地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 8 月 28 日 热点品种 期市综述 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 截止 8 月 28 日收盘，国内期货主力合约跌多涨少，苹果涨超 2%，铁矿石、玉米、 线材、BR 橡胶涨超 1%；跌幅方面，集运欧线跌超 3%，碳酸锂、鸡蛋跌超 2%，对 二甲苯、生猪、油菜籽、短纤、PTA、棕榈油跌超 1%。沪深 300 ...

一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年 1-6 月 | 2025 年 | 1-6 月 | 2025 | 年 | 1-6 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 生产量（吨） | | 销售量（吨） | | 营业收入（万元） | | | | | 锦纶长丝 | | 107,882.84 | | 97,717.11 | 203,492.32 | | | | 上表中销售量包括向合并报表范围内从事坯布织造业务的公司销售。 二、主要产品和原材料的价格变动情况 证券代码：603055 证券简称：台华新材 公告编号：2025-065 浙江台华新材料集团股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江台华新材料集团股份有限公司（以下简称"公司"）根据《上海证券交 易所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现 将 2025 年半年度主 ...

Core Viewpoint - The company has made significant decisions regarding its financial management, including profit distribution, equity transfers, and cash management strategies, which are aimed at optimizing its capital structure and enhancing shareholder value [2][7][8]. Financial Performance and Distribution - The company plans to distribute a cash dividend of 0.40 RMB per 10 shares (including tax) to all shareholders, with no stock dividends or capital reserve transfers [2]. - For the 2024 profit distribution, the company proposes a cash dividend of 0.65 RMB per 10 shares (including tax), maintaining the same distribution ratio despite potential changes in total share capital due to various corporate actions [8]. Major Corporate Actions - The company has completed the sale of its 100% stake in Dairui Technology for 227.5 million RMB, with the transaction finalized on March 28, 2025 [7]. - A resolution was passed to utilize up to 200 million RMB of temporarily idle raised funds for cash management, focusing on safe and liquid financial products [7]. - The company has approved a comprehensive credit limit application of up to 3.5 billion RMB to ensure operational funding needs are met [8]. Debt Management - The company has decided to redeem its "Feikai Convertible Bonds" early, with a redemption price of 100.87 RMB per bond, following the fulfillment of specific market conditions [8]. - The total amount paid for the redemption of the bonds is approximately 2.07 million RMB, with the redemption date set for May 22, 2025 [8]. Strategic Investments - The company’s subsidiary, Hecheng Display Technology, will acquire 100% of JNC's subsidiaries for 170 million RMB and related patents for 212 million RMB, marking a strategic expansion in the display materials sector [9]. - This acquisition will transform Hecheng Display from a wholly-owned subsidiary to a controlling subsidiary, integrating JNC's operations into the company's consolidated financial statements [9].

Group 1: Overview of Industrial Development - The Huilai Port Industrial Park in Jieyang has rapidly developed into a hub for offshore wind power, featuring over 70-meter tall wind turbine jacket foundations, with nearly a thousand workers actively engaged in production [1] - The park has adopted an "one park, multiple zones" model, attracting major players in the offshore wind power industry, including a 48 billion yuan investment from State Power Investment Corporation [1][3] - The Dannan Sea Petrochemical Industrial Zone, with a 70.2 billion yuan investment from PetroChina, focuses on strengthening the petrochemical industry, becoming a key part of Guangdong's coastal petrochemical industry [1] Group 2: Emerging Industries - Jieyang is focusing on two emerging pillar industries: green petrochemicals and marine economy, supported by five advantageous industries including clothing, hardware, food processing, health, and logistics [3][5] - The Dannan Sea Petrochemical Industrial Zone aims to create a complete industrial chain from crude oil to high-value chemical products, with a projected output value of 127 billion yuan by 2024 [5] - The "super chain master" model is being implemented, with the Guangdong Petrochemical integrated refining and chemical project achieving an output value of approximately 260 billion yuan since its full production in 2023 [5] Group 3: Marine Economy Development - The Huilai Port Industrial Park serves as the main base for developing the marine economy, leveraging 112 kilometers of coastline and 1,329 square kilometers of marine resources [7] - The National Electric Power Investment Corporation plans to initiate a 3 million kilowatt wind power demonstration project this year, building on the existing 900,000 kilowatt offshore wind power capacity [7] - Jieyang is also developing modern marine ranching, with plans for a 153 square kilometer aquaculture zone and various projects to enhance marine product cultivation [8] Group 4: Traditional Industry Upgrades - Jieyang is enhancing traditional industries through the establishment of national-level high-tech zones and innovation platforms, aiming to support enterprises in transitioning to specialized and high-tech sectors [8] - The city has seen 1,120 enterprises achieve digital transformation, with a focus on creating specialized industrial parks and attracting investment projects totaling 35.6 billion yuan [8] Group 5: Urban and Rural Development - Jieyang is improving urban and rural environments through initiatives that enhance the aesthetic and functional aspects of towns and villages, with significant progress in infrastructure and community facilities [10][11] - The city has successfully created 20 model towns and 160 model villages, increasing collective economic income by approximately 36.6 million yuan annually [11]

