Core Viewpoint - The company Zhonglun New Materials (301565) highlights the low domestic localization rate of electrical-grade polypropylene resin, which is crucial for BOPP (Biaxially Oriented Polypropylene) film production, and emphasizes the reliance on overseas suppliers for raw materials [1] Group 1: Industry Insights - The core raw material for BOPP new energy film is electrical-grade polypropylene, with the current domestic localization rate remaining low [1] - Major domestic chemical enterprises are working on technological advancements for the production of electrical-grade polypropylene resin [1] - The BOPP capacitor film industry has high entry barriers, primarily due to the quality differences in raw materials and the maturity of production technology [1] Group 2: Company Strategy - The company primarily sources electrical-grade polypropylene from overseas suppliers such as Nordic Chemicals, Korean Oil, and Singapore TPC [1] - The quality of polypropylene resin directly impacts the performance of the final product, creating a foundational barrier to entry [1] - The maturity of stretching technology and the uniqueness of masterbatch formulations are critical competitive barriers in achieving special product performance [1]

Group 1 - Domestic futures main contracts showed mixed performance on December 11, 2025, with lithium carbonate and Shanghai silver rising over 3% [1][6] - Pulp, vegetable oil, soybean meal, and European shipping contracts increased by more than 2%, while BR rubber, polysilicon, soybean, and tin rose over 1% [1][6] - In contrast, coking coal fell over 4%, with coking coke, caustic soda, and ethylene glycol dropping more than 2%, and fuel oil and PVC nearing a 2% decline [1][6] Group 2 - As of December 11, 2025, the output of 100 surveyed thermal coal mines was 12.187 million tons, a decrease of 0.5% week-on-week, while inventory increased by 1.4% to 3.253 million tons [4][8] - The output of 98 coking plants was 2.796 million tons, down 0.1% from the previous week, with inventory rising by 19.09% to 352,500 tons [4][8] - The raw coal output from 88 coking coal mines was 8.4282 million tons, a decrease of 1.24% week-on-week, while inventory increased by 1.8% to 1.9818 million tons [4][8]

2025年12月11日 国泰君安期货商品研究晨报 观点与策略 | 黄金：如期降息 | 3 | | --- | --- | | 白银：再创新高，突破60 | 3 | | 铜：美元回落，支撑价格 | 5 | | 锌：高位回落 | 7 | | 铅：库存减少，限制价格回落 | 9 | | 锡：供应再出扰动 | 10 | | 铝：继续震荡 | 12 | | 氧化铝：小幅反弹 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 铂：上方承压明显 | 14 | | 钯：震荡偏上 | 14 | | 镍：结构性过剩转变，博弈矛盾并未改变 | 16 | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 16 | | 碳酸锂：大厂复产消息反复，高位震荡 | 18 | | 工业硅：关注工业硅厂挺价情况 | 20 | | 多晶硅：平台公司股权细节公布，盘面继续逢低做多 | 20 | | 铁矿石：下游需求空间有限，估值偏高 | 22 | | 螺纹钢：地产板块情绪扰动，低位震荡 | 23 | | 热轧卷板：地产板块情绪扰动，低位震荡 | 23 | | 硅铁：宽幅震荡 | 25 | | 锰硅：宽幅震荡 | 25 | | 焦炭：宽幅 ...

【DT新材料】 获悉，近日，日韩两大巨头可乐丽、SK集团相继宣布将在中国的子公司转让给 道恩股份和江苏双象集团两家龙头 （1）道恩，收购韩国SK集团EPDM业务 12月10日， 道恩股份 公告，拟收购 宁波爱思开合成橡胶有限公司 （简称宁波SK）80%股权，以进一步 进一步完善产业布局、拓展 公司在弹性体领域 应用场景。 资料显示， 宁波SK 由韩国第二大企业集团—— SK集团 旗下爱思开致新投资香港有限公司（香港SK）投资设立，专注于三元乙丙橡胶（EPDM）的研 发与生产。除此之外，此前消息， SK集团 正在出售其与 中国石化 的合资公司 中韩(武汉)石油化工有限公司 中的全部35%股份， 该交易预计将以其 账面价值 8193亿韩元（约41.7亿元人民币） 左右的价格进行。 EPDM是道恩股份动态硫化平台产品的核心原料，其不同的分子结构能够赋予动态硫化平台产品独特的耐候性、耐臭氧性、弹性和阻燃性等，是决定产 品性能和生产成本的要素之一。 EPDM业务的加入让道恩"聚合-改性-应用"的全链条更趋完整， 从根本上解决上游原料"卡脖子"问题，显著降低原材料对外依赖的风险。 同日，道恩股份还披露了关于对 外投资设立 ...

