日前，甘肃省生态环境厅拟对甘肃巨化新材料有限公司高性能氟氯新材料一体化提升项目环境影响评价 文件作出审批意见。 项目详情： 项目名称：甘肃巨化新材料有限公司高性能氟氯新材料一体化提升项目 项目概况： （1）HFP装置：主要新增反应器2台，并调整现有HFP设备，新增六氟丙烯（HFP）产能2.1万t/a；项目 实施后，全厂HFP产能达到5.0万t/a。新增HFP部分供H-yf装置使用，富余部分（1.4万t/a）作为产品出 厂。 （2）H-yf装置：新建2套装置，形成年产2万吨2,3,3,3-四氟丙烯（1234yf）的生产能力；该套装置采用 六氟丙烯（HFP）--五氟丙烷（R245eb）--2,3,3,3-四氟丙烯（1234yf）的工艺路线。项目实施后，企业 将取消生产第三代制冷剂五氟丙烷（R245eb），延伸产业链发展第四代制冷剂2,3,3,3-四氟丙烯 （1234yf）。 （3）T-yf装置：新增2套装置，形成年产1.5万吨2,3,3,3-四氟丙烯（1234yf）的生产能力；该套装置采用 四氯化碳--四氯丙烷--2,3,3,3-四氟丙烯（1234yf）的工艺路线。四氯化碳原料来自现有项目甲烷氯化物 装置。 （4 ...

Project Overview - The project is named "Gansu Juhua New Materials Co., Ltd. High-Performance Fluorochlorine New Materials Integration Upgrade Project" [2][7] - The construction unit is Gansu Juhua New Materials Co., Ltd., located in the Yumen Economic Development Zone, Chemical Industrial Park [2][7] - The project is a new construction with a total investment of 201,645.58 million yuan [2][7] - The project covers an area of 8,118.13 acres (541.22 hectares) within the existing factory area, with no new land required [2][7] Construction Details - The project includes several new facilities: - HFP unit: Adding 2 reactors to increase hexafluoropropylene (HFP) production capacity by 21,000 tons per year, bringing total HFP capacity to 50,000 tons per year [2][7] - H-yf unit: Constructing 2 new units to produce 20,000 tons of 2,3,3,3-tetrafluoropropene (1234yf) annually, using a process route involving HFP and R245eb [2][7] - T-yf unit: Adding 2 units to produce 15,000 tons of 1234yf annually, utilizing a process route involving carbon tetrachloride [3][8] - Methyl chloride unit: Adding 3 units to produce 100,000 tons of methyl chloride annually to meet market demand [3][8] Market and Industry Context - Gansu Juhua New Materials Co., Ltd. was established on March 15, 2023, as a wholly-owned subsidiary of Juhua Group [4][9] - The parent company, Juhua Group, specializes in the production of fluorochemical products and basic chemical raw materials, forming a comprehensive chemical industry chain [4][9] - The company has a national-level enterprise technology center and is a key player in the fluorochemical and sulfanilamide production sectors in China [4][9]

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting a focus on price increases and anti-involution products [1][5]. Core Insights - The chemical sector saw a 2.61% increase in the second week of November, outperforming the Shanghai Composite Index by 2.79 percentage points [2][13]. - Key recommended companies include those benefiting from rising lithium hexafluorophosphate prices and leading firms in the anti-involution trend [5]. Industry Performance - The chemical sector's dynamic PE ratio is 25.60, significantly above the average PE of 13.41 since 2015 [2][13]. - Among 27 sub-industries, five showed declines, with the top gainers being acrylic fiber (+15.18%) and nitrogen fertilizer (+9.19%) [3][18]. Price and Spread Trends - The top five products with the highest weekly price increases include liquid chlorine (+22.93%) and monochloromethane (+19.44%) [4][23]. - The largest price spread increases were seen in organic silicon DMC (+58.87%) and propylene (propane-based) (+45.69%) [4][44]. Inventory Changes - Significant inventory changes were noted, with polyester chips increasing by 8.93% and acetic acid by 6.69% [5][64]. Recommendations - The report suggests focusing on companies like Duofu Duo and Shenzhen New Star, which benefit from the high demand for lithium hexafluorophosphate, and Yun Tianhua, which is poised to gain from the strong phosphate chemical market [5].

