TDI 市场近况与展望 20250720 摘要 欧洲 TDI 市场因科思创装置事故受损，一半产能受影响，预计一个月内 恢复。欧洲现有总产能 60 万吨，主要来自科思创德国和万华匈牙利。 此次事件可能导致欧洲 TDI 供应短缺，增加进口需求。 美国 TDI 市场需求良好，科思创和巴斯夫两家公司总产能 39 万吨，开 工率维持在 90%左右。增量需求主要来自家具和汽车行业，美国以本土 自给自足为主，欧洲则需进口。 亚洲是全球主要 TDI 生产区域，韩国装置开工率较高，但韩华受成本影 响。日本三井化学减少产能至 5 万吨，主要满足国内需求，减少出口。 沙特阿拉伯 TDI 装置运行稳定，但产品质量相对较差。 中国 TDI 产能主要集中在万华化学和上海科思创，2025 年福建万华二 期新增 36 万吨产能。国内装置开工率普遍在 80%以上。近期福建万华、 甘肃银光和新疆巨力有检修计划。 全球 TDI 市场供需趋紧，新增产能依赖龙头企业，但边际成本高企可能 推迟投产。老旧装置通过保养仍保持稳定运行。2025 年 4 月底 TDI 市 场价格接近一万元每吨，新建项目面临挑战。 Q&A 欧洲 TDI 装置因不可抗力停产的具体 ...

PVC + NAOH + CL 2025年7月20日 姓名：芦瑞 从业资格号：F3013255 交易咨询从业证书号：Z0013570 联系电话： 18888368717 公司地址：济南市市中区经七路86号证券大厦15、16层 客服电话：400-618-6767 公司网址：www.ztqh.com 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 目录 中泰期货PVC烧碱产业链周报 1 现货市场 4 行情预期 3 产业链利润 2 基差价差 请务必阅读正文之后的声明部分 PVC综述及平衡表 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） PVC供需小结 | | | 上 | 周 | 本 | 周 | | 周环比 | 下 周 | 下下周 | 思 路 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 总产量 | 45 . | 26 | 45 . | 62 | 0 . | 36 | 45 98 . | 46 06 . | 本周产量略有增加 下 ...

益丰新材前身是京博石化全资子公司，在2017年以前，营收大部分源自和京博石化的关联交易。 近日，光学新材料领域的益丰新材料股份有限公司（下称"益丰新材"）提交招股书，公司上市前突击进行股权转让及历史上多次涉及股权代持行为，引发外 界对其公司治理及信息披露合规性的质疑。 回复函曾否认股权代持，上市前突击低价转让 2025年5月，益丰新材临近上市前，股东益坤合伙突然低价转让股份给实控人万春玲。申报稿表示，益坤合伙鉴于存在资金需求，向万春玲转让其间接所持 益丰新材24.6万股股份，股份转让价格为10元/股。 中京民信（北京）资产评估有限公司出具评估报告，确认于评估基准日2024年9月30日，益丰新材的股东全部权益价值为人民币14.2亿元，以上述评估报告 确认的股东全部权益价值为基础，经协商确认股份转让价格为10元/股，股份转让对价已支付。 然而，《财中社》发现，益丰新材此前的股权转让价格更高：一年半前的2023年9月，德州晟冠等10名股东（转让方）以17元/股转让103.95万股份给万韵泰 达。相比之下，临近IPO的本次股份转让价格明显偏低，虽然招股书称为协商确定，但定价合理性存疑。 营收连续下滑 毛利率提升 在2 ...

TDI 海外扰动分析及未来价格展望 20250718 摘要 科思创德国工厂火灾导致全球 TDI 有效产能减少约 35%，预计恢复周期 至少三个月，加剧供应紧张，尤其是在欧洲市场，可能导致 2025 年第 三季度全球 TDI 供应缺口扩大至 40-50 万吨。 受供应短缺影响，国内 TDI 价格已从 12,000 元/吨上涨至 14,200 元/吨， 预计下月突破 15,000 元/吨，欧洲现货报价已达 19,500 元/吨，上涨超 过 30%。下游聚氨酯行业面临成本上升和减产压力，汽车、家电等行业 生产成本预计上升 10%-15%。 科思创预计 8 月底恢复 50%产能，9 月完成全部达产，但长期存在氯气 管道腐蚀引发二次停车的风险，以及环保审查可能延缓复产审批。华东 地区 TDI 价格预计下月在 16,000-17,000 元/吨区间，四季度维稳在 15,000 元/吨左右。 TDI 市场毛利率预计本月突破 40%-45%，三季度达到 55%-60%，四 季度维稳在 50%左右。欧洲溢价超过 3,000 元/吨，国内企业如万华化 学、沧州大化等有望扩大出口份额，预计 2025 年出口占比从 25%跳涨 至 ...

