Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]

Core Viewpoint - The article provides a comprehensive analysis of the pure benzene industry, highlighting its production processes, supply chain dynamics, and market trends, particularly focusing on the impact of downstream demand and global trade flows [3][5][17]. Summary by Sections Pure Benzene Overview - Benzene (C6H6) is a colorless, flammable liquid that serves as a fundamental petrochemical raw material, indicating the development level of a country's petrochemical industry [3][12]. Pure Benzene Industry Chain - The main downstream products of pure benzene include styrene, caprolactam, phenol, aniline, and adipic acid, with styrene consumption being the largest but declining in recent years due to real estate market influences [12][16]. Production Process - Pure benzene is produced as a byproduct in various chemical processes, with its output influenced by the profitability of producing other chemicals like PX and the demand for blending oil [16]. Global Capacity and Distribution - Global pure benzene capacity has accelerated, primarily driven by China, with Northeast Asia accounting for nearly half of the total capacity [17][24]. Trade Flows - The global trade flow of pure benzene moves from major production areas to consumption regions, with China, the US, and Europe being the primary consumers [20][41]. Domestic Capacity and Production - By the end of 2024, China's pure benzene capacity is projected to reach 25.73 million tons, with significant capacity additions in 2022 and 2023, although growth is expected to slow in 2024 [24]. Seasonal Operation Rates - The operational rates of domestic pure benzene facilities exhibit seasonality, aligning with refinery maintenance schedules, particularly in spring and autumn [33]. Downstream Demand - Downstream demand for pure benzene has been increasing, especially since 2021, driven by the commissioning of styrene and other downstream facilities, although the share of styrene has been declining [35]. Import and Export Dynamics - Domestic pure benzene is primarily imported, with significant imports from South Korea and Southeast Asia, while exports remain minimal [41]. Profitability - The profitability of pure benzene production is typically assessed through the price spread between pure benzene and naphtha, with variations depending on market conditions [46]. Supply and Demand Balance - The supply-demand balance for pure benzene is influenced by various factors, including production costs and downstream demand fluctuations [50]. Futures Contracts - Futures contracts for pure benzene are traded on the Dalian Commodity Exchange, with specific trading units and delivery standards outlined [53][54]. Delivery Standards - The delivery standards for pure benzene include specifications for appearance, purity, and various chemical content limits, ensuring quality control in trading [54][55]. Delivery Areas and Pricing - Delivery areas for pure benzene are strategically chosen to facilitate trade, with pricing adjustments based on regional supply and demand dynamics [56].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. is applying for listing on the Beijing Stock Exchange, focusing on the development, production, and sales of ketoxime products, establishing a green circular industry chain [1][3]. Group 1: Company Background - The company has developed a green circular industry chain consisting of ketoxime/aliphatic oxime, oxime silane, and hydroxylamine series products [1]. - The chairman, Lei Jun, previously held positions at Juhua Co., Ltd., including general manager and deputy general manager [1][3]. Group 2: Related Party Transactions - The company has significant related party transactions with Juhua Group, with procurement amounts of 32,965.04 million, 29,940.15 million, and 26,620.75 million yuan over the past three years, accounting for 38.28%, 35.65%, and 28.38% of total procurement respectively [3][4]. - In 2023 and 2024, the company plans to procure raw materials from Juhua Group amounting to 81,949,053.10 yuan and 65,417,991.14 yuan respectively [4]. Group 3: Raw Material Supply and Production Capacity - Juhua Group sold ketoxime materials to Jinhua New Materials for 16,276.9 million yuan and 13,365.89 million yuan in 2023 and 2024, respectively, which exceeds the procurement amounts disclosed by Jinhua [5]. - Jinhua New Materials is expanding its own production capacity for ketoxime, with a planned production start in June 2024, aiming to reduce reliance on external procurement [5]. Group 4: Market Conditions and Product Pricing - The utilization rate of the company's core product, silane crosslinking agent, decreased from 96.19% in 2023 to 76.15% in 2024, with no explanation provided in the prospectus [7]. - The company has been reducing the sales prices of silane crosslinking agents due to a downturn in downstream market demand, particularly in the construction and photovoltaic sectors [8].

