齐鲁晚报·齐鲁壹点 张文珂 根据赛迪顾问统计，截至2024年7月31日，全国共有30个省（区、市）发布化工园区认定名单，共认定化工园区745家。其中，山东 以84家位居首位，浙江、河南、湖北、安徽等省份均在40家以上。 齐鲁晚报·齐鲁壹点梳理发现，山东共有16家化工园区入围该项榜单，数量位居全国第一。其中，东营、淄博、潍坊、青岛4市分别 入围5家、3家、2家、2家，烟台、济宁、滨州、菏泽4市各入围1家。 | 排名 | 园区名称 | 省 (市、 | 城市 | 排名 | 园区名称 | 省 (市) | 城市 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 区) | | | | 区) | | | 1 | 上海化学工业区 | 上海 | 上海 | 51 | 博兴化工产业园 | 山东 | 滨州 | | 2 | 惠州大亚湾石化产业园区 | 广东 | 惠州 | 52 | 辽阳重要芳烃及化纤原料基地 | 辽宁 | 辽阳 | | 3 | 宁波石化经济技术开发区 | 浙江 | 宁波 | 53 | 茂名茂南石化工业园 | 广东 | 茂名 | | ব | 齐鲁化学工业区 ...

Core Viewpoint - Propylene futures experienced slight fluctuations, closing at 6420.0 yuan with a 0.22% increase, indicating a mixed market sentiment regarding future price movements [1] Group 1: Market Analysis - Newhu Futures reported that propylene prices are fluctuating, with current spot prices at 6600 yuan/ton in East China and 6680 yuan/ton in Shandong, indicating limited circulation pressure in Shandong due to some plants planning to restart [1] - The new production capacity scheduled for September is mostly paired with downstream facilities, which will have a limited impact on circulating spot prices [1] - The rising price of propane is providing cost support, while terminal demand remains stable, leading to thin production profits and low acceptance of high-priced sources by manufacturers [1] Group 2: Supply and Demand Dynamics - Huatai Futures noted that the supply side is tightening, with the restart of Wanhu's facilities and expectations for Hebei Haiwei's restart, while Shandong Zhenhua's PDH restart is delayed until mid to late September [1] - The overall operating rate of propylene is declining, which supports the continuous rise of spot prices, although high propylene prices are compressing downstream profits, leading to reduced purchasing enthusiasm [1] - The cost side remains supported by OPEC+ production expectations and stable external propane prices, while the overall sentiment towards propylene remains cautious [1]

Group 1: Financial Performance - The company achieved operating revenue of 5.981 billion yuan and a net profit attributable to shareholders of 19.1256 million yuan in the first half of 2025 [1] - The net cash flow from operating activities was 637 million yuan during the same period [1] Group 2: Business Segments - The clean energy business faced declining sales prices and gross margins, negatively impacting overall performance [1] - The semiconductor display materials business, particularly liquid crystal products, reached historical highs in production and sales, significantly enhancing profitability [1] - The life sciences business focused on green manufacturing and health products, with online sales revenue increasing by 70% year-on-year and offline sales revenue rising by 12% [4] Group 3: Strategic Initiatives - The company is implementing the "Chengzhi 2.0" strategic plan, focusing on high-end semiconductor display materials, chemical new materials, and synthetic biology [1] - Nanjing Chengzhi is optimizing its sales strategy to enhance economic benefits amid challenging market conditions for methanol and olefin products [2] - Chengzhi Yongqing is adjusting its sales strategy to counteract market price pressures by promoting contract sales and expanding into new markets [2] Group 4: Market Position and Innovation - Shijiazhuang Chengzhi Yonghua is a leading manufacturer in the liquid crystal materials sector, focusing on innovation and maintaining market leadership despite intense competition [3] - The company has increased its market share and reported over 30% year-on-year growth in sales revenue and net profit for TFT-LCD liquid crystal materials [3]

Core Viewpoint - Anhui Shuguang Chemical Group Co., Ltd. (Shuguang Group) is undergoing a review process for its listing on the Shanghai Stock Exchange, with a focus on the actual control of the company by its major shareholder, Yu Yongfa, and the agreements made with other shareholders to maintain control stability [1][2]. Shareholding Structure - Yu Yongfa directly holds 19.56% of the company's shares and, through an agreement with 67 other shareholders, controls 79.16% of the voting rights [1]. - The company has a history of using entrusted shareholding agreements to concentrate voting rights among major shareholders since its reform in 2004 [2]. Control Agreements - In late 2023, Yu Yongfa signed a "Joint Action Agreement" with 67 shareholders, allowing him to control an additional 35.76 million shares, which represents approximately 59.6% of the total shares [3]. - The agreements were notarized by the Anqing City Notary Office, ensuring the legal backing of the control structure [3]. Financial Performance - Shuguang Group operates in cyanide chemicals, modern coal chemicals, fine chemicals, and new chemical materials, with three main business segments: cyanides, butanol, and coal-to-hydrogen [4]. - The company's revenue from 2021 to the first half of 2024 shows a decline from 37.8 billion yuan in 2021 to 15.03 billion yuan in the first half of 2024, with net profits also