能源化工期权 2025-06-20 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

研究中心能化团队 2025/6/20 | | | 指标 | 5/20 | 6/12 | 6/17 | 6/18 | 6/19 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约收盘价 | 12070 | 11035 | 11485 | 11740 | 11770 | 30 | 735 | | | | 主力合约持仓量 | 16991 | 21103 | 16181 | 16777 | 15134 | -1643 | -5969 | | | 居面 | 主力合约成交量 | 94802 | 121876 | 111310 | 104964 | 81102 | -23862 | -40774 | | | | 仓単数量 | 10290 | 12820 | 12290 | 12290 | 6630 | -5660 | -6190 | | | | 虚实比 | 8.26 | 8.23 | 6.58 | 6.83 | 11.41 | 5 | 3 | | | | 顺丁基差 | 330 | 515 | 115 ...

【原料及现货】截至6月19日，杯胶48.30（+0.65）泰铢/千克，胶乳57.75（+0.25）泰铢/千克。云南胶 水收购价13300（0）元/吨，海南新鲜胶乳14100（+200）元/吨，全乳胶上海市场14000（0）元/吨，青 岛保税区泰标1710（-10）美元/吨，泰混13850（0）元/吨。 【轮胎开工率及库存】截至6月19日，中国半钢胎样本企业产能利用率为71.54%，环比+1.56个百分点， 同比-8.52个百分点。半钢胎企业产能利用率涨跌互现，部分企业为满足订单需求适度提产，另有个别 企业因电厂检修，生产暂停，限制周内样本企业产能利用率提升幅度。中国全钢胎样本企业产能利用率 为61.39%，环比+2.69个百分点，同比-0.45个百分点。上周检修的样本企业排产逐步恢复至常规水平， 带动全钢胎企业整体产能利用率走高。 1-5月，泰国出口混合胶合计为74.7万吨，同比增55%；混合胶出口到中国合计为74.2万吨，同比增 59%。 【逻辑】供应方面，下旬海外降雨有缓和预期，利于新胶出量，月底云南替代种植指标逐渐进入，对国 内供应明显施压。需求方面，6月中下旬轮胎终端市场处于逐步恢复阶段，然周期内物流 ...

BR 丁二烯橡胶相关：BR 主力 08 合约报收 11765 点，上涨+135 点或 +1.16%。截至前日 18 时，山东地区大庆石化顺丁报收 11700 元/吨，山东民营顺 丁报收 11600 元/吨，华东市场扬子石化顺丁报收 11600 元/吨，华南地区茂名石化 顺丁报收 11800 元/吨。山东地区抚顺石化丁苯 1502 报收 11900 元/吨。山东地区 丁二烯报收 9550-9600 元/吨。 RU/NR 天然橡胶相关：RU 主力 09 合约报收 14070 点，上涨+40 点或 +0.29%。截至前日 12 时，销地 WF 报收 13900-14000 元/吨，越南 3L 混合报收 14900-15000 元/吨。NR 主力 08 合约报收 12185 点，下跌-50 点或-0.41%；新加 坡 TF 主力 09 合约报收 163.4 点，下跌-1.1 点或-0.67%。截至前日 18 时，泰标 近港船货报收 1710-1750 美元/吨，泰混近港船货报收 1700-1750 美元/吨，人民 币混合胶现货报收 13850-13870 元/吨。 【重要资讯】 BR 日报 【银河期货】丁二烯橡胶每日 ...