Report Investment Rating - Unilateral: Neutral; no rating for inter - period and cross - variety [3] Core View - The spot market for propylene continued a slight upward trend due to increased downstream replenishment enthusiasm, but the cost - side support weakened as crude oil prices fluctuated downward and propane prices followed suit. Supply was tightened by PDH maintenance, which supported prices in the short term, but the upside was limited due to pressured downstream profits. Downstream demand showed an overall increase, with short - term support but uncertain sustainability [1][2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [18][20][28] 3. Propylene Import and Export Profit - Figures involve the difference between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [35][39] 4. Propylene Downstream Profit and Operating Rate - Figures include PP powder production profit and operating rate, propylene oxide production profit and operating rate, n - butanol production profit and capacity utilization rate, octanol production profit and capacity utilization rate, acrylic acid production profit and capacity utilization rate, acrylonitrile production profit and capacity utilization rate, and phenol - acetone production profit and capacity utilization rate [42][56][64] 5. Propylene Inventory - Figures are about propylene factory inventory and PP powder factory inventory [69]

Core Viewpoint - Zhonghua International announced a decline in revenue and a significant net loss for the first half of 2025 compared to the previous year [1] Financial Performance - The operating revenue for the first half of 2025 was 24.353 billion yuan, representing a year-on-year decrease of 5.83% [1] - The net profit attributable to shareholders of the listed company was a loss of 0.886 billion yuan, compared to a net profit of 12.3172 million yuan in the same period last year [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [7] Core Views - The company reported its 2025 half-year results, which were generally in line with expectations, with a revenue of 3.03 billion yuan (YoY -14%) and a net profit attributable to shareholders of 111 million yuan (YoY -28%) [7] - External challenges and declining raw material prices have put short-term pressure on the company's PA6 chip production and profitability [7] - The company is advancing into high-end nylon chips, enhancing its product structure and value [7] - The company is strategically positioning itself in the PA66 market through a partnership with China Tianchen, aiming for long-term growth [7] - The profit forecast for 2025 has been adjusted down to 285 million yuan due to external factors, while maintaining forecasts for 2026 and 2027 at 507 million yuan and 613 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 7.168 billion yuan - 2025: 6.366 billion yuan - 2026: 8.425 billion yuan - 2027: 8.956 billion yuan [3][9] - Net profit attributable to shareholders is projected as follows: - 2024: 300 million yuan - 2025: 285 million yuan - 2026: 507 million yuan - 2027: 613 million yuan [3][9] - Earnings per share (EPS) estimates are: - 2024: 0.95 yuan - 2025: 0.91 yuan - 2026: 1.61 yuan - 2027: 1.95 yuan [3][9] - The company's gross margin is expected to improve from 8.1% in 2024 to 10.9% in 2027 [3] Market Data - As of August 26, 2025, the closing price of the company's stock was 12.53 yuan, with a market capitalization of 3.944 billion yuan [4] - The company has a price-to-earnings (PE) ratio projected at 14 for 2025, compared to an average PE of 32 for comparable companies [7]

