Report Summary 1. Investment Rating - Unilateral: Neutral; - Inter - term: PL01 - 02 reverse spread on rallies; - Inter - variety: None [4] 2. Core View - The supply - demand situation of propylene remains relatively loose. The supply is expected to increase due to the restart of propylene plants in North China and the resumption of maintenance units. The demand is mainly rigid, with downstream replenishment being cautious. The cost support is weakening as crude oil prices are falling with OPEC+ production increase expectations. In the short term, there is insufficient upward driving force, and attention should be paid to the cost side and PDH plant start - stop status [3] 3. Summary by Catalog 3.1 Market News and Key Data - Propylene: The closing price of the main contract is 6205 yuan/ton (+93), the spot price in East China is 6060 yuan/ton (-15), and in North China is 5985 yuan/ton (-25). The basis in East China is - 145 yuan/ton (-108), and in North China is - 147 yuan/ton (-45). The operating rate is 74% (-1%), the spread between China's propylene CFR and Japan's naphtha CFR is 176 US dollars/ton (-6), the spread between propylene CFR and 1.2 propane CFR is 98 US dollars/ton (-10), the import profit is - 251 yuan/ton (+136), and the in - plant inventory is 46260 tons (+4770) [2] - Propylene downstream: PP powder operating rate is 41% (+2.74%), production profit is - 5 yuan/ton (+25); epoxy propane operating rate is 68% (+0%), production profit is - 389 yuan/ton (-32); n - butanol operating rate is 86% (-4%), production profit is - 73 yuan/ton (+15); octanol operating rate is 88% (-4%), production profit is - 381 yuan/ton (+18); acrylic acid operating rate is 74% (-1%), production profit is 747 yuan/ton (+11); acrylonitrile operating rate is 79% (+0%), production profit is - 394 yuan/ton (+52); phenol - acetone operating rate is 78% (+0%), production profit is - 329 yuan/ton (+0) [2] 3.2 Market Analysis - Supply side: Propylene supply is expected to increase due to the restart of plants in North China, reduction of external propylene procurement in some areas, and the resumption and capacity increase of maintenance units. Some enterprises offer discounts to sell [3] - Demand side: Downstream replenishment is cautious due to the loosening of propylene prices. The overall downstream operating rate has declined. The supply of PO is stable for now, and the demand is mainly rigid. The acrylic acid plant has seen a significant decline in operating rate due to centralized maintenance, but some plants are expected to restart. The operating rate of PP powder has increased, while that of butanol and octanol has decreased significantly [3] - Cost side: Crude oil prices are falling with OPEC+ production increase expectations, and the cost support is weakening [3] 3.3 Strategy - Unilateral: Neutral; - Inter - term: PL01 - 02 reverse spread on rallies; - Inter - variety: None [4]

甲醇日报 | 2025-10-30 港口库存压力持续，内地库存回建 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润615元/吨（+10）；内地甲醇价格方面， 内蒙北线2020元/吨（+10），内蒙北线基差363元/吨（-6），内蒙南线2000元/吨（+0）；山东临沂2225元/吨（+0）， 鲁南基差168元/吨（-16）；河南2085元/吨（+5），河南基差28元/吨（-11）；河北2155元/吨（-10），河北基差158元/ 吨（-26）。隆众内地工厂库存376060吨（+15700），西北工厂库存231300吨（+12300）；隆众内地工厂待发订单215558 吨（-92），西北工厂待发订单113600吨（-6400）。 港口方面：太仓甲醇2210元/吨（+3），太仓基差-47元/吨（-13），CFR中国257美元/吨（-3），华东进口价差-33元/ 吨（+6），常州甲醇2315元/吨；广东甲醇2225元/吨（+5），广东基差-32元/吨（-11）。隆众港口总库存1506470吨（-5730）， 江苏港口库存824300吨（-26200），浙江港 ...

