今年3月，大连市人民政府办公厅印发《关于推动大连市建设东北亚大宗商品资源配置基地三年行动方 案（2025—2027年）》（下称《方案》），旨在结合大连产业、区位优势和大宗商品贸易发展实际，力 争将大连打造成东北亚大宗商品资源配置基地。据期货日报记者观察，大连期货市场与实体经济的深度 融合，正为这一战略目标注入强劲动能。 7月的辽宁大连港，远洋货轮往来穿梭，一派繁忙景象，彰显着这座港口城市的贸易活力。这背后，是 大连市建设东北亚大宗商品资源配置基地的雄心与实践。 区位产业优势充足 此外，国企在授信、资金方面具有优势，且大宗商品交易与粮食安全、能源安全紧密相关，所以《方 案》鼓励和培育大连市国企开展大宗商品贸易，支持国企与头部大宗商品贸易企业设立合资公司，借助 其专业化团队开展大宗商品期现联动业务。 筑实资源配置基石 大连既沿海又沿边，具有得天独厚的区位优势，坐拥终年不冻的天然深水良港和密集的陆地交通网络。 海陆联运、贯穿南北、横跨亚欧的交通网络在此形成，让大豆、铁矿石等大宗商品在此高效集散，成为 东北亚物流版图的关键节点。 "作为东北亚航运枢纽，大连拥有百余条国际航线、40万吨级深水泊位和全年不冻的优势，在石化 ...

证券研究报告 大炼化周报：长丝、短纤价格走弱 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年7月27日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2526元/吨，环比+45元/吨（环比+2%）；国外 重点大炼化项目本周价差为1098元/吨，环比-12元/吨（环比-1%）。 ◼ 【聚酯 板块】本周POY/FDY/DTY行业均价分别为6579/6814/7804元/吨，环比分别-25/-18/-75元/吨， POY/FDY/DTY行业周均利润为-155/-264/-205元/吨，环比分别-76/-71/-109元/吨，POY/FDY/DTY行业库存为 15.5/20.3/28.1天，环比分别-9.9/-5.3/-2.6天，长丝开工率为92.7%，环比+0.5pct。下游方面，本周织机开工率 为55.6%，环比-0.2pct，织造企业原料 ...