fluctuating during this period [4]. - Key financial metrics include: - Revenue: 37.8 billion (2021), 36.58 billion (2022), 35.47 billion (2023), 15.03 billion (2024 H1) - Net Profit: 8.78 billion (2021), 3.61 billion (2022), 5.05 billion (2023), 1.72 billion (2024 H1) - Gross Margin: 34.58% (2021), 17.21% (2022), 22.64% (2023), 21.74% (2024 H1) [4][5]. Corporate Governance - The company has undergone significant changes in its governance structure, transitioning to a joint-stock company in December 2023, which dissolved previous entrusted shareholding relationships [2]. - Yu Yongfa has been a key figure in the company since its inception, holding various leadership roles, including Chairman and General Manager, and currently serves as Honorary Chairman [5].

Core Viewpoint - Chengzhi Co., Ltd. reported a revenue of 5.981 billion yuan for the first half of 2025, marking a year-on-year increase of 5.65%, with a net profit attributable to shareholders of 29.69 million yuan after deducting non-recurring gains and losses [1] Group 1: Business Performance - Chengzhi's clean energy business faced challenges due to tax payments and market conditions in the bulk chemical industry, but the semiconductor display materials segment, particularly liquid crystal products, achieved record sales and significant profit growth [1][2] - The subsidiary Nanjing Chengzhi maintained stable operations and zero safety incidents while optimizing sales strategies to enhance economic benefits from liquid products [2] - The subsidiary Chengzhi Yongqing actively adjusted sales strategies to counteract market pressures in the industry, focusing on contract sales and expanding into new markets [2] Group 2: Industry Positioning - Chengzhi Yongqing's new integrated propylene value chain project in Nanjing has commenced production, enhancing the company's resilience against market fluctuations in bulk chemicals [3] - Chengzhi's subsidiary Shijiazhuang Chengzhi Yonghua is a leading domestic manufacturer of liquid crystal materials, leveraging advanced technology from Tsinghua University and establishing a strong presence in the market with its brand "slichem" [4] - The company is expanding its product offerings beyond liquid crystal materials to include OLED and other new display technologies, addressing over 400 critical technical issues with more than 160 product series [4][5] Group 3: Market Challenges and Innovations - The liquid crystal industry is facing intense competition and challenges from new display technologies, but Shijiazhuang Chengzhi Yonghua has increased its market share and sales revenue by over 30% in the TFT-LCD liquid crystal materials segment [5]

Group 1 - The core viewpoint of the article is that Anhui Shuguang Chemical Group Co., Ltd. is progressing with its IPO process, having submitted its first round of inquiry responses to the Shanghai Stock Exchange [1] - The company is a large comprehensive chemical enterprise focusing on cyanide chemicals, modern coal chemicals, fine chemicals, and new chemical materials, with established business segments in cyanides, butanol, and coal-to-hydrogen [1] - The IPO aims to raise approximately 1.5 billion yuan, which will be allocated to projects including a 100,000-ton BDO and 120,000-ton PBAT production project, a 46,000-ton PTMEG project, a research and development center, and working capital [1] Group 2 - The company’s IPO was accepted on December 27, 2024, and entered the inquiry phase on January 25, 2025 [1] - The first round of inquiry raised questions regarding the company's shareholder structure, actual controllers, and main board positioning [1]

Core Viewpoint - The article discusses the recent approval of two marine project applications by Shandong Yulong Petrochemical Co., Ltd., highlighting the significant investment and construction plans aimed at enhancing the petrochemical industry in Shandong Province [2][3]. Group 1: Project Overview - The total investment for the projects is approximately 11.79 billion yuan, with a construction period of 48 months [2]. - The projects will be located on Island 5, covering a land area of 700.15 hectares and a marine area of 639.3548 hectares [2]. - The projects will utilize methane for the production of various chemical products, including PTA, PTT, PBT, PCT, PCTG, and PETG [2]. Group 2: Company Background - Shandong Yulong Petrochemical Co., Ltd. is a mixed-ownership enterprise, with private control by Nanshan Group and state-owned participation [2]. - The company is developing a 40 million tons per year integrated refining and chemical project, which is considered a major initiative for industrial transformation and high-quality development in Shandong Province [2][3]. Group 3: Project Milestones - The project transitioned from a reserve project to a planned project in June 2020, with various approvals received from national and provincial authorities throughout 2020 [3]. - The construction of the first phase of the project commenced on October 24, 2020, and is currently progressing rapidly [3].

