Group 1: Industry Overview - The petrochemical and chemical indices experienced a positive trend due to tariff policy impacts, with the chemical raw materials index rising by 1.30%, chemical machinery index by 0.12%, pharmaceutical index by 2.01%, and pesticide and fertilizer index by 1.28% [1] - In the oil sector, the oil processing index remained stable, while the oil extraction index increased by 0.64% and the oil trading index rose by 0.98% [1] - International crude oil prices fluctuated, with WTI settling at $62.49 per barrel, up 2.41% from May 9, and Brent at $65.41 per barrel, up 2.35% [1] Group 2: Market Performance - The top five performing listed chemical companies in the capital market included Yuzhong Three Gorges A, which rose by 50.65%, Jitai Co., up 47.10%, Suzhou Longjie, up 36.27%, ST Youfu, up 34.54%, and Hongqiang Co., up 33.55% [2] - The five companies with the largest declines were Aiai Precision Engineering, down 7.50%, Yongyue Technology, down 7.49%, Huate Gas, down 6.90%, Aladdin, down 6.88%, and Runbei Hangke, down 6.38% [2] Group 3: Product Price Changes - The top five petrochemical products with the highest price increases included butadiene, up 21.10%, SBS, up 13.65%, pure benzene, up 11.36%, styrene, up 10.43%, and PX, up 9.77% [1] - The five petrochemical products with the largest price declines were liquid chlorine, down 464.29%, trichloromethane, down 6.49%, yellow phosphorus, down 5.80%, vitamin VC, down 5.13%, and ethylene, down 3.53% [1]

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report 2. Core Viewpoints - For PTA, in the short - term, polyester inventory is transferred downward, the load is maintained under the relief of polyester inventory pressure. PTA is in the de - stocking cycle with relatively tight liquidity. Due to tariff adjustment, terminal orders have improved month - on - month, boosting market sentiment, and the basis is expected to be strong in the short - term. Attention should be paid to the implementation of later device maintenance under the expectation of improved processing margins and terminal order situations [6] - For MEG, the recent significant increase in the number of warehouse receipts has tightened the spot liquidity of ethylene glycol. It is expected that the spot basis will still run strongly. The high polyester load in May provides strong rigid support for ethylene glycol, and the de - stocking amplitude in May is considerable. The Sino - US Geneva economic and trade joint statement has boosted market confidence, and the price center of ethylene glycol is expected to run strongly in the short - term. Follow - up attention should be paid to the continuous development of tariff issues and the trading situation of US ethylene glycol [8] 3. Summary by Directory 3.1. Previous Day Review - No information provided 3.2. Daily Tips - **PTA**: Yesterday, PTA futures fluctuated and closed down. The spot market negotiation atmosphere was fair, and the spot basis strengthened and then loosened slightly. Traders were the main participants in the negotiation. Some polyester factories bought goods. The mainstream price in the main port in May was around 09 + 200, with some slightly higher. In the afternoon, the spot basis loosened, and a small amount was traded around 09 + 190 - 195, with the price negotiation range around 4955 - 5035. The mainstream price in June was traded at 09 + 180 - 190. Today's mainstream spot basis is 09 + 198 [6] - **MEG**: On Monday, the price center of ethylene glycol fluctuated and weakened, and the basis fluctuated and strengthened. In the morning, ethylene glycol was mainly in a narrow consolidation, and the buying sentiment in the market was fair. In the afternoon, affected by the news of polyester factory production cuts, the futures price dropped slightly. The low - level spot basis was negotiated and traded at a premium of 97 - 103 yuan/ton to the 09 contract. In terms of US dollars, the external price center of ethylene glycol fluctuated and weakened. There were few offers for spot cargoes during the day. In the morning, the bid for recent spot cargoes was around 532 US dollars/ton, and in the afternoon, the negotiation center dropped to below 530 US dollars/ton. A proper amount of ocean - going cargoes was traded around 528 - 529 US dollars/ton. There was a Taiwan tender cargo traded at around 535 US dollars/ton, with a cargo volume of 5000 tons [8] 3.3. Today's Focus - No information provided 3.4. Fundamental Data - **PTA**: The spot price is 4995, the basis of the 09 contract is 219, and the futures price is at a discount, which is bullish. The PTA factory inventory is 4.28 days, a decrease of 0.23 days compared with the previous period, which is bullish. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. The net short position of the main contract is decreasing, which is bearish [6] - **MEG**: The spot price is 4573, the basis of the 09 contract is 98, and the futures price is at a discount, which is bullish. The total inventory in the East China region is 66.88 tons, a decrease of 2.26 tons compared with the previous period, which is bullish. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. The net short position of the main contract is decreasing, which is bearish [8][9] 3.5. Impact Factor Summary - **Likely to be Bullish**: The maintenance season of raw materials such as PTA and ethylene glycol (e.g., the maintenance of Zhejiang Petrochemical and Jiujiang Petrochemical) has led to a contraction in supply. The de - stocking expectation in the second quarter exceeds 500,000 tons, which supports the price rebound [10] - **Likely to be Bearish**: The EU Carbon Border Adjustment Mechanism (CBAM) has imposed taxes on polyester products since 2025, increasing the export cost by 8% - 12%. Enterprises need to accelerate the layout of production capacity in Southeast Asia. The average domestic polyester operating rate is 85%, and some small and medium - sized enterprises are below 70%. The over - capacity of low - end products has led to fierce price competition, and the inventory days of filament and staple fiber are approaching historical highs [11] 3.6. Current Main Logic and Risk Points - In the short - term, the commodity market is greatly affected by the macro - level, and the expectation of raw material inventory accumulation still exists. After the futures price rebounds, attention should be paid to the upper resistance level [12] 3.7. Supply - Demand Balance Sheets - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, production, import, total supply, polyester production, consumption, and inventory from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [13] - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol operating rate, production, import, total supply, polyester production, consumption, and port inventory from January 2024 to December 2025, as well as the year - on - year changes and supply - demand gaps [14] 3.8. Price Charts - Include bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, etc., from 2020 - 2025 [16][19][23][24][29][32][36][39] 3.9. Inventory Analysis - Include PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory, from 2021 - 2025 [42][43][44][47] 3.10. Polyester Upstream and Downstream Operating Rates - **Upstream**: Include the operating rates of purified terephthalic acid, p - xylene, and ethylene glycol from 2020 - 2025 [53][54][55] - **Downstream**: Include the operating rates of polyester factories and Jiangsu and Zhejiang looms from 2020 - 2025 [57][58][59] 3.11. Profit Analysis - Include PTA processing fees, MEG production profits from different production methods, and production profits of polyester fiber short - fiber and long - fiber from 2022 - 2025 [61][64][67]

