Group 1 - The core viewpoint of the news is that Ningxia Baofeng Energy Group Co., Ltd. has applied for a patent related to the calculation method for propylene loss during the regeneration of propylene protection beds and liquid phase dryers, which aims to control production costs and improve economic efficiency [1] Group 2 - Ningxia Baofeng Energy Group Co., Ltd. was established in 2005 and is located in Yinchuan City, primarily engaged in the manufacturing of chemical raw materials and chemical products [2] - The company has a registered capital of 733.336 million RMB and has made investments in 16 enterprises [2] - The company has participated in 5,000 bidding projects and holds 438 patents along with 23 trademark registrations and 774 administrative licenses [2]

Group 1 - Shennong Development expects a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [1] - Sifang New Materials announced that its directors and senior executives collectively reduced their holdings by 80,000 shares, in line with a previously announced reduction plan [1] - Alliance Electronics plans to transfer 3.68% of its shares through a price inquiry, totaling 6.1869 million shares, due to the shareholders' funding needs [1][2] Group 2 - Yongtai Technology clarified that its patent for "a preparation method of lithium bis(fluorosulfonyl)imide" is still valid and has not been declared invalid [3] - Guibao Pet plans to invest 650 million yuan in building an intelligent warehousing and sorting center to enhance operational efficiency [4] - Deep Deep Housing A expects a net profit of 85 million to 120 million yuan for the first half of 2025, with a year-on-year increase of 1411.70% to 2034.17% [7] Group 3 - Shandong Steel anticipates a net profit of 12.71 million yuan for the first half of 2025, marking a turnaround from a loss of approximately 98.1 million yuan year-on-year [7] - Tangrenshen reported a June sales revenue of 698 million yuan from pig sales, a year-on-year increase of 26% [9] - Dongfang Zhongke plans to reduce its holdings by up to 3% of its shares due to the financial needs of a major shareholder [10] Group 4 - Weichuang Electric obtained six patents and two software copyrights between April 1 and June 30, 2025 [11] - Zhenai Home plans to reduce its holdings by up to 3% due to the financial needs of a major shareholder [13] - Xingwang Yuda's actual controller intends to reduce its holdings by up to 3% for personal financial needs [15] Group 5 - Guangyun Da intends to acquire 56.03% of Yilian Infinite for 352 million yuan, gaining control of the company [16] - Chao Tu Software's actual controller plans to reduce holdings by up to 2% due to personal financial needs [17] - Weixing Intelligent's actual controller plans to reduce holdings by up to 1.99% for personal financial needs [18] Group 6 - ST Dongshi is facing a bankruptcy reorganization application due to its inability to repay debts, with potential delisting risks if the court accepts the application [19][20] - Tongwei Co. plans to reduce its holdings by up to 1% due to personal financial needs [21] - Borui Pharmaceutical received approval for clinical trials of its drug for chronic obstructive pulmonary disease [22] Group 7 - Shuangwei New Materials announced progress in its control change plan, leading to the resumption of its stock trading [24] - Yunnei Power's stock is under risk warning due to false financial disclosures, with a name change to "ST Yun Dong" [26][28]

Core Viewpoint - The domestic soda ash market remains stable overall, with slight price declines in some regions for heavy soda ash, and a lack of significant positive support for trading activities [2][5]. Price Analysis - As of July 8, the price range for light soda ash in North China is 1170-1250 CNY/ton, while heavy soda ash is priced at 1220-1340 CNY/ton. In Northeast China, light soda ash is priced at 1250-1360 CNY/ton, and heavy soda ash at 1310-1460 CNY/ton [2]. - The light soda ash price index is 1158.57, unchanged from the previous working day, while the heavy soda ash price index decreased by 7.14 to 1221.43, a decline of 0.58% [3]. Market Dynamics - The soda ash futures market showed a slight rebound on July 8, with the main contract SA2509 opening at 1166 CNY/ton and closing at 1178 CNY/ton, reflecting a daily increase of 0.60%. The highest price during the day was 1188 CNY/ton, and the lowest was 1165 CNY/ton, with total open interest at 1,693,895 contracts, down by 107,283 contracts [5]. - The market is characterized by high supply levels and accumulating inventories, while demand remains weak, leading to a loose supply-demand balance. Despite a short-term rebound due to market sentiment, the overall price increase potential is limited due to high inventory pressure and weak demand [5]. Future Outlook - The soda ash market is expected to maintain a weak and fluctuating trend in the short term, with ongoing supply adjustments and inventory changes being critical factors to monitor [6].

