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share, with an annual production capacity of 24 million tons, although the production process primarily relied on outdated fixed bed technology [3].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]

【DT新材料】 获悉，7月8日， 圣泉集团 发布 半年度业绩预增公告 ，公司预计2025年半年度实现归属于母公司所有者的净利润 49,100.00万元 到 51,300.00万元 ，同比增加 48.19% 到 54.83% 。 公司预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 47,100.00万元 到 49,300.00万元 ，同比增加 48.02% 到 54.93% 。 业绩增长主要原 因为 受益于全球AI算力建设、高频通信及新能源汽车、储能等领域快速发展 ，带动公司先进电子材料及电池材料放量增长。 此外， 公司 1000 吨/年 PP0 树脂 、 1000 吨/年多孔碳 等先进电子材料及电池材料生产线产能陆续释放，逐步实现满产满销； 通过布局新领域、开发新应用，公司合成树脂产业市场份额扩大，实现销量的稳步提升；大庆生产基地" 100 万吨/年生物质精炼一体化(一期工程)项目 "持续平稳运行，产能利用率不断提升，报告期内实现减亏，对公司整体业绩提升起到了积极作用。 近期， 在生物基材料与能源领域深耕多年的圣泉集团，近期动作频频，交出了一份令人瞩目的成绩单： 点击扩展阅读： 圣泉集团 ...

装置边际恢复叠加港口累库，乙二醇延续震荡运行 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 www.thqh.com.cn 一、日度市场总结 从数据变动来看，乙二醇期货主力合约价格连续三日微幅下跌，7月7日报 4305元/吨，较7月4日下跌8元，跌幅0.19%，但期现基差走扩至65元/吨， 体现现货价格僵持背景下期货市场远期情绪弱化。 生产利润方面，煤制亏损维持262元/吨未变，而石脑油制、乙烯制和甲醇 制仍深陷亏损（分别达-109.8、-947和-1437元/吨），高成本工艺的全面 亏损对供给端形成刚性约束。 供需结构上，尽管乙二醇总开工率微增0.2%至62.43%，但煤制装置仅57.2% 的开工水平仍处历史低位，而聚酯工厂负荷89.42%、江浙织机负荷63.43% 均持平前值，需求端持续缺乏弹性。 值得注意的是华东主港库存单周增3.6万吨至54.2万吨，其中张家港库存增 幅达7.2%，而同时段到港量却大幅缩减4.4万吨至8.43万吨，显示终端提货 速度显著放缓，流通环节出现累库压力。 liyingjie@thqh.com.cn 当前乙二醇市 ...

证券代码：601208 证券简称：东材科技 公告编号：2025-055 转债代码：113064 转债简称：东材转债 重要风险提示： ? 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）股票 于 2025 年 7 月 4 日、7 月 7 日、7 月 8 日连续三个交易日内日收盘价格涨幅偏离 值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易 异常波动的情形。 ? 经公司自查核实，并向控股股东、实际控制人发函查证，截至本公告披 露日，均不存在应披露而未披露的重大信息。 ? 根据中证指数有限公司发布的相关数据，截至 2025 年 7 月 7 日，本公司 的静态市盈率为 53.90、市净率为 2.10，所属化学原料及化学制品制造业的静态 市盈率为 24.31、市净率为 1.96，公司的市盈率和市净率水平均高于行业平均水 平。敬请广大投资者注意二级市场交易风险，理性投资。 一、股票交易异常波动的具体情况 四川东材科技集团股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 （四 ...

湖北凯龙化工集团股份有限公司董事会 证券代码：002783 证券简称：凯龙股份 公告编号：2025－046 湖北凯龙化工集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 (一)业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日。 (二)预计的经营业绩：? 扭亏为盈 √同向上升 ? 同向下降 项 目 本报告期 上年同期 盈利：10,000 万元–12,000 万元 归属于上市公司股东的净 盈利：6,508.65 万元 利润 比上年同期增长 53.64%–84.37% 盈利：9,000 万元–11,000 万元 扣除非经常性损益后归属 盈利：4,722.99 万元 于上市公司股东的净利润 比上年同期增长 90.56%–132.90% 基本每股收益 盈利： 0.20 元/股–0.24 元/股 盈利：0.14 元/股 二、业绩预告预审计情况 本次业绩预告未经过注册会计师预审计。 三、业绩变动原因说明 公司本期归属于上市公司股东的净利润同比大幅上升，主要原因有： 上升。同时，爆破服务成本同比下降，进一步提升了 ...

青海盐湖工业股份有限公司 关于实际控制人增持公司股份计划实施进展暨增持时间过 一、增持计划的基本情况 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者 信心，公司实际控制人中国五矿计划自 2025 年 4 月 9 日起 6 个月内，通过深圳 证券交易所系统允许的方式（包括但不限于大宗交易和集中竞价交易）增持公司 A 股股票。本次计划增持股份总数量不少于 21,166.29 万股。具体内容详见公司 于 2025 年 4 月 9 日披露的《关于实际控制人增持计划的公告》 证券代码：000792 证券简称：盐湖股份 公告编号：2025-037 半的公告 公司实际控制人中国五矿集团有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 青海盐湖工业股份有限公司（以下简称"公司"）近日收到实际控制人中国 五矿集团有限公司（以下简称"中国五矿"）出具的《关于增持公司股份计划实 施进展暨增持时间过半的告知函》，现将相关情况公告如下： 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引 ...