Group 1: New Stock Performance - In the second week of May, the average first-day increase of newly listed stocks converged to around 100%, with two new stocks contributing to A/B class investors' single account profits of 96,000 / 95,700 CNY[39] - The new stock index and the near-term new stock index rose by 1.63% and 3.87% respectively, leading the market[6] - The new stock index's deviation from the Shanghai Composite Index decreased to 143.63%[8] Group 2: Market Trends and Trading Activity - The trading activity in the new stock sector continued to rise, with turnover rates for the new stock index and near-term new stock index increasing by 1.75 percentage points and 1.60 percentage points respectively[18] - The total market capitalization of newly released stocks in the second week of May was 14.09 billion CNY, with a significant drop in the expected new stock unlock market value to only 1.90 billion CNY in the third week[35] - The overall average increase of 46 newly listed stocks in the past six months was 3.04%, indicating a sustained upward trend in the new stock sector[44] Group 3: Valuation Metrics - As of May 16, the price-to-earnings (PE) ratio for the new stock index was 51.3X, while the near-term new stock index was 34.9X, reflecting a divergence in valuation changes[13] - The price-to-book (PB) ratio for the new stock index was 4.1X, corresponding to a historical percentile of 70.3%[16] - The net active selling in the new stock sector was 1.84 billion CNY, with institutional investors net buying 185 million CNY during the same period[24]

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]

Core Viewpoint - The Chinese Ministry of Commerce has imposed anti-dumping duties on imported urea-formaldehyde from the US, EU, Japan, and Taiwan, with rates as high as 74.9%, indicating a strategic move to protect domestic industries while asserting China's position in international trade [1][3]. Group 1: Anti-Dumping Measures - The anti-dumping investigation took a year, confirming that the imports from the specified regions were indeed sold at unfairly low prices, harming domestic industries [1]. - This action reflects China's commitment to safeguarding its economic interests and demonstrates a robust trade strategy amidst ongoing negotiations with the US [3][4]. Group 2: Strategic Implications - The anti-dumping measures serve as a dual-purpose tool: economically protecting domestic industries and politically enhancing China's bargaining power in international trade discussions [3]. - The situation illustrates China's independent stance in trade negotiations, emphasizing that it will not be passive in defending its interests even while engaging with major powers like the US [3][4]. Group 3: International Trade Dynamics - The ongoing trade tensions, including unresolved issues like fentanyl tariffs, suggest that while there may be temporary easing in trade conflicts, the underlying challenges remain [3]. - The reactions from the US, EU, and Japan to these anti-dumping measures will be crucial for understanding the broader implications for international trade relations [5].

