Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been officially terminated by the Shanghai Stock Exchange after a prolonged waiting period of 19 months without a response to inquiries, marking the end of a two-and-a-half-year listing journey [1] Group 1: IPO Process and Challenges - Gulf Chemical submitted its application for the Shanghai Stock Exchange main board on December 28, 2022, aiming to raise 3 billion yuan by issuing 253 million new shares for projects including epoxy resin and epoxy chloropropane [4] - The company faced significant hurdles, including being placed on the inspection list shortly after submitting its prospectus and entering a 19-month silence after receiving the first round of inquiries [4][6] - A regulatory warning from the exchange highlighted two major violations: "false解除" of equity pledges and multiple inaccuracies in financial accounting, which affected the assessment of the company's eligibility for listing [4][6] Group 2: Financial Performance and Market Conditions - From 2019 to mid-2022, Gulf Chemical's net profit excluding non-recurring items surged from 425 million yuan to 2.04 billion yuan, but profitability was severely squeezed in the second half of 2022 due to falling product prices and high raw material costs [6] - The company distributed over 3 billion yuan in cash dividends from 2019 to mid-2022, including over 1.5 billion yuan just before the IPO, raising questions about its fundraising plans [6] Group 3: Future Outlook and Company Governance - Despite the failed IPO, this situation provides Gulf Chemical an opportunity to reassess and strengthen its internal governance and operational resilience [7] - The company is expected to address the regulatory issues raised and improve its financial disclosure and profitability to better position itself for future market opportunities [7]

浙江福莱新材料股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召 开第三届董事会第三次会议和第三届监事会第三次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 1 亿 元闲置募集资金暂时补充流动资金，在保证募集资金投资项目正常实施的前提下， 使用期限自董事会审议通过之日起不超过 12 个月。保荐人对此事项出具了无异 议的专项核查意见。具体内容详见公司于 2024 年 7 月 11 日披露于上海证券交易 所网站（www.sse.com.cn）及指定信息披露媒体的《福莱新材关于使用部分闲置 募集资金暂时补充流动资金的公告》（公告编号：临 2024-091）。 证券代码：605488 证券简称：福莱新材 公告编号：临 2025-092 债券代码：111012 债券简称：福新转债 浙江福莱新材料股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司在上述有效期限内实际使用闲置募集资金暂时补充流动资金的金额为 人 ...

民生证券主要观点如下： 近日，根据石化联合会等机构报道，全球最大的苯酚和丙酮生产商英力士，计划永久停止其位于德国格 拉德贝克的苯酚生产基地的生产。该工厂始建于1954年，年产苯酚65万吨，丙酮40万吨，曾是全球最大 的苯酚装置之一。公司将工厂关停的原因归因于欧洲高昂的能源成本和惩罚性的二氧化碳关税政策，导 致欧洲在与中国进口苯酚和全球供应过剩的竞争中丧失了竞争力。 智通财经APP获悉，民生证券发布研报称，近日，根据石化联合会等机构报道，全球最大的苯酚和丙酮 生产商英力士，计划永久停止其位于德国格拉德贝克的苯酚生产基地的生产。英力士将工厂关停的原因 归因于欧洲高昂的能源成本和惩罚性的二氧化碳关税政策，导致欧洲在与中国进口苯酚和全球供应过剩 的竞争中丧失了竞争力。从近5年历史价格周期来看，国内苯酚价格处于探底过程之中。虽然目前苯酚 价格处于历史低位，但随着海外核心苯酚产能因竞争力下降逐步退出市场，有望进一步刺激和拉动国内 企业产销量增长，利好国内苯酚丙酮生产企业业绩改善。 英力士集团董事长吉姆·拉特克利夫爵士评论道："这是欧洲能源竞争力完全缺失以及盲目推行碳税的后 果，这正在导致整个欧洲大陆大规模去工业化。除非监 ...

