- M1-M9 USDL月差结构(美分/加仑) Gasoil月差结构(美元/吨) 50 25 40 20 30 15 20 10 10 5 0 0 -10 r -20 -10 -30 -15 20506 37506 n7507 202505 203500 - M1-M3 - M1-M2 M1-M6 M1-M9 M1-M2 - - M1-M6 - - MI-M9 M1-M3 321裂解价差(美元/桶) 532裂解价差(美元/桶) 70.00 70.00 60.00 60.00 50.00 50.00 40.00 40.00 30.00 30.00 20.00 20.00 10.00 10.00 000 000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 2月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 -2022 -- 2023 -- 2024 -- 202 -2022 -- 2023 -- 2024 -- 2024 -- 2024 -- - 2021 - - 2025 - 2021 - - 2025 亚洲石脑油裂解 (美元/桶) 美国汽油裂解 (美元 ...

氯碱日报 | 2025-06-19 情绪上涨驱动，PVC盘面震荡上行 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4899元/吨（+66）；华东基差-139元/吨（-26）;华南基差-39元/吨（-26）。 现货价格：华东电石法报价4760元/吨（+40）；华南电石法报价4860元/吨（+40）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2880元/吨（+0）；电石利润130元/吨（+0）；PVC电石法生产毛 利-512元/吨（-86）；PVC乙烯法生产毛利-561元/吨（-41）；PVC出口利润-3.7美元/吨（+0.3）。 PVC库存与开工：PVC厂内库存39.7万吨（-0.2）；PVC社会库存35.5万吨（-0.7）；PVC电石法开工率80.45%（+0.55%）； PVC乙烯法开工率67.36%（-3.77%）；PVC开工率76.83%（-0.64%）。 下游订单情况：生产企业预售量63.8万吨（+1.2）。 烧碱： PVC： 供应端，前期检修延续，PVC整体开工水平环比小幅回落，后期检修减弱产量预期回归，且氯碱利润支撑下难以 驱动PVC大幅减产，叠加6-7月新增产能投产 ...

交易咨询业务：沪证监许可【2012】 1515号 能化产品周报—烧碱 2025年6月17日 价格：6月16日烧碱主力合约（SH2509）收盘报2276元 / 吨，较前一交易日下跌0.35%。32% 离子膜碱：鲁西南：主流成交价850-870 元 / 吨 （较 6 月 10 日小幅上调，国家统计局数据显示 6 月上旬环比涨幅超 2%）。鲁中东部：主流成交价860-930 元 / 吨，部分企业因检修供应偏紧。 鲁北：主流成交价880-940 元 / 吨，受氧化铝厂刚需支撑。鲁南：主流成交价880-900 元 / 吨，区域价差收窄。50% 离子膜碱：主流成交价 1360-1460 元 / 吨，华东地区出口报价受国际需求提振。 供给： 本周中国 20 万吨及以上烧碱样本企业产能平均利用率为83.5%，环比持平。 需求：氧化铝行业：产能利用率78.4%，环比微增 0.03 个百分点。粘胶短纤：开工率80.5%，环比下降 0.15%。印染行业：江浙地区开工率 63.5%，环比上调 0.27%。 库存： 截至 6 月 12 日，全国 20 万吨及以上液碱样本企业库存37.8 万吨（湿吨），环比下滑 1.07%，同比上升 4 ...

氯碱日报 | 2025-06-17 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4860元/吨（+1）；华东基差-140元/吨（-1）;华南基差-40元/吨（-31）。 现货价格：华东电石法报价4720元/吨（+0）；华南电石法报价4820元/吨（-30）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2880元/吨（+50）；电石利润130元/吨（+50）；PVC电石法生产 毛利-512元/吨（-86）；PVC乙烯法生产毛利-561元/吨（-41）；PVC出口利润-4.0美元/吨（-3.4）。 PVC库存与开工：PVC厂内库存39.7万吨（-0.2）；PVC社会库存35.5万吨（-0.7）；PVC电石法开工率80.45%（+0.55%）； PVC乙烯法开工率67.36%（-3.77%）；PVC开工率76.83%（-0.64%）。 山东采购价继续下调，烧碱盘面底部整理 期货价格及基差：SH主力收盘价2276元/吨（+13）；山东32%液碱基差380元/吨（-76）。 现货价格：山东32%液碱报价850元/吨（-20）；山东50%液碱报价1380元/吨（-20）。 上游生产利润：山东烧 ...

