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 ...

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - China has become the world's largest propylene consumption market, with strong growth in domestic propylene demand in the past, but the demand has slowed down in recent years due to the slowdown of high - speed expansion of downstream product capacities. In 2024, China's propylene consumption and apparent consumption were about 55 million tons per year [11]. - Polypropylene is the main downstream product of propylene, but its consumption proportion has decreased slightly in recent years, while the proportion of other downstream products has increased slightly, showing a trend of diversified development of propylene downstream consumption [15][17]. 3. Summary According to the Directory 3.1 Propylene Downstream Demand Situation - From 2015 to 2024, the average annual propylene consumption growth rate was 7.7%, and the average annual apparent consumption growth rate was 10.5%. The consumption growth rate reached a high of 13.7% in 2021, and the apparent consumption growth rate peak was 13.5% in 2016 [11]. - In 2024, in the propylene downstream consumption structure, PP (including granules and powders) accounted for 68% (62% for PP granules and 6% for PP powders), followed by propylene oxide (8%), acrylonitrile (6%), and phenol - acetone (5%) [14]. 3.2 Propylene Downstream Demand: Polypropylene 3.2.1 Polypropylene Overview - Polypropylene is a thermoplastic made by polymerizing propylene monomers, with characteristics such as light weight, high melting point, corrosion resistance, and easy processing. It can be divided into oil - based, coal - based, and propane dehydrogenation (PDH) - based PP according to different raw materials, and into granules and powders according to different forms [18]. 3.2.2 Polypropylene Capacity Pattern - By 2024, China's PP capacity exceeded 50 million tons per year, accounting for about 50% of the world's total capacity, ranking first in the world. The capacity growth rate has been over 10% in recent years. PP granules accounted for 84% of the capacity, and PP powders accounted for 16%, with the powder capacity shrinking due to environmental protection requirements [21]. - With the continuous commissioning of PP capacity in recent years, production profits have fluctuated around the break - even point or maintained a small profit, and capacity utilization has reached a record low [24]. 3.3 Propylene Downstream Demand: Propylene Oxide 3.3.1 Propylene Oxide Overview - Propylene oxide is a colorless, flammable liquid mainly used to synthesize polyether polyols and then manufacture polyurethanes. The mainstream production processes are HPPO and co - oxidation methods, while the chlorohydrin method is being phased out due to environmental pressure [31][34]. 3.3.2 Propylene Oxide Capacity Pattern - In 2024, China's propylene oxide capacity exceeded 7 million tons per year, accounting for over 40% of the world's total capacity, ranking first in the world. The capacity growth rate slowed down to 16% in 2024. Capacity utilization has gradually decreased since 2021, and production profits have shown a downward trend, with long - term losses in 2025 [35][37]. 3.4 Propylene Downstream Demand: n - Butanol 3.4.1 n - Butanol Overview - n - Butanol is a colorless, transparent liquid mainly used as a solvent and chemical intermediate. The mainstream production route is the propylene carbonyl synthesis method [41][42]. 3.4.2 n - Butanol Capacity Pattern - In 2024, China's n - butanol capacity was 3.8 million tons per year, being the world's largest producer. After some backward - process capacities were eliminated, the capacity grew again in 2022 with a growth rate of 17%. Currently, the propylene carbonyl synthesis method is mainly used. External demand is good, production has increased, capacity utilization has improved, but profits have decreased significantly compared with the past two years [43][45]. 3.5 Propylene Downstream Demand: Octanol 3.5.1 Octanol Overview - Octanol is a colorless, oily liquid mainly used as a raw material for plasticizers. Its production process is the propylene carbonyl synthesis method [50]. 3.5.2 Octanol Capacity Pattern - In 2024, China's octanol capacity was 3.3 million tons per year, ranking first in the world. The capacity growth rate increased significantly to 33% in 2024. Capacity utilization has been high, but production profits have declined rapidly with the commissioning of new plants in 2024 [51][56]. 3.6 Propylene Downstream Demand: Acrylic Acid 3.6.1 Acrylic Acid Overview - Acrylic acid is a colorless, pungent liquid mainly used to synthesize acrylates. The mainstream production route is the two - step oxidation of propylene [58][61]. 3.6.2 Acrylic Acid Capacity Pattern - In 2024, China's acrylic acid capacity exceeded 4 million tons per year, ranking first in the world. The capacity growth restarted in 2020, with a growth rate of 14% in 2022. Capacity utilization has been between 70% - 80%, and production profits have recovered this year [62][65]. 3.7 Propylene Downstream Demand: Acrylonitrile 3.7.1 Acrylonitrile Overview - Acrylonitrile is a colorless, flammable liquid mainly used in synthetic fibers and some fine chemicals. The mainstream production route is the propylene ammoxidation method [71][72]. 3.7.2 Acrylonitrile Capacity Pattern - In 2024, China's acrylonitrile capacity was about 4.4 million tons per year. The average annual capacity growth rate from 2019 to 2023 was over 15%. Capacity utilization has decreased after the commissioning of new capacities, and production profits have been in a loss state for a long time [73][78]. 3.8 Propylene Downstream Demand: Phenol 3.8.1 Phenol Overview - Phenol is a colorless crystal or white molten solid mainly used to produce bisphenol A. The mainstream production route is the cumene method, which co - produces acetone [81]. 3.8.2 Phenol Capacity Pattern - In 2024, China's phenol capacity was about 6.4 million tons per year, with an average capacity growth rate of 30% in the past three years. Capacity utilization has been around 80%, but the production profit of phenol - acetone has been in a loss state for a long time [82][86]. 3.9 Propylene Downstream Demand: Acetone 3.9.1 Acetone Overview - Acetone is a colorless, transparent liquid mainly used as a solvent and chemical intermediate. It is a by - product of phenol production through the cumene method [89][91]. 3.9.2 Acetone Capacity Pattern - In 2024, China's acetone capacity was about 4 million tons per year, with an average capacity growth rate of 30% in the past three years, and the output has been increasing year by year [92]. 3.10 Propylene Downstream Demand: Epichlorohydrin 3.10.1 Epichlorohydrin Overview - Epichlorohydrin is a colorless, flammable liquid mainly used to produce epoxy resins. The production route that requires propylene is the high - temperature propylene chlorination method, which is being replaced by the glycerol method [96]. 3.10.2 Epichlorohydrin Capacity Pattern - In 2024, China's epichlorohydrin capacity exceeded 2.1 million tons per year, ranking first in the world. The capacity growth rate in the past three years was 20%. The glycerol method capacity accounts for a large proportion and is the main new - added direction. Capacity utilization is relatively low, and production profits have recovered in recent years [97][99].

