。 随着中国经济社会高速发展，国内丙烯需求增长强劲，消费量与表 ...

Core Viewpoint - China Petrochemical Corporation (Sinopec) has achieved a significant breakthrough in the development of a fluidized bed hydrogen peroxide production technology, breaking the long-standing foreign monopoly and providing technological support for the upgrade of domestic hydrogen peroxide production technology [1][3]. Group 1: Technology Development - The newly developed fluidized bed hydrogen peroxide production technology has been in development for 15 years, resulting in 72 Chinese invention patents and 1 PCT international patent [3]. - The technology integrates multiple innovations, including three types of catalysts, three process enhancements, and two new reactions, significantly improving production efficiency and enabling large-scale production [3][4]. Group 2: Market Position and Production Capacity - In 2022, China accounted for over 50% of the global hydrogen peroxide market share, with an annual production capacity of 24 million tons, although the production process primarily relied on outdated fixed bed technology [3]. - The first domestic industrial production unit using Sinopec's fluidized bed technology was established in Hunan in 2018, with a capacity of 72,000 tons per year, outperforming domestic technology standards [4]. Group 3: Future Prospects and Economic Impact - The fluidized bed technology is expected to address essential safety issues in hydrogen peroxide production and has been recognized for its industry promotion value [4]. - In 2024, Hunan Petrochemical is projected to produce a total of 585,000 tons of hydrogen peroxide, with significant reductions in comprehensive energy consumption compared to the previous year [4].

Core Viewpoint - The company, Sichuan Hebang Biotechnology Co., Ltd., is actively responding to regulatory inquiries regarding its 2024 annual report, particularly focusing on its mining operations and financial disclosures related to its mineral resources [1][2]. Mining Operations - The company holds a total of 40 mining rights, including 34 exploration rights and 6 mining rights, with an investment of approximately 620 million yuan for acquiring these rights [1][2]. - The mining sector has become a core contributor to the company's operating profits, with an expected profit contribution of 250 million yuan from phosphate rock sales in 2024 [1][2]. - The company employs a phased investment and rolling development strategy in its mining operations to manage risks and ensure cash flow [1][2]. Financial Performance - The company reported a total operating income of 8.547 billion yuan in 2024, a decrease of 3.13% year-on-year, with a net profit of 31 million yuan, down 97.55% from the previous year [1][12]. - The phosphate and salt mines have generated significant revenue, with phosphate sales expected to increase as construction projects are completed [5][12]. Investment Strategy - The company is strategically expanding into the mining sector, aligning with macroeconomic policies and market conditions, while leveraging its existing resources and personnel expertise [9][10]. - The company has established a robust management structure and has recruited over 180 new employees in the mining sector since 2024, enhancing its operational capabilities [8][9]. Risk Management - The company utilizes a joint venture model for overseas mining projects to mitigate risks and ensure compliance with local regulations [10][11]. - A comprehensive risk control framework is in place for both domestic and international mining operations, focusing on environmental protection, safety, and regulatory compliance [10][11]. Sales and Revenue Breakdown - The company has achieved significant sales in its mining operations, with phosphate and salt mines contributing to the majority of its revenue [5][12]. - The sales model primarily involves internal sales within the group, with a high collection rate of 90% on receivables [5][12].

Core Viewpoint - Guangzhou Tinci Materials Technology Co., Ltd. has completed the registration change of its capital and the amendment of its articles of association, reflecting a registered capital of 1,914.344077 million RMB [2][3]. Group 1 - The company held its 31st meeting of the 6th Board of Directors on April 11, 2025, where the proposal for changing the registered capital and amending the articles of association was approved [2]. - The proposal was subsequently approved at the 2024 annual general meeting held on May 8, 2025 [2]. - The company has completed the necessary business registration changes and obtained a new business license from the Guangzhou Market Supervision Administration [2]. Group 2 - The latest registered capital of the company is 1,914.344077 million RMB [2]. - The company operates in various sectors including manufacturing of basic chemical raw materials, synthetic materials, battery manufacturing, and environmental materials [2]. - The company is located in Huangpu District, Guangzhou, and was established on June 6, 2000 [2].

Core Points - The company announced a cash dividend distribution for A and B shareholders, with A shares receiving a cash dividend of 0.18 RMB per share and B shares receiving 0.025046 USD per share [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 30, 2025 [1] Dividend Distribution Details - A shares will have a record date of July 14, 2025, with the ex-dividend date on July 15, 2025, and payment on the same day [1] - B shares will have a record date of July 17, 2025, the last trading day on July 14, 2025, and payment on July 24, 2025 [1] - The total cash dividend to be distributed amounts to 382,109,630.40 RMB based on a total share capital of 2,122,831,280 shares [1] Taxation Policies - For A share individual shareholders, dividends are subject to different tax treatments based on holding periods, with a 10% tax for shares held for one month or less, and no tax for shares held for over one year [2][3] - For B share non-resident corporate shareholders, a 10% withholding tax will apply, resulting in a net dividend of 0.022541 USD per share [5] - For B share resident individual shareholders, the tax treatment varies based on holding periods, with a maximum tax of 20% for shares held for one month or less, and a net dividend of 0.025046 USD per share [5][6]