证券日报网讯 12月8日，卫星化学在互动平台回答投资者提问时表示，公司生产经营行稳致远，是国内 领先的轻烃一体化生产企业，建立了具有核心竞争力的化学新材料产业链。公司经营情况请关注公司定 期报告。 （编辑 姚尧） ...

2025年1至6月份，天齐锂业的营业收入构成为：化学原料及化学制品制造业占比50.54%，矿藏开采及 销售占比49.25%，其他业务占比0.21%。 （记者 曾健辉） 截至发稿，天齐锂业市值为871亿元。 每经AI快讯，天齐锂业（SZ 002466，收盘价：53.1元）12月8日晚间发布公告称，公司第六届第二十七 次董事会会议于2025年12月8日在四川省成都市天府新区红梁西一街166号公司八楼会议室以现场结合通 讯表决的方式召开。会议审议了《关于变更公司授权代表及联席公司秘书的议案》等文件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 ...

Core Viewpoint - The report from Huatai Securities indicates that European MDI producers are facing increasing operational pressure due to high energy costs and aging facilities, leading to measures such as plant shutdowns and product price increases. In contrast, Wanhua Chemical maintains stable operations and good profit margins due to its cost and scale advantages, highlighting a clear shift in global industry competitiveness. The recent price increases for related products have prompted an upward revision of the 2025 profit forecast. With the gradual recovery of the Chinese economy and sustained overseas demand, MDI market conditions are expected to improve, allowing Wanhua Chemical to fully benefit from industry cyclicality, maintaining a "buy" rating [1]. Industry Summary - European MDI producers are experiencing heightened operational challenges due to elevated energy costs and older facilities [1] - Measures taken by these producers include plant shutdowns and price hikes [1] - The global competitiveness of the MDI industry is shifting more noticeably [1] Company Summary - Wanhua Chemical is able to sustain robust operations and profit margins due to its cost and scale advantages [1] - The company is expected to benefit significantly from the anticipated recovery in MDI market conditions [1] - The 2025 profit forecast for Wanhua Chemical has been revised upward in light of recent product price increases [1]

Core Viewpoint - Huatai Co., Ltd. (600308.SH) has established an industrial chain layout focusing on the synergistic development of salt chemical and fine chemical industries, with a range of core products [1] Group 1: Company Overview - The wholly-owned subsidiary of the company, Dongying Huatai Chemical Group, has developed a product line that includes caustic soda, liquid chlorine, hydrogen peroxide, propylene oxide, chloroacetic acid, methyl chlorides, and aniline [1] - The company is currently focused on the production and operation of mature products within its existing industrial chain and does not involve fluorochemical products [1]

（文章来源：每日经济新闻） 每经AI快讯，富邦科技（300387.SZ）12月8日在投资者互动平台表示，公司在磷矿石浮选与矿产资源综 合利用领域拥有深厚技术积累，已在磷矿浮选药剂研发、工艺优化等方面形成多项核心专利技术，能够 实现对中低品位磷矿的高效富集与精细化分选，并积极推进共伴生资源的综合回收与绿色利用，显著提 升矿产资源价值。目前，公司已与多家肥料企业及磷矿企业开展合作，依托持续的技术创新与产业化实 践，不断巩固在磷矿综合利用领域的核心竞争力。 ...

Core Viewpoint - First Capital's wholly-owned subsidiary, Yi Chuang Investment Bank, was fined a total of 16.98 million yuan by the Jiangsu Securities Regulatory Bureau for failing to diligently perform its continuous supervision duties in the 2019 convertible bond project of Hongda Xingye [2][4][5]. Group 1: Regulatory Actions - Yi Chuang Investment Bank received a notice of administrative penalty from the Jiangsu Securities Regulatory Bureau, which included a fine of 12.73 million yuan and the confiscation of 4.245 million yuan in sponsorship income, totaling approximately 16.98 million yuan [6][10]. - Two responsible supervisors, Fan Benyuan and Song Yao, were fined 1.5 million yuan each and received warnings for their direct involvement in the violations [6][10]. Group 2: Background of the Case - The violations stemmed from Yi Chuang Investment Bank's role as the sponsor for Hongda Xingye's 2019 convertible bond project, where it allegedly failed to adequately verify the use and repayment of raised funds and issued misleading continuous supervision documents [6][10]. - Hongda Xingye, which was established in 1991 and is controlled by Zhou Yifeng, has faced significant financial difficulties, leading to its stock being delisted and the company entering bankruptcy proceedings [9][10]. Group 3: Industry Implications - The case highlights the regulatory trend of holding intermediary institutions accountable for their supervisory responsibilities, emphasizing the need for diligence in continuous supervision to avoid negligence [4][10]. - The penalties against Yi Chuang Investment Bank serve as a warning to other brokerage firms to enhance their supervisory practices and avoid a focus on sponsorship at the expense of diligent oversight [4][10].