Group 1: Siling Co., Ltd. (斯菱股份) - Siling Co., Ltd. is enhancing equipment utilization and product quality through differentiated product manufacturing, a complete supply chain system, and flexible production lines, covering mainstream global vehicle models [1] - The company plans to establish a robotics components division in 2024, focusing on the research and mass production of harmonic reducers, with core equipment already in place and a second production line planned [1] - Siling's Thailand factory has obtained origin certification and is expanding capacity with a third-phase investment, while its North American operations utilize an FOB model, minimizing tariff impacts on customers [1] Group 2: Yongli Co., Ltd. (永利股份) - Yongli Co., Ltd. possesses strong market responsiveness and industry-leading technical research capabilities in the lightweight conveyor belt sector, with a comprehensive product range [2] - The company is transitioning from a lightweight conveyor belt manufacturer to a solution provider, leveraging the advantages of electric rollers, which are simple in structure, easy to install, and energy-efficient [2] - In 2024, overseas sales are projected to account for 54.19% of total revenue, with plans to strengthen global business development and brand building [2] Group 3: Huatai Fund (汇添富基金) - Huatai Fund, established in 2005, has an asset management scale of 904.883 billion yuan, ranking 10th among 210 firms [3] - The fund manages 710 public funds and has 96 fund managers, ranking 7th in both categories [3] - The best-performing public fund in the past year is the Huatai North Exchange Innovation Selected Two-Year Open Mixed A, with a net value of 1.66 and a growth of 130.81% [3]

Group 1 - The core viewpoint of the article highlights the strong performance of global IPO markets in the first half of 2025, with Hong Kong leading in IPO financing [1][7] - Deloitte's report indicates that Hong Kong's IPO financing reached 102.1 billion HKD, a significant increase of 673% compared to the previous year [7][9] - The A-share market also saw growth, with 50 new IPOs raising 37.1 billion RMB, reflecting a 14% increase in both the number of IPOs and financing compared to the previous year [3][6] Group 2 - Zhejiang province had two companies among the top five A-share IPOs, with Zhongce Rubber leading at 4.1 billion RMB [4][6] - The report anticipates that the A-share market will become more active in the second half of the year, particularly for high-tech companies, due to new policies from the China Securities Regulatory Commission [6][9] - Hong Kong's IPO market is expected to attract more companies, with over 170 listing applications in process, and a projected total financing of 200 billion HKD for the year [9]

Core Viewpoint - Zhongding Company (SZ000887) reported a year-on-year increase in both revenue and profit for the year 2024, indicating strong financial performance and growth potential. Financial Performance - The company's operating revenue for 2024 was 18.85 billion yuan, a year-on-year increase of 9.33% compared to 2023 [1] - The net profit attributable to shareholders was 1.25 billion yuan, reflecting a growth of 10.63% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.08 billion yuan, up by 10.06% from the previous year [1] - Basic earnings per share were 0.95 yuan, an increase of 10.47% compared to 2023 [1] Profitability Metrics - The gross profit margin for 2024 was 22.82%, an increase of 1.10% year-on-year [2] - The net profit margin was 6.62%, up by 0.17% from the previous year [2] Expense Management - Total operating expenses for 2024 were 2.57 billion yuan, an increase of 138 million yuan compared to the previous year [2] - The expense ratio was 13.63%, a decrease of 0.47% year-on-year [2] - Sales expenses decreased by 9.57%, while management, R&D, and financial expenses increased by 7.16%, 7.97%, and 30.30% respectively [2] Employee Statistics - The total number of employees at the end of 2024 was 22,935, a slight decrease of 248 from the previous year [3][4] Executive Compensation - Total compensation for directors, supervisors, and senior management in 2024 amounted to 10.80 million yuan [6] - The highest-paid executive, Chairman and CEO Xia Ying Song, received 1.62 million yuan, a slight decrease from 1.65 million yuan in the previous year [6]

