Core Viewpoint - Domestic ethylene glycol prices have experienced fluctuations in 2023, with a notable drop in early April, but a potential recovery is anticipated following positive developments in US-China trade talks [1][7]. Supply and Demand Dynamics - The apparent consumption and production of domestic ethylene glycol have been increasing, with a projected demand growth of 590,000 tons from 2020 to 2024 due to the expansion of polyester production capacity [2]. - Domestic ethylene glycol production capacity is expected to rise from 15.54 million tons in 2020 to 27.92 million tons in 2024, leading to an oversupply situation and significant profit declines for companies [2]. - The overall operating rate for ethylene glycol production remains below 70%, with coal-based production facilities operating at around 50% due to ongoing losses [3]. Production Routes and Profitability - The production capacity of oil-based ethylene glycol accounts for two-thirds of the total capacity, and recent declines in international oil prices have improved profit margins for these facilities [4]. - Coal-based ethylene glycol has faced negative profit margins for the past four years, but recent decreases in coal prices have reduced losses and improved operating rates [5]. - Ethane-based production has advantages due to lower raw material costs, but recent tariffs have impacted sourcing from the US, prompting companies to seek alternatives [5]. Import Trends - The reliance on imports for ethylene glycol has decreased, with the import dependency rate falling to 25%-30% in recent years [6]. - In Q1 2023, ethylene glycol imports totaled 1.9626 million tons, a 42.73% increase year-on-year, with major suppliers being Saudi Arabia, the US, and Canada [6]. Market Outlook - Recent financial policies and improved US-China relations are expected to stabilize and potentially increase ethylene glycol prices [7]. - Despite supply-side pressures from domestic facility restarts, upcoming maintenance schedules and reduced port arrivals are likely to support price recovery [8]. - The textile industry, which accounts for about 50% of global production, is expected to drive demand for ethylene glycol, especially with easing trade tensions [8].

6只ST/*ST股将"摘星脱帽"。 Wind统计数据显示，根据上市公司公告，截至发稿，明日（5月20日）将有8只A股复牌。 其中，ST中泰、ST升达等6股均因撤销退市风险警示、其他风险警示而在今日（5月19日）停牌一天，将 自明日复牌，股票代码不变，股票简称均有所变化。 慧博云通和信邦智能则是发布了重大资产重组预案，并宣布复牌。 6股即将"摘星脱帽" 20日复牌 *ST傲农（603363）此前公告，公司股票将自5月20日撤销退市风险警示及其他风险警示并复牌，股票简 称由"*ST傲农"变更为"傲农生物"，股票代码不变。 根据公告，2025年4月28日，容诚会计师事务所（特殊普通合伙）对公司2024年度财务报告出具了标准无 保留意见的审计报告。经审计，截至2024年12月31日，公司期末归属于上市公司股东的净资产为25.66亿 元；2024年度，公司实现营业收入87.63亿元，实现归属于上市公司股东的净利润为5.79亿元。此外，根 据公司《董事会关于2023年度审计报告非标意见涉及事项影响已消除的专项说明》，董事会认为，公司 2023年度审计报告非标意见涉及事项的影响已消除。容诚会计师事务所（特殊普通合伙）于20 ...

证券研究报告 | 2025年05月19日 美元债双周报（25 年第 20 周） 中性 评级下调加剧美债中长期压力 美国 4 月通胀数据再度回落，核心物价触及疫情后低点，关税影响或将滞后 显现。4 月美国通胀数据继续降温，CPI 同比增长 2.3%，为 2021 年 2 月 以来最低水平；核心 CPI 同比 2.8%，首次跌破 3%。食品、二手车和航 空运输价格显著下降，带动通胀放缓。尽管油价回落，能源分项因电力 和天然气上涨环比上升 0.7%；住房成本仍是通胀主要支撑，占 CPI 涨幅 的一半以上。结构上，超级核心 CPI（核心服务剔除住房通胀）同比降 至 3.0%，但核心服务环比略升 0.2%，显示服务类通胀黏性。商品通胀 回归正区间，同比仅增 0.1%。然而，贸易关税调整的滞后效应尚未全面 反映，企业去库存延缓成本传导，未来加征关税可能引发核心商品补涨。 穆迪下调美国信用评级至 Aa1，担忧政府赤字恶化。穆迪评级公司周五盘 后宣布将美国信用评级从最高的 Aaa 下调至 Aa1，并将评级展望从"负 面"调整为"稳定"。这一决定反映了美国政府债务与利息支付比例在 过去十多年中持续攀升，且多届政府未能就削减财政 ...