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - For pure benzene, port inventory has slightly declined, but low downstream开工 rates of styrene, CPL, and adipic acid have dragged down demand, leading to a continuously weak port basis. Domestic pure benzene开工 has also decreased, and the impact of previous sanctions on some refinery loads can be resolved by switching crude oil resources [3] - For styrene, despite short - term maintenance, port inventory has not been reduced, and there is still pressure. New device startups such as Jihua and Guangxi Petrochemical have had an impact. Downstream开工 has changed little, but提货 is average, and the finished product inventory pressure of the three major hard rubbers is still high, so the port inventory pressure of EB persists [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The report mentions figures related to the basis of pure benzene and EB, including the basis of pure benzene futures contracts, the spread between pure benzene spot and M2 paper goods, and the spread between consecutive contracts of pure benzene and EB [8][11][16] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Information on production profits and internal - external spreads of pure benzene and styrene is provided, such as styrene non - integrated device production profit, pure benzene FOB US Gulf - FOB South Korea spread, and import profits of pure benzene and styrene [19][22][30] III. Pure Benzene and Styrene Inventory,开工 Rate - Pure benzene port inventory is 8.50 million tons (- 1.40 million tons), and its开工 rate has declined. Styrene port inventory is still under pressure, with East China port inventory at 193,000 tons (- 9,500 tons), and its开工 rate is 69.3% (- 2.6%) [1][3][34] IV. Styrene Downstream开工 and Production Profits - EPS production profit is 255 yuan/ton (- 5 yuan/ton), with an开工 rate of 61.98% (- 0.54%); PS production profit is - 45 yuan/ton (- 5 yuan/ton), with an开工 rate of 53.80% (+ 0.00%); ABS production profit is - 192 yuan/ton (+ 48 yuan/ton), with an开工 rate of 72.80% (- 0.30%) [2] V. Pure Benzene Downstream开工 and Production Profits - For pure benzene downstream products, caprolactam production profit is - 1850 yuan/ton (+ 35), with an开工 rate of 88.89% (- 3.52%); phenol - acetone production profit is - 329 yuan/ton (+ 0), with an开工 rate of 78.00% (+ 0.00%); aniline production profit is 1050 yuan/ton (+ 224), with an开工 rate of 76.48% (+ 0.75%); adipic acid production profit is - 1165 yuan/ton (- 23), with an开工 rate of 55.80% (- 3.30%) [1] Strategy - Unilateral: None - Basis and inter - period: None - Cross - variety: Short - term, go long on the spread of pure benzene processing fees (pure benzene - naphtha) [4]

Core Viewpoint - The semiconductor wet electronic chemicals market is projected to reach $2.81 billion by 2031, with a compound annual growth rate (CAGR) of 7.4% in the coming years [2]. Market Overview - The global production of semiconductor wet electronic chemicals is expected to reach 1.2 million tons in 2024, with an average price of $1,300 per ton and a gross margin of approximately 30% [4]. - The top ten manufacturers are estimated to hold about 66.0% of the market share in 2024 [4]. Market Drivers and Opportunities - The rapid growth of the semiconductor industry is a key driver for the wet chemical market, fueled by the increasing demand for high-performance semiconductor chips due to the proliferation of electronic products like smartphones and computers [9]. - Technological advancements and innovations in semiconductor manufacturing processes are critical growth drivers, especially as device sizes shrink below 10 nanometers, necessitating ultra-pure chemicals and specialized formulations [9]. - Government policies supporting the domestic wet chemical industry, such as financial subsidies and tax incentives, positively impact market growth [9]. Market Trends - There is a rising demand for higher purity levels in wet chemicals as semiconductor nodes shrink to 7 nanometers and below, leading to the development of specialized formulations and purification processes [11]. - Approximately 70% of semiconductor manufacturers have adopted advanced cleaning steps using specialized wet chemicals like hydrogen peroxide to ensure the quality and performance of semiconductor chips [11]. - The use of AI-controlled quantitative feeding systems is increasing, with about 45% of semiconductor manufacturers implementing these systems to enhance accuracy and efficiency in chemical feeding [11].

