研究院 能源化工组 期货研究报告|能源专题报告 2025-08-25 研究员 潘翔 康远宁 0755-23991175 投资咨询业务资格： 证监许可【2011】1289 号 碳中和趋势下的船舶替代燃料前景展望 内容摘要 ■ 强制性法规重塑航运业，能源转型成必选项 在全球航运业从环保自觉转向强制合规的时代，国际海事组织（IMO）确立了 2050 年 前后净零排放的宏伟目标。基于"从油井到尾迹"（Well-to-Wake, WtW）的全生命周期 评估框架，传统化石燃料及作为过渡选项的 LNG 均难以满足最终的净零要求，这从根 本上推动了行业向绿色替代燃料的深刻变革。 ■ 甲醇领跑商业化应用 在众多替代方案中，甲醇因其常温常压下的液体形态、成熟的发动机技术及对现有基 础设施的兼容性，正迅速成为商业化应用的领跑者。而氨因其分子不含碳的零排放特 性，被视为远洋航运最具潜力的长期解决方案。但两者均面临绿色生产成本高昂、能 量密度低于传统燃料等关键制约。 ■ 生物燃料为现存船队提供过渡，氢与电聚焦短途市场 可再生柴油（HVO）等生物燃料凭借其"直接可用"的特性，为庞大的现有船队提供了满 足近期减排法规的关键过渡方案，但其发 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [9] Core Views - The company faced significant performance pressure in the first half of 2025, with total revenue declining by 19.17% year-on-year to 1.529 billion yuan, and a net profit attributable to shareholders of -29 million yuan [4][5] - The decline in performance is attributed to a downturn in the energy and chemical industry, influenced by falling international oil prices and domestic gasoline price reductions [5] - The company is actively pursuing a transformation towards new materials and energy-saving industries, with a focus on high-end polyolefins and other emerging sectors [7][8] Summary by Sections Market Performance - The company’s stock price is currently at 16.86 yuan, with a total market capitalization of 6.2 billion yuan and a 52-week price range of 13.39 to 20.72 yuan [1] Financial Performance - In the first half of 2025, the energy and chemical segment generated 768 million yuan in revenue, down 43.79% year-on-year, significantly impacting overall performance [5] - The company reported a net cash flow from operating activities of -104 million yuan due to losses, but managed to maintain a cash and cash equivalents balance of 273 million yuan through bank financing [6] Growth Strategy - The company is accelerating the construction of its second growth engine, aiming to establish a complete green propylene supply chain by the end of the year [7][8] - The high-end polyolefins project is expected to become a new core growth driver, with profit forecasts for 2025-2027 showing a gradual recovery in net profit from 56 million yuan to 169 million yuan [9][11] Earnings Forecast - The report forecasts net profits of 56 million yuan, 105 million yuan, and 169 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.15, 0.28, and 0.46 yuan [9][11]

中新网太原8月23日电 (记者 杨杰英)"山西22家企业签约参加第四届中国国际供应链促进博览会(以下简 称"链博会")。"近日，山西省贸促会会长李慧义接受记者采访时表示，山西签约企业从2024年的6家到 2025年的13家，再增至现在的22家，企业的参与度显著提升，企业通过参加展会链接上下游，开拓国际 国内市场，提升品牌影响力。 第四届链博会山西推介会暨签约仪式21日在太原举办。会上，霍尼韦尔、GE医疗、中国工商银行山西 省分行、晋能控股集团、山西鹏飞集团等企业代表，就借助链博会深度参与全球产业链供应链合作，发 挥链博会对推动山西能源转型、产业升级、适度多元发展的作用进行了交流发言。 组织企业参加展会、举办专题推介会……山西省贸促会通过搭建国际政策交流、协调平台等积极推动产 业融合和国际合作。通过"山西品牌丝路行""山西品牌中华行"等系列活动，提升山西品牌知名度，推动 山西企业"走出去"与"引进来"。 李慧义介绍，山西省贸促会以共建"一带一路"国家和地区、东南亚、欧洲、拉美为重点，组织驻华贸易 投资促进机构、商协会、外资企业、跨国公司等开展"山西行"活动，邀请他们走进山西省，深入了解山 西省的投资环境、产业优 ...

