Core Viewpoint - The polyurethane industry is at a critical juncture for green and low-carbon transformation, necessitating collaboration and innovation to achieve sustainability goals in the context of global carbon neutrality initiatives [2][4]. Group 1: Industry Trends and Innovations - The polyurethane industry must leverage standardization, innovation, and sustainable development as foundational elements to drive technological breakthroughs and application expansion [2]. - The integration of global innovation resources is essential for creating a more efficient and sustainable industrial ecosystem [2]. - The development of bio-based or recycled materials is a significant direction for the industry's green transformation, although challenges related to performance, stability, and cost need to be addressed [2][5]. Group 2: Technological Advancements - Functional chain extenders play a crucial role in enhancing the performance of polyurethane materials, enabling broader applications in sectors like renewable energy [3]. - The large-scale production of carbon dioxide-based materials is pivotal for achieving carbon neutrality, with products showing a 30% reduction in carbon footprint compared to traditional materials [5]. - The development of CO2 polyols that fix 30% CO2 and exhibit a carbon footprint reduction of over 40% compared to polyether demonstrates significant advancements in material performance and cost-effectiveness [5][6]. Group 3: Policy and Regulatory Framework - Establishing a comprehensive standards and regulatory framework is vital for promoting sustainable development in the polyurethane industry [4]. - The lack of a recycling system in the Asia-Pacific region poses challenges, highlighting the need for policy coordination and industry collaboration to create a closed-loop system for polyurethane [4]. - China's polyurethane industry is accelerating efforts towards sustainable development and standardization, with initiatives like the formulation of group standards for chemical recycling [4]. Group 4: Circular Economy - Experts agree that a circular economy is key to overcoming resource and environmental constraints in the polyurethane industry, necessitating diverse technological routes for recycling and raw material substitution [5]. - The implementation of a "production—use—recycling—regeneration" closed-loop system is essential for sustainable practices within the industry [5].

1. Report Industry Investment Rating No information provided in the content 2. Core Viewpoints of the Report The report presents a weekly data briefing on the basic chemical industry, covering price and profit changes in various sectors such as polyurethane, oil - gas - olefin, and coal - chemical industries, as well as the performance of related listed companies [2][8][10] 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a weekly increase of 0.8%, a monthly increase of 3.3%, a quarterly increase of 3.1%, and an annual increase of 15.9% as of July 4, 2025. Among related companies, Wanhua Chemical had a weekly increase of 1.3%, Baofeng Energy had a weekly decrease of 1.5%, Satellite Chemical had a weekly increase of 4.0%, and Huarun Hengsheng had a weekly increase of 1.0% [8] - In terms of profitability, Wanhua Chemical's estimated归母净利润 in 2025 is 13966 million yuan, Baofeng Energy's is 12360 million yuan, Satellite Chemical's is 7004 million yuan, and Huarun Hengsheng's is 4265 million yuan [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 16940, 15220, and 12000 yuan/ton respectively, with week - on - week changes of - 100, - 430, and + 775 yuan/ton. Their respective gross profits were 3718, 3061, and 897 yuan/ton, with week - on - week changes of + 162, - 116, and + 1177 yuan/ton [2][8] - **Oil - Gas - Olefin Industry Chain** - Raw material prices: The average prices of ethane, propane,动力煤, and naphtha this week were 1198, 4071, 470, and 4108 yuan/ton respectively, with week - on - week changes of + 25, - 118, + 0, and - 114 yuan/ton [2][8] - Product prices and profits: The average price of polyethylene was 7946 yuan/ton, with a week - on - week decrease of 29 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1365, 2091, and 189 yuan/ton respectively, with week - on - week changes of - 50, - 19, and + 94 yuan/ton. The average price of polypropylene was 7120 yuan/ton, with a week - on - week decrease of 16 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 56, 1742, and 20 yuan/ton respectively, with week - on - week changes of + 94, - 11, and + 101 yuan/ton [2] - **Coal - Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2242, 1797, 4020, and 2349 yuan/ton respectively, with week - on - week changes of + 28, - 5, + 60, and - 32 yuan/ton. Their respective gross profits were 352, 144, - 186, and 6 yuan/ton, with week - on - week changes of + 16, - 12, + 28, and + 2 yuan/ton [2][10] 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - No detailed content provided in the given text - **2.2 Polyurethane Plate** - Analyzes the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil - Gas - Olefin Plate** - Discusses the price trends of raw materials such as ethane, propane,动力煤, and naphtha, as well as the profit situations of different production processes for polyethylene and polypropylene [2][8] - **2.4 Coal - Chemical Plate** - Covers the price and profit trends of coal - chemical products such as synthetic ammonia, urea, DMF, and acetic acid [2][10]

