Group 1 - The stock price of *ST Asia Pacific (000691) closed at 6.35 yuan on July 31, 2025, with an increase of 4.96% and a turnover rate of 2.72% [1] - The trading volume was 88,000 hands, with a transaction amount of 55.18 million yuan [1] - The net inflow of main funds was 13.94 million yuan, accounting for 25.26% of the transaction amount, with large orders contributing 10.03 million yuan [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 90.16 million yuan, a year-on-year decrease of 13.64% [1] - The net profit attributable to shareholders was 9.05 million yuan, down 1.37% year-on-year, while the non-recurring net profit was 9.30 million yuan, a decrease of 2.51% [1] - The company's liquidity ratio is 0.582, the quick ratio is 0.383, and the debt-to-asset ratio is 89.60% [1] Group 3 - Gansu Asia Pacific Industrial Development Co., Ltd. was established in 1988 and is located in Lanzhou, primarily engaged in the manufacturing of chemical raw materials and products [2] - The company has made investments in 2 enterprises and participated in 2 bidding projects [2] - It holds 7 trademark registrations and has 3 administrative licenses [2]

金融界消息 截至2025年7月31日收盘，松井股份（688157）报收于37.9元，上涨6.85%，换手率5.85%， 成交量9.15万手，成交金额3.36亿元。 资金流向方面，今日主力资金净流入1018.45万元，占比成交额3.03%。其中，超大单净流入293.83万 元、占成交额0.87%，大单净流入724.62万元、占成交额2.15%，中单净流出流入413.90万元、占成交额 1.23%，小单净流出1432.36万元、占成交额4.26%。 松井股份最新一期业绩显示，截至2025一季报，公司营业总收入1.53亿元、同比增长13.24%，归属净利 润380.50万元，同比减少68.52%，扣非净利润320.43万元，同比减少68.45%，流动比率1.881、速动比率 1.565、资产负债率27.55%。 天眼查商业履历信息显示，松井新材料集团股份有限公司，成立于2009年，位于长沙市，是一家以从事 化学原料和化学制品制造业为主的企业。企业注册资本11173.6486万人民币，实缴资本3848.8万人民 币。公司法定代表人为凌云剑。 通过天眼查大数据分析，松井新材料集团股份有限公司共对外投资了14家企业，参与 ...

Core Viewpoint - Guoen Co., Ltd. has announced a significant investment project aimed at establishing a comprehensive vertical integration platform for the entire PEEK industry chain, enhancing its competitiveness in the specialty engineering plastics sector [1] Group 1: Project Overview - The total investment for the project is 960 million yuan [1] - The project includes the construction of a pilot platform for polystyrene engineering materials polymerization and a 300,000 tons per year organic polymer modification and composite materials project [1] Group 2: Strategic Focus - The project will prioritize high-growth application scenarios with significant potential for domestic production rate improvement [1] - The aim is to provide high-performance specialty materials solutions [1]

格隆汇7月31日丨渤海化学(600800.SH)公布，根据化工企业生产工艺和生产装置的要求，为确保生产装 置安全有效运行，按照年度计划，天津渤海化学股份有限公司全资子公司天津渤海石化有限公司的PDH 装置（60万吨/年）于2025年7月29日开始停产检修，预计检修18天。本次停产检修是根据年度计划进行 的例行检修，对公司的生产经营不会产生重大影响。 ...

LITX® 9 5F导电添加剂旨在提升电池的 循环寿命 和 能量密度 。在基于厚电极 设计的软包电池性能测试中，该材料展现出优异的 容量保持率 ，为电池制造商优化 各类储能系统配方提供了灵活性。其高结构形态有助于在反复充放电循环中增强电极 的导电性与稳定性。此外，它还能适配锂离子电池正极厚电极设计，在保证电池性能 的同时有效降低材料成本。 卡博特公司全球执行副总裁、全球碳硅材料技术方案及电池材料业务总裁 兼亚太地区总裁朱戟表示 ，"随着全球能源格局持续演变，储能市场亟需能够 兼顾性能与效率的先进材料。我们此次推出的LITX® 95F导电添加剂解决方 案，正是对市场需求及电池客户诉求的精准响应——凭借深厚的行业积淀与经 过验证的卓越性能，更快速、更高效地助力储能应用全面实现规模化应用。此 次产品发布彰显了我们致力于通过技术创新，为电池技术提供解决方案，支持 全球范围内的能源转型，从而推动更可持续未来的承诺。" 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：卡博特 7月29日， 卡博特公司宣布推出全新 LITX® 95F 导电添加剂 。这款产品专为锂 离子电 ...