股东大会法律意见书 北京海润天睿律师事务所 关于浙江嘉化能源化工股份有限公司 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5 层&9 层&10 层&13 层&17 层 电话（Tel）：86-10-65219696 传真（Fax）：86-10-88381869 股东大会法律意见书 北京海润天睿律师事务所 关于浙江嘉化能源化工股份有限公司 致： 浙江嘉化能源化工股份有限公司 北京海润天睿律师事务所（以下简称本所）接受浙江嘉化能源化工股份有 限公司（以下简称公司）的委托，指派杨雪律师、王佩琳律师出席公司 2025 年 第二次临时股东大会，并依据《中华人民共和国公司法》 （以下简称"《公司法》"）、 对本法律意见书的出具，本所律师特作如下声明： 人资格、表决程序、表决结果发表意见，不对本次会议所审议的议案内容及该等 议案所表述的事实或数据的真实性、准确性和完整性发表意见； 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前 已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原 则，进行了充分的核查 ...

Report Overview - Report Date: August 22, 2025 [4] - Report Type: Weekly Report on Energy and Chemicals Sector - Author: Chen Dong [4] 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, the domestic energy and chemical commodity sector showed a trend of oscillating and stabilizing. The rebound of crude oil futures strengthened the cost support for downstream products, boosting the performance of the aromatic hydrocarbon, polyolefin, and oil - chemical sectors. [4] - Methanol futures rebounded after a significant decline, but the port inventory accumulation trend continued, and there were still upward resistance. Fuel oil and asphalt also had a slight inventory increase. [4] - In the aromatic hydrocarbon sector, PTA had a slight inventory increase, while ethylene glycol had a slight inventory decrease. In the polyolefin sector, plastics, PVC, polypropylene, and styrene all showed a slight inventory increase. [4] - With the improvement of the macro - environment and the increasing expectation of the Fed's interest rate cut, macro factors outweighed industrial factors. Although there was inventory pressure in the energy and chemical sector, it did not prevent the sector from oscillating and stabilizing this week. [4] 3. Summary by Related Catalogs Energy and Chemical Sector - The overall trend of the domestic energy and chemical commodity sector this week was oscillating and stabilizing, affected by cost support and macro - environment changes. [4] Rubber - There are data charts on rubber, including rubber basis, 9 - 1 month spread, futures inventory on the Shanghai Futures Exchange, Qingdao Free Trade Zone rubber inventory, and tire (full - steel and semi - steel)开工率. [6][7][9] Methanol - Data charts cover methanol basis, 9 - 1 month spread, domestic port inventory, inland social inventory, methanol - to - olefin开工率, and coal - to - methanol cost accounting. [19][21][23] Crude Oil - Charts show crude oil basis, futures inventory on the Shanghai Futures Exchange, US commercial crude oil inventory, US refinery开工率, and net position changes of WTI and Brent crude oil. [32][34][36] Fuel Oil - There are charts on the basis of domestic high - sulfur fuel oil, monthly spread, domestic production from 2016 - 2025, Singapore inventory from 2020 - 2025, global shipping index from 2022 - 2025, and futures inventory on the Shanghai Futures Exchange. [47][48][50] Asphalt - Data includes domestic asphalt basis from 2020 - 2025, monthly spread, domestic production from 2016 - 2025, import volume from 2020 - 2025, domestic refinery asphalt装置开工率, and weekly inventory on the Shanghai Futures Exchange from 2016 - 2025. [61][62][64] PTA - Charts show domestic PTA basis from 2020 - 2025, 9 - 1 month spread,装置开工率, weekly production, enterprise weekly inventory, and Zhengzhou Commodity Exchange PTA warehouse receipts. [72][74][76] Ethylene Glycol - Data includes ethylene glycol basis, 9 - 1 month spread, domestic开工率 from 2021 - 2025, weekly production, polyester industry chain开工率, and East China inventory from 2018 - 2025. [90][87][92] Styrene - There are charts on styrene basis from 2020 - 2025, 9 - 1 month spread, domestic开工率 from 2016 - 2025, factory inventory, registered warehouse receipts, and East + South China port inventory from 2020 - 2025. [99][100][102] Plastic - Data includes LLDPE basis, 9 - 1 month spread, domestic PE and LLDPE monthly production from 2019 - 2025, polyethylene import volume from 2018 - 2025, Dalian Commodity Exchange plastic warehouse receipts, and domestic plastic products data. [111][114][115] PP - Charts show polypropylene basis, 9 - 1 month spread, Taiwan's polypropylene production from 2010 - 2025, domestic PP import volume from 2016 - 2025, domestic downstream开工率, and domestic polypropylene warehouse receipts from 2020 - 2025. [133][124][126] PVC - Data includes domestic PVC basis from 2019 - 2025, 9 - 1 month spread, ethylene production from 2016 - 2025, domestic PVC import volume from 2018 - 2025, Dalian Commodity Exchange PVC warehouse receipts, and housing completion and sales area cumulative value from 2018 - 2025. [135][136][138]

