2025年，吉林石化始终将科技创新置于发展全局的核心位置，凭借一系列标志性成果，书写了高水平科 技自立自强的新篇章。 战略引领定向，科研攻关显担当。2025年，吉林石化构建起"战略导向—科研攻关—成果转化"环环相扣 的科研体系，围绕高水平科技自立自强目标，全年开展各级别科技项目51项，实现成果转化12项，18个 新牌号产品实现生产，申报39件专利，以丰硕成果构建起多层次科研创新体系。该公司取得全年创效 6000多万元、直接创收4600多万元的亮眼成绩，构建起了"科研赋能生产、生产反哺科研"的良性循环。 关键技术突破，破解"卡脖子"难题。在国家重点布局的新材料领域，吉林石化的技术攻坚成果尤为瞩 目。大丝束碳纤维生产技术的成功研发，填补国内技术空白。在乙丙橡胶领域，该公司通过与国内高校 联合攻关，历经数百次小试实验，攻克56项关键技术难题，成功研发新型钒催化剂。2025年第二次工业 化试验稳定运行87小时，产出键合乙叉降冰片烯(ENB)含量高的三元乙丙橡胶产品，试用国产催化剂生 产的产品，不仅拓宽了产品应用领域，更破解了制约产业高质量发展的难题。丙烯腈-丁二烯-苯乙烯 (ABS)无调浆凝聚、无磷无糖接枝聚合等关键 ...

Core Viewpoint - Since the "14th Five-Year Plan," China National Petroleum Corporation (CNPC) has accelerated the construction of a "refining and chemical materials" industry structure, implementing the "New Materials Acceleration Project" to enhance capacity release and new product development, achieving a continuous 50% growth in new materials production over four years, thus facilitating a rapid transformation [1] Group 1: Industry Structure and Strategy - CNPC has been addressing the structural contradictions of "low-end surplus and high-end shortage" in the chemical industry, intensifying competition and focusing on product innovation and technological breakthroughs [1][2] - The company has established a new materials division, elevating the development of new materials to a status equal to refining and basic chemicals, thereby optimizing its organizational structure and enhancing innovation capabilities [2] Group 2: Capacity and Production Growth - CNPC has set up several new materials bases across the country, including in Dongshanzi, Lanzhou, Jilin, and Liaohe, creating a capacity layout that covers both eastern and western regions [2] - The company has successfully launched key projects, such as the transformation upgrades at Jilin and Guangxi Petrochemical, and is steadily advancing high-end polyolefin and ethylene projects [2] Group 3: Product Development and Market Position - During the "14th Five-Year Plan," CNPC has significantly expanded its product development matrix, with the number of new product grades increasing by 83% compared to the end of the "13th Five-Year Plan" [3] - The company has made breakthroughs in high-performance, high-value new materials, achieving self-sufficiency in critical material supply chains, with products like carboxylated nitrile rubber and PETG copolyester being developed domestically [4]

Core Viewpoint - The article discusses the upcoming 2026 Future Industry New Materials Expo, focusing on the demand for lightweight, high-strength, and sustainable materials across various industries such as robotics, automotive, drones, data centers, aerospace, AI, and new energy sources [1][5]. Summary by Sections Anti-Dumping Measures - The Ministry of Commerce announced a review of anti-dumping measures on imports of ethylene-propylene rubber from the US, South Korea, and the EU, effective from December 20, 2025 [1]. - During the review period from July 1, 2024, to June 30, 2025, the same anti-dumping tax rates will continue to apply as per the 2020 announcement [2]. Anti-Dumping Tax Rates - The anti-dumping tax rates for various companies are as follows: - US companies: 222.0% for Dow Chemical, 214.9% for ExxonMobil, and 219.8% for both Arlanxeo US and other US companies [3]. - South Korean companies: 12.5% for Kumho Polychem, 21.1% for Lotte Chemical, and 24.5% for other South Korean companies [3]. - EU companies: 18.1% for Arlanxeo Netherlands, 14.7% for ExxonMobil Chemical France, and 31.7% for other EU companies [3]. Exhibition Details - The expo will feature six major exhibition areas, including a focus on lightweight, high-strength, and sustainable materials, highlighting innovations in carbon fiber, polymers, and modified plastics [1][4]. - Over 800 enterprises are expected to participate, showcasing advancements in new materials and technologies [5]. Industry Focus Areas - Key areas of focus at the expo include: - Robotics, smart vehicles, AI consumer electronics - Low-altitude aircraft, aerospace, deep-sea technology, rail transportation components - Quantum technology, 6G, brain-computer interfaces, computing power center server components - New energy equipment components, high-performance fibers and composite materials, and low-carbon sustainable materials [6].