聚酯产业链日报 投资咨询业务资格:证监许可 【2011】1292号 扫一扫关注广发期货研究资讯 2025年6月16日 聚烯烃产业期现日报 张晓珍 Z0003135 | 下游聚酯产品价格及现金流 | 上游价格 | 品种 | 品种 | 6月12日 | 6月13日 | 6 12日 | 涨跌 | 涨跌幅 | 单位 | 6月13日 | 涨跌 | 涨跌幅 | 单位 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 布伦特原油(8月) | 74.23 | 7.0% | POY150/48价格 | 6975 | 6955 | 50 | 0.7% | 69.36 | 4.87 | 美元/桶 | FDY150/96价格 | 20 | 7.3% | WTI原油(7月) | 72.98 | 68.04 | 4.94 | 7210 | 0.3% | 7230 | | | CFR日本 ...

氯碱日报 | 2025-06-13 烧碱厂库回升，PVC社库去化放缓 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4826元/吨（-6）；华东基差-126元/吨（+6）;华南基差-6元/吨（+6）。 现货价格：华东电石法报价4700元/吨（+0）；华南电石法报价4820元/吨（+0）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（+0）；电石利润80元/吨（+0）；PVC电石法生产毛 利-426元/吨（+121）；PVC乙烯法生产毛利-520元/吨（-15）；PVC出口利润-1.6美元/吨（-3.0）。 PVC库存与开工：PVC厂内库存39.8万吨（+1.4）；PVC社会库存36.1万吨（-0.1）；PVC电石法开工率80.45%（+0.55%）； PVC乙烯法开工率67.36%（-3.77%）；PVC开工率76.83%（-0.64%）。 下游订单情况：生产企业预售量62.6万吨（+8.6）。 烧碱： 期货价格及基差：SH主力收盘价2301元/吨（-31）；山东32%液碱基差418元/吨（+31）。 现货价格：山东32%液碱报价870元/吨（+0）；山东50%液碱报价 ...

Core Viewpoint - The document outlines the underwriting and issuance process for Ningxia Yinglite Chemical Co., Ltd.'s stock issuance to specific investors, detailing the roles of the underwriters and the company's compliance with relevant regulations [1][18]. Group 1: Issuer Information - Ningxia Yinglite Chemical Co., Ltd. was established in November 1996 and is listed on the Shenzhen Stock Exchange under the stock code 000635 [5]. - The company has a registered capital of 303,486,737 RMB and operates in the chemical production sector, including hazardous chemicals and general chemical products [6][7]. Group 2: Underwriter Details - CITIC Securities is the underwriter for this issuance, with Yang Xuele and Xu Xingwen designated as the lead underwriters, both having extensive experience in managing public offerings [3][4]. - The underwriting team has a strong track record, having previously managed significant IPOs and private placements [3][4]. Group 3: Issuance Details - The issuance involves offering A-shares to no more than 35 specific investors, including the controlling shareholder, Yinglite Group [14][22]. - The pricing for the shares will be based on the average stock price over the 20 trading days prior to the issuance date, ensuring it does not fall below the net asset value per share [22]. Group 4: Financial Performance - As of March 31, 2025, the total assets of the company were reported at 266,184.15 million RMB, with total liabilities of 164,021.86 million RMB, indicating a debt ratio of approximately 61.62% [9][10]. - The company reported a net profit of -8,223.50 million RMB for the first quarter of 2025, reflecting ongoing financial challenges [10]. Group 5: Compliance and Governance - The underwriting process has undergone rigorous internal review and compliance checks, ensuring adherence to the Company Law and Securities Law of the People's Republic of China [11][15]. - The underwriter has committed to maintaining transparency and integrity throughout the issuance process, with no conflicts of interest identified [11][16].

