同益股份公告，公司第五届董事会第十一次会议审议通过了《关于部分募集资金投资项目延期的议 案》，决定将"中高端工程塑料研发中心与总部基地建设项目"达到预定可使用状态的日期由原计划的 2025年12月31日调整至2026年12月31日。此次延期不涉及项目实施主体、资金用途及投资规模的变更， 且已在董事会审批权限范围内，无需提交股东会审议。 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年12月10日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 电石法成本走弱，乙烯法成本走弱，总体成本走弱；本周供给压力有所减少；下周预计检修有所减少， 6、预期: 预计排产将会增加。总体库存处于高位；当前需求或持续低迷；持续关注宏观政策及出口动态， PVC2601:在4340-4394区间震荡。 3 每日观点 供给端来看，据隆众统计，2025年11月PVC产量为207.926万吨，环比减少2.29%；本周样本企业产能利 用率为79.89%，环比减少0.00个百分点；电石法企业产量35.5176万吨，环比减少0.10%,乙烯法企业产 量13.526万吨，环比增加1.46%；本周供给压力有所减少；下周预计检修有所减少，预计排产 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Polyolefin futures declined. On the spot side, for linear LL, Sinopec kept prices stable while PetroChina lowered some prices by 150 yuan. For拉丝PP, Sinopec maintained stability and PetroChina cut some prices by 30 yuan. Fundamentally, the overall operating rate of the downstream demand side seems to have reached its peak, with demand steadily releasing. However, market sentiment was still affected by the weakness of crude oil and the overall commodity market. In the short term, the self - valuation of polyolefins is at a low level, and after the current rebound, it generally remains in a low - level oscillation process [2] Group 3: Summary by Relevant Catalog Futures Market - **Prices and Changes**: The previous day's closing prices of LL for January, May, and September were 6557, 6610, and 6656 respectively, with price drops of 86, 98, and 98 from two days ago, and percentage drops of - 1.29%, - 1.46%, and - 1.45%. For PP, the previous day's closing prices for January, May, and September were 6192, 6280, and 6322, with price drops of 83, 90, and 87 from two days ago, and percentage drops of - 1.32%, - 1.41%, and - 1.36% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September were 228488, 193612, and 2327 respectively, and the open interests were 339262, 359775, and 5745, with open interest changes of - 34931, 43792, and 656. For PP, the trading volumes for January, May, and September were 245848, 139975, and 3064, and the open interests were 411158, 341176, and 18638, with open interest changes of - 11906, 22036, and 718 [2] - **Spreads**: The current spreads of LL for January - May, May - September, and September - January were - 53, - 46, and 99 respectively, compared with previous values of - 65, - 46, and 111. For PP, the current spreads for January - May, May - September, and September - January were - 88, - 42, and 130, compared with previous values of - 95, - 39, and 134 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2070 yuan/ton, 6090 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton respectively. The previous values were 2094 yuan/ton, 6100 yuan/ton, 589 dollars/ton, 5600 yuan/ton, 6083 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream Spot Market**: The current price ranges of LL in the East China, North China, and South China markets were 6700 - 7100 yuan/ton, 6550 - 6850 yuan/ton, and 6650 - 7050 yuan/ton respectively, compared with previous ranges of 6750 - 7150 yuan/ton, 6600 - 6900 yuan/ton, and 6750 - 7100 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets were 6150 - 6350 yuan/ton, 6100 - 6250 yuan/ton, and 6200 - 6400 yuan/ton respectively, compared with previous ranges of 6200 - 6350 yuan/ton, 6100 - 6250 yuan/ton, and 6200 - 6450 yuan/ton [2] News - On Tuesday (December 9), the settlement price of West Texas Intermediate crude oil futures for January 2026 on the New York Mercantile Exchange was $58.25 per barrel, down $0.63 or 1.07% from the previous trading day, with a trading range of $58.12 - $59.17. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $61.94 per barrel, down $0.55 or 0.88% from the previous trading day, with a trading range of $61.83 - $62.78 [2]