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Report - The US economic data in August showed mixed results. The manufacturing and services PMIs rebounded unexpectedly, but the initial jobless claims increased more than expected. The inflation pressure rose, and the market's expectation of the Fed's interest rate cut cooled down [2][13]. - In the commodity market, different products had different trends. For example, the price of动力煤was expected to be stable in the short - term, while the price of豆粕was affected by the US harvest and China's purchase policy [3][4]. 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, higher than the expected 49.5 and the previous value of 49.8. The services PMI and the composite PMI also showed good performance [12]. - The Fed's Hammack indicated that the FOMC might not cut interest rates in September. The gold price fluctuated and closed down. The market's expectation of the Fed's interest rate cut cooled down [13]. - Investment advice: The gold price remained in a range - bound state [14]. 3.1.2 Macro Strategy (Stock Index Futures) - The total social electricity consumption in July reached 1.02 trillion kWh, with a year - on - year increase of 8.6%. The proportion of new energy increased significantly [15]. - A new policy - based financial instrument of 500 billion yuan might be launched, focusing on emerging industries and infrastructure [16]. - Investment advice: It is recommended to allocate long positions in various stock indexes evenly [17]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US and the EU took further measures to finalize the trade agreement, including plans to reduce US tariffs on European cars [19]. - The Atlanta Fed President still expected one interest rate cut this year and paid attention to the labor market [20]. - The US manufacturing activity expanded at the fastest pace since 2022, which supported the US dollar index [21]. - Investment advice: The US dollar is expected to rebound in the short - term [22]. 3.1.4 Macro Strategy (US Stock Index Futures) - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, reaching a 39 - month high. The services PMI also performed well [23]. - The Fed's Collins said that if the labor market deteriorated, it might be appropriate to cut interest rates in the short - term. Hammack did not support an interest rate cut in September [24][25]. - Investment advice: Pay attention to the opportunity of buying on dips after the correction, as the fundamental data remains resilient [26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 253 billion yuan 7 - day reverse repurchase operation on August 21, with a net injection of 124.3 billion yuan [27]. - Investment advice: If the short - term increase is high, it is recommended to pay attention to the short - hedging strategy [28]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - As of the week ending August 14, the net increase in US soybean export sales was 1.1369 million tons, in line with expectations [29]. - The Pro Farmer field inspection indicated a potential bumper harvest of US soybeans. The market focused on whether China would resume purchasing US soybeans [30]. - Investment advice: The price of soybean meal futures is expected to fluctuate. Pay attention to the US field inspection results and China's purchase policy [30]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indian importers started to buy palm oil from Colombia and Guatemala at a large discount [31]. - The Trump administration was expected to make a ruling on the exemption of small refineries [32]. - The palm oil export volume in Indonesia increased in June, and the inventory decreased slightly [33]. - Investment advice: After the adjustment, the US biodiesel policy might boost the price of the oil market. It is recommended to buy on dips, but pay attention to China's purchase of US soybeans [33]. 3.2.3 Agricultural Products (Red Dates) - The main producing areas of red dates in Xinjiang were about to enter the sugar - increasing period. The futures price of the main contract CJ601 rose slightly [34][35]. - Investment advice: Due to the uncertainty of the new - season production, it is recommended to wait and see. Pay attention to the weather in the producing areas and the pre - festival stocking in the main sales areas [35]. 