Group 1: Market Overview - The total production capacity of the potassium carbonate industry in China is 290,000 tons, with an actual production of approximately 230,000 tons in 2024. The overall market demand is growing steadily at a rate of about 5%, although the growth rate is slightly slowing down [2]. - A company in Hubei is implementing a project to co-produce potassium carbonate from potassium hydroxide, which will increase supply capacity. This may impact the sales market in the short term despite some growth in application demand [5]. Group 2: Product Substitution and Pricing - Potassium carbonate is primarily used in food, pharmaceuticals, fertilizers, pesticides, oil and gas, construction materials, electronics, glass, rubber, and steel production. There is a price difference of 700-900 RMB per ton between heavy and light potassium carbonate, which can lead to substitution in high-end applications when the price difference exceeds this range [3]. - The price trend of hydrochloric acid aminopropyl is influenced by market and cost factors, and the company believes the current price fluctuations are within a reasonable range [10]. Group 3: Company Strategy and Development - The company is open to mergers and acquisitions to utilize industry resources for steady growth, adhering to risk control principles [4]. - The company plans to continue its "one body, two wings" development strategy, focusing on potassium salts while expanding into the fluorine industry and increasing its veterinary drug offerings [14]. Group 4: Production Capacity and Market Demand - The current production capacity for hydrochloric acid aminopropyl is 600 tons per year, operating at full capacity, with an additional 800 tons under construction expected to be completed by June next year [7]. - The demand for hydrochloric acid aminopropyl has increased this year, partly due to customers seeking to diversify suppliers amid geopolitical instability affecting a competitor's production [6]. Group 5: Competitive Landscape and Market Position - The company faces competition in the hydrochloric acid aminopropyl market primarily from itself and a competitor in Israel. New entrants face high technical barriers, and their impact on the market remains limited [8]. - The company has strategic investments in semiconductor technology through its stake in Zhejiang Xinzhichun Semiconductor Company, aiming to tap into high-tech sectors encouraged by national policies [19].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: PL01 - 05 reverse spread; Inter - variety: Long PL2601 and short PP2509 [4] Core Viewpoints - For propylene, after the Politburo meeting, there are strong expectations on the macro - policy front, but the supply - demand fundamentals remain weak. Supply - side pressure is increasing significantly, with device restarts and rising PDH capacity utilization. Many downstream devices have maintenance plans, and the cost support is weak due to the weak oil prices [3]. - For polyolefins, the fundamentals change little, and the supply - demand pattern has no obvious improvement. There are both shutdown and startup plans for some devices, with rising capacity utilization expectations and increasing supply pressure. The cost support is weak, and the terminal consumption is in the off - season [3] Summary by Directory I. Propylene Basis Structure - Figures related to propylene basis structure include the closing price of the propylene main contract, East China basis, North China basis, and the 01 - 05 contract [10][13] II. Propylene Production Profit and Operating Rate - Figures involve the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization, PDH production gross profit, PDH capacity utilization, MTO production gross profit, and methanol - to - olefins capacity utilization [19][21][29] III. Propylene Import and Export Profits - Figures include the differences between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [35][37] IV. Propylene Downstream Profits and Operating Rates - Figures cover the production profits and operating rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [43][53][60] V. Propylene Inventory - Figures show propylene in - plant inventory and PP powder in - plant inventory [69] VI. Polyolefin Basis Structure - Figures include the trend of the plastic futures main contract, the basis between LL East China and the main contract, the trend of the polypropylene futures main contract, and the basis between PP East China and the main contract [70][74] VII. Polyolefin Production Profit and Operating Rate - Figures involve LL production profit (crude - oil - based), PE operating rate, PE weekly output, PE maintenance loss, PP production profit (crude - oil - based), PP production profit (PDH - based), PP operating rate, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization [79][87][93] VIII. Polyolefin Non - Standard Price Differences - Figures show the price differences between HD injection molding and LL East China, HD blow molding and LL East China, HD film and LL East China, LD East China and LL, PP low - melt copolymer and drawn wire in East China, and PP homopolymer injection molding and drawn wire in East China [97][100][101] IX. Polyolefin Import and Export Profits - Figures include LL import profit, differences between LL US Gulf FOB and China's CFR, LL Southeast Asia CFR and China's CFR, LL Europe FD and China's CFR, PP import profit, PP export profit (to Southeast Asia), differences between PP homopolymer injection molding US Gulf FOB and China's CFR, PP homopolymer injection molding Southeast Asia CFR and China's CFR, PP homopolymer injection molding Northwest Europe FOB and China's CFR, and LL export profit [106][117][122] X. Polyolefin Downstream Operating Rates and Profits - Figures cover the operating rates of PE downstream agricultural film, packaging film, winding film, PP downstream woven bags, BOPP film, injection molding, and their corresponding production gross profits [128][129][134] XI. Polyolefin Inventory - Figures show the inventories of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports [139][142][144]