Core Viewpoint - The Ministry of Commerce announced an anti-dumping investigation on imports of ethylene propylene diene monomer (EPDM) rubber from the United States, South Korea, and the European Union, indicating ongoing scrutiny of trade practices in these regions [1] Group 1 - The Ministry of Commerce has initiated a final review investigation of anti-dumping measures applicable to EPDM rubber imports from the U.S., South Korea, and the EU [1] - During the investigation period, the State Council Tariff Commission will continue to impose anti-dumping duties based on the scope and rates published in the Ministry of Commerce's Announcement No. 60 of 2020 [1] - The anti-dumping measures on EPDM rubber imports from the UK will expire on December 20, 2025 [1] Group 2 - The review will assess whether terminating the anti-dumping measures on imports from the U.S., South Korea, and the EU could lead to continued or renewed dumping and injury [1] - Interested parties have 20 days from the announcement date to register with the Ministry of Commerce's Trade Relief Investigation Bureau to participate in the final review investigation [1]

Core Viewpoint - The Ministry of Commerce has initiated a final review investigation on anti-dumping measures applicable to imported ethylene-propylene rubber from the US, South Korea, and the EU, while continuing to impose anti-dumping duties during the review period [1][2] Group 1: Anti-Dumping Measures - The Ministry of Commerce announced that anti-dumping duties will continue to be levied on imported ethylene-propylene rubber from the US, South Korea, and the EU according to the tax rates specified in the 2020 announcement during the review period [1] - The anti-dumping tax rates established in December 2020 were 214.9% to 222.0% for US companies, 12.5% to 24.5% for South Korean companies, and 14.7% to 31.7% for EU companies, with a validity period of five years [2] Group 2: Review Investigation Details - The final review investigation will assess whether terminating the anti-dumping measures on imported ethylene-propylene rubber from the US, South Korea, and the EU could lead to continued or renewed dumping and damage [1] - Stakeholders have 20 days from the announcement date to register with the Ministry of Commerce's Trade Relief Investigation Bureau to participate in the final review investigation [1]

Core Insights - The recent anti-dumping review has been released, providing stability to the market supply and demand environment through macro policies [1] - In the next 3-5 years, domestic production of ethylene-propylene rubber is expected to increase by approximately 300,000 tons, primarily utilizing FASTECH solution polymerization technology [1] - Domestic demand continues to show upward momentum, with increasing demand from Southeast Asia and India, enhancing the expectation for domestic companies to expand internationally [1] - In the short term, market performance is stabilizing, with product prices gradually bottoming out [1]

Group 1 - The core point of the news is the announcement of new ethylene-propylene rubber production capacity, with a project to produce 50,000 tons annually being publicly evaluated for environmental impact [1][8] - The project is initiated by Guangxi Huayi Chlor-Alkali Chemical Co., Ltd., a subsidiary of Shanghai Chlor-Alkali Chemical Co., Ltd., and is located in the Qinzhou Port Petrochemical Industrial Park in the China (Guangxi) Pilot Free Trade Zone [1][2][8] - Ethylene-propylene rubber is a synthetic rubber widely used in various applications, including automotive parts, waterproof materials for construction, wire and cable sheathing, heat-resistant hoses, tapes, automotive seals, and lubricant additives [2][9] Group 2 - Another project for a 50,000 tons/year ethylene-propylene rubber facility is being proposed by Lihua Yi (Lijin) Engineering Plastics Co., Ltd., with a planned location in the Lihua Yi area of the Lijin Coastal New Area Chemical Industry Park [3][10] - The project will occupy an area of 68,024 square meters and will include the construction of a corresponding auxiliary engineering, storage and transportation facilities, and environmental protection projects [3][10] - Additionally, Inner Mongolia Keda New Materials Co., Ltd. is planning a project to produce 50,000 tons of ternary ethylene-propylene rubber and 50,000 tons of rare earth polybutadiene rubber, with a total investment of 111.016 million yuan [4][11]