1. Report Industry Investment Rating - The investment rating for the propylene industry is "Oscillation" [1] 2. Core Viewpoints of the Report - The supply and demand of propylene in East China are basically balanced, but this balance is fragile, maintained by sacrificing the economics of propylene production [2][16] - Propylene production enterprises consider three major factors: economics, material balance, and customer supply guarantee, resulting in strong price elasticity on the demand side and weak price elasticity on the supply side [2][18] - The propylene industry chain's production plans have an anti - involution nature, which can repair the economics of loss - making downstream sectors and maintain the supply - demand balance [3][23] - Enterprises generally pay attention to propylene futures, but their participation levels are expected to vary greatly [4][24] 3. Summary According to the Directory 3.1 Research Purpose - Understand the production consideration factors of different propylene production enterprises - Understand the ins and outs of the propylene industry chain production process, including raw material sources, product customer composition, and pricing models - Understand the production plans and future outlooks of propylene production enterprises - Understand the participation levels and concerns of propylene production enterprises regarding propylene futures [15] 3.2 Research Core Conclusions - The supply - demand balance of propylene in East China is fragile, maintained by sacrificing the economics of propylene production, such as some MTO and PDH enterprises adjusting their operations [16] - Enterprises consider economics, material balance, and customer supply guarantee. Downstream focuses more on economics, upstream is more affected by material balance, and downstream with high long - term contract ratios is more affected by customer supply guarantee [18][19] - The production plans of the propylene industry chain have an anti - involution nature, which can repair downstream economics and maintain the supply - demand balance [23] - Enterprises are highly concerned about propylene futures, and their participation can be divided into four categories [24] 3.3 Research Detailed Situations 3.3.1 A Large Refining and Chemical Enterprise A - The company has three propylene production devices with a total capacity of over 1 million tons/year, and downstream products include acrylonitrile, propylene oxide, and acetone [25] - Currently, all devices except one acrylonitrile device are operating at full capacity. The refinery is overhauled every 3 - 4 years, and PDH is overhauled once a year [26] - The company prioritizes material balance and then production economics. Steam cracking and MTO devices rarely reduce their loads, while PDH load adjustment is more flexible [27] - Propane is 60% - 70% self - produced and 30% - 40% imported from the Middle East. The steam cracking raw material contains a small amount of externally purchased ethane [29] - When all devices are operating at full capacity, the company exports over 10,000 tons of propylene per month. Currently, it exports about 40,000 tons per month, mainly to surrounding enterprises and sold in East China and Southwest Shandong [30] - The long - term contract is priced based on the average price of Shandong and East China plus a premium or discount [31] - The exported propylene is all Type I, and the self - used propylene is of slightly lower quality [32] - The company has abandoned the plan to expand acrylic acid production and has no current expansion plans [33] 3.3.2 A PDH Enterprise B - The company has a 600,000 - ton/year PDH device, and downstream products include acetone, propylene oxide, and epichlorohydrin [35] - Currently, the PDH is under maintenance, and propylene oxide has stopped production. Phenol - ketone and epichlorohydrin are operating by externally purchasing propylene. PDH is overhauled every two years, and the main catalyst is replaced every four years [37][38] - The company will try to achieve full production and sales in the future and will attempt to digest products within the parent company group during poor market conditions [39] - Before the tariff, 80% of imported propane was from the United States, and now it is 20%. Propane is also imported from Canada and Australia. When externally purchasing propylene, pipeline transportation is preferred [41][42] - The company exports about 50,000 tons of propylene per year, with customers mainly from Jiangsu, Anhui, and Shandong. The downstream is mainly PP powder [44] - The pricing is based on the Zhenhai price when shipping south and the average price of East China and Shandong when shipping north or for short - distance transportation [45] - All propylene is Type I. Propylene oxide has the lowest quality requirement, and phenol - ketone has the highest requirement [46] - The company has