Group 1 - Liu Pharmaceutical Group plans to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.70 yuan per share [1] - Dongshan Precision intends to invest up to 1 billion USD to build a high-end printed circuit board project to meet the long-term demand for high-end printed circuit boards in emerging scenarios such as AI [1] - Bomaike reported a net profit of 12.39 million yuan for the first half of the year, a year-on-year decline of 80.42% [2] Group 2 - Western Mining achieved a net profit of 1.869 billion yuan in the first half of the year, a year-on-year increase of 15% [2] - Fuliwang expects a net loss of approximately 17 million yuan for the first half of the year, a decrease of 137.12% compared to the same period last year [2] - Digital Certification anticipates a net loss of between 80 million and 96 million yuan for the first half of the year, compared to a loss of 29.25 million yuan in the same period last year [3] Group 3 - Shanghai Construction reported a net profit of 710 million yuan for the first half of the year, a year-on-year decrease of 14.04% [5] - Funneng Co. achieved a net profit of 1.337 billion yuan in the first half of the year, a year-on-year increase of 12.48% [6] - Tengda Construction's total contract amount for the first half of the year decreased by 17.55% year-on-year [7] Group 4 - Fudan Fuhua decided to terminate the public transfer of a 28% stake in a subsidiary due to the lack of a deposit from potential buyers [9] - Fulei Ant's subsidiary has decided to cease operations due to intense competition in the photovoltaic industry and ongoing losses [11] - Dongfang Ocean's subsidiary received a medical device registration certificate for a folic acid testing kit [14] Group 5 - Huayu Pharmaceutical's subsidiary received overseas listing approvals for several products [16] - Feima International received a performance commitment compensation of 437 million yuan from its controlling shareholder [16] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan [16] Group 6 - Anhui Construction won the bid for the S68 Jingde to Jixi Expressway project with an estimated total investment of 5.7 billion yuan [18] - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [19] - Kehui Co. plans to use up to 70 million yuan of idle funds for cash management [22] Group 7 - Biological Shares' subsidiary received a clinical trial approval for a cat mRNA vaccine, the first of its kind in China [23] - Ruipu Biological received a clinical trial approval for a pig mRNA vaccine, which is the first economic animal mRNA vaccine in China [24] - Nanjing New Hundred's major assets were judicially frozen due to liquidity debt crisis faced by its controlling shareholder [27] Group 8 - Changshu Bank plans to merge three village banks and establish branches, pending shareholder approval [28] - Yong'an Pharmaceutical plans to reduce its holdings by up to 2.6323 million shares [29] - Zhujiang Co. received approval from the Shanghai Stock Exchange for a stock issuance to specific targets [31] Group 9 - Sanyangma's subsidiary signed a 120 million yuan procurement contract for sensor products [33] - Jintou City Development plans to purchase a villa property for approximately 7.1854 million yuan [35] - Yuanli Co. intends to acquire 100% of Tongsheng Co. through a combination of cash and stock issuance [36] Group 10 - Xin'an Century's controlling shareholder plans to reduce holdings by up to 2.22% of the company's shares [36] - Fute Technology plans to raise up to 528 million yuan through a private placement for various projects [36] - Helen Piano's actual controller is set to change, with stock resuming trading [37] Group 11 - Weiergao expects a net profit increase of 12.55% to 30.87% for the first half of the year [38] - Saiwei Microelectronics plans to transfer up to 18% of its shares through an agreement [40] - Yongli Co. intends to acquire a 22.75% stake in a subsidiary [42] Group 12 - ST Xiachuang plans to publicly transfer a 20% stake in Guangdong Yuweiji [43] - Dema Technology's shareholders plan to transfer 778.84 million shares through an inquiry [45] - Zhongshi Technology's shareholders plan to reduce holdings by up to 2.86% of the company's shares [46] Group 13 - Wufang Optoelectronics' controlling shareholder plans to reduce holdings by up to 0.93% of the company's shares [48] - Fusenmei's chairman has been detained, temporarily unable to fulfill his duties [49] - Reliable Co.'s shareholders plan to reduce holdings by a total of up to 2.63% of the company's shares [51] Group 14 - Gao Neng Environment plans to repurchase shares worth between 100 million and 150 million yuan [53]

策略对话石化：石化反内卷行情展望 20250724 摘要 中国石化行业正经历供给侧收缩，国家政策收紧乙烯项目审批，并通过 产能置换限制新建炼油产能，旨在淘汰落后产能并鼓励新技术应用，类 似于 OPEC 减产对原油市场的影响。 新能源汽车和天然气重卡的发展导致汽柴油需求出现拐点，加剧了石化 行业的供需矛盾，美国对山东港口的制裁也影响了当地炼厂的开工率， 目前约为 50%。 石化行业终端需求疲弱，化工品价格难以有效传导至下游消费市场，导 致石化产品毛利率接近历史低位（约 20%），炼化企业和下游化工企业 的盈利能力均受到影响。 传统石化企业如华锦股份、中石化、上海石化等，盈利能力相对稳定， 其中华锦股份受益于集团沙塔美炼化项目，具备竞争优势，目前 PB 估 值约为 0.7 倍。 民营炼化企业如恒力、荣盛、东方盛虹和恒逸中，恒力表现突出，即使 在当前市场环境下年净利润也能达到 60 亿以上，PB 估值约为 1.7 倍， 市场景气回升时业绩弹性更大。 Q&A 当前石化行业的边际变化和相关政策有哪些？ 石化行业在过去几年中经历了一些重要的政策变化。2021 年，国家出台了碳 中和、碳达峰的相关政策，要求到 2025 年 ...