交易咨询业务资格：证监许可【2012】1091号 2025-07-09甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 1.部分装置停车：榆林凯越、新疆新业等。 2.伊朗甲醇开工降低；港口库存处于低位。 3.荆门60万吨/年醋酸装置已于5月16日出产品；新疆中和合众60万吨/年醋酸本月下旬 有投产计划。 3 基本面数据 4 检修状况 甲醇2509： 1、基本面：港口方面，短期尚有部分内地货源流入套利，且本周进口到货集中，库存或有累积风险，另随着伊朗装置 逐步恢复，后续进口量回升预期下，短期业者信心不足，不过伊朗中止与联合国核监督机构合作，宏观面尚存支撑，短 期港口甲醇多空博弈下震荡为主。内地方面，上游甲醇企业库存不多，加之近期产区甲醇装置集中检修，供应端并无压 力，对行情有一定支撑。 ...

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA: The PTA futures fluctuated within a range yesterday, and the spot market negotiation atmosphere improved compared to the previous day. The basis continued to be weak, and the decline in the afternoon widened. The current market supply - demand contradiction is not prominent, and the social inventory is at a relatively low level. It is expected that the PTA spot price will still fluctuate and adjust following the cost side in the short term, and the supporting effect may appear after the rapid decline of the spot basis. Attention should be paid to the results of the OPEC+ meeting and the polyester load fluctuations [6]. - MEG: On Tuesday, the price center of ethylene glycol was narrowly sorted, and the market negotiation was average. The supply - demand structure of ethylene glycol is gradually changing, and the inventory accumulation expectation is obvious in the third quarter. The willingness of traders in the market to hold goods is poor. Due to the weakening supply - demand and the polyester off - season, the upper side of the ethylene glycol disk is under pressure. In the short term, the ethylene glycol price will be mainly sorted in a low range. Subsequently, attention should be paid to the return efficiency of the supply side and the changes in the cost side [7]. 3. Summary According to the Directory 3.1 Previous Day Review No relevant content provided. 3.2 Daily Tips - **PTA**: - Fundamental: Futures fluctuated, spot negotiation improved, basis weakened, and suppliers offered for sale. The mainstream spot basis today is 09 + 91, and the price negotiation range is 4780 - 4820 yuan/ton [6]. - Basis: The spot price is 4805, the 09 - contract basis is 80, and the disk is at a discount, which is bullish [6]. - Inventory: The PTA factory inventory is 3.95 days, a decrease of 0.14 days compared to the previous period, which is bullish [6]. - Disk: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bullish [6]. - Main force position: Net short position, short position increased, which is bearish [6]. - **MEG**: - Fundamental: The price center was narrowly sorted, the basis was stable, and the spot negotiation was around a premium of 70 - 72 yuan/ton over the 09 contract. The overseas market price center was sorted at a low level [7]. - Basis: The spot price is 4343, the 09 - contract basis is 68, and the disk is at a discount, which is bullish [7]. - Inventory: The total inventory in the East China region is 53.2 tons, an increase of 2.73 tons compared to the previous period, which is bearish [7]. - Disk: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bearish [7]. - Main force position: The main force is net short, and the short position decreased, which is bearish [7]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, load, output, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, as well as the changes in inventory and supply - demand gap [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the ethylene glycol total operating rate, production, import, total supply, polyester production, consumption, and port inventory data from January 2024 to December 2025, along with the supply - demand difference [12]. - **Price Data**: It includes the spot and futures prices of various products such as naphtha, PX, PTA, MEG, and polyester fibers, as well as the basis, spread, and profit data on July 8 and July 7, 2025 [13]. 3.5 Price - **PTA and MEG Spot and Futures Prices**: The prices of naphtha, PX, PTA, MEG, and polyester fibers are provided, along with the changes in basis, spread, and profit on July 8, 2025, compared to July 7, 2025. For example, the spot price of naphtha increased by 1.5 dollars/ton, and the spot price of PX decreased by 7 dollars/ton [13]. - **PET Bottle - Chip Related Prices**: The historical data of the spot price, production gross profit, capacity utilization rate, and inventory of PET bottle - chips are presented [16][18][21][24]. 3.6 Inventory Analysis - **PTA Inventory**: The historical data of the PTA factory inventory available days in China are shown [42]. - **MEG Inventory**: The historical data of the MEG port inventory in the East China region are provided [42]. - **Polyester Product Inventory**: The historical data of the inventory available days of PET slices, polyester fibers (POY, DTY, FDY, short - fiber) in China are presented [44][51]. 3.7 Polyester Upstream and Downstream开工 - **Upstream**: The historical data of the operating rates of PTA, PX, and ethylene glycol in China are provided [53][55]. - **Downstream**: The historical data of the operating rates of polyester factories and Jiangsu - Zhejiang looms in the PTA industry chain are presented [57][59]. 3.8 PTA Processing Fee and MEG Profit - **PTA Processing Fee**: The historical data of the PTA processing fee in China are shown [60][61]. - **MEG Profit**: The historical data of the production gross profit of MEG produced by different methods (methanol, coal - based syngas, naphtha integration, ethylene) in China are presented [63][64]. - **Polyester Fiber Profit**: The historical data of the production gross profit of polyester short - fiber and long - fiber (DTY, POY, FDY) in China are provided [66][68][69][70].

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].