Core Viewpoint - The successful commissioning of the 5000 tons/year amino alcohol production facility by Xuyang Group marks a significant advancement in China's chemical industry, establishing the company as the second globally to industrialize amino alcohol production and filling a domestic production gap [1][2] Group 1: Company Achievements - Xuyang Group has developed the first fully independent intellectual property amino alcohol industrialization facility in China, which is a breakthrough in overcoming foreign technological barriers [1] - The new facility utilizes a green and environmentally friendly synthesis process, significantly improving safety and yield compared to traditional nitration methods [1] - The amino alcohol product, known as 2-amino-2-methyl-1-propanol, is a high-performance additive with applications in electronics, new energy, and high-end coatings [1] Group 2: Future Plans - Xuyang Group plans to expand production based on global market demand, aiming to establish a comprehensive amino alcohol product series and create a competitive industrial chain [2]

Group 1 - The conference on fine chemical enterprises' transformation and high-quality development was held in Dongying, Shandong, emphasizing the need for intelligent manufacturing to meet the demands of innovation and transformation in the industry [1] - Experts highlighted that the fine chemical and pharmaceutical chemical industries are strategic sectors in China, facing challenges such as insufficient supply of high-end products and increased safety production pressure, necessitating technological innovation for quality and efficiency improvements [1] - The vice chief engineer of China Petroleum Engineering Construction Corporation proposed three directions for the digital transformation of fine chemical enterprises: technical simulation of chemical processes, high safety and reliability in automation control systems, and meticulous management in production processes [1] Group 2 - The vice president of Xinhecheng Holdings stated that the digital transformation of fine chemical enterprises has evolved from single technology application to a stage of collaborative innovation across the entire value chain [2] - Emphasis was placed on the integration of digitalization and lean management to eliminate waste and accelerate intelligent transformation, with the goal of achieving zero accidents and zero waste [2] - The conference featured discussions on industrial intelligent control, with companies presenting innovations such as enhanced electromagnetic valve technologies that significantly increase operational lifespan and address safety concerns [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, and others [10]. Core Views - The report suggests focusing on investment opportunities in areas such as import substitution, pure domestic demand, and high dividend yields due to the recent fluctuations in chemical product prices and international oil prices [6][8]. - The chemical industry is currently experiencing a mixed performance, with some products seeing price increases while others are declining, indicating a weak overall industry performance [22][23]. Summary by Sections Market Performance - The basic chemical sector has shown a performance increase of 19.5% over the past 12 months, outperforming the Shanghai Composite Index which increased by 15.6% [2]. - Recent price movements include significant increases in PS (up 9.26%) and potassium chloride (up 7.41%), while hydrochloric acid saw a decline of 21.17% [20][21]. Price Trends - The report highlights that while some chemical products have rebounded in price, the overall industry remains under pressure due to weak demand and recent capacity expansions [22][23]. - Specific recommendations include focusing on the glyphosate industry, which is expected to enter a favorable cycle, and selecting stocks with strong competitive positions and growth potential [8][22]. Oil Price Impact - International oil prices have been fluctuating, with Brent crude at $70.36 per barrel and WTI at $68.45 per barrel, both showing increases from the previous week [6][20]. - The report anticipates that the average oil price will stabilize between $65 and $70 per barrel in 2025, which could influence the performance of companies in the oil sector [6][20]. Company Recommendations - The report recommends specific companies such as Jiangshan Co., Xingfa Group, and Yangnong Chemical for their potential to benefit from the expected recovery in the glyphosate market [8]. - It also highlights the attractiveness of high dividend yield companies like Sinopec and China National Offshore Oil Corporation in the current market environment [6][8].

