上周，国际原油价格偏强震荡。截至2026年1月2日，纽约商品交易所西得克萨斯轻质原油期货(WTI)主 力合约结算价格为57.32美元/桶，较2025年12月26日上升1.02%；洲际交易所布伦特原油期货(Brent)主力 合约结算价格为60.75美元/桶，较2025年12月26日上升0.18%。 从现货市场看，涨幅前五名的石化产品分别为工业级碳酸锂上涨22.37%、精对苯二甲酸上涨8.32%、对 二甲苯(CFR中国)上涨6.97%、涤纶FDY上涨5.04%、页岩油上涨4.98%；跌幅前五名的石化产品分别为 液氯下跌37.72%、液化天然气下跌6.69%、纯MDI下跌4.23%、硫黄下跌3.96%、维生素D3下跌3.85%。 中化新网讯上周(2025年12月29日至31日)，仅有3个交易日，期间石油与化工指数中化工指数全部下 跌，石油指数全部上涨。 化工板块方面，化工原料指数累计下跌0.65%、化工机械指数累计下跌2.97%、化学制药指数累计下跌 2.19%、农药化肥指数累计下跌0.73%；石油板块方面，石油加工指数累计上涨6.19%、石油开采指数累 计上涨4.93%、石油贸易指数累计上涨2.66%。 从资本市 ...

格隆汇12月24日丨中化装备(600579.SH)在投资者互动平台表示，天华院为公司全资子公司。天华院主 要从事化工机械、化学工程及设备、材料及腐蚀、在线分析仪表、放射性检测仪表及环保技术与设备的 研究开发、工程设计、产品制造和推广应用以及在制、在役设备质量检验检测等工作。其产品对位芳纶 反应器、高端干燥设备等属于工艺装备，主要应用于化工行业，并非直接应用于航天航空或国防军工场 景。 ...

格隆汇12月24日丨中化装备(600579.SH)在投资者互动平台表示，天华院为公司全资子公司。天华院主 要从事化工机械、化学工程及设备、材料及腐蚀、在线分析仪表、放射性检测仪表及环保技术与设备的 研究开发、工程设计、产品制造和推广应用以及在制、在役设备质量检验检测等工作。其产品对位芳纶 反应器、高端干燥设备等属于工艺装备，主要应用于化工行业，并非直接应用于航天航空或国防军工场 景。 ...

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.62%, while the chemical machinery index decreased by 0.96%, the chemical pharmaceuticals index fell by 1.69%, and the pesticide and fertilizer index rose by 4.21% [1] - The top five rising petrochemical products included folic acid up by 20%, battery-grade lithium carbonate up by 11.08%, nitric acid up by 10.43%, sulfur up by 9.95%, and petroleum coke up by 7.23% [1] - The top five declining petrochemical products were liquid chlorine down by 34%, butadiene down by 7.69%, 2,4-D down by 6.09%, trichloroethylene down by 6.00%, and SBS down by 5.90% [1] Group 2: Oil Sector Performance - The oil processing index rose by 1.39%, while the oil extraction index fell by 0.22%, and the oil trading index increased by 3.44% [1] - International crude oil prices continued to decline, with West Texas Intermediate crude oil futures settling at $56.66 per barrel, down 1.36% from December 12, and Brent crude oil futures settling at $60.47 per barrel, down 1.06% from December 12 [1] Group 3: Capital Market Performance of Listed Chemical Companies - The top five rising listed chemical companies included Sulihua Co., Ltd. up by 30.69%, Xinri Hengli up by 27.48%, Reborn Technology up by 23.25%, Ruihua Tai up by 20.93%, and Shenjian Co., Ltd. up by 20.50% [2] - The top five declining listed chemical companies were Huarong Chemical down by 20.01%, Enjie Co., Ltd. down by 18.36%, Weike Technology down by 13.15%, Jinbantai down by 12.83%, and Xingye Co., Ltd. down by 12.63% [2]