亚星化学(600319)今日下跌8.23%，全天换手率22.01%，成交额5.44亿元，振幅15.12%。龙虎榜数据显 示，营业部席位合计净卖出1074.29万元。 上交所公开信息显示，当日该股因日振幅值达15.12%、日跌幅偏离值达-8.41%上榜，营业部席位合计净 卖出1074.29万元。 4月26日公司发布的一季报数据显示，一季度公司共实现营业收入1.99亿元，同比增长5.61%，实现净利 润-4604.51万元。（数据宝） 亚星化学7月3日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中国银河证券股份有限公司北京中关村大街证券营业部 | 1140.37 | | | 买二 | 国泰海通证券股份有限公司总部 | 759.78 | | | 买三 | 中国国际金融股份有限公司上海分公司 | 730.51 | | | 买四 | 国金证券股份有限公司深圳分公司 | 674.75 | | | 买五 | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券 | 583.32 | | ...

Core Viewpoint - The article discusses the advancements in green bio-manufacturing, particularly focusing on the synthesis of aliphatic short-chain diamines and diols from renewable resources, highlighting the importance of reducing reliance on fossil resources and addressing environmental concerns [3][4][5]. Group 1: Importance of Green Bio-Manufacturing - The chemical industry is a significant part of the national economy, with over 100,000 types of fine chemical products globally. Traditional production methods heavily rely on fossil resources, leading to resource depletion and CO2 emissions [4]. - Transitioning to renewable resources for bio-manufacturing is crucial for achieving a clean, low-carbon, and sustainable environment. China has set goals to replace traditional chemical raw materials with bio-based materials [4][5]. Group 2: Advances in Bio-Synthesis - Significant progress has been made in the bio-synthesis of 1,3-propanediamine, 1,4-butanediamine, and their corresponding diols, with commercial applications already realized by companies like DuPont and Genomatica, achieving cost reductions of 37% and energy savings of 30% compared to petrochemical processes [5][6]. - Companies such as Ningxia Yipin Biotechnology and Shanghai Kaisi Bio-Industry have successfully scaled up the production of 1,5-pentanediamine using whole-cell catalysis, claiming a 30% cost reduction compared to traditional methods [5][6]. Group 3: Challenges in Bio-Synthesis - Despite advancements, challenges remain in the bio-synthesis of most diamines and diols, including high production costs and the lack of natural biosynthetic pathways for certain compounds [6][7]. - Research is focused on developing bio-synthesis routes using non-food biomass and one-carbon feedstocks to reduce fossil resource dependence and CO2 emissions [6][7]. Group 4: Metabolic Pathways and Carbon Cycling - The article outlines the carbon cycling and metabolic pathways involved in utilizing renewable resources for bio-manufacturing, emphasizing the role of biomass derived from agriculture, forestry, and waste [8][9]. - Various metabolic pathways for sugars derived from lignocellulosic biomass have been identified, which can be utilized for synthesizing short-chain diamines and diols [11][13]. Group 5: Synthesis Routes for Specific Compounds - Detailed synthesis routes for 1,3-propanediamine and 1,3-propanediol are discussed, highlighting the use of key amino acid precursors and various microbial pathways [20][21]. - The synthesis of 1,4-butanediamine and 1,4-butanediol involves multiple pathways, including those utilizing ornithine and arginine, with significant advancements in microbial engineering to enhance yields [23][24]. - The article also covers the synthesis routes for 1,5-pentanediamine and 1,5-pentanediol, focusing on the use of lysine as a precursor and the challenges in achieving high yields [25][26].