碳黑作为一种重要的化工原料，在包括橡胶、塑料、油墨等多个行业都扮演着重要的角色。其中，N219碳黑产品更是在市场上享有广泛的应用。在生产过 程中，我们不能忽视对N219碳黑产品成本进行合理的核算与管理，这对于企业来说是一项重要的任务。本文将从多个角度探讨N219碳黑产品成本核算的重 要性以及核算的方法。 ，合理核算N219碳黑产品成本有助于企业及时发现和解决生产过程中的问题。通过分析成本数据，企业可以发现一些不必要的成本支出，进而采取相应的 措施进行调整和节约。同时，成本核算还可以帮助企业发现生产效率低下、资源浪费等问题，并及时进行改进，提高企业的整体竞争力。 那么，如何进行N219碳黑产品成本的合理核算呢？，企业需要建立完善的成本核算体系，包括规范的成本分类、计算方法以及数据收集与分析等。，在核 算数据的收集上，企业应充分考虑到各个环节的成本，例如原材料采购、生产过程中的能源消耗以及人力成本等。同时，还需要根据实际情况制定合理的成 本分配方法，确保各个环节的成本能够被准确地反映在核算结果中。 为了更好地进行成本核算，企业还需要与供应商、生产部门、质量控制部门等进行紧密合作。供应商的价格、质量对成本的影响不容 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant developments, providing insights for investors [2] Investment Activities - Ningde Times plans to invest up to $225 million in the Lochpine Green Fund I, LP, focusing on carbon neutrality, with a target size of $1.5 billion [3] - Baiyun Airport intends to invest 4.5 million yuan to establish a duty-free company with partners, with a total registered capital of 45 million yuan [4] - Guizhou Moutai has repurchased a total of 2.6421 million shares, amounting to 4.05 billion yuan, representing 0.2103% of its total share capital [5] - Zhonghang Gaoke's subsidiary plans to invest 918 million yuan in enhancing capabilities for civil aviation composite materials [12] Shareholding Changes - Huaxi Group will transfer 16.01% of its shares in Chengxing Co. to Jiangyin Lianying for 511 million yuan, with no change in controlling shareholder [6] - Tunnel Co.'s controlling shareholder plans to increase its stake by investing between 250 million to 500 million yuan [13] Stock Adjustments - *ST Aonong will remove its delisting risk warning, changing its name to Aonong Biological, with a price fluctuation limit adjustment from 5% to 10% [7] - *ST Kexin will also remove its delisting risk warning, changing its name to Kexin Development, with similar price fluctuation adjustments [9] Market Performance - Ningbo Shipping reported normal operations and no undisclosed significant information, with its rolling P/E ratio significantly higher than the industry average [8] - Liren Lizhuang stated that products containing "ergothioneine" contribute minimally to overall sales, indicating limited impact on business performance [10] Share Buyback Plans - Jianghan New Materials plans to repurchase shares worth 200 million to 400 million yuan, with a maximum price of 30 yuan per share [14]

Mergers and Acquisitions - Kaineng Health plans to acquire 7 million shares of Yuaneng Group for 22.89 million yuan, increasing its ownership from 42.4136% to 43.6956% [1] - Binhai Energy intends to purchase 100% equity of Cangzhou Xuyang Chemical through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [2] - ShenNan Electric A plans to acquire 75% equity of Sichuan Ruinan by assuming and repaying a debt of 18.3375 million yuan owed by Kelu Electronics [3] Share Buybacks and Increases - Jianghan New Materials announces a share buyback plan with an amount ranging from 200 million to 400 million yuan, with a maximum price of 30 yuan per share [4] - Guizhou Moutai has repurchased a total of 2.6421 million shares, amounting to 4.05 billion yuan, representing 0.2103% of its total share capital [5] - Tunnel Holdings' controlling shareholder plans to increase its stake in the company with an investment between 250 million and 500 million yuan, not exceeding 2% of the total share capital [6] Risk Matters - Tailing Microelectronics reports that the National Integrated Circuit Industry Investment Fund has reduced its shareholding to 6.95% after selling 4.8 million shares [7] - Dianguang Media received an administrative regulatory measure decision from Hunan Securities Regulatory Bureau due to undisclosed related party transactions and inadequate inventory impairment preparation [9] - Huitian Thermal Power received a warning letter from Liaoning Securities Regulatory Bureau for failing to timely disclose a significant lawsuit amounting to 35 million yuan [10]

证券研究报告——晨会聚焦 2025 年 5 月 16 日 中银晨会聚焦-20250516 ■重点关注 【宏观经济】4 月金融数据点评*张晓娇 朱启兵。4 月新增社融和新增信贷 偏弱，主要是受美国关税政策冲击；但 4 月数据中仍反映出积极的财政政策 落地速度较快、居民购房需求仍在恢复趋势当中；5 月国内宏观政策加大宽 松力度、海外经贸形势出现较大变化，我们预计将提振二季度经济预期。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3380.82 | (0.68) | | 深证成指 | 10186.45 | (1.62) | | 沪深 300 | 3907.20 | (0.91) | | 中小 100 | 6321.96 | (1.34) | | 创业板指 | 2043.25 | (1.92) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 美容护理 | 3.68 | 计算机 | (2.97) | | 煤炭 | 0.42 | 通信 | (2.45) ...

金 融 期 货 研 究 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3943.21 | ↑1.21 | | 3194.7 | | | | | | IF2505 | 3943 | ↑1.31 | -0.21 | 396.2 | 33690 | ↑9673 | 30595 | ↓2859 | | IF2506 | 3907.4 | ↑1.45 | -35.81 | 955.5 | 81957 | ↑36259 | 164602 | ↑20634 | | IF2509 | 3841.4 | ↑1.55 | -101.81 | 215.2 | 18781 | ↑8331 | 65479 | ↑5162 | | IF2512 | 3803.4 | ↑1.57 | -139.81 | 56.6 | 4996 | ↑192 ...