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]

Core Viewpoint - The company, Shengquan Group, is expected to achieve significant profit growth in the first half of 2025, driven by advancements in AI computing power, high-frequency communication, and the rapid development of new energy vehicles and energy storage sectors [2][4]. Financial Performance - Shengquan Group anticipates a net profit attributable to shareholders of the parent company between 491 million to 513 million yuan for the first half of 2025, representing a year-on-year increase of 48.19% to 54.83% [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 471 million to 493 million yuan, reflecting a year-on-year growth of 48.02% to 54.93% [3]. - In 2024, the company achieved a historic revenue milestone, surpassing 10 billion yuan for the first time, with total revenue reaching 10.020 billion yuan, a year-on-year increase of 9.87% [6]. Sales Growth - In the first quarter of 2025, Shengquan Group reported sales revenue of 2.459 billion yuan, a year-on-year increase of 15.14%, with net profit attributable to shareholders rising by 50.46% to 207 million yuan [7]. - The advanced electronic materials and battery materials segment showed remarkable performance, with sales volume increasing by 11.08% and revenue surging by 31.30% to 360 million yuan, driven by the demand for AI computing, high-frequency communication, and high-energy-density batteries [8]. Production Capacity and Project Progress - The company is ramping up production capacity for advanced electronic materials, including 1,000 tons/year of PPO resin and 1,000 tons/year of porous carbon, which are gradually reaching full production and sales [5]. - The Daqing production base's biomass refining project is operating steadily, with increasing capacity utilization and a successful reduction in losses during the reporting period [9]. Strategic Initiatives - In February 2025, Shengquan Group signed two significant projects, each with a capacity of 1 million tons/year, focusing on the comprehensive utilization of local reed resources to produce high-value products [10][14]. - The company is actively expanding its market share in the synthetic resin industry and developing new applications to enhance sales [5].

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 ...