Summary of Key Points Core Viewpoint The announcement details the revisions to the Articles of Association of Zhejiang Zhongxin Fluorine Materials Co., Ltd., which were approved by the board of directors. The revisions aim to align the company's governance structure with current laws and regulations. Group 1: Amendments to Articles of Association - The chairman of the board is now designated as the legal representative of the company, with provisions for the appointment or replacement of the legal representative requiring a majority vote from the board of directors [1][2]. - The revised Articles of Association will become a legally binding document governing the relationships and obligations between the company, shareholders, directors, supervisors, and senior management [2][3]. - Shareholders can sue the company, and the company can sue shareholders, directors, supervisors, and senior management under the revised Articles [2][3]. Group 2: Shareholding and Transfer Regulations - Directors, supervisors, and senior management must declare their shareholdings, with restrictions on transferring shares during their tenure [3][4]. - Shareholders holding more than 5% of the company's shares are required to return profits from buying and selling shares within specified timeframes [3][4]. Group 3: Governance Structure and Responsibilities - The board of directors is responsible for appointing and dismissing senior management, including the general manager and financial director, and determining their remuneration [30][33]. - The audit committee is established to oversee financial practices and ensure compliance with laws and regulations, with independent directors comprising the majority [33][34]. - The company must hold at least two board meetings annually, with specific provisions for calling temporary meetings under certain conditions [31][32].

Core Viewpoint - The company has established a management system to prevent the misuse of funds by controlling shareholders and related parties, ensuring the protection of the company's and shareholders' rights and interests [1][2]. Summary by Sections General Principles - The system aims to strengthen and standardize the company's fund management to prevent fund occupation by controlling shareholders and related parties [1]. - The board of directors and senior management are legally obligated to maintain the safety of the company's funds [2]. Definition of Related Parties and Fund Occupation - Related parties include actual controllers, controlling shareholders, and entities controlled by them [2]. - Fund occupation includes both operational and non-operational fund occupation, with specific definitions provided for each type [2][3]. Principles for Preventing Fund Occupation - The company must strictly limit fund occupation during operational transactions with controlling shareholders and related parties [3]. - Various methods of fund provision to controlling shareholders and related parties are prohibited, including loans, payment of expenses, and issuing commercial acceptance bills without real transactions [3][4]. Responsibilities and Measures - The company must establish a long-term mechanism to prevent non-operational fund occupation [5]. - The chairman of the board is the primary responsible person for preventing fund occupation [5]. - The finance department is tasked with regular checks on fund transactions and reporting any non-operational fund occupations [5][6]. Legal and Financial Accountability - In cases of asset infringement by controlling shareholders, the board must take effective measures to stop the infringement and seek compensation [6][7]. - The board can apply for judicial freezing of shares held by controlling shareholders if fund occupation is detected [7][8]. Reporting and Disclosure - The company is required to disclose fund occupation situations in its semi-annual and annual reports [8][9]. - Violations of the system by controlling shareholders or related parties will result in compensation responsibilities and potential legal consequences for responsible individuals [9][10].

Group 1 - The article outlines the decision-making system for related party transactions of Zhejiang Zhongxin Fluorine Material Co., Ltd, aiming to standardize management and protect the interests of shareholders, especially minority investors [1][2] - Related parties include both legal entities and natural persons who have significant control or influence over the company, such as those holding more than 5% of shares or serving as directors and senior management [2][3] - The company must report related party relationships to the Shenzhen Stock Exchange in a timely manner, ensuring transparency in financial and operational decisions [2][3] Group 2 - Related party transactions are defined as resource or obligation transfers between the company and its related parties, including asset purchases, financial support, and management services [9][10] - The company must adhere to principles of honesty, equality, and fairness in related party transactions, ensuring that related parties abstain from voting on matters where they have a conflict of interest [10][11] - Transactions exceeding certain thresholds, such as 30 million yuan or 5% of the company's net assets, require disclosure and approval from the shareholders' meeting [18][19] Group 3 - The pricing of related party transactions must be fair and based on government pricing, market prices, or reasonable cost-plus methods, ensuring that the company does not suffer from unfair pricing practices [14][15] - The company is required to sign written agreements for related party transactions, clearly stating pricing policies and any significant changes must undergo the necessary approval processes [13][14] - Independent directors must approve related party transactions, and the board must ensure that the transactions are necessary and fair, focusing on the pricing policies and their implications for the company [32][33] Group 4 - The company must disclose related party transactions and their terms, including pricing and payment methods, to maintain transparency and accountability [25][26] - In cases of significant changes in related party relationships, the company is exempt from certain approval processes for ongoing agreements but must disclose these changes [28][29] - The audit committee has the authority to supervise related party transactions, ensuring compliance with regulations and fair pricing practices [38][39]