数据，作为新时代的"石油"，重要性日益凸显。 前不久，中国石油在京发布了3000亿参数昆仑大模型。作为能源化工领域首个通过国家备案的行业大模 型，一亮相，便引起行业关注。该大模型已全面覆盖油气勘探开发、炼油化工、战略支持产业链、资本 金融等领域场景建设，并在实效赋能上展现出强大力量：让地震解释工作效率提高9倍，将勘探项目周 期缩短20%以上，把炼化工艺技术人员的劳动强度降低30%…… 数字化、智能化驱动的生产力，其效率让人感到不可思议。 据介绍，中国石油将数智化作为建设世界一流能源公司的核心抓手。目前已将"数智石油"纳入集团公司 战略体系，制定发布"数智中国石油"总体规划，布局实施信息化补强、数字化赋能、智能化发展"三大 工程"。并成立昆仑数智公司、中石油（北京）数智研究院等数智化支持单位，用于推动从经营管理、 生产运营到日常办公管理的全面数智化升级。 3000亿参数昆仑大模型成果正式发布。本文图片均由中国石油提供 作为老牌央企、传统行业代表，中国石油是如何在数智化浪潮机遇中实现生产力转型升级的？智通财经 （www.thepaper.cn）记者近日走访其数智化团队，以解开企业顺利实现工具跃升的密钥。 传统老油 ...

Group 1: Equipment Manufacturing Industry - The equipment manufacturing industry has shown robust growth in the first half of 2025, with industrial added value increasing by 10.2%, outpacing the overall industrial growth rate by 3.8 percentage points [5][6] - Key sectors such as railway, shipbuilding, aerospace, and other transportation equipment manufacturing saw a significant increase of 16.6% in industrial added value [5] - The production of advanced technologies like 3D printing equipment, industrial robots, and service robots has also experienced notable growth [5] Group 2: Energy and Non-Ferrous Metals Industry - The report anticipates a recovery in trade, particularly benefiting the petrochemical sector, which has been undervalued [11] - The domestic consumption recovery is expected to favor companies with cost advantages in the oil and gas sector, such as China National Petroleum and China National Offshore Oil [12] - Metal prices are projected to rebound, with aluminum prices expected to rise, benefiting companies rich in mineral resources like Tianshan Aluminum [12] Group 3: Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3582.30, a slight increase of 0.01% [17][24] - The market experienced significant capital outflows, with net outflows exceeding 217 billion yuan, indicating increased selling pressure [17] - The healthcare and insurance sectors performed well, with the healthcare services sector rising by 1.62% [22]

当前反内卷行情的持续发酵主要有三个维度。首先是政策维度，政策层级高、 频次高，尤其是资本市场对高层级、新逻辑的政策刺激反应强烈。其次，从基 金二季报来看，典型的反内卷行业如煤炭、石油、石化、基础化工、钢铁、建 材和建筑等仍然相对低配，而电力设备虽然仍然超配，但超配比例在过去多个 季度明显下降，这意味着公募基金在减持。因此，反内卷相关行业的筹码较为 干净，有回补驱动力。最后，在市场持续突破且赚钱效应不错的背景下，资金 化工行业缺乏明确政策指引，但反内卷和供给侧改革是必然趋势。即使 没有需求端配合，相关股票仍具备弹性。建议增加化工板块配置，尤其 是煤化工龙头和炼化龙头如华鲁恒升、恒力石化、鲁西化工。 通信板块中 AIDC 受益于国家对能耗审批的加严，利好存量 IDC 项目出 清，提高进入门槛，通过市场化引导优质项目发展，使得国内数据中心 格局向好。随着 AI 时代来临，大规模 AIDC 需求持续增长，资源稀缺性 增加，将推动价格触底回升并实现长期稳定增长。 光伏行业反内卷始于上层指导，通过行业协会明确禁止低价倾销，并形 成标杆指导价格。硅料、硅片、电池片报价明显上涨，下游库存消耗带 动成交量上升。建议关注通威协鑫 ...