Core Insights - Yuntianhua Group achieved over 35.5 billion yuan in revenue and over 3 billion yuan in profit for the first half of 2025, demonstrating steady progress and improved quality and efficiency [1] Group 1: Financial Performance - The company reported a stable performance with revenue exceeding 35.5 billion yuan and profit surpassing 3 billion yuan in the first half of 2025 [1] - The overall economic operation analysis indicates a resilient development trajectory for the company [1] Group 2: Operational Strategy - Yuntianhua Group implemented refined management practices and strengthened full-process control in production, leading to improvements in product quality and production efficiency [1] - The company actively responded to market changes by continuously iterating its global supply chain model, integrating industry, trade, logistics, and finance [1] Group 3: Market Positioning - The company deepened cooperation with domestic and international distributors, transitioning towards becoming an industry organizer [1] - Participation in international exhibitions such as the South China Agricultural Expo and the International Rubber and Plastics Exhibition enhanced brand influence and expanded sales channels [1] - Market share for the company's products steadily increased, contributing to the growth of brand value [1] Group 4: Industry Expansion - Leveraging its long-term technological advantages and market insights, Yuntianhua Group actively expanded into emerging sectors such as fine chemicals and new materials [1] - The company successfully developed and launched a series of high-performance, high-value-added products in the fine chemicals sector [1] - Breakthroughs in key technological bottlenecks in the new materials sector have effectively enhanced the company's competitiveness [1]

Core Viewpoint - The successful completion of the 225,000 tons/year high-performance resin raw material project by Xinjiang Tianye Group marks a historic breakthrough in non-petroleum-based ethylene technology in China, producing high-purity ethylene products with a purity of 99.96% [1] Group 1 - The project is the largest single-unit ethanol dehydration to ethylene facility in China, indicating significant advancements in the industry [1] - The project was implemented by Xinjiang Tianye Huixiang New Materials Co., Ltd., a wholly-owned subsidiary of the company, utilizing patented technology developed by Tianjin University [1] - The new facility aims to reduce reliance on traditional calcium carbide methods for producing polyvinyl chloride (PVC), addressing high energy consumption and pollution issues [1] Group 2 - The project is expected to significantly lower standard coal consumption and carbon dioxide emissions, contributing to environmental benefits [1] - North Oil Engineering, as the design unit, has accumulated rich engineering experience in the field of coal chemical coupling low-carbon olefins, achieving important breakthroughs in the design of large-scale coal-based olefin facilities [1] - The project supports the establishment of a new industrial chain for the company, integrating "coal-ethanol-ethylene-PVC" [1]

Market Overview - On July 30, the Shanghai Composite Index rose by 0.17%, while the CSI 300 fell by 0.02%, the STAR Market 50 dropped by 1.11%, the CSI 1000 decreased by 0.82%, and the ChiNext Index declined by 1.62%. The Hang Seng Index also fell by 1.36% [5] - The best-performing industries on July 30 were steel (+2.05%), oil and petrochemicals (+1.84%), media (+0.99%), food and beverage (+0.86%), and social services (+0.65%). The worst-performing industries included electric equipment (-2.22%), computers (-1.59%), automobiles (-1.27%), defense and military (-1.06%), and communications (-0.95%) [5] - The total trading volume for the entire A-share market on July 30 was 1,870.976 billion yuan, with a net inflow of 11.714 billion Hong Kong dollars from southbound funds [5] Important Recommendations - The report highlights Jinghua New Materials (603683) as a leading enterprise in adhesive new materials, with growth potential in electronic skin technology [6] - The recommendation logic is based on the expectation that the industrialization of electronic skin sensors will exceed expectations, driven by the domestic substitution of optical adhesive materials and the successful implementation of electronic skin technology [6] - Revenue projections for Jinghua New Materials from 2025 to 2027 are estimated at 2,233.66 million yuan, 2,636.90 million yuan, and 3,162.50 million yuan, with growth rates of 18.50%, 18.05%, and 19.93% respectively. Net profit is projected to be 82.30 million yuan, 120.78 million yuan, and 159.19 million yuan, with growth rates of 22.78%, 46.75%, and 31.80% respectively [6] Important Insights - The current redemption pressure in the bond market is primarily concentrated on the fund side, which has now entered the later adjustment phase. Investors are advised to wait for right-side signals [7] - Key indicators suggest that the current bond market redemption wave is in the later adjustment phase, with the 10Y government bond yield rising by 8 basis points, nearing the upper limit of adjustments seen in previous redemption waves [8] - Fund net selling has significantly decreased from a peak of 137.2 billion yuan to 17.1 billion yuan, indicating a notable alleviation of selling pressure [8]