Core Viewpoint - Hongqiang Co., Ltd. (002809) announced a framework agreement with China National Offshore Oil Corporation (CNOOC) Shell Petrochemicals for the sale of propylene oxide, aimed at enhancing market competitiveness and industry recognition [1] Group 1 - The framework agreement is effective from June 6, 2025, to May 31, 2030, and does not involve specific transaction amounts [1] - The cooperation involves CNOOC Shell supplying propylene oxide to Hongqiang Chemical for the production of customized products [1] - This partnership is expected to positively impact the future operational development of the company [1]

Core Viewpoint - Zhongtai Chemical (002092) has successfully completed the commissioning of its methanol production project, which is expected to enhance its market competitiveness through cost reduction and energy efficiency [1] Group 1: Project Completion and Production - The resource comprehensive utilization methanol upgrading demonstration project by Zhongtai New Materials, a subsidiary of Zhongtai Chemical, was successfully completed in April 2025 and began trial production in May [1] - The project has gradually increased production and is now fully operational, achieving a complete production process [1] Group 2: Energy Efficiency and Cost Reduction - The waste heat power generation unit has successfully connected to the grid, utilizing high-temperature waste heat from the methanol production process to drive turbine generators [1] - This energy recovery method is expected to lower electricity costs, further reducing production costs once the methanol project is fully operational [1] Group 3: Competitive Advantages - The full-scale production of methanol will help the company establish scale advantages, industrial chain advantages, and cost advantages, thereby enhancing its market competitiveness [1]

Core Insights - Molecular sieve activated powder is a highly porous powder material primarily composed of molecular sieves and carriers, used as catalysts or adsorbents to enhance reaction rates and efficiencies [1] - The market for molecular sieve activated powder is expected to grow steadily, reaching several billion dollars by 2025 due to increasing demand across various sectors [4][6] Application and Market Overview - Molecular sieve activated powder is widely used in chemical, petroleum, pharmaceutical, and environmental sectors due to its high adsorption and catalytic properties [2][4] - In the chemical industry, it serves as a catalyst to improve reaction rates; in the petroleum sector, it is utilized in oil processing and catalytic cracking; in pharmaceuticals, it aids in drug separation and purification; and in environmental applications, it is used for waste gas and water treatment [4] - The global market for molecular sieve activated powder is projected to maintain stable growth, driven by the ongoing development and demand in these industries [4] Emerging Opportunities - The market for molecular sieve activated powder is expected to expand into emerging fields such as new energy and new materials, reflecting the evolving industrial landscape [6] Regulatory Environment - The production and use of molecular sieve activated powder must comply with environmental regulations, safety standards, quality certifications, and intellectual property protections [7] - Government support for high-tech products like molecular sieve activated powder is increasing, providing more opportunities and favorable policies for production and application [7] Development Trends - Key trends in the molecular sieve activated powder market include a focus on efficiency, environmental sustainability, and multifunctionality [9]

业内人士表示，奥升德连云港工厂产能占中国己二胺总产能的15%。工厂关停后，短期内市场己二胺供 应紧张局面或将加剧，增加下游制品企业成本，引发行业价格调整和市场格局重塑。 据了解，奥升德是全球领先的聚酰胺树脂、纤维、工程塑料及特种化学品生产商。奥升德连云港生产基 地是其首个海外化工生产基地，项目总投资约42亿元，也是其迄今为止最大的一项投资。该基地一期生 产20万吨/年己二胺，以及用于涂料、制药、石油和天然气等行业的FlexaTram 特种胺类化学品。该基地 于2022年8月启动建设，2024年10月23日正式开业。 中化新网讯 6月17日，美国尼龙巨头奥升德功能材料公司（简称奥升德）对外宣布，计划在未来几个月 内有序关闭位于中国连云港的己二胺生产工厂。据了解，该厂建成至今不到一年时间。 奥升德全球总裁兼首席执行官Phil McDivitt表示："随着我们持续专注于提高运营效率，奥升德在业务改 进方面取得了显著进展。今年4月，在公司债权机构的支持下，我们启动了《美国破产法》第十一章流 程，以减少债务并为公司的未来发展做好准备。在审慎评估市场变化及持续的贸易争端以后，我们决定 关闭连云港工厂以寻求服务本区域客户的 ...

