1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The methanol market is expected to fluctuate this week. In the port area, there is a risk of inventory accumulation due to inflow of inland goods and concentrated imports, but there is also macro - level support. Inland, although upstream inventory is low and there are maintenance activities, downstream profitability is poor and trade sentiment is cautious, so prices are expected to move sideways [5]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - For methanol 2509, the fundamentals show a multi - empty game. The port may see inventory accumulation, while the inland has support from low upstream inventory and maintenance. The expected price trend is to fluctuate. The basis shows that the spot is at a premium to the futures. As of June 26, 2025, port inventories have increased. The 20 - day line is upward with the price below it. The main positions are net short with an increase in short positions [5]. 3.2 Multi - Empty Concerns - **Likely to be Bullish**: Some device stoppages (e.g., Yulin Kaiyue, Xinjiang Xinya), reduced methanol production in Iran and low port inventories, new production in acetic acid plants (e.g., Jingmen 600,000 - ton/year acetic acid plant), and external procurement by CTO plants in the northwest [6]. - **Likely to be Bearish**: Resumption of previously shut - down devices (e.g., Inner Mongolia Donghua), expected concentrated arrivals at ports in the second half of the month, the traditional off - season for formaldehyde and a significant decline in MTBE start - up rates, profitability in coal - based methanol leading to active sales, and inventory accumulation in some factories in production areas due to poor sales [7]. 3.3 Fundamental Data - **Spot Price**: The spot price of methanol in Jiangsu is 2400 yuan/ton, with a basis of 27 for the 09 contract, indicating a spot premium over the futures [5]. - **Inventory**: As of June 26, 2025, the total social inventory of methanol in East and South China ports is 534,100 tons, an increase of 84,600 tons from the previous period. The overall available and tradable methanol in coastal areas has increased by 46,100 tons to 293,400 tons [5]. - **Price and Spread**: In the spot market, prices in different regions vary, with some showing declines. In the futures market, the closing price of the main contract has decreased, and the number of registered warrants has increased while the number of effective forecasts has decreased. There are also changes in various price spreads [8]. - **Production Profit**: Coal - based methanol has a weekly profit decline of 14 yuan/ton, natural - gas - based methanol has no change in profit, and coke - oven - gas - based methanol has a weekly profit increase of 342 yuan/ton [21]. - **Operating Rate**: The national weighted average operating rate of methanol is 74.90%, a decrease of 3.81% from the previous week. The operating rate in the northwest is 81.54%, a decrease of 3.55% from the previous week [8][22]. - **External Price and Spread**: The CFR price of methanol in China has decreased by 1.07% week - on - week, the CFR price in Southeast Asia has decreased by 2.84% week - on - week, and the price spread between China and Southeast Asia has changed [25]. - **Import Spread**: The spot price and import cost of methanol have both decreased, and the import spread has decreased by 42 yuan/ton week - on - week [27]. - **Downstream Product Price and Profit**: The prices of traditional downstream products such as formaldehyde, dimethyl ether, and acetic acid have changed to different extents, and their production profits and operating rates have also changed [30][34][37][40]. - **MTO Production Profit and Load**: The production profit of MTO has increased by 218 yuan/ton week - on - week, and the load has increased by 0.15% [45]. 3.4 Maintenance Status - **Domestic Devices**: Many domestic methanol production enterprises are under maintenance, with different maintenance times, starting and ending dates, and losses in different regions such as the northwest, north, east, southwest, and northeast [55]. - **Foreign Devices**: In Iran, some methanol plants are in the process of resuming production or operating at a low rate. In other countries, most plants are operating normally, but some are under maintenance or have low operating rates [56]. - **Olefin Devices**: Some olefin - related devices in the northwest, east, central, and other regions are under maintenance, operating stably, or have experienced temporary shutdowns and restarts [57].