恒力制动器的24.5英寸制动器填补国际空白，星晨高速电机的永磁同步电主轴领跑3C产业细分赛 道，展现靖江企业"小个头"闯出大市场的魄力；本土企业生产的伴游机器人、航空零部件、工业无人 机、深海装备等产品，则多角度展现出靖江抢跑未来产业赛道的硬核实力……在12月1日召开的靖江市 产创融合产才汇聚大会现场，新技术新产品展区吸引了众多目光，一件件靖江制造的新产品集中亮相， 成为深度解读靖江的一扇"实景窗口"。 靖江市委书记申强表示，站在收官"十四五"、谋划"十五五"的关键节点，我们认真贯彻党的二十届 四中全会和省委全会精神，高质量绘就靖江发展新蓝图，尤其要发挥好靖江实体经济强、产业基础实的 比较优势，扎实推进产创融合、产才汇聚、产城共荣，在全国全省发展大局中勇挑大梁、争作贡献。 产创融合，推动创新要素向一线集聚 今年以来，靖江坚持以构建现代化产业体系为引领，不断拓展创新合作模式，持续健全"科技型中 小企业—高新技术企业—瞪羚企业—独角兽企业"梯次培育机制，扎实开展"千帆靖发"揭榜挂帅行动， 为企业成长提供全方位支撑。目前，全市已培育专精特新中小企业136家，其中国家级"小巨人"26家、 制造业单项冠军4家，创新引擎 ...

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.75%, while the chemical machinery index increased by 0.47%. The pharmaceutical index fell by 0.24%, and the pesticide and fertilizer index dropped by 1.48% [1] - In the petroleum sector, the petroleum processing index declined by 2.65%, the petroleum extraction index fell by 2.49%, and the petroleum trading index decreased by 7.22% [1] Group 2: Oil Price Trends - International crude oil prices decreased, with the NYMEX West Texas Intermediate crude oil futures settling at $57.44 per barrel, down 4.39% from December 5. The ICE Brent crude oil futures settled at $61.12 per barrel, down 4.13% from December 5 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were lithium battery electrolyte (up 5.50%), vitamin VA (up 5.21%), bisphenol A (up 4.42%), sulfuric acid (up 4.36%), and sulfur (up 4.21%) [1] - The top five petrochemical products with price decreases were liquid chlorine (down 32.88%), 2% biotin (down 5.45%), vitamin D3 (down 5.11%), aniline (down 4.36%), and DEG (down 4.15%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Zai Sheng Technology (up 61.19%), Guoci Materials (up 23.46%), Lanxiao Technology (up 18.13%), Qiaoyuan Co. (up 15.18%), and Yongguan New Materials (up 14.34%) [2] - The top five underperforming listed chemical companies were Fanli Technology (down 22.56%), Qingshuiyuan (down 18.42%), Hengtong Co. (down 16.12%), Letong Co. (down 15.53%), and Asia Pacific Industry (down 14.06%) [2]

Core Insights - In November 2025, the A-share IPO market saw a record high with 17 companies undergoing review, of which 16 were approved, resulting in a nominal approval rate of 94.12% [2][11] - Five companies terminated their IPO processes in November, maintaining a single-digit termination count for several months [4][13] - A total of 11 companies successfully listed in November, raising a total of 10.188 billion yuan [1][7] IPO Review Situation - Jiangsu Yongda Chemical Machinery Co., Ltd. was the only company to face a delay in its IPO review, primarily due to concerns regarding its photovoltaic business [2][11] - The review focused on three main issues: revenue recognition, operational performance stability, and the adequacy of revenue recognition for photovoltaic projects [2][11] - As of mid-2025, Yongda's accounts receivable stood at 338 million yuan, with over 80% being overdue, raising concerns about the company's financial data authenticity [2][11] IPO Termination Situation - Five companies withdrew their IPO applications in November, including Xinqiang Electronics, which retracted its application after just five months due to governance and related party transaction concerns [4][13][14] - Xinqiang Electronics is a family-controlled enterprise, with the controlling family holding 95.04% of the shares, leading to significant cash dividends despite weak performance [5][14] IPO Issuance Situation - The highest fundraising in November was achieved by Nanfang Digital, which raised 2.714 billion yuan, while the lowest was by Dapeng Industrial at 135 million yuan [7][17] - Hengkun New Materials was the only company with an issuance price-to-earnings ratio exceeding the industry average, at 71.42 times compared to the industry average of 60.47 times [7][17] - Audit fees for Hengkun New Materials were notably high, with a rate of 2.14%, compared to lower rates for other companies with higher fundraising amounts [7][17][18]