General Provisions - The purpose of the guidelines is to improve the corporate governance structure of Zhejiang Zhongxin Fluorine Materials Co., Ltd. and to clarify the rights and obligations of the general manager [1] - The general manager is the main responsible person for the company's daily production and management, accountable to the board of directors [1] Qualifications and Appointment Procedures - The general manager must possess rich economic and management knowledge, strong management capabilities, and relevant industry experience [2] - Individuals with certain disqualifying conditions, such as criminal convictions or bankruptcy responsibilities, are not eligible to serve as general manager [2] Authority and Responsibilities - The general manager is responsible for daily operations, implementing board resolutions, and reporting to the board [3][4] - The general manager has the authority to approve daily expenses, manage investments, and make decisions on loans and asset acquisitions within the board's authorized limits [4][5] Management Procedures - The general manager oversees the company's business and management work, and in their absence, a designated deputy will take over [19] - The general manager must convene meetings to discuss important operational and management issues, ensuring that decisions are documented and communicated [10][12] Performance Evaluation and Rewards - The board of directors will evaluate the general manager's performance based on specific indicators and may grant rewards for outstanding contributions [36] - In cases of negligence or significant losses due to mismanagement, the board may impose penalties or pursue legal action against the general manager [39] Miscellaneous Provisions - If any part of these guidelines conflicts with national laws or regulations, the latter will take precedence [40] - The board of directors is responsible for the formulation and interpretation of these guidelines, which will take effect upon approval [41]

General Principles - The company aims to enhance the quality and transparency of its annual report disclosures by establishing a responsibility accountability system for significant errors in information disclosure [1][2] - The system is designed to hold accountable those responsible for any significant errors that lead to adverse social impacts or substantial economic losses [2][3] Scope of Accountability - The accountability system applies to the company's board members, senior management, subsidiary heads, controlling shareholders, and other personnel involved in the annual report disclosure process [2][3] - Any violations of national laws, regulations, or company rules that result in significant errors in annual report disclosures will lead to accountability measures [2][5] Definition of Significant Errors - Significant errors in annual report disclosures include major accounting errors in financial reports, substantial omissions or errors in other disclosures, and significant discrepancies between performance forecasts and actual results [4][5] - Specific criteria for identifying significant accounting errors include discrepancies in total assets, net assets, revenue, and net profit exceeding defined thresholds [4][5] Responsibility Determination - The company will determine responsibility based on principles of equality between rights and responsibilities, and proportionality between fault and accountability [3][4] - Factors leading to accountability include violations of laws and regulations, failure to act diligently, and other personal reasons causing significant errors [5][6] Accountability Measures - Accountability measures may include corrective actions, public reprimands, demotions, dismissals, and financial compensation for losses incurred [7][8] - The company may also pursue accountability against external auditors or other intermediaries based on contractual agreements [7][8] Reporting and Disclosure - The board of directors will disclose decisions regarding accountability for significant errors in annual report disclosures through temporary announcements [7][8] - The company will also apply similar accountability measures to quarterly and semi-annual report disclosures [8]

General Principles - The management system for the shares held by the board of directors and senior management of Zhejiang Zhongxin Fluorine Materials Co., Ltd. aims to strengthen the management of shareholding and changes, ensuring compliance with relevant laws and regulations [1][2] - This system applies to the company's directors, senior management, and other specified individuals or organizations holding and trading the company's shares [1][2] Shareholding and Reporting Requirements - Directors and senior management must notify the board secretary in writing of their trading plans at least 2 trading days in advance [8] - The company must ensure that all shareholding data reported to the Shenzhen Stock Exchange is accurate, timely, and complete [11][12] Share Change Management - Shares held by directors and senior management are subject to lock-up periods and specific transfer limitations [13][14] - Directors and senior management can only transfer up to 25% of their total shares during their term and within six months after their term ends, with certain exceptions [14][15] Information Disclosure - Changes in shareholding must be disclosed within 2 trading days, including details such as the number of shares held before and after the change [26][27] - The company must report any violations of trading regulations by directors and senior management, including the measures taken to rectify the situation [28][29] Responsibilities and Penalties - Any violations of the share trading regulations will result in the company reclaiming any profits made from such trades, and severe cases may lead to disciplinary actions [33][34] - The system will take effect upon approval by the company's board of directors and will be interpreted by the board [35][36]