5月21日，主要指数小幅收涨，个股跌多涨少。3604只个股下跌，1615只个股上涨，84只个股涨停，3只个股跌停。市场热点聚焦固态电池、医 药、电力等板块。 龙虎榜中涉及机构专用席位的个股中，当日净买入额前三为舒泰神、中邮科技、王子新材，分别为6495.59万元、4504.36万元、3711.53万元。 | 市场 V | 代码 名称 | | 景日涨幅 | 当日价格 | 换手率 | 全额 | 净买入 | 机构净买入; | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分 | 603955 大千生态 | 3日 | 5.58% | 39.55 | 15.49% | 23.24Z | 6870.97万 | 1.06 Z | | 包 | 300723 一品红 | 3日 | 6.46% | 50.60 | 5.50% | 23.36亿 | 1078.57万 | 9696.20万 | | 创 | 300204 舒泰神 | | 20.02% | 14.15 | 8.01% | 5.074Z | 1.11亿 | 6495.59万 | | श्रै | 688 ...

Core Viewpoint - The styrene market has experienced a significant price surge, with East China spot prices exceeding 8000 yuan per ton, driven by macroeconomic improvements and supply constraints, but the sustainability of this increase is questioned due to weak cost support and rising resistance from downstream sectors [1][2]. Supply Dynamics - The recent price increase in styrene is attributed to a recovery from previous overly pessimistic market sentiments, bolstered by unexpected progress in US-China trade talks and a rebound in international oil prices, leading to a notable increase in buying interest [2]. - Supply remains tight in major production areas such as East China, Shandong, Hebei, and Northeast China, which supports market sentiment and reduces the risk of significant price drops [3]. Cost Support - The price of pure benzene, a key upstream raw material for styrene, has fluctuated between 6000 and 6300 yuan, with a recent increase of nearly 500 yuan following improvements in international conditions [4]. - Despite a recent rebound, the momentum in the pure benzene market is expected to slow, leading to a narrow trading range, which may weaken its impact on downstream products [4]. Downstream Resistance - The surge in styrene prices has created challenges for downstream industries such as EPS, ABS, and PS, which are struggling with squeezed profits and rising costs [5][6]. - Downstream companies are exhibiting reduced willingness to purchase high-priced styrene due to increased financial pressure, despite potential benefits from improved US-China trade relations [5][6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The basis of methanol at ports has weakened again. - There are concerns about inventory accumulation at ports due to increased import pressure in June, while the inland is in a continuous inventory accumulation cycle. - Methanol production profit remains relatively high. - The recommended strategy is to cautiously short - hedge [3][4]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - term spreads between different methanol futures contracts [7][9][22]. II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China [26][30]. III. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate is presented through figures [34][36]. IV. Regional Spreads - The report provides figures on various regional spreads, such as the spread between northern Shandong and the northwest, and between Taicang and southern Shandong [38][47][52]. V. Traditional Downstream Profits - Figures show the production margins of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [52][55].

Core Viewpoint - The acquisition of Cangzhou Xuyang by Binhai Energy is essentially a capital maneuver by the actual controller Yang Xuegang, allowing him to inject assets into the company while avoiding the shell listing regulations [1][6][17]. Group 1: Acquisition Details - Binhai Energy announced plans to acquire 100% of Cangzhou Xuyang from several entities controlled by Yang Xuegang, including Xuyang Group and Xuyang Coal Chemical [1]. - The acquisition is structured to avoid the shell listing regulations, as it occurs just after the 36-month period following Yang Xuegang's acquisition of control over Binhai Energy [6][8]. - Cangzhou Xuyang's projected total assets and revenue for 2024 are 138.32 billion and 103.11 billion respectively, significantly exceeding Binhai Energy's corresponding figures of 12.79 billion and 4.93 billion [6][8]. Group 2: Financial Performance - Binhai Energy has faced continuous losses from 2020 to 2024, indicating its status as a "shell" company [6][7]. - Cangzhou Xuyang, on the other hand, is projected to generate revenues of 92.76 billion and 103.11 billion in 2023 and 2024, respectively, with net profits of 3.48 billion and 2.38 billion [8][17]. - The financial performance of Cangzhou Xuyang is crucial for Binhai Energy's turnaround, as it will significantly enhance the latter's asset base and revenue generation capabilities [8][17]. Group 3: Market Reactions - Following the announcement of the acquisition, Binhai Energy's stock price surged, while the stock of the parent company, China Xuyang Group, experienced a decline, reflecting investor sentiment regarding the valuation of both entities [17]. - The market's reaction indicates a potential reassessment of the investment value of China Xuyang Group, particularly as it may face a "hollowing out" effect due to the separation of Cangzhou Xuyang's profitable assets [17].