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]

Core Viewpoint - The article highlights the dedication and contributions of Xia Jie, a senior technician in the chemical quality inspection field at Yunnan Yuntianhua Red Phosphorus Chemical Co., Ltd, showcasing her journey from a novice to a key technical figure in the company, and her significant role in enhancing product quality and operational efficiency [3][4][5]. Group 1: Professional Development - Xia Jie began her career at Red Phosphorus Chemical in 2000, quickly adapting to complex instruments and data analysis through rigorous learning and mentorship [4]. - Over the years, she transformed from a beginner to a technical expert, playing a crucial role in the analysis and guidance of new equipment trials and product development [4]. Group 2: Technical Innovations - In 2019, Xia Jie contributed to a significant technical upgrade involving a new potassium dihydrogen phosphate production process, which required the laboratory to provide 207 data points daily across 23 control points and 83 analysis projects [4]. - She developed and standardized analysis methods that significantly reduced operational costs and improved the success rate of equipment trials [4][5]. Group 3: Contributions to Company Growth - Xia Jie has been instrumental in the internationalization of the company's brand, creating mathematical models for efficient resource utilization, which supported the integrated production model of "mining-acid-fertilizer" [5]. - Her efforts have strengthened the market position of the "Bai Xian" brand in Vietnam, enhancing the company's export advantages [5]. Group 4: Talent Development - Xia Jie established a "master-apprentice + school-enterprise linkage" model to train over 30 technical personnel, facilitating their advancement to engineering and technician roles [6][7]. - She organized over 30 skill training sessions and chemical inspection competitions, promoting skill development and recognition among employees [6][7]. Group 5: Recognition and Awards - Over the years, Xia Jie has received numerous accolades, including the title of "National Labor Model" in 2025, reflecting her exceptional contributions to the industry [7].

Report on Methanol and Polyolefins 1. Report Industry Investment Rating No information provided. 2. Report Core Views - Methanol: High imports are being realized, inventory accumulation has begun, and the futures price is undervalued. It is in a period of bearish factor realization. With unstable macro - environment and weak methanol prices in Europe and the United States, the unilateral direction is hard to determine, but it is inclined to buy at low prices due to low valuation [1]. - Plastic (Polyethylene): The overall inventory of polyethylene is neutral. The 09 basis is around 0 in North China and +120 in East China. Import profit is around - 400 with no further increase for now. Attention should be paid to LL - HD conversion and new device commissioning [6]. - PP (Polypropylene): The upstream and mid - stream of polypropylene are destocking. The basis is +100, non - standard price difference is neutral, and import profit is around - 500. Export is performing well. Supply in June is expected to increase slightly. The 09 contract is under moderate to excessive pressure under the background of over - capacity, which can be alleviated if exports continue to grow or PDH devices have more maintenance [6]. - PVC: The basis is maintained at 09 - 150, and the factory - pickup basis is - 450. Downstream construction is seasonally weakening. The inventory reduction of the mid - upstream is slowing down. Attention should be paid to commissioning and export continuity in July - August. Static inventory contradiction is accumulating slowly, and cost is stable [10]. 3. Summary by Product Methanol - Price Data: From July 2 to July 8, 2025, the price of动力煤期货 remained at 801, while the prices of spot methanol in various regions generally decreased. The daily change on July 8 showed a decrease in most regional spot prices and a decrease in the西北折盘面 price by 20 [1]. - Views: High imports are being realized, inventory is accumulating, and it is in a bearish factor realization period. The macro - environment is unstable, and the price is undervalued, so it is inclined to buy at low prices [1]. Plastic (Polyethylene) - Price Data: From July 2 to July 8, 2025, the price of东北亚乙烯 decreased from 850 to 820 on July 7 and remained the same on July 8. The prices of some polyethylene products also showed certain changes, such as a decrease in华东LD price by 50 on July 8 [6]. - Views: The overall inventory is neutral, the basis is in a certain range, import profit is around - 400, and attention should be paid to LL - HD conversion and new device commissioning [6]. PP (Polypropylene) - Price Data: From July 2 to July 8, 2025, the price of山东丙烯 decreased from 6630 to 6400, and the prices of PP in various regions also changed slightly. The主力期货 price decreased by 12 on July 8 [6]. - Views: The upstream and mid - stream are destocking, the basis is +100, non - standard price difference is neutral, import profit is around - 500, and export is good. Supply in June is expected to increase slightly, and the 09 contract pressure is related to exports and PDH device maintenance [6]. PVC - Price Data: From July 2 to July 8, 2025, the price of西北电石 decreased from 2400 to 2250, while the prices of other related products remained relatively stable. The综合利润 remained at - 500 [9][10]. - Views: The basis is maintained at 09 - 150, downstream construction is seasonally weakening, mid - upstream inventory reduction is slowing down, and attention should be paid to commissioning, export, coal price, etc. [10].