Investment Rating - The report suggests focusing on the lithium hexafluorophosphate sector due to rising prices [5]. Core Viewpoints - The chemical sector saw an overall increase of 2.14% in the fourth week of October, lagging behind the Shanghai A-share index, which rose by 2.88% [2][11]. - The report highlights significant price increases in various chemical products, particularly liquid chlorine (+195.56%) and vitamin VE (+17.95%) [4][19]. - The report indicates a dynamic PE of 24.56 for the chemical sector, which is higher than the average PE of 8.86 since 2015 [2][11]. Industry Performance - In the fourth week of October, 21 sub-industries in the chemical sector increased, while 11 decreased. The top five gaining sub-industries included oil trading (+3.5%) and potassium fertilizer (+2.98%) [3][14]. - The report lists the top five stocks with the highest gains: Shilong Industrial (+49.32%), *ST Jintai (+23.14%), and others [2][11]. Price and Spread Trends - The report provides a detailed analysis of price changes for 256 products, with the highest increases seen in liquid chlorine and vitamin VE [4][19]. - The report also highlights significant changes in price spreads, with PX (naphtha-based) spread increasing by 52.08% [38][39]. Inventory Changes - Notable inventory changes include a decrease in polyester filament inventory by 26.81% and an increase in epoxy propane inventory by 8.53% [5][57].

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report highlights significant price increases in chloromethane and isooctyl acrylate, suggesting a focus on new materials with substantial market potential [1]. - It recommends attention to Jiangshan Co., which is expected to benefit from rising glyphosate prices and has promising developments in innovative drugs [5]. - The DVA market is noted for its vast potential, with Daon Co. making key advancements in DVA products [5]. Industry Performance - In the third week of September, the chemical sector (Shenwan) declined by 1.33%, slightly underperforming the Shanghai A-share index, which fell by 1.31% [2][13]. - The dynamic PE for the chemical sector stands at 22.54 times, above the average PE of 12.20 times since 2015 [2][13]. Sub-industry Trends - Among the 31 sub-industries, 8 experienced gains while 23 saw declines. The top five gaining sub-industries included civil explosives (+7.72%) and modified plastics (+7.67%), while the top five declining sub-industries included carbon black (-5.25%) and other chemical raw materials (-4.74%) [3][17]. Chemical Prices and Spreads - The report lists the top five products with the highest weekly price increases: liquid chlorine (+22.93%), monochloromethane (+19.44%), and isooctyl acrylate (+7.47%) [4][22]. - The report also details the top five products with the largest price spread increases, including aniline spread (+17.56%) and ethylene spread (+13.17%) [4][34]. Inventory Changes - Significant inventory changes were noted, with ethylene glycol increasing by 25.67% and polyester chips by 11.98%, while epoxy propane saw a decrease of 10.44% [5][52].

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights that the basic chemical sector has shown a decline of 1.33% this week, underperforming the CSI 300 index by 0.89 percentage points [6][19] - Key companies to focus on include Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng, with a specific interest in agricultural chemicals and technology sectors such as liquid cooling and PCB supply chains [5] Summary by Sections Industry Overview - The closing index for the basic chemical sector is at 4048.88, with a weekly high of 4123.45 and a low of 2721.92 [2] Price Movements - Major price increases were observed in products such as liquid chlorine (up 22.93%), dichloromethane (up 19.44%), and bismuth ingots (up 12.39%) [9][25] - Conversely, prices for vitamin E decreased by 10.00%, and other products like β-methyl naphthalene and trichloro-sucrose also saw significant declines [10][27] Stock Performance - Notable stock performances included significant gains for companies like Kaimete Gas (up 28.62%) and Guangdong Hongda (up 22.93%), while companies like Runyang Technology and Wankai New Materials experienced declines of 11.48% and 10.42%, respectively [7][22] Key Company Ratings - Wanhua Chemical is rated "Buy" with a closing price of 65.3 and a market cap of 204.45 billion [12] - Yangnong Chemical is also rated "Buy" with a closing price of 71.2 and a market cap of 28.86 billion [12] - Other companies such as Meihua Biological and Bailong Chuangyuan remain unrated [12]

