Group 1 - PVC futures main contract experienced fluctuations, reaching a peak of 4930.00 yuan, closing at 4920.00 yuan with a 0.70% increase [1] - Institutions predict PVC prices will remain weak due to increased supply and low demand, with expectations of low-level fluctuations [1][2] - The supply side is pressured by new production capacities from companies like Wanhua Chemical and Tianjin Bohua, while demand remains sluggish, particularly in the real estate sector [1][2] Group 2 - The Indian PVC BIS policy has been postponed for another six months, which may positively impact future PVC exports [2] - The market anticipates an improvement in the oversupply situation due to the impact of anti-involution policies and sentiment in the building materials sector [2] - The expected trading range for the PVC 2509 contract is between 4800 and 5100 yuan, indicating low-level fluctuations [2]

Group 1 - The core viewpoint of the news is that Ningxia Baofeng Energy Group Co., Ltd. has applied for a patent related to the calculation method for propylene loss during the regeneration of propylene protection beds and liquid phase dryers, which aims to control production costs and improve economic efficiency [1] Group 2 - Ningxia Baofeng Energy Group Co., Ltd. was established in 2005 and is located in Yinchuan City, primarily engaged in the manufacturing of chemical raw materials and chemical products [2] - The company has a registered capital of 733.336 million RMB and has made investments in 16 enterprises [2] - The company has participated in 5,000 bidding projects and holds 438 patents along with 23 trademark registrations and 774 administrative licenses [2]

Group 1 - Shennong Development expects a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [1] - Sifang New Materials announced that its directors and senior executives collectively reduced their holdings by 80,000 shares, in line with a previously announced reduction plan [1] - Alliance Electronics plans to transfer 3.68% of its shares through a price inquiry, totaling 6.1869 million shares, due to the shareholders' funding needs [1][2] Group 2 - Yongtai Technology clarified that its patent for "a preparation method of lithium bis(fluorosulfonyl)imide" is still valid and has not been declared invalid [3] - Guibao Pet plans to invest 650 million yuan in building an intelligent warehousing and sorting center to enhance operational efficiency [4] - Deep Deep Housing A expects a net profit of 85 million to 120 million yuan for the first half of 2025, with a year-on-year increase of 1411.70% to 2034.17% [7] Group 3 - Shandong Steel anticipates a net profit of 12.71 million yuan for the first half of 2025, marking a turnaround from a loss of approximately 98.1 million yuan year-on-year [7] - Tangrenshen reported a June sales revenue of 698 million yuan from pig sales, a year-on-year increase of 26% [9] - Dongfang Zhongke plans to reduce its holdings by up to 3% of its shares due to the financial needs of a major shareholder [10] Group 4 - Weichuang Electric obtained six patents and two software copyrights between April 1 and June 30, 2025 [11] - Zhenai Home plans to reduce its holdings by up to 3% due to the financial needs of a major shareholder [13] - Xingwang Yuda's actual controller intends to reduce its holdings by up to 3% for personal financial needs [15] Group 5 - Guangyun Da intends to acquire 56.03% of Yilian Infinite for 352 million yuan, gaining control of the company [16] - Chao Tu Software's actual controller plans to reduce holdings by up to 2% due to personal financial needs [17] - Weixing Intelligent's actual controller plans to reduce holdings by up to 1.99% for personal financial needs [18] Group 6 - ST Dongshi is facing a bankruptcy reorganization application due to its inability to repay debts, with potential delisting risks if the court accepts the application [19][20] - Tongwei Co. plans to reduce its holdings by up to 1% due to personal financial needs [21] - Borui Pharmaceutical received approval for clinical trials of its drug for chronic obstructive pulmonary disease [22] Group 7 - Shuangwei New Materials announced progress in its control change plan, leading to the resumption of its stock trading [24] - Yunnei Power's stock is under risk warning due to false financial disclosures, with a name change to "ST Yun Dong" [26][28]

Core Viewpoint - The domestic soda ash market remains stable overall, with slight price declines in some regions for heavy soda ash, and a lack of significant positive support for trading activities [2][5]. Price Analysis - As of July 8, the price range for light soda ash in North China is 1170-1250 CNY/ton, while heavy soda ash is priced at 1220-1340 CNY/ton. In Northeast China, light soda ash is priced at 1250-1360 CNY/ton, and heavy soda ash at 1310-1460 CNY/ton [2]. - The light soda ash price index is 1158.57, unchanged from the previous working day, while the heavy soda ash price index decreased by 7.14 to 1221.43, a decline of 0.58% [3]. Market Dynamics - The soda ash futures market showed a slight rebound on July 8, with the main contract SA2509 opening at 1166 CNY/ton and closing at 1178 CNY/ton, reflecting a daily increase of 0.60%. The highest price during the day was 1188 CNY/ton, and the lowest was 1165 CNY/ton, with total open interest at 1,693,895 contracts, down by 107,283 contracts [5]. - The market is characterized by high supply levels and accumulating inventories, while demand remains weak, leading to a loose supply-demand balance. Despite a short-term rebound due to market sentiment, the overall price increase potential is limited due to high inventory pressure and weak demand [5]. Future Outlook - The soda ash market is expected to maintain a weak and fluctuating trend in the short term, with ongoing supply adjustments and inventory changes being critical factors to monitor [6].

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。 ...

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]

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 ...