Industry Overview - Sulfur prices have surged from less than 1,000 yuan/ton to over 4,000 yuan/ton since the second half of last year, continuing an upward trend, putting significant pressure on downstream phosphate fertilizer companies without self-supply capabilities [1] - The cost of phosphate fertilizer has increased by approximately 1,500 yuan/ton compared to the first half of last year due to rising sulfur prices, with each 100 yuan increase in sulfur price leading to a 50 yuan increase in phosphate fertilizer costs [1] - The supply side of sulfur is heavily influenced by the Russian refineries facing uncontrollable factors, with Russia's sulfur export volume dropping from 3.9 million tons in 2019 to an estimated 1.04 million tons in 2024 due to the ongoing Ukraine conflict [1] Company Insights - Sanwei Chemical has developed a leading domestic and internationally advanced sulfur recovery technology without online furnaces, with a total of 245 sulfur recovery units designed and contracted, amounting to a total capacity of 13.166 million tons/year, making it the company with the most sulfur recovery units designed and contracted in China [3] - Yuegui Co., Ltd. produces sulfur iron ore products and sulfuric acid, with the price increase of sulfur indirectly affecting the price of sulfur concentrate [3] Demand Projections - China's lithium iron phosphate production reached 2.66 million tons from January to September 2025, with an expected annual output exceeding 3.6 million tons, corresponding to an additional sulfur demand of 1.06 million tons [2] - Indonesia is projected to introduce approximately 658,000 tons of new MHP (nickel-cobalt hydroxide) capacity in 2026, further exacerbating the supply tightness for sulfur [2] - Solid-state battery technology is expected to converge on sulfide electrolytes, with lithium sulfide constituting 82% of the cost, potentially opening up long-term growth opportunities for sulfur [2]