3.2.4 Agricultural Products (Corn Starch) - Corn starch enterprises were affected by equipment maintenance, and the operating rate decreased. The inventory increased slightly [36]. - Investment advice: The CS11 - C11 spread was expected to strengthen when the new - season production was determined [37]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of the five major steel products increased by 250,700 tons week - on - week as of August 21. The rebar inventory increased significantly [38]. - Investment advice: The steel price was expected to continue to fluctuate weakly in the short - term. It is recommended to wait for the market to correct [39]. 3.2.6 Agricultural Products (Corn) - The inventory of deep - processed corn decreased, and the consumption also decreased [40]. - Investment advice: The 11 and 01 contracts of corn futures were expected to decline. Hold short positions and pay attention to the weather [41]. 3.2.7 Black Metals (Steam Coal) - The total social electricity consumption in July increased by 8.6% year - on - year [42]. - Investment advice: The peak of the coal price was expected to have passed, and the price was expected to be stable in the short - term [43]. 3.2.8 Black Metals (Iron Ore) - The import of recycled steel raw materials in July was 21,700 tons, with a month - on - month increase of 12.10% and a year - on - year increase of 20.03% [44]. - Investment advice: The iron ore price was expected to continue to fluctuate. It is recommended to pay attention to arbitrage opportunities [44]. 3.2.9 Agricultural Products (Cotton) - In July, China's cotton product export volume increased, but the export value decreased [45]. - India temporarily exempted cotton import tariffs from August 19 to September 30 [46]. - The Indian Cotton Association expected that the cotton production in 2025/26 would increase despite the decrease in the planting area [47]. - Investment advice: Before the new cotton was listed in China, the supply was tight, which supported the price in the short - term. However, the price was expected to be under pressure in the fourth quarter [49]. 3.2.10 Non - Ferrous Metals (Polysilicon) - Trump reiterated that the US would not approve new photovoltaic or wind power projects [50]. - Investment advice: The futures price of polysilicon had strong support at 49,000 yuan/ton. It was recommended to take a bullish view on pull - backs and pay attention to the 11 - 12 reverse arbitrage opportunity [51][52]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - The export volume of primary polysiloxane in July decreased [53]. - Investment advice: The price of industrial silicon was expected to fluctuate between 8,200 - 9,200 yuan/ton. Pay attention to range - trading opportunities [54]. 3.2.12 Non - Ferrous Metals (Lead) - On August 20, the LME 0 - 3 lead was at a discount of $39.48/ton. The domestic lead inventory decreased slightly [55]. - Investment advice: It is recommended to wait and see in the short - term [56]. 3.2.13 Non - Ferrous Metals (Zinc) - On August 20, the LME 0 - 3 zinc was at a discount of $9.33/ton. The domestic zinc inventory decreased [57]. - Investment advice: It is recommended to wait and see in the short - term for single - side trading. Pay attention to the medium - term positive arbitrage opportunity [58]. 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - The Zulu lithium project in Africa made a major breakthrough [59]. - Investment advice: It is recommended to look for opportunities to buy on dips and conduct positive arbitrage [60]. 3.2.15 Non - Ferrous Metals (Copper) - Codelco in Chile lowered its 2025 copper production guidance [61]. - The S3 expansion project of First Quantum Minerals in Zambia was put into operation [62]. - Investment advice: It is recommended to wait and see for single - side trading and pay attention to the internal - external reverse arbitrage strategy [63]. 3.2.16 Non - Ferrous Metals (Nickel) - The LME nickel inventory increased by 252 tons on August 21 [64]. - Investment advice: It is recommended to pay attention to short - term trading opportunities and medium - term short - selling opportunities [67]. 3.2.17 Energy Chemicals (Carbon Emissions) - On August 21, the closing price of CEA was 70.92 yuan/ton, with a 0.3% decrease [68]. - Investment advice: The CEA price was expected to fluctuate in the short - term [69]. 3.2.18 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of LPG in China increased, and the inventory decreased slightly [70][71]. - Investment advice: The PG price was expected to be strong in the short - term [73]. 