Core Points - The Ministry of Ecology and Environment has issued a draft announcement to prohibit the use of HCFC-141b as a foaming agent in the production of polyurethane products, with specific timelines for compliance [1][2] - The prohibition will take effect in two phases: first for certain polyurethane products starting January 1, 2026, and then for spray polyurethane foam products starting July 1, 2026 [1][2] Summary by Sections - **Prohibition Timeline** - From January 1, 2026, the production of combination polyether and polyurethane products using HCFC-141b as a foaming agent will be banned, excluding spray polyurethane foam products [1] - From July 1, 2026, the production of spray polyurethane foam products using HCFC-141b will be prohibited [2] - **Product Definition** - Spray polyurethane foam products are defined as polyurethane foam materials that are sprayed on-site and possess thermal insulation and waterproof functions, as specified in the attached standards [2] - **Enforcement and Compliance** - Environmental authorities at all levels are tasked with ensuring that companies comply with the new regulations and effectively eliminate HCFC-141b from the polyurethane foam industry [2] - Companies that violate these regulations by using HCFC-141b will face legal penalties from environmental authorities in conjunction with relevant departments [2]

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Views - The chemical industry is currently in a downcycle, with recent safety incidents leading to stricter regulations on high-risk chemical projects. Leading companies with better safety management and advanced production technologies are expected to benefit from stable production amidst supply constraints [2][3] - The recent suspension of the Gaomi Renhe Chemical Industrial Park in Shandong due to a major safety incident will impact the supply of chlorantraniliprole and its intermediates, leading to price increases in the market [1][2] - The report suggests focusing on leading companies in the chemical sector, such as Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical, which are expected to maintain long-term value [2][4] Summary by Sections Industry Overview - The chemical industry is experiencing a downturn, with safety incidents prompting tighter regulations on high-risk projects. Leading firms are likely to benefit from their superior safety protocols and production capabilities [2] Recent Developments - A significant safety accident at Shandong Youdao Chemical has led to the suspension of the Gaomi Renhe Chemical Industrial Park, affecting the supply of chlorantraniliprole and its intermediates. This has resulted in a strong cost support for chlorantraniliprole, with market prices reaching 305,000 CNY per ton as of June 20 [1] Investment Recommendations - The report recommends focusing on companies involved in chlorantraniliprole, such as Lier Chemical, and those with K amine, like Lianhua Technology. It also suggests looking at competitors of chlorantraniliprole, such as Yangnong Chemical [1][2] - For the upstream oil and gas sector, companies like China Petroleum, Sinopec, and CNOOC are highlighted as potential investment opportunities [4] Price Trends - The report tracks price movements of key chemical products, noting significant increases in diesel and Brent crude oil prices, which rose by 10.97% and 10.58% respectively over the past week [18][19] Sub-industry Dynamics - The report highlights various sub-industries, including the polyester market, which is experiencing price fluctuations due to seasonal demand changes. The polyurethane market is facing weak domestic demand, while the titanium dioxide sector is seeing supply constraints due to structural adjustments [21][22]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 14th this week, with a slight decline of -0.01%, outperforming the Shanghai Composite Index by 0.24 percentage points and underperforming the ChiNext Index by 0.21 percentage points [3][22]. - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4]. Summary by Sections 1. Industry Review - The chemical sector's performance for the week of June 9-13, 2025, showed a slight decline of -0.01%, ranking 14th among sectors [3][22]. - The top three performing sectors were non-ferrous metals (+3.79%), oil and petrochemicals (+3.5%), and agriculture (+1.62%) [22]. 2. Key Industry Dynamics - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the shift in energy structure [4]. - The upcoming quota policy for refrigerants is anticipated to lead to a high-growth cycle for third-generation refrigerants, with demand expected to grow steadily due to market expansion [5]. - The electronic specialty gases market is characterized by high technical barriers and value, presenting significant domestic substitution opportunities [6][8]. - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane [8]. - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to China [9]. - Potash fertilizer prices are expected to rebound as major producers reduce output, leading to a supply-demand imbalance [10]. - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]. 3. Company Performance - The top three performing chemical stocks this week were Jinjis Co. (+53.3%), Suzhou Longjie (+18.5%), and Akali (+16.7%) [28]. - The companies to watch in the synthetic biology sector include Kasei Bio and Huaheng Bio [4]. - Key players in the refrigerant market include Juhua Co., Sanmei Co., and Haohua Technology [5]. - In the electronic specialty gases sector, companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are recommended [6][8]. - For light hydrocarbon chemicals, Satellite Chemical is highlighted as a key player [8]. - In the COC polymer space, Akali is noted for its potential breakthroughs [9]. - In the potash fertilizer sector, companies such as Yaji International and Salt Lake Co. are recommended [10]. - For MDI, Wanhua Chemical is a key focus due to its significant market share [12].

