期货研究报告|化工专题 2025-10-22 化工装置深挖系列三，丁二烯上下游配套与边 际装置分析（下） 研究院 化工组 研究员 梁宗泰 刘启展 从业资格号：F03140168 梁琦 liangqi@htfc.com 从业资格号：F03148380 投资咨询业务资格： 证监许可【2011】1289 号 摘要 顺丁橡胶自有丁二烯的装置总产能占比 59.36%，其中国营装置占比 83%。剩余 40%多的 装置需要外采原料。外采原料装置主要集中在华东地区，产能占比达 88.12%。 ABS 在产装置自有丁二烯的占比 25.53%；全部都是国营装置。剩余近 75%的装置需要 外采原料。外采原料装置主要集中在华东地区，产能占比达 64.1%，剩余装置分布在华 南、东北及华北。 陈莉 杨露露 SBS 自有丁二烯的装置总产能占比 20.6%；其中国营装置居多，占比 65%。剩余近 80% 的装置需要外采原料。外采原料装置主要集中在华东和华南地区，占比分别达 39.59% 和 39.25%，剩余装置在华中、华北及东北。其中华南只有中石油茂名石化以及在建的 中石油广西石化是丁二烯的配套装置，其余均需要外采。 丁苯橡胶自有丁二烯 ...

Core Viewpoint - Zhongce Rubber experienced a slight increase of 0.30% in stock price on September 24, with a trading volume of 238 million yuan, indicating a stable market presence [1] Financing Summary - On September 24, Zhongce Rubber had a financing buy-in amount of 20.36 million yuan and a financing repayment of 25.21 million yuan, resulting in a net financing buy of -4.85 million yuan [1] - The total financing and securities balance for Zhongce Rubber as of September 24 is 223 million yuan, with the current financing balance accounting for 5.18% of the circulating market value [1] Securities Summary - On the same day, Zhongce Rubber reported no shares were repaid or sold in the securities lending market, with a total securities lending balance of 0 [1] Company Overview - Zhongce Rubber Group Co., Ltd. is located in Qiantang District, Hangzhou, Zhejiang Province, and was established on June 12, 1992, with its listing date set for June 5, 2025 [1] - The company specializes in the processing and manufacturing of tires and rubber products [1] Financial Performance - For the first half of 2025, Zhongce Rubber achieved a revenue of 21.855 billion yuan, reflecting a year-on-year growth of 18.02%, while the net profit attributable to shareholders decreased by 8.56% to 2.322 billion yuan [1] - As of June 30, the number of shareholders for Zhongce Rubber was 71,500, a decrease of 43.62% from the previous period, while the average circulating shares per person increased by 77.37% to 1,186 shares [1] Dividend Information - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [1]

Group 1 - The core point of the news is that Zhongce Rubber experienced a slight increase in stock price and reported significant financing activities on September 11, 2023, with a net financing outflow of 478.99 million yuan [1] - On September 11, Zhongce Rubber had a trading volume of 1.29 billion yuan, with a financing buy amount of 13.13 million yuan and a financing repayment of 17.92 million yuan, resulting in a total financing balance of 218 million yuan, which accounts for 5.51% of its market capitalization [1] - As of June 30, 2023, Zhongce Rubber had 71,500 shareholders, a decrease of 43.62% from the previous period, while the average circulating shares per person increased by 77.37% to 1,186 shares [1] Group 2 - For the first half of 2023, Zhongce Rubber achieved an operating income of 21.855 billion yuan, representing a year-on-year growth of 18.02%, while the net profit attributable to shareholders decreased by 8.56% to 2.322 billion yuan [1] - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [2]