请务必阅读正文之后的免责条款部分 1 | 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | | | 增产压力逐渐上升，短期旺季存支撑。7 月 6 日，沙特、俄罗斯、伊拉克 | | 原油 | 盘整 | 等 8 个 OPEC+国家计划于 8 月份增产 54.8 万桶/日；从供需基本面看， | | | | OPEC+从 4 月份开始正式增产，油价供给过剩压力逐渐上升，油价下行压 | | | | 力较大。策略：轻仓试空并购买看涨期权保护。SC【500-520】 | | | | 跟随成本端油价盘整。OPEC+加速增产，成本端油价承压；下游化工需求 | | LPG | 盘整 | 有所下降，PDH 开工回落；库存端利好，厂内和港口库存均下降。策略： | | | | 走势偏弱，可轻仓布局空单。PG【4150-4250】 | | | | 社会库存继续累库，下游淡季成交偏弱，远期进口货源增加，华北基差为 -47（环比-5）。近期装置检修加强，新装置暂未释放，供给压力边际缓解， | | L | 空头盘整 | 预计本周产量降至 60.5 万吨。需求淡季，下游刚需拿货为主，关注后续库 | | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed [2]. Core Insights - The report emphasizes the focus on "supply-side optimization" and "anti-involution" competition, with potential policy implementations expected in the second half of the year [3][8]. - Key industries identified for "anti-involution" include those with high inventory, high CAPEX, low capacity utilization, and low price levels, particularly in sectors such as chemicals, non-ferrous metals, coal, steel, and various manufacturing and consumer goods [3][11][13]. - The report outlines five perspectives for identifying potential beneficiaries of the "anti-involution" policies, including state-owned enterprise (SOE) share, industry concentration, tax revenue impact, labor intensity, and price elasticity post-capacity reduction [5][6]. Summary by Relevant Sections Policy Focus - The report highlights that the Central Financial Committee meeting on July 1 emphasized supply-side optimization and "anti-involution" competition, referencing past supply-side reforms from 2015-2016 as a model for future policy actions [3][8]. Key Industry Characteristics - Industries with high inventory, high CAPEX, low capacity utilization, and low price levels are targeted for policy intervention. These include: - Cyclical industries: Chemicals (chemical products, rubber, non-metallic materials), non-ferrous metals (energy metals), coal, and steel (common steel, steel raw materials) [3][11]. - Manufacturing: Electric new (motors, grid equipment, batteries, photovoltaics), machinery (automation equipment), automotive (passenger vehicles), military electronics, and construction [3][11]. - Consumer goods: Home appliances (appliance components), food and beverage (food processing, liquor, snacks) [3][11]. Five Perspectives for Industry Selection - **State-Owned Enterprise (SOE) Share**: Industries with higher SOE shares are expected to have stronger policy execution efficiency, including coal, common steel, cement, glass, and consumer sectors like liquor [3][5]. - **Industry Concentration**: Higher concentration industries are more likely to achieve supply clearing through stronger pricing power and quicker policy response, particularly in energy metals, non-metallic materials, and consumer goods like liquor [3][5]. - **Tax Revenue Impact**: Industries with lower tax revenue contributions will have a smaller impact on local finances during capacity reduction, focusing on sectors like glass, energy metals, and common steel [3][5]. - **Labor Intensity**: Industries with lower labor intensity will have a reduced impact on employment during capacity reduction, including non-metallic materials, chemical products, and energy metals [3][5]. - **Price Elasticity Post-Capacity Reduction**: Industries with a strong correlation between asset turnover and gross margin are expected to see greater price and margin expansion post-capacity reduction, including glass, chemical products, and energy metals [3][5]. Potential Beneficiary Industries - The report identifies several industries as potential beneficiaries of the "anti-involution" policies based on the five perspectives, including: - Coal mining, common steel, precious metals, glass fiber, coke, energy metals, steel raw materials, cement, chemical products, non-metallic materials, and various manufacturing sectors [6][7].

