【冠通期货研究报告】 PVC日报：震荡上行 发布日期：2025年12月18日 基差方面： 12月18日，华东地区电石法PVC主流价上涨至4430元/吨，V2605合约期货收盘价在4708元/ 吨，目前基差在-278元/吨，走弱8元/吨，基差处于偏低水平。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【行情分析】 上游西北地区电石价格下调50元/吨。目前供应端，PVC开工率环比减少0.46个百分点至79.43%， PVC开工率继续小幅减少，仍处于近年同期偏高水平。PVC下游开工率略有下降，下游制品订单不佳。 出口方面，PVC以价换量，上周出口签单有所回升，但印度市场价格也在下跌，印度需求有限。上周 社会库存略有增加，目前仍偏高，库存压力仍然较大。2025年1-11月份，房地产仍在调整阶段，投 资、新开工、施工、竣工面积同比降幅仍较大，投资、销售、新开工、竣工等同比增速进一步下降。 30大中城市商品房周度成交面积环比回升，但仍处于近年同期最低水平，房地产改善仍需时间。新 增产能上，30万吨/年的甘肃耀望和30万吨/年的嘉兴嘉化新近投产。反内卷情绪下，焦煤等大宗商 品 ...

证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，POE下游应用广阔， 在光伏、新能源车、聚合物改性、日用消费等领域均有较好应用前景，目前国内POE主要依赖进口。公 司通过自主研发α-烯烃原料、催化剂及聚合工艺解决国产替代难题，将紧紧围绕以客户为中心为其提供 整体解决方案。 ...

（编辑 楚丽君） 证券日报网讯 12月18日，振华股份在互动平台回答投资者提问时表示，公司通过铬盐到金属铬的产业 链优势，金属铬的下游特种钢材，在数据中心电源、电网设备和储能领域均有明确应用。公司将继续深 化铬系材料在新能源领域的应用，推动铁铬液流储能技术的商业化推广，为新型电力系统建设贡献力 量。 ...

证券日报网12月17日讯 鲁西化工在2025年12月17日回答调研者提问时表示，公司去年的分红是10派3.5 元（含税），分红金额约6.69亿元，占本年度归属于公司股东净利润的比例为32.95%。后续公司严格按 照监管规则要求，兼顾企业盈利能力以及运营发展资金需要、积极回报股东等因素，合理确定分红预 案，规范实施分红。 （编辑 姚尧） ...

证券日报网12月17日讯 鲁西化工在2025年12月17日回答调研者提问时表示，近期园区整体生产经营情 况正常，公司继续加强生产企业的安全管控，大力度开展节能降耗、提质增效，规避市场风险，紧跟相 关政策及行业发展动态，结合公司实际情况动态调整，统筹分析预判市场变化，及时调整生产经营策 略，发挥园区一体化优势，力争把握市场机遇，实现经济效益最大化。 （编辑 姚尧） ...

Core Viewpoint - The company Haitai Technology (301022.SZ) has announced a delay in the expected operational date of its high polymer new materials project from January 31, 2026, to January 31, 2028, due to adjustments in construction progress and market conditions [1] Group 1: Project Details - The project aims to achieve an annual production capacity of 150,000 tons of high polymer new materials [1] - As of November 30, 2025, the company has invested 122.0528 million yuan, which accounts for 31.19% of the planned total investment [1] - There remains 269.3228 million yuan of unutilized raised funds, which will continue to be used for project construction [1] Group 2: Reasons for Delay - The primary reason for the delay is to maintain the advanced nature of production equipment and processes, avoiding short-term overcapacity [1] - The company has decided to prudently adjust the investment pace, which involves a reduction in the implementation subject and location in Qingdao, Shandong Province, focusing resources on the construction of the production base in Shou County, Huainan City, Anhui Province [1]

Core Viewpoint - The company is actively expanding its market and developing downstream customers for its quartz sand products, which are undergoing continuous process improvements and adjustments based on customer needs [1]. Group 1 - The company has been asked by investors about the status of its first domestic quartz sand production line and whether it has started bulk supply [1]. - The company confirmed that it is engaged in market expansion and customer development for its quartz sand products [1].

Group 1 - The core viewpoint of the article highlights the achievements of Zhou Jie, the Chairman of Zhongyan Chemical, who has been recognized as an ESG pioneer for integrating ESG principles into the company's development strategy and aiming for world-class standards in the chemical industry [2][3] - Zhou Jie has led significant capital operations, including a full acquisition of Faitou Alkali Industry for 2.83 billion yuan, enhancing the company's soda ash production capacity, and strategic acquisitions totaling 325 million yuan and 215 million yuan to integrate the chlor-alkali industry chain [2] - The company has also secured mining rights for natural soda in Naimanqi for 6.809 billion yuan, reshaping the strategic landscape of the soda ash industry and strengthening its resource advantages [2] Group 2 - In the field of technological innovation, Zhou Jie has spearheaded key projects such as the localization of PVC resin and efficient operation of calcium carbide furnaces, earning multiple provincial and national awards, and has led 16 provincial-level technology projects while obtaining 216 patents [2] - The company has implemented significant management reforms, achieving turnaround and major asset restructuring, while introducing a dual-center assessment and contribution-oriented compensation system, resulting in sustained employee income growth and enhanced organizational vitality [3] - Zhou Jie has received numerous accolades for his contributions, including the title of ESG Pioneer and recognition for the company's consistent performance in ESG rankings and disclosures, establishing a benchmark for leadership in state-owned enterprises [3]

Group 1 - The company, Jiu Ri New Materials, was founded in 1998 and initially focused on pesticide chemistry before pivoting to develop photoinitiators, establishing itself as the largest global supplier in this field [2] - The company has overcome challenges such as funding shortages, technical difficulties, and market competition, demonstrating resilience and a commitment to its vision [2] - Jiu Ri New Materials has developed strong competitive advantages in product variety, research and technical service capabilities, stable supply, and brand influence, achieving global recognition [2] Group 2 - The company plans to focus on its existing products and markets while pursuing a global development strategy to expand its product line and increase market share [3] - Jiu Ri New Materials aims to solidify its leadership position in the photoinitiator industry while actively exploring downstream applications in the photopolymerization industry and semiconductor chemical materials [3] - The company is committed to contributing to China's development in relevant fields through its strategic expansions [3]

Group 1 - The company, Jiu Ri New Materials, was founded in 1998 and initially focused on pesticide chemistry before pivoting to the development of photoinitiators, which has become its main business direction [1] - Jiu Ri New Materials has grown to become the largest global producer of photoinitiators, demonstrating strong competitive advantages in product variety, research and technical service capabilities, stable supply, and brand influence [1] - The company's entrepreneurial journey highlights the importance of perseverance, courage, and a commitment to dreams and goals, emphasizing that challenges can be overcome through dedication and hard work [1] Group 2 - Looking ahead, Jiu Ri New Materials plans to focus on its existing products and markets while pursuing a globalization strategy to enrich its product line and increase market share [2] - The company aims to solidify its leading position in the photoinitiator industry while actively expanding into downstream sectors of the photopolymerization industry and semiconductor chemical materials [2] - Jiu Ri New Materials is committed to contributing to China's development in relevant fields through its strategic expansion efforts [2]