Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

[Table_Reportdate] 2025年07月08日 标配 行 业 周 报 [证券分析师 Table_Authors] [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn [table_stockTrend] -17% -9% 0% 8% 17% 25% 34% 24-07 24-10 25-01 25-04 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.卫星化学（002648）：美国恢复对 华乙烷出口，看好公司稀缺性、成长 性——公司简评报告 2.小米、荣耀等新产品频出，关注新 材料国产化进程——基础化工行业 周报（2025/6/23-2025/6/29） 3.供给优化的弹性β，需求驱动的优 质α——基础化工2025中期投资策 略 [Table_NewTitle 反内卷政策持续发力， ...

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.94%, Nasdaq down 0.92%, and S&P 500 down 0.79%. Notable declines included Tesla at 6.79%, Apple at 1.69%, and Google A at 1.53%, while Amazon saw a slight increase of 0.03% [1] International Trade and Policy - The first wave of tax letters from Trump will affect 14 countries, including Japan and South Korea, with tax rates ranging from 25% to 40%, effective from August 1. The EU is reportedly close to reaching an agreement [2] - An EU spokesperson indicated that negotiations for a US-EU trade agreement have made progress, with a principle agreement expected [3] Company Developments - OpenAI is incurring high costs for talent retention, with equity compensation accounting for 119% of its revenue. Meanwhile, Meta is actively recruiting talent, with a senior AI executive from Apple set to join [4] - Samsung Electronics is expected to see a 39% decline in operating profit for Q2 due to weak AI chip sales [5] - Figure's CEO stated that humanoid robots are key to AGI and plans to deploy 100,000 units within four years [6] - Colin Murdoch, Chief Business Officer of Google DeepMind, announced that Isomorphic Labs, which designs drugs using AI, is preparing for its first human trials [7] Economic Forecasts - Goldman Sachs has revised its expectations for the Federal Reserve's interest rate cuts, now anticipating a potential cut in September, with a terminal rate of 3% to 3.25% [8] Domestic Industry Highlights DRAM Industry - Changxin Storage, a major domestic DRAM manufacturer, has initiated its IPO counseling, with a registered capital of 601.9 billion yuan and a valuation of 140 billion yuan. The success of Changxin and Yangtze Memory is expected to significantly impact the domestic semiconductor industry [11] Photovoltaic Industry - Major polysilicon manufacturers have raised prices for certain orders to 37 yuan per kilogram due to recent policy changes and industry self-discipline. The overall production of polysilicon is projected to increase, albeit at a limited rate [12] Petrochemical Industry - The price of butanone has risen by 4.54% to 8,267 yuan per ton, with a month-on-month increase of 28.51%. Supply disruptions due to maintenance at major production facilities are contributing to price increases [13] Automotive Components - A new mandatory national standard for passenger car brake systems will take effect on January 1, 2026, introducing new requirements for electric transmission brake systems and single-pedal braking [15] Company Earnings Forecasts - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for the first half of 2025, a year-on-year increase of 47.72% to 52.11%, driven by growth in cloud computing [16] - Rockchip anticipates a net profit of 520 million to 540 million yuan, a year-on-year increase of 185% to 195%, supported by AIoT product demand [17] - Loxin Technology projects a net profit of 250 million to 270 million yuan, a year-on-year increase of 65% to 78% [17] - China Power expects a net profit of 800 million to 1.15 billion yuan, a year-on-year increase of 68.28% to 141.90% [17]