Core Viewpoint - The company, Huibai New Materials Technology (Shanghai) Co., Ltd., has proposed additional expected daily related transactions for the year 2025, which have been reviewed and approved by the board and independent directors, ensuring compliance with relevant regulations [1][9]. Group 1: Daily Related Transactions Overview - The company has estimated daily related transactions for 2025, including the purchase of raw materials, fuel, and processing services amounting to 33 million yuan, sales of products and services for 2.6 million yuan, and related leasing of 5.4 million yuan [1]. - An additional expected transaction of 1.5 million yuan has been approved, which includes procurement from related parties such as Guangzhou Huishun New Materials Co., Ltd. and others [2][4]. Group 2: Approval Process and Compliance - The board of directors and the supervisory board have approved the additional expected daily related transactions, with independent directors providing consent, ensuring that the decision-making process adheres to the regulations set forth by the Shenzhen Stock Exchange [3][9]. - The company has confirmed that the pricing for related transactions is based on market prices and is fair, with no harm to the interests of the company or its shareholders, particularly minority shareholders [8][9]. Group 3: Financial Data of Related Parties - Financial data for related parties as of June 30, 2025, shows total assets for Guangzhou Huishun New Materials Co., Ltd. at 14.9 million yuan and a net profit of -356,700 yuan [5]. - Other related parties, such as Huanglong Trading (Shanghai) Co., Ltd. and Shanghai Juzheng Metal Products Co., Ltd., also have specific financial metrics indicating their operational status and relationship with the company [6][7].