Core Viewpoint - Ningxia Yinglite Chemical Co., Ltd. has faced continuous losses in 2024 and the first quarter of 2025, primarily due to low prices of its main products, PVC and E-PVC, which have negatively impacted its financial performance [1][3]. Financial Performance Summary - The company's operating revenue for 2024 was CNY 400.12 million, a decrease of 2.32% year-on-year, while the operating cost was CNY 436.25 million, down 1.43% year-on-year [2]. - The gross profit margin was negative CNY 36.13 million, reflecting a decline of 9.68% year-on-year, indicating significant operational challenges [2]. - The net profit attributable to shareholders was negative CNY 82.24 million, representing a year-on-year increase in losses of 17.75% [2][3]. - The company reported a net profit after deducting non-recurring gains and losses of negative CNY 85.05 million, with a year-on-year increase in losses of 21.17% [2]. Operational Insights - The company’s main business includes the production and sales of calcium carbide, polyvinyl chloride (PVC), caustic soda, hydrochloric acid, and liquid chlorine, with a stable customer base and a flexible production plan [4]. - The operational model emphasizes a structured procurement strategy and production planning that adapts to market changes, ensuring a stable supply of raw materials [4]. Future Outlook - Despite the reported losses, the company asserts that these will not significantly impact its operational capabilities or the ongoing projects funded by the recent stock issuance [5]. - The total amount raised from the stock issuance is expected to be no more than CNY 700 million, aimed at enhancing the integrated industrial chain and improving profitability [5]. Compliance and Governance - The company has confirmed that it meets the conditions for issuing shares to specific investors, with no significant adverse impacts from recent financial performance on the issuance process [6][7].

氯碱日报 | 2025-06-12 需求跟进不佳，PVC维持弱势震荡 上游生产利润：山东烧碱单品种利润1728元/吨（-31）；山东氯碱综合利润（0.8吨液氯）984.5元/吨（+8.8）；山东 氯碱综合利润（1吨PVC）432.53元/吨（-31.25）；西北氯碱综合利润（1吨PVC）1405.55元/吨（-40.51）。 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4832元/吨（+22）；华东基差-132元/吨（-2）;华南基差-12元/吨（-2）。 现货价格：华东电石法报价4700元/吨（+20）；华南电石法报价4820元/吨（+20）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（+0）；电石利润80元/吨（+0）；PVC电石法生产毛 利-426元/吨（+121）；PVC乙烯法生产毛利-520元/吨（-15）；PVC出口利润1.5美元/吨（+0.5）。 PVC库存与开工：PVC厂内库存39.8万吨（+1.4）；PVC社会库存36.1万吨（-0.1）；PVC电石法开工率79.90%（+4.19%）； PVC乙烯法开工率71.13%（-0.58%）；PVC开工率 ...

氯碱日报 | 2025-06-11 山东主力下游采购价下调，烧碱盘面底部震荡 市场要闻与重要数据 上游生产利润：山东烧碱单品种利润1759元/吨（+0）；山东氯碱综合利润（0.8吨液氯）975.8元/吨（+40.0）；山东 氯碱综合利润（1吨PVC）463.78元/吨（+0.00）；西北氯碱综合利润（1吨PVC）1446.05元/吨（+0.00）。 烧碱库存与开工：液碱工厂库存38.21万吨（-1.05）；片碱工厂库存2.79万吨（+0.06）；烧碱开工率83.50%（-0.60%）。 烧碱下游开工：氧化铝开工率80.35%（+0.82%）；印染华东开工率61.50%（-1.18%）；粘胶短浅开工率80.56%（-0.04%）。 PVC: 期货价格及基差：PVC主力收盘价4810元/吨（-6）；华东基差-130元/吨（+6）;华南基差-10元/吨（+16）。 现货价格：华东电石法报价4680元/吨（+0）；华南电石法报价4800元/吨（+10）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（+0）；电石利润80元/吨（+0）；PVC电石法生产毛 利-426元/吨（+121）；PVC乙烯 ...