Group 1: Company Initiatives - China National Offshore Oil Corporation (CNOOC) is implementing a comprehensive green transformation across its operations, focusing on ecological restoration and sustainable development [1][5] - The company has launched multiple solar photovoltaic projects, including a 1.88 MW installation at the Basuo Port, generating over 2 million kWh annually, and a planned 3.89 MW expansion [2][4] - CNOOC's Daguikou Company has transformed its rooftop into a "roof power plant" with 17,575 solar panels, producing 3.6 million kWh of clean energy and reducing carbon emissions by nearly 2,000 tons [6][8] Group 2: Environmental Impact - The initiatives at Basuo Port are expected to reduce carbon emissions by over 10,000 tons annually through the transition to LNG fueling for vehicles and the implementation of electric loading systems [4][5] - The Daguikou Company's solar project has led to a 12% reduction in carbon footprint intensity, showcasing the effectiveness of integrating renewable energy into operations [8][12] - CNOOC's efforts in VOCs treatment at the Fudao Company have achieved a removal efficiency of over 97%, significantly lowering harmful emissions [9][11] Group 3: Ecological Restoration - CNOOC's Huhe Company has successfully rehabilitated 19 hectares of abandoned mining pits into thriving ecological forests, utilizing waste materials from production processes [15][17] - The collaboration between Huhe Company and local government has resulted in a cost-effective solution for waste disposal while enhancing local environmental quality [16][17] - The ecological restoration efforts have transformed previously unusable land into recreational areas for the community, demonstrating the company's commitment to sustainable practices [17][19]

Supply and Demand - As of June 19, the overall operating rate of MEG is 70.33%, an increase of 4.08%, while the coal-based MEG operating rate is 70.16%, up by 1.73% [2] - As of June 23, the estimated port inventory of MEG in the East China main port area is approximately 622,000 tons, an increase of 6,000 tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - Geopolitical factors have temporarily halted Iranian ethylene glycol facilities, which has supported a strong performance in ethylene glycol; however, Iranian inventory is still being shipped normally, and the actual arrival volume in July is expected to have little impact [3] - Hengli Petrochemical's ethylene glycol facilities are operating at full capacity, and two 700,000-ton facilities in Saudi Arabia are expected to restart soon, with local facility load increasing and planned shipping volume rising compared to the previous period [3] - In the short term, with the recovery of domestic facilities and weak demand expectations, supply and demand are unlikely to provide upward momentum for ethylene glycol, and with geopolitical factors cooling and oil prices significantly dropping, a price correction for ethylene glycol is anticipated; the short-term focus for EG09 is on the resistance level of 4,500 [3] Spot Market - On June 23, ethylene glycol prices opened high and then retreated, with market discussions remaining acceptable; overnight crude oil prices rose, leading to an early high opening for ethylene glycol, with spot transactions reaching around 4,640-4,650 yuan/ton [1] - Following news of Iranian facility restart intentions, ethylene glycol prices continued to decline; in the afternoon, the market saw narrow fluctuations with weak trading [1] - In the international market, ethylene glycol prices also retreated from recent highs, with early discussions around 538-540 USD/ton, later falling to 531-533 USD/ton, and afternoon discussions around 533-535 USD/ton, with some trades executed at 531 USD/ton [1]

甲醇聚烯烃早报 研究中心能化团队 2025/06/24 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/06/1 7 801 2615 2563 2500 2650 2460 2590 282 325 183 150 -1001 2025/06/1 8 801 2700 2615 2500 2650 2455 2598 290 332 179 175 -1001 2025/06/1 9 801 2765 2680 2515 2700 2455 2605 302 341 143 185 -1001 2025/06/2 0 801 2750 2665 2525 2700 2480 2600 296 341 195 210 -1001 2025/06/2 3 801 2740 2643 2543 2700 2480 2633 296 341 195 210 -1001 日度变化 0 -10 -22 18 0 0 33 0 0 0 0 0 观点 高进口开始兑现，累库开始发生，盘面低估值，等 ...

Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core View The V2509 contract of PVC showed a volatile trend. The supply side saw a decline in PVC capacity utilization rate, and the demand side also had a decrease in downstream开工率. The inventory showed a de - stocking trend but at a slower pace with relatively low inventory pressure. The domestic PVC industry is in a peak maintenance period, and the capacity utilization rate is expected to continue to decline. The domestic downstream is in the off - season. The Indian BIS certification is postponed to mid - December, and anti - dumping policies may be implemented in early July. In terms of cost, some calcium carbide maintenance devices have resumed, but the supply in the northwest region is restricted by production cuts, and the raw material price of the ethylene method is supported by strong oil prices. Considering the digestion of geopolitical factors in the Middle East, the short - term V2509 is expected to fluctuate, with the daily K - line focusing on the support around 4850 and the pressure around 4950 [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of PVC futures was 4896 yuan/ton, down 7 yuan; the trading volume was 992,189 lots, down 63,888 lots; the open interest was 969,157 lots, up 16,127 lots. The long positions of the top 20 futures were 753,218 lots, down 1,866 lots; the short positions were 783,171 lots, up 21,589 lots; the net long positions were - 29,953 lots, down 23,455 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 5025 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4824.62 yuan/ton, up 28.46 yuan. In the South China region, the price of ethylene - based PVC was 4982.5 yuan/ton, up 22.5 yuan; the price of calcium carbide - based PVC was 4882.5 yuan/ton, up 26.25 yuan. The CIF price of PVC in China was 710 US dollars/ton, unchanged; the CIF price in Southeast Asia was 670 US dollars/ton, unchanged; the FOB price in Northwest Europe was 740 US dollars/ton, unchanged. The basis of PVC was - 86 yuan/ton, down 23 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2700 yuan/ton, unchanged; in North China, it was 2698.33 yuan/ton, unchanged; in the Northwest, it was 2480 yuan/ton, up 20 yuan. The mainstream price of liquid chlorine in Inner Mongolia was 50.5 yuan/ton, unchanged. The mid - price of VCM CFR Far East was 524 US dollars/ton, unchanged; the mid - price of VCM CFR Southeast Asia was 564 US dollars/ton, unchanged. The mid - price of EDC CFR Far East was 176 US dollars/ton, unchanged; the mid - price of EDC CFR Southeast Asia was 178 US dollars/ton, unchanged [3]. 3.4 Industry Situation - The overall PVC开工率 was 78.62%, down 0.63 percentage points; the calcium carbide - based PVC开工率 was 80.43%, down 1.34 percentage points; the ethylene - based PVC开工率 was 73.81%, up 1.22 percentage points. The total social inventory of PVC was 35.51 million tons, up 0.03 million tons. The social inventory in the East China region was 31.23 million tons, up 0.01 million tons; in the South China region, it was 4.28 million tons, up 0.02 million tons. The national real estate prosperity index was 93.72, down 0.14; the cumulative value of new housing construction area was 231.8361 million square meters, up 53.4777 million square meters [3]. 3.5 Downstream Situation - The cumulative value of real estate construction area was 6.2501954 billion square meters, up 47.0449 million square meters; the cumulative value of real estate development investment was 1915.481 billion yuan, up 428.168 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 15.01%, up 0.95 percentage points; the 40 - day historical volatility was 16.93%, up 0.38 percentage points. The implied volatility of at - the - money put options was 21.51%, up 0.92 percentage points; the implied volatility of at - the - money call options was 21.51%, up 0.93 percentage points [3]. 3.7 Industry News - On June 23, the spot exchange price of PVCSG5 in Changzhou decreased by 10 - 30 yuan/ton compared with last Friday, with the price ranging from 4780 to 4860 yuan/ton. From June 6 to 12, China's PVC capacity utilization rate was 79.25%, a month - on - month decrease of 1.47%. As of June 19, the new sample statistics of PVC social inventory decreased by 0.74% month - on - month to 569,300 tons, a year - on - year decrease of 37.97% [3].

| 序号 | 项目名称 | 投资总额 | 拟使用募 集资金 | 备案情况 | 环评: | | --- | --- | --- | --- | --- | --- | | 1 | 高折射率光学树脂材料项目 | 41.925.85 | 41.925.85 | 项目代码: | 大环议 | | 2 | 高端功能材料环状聚烯烃项目 | 13.797.30 | 13,797.30 | 2308-210262- | [2023]( | | 3 | 研发中心建设项目 | 13.447.80 | 13.447.80 | 04-01-163276 | 를 | | 4 | 数字化建设项目 | 11.288.00 | 11.288.00 | 项目代码: 2506-371625- | | | | | | | 04-01-999846 | | | રે | 营销渠道建设项目 | 3.966.88 | 3.966.88 | 项目代码: 2403-371625- | | | | | | | 04-01-446872 | | | | 合计 | 84.425.83 | 84,425.83 | | | 瑞财经 刘治颖 6月21日，益丰新材料股份有 ...

Group 1 - The company announced the expiration of the third lock-up period for its 2022 employee stock ownership plan, which will end on June 23, 2025 [2][4] - As of the announcement date, the employee stock ownership plan holds 2.4 million shares, accounting for 0.38% of the company's total share capital [3][4] - The employee stock ownership plan has a total duration of 48 months, with shares being unlocked in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [3][4] Group 2 - The company has set performance targets for 2024, requiring a net profit of no less than 400 million yuan or an operating income of no less than 2.5 billion yuan [4] - If the company fails to meet the performance targets, all corresponding unlockable shares will not be released, and the management committee will sell the unallocated shares [4][5] - The company will continue to comply with market trading rules and regulations during the remaining duration of the employee stock ownership plan [6][7] Group 3 - The company plans to use part of its idle raised funds for cash management, with a maximum of 700 million yuan allocated for investment in safe and liquid financial products [15][30] - The company has already redeemed 40 million yuan from a previous investment in a bank deposit, earning 330,000 yuan in returns [16][18] - The cash management strategy aims to enhance the efficiency and returns of the raised funds while ensuring that the funds are not used for purposes that could harm shareholder interests [29][36]