化工行业周报（20250630-20250706） 本周液氯、丁酮、TDI、环氧氯丙烷等产品涨幅居前 2025 年 07 月 07 日 化工周观点： ➢ 重点关注半年报业绩好的标的。建议开始寻找二季度景气度好，业绩有望超 预期的标的，建议关注圣泉集团、海利得和卓越新能。首先是与宏观经济波动相 关性较弱，受益 AI 资本开支持续提升的新材料行业，圣泉集团是 AI 服务器中核 心电子树脂的主要国内供应商，随着下游服务器出货量持续放量，公司业绩有望 环比提升。其次是海外有工厂，受益于美国关税冲突的细分行业龙头，建议关注 涤纶工业丝的领军企业海利得。并建议关注公司自身产能增长，随着新项目新产 品投产，业绩有望上一个台阶的卓越新能。 ➢ 磷肥出口窗口期已至，磷肥高景气有望持续。根据中国化肥信息网，磷肥的 出口指导具体情况如下：1、2025 年磷肥出口或将分阶段进行，首批集中在 5-9 月高峰期，第二批视国内供需动态调整。2、法检时间缩减，预计半月左右时间。 3、2025 年磷肥出口配额总量比去年减少。当前磷肥处于春耕后的淡季，出口有 望缓解国内产能过剩问题，国际高价出口有望进一步维持企业盈利水平，建议关 注具备磷矿资源 ...

证券研究报告 | 行业点评报告 2025 年 07 月 07 日 异丁醛、TDI 价格涨幅居前，建议关注 Q2 业绩环比有望高增的标的 招商化工行业周报 2025 年 7 月第 1 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 7 月第 1 周化工板块（申万）上涨 0.80%，上证 A 指上涨 1.40%，板块落后 大盘 0.60 个百分点。涨幅排名前 5 的个股分别为：蓝丰生化（+16.97%）， 华西股份（+13.28%），丰元股份（+9.09%），东材科技（+7.49%），顾地 科技（+5.92%）；跌幅排名前 5 的个股分别为：鸿达兴业（-11.06%），*ST 榕泰（-8.92%），世龙实业（-8.62%），广信材料（-7.13%），中泰化学（-5.14%）。 此外，本周化工板块（申万）动态 PE 为 24.98 倍，低于 2015 年来的平均 PE 8.33%。 细分子行业走势 7 月第 1 周化工行业 24 个子行业上涨，7 个子行业下跌。上涨子行业前五是： 玻纤（+17%），复合肥（+3.2%），其他塑料制品（+3.08%）， ...

7月4日，浙江锦华新材料股份有限公司（以下简称"锦华新材"）将在北京证券交易所进行IPO上会审核。公司的保荐机构为浙商证券股份有限公司。锦华 新材拟募集资金总额为7.68亿元。 报告期内（2022年-2024年），锦华新材营业收入从2022年的9.94亿元增长至2024年的12.39亿元，2025年一季度实现营业收入2.82亿元，但扣非后净利润 波动显著且一季度同比下降16.89%。且应收账款随营收上涨，资产负债率虽逐年下降降至36.26%仍高于行业均值35.23%，2024年经营活动现金流对净利 润仅0.42，覆盖能力弱。 锦华新材存在向控股股东巨化集团（巨化集团有限公司）关联采购占比高（2022-2024年38.08%-28.93%）、向关联方衢州硅宝（浙江衢州硅宝化工有限公 司）销售价格低于非关联方1%-4%等关联交易问题，丁酮肟委托加工价格较非关联方低0.52%-12.75%，且股东洪根入股资金由衢州硅宝代付虽已还清但锦 华新材因向衢州硅宝销售价格低于向非关联方销售价格而被交易所质疑。 作者：小熊 来源：IPO魔女 报告期锦华新材核心产品硅烷交联剂单价三年累计下跌35.4%、毛利率从47.46%跌至2 ...