abandoned the second - phase expansion plan [47] 3.3.3 An MTO Enterprise C - The company has two MTO devices with a total propylene capacity of about 500,000 tons/year, and downstream products include butanol and octanol [51] - Currently, butanol and octanol are operating at full capacity, and the small MTO device is operating at 70% capacity, while the large one is at 85%. In August, the MTO load will be reduced to the minimum [52] - The MTO process is in long - term loss, and the butanol and octanol profits are also poor this year. However, the company does not consider shutting down to avoid losing pipeline customers [54] - If operating at full capacity, the company will externally purchase about 2 million tons of methanol per year. The small device self - produces part of the methanol, and the large device purchases all externally [55] - When operating at full capacity, the company exports about 12,000 tons of propylene per month, mainly through pipeline and road transportation. The company values price rather than the type of customer [56] - Propylene is priced with reference to the chemical sales price plus a self - determined premium or discount, and ethylene is priced based on a comprehensive consideration of Northeast Asian and chemical sales prices [57] - The propylene produced by the company is all Type I, and the self - used propylene quality is not deliberately adjusted [58] - The company has no expansion plans for the propylene industry chain [59] 3.3.4 A Mixed Alkane Cracking Enterprise D - The company has a steam cracking device with a propylene capacity of about 150,000 tons/year, using a mixture of ethane and propane as raw materials [61] - Ethylene production is fixed, and propylene production depends on the feedstock. Currently, it is about 10,000 tons per month [62] - The ratio of ethane to propane is determined by economics. Currently, ethane accounts for about 70%. The device can use all propane but not all ethane [63] - The raw materials are all imported. Propane comes from the Middle East and the United States, and ethane is from the United States under a ten - year long - term contract. In case of a tariff war, the company will adjust its operations [64] - Propylene is mainly transported by pipeline to enterprises in the park for acrylic acid production, with a small amount sold externally by road [65] - The pricing is based on the average price of Zhenhai and Jinling. Each device is independently accounted for, and internal supply is also priced at the market price [66] - The company is building a PDH device with a capacity of nearly 1 million tons, but it plans to start operation after the downstream PP and butanol and octanol devices are completed in 2027 [67] 3.3.5 A PDH Enterprise E - The company has two PDH devices with a total capacity of about 1 million tons/year, and downstream products include acrylic acid, PP powder, butanol and octanol, and propylene oxide [70] - Currently, one line of PP powder has stopped production, and the rest are operating at full capacity. The company has a processing trade business for acrylic acid and esters for export, with a monthly volume of about 20,000 tons [71] - Currently, acrylic acid and butanol and octanol are profitable, PP breaks even, and propylene oxide is in loss. PDH is in marginal loss, but the company does not consider shutting down to avoid excessive external propylene purchases [72] - 90% of propane comes from the United States. In case of a tariff increase, the company will switch to Middle Eastern and Canadian sources. Currently, US goods are still more suitable [73] - The company externally purchases about 60,000 tons of propylene per month, mainly through shipping and road transportation. The imported propylene is about 300,000 tons per year [74] - The company requires Type I propylene for spot purchases. Type II propylene can be processed or used in the acrylic acid device [75] - The company plans to expand downstream acrylic acid production by nearly 300,000 tons/year, with no upstream expansion plans [76] 3.3.6 A PDH Enterprise F - The company has two PDH devices with a total capacity of about 1 million tons/year, and downstream products are polypropylene powder and modified materials [78] - Currently, one PDH device is operating at 98% - 104% capacity, and one line of powder has stopped production [79] - One PDH device was shut down due to poor economics and transportation issues. It is expected to restart next year due to device maintenance and expected profit improvement [80] - Propane is mainly purchased from the Middle East and the United States. Propylene is 80% purchased by shipping and 20% by road, with about half of the shipping being imports [81] - This year, there is no external propylene sales, and about 10,000 tons are externally purchased per month [82] - The company has no expansion plans, only considering downstream