3.2.19 Energy Chemicals (Natural Gas) - The US natural gas inventory increased week - on - week. Trump's statement on not approving new wind and photovoltaic projects might affect the demand for natural gas [74]. - Investment advice: The Nymex natural gas price was expected to fluctuate in the short - term and decline in the medium - term [75]. 3.2.20 Energy Chemicals (Urea) - As of August 21, the inventory of urea at Chinese ports increased by 37,000 tons week - on - week [76]. - Investment advice: The urea price was expected to be in a range - bound state. Pay attention to the new Indian tender and domestic demand [76]. 3.2.21 Energy Chemicals (PTA) - Two PTA plants in South China were planned to be shut down for maintenance [77]. - Investment advice: The PTA price was expected to be strong in the short - term. It is recommended to buy on dips [79]. 3.2.22 Energy Chemicals (Caustic Soda) - On August 21, the price of liquid caustic soda in Shandong was adjusted locally [80]. - Investment advice: The caustic soda price was expected to be strong, but it is recommended to be cautious when chasing the price [81]. 3.2.23 Energy Chemicals (Pulp) - The import pulp spot market continued to be weak [82]. - Investment advice: The pulp price was expected to fluctuate in the short - term [85]. 3.2.24 Energy Chemicals (PVC) - The domestic PVC powder market price was slightly stronger [86]. - Investment advice: The PVC price was expected to be weak in the short - term due to India's anti - dumping ruling [86]. 3.2.25 Energy Chemicals (Styrene) - An East China styrene plant with a capacity of 320,000 tons/year was planned to be shut down for maintenance in September [87]. - Investment advice: The styrene price was expected to continue to fluctuate. The supply and demand were expected to be balanced in September, but there was a risk of inventory accumulation in the long - term [88]. 3.2.26 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories mostly increased [89]. - Investment advice: Pay attention to the pressure brought by the resumption of production and new plant commissioning in late August and September [91]. 3.2.27 Energy Chemicals (Soda Ash) - As of August 21, the total inventory of domestic soda ash producers was 1.9108 million tons, with a 0.71% increase [92]. - Investment advice: It is recommended to short the soda ash price on rallies and pay attention to supply disruptions [92]. 3.2.28 Energy Chemicals (Float Glass) - On August 21, the price of float glass in the Shahe market decreased [93]. - Investment advice: It is recommended to be cautious in single - side trading and pay attention to the arbitrage strategy of buying glass and shorting soda ash [94]. 3.2.29 Shipping Index (Container Freight Rate) - The global container ship order volume reached a record high, and the over - supply of shipping capacity was expected to last until 2029 [95]. - Investment advice: The container freight rate was expected to fluctuate in the short - term. It is recommended to pay attention to short - selling opportunities on rallies [97].

智通财经APP讯，宝丰能源(600989.SH)发布2025年半年度报告，报告期内，公司实现营业收入228.2亿 元，同比增长35.05%。实现归属于上市公司股东的净利润57.18亿元，同比增长73.02%。实现归属于上 市公司股东的扣除非经常性损益的净利润55.79亿元，同比增长58.67%。基本每股收益0.78元。 ...

中新网太原8月21日电(高雨晴 杨杰英)"山西—粤港澳大湾区产业资本合作对接活动"21日在太原举行， 来自粤港澳大湾区近20位金融领域企业负责人与山西政企代表齐聚一堂，围绕粤港澳金融资本与山西产 业链及产业集群深度融合发展进行交流，共谋合作、共话未来。 山西省人民政府港澳事务办公室主任王成禹表示，"粤港澳大湾区是我国开放程度最高、经济活力最强 的区域之一。多年来，我们始终致力于搭建晋港晋澳交流的桥梁，服务保障晋港晋澳之间的互利合作。 让我们以此次活动为新的起点，将大湾区更多的'资本活水'注入山西高质量转型发展的'万亩良田'，让 "山西与粤港澳大湾区虽相隔千里，却有着天然的合作基因与广阔的共赢空间。"山西省投资促进局局长 杨春权作主旨推介时说，大湾区坐拥多层次、国际化、创新型的金融生态圈。山西的能源保障、产业空 间足以支撑大湾区企业拓展布局，并与粤港澳的资本、技术、市场网络形成完美互补。诚邀各位嘉宾走 进山西，感受表里山河的壮美与三晋文化的厚重；投资山西，共享转型发展的红利与新质生产力的机 遇。 粤港澳嘉宾的到来，亦为许多山西企业的高质量发展提供更大的机遇。"政府给我们搭建平台，让我们 一次性对接这么多优质的金 ...

（文章来源：每日经济新闻） 宝丰能源（SH 600989，收盘价：16.24元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约228.2亿元，同比增加35.05%；归属于上市公司股东的净利润约57.18亿元，同比增加73.02%；基本 每股收益0.78元，同比增加73.33%。 ...

Group 1 - The company reported a revenue of 22.82 billion yuan for the first half of 2025, representing a year-on-year increase of 35.05% [1] - The net profit attributable to shareholders of the listed company reached 5.718 billion yuan, showing a year-on-year growth of 73.02% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.579 billion yuan, which is a year-on-year increase of 58.67% [1] - The basic earnings per share were 0.78 yuan [1] - The company proposed a cash dividend of 0.28 yuan per share [1]