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (referred to as "Nengzhiguang") has successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise 160 million yuan [1][2]. Financial Performance - Nengzhiguang's revenue from 2021 to 2024 was 529 million yuan, 556 million yuan, 569 million yuan, and 611 million yuan respectively, with net profits showing significant fluctuations [5][6]. - The company reported a substantial increase in net profit in 2023, reaching 50.8 million yuan, a 173.31% increase compared to the previous year [5][6]. - The gross profit margins for the years 2021 to 2024 were 12.29%, 12.03%, 16.85%, and 17.05%, indicating a notable increase in 2023 [7][8]. Regulatory Scrutiny - The regulatory body has raised concerns regarding the authenticity and sustainability of Nengzhiguang's reported performance, particularly focusing on the significant increase in gross profit margins and net profits in 2023 [5][9]. - The company was asked to provide detailed analyses of its top 20 customers, including revenue, gross profit, and gross margin changes, as well as the reasons behind the increase in high-margin product sales [4][12]. Customer Base and Revenue Recognition - Nengzhiguang has a diverse customer base, with the top five customers accounting for 23.05%, 22.87%, 22.30%, and 19.36% of revenue from 2021 to 2024, indicating a low concentration of revenue [14][15]. - The company confirmed that it does not engage in practices such as premature revenue recognition and has robust internal controls for revenue recognition [15][17]. Raw Material Costs and Pricing - The primary raw materials for Nengzhiguang include PP, PE, and POE, which account for over 80% of total costs, making the company vulnerable to fluctuations in the petrochemical industry [7][9]. - The company stated that it generally adopts a "market price + negotiation" approach for raw material procurement, ensuring that procurement prices are fair and aligned with market trends [9][10].

生物基产业进展 | 瑞 翁（Zeon） 【生物基能源与材料】 获 悉，近日，日本合成橡胶巨头 瑞翁株式会社 （Zeon Corp.）宣布将进一步 于Zeon化学横泽有限公司的场地上建立一个 直接从植物材料中生产丁二烯和异戊二烯 的研究工厂 （总 部位于山形县横泽市）。 该两种物质是 合成橡胶 的关键成分。 根据STAGE30集团中期业务计划，Zeon将 "推动单件制造转型，实现碳中和与循环经济" 定位为战略 目标。 而仅在今年2月，Zeon（瑞翁）就与 横滨橡胶 宣布合作建设 生物基乙醇高效转化丁二烯的 中试装置 。该装置将建于瑞翁德山工厂（山口县周南市），预计2026年投产， 用于验证 生物质来源乙醇 制备 丁二烯 的连续化生产工艺 ，并收集规模化生产数据。 该中试装置围绕 两大技术路线布局 ： 一是与AIST协作的 乙醇催化转化丁二烯路径 ； 二是联 合东京科学大学与RIKEN的 生物法直接合成技术 。具体路径的核心进展与挑战分析见如下链 接： 生物基能源与材料，公众号：生物基能源与材料 两大化工巨头，推进生物基丁二烯中试 橡胶行业变天，石化橡胶企业纷纷转型 从轮胎产业看，全球废轮胎超 10 亿条 ，难 ...

证券代码：300230 证券简称：永利股份 上海永利带业股份有限公司投资者关系活动记录表 产方式即"涂覆法（配料→涂覆→成型）"和"压延法（配料→塑 化→压延→成型）"。 由于具有轻量化、安全、环保、节能、精准输送、高效输送特点， 随着国家环保标准和碳排放的要求提升，轻型输送带越来越受到 重视，尤其是 TPU、PE、TPEE 输送带等环保精密带有望得到大 力发展。另外，轻型输送带相比橡胶输送带而言重量更轻，输送 效率更高，能耗更低，废弃后对环境造成污染小，在更多领域和 行业中轻型输送带开始逐步替代橡胶输送带。 三、公司为何要拓展电动滚筒业务？ 答：滚筒是输送设备的核心部件，在输送设备中起到传输物品的 作用，传统的传输设备利用外置电机加减速机驱动无动力滚筒进 行转动，通过滚筒转动带动皮带或齿轮实现传动。电动滚筒是无 刷电机和减速机共置于滚筒本体内的新型驱动装置，替代了传统 的外置电机、减速机和无动力滚筒三个部件的功能，与传统的外 置电机传动方式相比具有结构简单、安装简单、节省空间、免维 护、噪音低、高效节能、响应迅速、控制精准、调速范围宽、成 本低等显著优势，对输送设备的升级换代具有促进作用。公司轻 型输送带产 ...