Group 1: Industry Insights - The controllable nuclear fusion technology is diversifying, with significant public and private capital involvement, indicating a potential investment boom in the sector, with annual investments possibly reaching thousands of billions if commercialized successfully [6][9][8] - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [7] - The domestic Z-pinch hybrid reactor is likely to accelerate its development, with private capital showing increasing interest in FRC devices [8] Group 2: Company Updates - Kefu Medical (301087.SZ) - Kefu Medical reported H1 2025 revenue of 1.496 billion yuan, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% [11][13] - The company is focusing on overseas market expansion, having acquired established channels and customer resources through recent acquisitions [13][15] - The company maintains a "buy" rating, anticipating growth in core product categories and overseas business [11][13] Group 3: Company Updates - Shede Liquor (600702.SH) - Shede Liquor's H1 2025 revenue was 2.7 billion yuan, down 17.4% year-on-year, with a net profit of 440 million yuan, down 25% [17][18] - The company is expected to continue improving in the second half of 2025, with a focus on core markets and products [17][18] - The company maintains an "overweight" rating, with a projected net profit growth of 100.3% in 2025 [17][18] Group 4: Company Updates - Pinduoduo (PDD.NASDAQ) - Pinduoduo's Q2 2025 revenue was 104 billion yuan, a 7% year-on-year increase, with a non-GAAP net profit of 32.7 billion yuan, down 5% [23][24] - The company is adjusting its domestic commission policies and expanding overseas, with a focus on long-term sustainable development [23][25] - The company maintains a "buy" rating, with a projected non-GAAP net profit of 99 billion yuan for 2025 [23][24] Group 5: Company Updates - Poly Property (06049.HK) - Poly Property reported H1 2025 revenue of 8.392 billion yuan, a 6.6% year-on-year increase, with a net profit of 891 million yuan, up 5.3% [27][28] - The company is expanding its property management scale and optimizing its value-added business structure [27][28] - The company maintains a "buy" rating, with projected net profits of 1.58 billion yuan in 2025 [27][28] Group 6: Company Updates - Longping High-Tech (000998.SZ) - Longping High-Tech reported H1 2025 revenue of 2.166 billion yuan, down 16.11% year-on-year, with a net loss of 164 million yuan [44][45] - The company is focusing on improving its rice seed business while addressing challenges in the corn seed market [44][45] - The company maintains a "buy" rating, with projected net profits of 348 million yuan in 2025 [44][45] Group 7: Company Updates - Hualu Hengsheng (600426.SH) - Hualu Hengsheng reported H1 2025 revenue of 15.764 billion yuan, down 7.14% year-on-year, with a net profit of 1.569 billion yuan, down 29.47% [48][49] - The company is investing in technological upgrades to improve efficiency and maintain a "buy" rating [48][49] - The company anticipates a net profit of 3.47 billion yuan in 2025 [48][49]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For copper, the fundamentals remain unchanged, demand is at the end of the off - season, and there is no upward driving force. With short - term large - scale fluctuations being unlikely, it is advisable to focus on range trading [9] - For lithium carbonate, the market is close to the peak season, with demand providing support at the bottom and limited decline. However, it is easily affected by industry news, so cautious operation is recommended [11] - For crude oil, although the price has rebounded, the subsequent consumption peak season is ending, and OPEC+ is accelerating production increases. It is recommended to sell on rallies [12] - For asphalt, with both supply and demand being weak and the cost - side support strengthening, the asphalt futures are expected to fluctuate in the near term [14] - For PP, it is expected to fluctuate in the near term. It is recommended to take profit on the 09 - 01 reverse spread [15][16] - For plastic, it is expected to fluctuate in the near term [17] - For PVC, it is expected to fluctuate downward due to its own fundamental pressure [19] - For coking coal, the market sentiment is volatile, and the fundamentals have no significant changes, with the price oscillating at a high level [20] - For urea, it is in a weak consolidation stage. It is advisable to short on rebounds in the short term, and there is support at the bottom [22] Summaries by Related Catalogs Futures Market Overview - As of the close on August 26, most domestic futures main contracts declined. Peanut, log, and 20 - gauge rubber rose slightly. Alumina and coking coal dropped by over 3%, while industrial silicon, container shipping to Europe, coke, and polysilicon dropped by over 2%. Glass, soda ash, and styrene dropped nearly 2%. Among stock index futures, IF dropped 0.22%, IH dropped 0.40%, IC rose 0.17%, and IM dropped 0.10%. Among treasury bond futures, TS rose 0.01%, TF rose 0.04%, T rose 0.06%, and TL rose 0.47% [6] Capital Flow - As of 15:18 on August 26, in terms of capital inflow in domestic futures main contracts, alumina 2601 had an inflow of 373 million, Shanghai copper 2510 had an inflow of 332 million, and 30 - year treasury bond 2512 had an inflow of 196 million. In terms of capital outflow, CSI 300 2509 had an outflow of 4.638 billion, CSI 1000 2509 had an outflow of 4.034 billion, and CSI 500 2509 had an outflow of 3.377 billion [7] Analysis of Specific Varieties Copper - Supply: Codelco adjusted its production target downward. The port inventory of refined copper ore has decreased, and the TC/RC fees are rising. The sulfuric acid price is high, supporting smelter profits. The production of refined copper is expected to remain stable in the short term, but there may be production cuts in the later third quarter [9] - Demand: Downstream demand is lukewarm, with new orders increasing but market trading volume decreasing. The real estate sector is a drag, but the power grid and new energy bring demand resilience [9] - Inventory: The inventory at the Shanghai Futures Exchange has increased this week, indicating weak short - term demand [9] Lithium Carbonate - Price: The average price of battery - grade lithium carbonate is 81,700 yuan/ton, down 800 yuan/ton from the previous trading day [10] - Supply: The production from August to September is expected to decline by 15% year - on - year. Yichun Yinli has resumed production, but CATL has not [11] - Demand: After the price correction, downstream purchasing sentiment has been stimulated, and there is support at the bottom [11] Crude Oil - Inventory: EIA data shows that the inventory of crude oil and gasoline has decreased more than expected [12] - Production: OPEC+ plans to increase production by 547,000 barrels per day in September [12] - Price: Saudi Aramco has raised the official selling price of Arab Light crude oil for Asia in September [12] Asphalt - Supply: The asphalt production rate has decreased, and the planned production in August is 2.413 million tons, a decrease of 5.1% from the previous month [14] - Demand: Affected by factors such as funds, rainfall, and high temperatures, the demand is weak [14] PP - Supply: The new capacity of CNOOC Ningbo Daxie PP is planned to be put into production in August, and the number of maintenance devices has decreased slightly [15] - Demand: The downstream demand is weak, but there may be an improvement during the peak season [15] Plastic - Supply: The new capacity of Jilin Petrochemical's HDPE was put into operation at the end of July, and the plastic production rate has increased [17] - Demand: The agricultural film is gradually emerging from the off - season, but the raw material replenishment is not strong [17] PVC - Supply: The PVC production rate has decreased, and new capacities are being put into production [18][19] - Demand: The downstream demand is weak, and the export outlook is not optimistic [18][19] Coking Coal - Supply: The import volume in July increased significantly, and the domestic production has rebounded [20] - Demand: The downstream coke production enthusiasm has improved, but the steel mill profits have weakened [20] Urea - Supply: The daily production is around 190,000 tons, and there are maintenance plans this week, with production expected to decrease [21] - Demand: The industrial demand has some resilience, but is affected by environmental protection restrictions. The inventory is at a high level [21][22]