甲醇聚烯烃早报 研究中心能化团队 2025/07/08 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/07/0 | 801 | 2520 | 2480 | 2430 | 2550 | 2445 | 2543 | 280 | 350 | 125 | 90 | -1208 | | 1 | | | | | | | | | | | | | | 2025/07/0 2 | 801 | 2465 | 2480 | 2460 | 2550 | 2445 | 2603 | 277 | 345 | 58 | 45 | -1240 | | 2025/07/0 | | | | ...

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/6/30 | 2025/7/4 | 2025/7/7 | | 周度变化 日度变化 | | 2025/6/30 | 2025/7/4 | 2025/7/7 | | 周度变化 日度变化 | | 沙河重碱 | 1200.0 | 1170.0 | 1160.0 | -40.0 | -10.0 | SA05合 约 | 1216.0 | 1230.0 | 1236.0 | 20.0 | 6.0 | | 华中重碱 | 1160.0 | 1150.0 | 1130.0 | -30.0 | -20.0 | SA01合约 | 1194.0 | 1206.0 | 1207.0 | 13.0 | 1.0 | | 华南重碱 | 1500.0 | 1500.0 | 1500.0 | 0.0 | 0.0 | SA09合约 | 1181.0 | 1174.0 | 1168.0 | -13.0 | -6.0 | | 青 ...

Group 1 - The 12th World High-Speed Rail Conference will be held in Beijing from July 8 to 11, focusing on "High-Speed Rail: Innovative Development for a Better Life" with participation from government officials, diplomats, and industry experts [1] - The Dalian Commodity Exchange announced the listing of pure benzene futures and options starting from July 8, with the first batch of contracts totaling four, trading unit set at 30 tons per hand [3] - A total of 8 companies will have their restricted shares unlocked today, amounting to 235 million shares with a total market value of 6.203 billion yuan, with significant unlocks from companies like Haohua Technology and SiKray [4] Group 2 - 22 companies disclosed stock repurchase progress on July 8, with 7 companies announcing new repurchase plans, and 11 companies completing their repurchase plans, indicating active market engagement [5] - The People's Bank of China has a 131 billion yuan 7-day reverse repurchase operation maturing today, reflecting ongoing liquidity management in the financial system [6]

Group 1: Key Insights from Reports - The report highlights a significant easing of supply chain risks for the company following the U.S. Department of Commerce's removal of restrictions on ethane exports to China, allowing for a return to normal trade conditions [12][13]. - The company's α-olefin comprehensive utilization project is progressing well, with an expected total investment of approximately 26.6 billion yuan, aimed at expanding upstream ethylene production capacity and supporting long-term growth [15]. - The company is projected to achieve revenues of 55.34 billion, 71.35 billion, and 84.83 billion yuan from 2025 to 2027, with corresponding net profits of 6.82 billion, 9.07 billion, and 10.34 billion yuan, indicating a strong growth trajectory [16]. Group 2: Market Trends and Performance - The REITs market has shown increased activity, with the total market capitalization rising to 207.87 billion yuan, reflecting a weekly increase of 1.8 billion yuan, and a daily turnover rate of 0.74% [6][8]. - The North Exchange 50 index experienced a slight decline of 1.71%, closing at 1415.04 points, while the average market capitalization of constituent stocks was 3.08 billion yuan [10]. - The report notes that the average cash distribution rate for property-type REITs is 3.73%, while the rate for concession-type REITs is significantly higher at 8.12%, indicating a valuation disparity between the two categories [8].

Group 1 - The company, Ningbo Bohui Chemical Technology Co., Ltd., issued convertible bonds totaling RMB 397 million, with a face value of RMB 100 per bond, approved by the China Securities Regulatory Commission [2][3][15] - The bonds have a six-year term, from August 16, 2022, to August 15, 2028, and are listed on the Shenzhen Stock Exchange under the name "Bohui Convertible Bonds" [3][4][10] - The annual interest rates for the bonds are set to increase progressively from 0.40% in the first year to 3.00% in the sixth year, with interest paid annually [4][10][22] Group 2 - The company reported a significant decline in net profit, amounting to a loss of RMB 306.82 million, a decrease of 51.18% year-on-year, attributed to market conditions and production halts [13][15][28] - Total assets increased by 1.13% to RMB 2.135 billion, while operating revenue decreased by 17.94% to RMB 2.279 billion [13][15] - The company has been closely monitored by its bond trustee, Everbright Securities, which ensures compliance with regulations and the proper use of raised funds [13][30] Group 3 - The company announced a temporary suspension of production for certain facilities starting June 12, 2024, affecting its main revenue sources [14][29] - A recovery plan was initiated, with a resumption of production announced on August 26, 2024 [14][29] - The company has also adjusted its fundraising strategy, reallocating some funds to cover operational costs and repay bank loans due to changes in market conditions [30][30]

Core Viewpoint - The establishment of the Strategic and Sustainable Development Committee aims to enhance the company's strategic planning, investment decision-making processes, and ESG management, thereby promoting sustainable development [2][5]. Group 1: General Provisions - The committee is set up to improve the company's development planning, decision-making quality, and governance structure, in line with various regulations and guidelines [2]. - The committee will focus on long-term strategic planning, major investment decisions, and ESG-related work [2]. Group 2: Composition of the Committee - The committee consists of five directors, including at least one independent director [3]. - The chairman of the committee will be the company's chairman, and the term of the committee aligns with that of the board [5]. Group 3: Responsibilities and Authority - The committee is responsible for researching and proposing suggestions on long-term strategic planning, major financing matters, and significant equity investment projects [6]. - It will also oversee the construction of the ESG system, assess ESG risks, and guide the execution of ESG-related work [6]. Group 4: Decision-Making Procedures - The board secretary will coordinate the preparation of project analysis and evaluation for the committee's decision-making [10]. - The committee will hold meetings based on the feasibility reports provided and submit proposals to the board for approval [11]. Group 5: Meeting Rules - Meetings must be notified to all members three days in advance, and can be held in person or via communication methods [12]. - The committee can invite external professionals for advice if necessary, with costs covered by the company [12][13]. Group 6: Supplementary Provisions - The working rules will take effect upon the company's H-share listing and are subject to relevant laws and regulations [14][15].

