Core Viewpoint - The approval of pure benzene futures and options by the China Securities Regulatory Commission is expected to significantly impact the pure benzene market and the broader aromatic industry chain in China [2][4]. Market Overview - Pure benzene is a crucial organic chemical raw material, with a production capacity of 32.34 million tons and a consumption volume of 29.26 million tons in 2024, accounting for 39% and 43% of global totals, respectively [4]. - China is the world's largest producer, consumer, and importer of pure benzene, with an import volume of 4.31 million tons, leading to a dependency rate of 15% [4]. Risk Management - The introduction of pure benzene futures and options will provide companies with essential tools to hedge against price volatility, which has exceeded 30% in recent years due to various factors such as international oil prices and global economic conditions [5][6]. - Companies have previously relied on long-term contracts and dynamic inventory adjustments to manage risks, but the new futures market will offer a standardized and transparent platform for price risk management [5][6]. Production Adjustment and Profit Locking - The futures and options market will facilitate better supply-demand adjustments within the industry, helping companies stabilize production and profits amid fluctuating market conditions [6][7]. - Producers can lock in raw material prices through crude oil futures while simultaneously securing product sales prices with pure benzene futures, effectively locking in processing profits [6][7]. Enhancing Price Influence - The launch of pure benzene futures and options is expected to create a transparent and authoritative "Chinese pure benzene price," enhancing China's influence in international pricing and reducing reliance on foreign benchmarks [8]. - The establishment of a futures market will support the transition from a "coarse game" to "refined management" in the industry, aiming to position China as a pricing center for pure benzene in Asia [8].

2025 年 6 月 25 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 地址： 电话： 1 市场有风险 投资需谨慎 | | 日 水 | | | --- | --- | --- | | 国债: | | 4 | | 股指: | | 4 | | 贵金属: | . | C ST | | 螺纹、热卷: | | C ST | | 铁矿石: | | ( | | | 焦煤焦炭: | | | 铁合金: | | ا ے | | 原油: | | 8 | | 燃料油: | .. | | | 合成橡胶: | | C | | 天然橡胶: | | C | | PVC: | .. | | | 尿素: | .. | 10 | | 对二甲苯 PX: | ... 11 | | | PTA: | .. | | | 乙二醇: | .. | | | 短纤: | .. | | | 瓶片: | .. | | | 纯碱: | .. | | | 玻璃: | .. | | | 烧碱: | .. | | | 纸浆: | .. | | | 碳酸锂· ...

Group 1: Industry Overview - The petroleum and chemical indices primarily experienced declines last week, with the chemical raw materials index down by 1.16% and the chemical pharmaceutical index down by 5.37% [1] - The international crude oil prices showed high volatility due to the conflict between Israel and Iran, with WTI crude oil futures settling at $74.93 per barrel, up 2.67%, and Brent crude oil futures at $77.01 per barrel, up 3.75% as of June 20 [1] Group 2: Chemical Products Performance - The top five rising petrochemical products included p-xylene up by 10.53%, aniline up by 6.53%, purified terephthalic acid up by 6.01%, butyl acrylate up by 5.19%, and C9 fraction up by 4.96% [1] - The top five declining petrochemical products included liquid chlorine down by 60%, vitamin D3 down by 8.57%, acrylic short fiber down by 7.89%, vitamin E down by 6.25%, and methyl acrylate down by 5.88% [1] Group 3: Capital Market Performance - The top five rising listed chemical companies in the Shanghai and Shenzhen markets included Tongyuan Petroleum up by 42.09%, Zhun Oil Co. up by 40.23%, Jinniu Chemical up by 27.43%, Maohua Shihua up by 22.67%, and Honghe Technology up by 22.58% [2] - The top five declining listed chemical companies included ST Haiyue down by 38.85%, Aoyang Health down by 26.33%, Huaye Fragrance down by 20.41%, Jiangtian Chemical down by 19.22%, and Shanshui Technology down by 18.77% [2]

摘要 以伊冲突最新进展，周期如何看？20250622 美国打击伊朗核设施，直接升级伊以冲突，霍尔木兹海峡作为全球石油 运输要道，日均输送 2000 万桶石油，占全球石油液体消耗量的 20%， 若封锁将导致能源通胀和油价飙升至每桶 120-130 美元。 伊以冲突升级后，VLCC 运价从 2.2 万元飙升至 5 万元以上，但中远海 能等股票涨幅有限，表明运价表现超过股价。随着美国介入，VLCC 运 价预计将继续上涨，相关股票配置价值提升。 若霍尔木兹海峡关闭导致油价飙升至 130 美元，将对航空股产生重大影 响，虽燃油附加费可覆盖部分成本，但会抑制需求。航空公司股价更多 受供需关系影响，可采取调整加仓策略。 快递行业价格战趋缓，义乌快递两次涨价，无人车末端应用迅速推进， 单票降本 0.6-0.8 元。顺丰速运件量增长率领先，收入成本剪刀差缩小， 资本开支下降，分红率提升，发展前景较好。 本周化工产品价格指数上涨，受油价推动，但需求淡季限制转嫁能力， 成本压力增大。涤纶 POY 价格上涨但价差收窄，粘胶短纤企稳，库存下 降，预计 8 月中下旬至 9 月旺季将带来化纤板块盈利修复机会。 Q&A 伊以冲突最新进展及其 ...