Group 1 - The core viewpoint of the article indicates that the domestic CPI has returned to positive growth, while the PPI's decline is narrowing, suggesting an improvement in the overall supply-demand dynamics in the chemical industry [3] - As of December 4, 2025, the China Chemical Products Price Index (CCPI) stands at 3882 points, reflecting a 10.4% decrease from the beginning of 2025 [3] - The current PE (TTM) of the CITIC Basic Chemical Index is 43.8 times, which is at the 70.8% percentile since 2015, while the PB (LF) is 2.47 times, at the 41.6% percentile since 2015 [4] Group 2 - Capital expenditures in the chemical industry have decreased, with fixed asset investments in the chemical raw materials and products manufacturing sector dropping by 5.6% year-on-year from January to September 2025 [5] - The capital expenditure of listed companies in the basic chemical industry for the first half of 2025 was approximately 124.1 billion, a decrease of 12.5% year-on-year [5] - The Ministry of Industry and Information Technology has introduced a growth stabilization plan for the petrochemical industry, aiming for an average annual growth of over 5% in value-added from 2025 to 2026 [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The propylene market maintains a loose pattern, with the 03 contract expected to oscillate between 5,700 - 6,200 yuan/ton. The market is affected by a generally loose fundamental situation and the weak trend of PP. Although the supply - demand gap has improved compared to October, enterprise inventories remain high. The continuous decline of PP prices and the significant compression of its price difference with propylene also suppress the propylene market [2][3][5]. Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The "anti - involution" issue may be repeatedly submitted, affecting market expectations, but there is no actual progress. The overall chemical sentiment was weak this week, with prices falling again after a slight rebound last week [2]. - Spot prices are easily affected by individual device fluctuations. Although the supply - demand difference changed little this week, spot prices remained stable due to the postponed restart of some devices. In the Shandong region, Hengtong restarted this week, and Binhua is expected to restart in mid - December, increasing the overall supply expectation [2]. - The main downstream product, PP, has sufficient supply. The price difference between PP and propylene has significantly shrunk recently, with some PP devices entering maintenance, but overall PP operation remains at a high level, providing demand support while also suppressing the propylene market [2]. - The price of external propane at a low level rebounded with crude oil, and the premium has strengthened significantly recently. The calculated cost is around 6,250 - 6,500 yuan/ton, and the PDH profit continues to show losses. Attention should be paid to the negative feedback from the profit, but there are currently no more maintenance plans [2]. 1.2 Trading Strategy Recommendations - **Market Positioning**: The market is expected to be weakly oscillating, with the PL03 price range between 5,700 - 6,200 yuan/ton. The overall trend remains weakly oscillating. In the short term, it gets some support from the significant increase in costs, but the upward potential is limited. The negative feedback from the PDH end should be monitored, and the market is regarded as weak until more negative feedback emerges [16]. - **Basis, Calendar Spread, and Hedge Arbitrage Strategy Recommendations** - **Basis Strategy**: The basis is expected to oscillate. This week, due to the postponed restart of production, spot prices remained stable, while the futures market was affected by the overall chemical sentiment and the weak PP price, causing the basis to strengthen [17]. - **Calendar Spread Strategy**: Consider reverse arbitrage for the 1 - 3 spread when the price is high [17]. - **Hedge Arbitrage Strategy**: Consider widening the PP - PL spread when the price is low and wait and see; consider widening the PL/PG ratio and wait and see. The price difference between PP pellets and propylene is around 100 yuan/ton, and that between PP powder and propylene is around 600 yuan/ton in the spot market, and it has also compressed to around 440 yuan/ton in the futures market. One can enter the market when the price is low and pay attention to the maintenance situation of the PP end [17]. - **Recent Strategy Review** - The strategy of narrowing the PP01 - PL03 spread (take profit) was proposed on November 7 and took profit on November 20. Currently, wait and see for opportunities to enter the market to widen the spread. - Hold the reverse arbitrage of PL01 - 03, which was entered on December 5. Conduct range - bound operations on PL01 - 03, mainly focusing on reverse arbitrage [17]. 1.3 Industrial Customer Operation Recommendations - **Inventory Management**: For enterprises with high finished product inventories worried about propylene price drops, they can short - allocate propylene futures at high prices according to their inventory to lock in profits. Sell PL2603 futures contracts with a hedging ratio of 50% when the price is between 6,100 - 6,200 yuan/ton. They can also sell call options on PL2603C6200 to collect premiums and reduce costs, with a hedging ratio of 25% and a recommended entry range of 80 - 100 [18]. - **Procurement Management**: For enterprises with low regular procurement inventories that hope to purchase according to orders, they can buy propylene futures at low prices to lock in procurement costs. Buy PL2603 futures contracts with a hedging ratio of 25% when the price is between 5,700 - 5,800 yuan/ton. They can also sell put options on PL2603P5700 to collect premiums and reduce procurement costs, with a hedging ratio of 25% and a recommended entry range of 100 - 120 [18]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information** - The Russia - Ukraine peace talks have no results, and there is still some distance from reaching an agreement, causing a slight increase in the crude oil market [23]. - The probability of the Fed cutting interest rates by 25BP in December is 93% according to Polymarket [23]. - Spot prices are relatively stable [23]. - **Negative Information** Some of the currently shut - down PDH devices will gradually restart. If there is no more negative feedback, the supply side will remain loose [20]. 