Summary of Shengquan Group's Q3 2025 Earnings Call Company Overview - **Company**: Shengquan Group - **Date**: Q3 2025 Earnings Call Key Financial Metrics - **Q3 2025 Revenue**: 2.722 billion CNY, up 7.75% YoY [2][5] - **Net Profit**: 259 million CNY, up 3.73% YoY [2][5] - **Net Profit (Excluding Non-recurring Items)**: 253 million CNY, up 10.38% YoY [2][5] - **Gross Margin**: 25.4%, an increase of 2.26 percentage points YoY [2][5] - **Total Revenue for First Three Quarters**: 8.072 billion CNY, up 12.87% YoY [3] - **Net Profit for First Three Quarters**: 760 million CNY, up 30.81% YoY [3] - **Total Assets**: 16.705 billion CNY, with a debt of 5.93 billion CNY, resulting in a debt-to-asset ratio of 35.5% [3] Segment Performance - **Advanced Materials and Battery Materials**: - Revenue: 1.237 billion CNY, up 32.23% YoY - Sales Volume: 61,100 tons, up 19% YoY [2][6] - **Synthetic Resin**: - Revenue: 4.096 billion CNY, up 4.64% YoY - Sales Volume: 588,700 tons, up 13.9% YoY [2][6] - **Biomass Segment**: - Revenue: 660 million CNY, up 25% YoY - Sales Volume: 171,800 tons, up 25% YoY [2][6] Market Dynamics - **Impact of Seasonal Factors**: Performance in Q3 was slightly affected by the Spring Festival and high-temperature holidays, particularly in the casting industry [7] - **Price Trends**: - Electronic phenolic resin prices maintained between 10,000 to 15,000 CNY, while epoxy prices slightly increased to 20,000 to 25,000 CNY [4][17] - **Sales Volume of Electronic Packaging and Specialty Epoxy Materials**: Increased by approximately 20% YoY, with PPO sales doubling [8][9] Future Outlook and Expansion Plans - **Production Capacity Expansion**: - Plans to expand electronic materials production in Jinan, including 2,000 tons of PPU and OPE, 12,000 tons of specialty epoxy, and other materials, expected to commence production in Q2 2026 [12][13] - **Profit Forecast for 2025**: Expected to reach 1.1 billion CNY, with Q4 projected profit around 300 million CNY [32][33] - **Biomass Sector**: Anticipated to achieve breakeven in the future, with ongoing development of high-end cellulose products and green methanol projects [20][22] Additional Insights - **Cash Flow Issues**: Negative cash flow attributed to accounting practices and high proportion of bank acceptance bills [24][25] - **Stock Incentive Expenses**: Estimated to be around 100 million CNY for the year [26] - **Industry Challenges**: The phenolic resin and furan resin markets are currently facing downward pressure, with many upstream companies experiencing losses [27] Conclusion - **Overall Performance**: Shengquan Group is experiencing steady growth across its segments, with a positive outlook for future expansion and profitability, despite some seasonal and market challenges [34]

Group 1 - The company was asked about the purity level of its BDO products and whether it can sell at a premium compared to similar products in the market [2] - The company's subsidiary, Tongde Kecai Materials Co., Ltd., has not yet commenced production of the PBAT new material integration project, and purity and other indicators will be determined after product output [2] - Market pricing will depend on product purity and market conditions [2]