脂肪酰氯是脂肪酸的高反应性衍生物，其中羧基 (-COOH) 被氯原子 (-COCl) 取代。它们的通式通常为 R-COCl ， 其中 R 为饱和或不饱和烃链（通常为 C8-C18 ，源自天然脂肪或油）。这类化合物广泛用于有机合成，用于生产酯 类、酰胺类和聚合物，并广泛应用于表面活性剂、药物、塑料和化妆品。由于其反应性强（尤其与水和亲核试剂 反应），因此需要小心处理。 根据 QYResearch 最新调研报告显示，预计 2 031 年全球 脂肪族酰氯 市场规模将达到 24 亿美元，未来几年年复合 增长率 CAGR 为 4.2 % 。 脂肪族酰氯 ，全球市场总体规模 全球 脂肪族酰氯 市场前 17 强生产商排名及市场占有率（基于 2 024 年调研数据；目前最新数据以本公司最新调研 数据为准） 全球范围内， 脂肪族酰氯 主要生产商包括巴斯夫， CABB Chemicals ， Italmatch Chemicals 和平原信达化工等， 其中前五大厂商占有大约 60% 的市场份额。目前，全球核心厂商主要分布在欧洲、中国和印度 。 脂肪族酰氯 ，全球市场规模，按产品类型细分，中碳链型处于主导地位 就产品类型而言，目前 ...

Agricultural Products Market - The national market price of edible agricultural products decreased by 0.5% from the previous week [1] - Wholesale prices of poultry products slightly declined, with eggs and white-cut chicken decreasing by 2.6% and 0.5% respectively [1] - Average wholesale prices of six types of fruits saw a slight decrease, with watermelon, banana, and citrus dropping by 3.1%, 2.2%, and 1.7% respectively [1] - Overall wholesale prices of meat decreased, with pork priced at 20.32 yuan per kilogram, down by 0.6%, while beef and lamb fell by 0.5% and 0.1% respectively [1] - Average wholesale price of 30 types of vegetables remained stable at 4.14 yuan per kilogram, with certain vegetables like green beans, pumpkin, and bitter melon decreasing by 6.9%, 5.3%, and 4.1% respectively [1] - Wholesale prices of aquatic products remained stable, with carp, large yellow croaker, and silver carp decreasing by 0.7%, 0.6%, and 0.2% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with rice and rapeseed oil decreasing by 0.2% and 0.1%, while soybean oil and peanut oil increased by 0.4% and 0.2% respectively [1] Production Materials Market - Rubber prices saw a slight increase, with natural rubber and synthetic rubber rising by 1.2% and 0.4% respectively [2] - Prices of basic chemical raw materials generally increased, with methanol, sulfuric acid, and polypropylene rising by 1.2%, 0.5%, and 0.1% respectively, while soda ash decreased by 0.6% [2] - Wholesale prices of finished oil slightly increased, with 0 diesel, 92 gasoline, and 95 gasoline all rising by 0.1% [2] - Prices of non-ferrous metals showed slight fluctuations, with aluminum and copper increasing by 1.1% and 0.9%, while zinc decreased by 1.9% [2] - Steel prices remained stable, with specific types like channel steel, ordinary medium plate, and welded steel pipe priced at 3585 yuan, 3722 yuan, and 3775 yuan per ton, decreasing by 0.4%, 0.2%, and 0.1% respectively [2] - Coal prices continued to decline, with coking coal, No. 2 smokeless lump coal, and thermal coal priced at 930 yuan, 1144 yuan, and 750 yuan per ton, decreasing by 0.9%, 0.1%, and 0.1% respectively [2] - Fertilizer prices generally decreased, with urea dropping by 1.2%, while compound fertilizers remained stable [2]

证券研究报告 | 2025 年 06 月 19 日 $$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《固收|利率专题——政策性金融工具的历史与当下》 1、历史上的政策性金融工具。此前推出政策性金融工具是在 2022 年， 彼时通过发行开发性金融债券筹资补充重大项目资本金，作为逆周期调节 手段应对经济下行压力。再往前追溯，2015-2017 年，国开行、农发行还 曾定向发行专项建设债券，用于支持国家重大项目建设，二者在形式上有 所类似，均由政策性银行募集资金并投放至特定领域，形成支持。上述两 项工具均是在逆周期调节，稳住经济大盘、增强地方投资能力的背景下推 出的，具有撬动实体信贷、增强财政可持续性、运作更为市场化、成本低、 投放快等特点，但在支持力度、投资领域、运作模式等方面又略有差异。 2、新型政策性金融工具或有哪些关注？与前两轮 ...