金发科技12月10日大宗交易平台共发生5笔成交，合计成交量1156.00万股，成交金额1.91亿元。成交价 格均为16.49元，相对今日收盘价折价9.30%。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为3.91亿元。 证券时报·数据宝统计显示，金发科技今日收盘价为18.18元，下跌0.76%，日换手率为1.81%，成交额为 8.64亿元，全天主力资金净流出8590.73万元，近5日该股累计上涨1.91%，近5日资金合计净流出8068.51 万元。 两融数据显示，该股最新融资余额为20.86亿元，近5日减少33.50万元，降幅为0.02%。 据天眼查APP显示，金发科技股份有限公司成立于1993年05月26日，注册资本263661.2697万人民币。 （数据宝） 12月10日金发科技大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 267.00 | 440 ...

外盘供应收紧推高价格 近期，国内硫黄市场价格持续攀升，引发行业广泛关注。截至12月4日，国内主流成交价已突破4000元(吨价，下同)大关，国内主 要港口成交价已达4110元，环比涨幅17%，年内涨幅已超160%，创下近十年来新高。 市场资深评论员邵会文表示，今年硫黄市场如此"疯狂"上涨，主要受国际供应趋紧、下游需求增长及市场情绪推动等因素影响。 基于目前供需博弈现状，预计短期内市场仍将维持高位盘整走势。业内人士建议，在关注市场机遇的同时，需密切关注潜在风 险，维护产业链供应链稳定。 市场看涨情绪加剧波动 邵会文表示，今年硫黄市场贸易商的参与度明显高于以往，也是行情能够快速走高的另一推动因素。在对多家贸易商进行咨询了 解的过程中发现，即便硫黄市场价格已处于历史高位区间，仍有超过70%的贸易商对12月的市场行情看涨。 业内人士普遍认为，国际市场硫黄的强势表现，一直是近几个月国内硫黄价格上涨的核心动力。 "受地缘冲突等因素影响，俄罗斯和哈萨克斯坦的硫黄出口量显著下降，而以印度尼西亚湿法镍冶炼为代表的下游需求快速增 长，由此引发硫黄价格快速上涨。"中国硫酸工业协会秘书长廖康程分析，俄乌冲突前，俄罗斯硫黄的出口量在20 ...

Group 1 - Recent sulfur prices have surpassed 4000 yuan/ton, with mainstream prices at Zhenjiang Port reaching 4150 yuan/ton, marking a 320% increase from the low of under 1000 yuan/ton in the second half of last year [1][2][29] - The surge in domestic prices is primarily driven by strong performance in the international market, particularly due to the relationship between sulfur production and fossil fuel consumption [5][32] - Global high-sulfur crude oil production is expected to decline due to OPEC's decision to halt production increases and geopolitical factors affecting supply, particularly from Russia [7][34] Group 2 - Major exporting countries have raised sulfur prices, with Qatar and Kuwait both announcing December contract prices at FOB 495 USD/ton, a significant increase of approximately 24% [9][10][36] - China's sulfur import dependency remains high at around 50%, with projections indicating an import volume of approximately 9.95 million tons in 2024 [13][40] - The domestic sulfur market is heavily influenced by international pricing trends due to China's high reliance on imports from countries like the UAE, Qatar, and Kuwait [12][41] Group 3 - The sulfur price increase is impacting various downstream industries, particularly the fertilizer sector, which accounts for over 50% of sulfur consumption [18][45] - The production of titanium dioxide, which requires sulfuric acid, is also affected, leading to price increases among domestic titanium dioxide producers [21][49] - The indirect demand for sulfur from the lithium iron phosphate sector is rising, driven by the growing demand for energy storage batteries [26][53] Group 4 - Market sentiment remains bullish, with 71% of participants expecting further price increases due to tight international supply and rising import costs [27][54] - Short-term price pressures are anticipated, with potential for a slight correction before the Spring Festival, although a rebound in March could occur due to seasonal demand [28][56] - The overall profit margins for downstream industries are limited, which may restrict the potential for prices to reach 5000 yuan/ton [28][56]