optimization [83] 3.3.7 A Large Refining and Chemical Enterprise G - The company has three production devices with a total capacity of about 3 million tons/year, and downstream products include polypropylene, acetone, acrylonitrile, and propylene oxide [86] - Currently, one cracking device is under maintenance, expected to end in August. PDH is operating at over 80% capacity and is overhauled every 2 - 3 years. The cracking device is overhauled every three years [87] - PDH operation is based on material balance, and economics is an important factor for downstream operation. The load of acrylonitrile is mainly adjusted in recent years [88] - Imported crude oil is mainly from Saudi Arabia, with Oman and Kuwait oil as supplements. PDH uses self - produced propane [90] - When all devices are operating at full capacity, the company can achieve propylene balance. After the acrylonitrile device is put into operation, there will be a shortage. Last year, the maximum external sales volume was 50,000 tons per month, and this year it is about 10,000 tons per month [91] - Propylene price is based on the listed price of Zhenhai Refining and Chemical plus a premium or discount [92] - The company has an acrylonitrile device to be put into operation at the end of this year, but it will probably start operation together with MMA and SAR devices in the second quarter of next year. There is also a subsidiary with a propylene capacity of about 1 million tons to be put into operation at the end of 2026 [93] 3.3.8 A PDH Enterprise H - The company has three PDH devices with a total capacity of about 2 million tons/year. The A base has two devices, and the B base has one device. Downstream products include PP and acrylonitrile [96] - Currently, all upstream and downstream devices are operating, and the PP load is high. One PDH device will be overhauled in September and restarted before National Day [97] - The enterprise calculates the full cost. PDH is in long - term loss and is subsidized by PP. If the externally purchased propylene is cheap and stable, the enterprise may shut down one PDH device [98] - The enterprise only accepts pure propane from the Middle East and the United States. To avoid tariff risks, it will adjust its purchases [100] - The enterprise needs to sell propylene externally, with about 20,000 tons per month from the A base and 30,000 tons per month from the B base. It will also purchase propylene if the price difference is appropriate and has exported propylene in the past [101][102] - The enterprise has some pricing power and affects the listed price in East China. The settlement with the B base is based on the local price [103] 3.4 Investment Suggestions - In the next three months, the propylene futures price will mainly follow the polypropylene futures price. Before November, the impact of spot price changes on futures prices will be weak, and the PL2601 price will be priced by subtracting the processing fee from PP2601 [106] - It is recommended to shrink the PP - PL processing fee when it is high. The current 550 yuan/ton is reasonable, and near the delivery month, a processing fee above 500 yuan/ton can be considered for shrinking [106] - The PL single - side price should be treated with an oscillatory mindset. The PP single - side price is under pressure from new production capacity but has limited further downward space due to the ability to replace recycled materials and the anti - involution market. PL may be slightly stronger than PP [107][108]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Propylene is an important basic raw material in the petrochemical industry, with China emerging as the world's largest producer and consumer center. The industry has witnessed significant growth in production capacity, and the demand is mainly concentrated in Northeast Asia, especially China. The trade shows a regional characteristic, and the domestic import volume is expected to decline further [17][19][24] Summary by Relevant Catalogs I. What is Propylene? - Propylene (C3H6) is an important basic raw material in the petrochemical industry. It is a colorless, hydrocarbon - scented gas at room temperature, with specific physical and chemical properties and is classified as a Class II hazardous chemical [4] II. Propylene's Uses - Propylene is mainly used to produce polypropylene, accounting for about 62% of downstream demand, with wide - ranging applications. Other downstream products include epoxy propane (7%), PP powder (6%), acrylonitrile (7%), phenol - ketone (5%), acrylic acid and its esters (4%), and butanol - octanol (7%), which are used in various industries [5][6] III. Production Process - Propylene can be produced from crude oil, propane, and coal. The main processes are catalytic cracking of heavy oil, naphtha steam cracking, propane dehydrogenation, and methanol - to - olefins. The propane dehydrogenation process currently