证券日报网讯 12月9日，会通股份在互动平台回答投资者提问时表示，公司主要根据下游客户的订单实 行"以销定产"的生产模式，产量稳步提升中，具体请详见公司定期报告。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The plastics supply and demand pattern remains unchanged, with a weak trading atmosphere and no further macro - level positives. It is expected that plastics will experience a weak and volatile trend in the near term. Due to potential new capacity additions this year and the gradual exit of the agricultural film peak season, the L - PP spread is expected to decline [1]. Summary by Related Catalogs Market Analysis - On December 9, the restart of maintenance devices such as Ningxia Baofeng's HDPE Phase II led to the plastics operating rate rising to around 90%, which is at a neutral level. As of the week ending December 5, the downstream PE operating rate decreased by 0.54 percentage points to 43.76%. The agricultural film peak season is ending, with orders continuing to decline, and the overall downstream PE operating rate is at a relatively low level compared to the same period in previous years. Petrochemical inventories are at a relatively high level compared to the same period in previous years. The cost - side crude oil price has dropped. There has been new capacity put into production, and the plastics operating rate has slightly increased. With the end of the agricultural film peak season, downstream demand is expected to decline. The overall plastics supply - demand pattern remains unchanged, and it is expected to be weakly volatile in the near term [1]. Futures and Spot Market Conditions - **Futures**: The plastics 2601 contract decreased in position, fluctuated, and trended downward, closing at 6557 yuan/ton, down 1.37%. The position volume decreased by 34,931 lots to 339,262 lots [2]. - **Spot**: The PE spot market mostly declined, with price changes ranging from - 100 to + 0 yuan/ton. LLDPE was reported at 6600 - 6870 yuan/ton, LDPE at 8190 - 8980 yuan/ton, and HDPE at 6860 - 7570 yuan/ton [3]. Fundamental Tracking - **Supply**: On December 9, the restart of maintenance devices such as Ningxia Baofeng's HDPE Phase II led to the plastics operating rate rising to around 90%, at a neutral level [4]. - **Demand**: As of the week ending December 5, the downstream PE operating rate decreased by 0.54 percentage points to 43.76%. The agricultural film peak season is ending, orders are decreasing, and the overall downstream PE operating rate is at a relatively low level compared to the same period in previous years [4]. - **Inventory**: On Tuesday, the petrochemical early - morning inventory increased by 0.5 million tons to 69.5 million tons, 3.5 million tons higher than the same period last year, and is at a relatively high level compared to the same period in previous years [4]. - **Raw Materials**: The Brent crude oil 02 contract fell below $63 per barrel, while the Northeast Asian ethylene price remained flat at $725 per ton, and the Southeast Asian ethylene price remained flat at $745 per ton [4].

Core Viewpoint - Kaisheng New Materials (301069) has highlighted its production capabilities and applications of PEKK, a high-performance thermoplastic engineering plastic, which is similar to PEEK and belongs to the polyether ketone family, showcasing excellent mechanical properties and various industrial applications [1] Group 1: Product Characteristics - PEKK exhibits superior mechanical performance, wear resistance, corrosion resistance, self-lubrication, insulation stability, biocompatibility, and high-temperature usage [1] - The material is primarily used in lightweight applications to replace steel in industries such as automotive, robotics, low-altitude aircraft, aerospace materials, and high-end medical sectors [1] Group 2: Production Capabilities - The company possesses thousand-ton level production facilities for PEKK products, including processing and modification equipment to meet customer demands [1] - Customizable PEKK products are available in raw powder, granules, or modified forms, with capabilities to combine PEKK with glass fibers and carbon fibers for tailored composite materials [1] Group 3: Research and Development - Continuous investment in research and development allows the company to optimize the preparation process of PEKK, enhancing product quality and yield, thereby strengthening market competitiveness [1]