天赐材料（002709） 广州天赐高新材料股份有限公司 董事会审计委员会工作细则（草案） （H 股发行并上市后适用） 第一章 总 则 第一条 为充分发挥广州天赐高新材料股份有限公司（以下简称"公司"） 董事会决策功能，做到事前审计、专业审计，确保董事会对经营层的有效监督， 完善公司治理结构，根据《中华人民共和国公司法》、《上市公司独立董事管理 办法》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》《香港联合交易所有限公司证券上市规则》（以 下简称"《香港上市规则》"）、公司股票上市地证券监管规则等有关规定以及 《广州天赐高新材料股份有限公司公司章程》（以下简称"《公司章程》"）、 《董事会议事规则》，公司特设立董事会审计委员会（以下简称"审计委员会"）， 并制定本工作细则。 第二条 公司董事会设置审计委员会，行使《公司法》规定的监事会的职权。 第二章 人员组成 第三条 审计委员会成员为三名，为不在公司担任高级管理人员的非执行 董事或独立董事组成，独立董事过半数，委员中至少有 1 名独立董事为具备公司 股票上市地证券监管规则规定的具备会计或财务管理专长的专业人士 ...

Core Viewpoint - The announcement details the public disclosure and verification opinions regarding the list of incentive recipients for the 2025 Restricted Stock Incentive Plan of Nanya New Materials Technology Co., Ltd. [1][2] Disclosure Situation - The company held meetings on June 25, 2025, to approve the draft of the 2025 Restricted Stock Incentive Plan and the list of initial incentive recipients [1] - The public disclosure period for the list was from June 26, 2025, to July 5, 2025, lasting 10 days, during which employees could provide feedback [2] - No objections were raised by employees regarding the proposed list of incentive recipients by the end of the disclosure period [2] Supervisory Board Verification Opinion - The supervisory board verified the list of incentive recipients in accordance with relevant laws and regulations, confirming that all individuals listed meet the necessary qualifications [3][5] - The verification process included checks against criteria such as being deemed inappropriate by the stock exchange or regulatory bodies within the last 12 months, and other legal disqualifications [3][4] - The supervisory board concluded that all individuals on the list are legally and effectively qualified to be incentive recipients under the plan [5]

Core Viewpoint - The global chemical industry is undergoing significant restructuring due to cost pressures and competition, leading to the closure of several major production facilities by leading companies like BASF, INEOS, and Dow [1][2]. Group 1: Company Actions - BASF has closed its TDI and precursor facilities at the Ludwigshafen site, while INEOS has permanently stopped production at its phenol plant in Gladbeck, Germany [1]. - Covestro and LyondellBasell have also announced the permanent closure of their epoxy propylene/styrene monomer production facility in Maasvlakte, Netherlands [1]. - Dow has approved the closure of three upstream assets in Europe to address structural challenges and optimize profitability, affecting approximately 800 jobs [2][3]. Group 2: Financial Implications - Dow anticipates that the closures will enhance operational EBITDA, achieving about 50% of a $200 million target by the end of 2027, with total cash expenditures of around $500 million over four years [4]. - The closures are part of Dow's broader $1 billion cost-saving initiative announced earlier in the year, which includes a global workforce reduction of approximately 1,500 positions [3][4]. Group 3: Additional Business Adjustments - Dow plans to close its ethylene cracker in Böllen, Germany, by Q4 2025, and its chlor-alkali and vinyl assets in Schkopau, Germany, by Q4 2025 [6]. - The company is also postponing its "Path2Zero" zero-carbon project in Saskatchewan, Canada, to reduce capital expenditures in 2025, while continuing to advance its zero-emission plant project in Alberta [7]. - Dow is selling its 50% stake in the carbon fiber joint venture DowAksa, expecting to gain $125 million (approximately 900 million RMB) from the sale [7]. Group 4: Market Performance - In Q1 2025, Dow reported revenues of $10.431 billion, a 3.1% year-over-year decline, with a net profit of $230 million, down 65.9% from the previous year [8]. - The company experienced a net loss of $290 million under US GAAP for Q1 2025, contrasting sharply with a profit of $538 million in the same period last year [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The removal of ethane supply risks and the growth potential of high-end polyolefin projects are highlighted as key factors for the company's future performance [3][7] - The company is expected to benefit from the normalization of ethane trade between the US and China, which will enhance its supply chain stability [7] - The company's α-olefin comprehensive utilization project is progressing well, supporting long-term growth [9] Financial Performance - The company’s projected revenues for 2025-2027 are 553.35 billion, 713.54 billion, and 848.29 billion respectively, with corresponding net profits of 68.24 billion, 90.71 billion, and 103.38 billion [11][12] - The expected PE ratios for the same period are 9, 7, and 6 times, indicating a favorable valuation outlook [11] Market Data - As of July 4, 2025, the company's stock price is 17.82 yuan, with a market capitalization of approximately 60,029.27 million [5][23] - The stock has shown a performance of 7.4% over the last month, contrasting with a decline of 15.7% over the past three months [5] Product Pricing and Margins - The report notes an expansion in the acrylic acid price spread, which is expected to gradually improve the company's C3 segment performance [8] - The average price of ethane in Q2 2025 was 177 USD/ton, reflecting a year-on-year increase of 26.01% [8][14]