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. is applying for listing on the Beijing Stock Exchange, focusing on the development, production, and sales of ketoxime products, establishing a green circular industry chain [1][3]. Group 1: Company Background - The company has developed a green circular industry chain consisting of ketoxime/aliphatic oxime, oxime silane, and hydroxylamine series products [1]. - The chairman, Lei Jun, previously held positions at Juhua Co., Ltd., including general manager and deputy general manager [1][3]. Group 2: Related Party Transactions - The company has significant related party transactions with Juhua Group, with procurement amounts of 32,965.04 million, 29,940.15 million, and 26,620.75 million yuan over the past three years, accounting for 38.28%, 35.65%, and 28.38% of total procurement respectively [3][4]. - In 2023 and 2024, the company plans to procure raw materials from Juhua Group amounting to 81,949,053.10 yuan and 65,417,991.14 yuan respectively [4]. Group 3: Raw Material Supply and Production Capacity - Juhua Group sold ketoxime materials to Jinhua New Materials for 16,276.9 million yuan and 13,365.89 million yuan in 2023 and 2024, respectively, which exceeds the procurement amounts disclosed by Jinhua [5]. - Jinhua New Materials is expanding its own production capacity for ketoxime, with a planned production start in June 2024, aiming to reduce reliance on external procurement [5]. Group 4: Market Conditions and Product Pricing - The utilization rate of the company's core product, silane crosslinking agent, decreased from 96.19% in 2023 to 76.15% in 2024, with no explanation provided in the prospectus [7]. - The company has been reducing the sales prices of silane crosslinking agents due to a downturn in downstream market demand, particularly in the construction and photovoltaic sectors [8].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) is preparing for its listing on the Beijing Stock Exchange, focusing on the production and sales of fine chemical products, particularly oxime series chemicals. The company has shown revenue growth in recent years, but its profitability remains a concern due to a significant drop in gross margin and net profit compared to 2021 [2][4][5]. Financial Performance - Jinhua New Materials reported revenues of 9.94 billion, 11.15 billion, and 12.39 billion for 2022, 2023, and 2024 respectively, with net profits of 0.78 billion, 1.73 billion, and 2.06 billion [4][5]. - The company’s revenue in 2021 was 11.53 billion, indicating a decline in 2022 by 1.59 billion. The net profit in 2021 was 2.45 billion, which is more than three times the profit in 2022 [4][5]. - Gross margin dropped from 34.12% in 2021 to 17.72% in 2022, rebounding to 27.65% in 2023, but still below the 2021 level [5][6]. Industry Comparison - Jinhua New Materials' gross margin has consistently been lower than its peers. In 2022, the average gross margin for comparable companies was 34.59%, while Jinhua's was only 17.72% [6][7]. - The gross margin for Jinhua's main product, silane crosslinking agents, was 16.21% in 2022, significantly lower than the average of 34.88% for similar products from competitors [8][9]. Related Procurement and Financial Concerns - The company has faced scrutiny regarding the fairness of its related-party procurement, particularly concerning the pricing of raw materials [3][10]. - The proportion of receivables settled through bank acceptance bills increased significantly in 2024, raising concerns about the authenticity of the company's financial performance [3][12]. - Jinhua New Materials' cash flow from operating activities has shown significant volatility, with a notable decline of 68.74% in 2024 compared to 2023 [10][12]. Conclusion - Jinhua New Materials is experiencing a recovery in revenue but faces challenges in profitability and cash flow management. The reliance on bank acceptance bills for settlements and the low gross margins compared to industry peers raise questions about the sustainability of its financial performance [15].

基础化工月报：油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 [Table_ReportDate] 本期内容提要: 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [基础化工月报： Table_Title] 油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 ...

从现货市场看，涨幅前五名的石化产品分别为丁酮上涨101.77%、液氯上涨7.35%、丙烯酸异辛酯上涨 5.71%、页岩油上涨5.65%、苯胺上涨5.65%；跌幅前五名的石化产品分别为美国轻质原油下跌12.56%、 维生素D3下跌12.50%、布伦特原油下跌12.00%、维生素VE下跌9.33%、丙烷下跌9.17%。 上周，国际原油价格大幅下行后横盘整理。截至6月27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65.52美元/桶，较6月20日下跌12.56%；洲际交易所布伦特原油期货(Brent)主 力合约结算价格为67.77美元/桶，较6月20日下跌12%。 中化新网讯 上周(6月23日至27日)，化工指数全面上涨，石油指数全面下跌。 化工板块方面，化工原料指数累计上涨3.31%、化工机械指数累计上涨1.06%、化学制药指数累计上涨 1.06%、农药化肥指数累计上涨2.54%；石油板块方面，石油加工指数累计下跌0.91%、石油开采指数累 计下跌3.26%、石油贸易指数累计下跌6.96%。 从资本市场看，上周沪深两市涨幅前五名的上市化企分别为大东南上涨50%、泰和科技上涨48.09%、 ...