accounts for nearly 33% of the total capacity and has become the main production process [9] IV. Propylene's Storage and Transport - Propylene can be stored in liquefied or compressed forms. Domestic transportation mainly includes road, railway, and pipeline, and international trade can use shipping. Special vehicles and containers are required for transportation due to its flammable nature [13][15] V. Delivery Standards - The benchmark delivery product is Type I propylene meeting GB/T 7716 - 2024, with water content ≤ 20mg/kg. Propylene with 20mg/kg < water content ≤ 50mg/kg can be used as an alternative delivery product, and the premium or discount is subject to exchange announcements [16] VI. Global Propylene Supply - Demand Pattern - Global propylene production capacity increased from 139 million tons in 2019 to 178 million tons at the end of 2024. The main production areas are North America, the Middle East, and Asia, with Northeast Asia having over 50% of the capacity, and China accounting for 42% in 2024. In 2024, demand was estimated between 153 million and 158 million tons, with demand growing in Northeast Asia and declining in North America and Western Europe. Global trade is regional, with Asia being the dominant market, and export volume has been shrinking [17][19][23] VII. China's Propylene Supply - Demand Pattern - China's propylene production capacity increased from 16.52 million tons/year in 2010 to 69.73 million tons/year in 2024, with an average annual growth rate of 12.8% from 2014 - 2024. Production is mainly concentrated in East and North China. In 2024, the apparent consumption was 55.3521 million tons, with a growth rate of 10.30%. The consumption areas are similar to the production areas, and the main downstream products include polypropylene, epoxy propane, acrylonitrile, etc., with new capacity expected to drive up propylene demand in 2025 [24][30][31] VIII. Import - Export Situation - China is a net importer of propylene. From 2016 - 2019, imports were around 3 million tons, with a dependence of about 10%. In 2024, imports and dependence dropped to 2.02 million tons and 3.7% respectively. Imports are expected to decline further, while exports are likely to have limited growth [41][43]

Global Overview - Global propylene capacity is projected to grow from 125 million tons in 2017 to 177 million tons by 2024, with an average annual growth rate of 5.1% [1] - Global propylene production is expected to increase from 103 million tons to 134 million tons during the same period, with an average annual growth rate of 3.9% [1] - Northeast Asia is the largest production region, accounting for 51.5% of global capacity, followed by North America (14.0%) and Western Europe (9.0%) [1] China's Propylene Industry - China is a significant global propylene producer, with a projected capacity of 69.73 million tons and a production of 53.41 million tons by 2024 [2] - The average annual growth rate of propylene capacity in China from 2014 to 2024 is 12.8% due to the increase in coal/methanol-to-propylene and propane dehydrogenation facilities [2] - The overall capacity utilization rate in China's propylene industry is expected to be 76.6% in 2024, down from over 90% prior to 2014 [2] Production Techniques - Traditional oil-based processes like catalytic cracking and steam cracking remain the dominant methods for propylene production in China [2] - By 2024, steam cracking will account for 33.7% of production capacity, while propane dehydrogenation will represent 32.3% [2] Regional Production Distribution - Propylene production in China is concentrated in East and North China, which account for 31.1% and 20.3% of total production, respectively [3] - The top five provinces for propylene production are Zhejiang, Shandong, Guangdong, Jiangsu, and Ningxia, collectively accounting for 58.4% of national output [3] Market Competition - The Chinese propylene industry is competitive, with over 100 production companies; the top 10 companies hold 56.4% of the total capacity [3] - State-owned enterprises like Sinopec and PetroChina are the primary producers, but there is a trend towards diversification with private companies entering the market [3] Consumption Trends - China is the largest consumer of propylene globally, with a projected apparent consumption of 55.36 million tons in 2024 [4] - The domestic supply is expected to be approximately 53.41 million tons, with imports at 2.02 million tons and exports at 0.07 million tons [4] - The average annual growth rate of domestic propylene consumption from 2014 to 2024 is about 9.9% [4] Downstream Demand - The demand for propylene derivatives has been increasing, with polypropylene accounting for 67.7% of consumption in 2024 [5] - Other derivatives like epoxy propane and acrylonitrile are also seeing significant growth, with production rates increasing substantially from 2014 to 2024 [5]