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 ...

Group 1 - The core viewpoint of the article is that Sinopec has applied for a patent related to the preparation of phthalic anhydride, which could significantly reduce operational costs and improve efficiency in production [1][3] - The patent application, titled "Method for Preparing Phthalic Anhydride and Method and Application for Extracorporeal Activation," was filed on January 2024 [1] - The method involves activating a catalyst in an oxygen-containing atmosphere at a pressure of at least 0.2 bar, which allows for a rapid increase in the concentration of raw materials such as ortho-xylene and/or naphthalene [1] Group 2 - Sinopec, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records [1] - Sinopec (Beijing) Chemical Research Institute Co., Ltd., founded in 2021, focuses on the manufacturing of chemical raw materials and products, with a registered capital of 100 million RMB [2] - The research institute has invested in 4 enterprises and participated in 1,149 bidding projects, holding 16 trademark records and 1,622 patent records [2]

Core Viewpoint - The company plans to issue shares to specific investors through a simplified procedure, aiming to raise up to 226 million yuan for investment projects and working capital [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including legal entities and qualified foreign institutional investors [1]. - The issuance price will be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [1]. - The total number of shares issued will not exceed 30% of the company's total share capital before the issuance [1]. Group 2: Fundraising and Investment Plans - The total amount to be raised is capped at 226 million yuan, which will be allocated to the construction of production projects and to supplement working capital [2]. - The investment projects include the construction of facilities for producing 2,000 tons of BPEF, 500 tons of BPF, and 1,000 tons of 9-fluorenone, with a total investment of approximately 19.42 million yuan [3]. Group 3: Company Ownership and Control - As of the announcement date, the company has a total of 325,468,375 shares, with the actual controller holding a combined 31.10% of the shares [2]. - The issuance is not expected to change the company's control, as the actual controller will still maintain a significant ownership stake post-issuance [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Methanol: High imports are materializing, inventory accumulation is occurring, and the futures price is undervalued. It is in a period of negative factor realization. With unstable macro - environment and weak methanol prices in Europe and the US, the unilateral direction is hard to determine. Given the low valuation, a long - position strategy at low prices is preferred [2]. - Plastic (Polyethylene): The overall inventory of polyethylene is neutral. The 09 basis is around 0 in North China and +120 in East China. The import profit is around - 400 with no further increase. The non - standard HD injection price is stable, and other price spreads are fluctuating. The domestic linear production has increased month - on - month in June. Attention should be paid to the LL - HD conversion and US quotes, as well as the new device commissioning in 2025 [7]. - PP (Polypropylene): The upstream and mid - stream inventories of polypropylene are decreasing. The basis is +100, the non - standard price spread is neutral, and the import profit is around - 500. Exports have been good this year. The PDH profit is around - 1000, and the propylene price is fluctuating. The supply is expected to increase slightly in June. The downstream orders are average, and the raw material and finished - product inventories are neutral. In the context of over - capacity, the 09 contract is under moderate to excessive pressure, which can be alleviated if exports continue to expand or PDH devices undergo more maintenance [7]. - PVC: The basis has strengthened to 09 - 150, and the factory - pickup basis is - 420. The downstream has a strong willingness to hold goods at low prices due to seasonal factors. The mid - and upstream inventories are continuously decreasing. Attention should be paid to the commissioning and export sustainability in June. The near - term export orders are acceptable. The PVC comprehensive profit is - 500. Attention should be paid to factors such as exports, coal prices, commercial housing sales, terminal orders, and production starts [12]. 3. Summary by Product Methanol - **Price Data**: From July 1 - 7, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2520 to 2437, the South China spot price decreased from 2480 to 2448. The import profit decreased from 125 to 58, and the main contract basis decreased from 90 to 25. The MTO profit on the futures market decreased from - 1208 to - 1219 [2]. - **Daily Changes**: The daily changes on July 7 compared to the previous period were 0 for power coal futures, - 18 for Jiangsu spot, - 17 for South China spot, - 10 for Lunan converted to futures price, 0 for Southwest converted to futures price, 0 for Hebei converted to futures price, - 25 for Northwest converted to futures price, 0 for CFR China, 0 for CFR Southeast Asia, 0 for import profit, - 10 for main contract basis, and 0 for MTO profit on the futures market [2]. Plastic (Polyethylene) - **Price Data**: From July 1 - 7, 2025, the Northeast Asian ethylene price remained at 850. The North China LL price fluctuated between 7150 - 7200 and then dropped to 7175 on July 7. The two - oil inventory decreased from 76 to 71, and the warehouse receipts remained at 5831 on July 4 and 7 [7]. - **Daily Changes**: On July 7 compared to the previous period, the changes were 0 for Northeast Asian ethylene, - 25 for North China LL, - 50 for East China LL, - 25 for East China LD, 0 for East China HD, 0 for LL in US dollars, 0 for LL in US Gulf, 0 for import profit, - 35 for the main futures contract, 30 for the basis, 0 for two - oil inventory, and 0 for warehouse receipts [7]. PP (Polypropylene) - **Price Data**: From July 1 - 7, 2025, the Shandong propylene price decreased from 6630 to 6420, the Northeast Asian propylene price remained at 745. The East China PP price decreased from 7060 to 7030, and the two - oil inventory decreased from 76 to 71. The warehouse receipts decreased from 7404 to 7232 [7]. - **Daily Changes**: On July 7 compared to the previous period, the changes were - 130 for Shandong propylene, 0 for Northeast Asian propylene, - 40 for East China PP, - 30 for North China PP, - 50 for Shandong powder, - 10 for East China copolymer, 0 for PP in US dollars, 0 for PP in US Gulf, 0 for export profit, - 21 for the main futures contract, 0 for the basis, 0 for two - oil inventory, and - 60 for warehouse receipts [7]. PVC - **Price Data**: From July 1 - 7, 2025, the Northwest calcium carbide price decreased from 2450 to 2250, the Shandong caustic soda price increased from 802 to 817. The calcium - carbide - based PVC price in East China fluctuated between 4770 - 4850 and then dropped to 4830 on July 7. The import price in US dollars (CFR China) remained at 700, and the export profit remained at 465 from July 3 - 7 [11][12]. - **Daily Changes**: On July 7 compared to the previous period, the changes were - 50 for Northwest calcium carbide, 15 for Shandong caustic soda, - 20 for calcium - carbide - based PVC in East China, 0 for ethylene - based PVC in East China, 0 for calcium - carbide - based PVC in South China, 0 for calcium - carbide - based PVC in the North, 0 for import price in US dollars (CFR China), 0 for export profit, 0 for Northwest comprehensive profit, 0 for North China comprehensive profit, and 0 for the basis (high - end delivery product) [12].