Core Points - Brazil's foreign trade committee has imposed anti-dumping duties on polyether polyols originating from China and the United States, with rates ranging from $959.19 to $1,469.16 per ton for Chinese products and $555.19 to $680.13 per ton for U.S. products, effective for five years [1] - The investigation period for the dumping case was from April 2022 to March 2023, while the injury investigation period spanned from April 2018 to March 2023 [1] Company-Specific Summary - Chinese companies such as Hebei Yadong Chemical Group, Nanjing Hongbaoli, and Wanhua Chemical Group face the highest anti-dumping duties of $1,469.16 per ton [2][3] - Other Chinese manufacturers, including Anhui Sincerely Titanium Industry and BASF (China), are subject to duties of $1,408.70 per ton [3][4] - U.S. companies like BASF Corporation and Covestro LLC are facing anti-dumping duties of $555.19 and $680.13 per ton, respectively [5] Industry Impact - The decision is expected to impact the pricing and availability of polyether polyols in the Brazilian market, potentially leading to increased costs for manufacturers relying on these materials [1] - The anti-dumping measures reflect ongoing trade tensions and regulatory scrutiny in the chemical industry, particularly concerning imports from China and the U.S. [1]

两家百亿上市公司，即将对簿公堂。 徐金富实控的天赐材料，一口气将12家主体，送上被告席。 7月上旬，这家市值350亿的广州公司，发布公告称，已向江西省高级人民法院提起民事诉讼，法院已立 案受理。 收到一纸诉状的，既有九江天赐前总工程师李胜，也有徐金富的竞争对手永太科技。 "李胜违反保密义务，伙同他人，与永太科技达成合作协议，泄露'液体六氟磷酸锂'工艺技术。"公告 称，其计划索赔接近9个亿。 一天后，总部位于浙江台州的永太科技，予以反击，称"天赐材料侵害公司名誉权"，已向法院提起民事 诉讼，并要求对方赔偿5752万元。 专利战已经开打，两位富豪面临激烈交锋。 追加起诉 本次事件的关键人物，为李胜。 他于2017年8月进入九江天赐工作，与企业签订《商业保密、竞业限制》等协议，四年后离职。 九江天赐，是徐金富的重要资产，去年贡献108亿元的收入，约占总营收的86%。其也是九江市唯一一 家科技领军企业，三年来研发投入超11亿元，专利申请数超300项。 李胜一度得到徐的重用，在多个关键岗位任职，先后担任电池生产部工艺技术总监、工厂厂长、总工程 师等职务。 公告称，李胜伙同郑飞龙等人，将"液体六氟磷酸锂"生产工业化技术， ...

Group 1 - The core viewpoint of the article is that Sinopec has applied for a patent related to the preparation of phthalic anhydride, which could significantly reduce operational costs and improve efficiency in production [1][3] - The patent application, titled "Method for Preparing Phthalic Anhydride and Method and Application for Extracorporeal Activation," was filed on January 2024 [1] - The method involves activating a catalyst in an oxygen-containing atmosphere at a pressure of at least 0.2 bar, which allows for a rapid increase in the concentration of raw materials such as ortho-xylene and/or naphthalene [1] Group 2 - Sinopec, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec (Beijing) Chemical Research Institute Co., Ltd., founded in 2021, focuses on the manufacturing of chemical raw materials and products, with a registered capital of 100 million RMB [2] - The research institute has invested in 4 enterprises and participated in 1,149 bidding projects, holding 16 trademark records and 1,622 patent records [2]

研 究 专 题 新股分析 2025 年 07 月 08 日 审核节奏加快，解禁收益回升 ——定增市场双周报 2025.06.23-2025.07.06 本期投资提示： 相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 - ⚫ 新增预案维持高位，过会注册节奏加快。 截至 2025 年 7 月 7 日，上两周（6 月 23 日至 7 月 6 日）新增 20 宗定增项目（其中竞价 10 宗），环比增加 2 宗；终止 8 宗（其中竞价 3 宗），环比增加 1 宗；发审委通过 7 宗（其中竞价 6 宗），环比增加 4 宗；证监会通过 16 宗（其中竞价 7 宗），环比增加 12 宗 ...

交易咨询业务资格：证监许可【2012】1091号 2025-07-08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 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。但同时当前产业链利润多集中在甲醇，多数下游亏损严重尤其是MTO，成本转嫁困难，另外销 区下游用户原料库存在高位，产区甲醇价格经过上周反弹后，贸易商追涨情绪谨慎，且场内供应并无缺口，多空交 ...