2.2 Next Week's Important Events to Watch - The Politburo meeting and the Central Economic Work Conference will be held [24]. - The US October PCE price index will be released [24]. - The US FOMC interest rate decision will be announced [24]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - **Domestic Market** - **Unilateral Trend and Capital Flow**: This week, the PL03 contract oscillated downward. The net positions of major profitable seats increased, the net positions of the top five long - position holders in the dragon - tiger list remained unchanged, the top five short - position holders significantly increased their positions, the net long positions of profitable seats slightly increased, the net long positions of foreign capital slightly decreased, and the net short positions of retail investors slightly increased [22]. - **Technical Analysis**: The PL03 contract was generally weakly oscillating this week. The daily - line middle track still exerted pressure, and currently, there seems to be support around 5,800 yuan/ton [22]. - **Basis and Calendar Spread Structure** - This week, the basis of propylene 03 was 172 yuan/ton, an increase of 112 yuan/ton compared to last week. Spot prices remained stable while futures prices declined. The 01 - 03 calendar spread of propylene was + 126 yuan/ton, an increase of 69 yuan/ton compared to last week [27]. Chapter 4: Valuation and Profit Analysis 4.1 Up - Mid - Downstream Profit Tracking in the Industrial Chain - **Upstream Profit**: This week, the gross profit of major refineries was 593 yuan/ton (- 29 yuan/ton), and that of Shandong local refineries was 232 yuan/ton (+ 59 yuan/ton). The cracking end has been relatively stable recently due to the resumption of production at Zhenhai [29]. - **Mid - stream Profit**: The propane cracking profit has significantly declined, reducing the economic viability of LPG cracking. The PDH profit based on FEI as the cost was - 350 yuan/ton (+ 80 yuan/ton), and that based on CP as the cost was - 505 yuan/ton (+ 47 yuan/ton). The PDH profit remains in a loss state [31]. - **Down - stream Profit** - The price difference between PP拉丝 and propylene is 100 yuan/ton (- 75 yuan/ton), and that between PP powder and propylene is 60 yuan/ton (- 75 yuan/ton), with the spread compressed to a low level [35]. - The profit of epoxy propane PO/SM is 1,365 yuan/ton (+ 126 yuan/ton), the HPPO profit is - 834 yuan/ton (+ 61 yuan/ton), and the chlorohydrin method profit is 178 yuan/ton (- 106 yuan/ton) [35]. - The acrylonitrile profit is - 1,189 yuan/ton (+ 58 yuan/ton), oscillating this week but with large overall losses [35]. - The acrylic acid profit is - 78 yuan/ton (- 18 yuan/ton), with the profit weakening, and attention should be paid to the subsequent operation situation [35]. - The butanol profit is + 182 yuan/ton (+ 657 yuan/ton), with a significant improvement in profit [35]. - The octanol profit is + 702 yuan/ton (+ 607 yuan/ton), with the profit recovering from a low level as the supply decreases [35]. - The phenol - acetone profit is - 990 yuan/ton (- 367 yuan/ton), with the profit weakening. Currently, PO, butanol, and octanol have some profits, while others are mostly in a loss state [35][36]. 4.2 Import - Export Profit Tracking The price difference between Chinese and South Korean propylene has recently increased slightly, with CFR China at 745 US dollars (+ 10 US dollars) [45]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction in the Shandong Market This week, both supply and demand in the Shandong market increased, and spot prices slightly rose. The increase in supply mainly came from the resumption of production at Hengtong, and the increase in demand came from the resumption of production and increased operation of devices such as PO and acrylic acid. In the future, supply will slightly increase with the resumption of production at Binhua [47]. 5.2 Market Supply Side and Deduction This week, there were both start - ups and shut - downs. The overall propylene operation rate was 74.06% (- 0.06%), still at a high level [50]. 5.3 Demand Side and Deduction - **PP**: This week, the price difference between PP pellets and powder and propylene continued to shrink, and the overall operation rate declined, but there were not many maintenance plans. The price difference between PP powder and propylene has compressed to a low level, and maintenance has increased [62][70]. - **Epoxy Propane**: This week, the price of epoxy propane declined, the profit of the chlorohydrin method decreased, but the inventory was still in a destocking state. This week, Shandong Xinyue and Qixiang Tengda increased their operation rates, while Shandong Binhua, Zhonghai Jingxi, and Shandong Minxiang slightly decreased their operation rates, and the overall operation rate slightly increased [71]. - **Acrylonitrile**: There was little change [73]. - **Butanol and Octanol** - Ningxia Jiuhong restarted and increased its operation rate. The 450,000 - ton device of Tianjin Bohua is expected to start operation at the end of December, and the 140,000 - ton device of Jiangsu Huachang is expected to start operation in mid - to - late December [78][80]. - **Acrylic Acid**: Shanghai Huayi slightly decreased its operation rate, Wanhua slightly increased its operation rate, Binhai Chemical stopped for maintenance, and Qixiang Tengda recently restarted [84]. - **Phenol - Acetone**: Taihua Xingye is expected to conduct maintenance for about one and a half months [86]. - **Shandong Regional Demand**: Demand in the Shandong region increased this week. The increase mainly came from the resumption of production and increased operation of PP, PO, acrylonitrile, and octanol [87].

Group 1 - The European and Northeast Asian olefin industry is facing challenges such as long construction times, high costs, and weak demand, leading to the closure of several outdated facilities by multiple companies [1] - The company is seizing opportunities to accelerate its expansion into overseas markets, with its export volumes of acrylic acid and esters, superabsorbent resins, ethanolamines, and polyether monomers ranking among the top in China [1] - For the first three quarters of 2025, the company reported operating revenue of 34.771 billion yuan, a year-on-year increase of 7.73%, and a net profit attributable to shareholders of 3.755 billion yuan, a year-on-year increase of 1.69% [1] Group 2 - The company officially launched its high-performance catalyst new materials project in the first half of 2025, planning to invest 3 billion yuan to create an integrated R&D platform for high-performance catalyst industrialization and high-end new material cluster development [2] - The company is advancing the construction of new projects at various bases, including the acrylic acid project at the Pinghu and Jiaxing bases, and the α-olefin and EAA projects in Lianyungang, which are expected to provide performance growth in the future [2] - Based on the current market conditions of the C2 and C3 sectors and the progress of high-end new materials projects, the company's net profit forecasts for 2025-2027 are adjusted to 5.55 billion, 6.97 billion, and 8.62 billion yuan respectively [2]