Group 1 - The 12th World High-Speed Rail Conference will be held in Beijing from July 8 to 11, focusing on "High-Speed Rail: Innovative Development for a Better Life" with participation from government officials, diplomats, and industry experts [1] - The Dalian Commodity Exchange announced the listing of pure benzene futures and options starting from July 8, with the first batch of contracts totaling four, trading unit set at 30 tons per hand [3] - A total of 8 companies will have their restricted shares unlocked today, amounting to 235 million shares with a total market value of 6.203 billion yuan, with significant unlocks from companies like Haohua Technology and SiKray [4] Group 2 - 22 companies disclosed stock repurchase progress on July 8, with 7 companies announcing new repurchase plans, and 11 companies completing their repurchase plans, indicating active market engagement [5] - The People's Bank of China has a 131 billion yuan 7-day reverse repurchase operation maturing today, reflecting ongoing liquidity management in the financial system [6]

Group 1 - The company, Ningbo Bohui Chemical Technology Co., Ltd., issued convertible bonds totaling RMB 397 million, with a face value of RMB 100 per bond, approved by the China Securities Regulatory Commission [2][3][15] - The bonds have a six-year term, from August 16, 2022, to August 15, 2028, and are listed on the Shenzhen Stock Exchange under the name "Bohui Convertible Bonds" [3][4][10] - The annual interest rates for the bonds are set to increase progressively from 0.40% in the first year to 3.00% in the sixth year, with interest paid annually [4][10][22] Group 2 - The company reported a significant decline in net profit, amounting to a loss of RMB 306.82 million, a decrease of 51.18% year-on-year, attributed to market conditions and production halts [13][15][28] - Total assets increased by 1.13% to RMB 2.135 billion, while operating revenue decreased by 17.94% to RMB 2.279 billion [13][15] - The company has been closely monitored by its bond trustee, Everbright Securities, which ensures compliance with regulations and the proper use of raised funds [13][30] Group 3 - The company announced a temporary suspension of production for certain facilities starting June 12, 2024, affecting its main revenue sources [14][29] - A recovery plan was initiated, with a resumption of production announced on August 26, 2024 [14][29] - The company has also adjusted its fundraising strategy, reallocating some funds to cover operational costs and repay bank loans due to changes in market conditions [30][30]

Core Viewpoint - The announcement details the public disclosure and verification opinions regarding the list of incentive recipients for the 2025 Restricted Stock Incentive Plan of Nanya New Materials Technology Co., Ltd. [1][2] Disclosure Situation - The company held meetings on June 25, 2025, to approve the draft of the 2025 Restricted Stock Incentive Plan and the list of initial incentive recipients [1] - The public disclosure period for the list was from June 26, 2025, to July 5, 2025, lasting 10 days, during which employees could provide feedback [2] - No objections were raised by employees regarding the proposed list of incentive recipients by the end of the disclosure period [2] Supervisory Board Verification Opinion - The supervisory board verified the list of incentive recipients in accordance with relevant laws and regulations, confirming that all individuals listed meet the necessary qualifications [3][5] - The verification process included checks against criteria such as being deemed inappropriate by the stock exchange or regulatory bodies within the last 12 months, and other legal disqualifications [3][4] - The supervisory board concluded that all individuals on the list are legally and effectively qualified to be incentive recipients under the plan [5]