证券代码：603585 证券简称：苏利股份 公告编号：2025-061 转债代码：113640 转债简称：苏利转债 江苏苏利精细化工股份有限公司 关于2024年限制性股票激励计划预留部分授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●限制性股票授予登记日：2025年7月14日 ●限制性股票授予登记数量：30.50万股 根据中国证券监督管理委员会《上市公司股权激励管理办法》 的规定，按 照上海证券交易所、中国证券登记结算有限责任公司上海分公司（以下简称 "中登公司上海分公司"）的有关规定， 江苏苏利精细化工股份有限公司（以 下简称"公司"）于2025年7月14日在中登公司上海分公司办理完成公司2024年 限制性股票激励计划（以下简称"激励计划"）预留股份的授予登记工作。现 将有关事项说明如下： 一、限制性股票授予情况 （一）限制性股票授予情况 三次会议，审议通过了《关于2024年限制性股票激励计划预留部分授予的议 案》，同意以2025年6月12日为预留授予日，向符合条件的9名激励对象授予限 制性股 ...

Core Insights - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference has opened, showcasing advanced materials and new equipment that will lead future industrial development [1] - A notable product presented is a film that can operate safely in extreme environments, maintaining stable physical properties across a temperature range from -260°C to 420°C, with applications in high-end electrical insulation, new energy vehicle battery separators, and aerospace thermal protection [1] - The development of this product took 20 years, highlighting the long-term investment in research and innovation within the industry [1] Industry Overview - China has become the world's largest producer and consumer of chemical products [1] - In the fine chemicals sector, China's revenue accounts for 50% of the global market share, indicating a significant position in the global chemical industry [1]

Core Viewpoint - The announcement provides an overview of the operational performance of Zhongyan Inner Mongolia Chemical Co., Ltd. for the first half of 2025, highlighting production, sales, and revenue figures across various product categories. Group 1: Main Products' Performance - The company reported the following revenue and production figures for its main products: - Sodium metal and sodium chlorate generated a revenue of 457.30 million yuan with a production of 74,600 tons and sales of 75,500 tons [1] - Soda ash generated a revenue of 2,658.23 million yuan with a production of 2,160,500 tons and sales of 2,145,200 tons [1] - PVC resin generated a revenue of 694.78 million yuan with a production of 109,600 tons and sales of 111,600 tons [1] - Caustic soda generated a revenue of 532.32 million yuan with a production of 186,800 tons and sales of 176,500 tons [1] - Ammonium chloride generated a revenue of 138.82 million yuan with a production of 429,400 tons and sales of 425,100 tons [1] - Medicinal products such as compound licorice tablets and Cistanche deserticola granules generated a revenue of 69.69 million yuan with a production of 1,454,900 boxes and sales of 1,330,500 boxes [1] Group 2: Price Changes of Main Products - The average selling prices of key products experienced the following changes: - Sodium metal and sodium chlorate prices decreased by 10.86% and 7.44% respectively due to supply-demand adjustments [2] - Soda ash prices fell by 38.24%, PVC prices decreased by 14.01%, and paste resin prices dropped by 10.43% due to weakened downstream demand and increased capacity [2] - Caustic soda prices increased by 19.87% due to strong downstream demand, while ammonium chloride prices decreased by 21.85% due to lower raw material costs and increased supply [2] Group 3: Raw Material Price Changes - The prices of major raw materials showed the following changes: - The price of raw salt decreased by 27.90%, while limestone prices remained stable due to supply-demand balance [2] - The prices of coke and coal fell by 13.38% and 7.20% respectively, benefiting from increased domestic coal supply and reduced thermal power demand [2] - Liquid ammonia prices decreased by 11.14% due to the downward transmission effect of coal prices, and licorice extract powder prices dropped significantly due to increased market supply [2]

证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-064 中盐内蒙古化工股份有限公司 关于 2025 年上半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年上半 年度报告披露工作的通知》要求，现将公司 2025 年上半年度主要经 营数据披露如下： 主要行业 主要产品 2025 年上 半年产量 2025 年上 半年销量 营业收入（万元） 精细化工行业 金属钠、氯酸钠 （万吨） 7.46 7.55 45,730.32 基础化工行业 纯碱（万吨） 216.05 214.52 265,823.35 聚氯乙烯树脂 （万吨） 21.03 20.86 88,865.27 糊树脂（万吨） 10.96 11.16 69,478.14 烧碱（万吨） 18.68 17.65 53,232.32 氯化铵（万吨） 42.9 ...