Group 1: Industry Performance - The chemical sector indices showed positive performance with the chemical raw materials index rising by 3.25%, chemical machinery index increasing by 5.98%, pharmaceutical index up by 3.18%, and pesticide and fertilizer index climbing by 2.44% [1] - In contrast, the oil sector indices experienced declines, with the oil processing index down by 1.86% and the oil extraction index decreasing by 2.50%, while the oil trading index rose by 3.37% [1] Group 2: Commodity Prices - International crude oil prices experienced slight declines, with WTI settling at $58.55 per barrel, down 0.17% from November 21, and Brent settling at $63.20 per barrel, down 0.22% [1] - The top five rising petrochemical products included liquid chlorine up by 11.11%, octanol up by 7.85%, propane up by 6.57%, lithium battery electrolyte up by 6.48%, and recycled polyamide up by 5.61% [1] - The top five declining petrochemical products were polytetrafluoroethylene dispersion emulsion down by 7.41%, diethylene glycol down by 6.85%, tetrachloroethylene down by 6.19%, propylene oxide down by 4.77%, and butadiene down by 4.54% [1] Group 3: Capital Market Performance - The top five gaining listed chemical companies included Xinjinlu up by 41.04%, Daoming Optics up by 30.26%, Yuanli Technology up by 25.44%, Longpan Technology up by 23.77%, and Songjing Co. up by 19.91% [2] - The top five declining listed chemical companies were Guofeng Plastics down by 12.10%, Beihua Co. down by 11.59%, Tongcheng New Materials down by 7.60%, Xingye Co. down by 7.23%, and Tongyi Co. down by 6.88% [2]

Group 1 - During the week of November 24 to November 30, three new IPO applications were accepted by the Shanghai and Shenzhen Stock Exchanges, with two approved, one postponed, and two terminated [1] - The three new IPO applications included two from the Shenzhen Stock Exchange and one from the Shanghai Stock Exchange, with a total of 26 IPO applications accepted since the second half of the year [1] - The two companies that terminated their reviews were Xinqiang Electronics and Suzhou Jiangtian Packaging Technology, with Xinqiang Electronics having a cash dividend of 181 million yuan during the reporting period [1][4] Group 2 - Rongxin Huike Electric Co., Ltd. is making its second attempt to apply for an IPO on the Sci-Tech Innovation Board, having previously withdrawn its application due to information disclosure violations [2] - The company aims to raise 977 million yuan for projects related to offshore wind power and green low-carbon flexible power equipment [2] - Rongxin Huike's financial performance has shown significant volatility, with revenues and net profits fluctuating greatly during the reporting period [3] Group 3 - Xinqiang Electronics withdrew its IPO application within six months, with a reported revenue of 869 million yuan in 2022 and a net profit of 84.98 million yuan [4][5] - The company has a high cash dividend amounting to 181 million yuan over two years, indicating strong cash flow [5] - The actual controller of Xinqiang Electronics holds a significant share, raising concerns about potential improper control [5] Group 4 - YD Chemical Machinery Co., Ltd. had its IPO review postponed due to inquiries regarding revenue recognition and the stability of its operating performance [1][6] - MoreThread has completed its subscription and is in the countdown to listing, with a share price of 114.28 yuan and a total issuance of 70 million shares [7] - Muxi Co., Ltd. is set to begin its subscription process on December 5, with 40.1 million new shares being issued [7]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) has had its IPO review status updated to "meeting postponed" by the Beijing Stock Exchange, raising concerns about revenue recognition, internal control measures, and the stability of operating performance [2] Company Overview - Yongda Co. was established in 2009 and is engaged in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [5] - The company aims to raise 608 million yuan through its IPO, which will be used for the construction of a heavy chemical equipment production base and to supplement working capital [5] Industry Context - In the context of improving conditions in the photovoltaic industry, Yongda Co. entered the sector in 2021 through the Leshan GCL-Poly Energy Silicon Project [5] - Since the second half of 2023, there has been a phase of supply-demand imbalance across the entire photovoltaic industry chain, leading to a significant drop in new orders for Yongda Co.'s products in this sector, from a peak of 271 million yuan in 2023 to just 17 million yuan in 2024, with expectations of no orders in the first half of 2025 [5] Financial Performance - Revenue from Yongda Co.'s pressure vessel products in the photovoltaic sector from 2022 to the first half of 2025 was 95 million yuan, 26 million yuan, 156 million yuan, and 6 million yuan, accounting for 13.74%, 3.62%, 19.30%, and 1.99% of total revenue, respectively [6] - As of the end of the third quarter, the company's accounts receivable balance was 194 million yuan, with 60 million yuan attributed to photovoltaic sector clients, and a bad debt provision of 37 million yuan, representing over 60% of the total [6]