Core Viewpoint - The company, Sichuan Hebang Biotechnology Co., Ltd., is actively responding to regulatory inquiries regarding its 2024 annual report, particularly focusing on its mining operations and financial disclosures related to its mineral resources [1][2]. Mining Operations - The company holds a total of 40 mining rights, including 34 exploration rights and 6 mining rights, with an investment of approximately 620 million yuan for acquiring these rights [1][2]. - The mining sector has become a core contributor to the company's operating profits, with an expected profit contribution of 250 million yuan from phosphate rock sales in 2024 [1][2]. - The company employs a phased investment and rolling development strategy in its mining operations to manage risks and ensure cash flow [1][2]. Financial Performance - The company reported a total operating income of 8.547 billion yuan in 2024, a decrease of 3.13% year-on-year, with a net profit of 31 million yuan, down 97.55% from the previous year [1][12]. - The phosphate and salt mines have generated significant revenue, with phosphate sales expected to increase as construction projects are completed [5][12]. Investment Strategy - The company is strategically expanding into the mining sector, aligning with macroeconomic policies and market conditions, while leveraging its existing resources and personnel expertise [9][10]. - The company has established a robust management structure and has recruited over 180 new employees in the mining sector since 2024, enhancing its operational capabilities [8][9]. Risk Management - The company utilizes a joint venture model for overseas mining projects to mitigate risks and ensure compliance with local regulations [10][11]. - A comprehensive risk control framework is in place for both domestic and international mining operations, focusing on environmental protection, safety, and regulatory compliance [10][11]. Sales and Revenue Breakdown - The company has achieved significant sales in its mining operations, with phosphate and salt mines contributing to the majority of its revenue [5][12]. - The sales model primarily involves internal sales within the group, with a high collection rate of 90% on receivables [5][12].

Core Viewpoint - The company, Shengquan Group, is expected to achieve significant profit growth in the first half of 2025, driven by advancements in AI computing power, high-frequency communication, and the rapid development of new energy vehicles and energy storage sectors [2][4]. Financial Performance - Shengquan Group anticipates a net profit attributable to shareholders of the parent company between 491 million to 513 million yuan for the first half of 2025, representing a year-on-year increase of 48.19% to 54.83% [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 471 million to 493 million yuan, reflecting a year-on-year growth of 48.02% to 54.93% [3]. - In 2024, the company achieved a historic revenue milestone, surpassing 10 billion yuan for the first time, with total revenue reaching 10.020 billion yuan, a year-on-year increase of 9.87% [6]. Sales Growth - In the first quarter of 2025, Shengquan Group reported sales revenue of 2.459 billion yuan, a year-on-year increase of 15.14%, with net profit attributable to shareholders rising by 50.46% to 207 million yuan [7]. - The advanced electronic materials and battery materials segment showed remarkable performance, with sales volume increasing by 11.08% and revenue surging by 31.30% to 360 million yuan, driven by the demand for AI computing, high-frequency communication, and high-energy-density batteries [8]. Production Capacity and Project Progress - The company is ramping up production capacity for advanced electronic materials, including 1,000 tons/year of PPO resin and 1,000 tons/year of porous carbon, which are gradually reaching full production and sales [5]. - The Daqing production base's biomass refining project is operating steadily, with increasing capacity utilization and a successful reduction in losses during the reporting period [9]. Strategic Initiatives - In February 2025, Shengquan Group signed two significant projects, each with a capacity of 1 million tons/year, focusing on the comprehensive utilization of local reed resources to produce high-value products [10][14]. - The company is actively expanding its market share in the synthetic resin industry and developing new applications to enhance sales [5].