证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 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法律责任。 本公司根据上海证券交易所《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》、《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年半年度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 原药 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting to focus on chemical products with significant market potential [4][5]. Core Insights - The chemical sector experienced a 2.33% increase in the first week of August, outperforming the Shanghai Composite Index by 0.22 percentage points [12]. - The top five performing stocks in the sector included Anli Co. (+51.6%) and *ST Jintai (+19.18%) [12]. - The report highlights the significant price increase of formic acid (+28.62%) and other chemicals, indicating strong market dynamics [3][21]. Industry Performance - The chemical industry had 29 sub-industries rising and 3 declining in the first week of August, with potassium fertilizer leading the gains at +11.61% [2][17]. - The dynamic PE ratio for the chemical sector is reported at 27.11 times, slightly below the average PE since 2015 [12]. Price and Spread Trends - The report lists the top five products with the highest price increases, including formic acid (+28.62%) and dichloromethane (+17.5%) [3][21]. - The price spread for PX (naphtha-based) saw a significant increase of +36.66%, while PTA spread decreased by -52.14% [39][42]. Inventory Changes - Notable inventory changes include an increase in polyester filament (+14.71%) and epoxy propane (+12.92%) [60][62]. Recommendations - The report recommends focusing on companies with strong performance, such as Xinyangfeng and Guangxin Materials, which are expected to benefit from ongoing market trends [4].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [5][91]. Core Insights - The chemical sector experienced a decline of 1.46% in the fifth week of July, underperforming the Shanghai A-share index by 0.52 percentage points. The dynamic PE ratio for the sector is 26.53 times, which is 2.62 times lower than the average since 2015 [12][21]. - Key products showing significant price increases include liquid chlorine (+12.72%), formic acid (+12.65%), and monochloromethane (+11.11%). Conversely, PVDF powder saw a notable price drop of -15.38% [3][21]. - The report highlights the importance of monitoring specific companies such as Dawn Co., which is advancing DVA products, and Guangxin Materials, which is focusing on marine coatings [4]. Industry Performance - In the fifth week of July, five sub-industries within the chemical sector saw gains, while 26 sub-industries experienced declines. The top-performing sub-industries included carbon black (+4.16%) and other rubber products (+1.62%) [2][15]. - The report indicates that the overall market capitalization of the chemical sector is approximately 640.53 billion, with 442 listed companies [5]. Price and Spread Trends - The report provides a detailed analysis of price movements for 256 products, with the top five price increases and decreases highlighted. The price spread for ethylene increased by 27.08%, indicating strong market dynamics [3][41]. - The inventory changes for key products show a significant increase in polyester filament (+24.84%) and ethylene glycol (+12.60%), while epoxy propane saw a decrease of -10.56% [4][57]. Important Developments - The report notes that international oil prices have fluctuated, with recent agreements between the US and EU alleviating some market concerns regarding tariffs, although negative economic data continues to make traders cautious [85][87]. - Several companies have made significant announcements, including investment partnerships and project terminations, which may impact their market positions and future performance [88][89].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [5]. Core Insights - The chemical sector experienced a 3.11% increase in the week of June 30, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points [1][13]. - Key stocks that led the gains included Dazhongnan (+50%), Tiensheng New Materials (+31.41%), and Cangzhou Mingzhu (+26.93%) [1][13]. - The report suggests focusing on electronic chemicals related to PCB, particularly highlighting the price increases of ketone and monochloro methane [1]. Industry Performance - In the week of June 30, 2025, 26 sub-industries within the chemical sector saw increases, while 5 experienced declines. The top-performing sub-industries included other plastic products (+8.45%) and carbon black (+7.65%) [2][17]. - The dynamic PE ratio for the chemical sector was reported at 24.76 times, which is 9.15 times lower than the average PE since 2015 [1][13]. Price and Spread Trends - The top five products with the highest weekly price increases were ketone (+11.77%), monochloro methane (+9.09%), and liquid chlorine (+7.35%) [3][20]. - Conversely, Brent crude oil saw a significant decline of 14.1%, while WTI crude oil dropped by 13.18% [3][20]. - The report also noted substantial changes in product spreads, with PX (CFR China) spread increasing by 71.09% [3][42]. Inventory Changes - Significant inventory changes were observed, with the highest increases in stocks of chlorpyrifos (+16.67%) and polyester chips (+9.16%) [4][60]. - Notably, urea and glyphosate inventories decreased by 8.33% and 7.69%, respectively [4][63]. Recommendations - The report emphasizes the importance of monitoring leading companies in the compound fertilizer sector, such as Xinyangfeng, and in spherical silica powder, such as Lianrui New Materials [4].