甲醇聚烯烃早报 研究中心能化团队 2025/07/03 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/06/2 6 | 801 | 2760 | 2505 | 2480 | 2600 | 2460 | 2580 | 286 | 347 | 258 | 340 | -1243 | | 2025/06/2 7 | 801 | 2820 | 2505 | 2460 | 2600 | 2460 | 2580 | 282 | 350 | 267 | 400 | -1176 | | 2025/06/3 0 | 801 | 2785 | 2485 | 2430 | 2 ...

期货研究报告|纯苯专题 2025-07-03 纯苯下游格局 研究院化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 摘要 华泰期货纯苯上市专题系列之四：纯苯下游格局。分为横向对比分析及纵向自身分 析。 横向对比的分析，第一是纯苯下游苯乙烯、己内酰胺、酚酮、苯胺、己二酸五大品种 的下游需求占比及基础介绍；第二是按照外采纯苯比例加权后的纯苯下游需求占比， 找出对纯苯需求边际影响更大的品种；第三是列出五个品种的年度产能增速，对比 5 个品种的投产周期；第四是分析纯苯需求分地区占比，且各地区下游占比分析，特别 是定价主要集中地的华东的下游需求占比分析，还 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 1、各方主体 九江天赐成立于2007年10月30日，拥有液体六氟磷酸锂生产工业化技术，为保护公司的商业秘密，九江 天赐建立了完善的保密管理制度和保密措施。 被告九李胜于2017年8月23日进入原告九江天赐工作，与九江天赐签订了《劳动合同》《商业保密、竞 业限制协议》等，于2021年5月20日从九江天赐离职。其在九江天赐工作期间先后担任电池生产部工艺 技术总监、总工程师等职务。为了获取非法利益，被告九李胜违反保密义务，伙同被告人七郑飞龙与被 告一浙江永太科技股份有限公司、被告三何人宝达成合作协议后，被告一至被告五将其通过收买的不正 当手段非法获取的原告液体六氟磷酸锂工艺技术资料运用于被告二邵武永太高新材料有限公司年产13.4 万吨液体锂盐产业化项目中。该项目由被告四王国超、被告五邵鸿鸣具体负责，并由被告十浙江美阳国 际工程设计有限公司进行项目产线设计，并由被告六上海桦置工程科技有限公司（该公司由郑飞龙、被 告八姜存华与何人宝成立，实控人为何人宝）承接项目部分。 特别提示： 3、涉案金额：预期经济损失人民币88,71 ...

浙江争光实业股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善浙江争光实业股份有限公司（以下简称"公司"）治理 结构，促进公司规范运作，根据《中华人民共和国公司法》《中华人民共和国证 券法》 《上市公司独立董事管理办法》 《深圳证券交易所创业板股票上市规则》 （以 下简称《创业板上市规则》）、《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等法律、行政法规、规范性文件以及《浙江争光实 业股份有限公司章程》（以下简称《公司章程》）的有关规定，制定本制度。 第二条 本制度所称独立董事是指不在公司担任除董事外的其他职务，并与 公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影 响其进行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，并应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交 易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、 监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 公司独立董事占董事会成员的比例不得低于三分之一，且至少包括 ...

浙江争光实业股份有限公司 董事会审计委员会实施细则 第一章 总则 第一条 为强化浙江争光实业股份有限公司（以下简称"公司"）董事会决策 功能，确保董事会对经营管理层的有效监督，完善公司治理结构，根据《中华人 民共和国公司法》 （以下简称《公司法》）、 《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 以及《浙江争光实业股份公司章程》 （以下简称《公司章程》）等有关规定，公司 第二章 委员会的组成 第三条 审计委员会由三名不在公司担任高级管理人员的董事组成，其中二 名为独立董事，委员中至少有一名独立董事为会计专业人士。公司董事会成员中 的职工代表可以成为审计委员会委员。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 设立董事会审计委员会，并制定本实施细则。 第二条 董事会审计委员会是董事会下设的专门工作机构，主要负责公司内、 外部审计的沟通、监督和核查工作。 第五条 审计委员会设召集人（主任委员）一名，由独立董事中会计专业人 士担任，由董事会选举产生。 第六条 审计委员会任期与董事会一致，委 ...