国信证券近日发布硫磺行业深度报告：IEA预测，今年全年天然气消费增速为1.3%，明年天然气消费增 速预计为2%。全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部分国家 提交了额外减产计划。 以下为研究报告摘要： 核心观点 硫磺主要伴生于油气开采及炼化，未来油气消费增速下降，同时明年高硫原油产量预计下降，全球硫磺 产量增速预期较低。硫磺主要在油气生产及炼化过程伴生，硫磺产量与化石能源消费紧密相关。主流机 构均预测明年原油消费增速较低，仅约1%。IEA预测，今年全年天然气消费增速为1.3%，明年天然气 消费增速预计为2%。全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部 分国家提交了额外减产计划。伊朗受美国制裁，原油产量不断下降。油气需求增速较低，高硫原油产量 预期下降，全球硫磺产量预计低速增长。俄罗斯本为全球第二大硫磺生产国，今年来其炼厂持续受袭， 直接影响了气硫磺的生产和出口，加剧硫磺供应紧张。 硫磺最重要应用为制备硫酸，硫酸需求预计仍将保持中速增长，这直接导致硫磺全球供应偏紧。2024年 中国93%的硫磺被用来制备硫酸。全球约一半的硫酸用来制备化肥 ...

立足当前，着眼长远。在巩固提升传统优势产业的同时，绵竹市以前瞻性眼光谋划未来产业布局，积极 培育新的经济增长点。 在材料化工等重点领域，发展高性能复合材料、电子化学品等高端产品，推动相关产业向精细化、高端 化、绿色化迈进。 冬日，走进四川绵竹新市化工园区，龙佰四川钛业有限公司、龙蟒大地农业有限公司这对"邻居"企业 间，正在发生奇妙的"化学反应"。两家企业共同生产的产品，正是新能源汽车动力电池不可或缺的正极 材料。不远处的绵竹新材料化工园区塔罐林立，智慧化管理中心巨大的电子屏幕上数据实时跳动，精准 掌控着整个园区的生产脉搏。 "传统"与"新兴"的交融，勾勒出绵竹这座西部工业重镇转型升级的生动剪影。当前，绵竹市正重塑工业 结构、转换发展动能，在新能源、节能环保等战略性新兴产业方面积极布局，将宏伟蓝图转化为工业经 济高质量发展的生动实践。 作为四川省重要的化工产业集聚区，绵竹曾面临着产业结构单一、发展动能不足的问题。面对困局，绵 竹精准把握产业变革趋势，以两大省级化工园区为重要载体，开启了从"传统基地"到"创新高地"的蜕变 之路。 绵竹新市化工园区内，聚集了龙佰钛业、龙蟒大地等28家企业，去年实现产值121亿元。通 ...

Core Viewpoint - Sulfur prices have surged dramatically, reaching new highs and breaking historical records, driven by strong external market influences and increased demand from the downstream phosphate fertilizer industry [1][2][4]. Group 1: Price Trends - As of December 8, domestic sulfur manufacturers raised prices by 100 CNY/ton, with prices reaching 4180 CNY/ton for sulfur and 4350 CNY/ton for solid sulfur [2][3]. - The price of sulfur has more than doubled in 2025, with significant increases noted from January 1 prices of 1750 CNY/ton for solid sulfur and 1700 CNY/ton for liquid sulfur [3]. - The total sulfur port inventory in China is reported at 2.2028 million tons, with high inventories not suppressing prices due to strong market expectations [4]. Group 2: Market Dynamics - The increase in sulfur prices is attributed to strong external market performance, particularly from Qatar, where the December sulfur contract price rose to 495 USD/ton [4]. - A significant portion of market participants (71%) maintain a bullish outlook for December, driven by tight international supply and rising prices [4]. - The phosphate fertilizer industry is recovering, with production capacity utilization rates for monoammonium phosphate and diammonium phosphate improving, providing support for sulfur prices [6]. Group 3: Industry Challenges - Rising sulfur prices are increasing production costs for major fertilizer companies like Yuntianhua, which reported a 21.88% decline in revenue and a 2.81% drop in net profit due to higher raw material costs [7]. - Yuntianhua is implementing strategies such as centralized procurement to mitigate the impact of rising sulfur prices on their operations [7]. - Analysts predict that while the market may experience high-level consolidation, the long-term outlook remains bullish due to limited supply growth and steady demand [5][9].