装置边际恢复叠加港口累库，乙二醇延续震荡运行 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 www.thqh.com.cn 一、日度市场总结 从数据变动来看，乙二醇期货主力合约价格连续三日微幅下跌，7月7日报 4305元/吨，较7月4日下跌8元，跌幅0.19%，但期现基差走扩至65元/吨， 体现现货价格僵持背景下期货市场远期情绪弱化。 生产利润方面，煤制亏损维持262元/吨未变，而石脑油制、乙烯制和甲醇 制仍深陷亏损（分别达-109.8、-947和-1437元/吨），高成本工艺的全面 亏损对供给端形成刚性约束。 供需结构上，尽管乙二醇总开工率微增0.2%至62.43%，但煤制装置仅57.2% 的开工水平仍处历史低位，而聚酯工厂负荷89.42%、江浙织机负荷63.43% 均持平前值，需求端持续缺乏弹性。 值得注意的是华东主港库存单周增3.6万吨至54.2万吨，其中张家港库存增 幅达7.2%，而同时段到港量却大幅缩减4.4万吨至8.43万吨，显示终端提货 速度显著放缓，流通环节出现累库压力。 liyingjie@thqh.com.cn 当前乙二醇市 ...

Group 1 - The company expects to achieve a net profit of 100 million to 120 million yuan for the period from January 1, 2025, to June 30, 2025, indicating a significant increase of 53.64% to 84.37% compared to the same period last year, where the net profit was 65.0865 million yuan [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 90 million and 110 million yuan, representing a growth of 90.56% to 132.90% compared to the previous year's figure of 47.2299 million yuan [1] - The basic earnings per share are anticipated to be between 0.20 yuan and 0.24 yuan, compared to 0.14 yuan per share in the same period last year [1] Group 2 - The significant increase in net profit is attributed to a rise in revenue and a decrease in blasting service costs, which has further enhanced the company's profit level [1] - The performance forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's finance department [1] - Investors are advised to make cautious decisions based on the preliminary nature of the forecast, with the final data to be disclosed in the 2025 semi-annual report [1]

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been officially terminated by the Shanghai Stock Exchange after a prolonged waiting period of 19 months without a response to inquiries, marking the end of a two-and-a-half-year listing journey [1] Group 1: IPO Process and Challenges - Gulf Chemical submitted its application for the Shanghai Stock Exchange main board on December 28, 2022, aiming to raise 3 billion yuan by issuing 253 million new shares for projects including epoxy resin and epoxy chloropropane [4] - The company faced significant hurdles, including being placed on the inspection list shortly after submitting its prospectus and entering a 19-month silence after receiving the first round of inquiries [4][6] - A regulatory warning from the exchange highlighted two major violations: "false解除" of equity pledges and multiple inaccuracies in financial accounting, which affected the assessment of the company's eligibility for listing [4][6] Group 2: Financial Performance and Market Conditions - From 2019 to mid-2022, Gulf Chemical's net profit excluding non-recurring items surged from 425 million yuan to 2.04 billion yuan, but profitability was severely squeezed in the second half of 2022 due to falling product prices and high raw material costs [6] - The company distributed over 3 billion yuan in cash dividends from 2019 to mid-2022, including over 1.5 billion yuan just before the IPO, raising questions about its fundraising plans [6] Group 3: Future Outlook and Company Governance - Despite the failed IPO, this situation provides Gulf Chemical an opportunity to reassess and strengthen its internal governance and operational resilience [7] - The company is expected to address the regulatory issues raised and improve its financial disclosure and profitability to better position itself for future market opportunities [7]

浙江福莱新材料股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召 开第三届董事会第三次会议和第三届监事会第三次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 1 亿 元闲置募集资金暂时补充流动资金，在保证募集资金投资项目正常实施的前提下， 使用期限自董事会审议通过之日起不超过 12 个月。保荐人对此事项出具了无异 议的专项核查意见。具体内容详见公司于 2024 年 7 月 11 日披露于上海证券交易 所网站（www.sse.com.cn）及指定信息披露媒体的《福莱新材关于使用部分闲置 募集资金暂时补充流动资金的公告》（公告编号：临 2024-091）。 证券代码：605488 证券简称：福莱新材 公告编号：临 2025-092 债券代码：111012 债券简称：福新转债 浙江福莱新材料股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 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法律责任。 公司在上述有效期限内实际使用闲置募集资金暂时补充流动资金的金额为 人 ...