Core Viewpoint - Zhongyida's stock price has increased by 298.76% since March 10, 2025, despite the company reporting a net loss of 14.08 million yuan for the fiscal year 2024 [1]. Financial Performance - The company reported a net profit of 13.76 million yuan in the first quarter of 2025 [1]. - As of the end of the first quarter of 2025, the company's goodwill was valued at 160 million yuan, while its net asset value was 81.01 million yuan, indicating that the goodwill exceeds the net asset value [2]. - The cumulative undistributed profit balance as of December 31, 2024, was -2.098 billion yuan, which means profits will first be used to cover previous losses before any cash dividends can be distributed [2]. Market Position - Zhongyida's price-to-book ratio is 193.21, significantly higher than the industry average of 1.92 for the chemical raw materials and chemical products manufacturing sector [1]. - The company acknowledges that its stock price is significantly detached from its fundamentals, indicating a potential for market over-exuberance and high speculation risk [1]. Business Operations - The main operating entity of Zhongyida is its wholly-owned subsidiary, Chifeng Ruiyang, which focuses on the production and sales of fine chemical products, including various types of pentaerythritol and feed products [1]. - The company has not reported any significant changes in its fundamental operations and has confirmed that its production activities are normal [2][3]. Goodwill and Risks - In 2023, Zhongyida recorded a goodwill impairment loss of 49.99 million yuan, but no impairment loss was reported for 2024 [2]. - There is a risk of further goodwill impairment if the operational conditions of Chifeng Ruiyang do not improve or if its profitability does not meet expectations [2]. Disclosure and Compliance - The company has confirmed that there are no undisclosed significant events apart from the planned issuance of A-shares disclosed on August 14, 2024 [3].

续发展，有利于建立和完善劳动者与所有者的利益共享机制， 有利于进一步完善公司治理水平，提高员工的凝聚力和公司 竞争力，充分调动员工的积极性和创造性，吸引和保留优秀 管理人才，实现公司可持续发展。 综上，公司监事会认为公司实施本次员工持股计划不会 损害公司及其全体股东的利益并符合公司长远发展的需要， 同意公司实施本次员工持股计划。 证券代码：301292 证券简称：海科新源 公告编号：2025-029 山东海科新源材料科技股份有限公司 本公司及全体监事保证信息披露的内容真实、准确和完 整，不存在任何虚假记载、误导性陈述或重大遗漏。 山东海科新源材料科技股份有限公司（以下简称"公司"） 于 2025 年 5 月 19 日召开第二届监事会第十三次会议审议通 过了《关于公司<2025 年员工持股计划（草案）>及其摘要的 议案》。根据《关于上市公司实施员工持股计划试点的指导 意见》（以下简称"《指导意见》"）、《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》 （以下简称"《自律监管指引第 2 号》"）等相关法律法规 及规范性文件的规定，经认真审阅相关会议资料及全体监事 充分讨论，现就公司 2 ...

内蒙古加度律师事务所 关于中盐内蒙古化工股份有限公司 部分限制性股票回购注销实施情况 地址：内蒙古包头市稀土高新区时代广场 B 座 1410 电话：0472-7159669 传真：0472-7159669 邮编：014060 内蒙古加度律师事务所 法律意见书 内蒙古加度律师事务所 关于中盐内蒙古化工股份有限公司 之法律意见书 之 法律意见书 致：中盐内蒙古化工股份有限公司 内蒙古加度律师事务所（以下简称"本所"）接受中盐内蒙古化工股份有限 公司（以下简称"中盐化工"或"公司"）的委托，并根据中盐化工与本所签订 的《专项法律服务合同》，作为中盐化工 2021 年限制性股票激励计划的专项法 律顾问。 本法律意见书系依据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励 管理办法》（以下简称"《管理办法》"）、《国有控股上市公司（境内）实施 股权激励试行办法》（以下简称"《试行办法》"）、《关于规范国有控股上市 公司实施股权激励制度有关问题的通知》（以下简称"《通知》"）、《关于进 一步做好中央企业控股上市公司股权激励工作有关事项的通知》（ ...

Core Viewpoint - The company is actively promoting the integration of party building and production operations through various initiatives aimed at enhancing its capabilities and fostering innovation. Group 1: Political Leadership - The company emphasizes the importance of comprehensive party leadership and strictly adheres to decision-making protocols to ensure timely project execution, including the successful production launch of the trichlorosilane project and the completion of biodegradable materials projects [1] - The implementation of the "Three Major One Big" decision-making system and pre-discussion procedures by the party committee has been pivotal in advancing project construction [1] Group 2: Organizational Strength - The company has launched the "Six Bright" activities to enhance party visibility and engagement, which includes showcasing party symbols, activities, and honors [1] - A "1+14" brand matrix has been established to promote reform and development, with several brands receiving positive feedback from higher-level party committees and employees [1] Group 3: Role Model Development - The company has improved its dual evaluation mechanism for party members, focusing on party awareness, technical skills, and integrity to motivate members to excel in their roles [1] - Platforms such as demonstration posts and responsibility zones are utilized for technical problem-solving, encouraging party members to take the lead in overcoming challenges [1] Group 4: Talent Development - The company is advancing its "Talent Cultivation" plan, which includes a structured approach to talent development, aiming to cultivate elite management, expert technical personnel, and skilled craftsmen [2] - Notable achievements include recognition of one individual as a national coal industry skill master, one as an Anhui craftsman, and 36 as leading talents within the Huai Bei Mining Group [2] Group 5: Cultural Cohesion - The establishment of a "Four Learning" mechanism promotes the study of the party's innovative theories, reinforcing ideological foundations and enhancing employee engagement [2] - The company is committed to practical initiatives that address employee needs through various community and family-oriented programs [2]