从资金流向上来看，当日塑料板块主力资金净流出4.45亿元，游资资金净流入6762.65万元，散户资金净 流入3.78亿元。塑料板块个股资金流向见下表： 证券之星消息，12月9日塑料板块较上一交易日下跌0.87%，宁波色母领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。塑料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The report indicates a rebound in institutional research focus on home appliances, building materials, and computers, with an increase in the number of research sessions compared to the previous week [2][12][19] - In the weekly perspective, the total number of research sessions for the entire A-share market decreased to 482, lower than 542 in the same period of 2024, indicating a continued decline in research heat [12][20] - Monthly data shows that in November, the total number of research sessions for the entire A-share market reached 2969, which is lower than 3286 in the same period of 2024, but reflects a rebound compared to previous months [20][21] Group 2 - From an individual stock perspective, companies such as Dazhu Laser, Jereh, and Fule New Materials received significant market attention, with Dazhu Laser being researched 4 times in the last week [25][28] - Over the past month, companies like Oke Yi, Huichuan Technology, and Ice Wheel Environment have also garnered considerable attention, with Oke Yi being researched 28 times [29][30] - Zhongyou Technology, focusing on intelligent logistics systems, has seen a remarkable performance with a revenue growth of 36.69% and a net profit growth of 1074.35% in the first three quarters of 2025, leading to increased institutional interest [27]

聚烯烃日报 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 行业 日期 2025 年 12 月 9 日 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | ...

Core Insights - The Chinese chemical industry is at a critical stage of cyclical bottoming and deepening industrial upgrades, characterized by demand differentiation, supply structure optimization, cost pressure alleviation, and clear policy guidance [1][4] Overall Overview - The A-share chemical sector has over 431 listed companies, ranking fourth among all industries in terms of quantity and influence [1] - Chemical products dominate the sector, accounting for over 40% in various dimensions such as quantity, market value, revenue, and profit, serving as the core engine of industry development [1] - The industry structure shows significant differentiation, with plastics, agricultural chemicals, and chemical raw materials as important supports, while sectors like chemical fibers and rubber are relatively smaller [1] Market Performance - The chemical industry faced overall pressure from 2024 to August 2025, with chemical prices remaining low and valuations at historical lows, leading to stock performance lagging behind the broader market [2] - Despite the overall market pressure, some companies like Zhengdan Co. and Annuoqi achieved significant market value increases through emerging sector layouts, while traditional companies generally faced market value shrinkage [2] Operating Conditions - The revenue of chemical listed companies showed resilience, with a year-on-year growth of 3.23% in 2024, although net profit attributable to shareholders decreased by 8.09% [2] - There is a notable divergence in operational capabilities, with leading companies optimizing asset and accounts management through technological barriers and scale effects [2] - The overall asset-liability ratio has increased, reflecting a balance between investment in industrial upgrades and cyclical responses [2] Technological Innovation - R&D investment in chemical companies has been increasing, with R&D intensity rising to 3.08%, and resources concentrating on high-end sectors and leading companies [3] - The proportion of R&D personnel is steadily increasing, with the chemical products sector having the highest density of R&D talent, indicating a trend towards technology-driven transformation [3] International Development - The proportion of overseas revenue for chemical listed companies rebounded to 21.63% in 2024, with strong performance in chemical products and agricultural chemicals in international markets [3] - Although foreign ownership has generally decreased, it is increasingly concentrated in high-end technology companies, reflecting international capital's recognition of China's chemical industry's high-end transformation [3] Policy Guidance - The government continues to promote green, high-end, and intelligent development in the chemical industry, encouraging companies to cluster in chemical parks and enhance industrial chain collaboration [3] - Restrictive policies are accelerating the exit of backward production capacity, optimizing the industrial layout, and creating a more regulated environment for high-quality development [3] Case Studies - Wanhua Chemical has built a scale moat through integrated layout and global expansion, while New Hecheng has achieved counter-cyclical growth through technological barriers and specialization [3] - The case of Aowei New Materials highlights the market's concern over the mismatch between valuation and fundamentals, emphasizing the importance of profit realization for valuation support [3]