7月14日晚间，醋化股份（603968）发布2025年半年度业绩预告，预计2025年半年度实现归属于上市公 司股东的净利润为0万元到500万元，与上年同期相比，将实现扭亏为盈。公司表示，报告期内，公司积 极应对市场变化，加大营销拓展力度，适时调整产品、客户和销售区域结构占比，同时通过优化生产组 织、改进装备工艺、推进降本增效等措施，有效提升公司产品盈利空间，缓解市场竞争压力，为公司整 体实现盈利提供了支撑。同时，由于产品成本状况改善，资产减值损失的计提相比上年同期有所减少， 且报告期内公司确认的股份支付费用较上年同期相比有所减少。 当前，精细化工行业企业整体面临多重挑战。全球经济增速放缓，国际贸易环境复杂多变，尤其对化工 产品的出口造成了不利影响。同时，国内环保政策持续收紧，对化工行业也产生了深远影响。高污染、 高能耗的传统生产工艺受到了一定的限制，虽然给行业带来了较大压力，但也促使精细化工行业企业加 快转型升级，向绿色、环保、高效的生产方式转变。公司此前表示，公司利用自身的较强研发实力，延 伸产业链，持续拓展新产品。公司产品结构丰富，涵盖了食品、饲料添加剂、医药、农药中间体，颜 (染)料中间体等多个行业，涉 ...

Investment Rating - The report does not explicitly state the investment rating for Tiande Chemical Core Insights - Tiande Chemical is a major global producer of sodium cyanide and its derivatives, founded in 1993 and listed on the Hong Kong Stock Exchange in 2006. The company focuses on research, development, manufacturing, and sales of fine chemical products, with a production base in Weifang Binhai Economic and Technological Development Zone [2][4] - In 2024, the group's gross profit significantly dropped to approximately RMB 228 million, a year-on-year decrease of around 48.2%, primarily due to a more substantial decline in product prices compared to production costs. The gross profit margin fell to 12.1%, down 9.0 percentage points year-on-year, while revenue decreased to approximately RMB 1.874 billion, a decline of about 9.9% [3][5] - The group has implemented various measures to reduce costs and improve efficiency, including enhancing raw material self-sufficiency, optimizing procurement strategies, improving production processes, and expanding automated production [3][5] Summary by Sections Company Overview - Tiande Chemical is one of the leading producers of sodium cyanide and its derivatives in China and globally, with a focus on fine chemical products. The company has a large production facility with advanced automated production lines and R&D laboratories [2][4] Financial Performance - The group's performance faced pressure in 2024, with a significant drop in gross profit and revenue. The overall selling price of products decreased, leading to a decline in gross profit margin and revenue [3][5] Cost Management - The group has taken steps to manage costs effectively, including the commercial production of raw material production lines, optimization of procurement strategies, and enhancement of production efficiency through automation [3][5]

Group 1 - The "Daxin Cooperation · Yangtze River Delta Businessmen New Huangxing Action" investment promotion conference was held in Hunan, resulting in the signing of 9 key projects worth 3.452 billion yuan, focusing on industries such as new energy, fine chemicals, new materials, and specialty agriculture [1] - New Huangxing County is strategically located at the intersection of the national western development and central rise strategies, serving as a frontier for Hunan's integration into the "Western Land-Sea New Corridor" [1] - The collaboration with Guizhou's Daluo Economic Development Zone aims to establish the "Xiangqian Daxin Economic Cooperation Demonstration Park," facilitating efficient resource flow and integrated development in infrastructure and logistics [1] Group 2 - New Huangxing is cultivating a modern industrial system with a focus on fine chemicals and new metal materials, while also emphasizing the deep processing of local specialties like Huangjing and Huangniu [2] - The county is accelerating the construction of key platforms such as the provincial chemical park and a 500,000-ton high-carbon ferrochrome processing base, enhancing its industrial capacity [2] - New Huangxing prioritizes a favorable business environment, implementing "one-stop" government services and "nanny-style" full-process support for key projects, significantly reducing operational costs for enterprises [2]