Group 1 - The continuous expansion of MMA production capacity in Asia is significantly altering the global market structure, with global MMA capacity expected to grow from 6.4 million tons in 2024 to 7.3 million tons by 2029, driven by over 900,000 tons of new capacity in Asia [2] - Mitsubishi Chemical has canceled its planned 350,000 tons/year MMA plant in Louisiana, anticipating a loss of 20 billion yen, while also closing its 107,000 tons/year plant in Hiroshima and a 220,000 tons/year facility in Cassel, UK, to enhance competitiveness [2] - The MMA market in the US is currently experiencing a supply shortage, with the new MMA plant in Bay City, Texas, having a capacity of 250,000 tons/year, which will primarily supply raw materials for PMMA production [3] Group 2 - The trend of capacity consolidation is becoming inevitable in the oversupplied Asian market, as evidenced by Sumitomo Chemical's closure of two production lines in Singapore, reducing MMA and PMMA production capacity by 80% and 70% respectively [3] - PTT Asahi Chemical Co. plans to cease MMA production and sales by December 31, 2024, and intends to dismantle its production facilities by 2028, reflecting the challenges in maintaining stable sales and profit margins for general-purpose products in the medium to long term [4] - The global MMA industry is undergoing a transformation, with companies responding to market changes through capacity optimization, technological upgrades, and application development [4]

轻量化叠加国产替代突破，持续看好 MXD6 产业链 20250518 摘要 • MXD6 作为一种高性能聚酰胺，兼具脂肪族和芳香族聚酰胺的优点，具有 高强度、高刚性、优异的阻隔性能、耐化学性和稳定性，主要应用于包装 材料和改性塑料领域。 • MXD6 在阻隔性能上优于 PA6 和 PET，吸水率约为 PA6 的一半；耐热性 能方面，热变形温度和玻璃化转变温度高于 PA66、PA6 和 PET；机械性 能方面，拉伸强度和弯曲强度高于 PA66、PA6 和 PBT，但材料较脆。 • MXD6 在包装领域主要用于制备多层阻隔薄膜或瓶体，有效阻隔氧气渗入 和二氧化碳流失，尤其适用于湿度增加的环境，但目前因产业化程度较低， 价格较高。2024 年全球高阻隔包装薄膜市场规模约 806 亿元，预计 2030 年将达到 1,080 亿元，年复合增长率为 4.99%。 • 在改性塑料领域，MXD6 可替代金属制造汽车电子、电器领域结构件，如 汽车外壳、车体、底盘等，以及精密电子零件和无人机部件。三菱瓦斯化 学已开发出玻纤增强或与云母、碳酸钙复合增强的 MXD6 产品。 Q&A MXD6 材料的基本介绍及其主要应用领域是什么？ ...

周期论剑｜下半年展望及逻辑梳理 20250518 摘要 • 中国股市上涨的核心动力在于贴现率的降低，包括无风险利率（国内长期 债券收益率低于 2%）和风险溢价水平的下降，提升了股票权益产品的吸 引力。 • 当前中国经济形势虽改观缓慢，但投资者对负面预期已有所改变，估值收 缩影响边际递减。财政政策将在年中左右进一步推出，金融政策先行是主 要策略。 • 看好金融、科技和部分基础材料行业，因其受益于贴现率降低带来的资金 成本优势，具有较高成长性和创新潜力，且在中国决策层稳定股市的背景 下被重点推荐。 • 房地产市场预计将走向全面复苏，一线城市新房价格已开始上升，开发商 报表修复将在 2025 年四季度开始显现，可关注土地储备充足的公司。 • 建材板块今年量能企稳、盈利提升、公司治理改善，是一个三重利好因素， 可关注海螺水泥、华新水泥、东方雨虹、北新建材等龙头公司。 • 基础化工行业推荐内需品种（复合肥、民爆产品）、涨价品种（制冷剂） 和技术化工龙头白马股（万华化学、龙佰集团），受益于贸易摩擦背景下 的结构性机会。 • 钢铁板块需求周期见底、供给收缩周期开始、原材料周期下行，龙头公司 竞争优势显著，推荐宝钢股份、华林 ...