虽然今日指数集体小幅收涨，但市场整体跌多涨少。 题材方面，稳定币概念继续局部走强，时代出版一字板，协鑫能科4连板，东信和平3连板，安妮股份5天3板，楚天龙、翠微股份、华峰超纤 （20CM炸）、恒宝股份（3板炸）涨停，古鳌科技、正元智慧、海联金汇、科蓝软件、飞天诚信等盘中均有强势表现； 军工板块局部发力，长城军工、新光光电（20CM）、贵绳股份、北方长龙（20CM）先后涨停，捷强装备、科新机电、晨曦航空、富吉瑞涨超 10%； 1、行情 内存概念连续2天异动，大为股份涨停，聚辰股份、江波龙、朗科科技、德明利、好上好等集体走强； PCB板块全天单边大涨，中京电子、逸豪新材（20CM）、沪电股份、科翔股份（20CM）先后涨停，生益电子、大族数控、满坤科技、中富电 路均涨超10%； CPO概念午后反弹，联特科技（20CM炸）涨停，源杰科技、德科立、中际旭创、新易盛、剑桥科技等上涨； 此外，算力、AI眼镜、核污染防治等均有局部强势表现，稀土、农药、IP经济、创新药等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.04%、0.24%、0.23%，市场近3500股下跌，1800股上涨。 2、稳定币 稳定币近期真的是一 ...

Core Viewpoint - The company is facing significant operational challenges, with a focus on improving its financial situation and operational efficiency while navigating a difficult market environment [6][10][22]. Meeting Agenda - The annual shareholder meeting is scheduled for June 27, 2025, to discuss the 2024 annual report, board work report, and other key proposals [4][5]. - The meeting will include a review of the independent director's annual report and a voting session on various proposals [4][5]. Company Performance - The company reported a revenue of 770 million yuan in 2024, a decrease of 10.59% year-on-year, with a net loss of 303 million yuan, which is a reduction in losses by 21.74% compared to the previous year [10][21][22]. - The average selling price of ethylene glycol increased by 12.69%, but the company still faced losses due to low market prices [6][10]. - The company implemented cost-saving measures that resulted in a reduction of expenses by approximately 40 million yuan [8]. Financial Condition - As of December 31, 2024, the company's total assets decreased by 19.15 million yuan, a decline of 13.07% from the previous year [16][19]. - The total liabilities increased by 20.66 million yuan, representing a 30.14% rise, primarily due to an increase in short-term borrowings and accounts payable [19][22]. - The company's asset-liability ratio stood at 46.80%, indicating a significant increase in financial leverage compared to the previous year [22]. Governance and Compliance - The company has adhered to legal and regulatory requirements for information disclosure, with 44 temporary announcements and 4 regular reports issued during the reporting period [10][11]. - The board of directors held 7 meetings, focusing on key operational and governance issues, ensuring compliance with relevant laws and regulations [12][11]. Future Plans - The company aims to optimize its product structure and expand its production capacity, particularly in oxalic acid, with plans to double its annual output from 100,000 tons to 200,000 tons [13]. - Management is committed to maintaining normal operations while seeking opportunities for growth and improvement in the coming years [13][10].

受行业周期、经济环境、市场竞争等多方因素影响， 今年以来世界化工巨头因精简瘦身所推进的业务变动、工厂关停等动作尤为频繁。 【DT新材料】 获悉，6月17日， 奥升德功能材料公司 宣布，决定开始有序关闭位于中国连云港市的己二胺生产工厂 。 奥升德 方面表示，这一决定是在对该工厂在不断变化的市场动态和监管环境下的长期可行性进行全面评估后所做出的。此外 ，公司在中国的其他业 务，包括苏州生产基地，将继续正常运营，并预计于今年下半年完成《美国破产法》第十一章流程，进一步优化业务结构。 据了解， 奥升德连云港己二胺生产工厂 是公司在美国以外的第一座化工生产基地，也是其在美国以外的最大投资项目。该项目位于江苏省连云港市徐 圩新区， 2022年1月签约、9月开工，2023年10月试产，2024年10月正式开业。 工厂一期投资约12.9亿元人民币，原计划年产20万吨己二胺，投 产后使奥升德全球己二胺产能提升了约50% 。工厂 关闭后，公司产能核心将回归美国本土基地。 奥升德 是全球最大的尼龙66一体化生产商， 在北美、欧洲和亚洲均设有全球生产基地 ， 产品广泛应用于汽车、电子电气、工业纤维、消费品等诸多 领域。2025年迄今 ...