9月中旬，纯苯期货开启了一轮受下游需求主导的季节性下跌行情。 纯苯下游通常提前备货，7月至9月中旬为下游开工率上行阶段，9月下旬开工率开始下行，需求转弱。 数据显示，1—9月纯苯下游需求同比增长8%；分产品来看，苯乙烯、己内酰胺、苯酚需求同比分别增 长17.3%、7.6%、2%，己二酸、苯胺需求同比分别下降3.8%、8.2%。 苯乙烯方面，5—7月生产利润尚可，6—8月生产企业月度开工率维持在77%~79%的高位区间。但是， 高开工率导致供应增长，8月以后苯乙烯生产利润持续下降，一度降至历史同期最低水平，库存压力也 持续增加。从利润维度来看，四季度开工率有下降空间。 己内酰胺方面，自7月以来开工率回升至较高水平，但生产利润持续下降，预计后续开工率继续下降的 概率较大。从最新数据来看，本周纯苯主力下游苯乙烯、己内酰胺、己二酸的开工率均环比下降。 综合近期行业的检修及复产计划来看，纯苯下游综合开工率将进一步下降，终端需求疲软。从纯苯装置 检修情况来看，11—12月的装置检修规模预计将从10月的21.36万吨回落至11万吨左右，纯苯开工率有 望先减后增。 我国是全球最大的纯苯消费国和进口国。从历年数据来看，我国纯苯 ...

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Core Viewpoint - The company reported a revenue of 34.77 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 7.7%, while the net profit attributable to shareholders was 3.76 billion yuan, up 1.7% year-on-year. However, Q3 alone saw a revenue drop of 12.2% year-on-year to 11.31 billion yuan, with a net profit decline of 38% year-on-year to 1.01 billion yuan [4][5]. Group 1: Financial Performance - In Q3 2025, the company experienced a significant decline in performance, with a revenue of 11.31 billion yuan, down 12.2% year-on-year and a net profit of 1.01 billion yuan, down 38% year-on-year [4][5]. - For the first three quarters of 2025, the company achieved a total revenue of 34.77 billion yuan, which is a 7.7% increase compared to the same period last year, and a net profit of 3.76 billion yuan, reflecting a 1.7% increase year-on-year [4]. Group 2: Industry Chain and Project Development - The C3 industry chain showed signs of profit recovery in Q3 2025, with the domestic PDH price spread improving significantly to 897 yuan/ton, an increase of 300 yuan/ton year-on-year and 407 yuan/ton quarter-on-quarter [5]. - The company has established the largest acrylic acid and ester production capacity in China and the second largest globally, with ongoing projects aimed at enhancing the C2 and C3 industry chain layout [6]. - A new integrated project for new materials and renewable energy at the Pinghu base is set to produce 800,000 tons of multi-carbon alcohol annually, further enhancing the company's market influence in the acrylic acid sector [6]. Group 3: Innovation and R&D - The company signed a major project for high-performance catalytic new materials with an investment of approximately 3 billion yuan, aimed at establishing an integrated research and development platform for high-performance catalysts and new materials [7]. - Recent breakthroughs in catalyst technology include the industrial trial of catalysts for producing 1-butene, 1-hexene, and 1-octene, achieving international advanced levels [7]. - The company is focused on building a global "1+N" research and development innovation platform, concentrating on key strategic materials and cutting-edge new materials [7].

回溯前情，7月8日晚间，上纬新材发布公告显示，上海智元新创技术有限公司(智元机器人运营主体)及 其核心团队共同出资设立的持股平台，拟至少收购上市公司合计63.62%股份。 9月23日晚间，上纬新材公告宣布股份转让完成过户登记。此次股份转让涉及1.21亿股，占公司股份总 数的29.99%，过户日期为2025年9月22日。转让完成后，智元恒岳和致远新创合伙合计拥有上市公司 29.99%的股份及该等股份对应的表决权，上市公司控股股东变更为智元恒岳，邓泰华成为实际控制 人。 9月24日晚间，上纬新材继续披露公告称，智元恒岳计划要约收购公司37%的股份，要约收购价格为 7.78元/股，预计所需最高资金总额为11.61亿元。 最新披露的公告显示，根据中国证券登记结算有限责任公司上海分公司提供的数据统计，本次要约收购 期限内，预受要约的股东账户总数为22户，预受要约股份总数为1.36亿股，占上市公司股份总数的 33.6332%。本次要约收购完成后，收购人及其一致行动人共计持有上纬新材2.57亿股，占上市公司总股 本的63.62%。本次要约收购完成后，公司股权分布仍符合上市条件，上市地位不受影响。 智元机器人入主上纬新材(6 ...