Group 1 - The core viewpoint is that the chemical industry is expected to see a recovery in profitability driven by policy support, particularly in upstream sectors closely related to domestic demand [1][2] - The report highlights specific sectors such as polyurethane, coal chemical, petrochemical, and fluorochemical as key areas for potential profit recovery [1][2] - The focus on new materials as a primary development direction for China's chemical industry includes high-value products like robot materials, AI & semiconductor materials, bio-aviation fuel, OLED materials, and COC materials [1][3] Group 2 - The expectation of domestic demand recovery is supported by recent policy measures aimed at revitalizing the economy, with a focus on the chemical industry's upstream sectors [2] - Key companies to watch include Wanhua Chemical (600309), Baofeng Energy (600989), and others in the coal chemical and petrochemical sectors, which are expected to benefit from infrastructure projects in regions like Xinjiang and Tibet [2] - The emphasis on developing new materials is driven by emerging demands from humanoid robots and AI applications, as well as ongoing domestic substitution efforts in the semiconductor field [3] Group 3 - High-quality companies with strong shareholder returns are expected to undergo a revaluation, including major state-owned enterprises in the oil and gas sector and firms in the compound fertilizer and amino acid industries [4] - The report suggests that many sub-sectors within the chemical industry are at a point where they can enhance shareholder returns to reshape investment value [4]

Core Viewpoint - The stock price of Shanghai Huide Technology Co., Ltd. has experienced significant fluctuations, with a cumulative increase of 48.06% from May 20 to May 26, 2025, leading to a warning about potential investment risks due to abnormal trading behavior [2][5]. Stock Trading Abnormalities - The stock price showed a cumulative increase of 48.06% during the period from May 20 to May 26, 2025, with four days closing at the daily limit price [2][5]. - The stock's dynamic price-to-earnings ratio is 47.28 times, while the rolling price-to-earnings ratio is 28.31 times, significantly higher than the average rolling price-to-earnings ratio of 16.73 times for the polyurethane industry [2][5]. Company Performance - In 2024, the company achieved operating revenue of 2,670,922,867.59 yuan, a year-on-year decrease of 1.51% [2][5]. - For the first quarter of 2025, the company reported operating revenue of 610,698,265.88 yuan, reflecting a year-on-year decline of 8.92% [2][5]. Business Operations - The company specializes in the research, production, and sales of polyurethane resin products, with no significant changes in its main business operations [5]. - The company’s subsidiary, Jiangsu Huide New Materials Co., Ltd., is in the process of constructing a project with an annual production capacity of 600,000 tons of polyurethane new materials, currently in the administrative approval stage [3][5]. Risk Factors - The company acknowledges potential risks related to the new production capacity project, which may not yield expected benefits due to market demand fluctuations and increased competition [3][5]. - The company has confirmed that there are no undisclosed significant matters that could affect stock trading prices [4][6].

Core Viewpoint - The stock of Huide Technology has experienced a significant increase of 48.06% from May 20 to May 26, indicating high volatility and a valuation above industry levels [1] Company Overview - Huide Technology specializes in the research, production, sales, and technical services of polyurethane resin products, with key products including polyurethane (PU) slurry for synthetic leather, polyurethane elastomer raw materials, thermoplastic polyurethane elastomers (TPU), polyester polyols, and polyurethane materials for new energy batteries [1] - The main application areas for these products are automotive interiors, furniture, textiles, footwear, packaging, and electronic materials [1] Project Development - The wholly-owned subsidiary, Jiangsu Huide New Materials Co., Ltd., is responsible for the "Annual Production of 600,000 Tons of Polyurethane New Materials Project," which has secured construction land and is currently in the administrative approval stage [1] - Substantial construction has not yet commenced, and the project is not expected to significantly impact the company's capacity and daily operations in the short term [1]

Core Viewpoint - The implementation of the "Residential Project Standards" on May 1 has led to a significant upgrade in industry standards, particularly focusing on sound insulation performance, creating new opportunities for the construction of soundproof residential buildings [1][2] Group 1: Industry Standards and Innovations - The new standards require systematic sound insulation performance, prompting companies like Huntsman to introduce innovative solutions such as the SILENTANE acoustic system [1] - Huntsman's polyurethane damping elastomer, with over 20 years of mature technology, is widely applied in construction, high-speed rail, and automotive sound insulation, highlighting its effectiveness in the industry [1] Group 2: Product Features and Market Impact - Huntsman has launched an integrated system for floating floor insulation and soundproofing, utilizing high-performance polyurethane elastomers combined with porous fiber materials, which effectively suppresses low-frequency solid sound transmission [2] - This solution meets the new standard's requirement for impact sound levels to be less than or equal to 65 decibels, with the capability to achieve performance below 55 decibels, setting a new benchmark in the industry [2] - The system has been successfully applied in residential projects in Shanghai and has received certification from the UK’s Robust Details, providing a replicable technical model for the industry [2]

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