央视网消息（焦点访谈）：7月23日上午，国务院新闻办公室举行海南自贸港建设新闻发布会，正式宣布海南自贸港全岛封关运作将于今年年底启动。 作为海南自贸港建设中的关键一步，这意味着海南岛全岛将建设成为一个海关监管特殊区域，实施高水平贸易自由化便利化等政策制度。从2020年海南自贸 港建设启动，到如今"'一线'放开、'二线'管住、岛内自由"的封关模式进入冲刺阶段，封关运作的背后，有着怎样的制度创新？又将给海南乃至全国带来什 么？ 夏日的海南，阵阵椰风里涌动着蓬勃生机，海南这座美丽的海岛，将迎来更高水平的开放举措——全岛封关。那么，什么是全岛封关？所谓全岛封关， 是要构建"'一线'放开、'二线'管住、岛内自由"的特殊管理模式。具体来说，就是在海南自由贸易港与我国关境外其他国家和地区之间设立"一线"，实施一 系列的开放举措，"零关税"商品便利进出；在海南自由贸易港与内地之间设立"二线"，实施精准管理，为广阔的内地市场筑牢安全屏障；而在海南自由贸易 港内，"零关税"货物及其加工制成品不设存储期限、可自由选择存放地，企业在低干预、高效能的监管下舒展地生长。 这种有机统一的制度设计，既释放了开放活力，又兼顾了安全底线，让海南 ...

全年减少4800个检修人工时，降低气化炉检维修费用700余万元，装置已连续稳定运行970余天……7月 17日，记者从中国石油广东石化公司（以下简称"广东石化"）获悉，"高掺焦比环保型POX装置成套工 业技术开发与应用"项目在近日举办的首届科技创新大会上获得科技进步奖一等奖。 近十年来，国内多家大型炼化一体化企业尝试采用石油焦制氢技术，但掺焦比长期在50%以下。 广东石化炼化一体化项目在设计时按照全国首套100%石油焦制氢条件设计，但建成后想要实现100%掺 焦比，并没有任何经验可循。 为彻底攻克石油焦制氢掺焦难题，保障项目稳定运行，广东石化以胡军印劳模工作室为核心，成立技术 攻关团队，研发石油焦制氢装置。劳模工作室带头人胡军印介绍，他们针对石油焦热值高、灰熔点高、 灰分低、反应性差的特性，反复分析气化炉运行的状态参数，与专利商多次沟通讨论，精准制定石油焦 掺烧方案、气化炉顺投方案等，并组织生产操作骨干开展"桌面推演"，确保专项方案能够精准落地。 开工投产后，技术团队依据方案将掺焦比由0%逐步提升至80%。之后，他们又先后攻克了弹丸焦难以 破碎、系统高硫腐蚀、钢棒腐蚀断裂、成浆困难、料浆反应活性低等技术难题，制 ...

此次回购股份已于2025年7月18日完成注销，公司总股本相应减少，控股股东荣盛控股及一致行动人持 股比例增加触及1%刻度，超过61%。公告称，本次注销第一期回购股份后，第二期及第三期回购股份 继续存放于回购专用证券账户。 荣盛石化主营业务包括各类化工品、油品、聚酯产品的研发、生产和销售，产品种类丰富，规格齐全， 涵盖新能源、新材料、有机化工、合成纤维、合成树脂、合成橡胶、油品等多个领域。作为中国领先的 民营炼化一体化企业，荣盛石化旗下拥有4000万吨/年炼油化工一体化项目，化工品规模近6,000万吨， 产品种类超50种，并不断在现有全球超大型一体化炼化基地，和完备上下游配套的基础上，提升完善新 能源及新材料产业链。目前，公司位居全球化工最具价值品牌榜第5位、世界化工企业100强第8位。 回购股份的注销有助于提升每股收益、优化资本结构，增强投资者信心。资料显示，荣盛石化第一期股 份回购于2022年3月29日至2022年8月2日实施，回购金额达19.98亿元。本次股份注销将直接推动每股所 对应净资产等权益指标提升，增强投资者实际收益预期，近20亿元的股份注销规模在中国资本市场发展 史上也较为罕见。 7月21日，荣 ...