Group 1: Industry Overview - The petrochemical and chemical indices experienced a positive trend due to tariff policy impacts, with the chemical raw materials index rising by 1.30%, chemical machinery index by 0.12%, pharmaceutical index by 2.01%, and pesticide and fertilizer index by 1.28% [1] - In the oil sector, the oil processing index remained stable, while the oil extraction index increased by 0.64% and the oil trading index rose by 0.98% [1] - International crude oil prices fluctuated, with WTI settling at $62.49 per barrel, up 2.41% from May 9, and Brent at $65.41 per barrel, up 2.35% [1] Group 2: Market Performance - The top five performing listed chemical companies in the capital market included Yuzhong Three Gorges A, which rose by 50.65%, Jitai Co., up 47.10%, Suzhou Longjie, up 36.27%, ST Youfu, up 34.54%, and Hongqiang Co., up 33.55% [2] - The five companies with the largest declines were Aiai Precision Engineering, down 7.50%, Yongyue Technology, down 7.49%, Huate Gas, down 6.90%, Aladdin, down 6.88%, and Runbei Hangke, down 6.38% [2] Group 3: Product Price Changes - The top five petrochemical products with the highest price increases included butadiene, up 21.10%, SBS, up 13.65%, pure benzene, up 11.36%, styrene, up 10.43%, and PX, up 9.77% [1] - The five petrochemical products with the largest price declines were liquid chlorine, down 464.29%, trichloromethane, down 6.49%, yellow phosphorus, down 5.80%, vitamin VC, down 5.13%, and ethylene, down 3.53% [1]

PTA&MEG早报-2025年5月20日 大越期货投资咨询部 金泽彬 投资咨询资格证号：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 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 交易咨询业务资格：证监许可【2012】1091号 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收跌，现货市场商谈氛围尚可，现货基差走强后略有松动，贸易商商谈为主。个别聚酯工厂买货， 5月主港主流在09+200附近成交，个别略高，下午现货基差松动，少量在09+190~195附近成交，价格商谈区间在4955~5035附近。 6月主流在09+180~190有成交。今日主流现货基差在09+198。中性 2、基差：现货4995，09合约基差219，盘面贴水 偏多 3、库存：PTA工厂库存4.28天，环比减少0.23天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓： ...

Group 1: New Stock Performance - In the second week of May, the average first-day increase of newly listed stocks converged to around 100%, with two new stocks contributing to A/B class investors' single account profits of 96,000 / 95,700 CNY[39] - The new stock index and the near-term new stock index rose by 1.63% and 3.87% respectively, leading the market[6] - The new stock index's deviation from the Shanghai Composite Index decreased to 143.63%[8] Group 2: Market Trends and Trading Activity - The trading activity in the new stock sector continued to rise, with turnover rates for the new stock index and near-term new stock index increasing by 1.75 percentage points and 1.60 percentage points respectively[18] - The total market capitalization of newly released stocks in the second week of May was 14.09 billion CNY, with a significant drop in the expected new stock unlock market value to only 1.90 billion CNY in the third week[35] - The overall average increase of 46 newly listed stocks in the past six months was 3.04%, indicating a sustained upward trend in the new stock sector[44] Group 3: Valuation Metrics - As of May 16, the price-to-earnings (PE) ratio for the new stock index was 51.3X, while the near-term new stock index was 34.9X, reflecting a divergence in valuation changes[13] - The price-to-book (PB) ratio for the new stock index was 4.1X, corresponding to a historical percentile of 70.3%[16] - The net active selling in the new stock sector was 1.84 billion CNY, with institutional investors net buying 185 million CNY during the same period[24]

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]

Core Viewpoint - The Chinese Ministry of Commerce has imposed anti-dumping duties on imported urea-formaldehyde from the US, EU, Japan, and Taiwan, with rates as high as 74.9%, indicating a strategic move to protect domestic industries while asserting China's position in international trade [1][3]. Group 1: Anti-Dumping Measures - The anti-dumping investigation took a year, confirming that the imports from the specified regions were indeed sold at unfairly low prices, harming domestic industries [1]. - This action reflects China's commitment to safeguarding its economic interests and demonstrates a robust trade strategy amidst ongoing negotiations with the US [3][4]. Group 2: Strategic Implications - The anti-dumping measures serve as a dual-purpose tool: economically protecting domestic industries and politically enhancing China's bargaining power in international trade discussions [3]. - The situation illustrates China's independent stance in trade negotiations, emphasizing that it will not be passive in defending its interests even while engaging with major powers like the US [3][4]. Group 3: International Trade Dynamics - The ongoing trade tensions, including unresolved issues like fentanyl tariffs, suggest that while there may be temporary easing in trade conflicts, the underlying challenges remain [3]. - The reactions from the US, EU, and Japan to these anti-dumping measures will be crucial for understanding the broader implications for international trade relations [5].

碳黑作为一种重要的化工原料，在包括橡胶、塑料、油墨等多个行业都扮演着重要的角色。其中，N219碳黑产品更是在市场上享有广泛的应用。在生产过 程中，我们不能忽视对N219碳黑产品成本进行合理的核算与管理，这对于企业来说是一项重要的任务。本文将从多个角度探讨N219碳黑产品成本核算的重 要性以及核算的方法。 ，合理核算N219碳黑产品成本有助于企业及时发现和解决生产过程中的问题。通过分析成本数据，企业可以发现一些不必要的成本支出，进而采取相应的 措施进行调整和节约。同时，成本核算还可以帮助企业发现生产效率低下、资源浪费等问题，并及时进行改进，提高企业的整体竞争力。 那么，如何进行N219碳黑产品成本的合理核算呢？，企业需要建立完善的成本核算体系，包括规范的成本分类、计算方法以及数据收集与分析等。，在核 算数据的收集上，企业应充分考虑到各个环节的成本，例如原材料采购、生产过程中的能源消耗以及人力成本等。同时，还需要根据实际情况制定合理的成 本分配方法，确保各个环节的成本能够被准确地反映在核算结果中。 为了更好地进行成本核算，企业还需要与供应商、生产部门、质量控制部门等进行紧密合作。供应商的价格、质量对成本的影响不容 ...