Core Viewpoint - The Ministry of Commerce announced the continuation of anti-dumping duties on imported ethylene propylene diene monomer (EPDM) rubber from the United States, South Korea, and the European Union, with the measures set to expire for imports from the UK on December 20, 2025 [1] Group 1: Anti-Dumping Measures - The anti-dumping tax rates are set at 214.9%-222% for U.S. companies, 12.5%-24.5% for South Korean companies, and 14.7%-31.7% for EU companies [1] - The domestic supply structure for EPDM rubber has been restructured since the implementation of the anti-dumping policy in 2020, allowing current domestic and imported sources to meet downstream demand [1][7] Group 2: Industry Performance - The operating load rate of domestic EPDM rubber enterprises increased from 51.47% in 2020 to a projected 78.58% by 2025 [7] - The domestic EPDM rubber industry has seen significant growth in competitiveness over the past five years [8] Group 3: Import and Export Dynamics - In 2020, the main sources of EPDM rubber imports to China were the U.S. (52,900 tons), South Korea (42,500 tons), and the EU (19,400 tons), accounting for 61% of total imports [9] - By 2024, imports from Saudi Arabia, South Korea, and Japan are projected to be 66,700 tons, 65,300 tons, and 14,700 tons, respectively, making up 88% of total imports [12] Group 4: Production and Demand Trends - China's EPDM rubber production is expected to grow from 278,300 tons in 2021 to 326,300 tons in 2025, reflecting a 17.25% increase [13] - The automotive sector's consumption of EPDM rubber is projected to reach 223,000 tons by 2025, indicating a stable demand structure in downstream applications [13] Group 5: Future Outlook - The EPDM rubber industry is anticipated to shift from scale competition to performance customization, with technological innovation and global integration becoming core competitive advantages [14] - The continuation of anti-dumping duties is based on domestic companies' concerns about potential dumping from the U.S., South Korea, and the EU, which could harm the domestic industry [15]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report The report comprehensively presents the overnight market trends of various commodities, important macro - economic and industry - specific news, and the performance of financial markets both at home and abroad, offering a multi - dimensional perspective for investors to understand the current market situation. Summary by Relevant Catalogs Overnight Night - Market Market Trends - International precious metal futures generally rose. COMEX gold futures rose 0.1% to $4368.7 per ounce, with a weekly increase of 0.93%, and COMEX silver futures rose 3.34% to $67.395 per ounce, hitting a record high with a weekly increase of 8.69% [5]. - U.S. oil and Brent crude oil futures rose. The U.S. oil main contract rose 0.96% to $56.54 per barrel, with a weekly decline of 1.57%, and the Brent crude oil main contract rose 1.01% to $60.1 per barrel, with a weekly decline of 1.67% [6]. - London base metals all rose. LME nickel rose 1.85% to $14900 per ton, with a weekly increase of 2.15%; LME aluminum rose 1.32% to $2955.5 per ton, with a weekly increase of 3.03%; LME lead rose 1.25% to $1984.5 per ton, with a weekly increase of 0.84%; LME copper rose 1.22% to $11870.5 per ton, with a weekly increase of 3.09%; LME zinc rose 0.65% to $3078 per ton, with a weekly decline of 1.50%; LME tin rose 0.13% to $42975 per ton, with a weekly increase of 3.96% [6]. Important Information Macroeconomic Information - China sued India's information and communication product tariff measures and photovoltaic subsidy measures at the WTO, stating that India's measures violated WTO rules and damaged China's interests [9]. - Maersk considered gradually resuming east - west route voyages through the Suez Canal and the Red Sea [9]. - Shanghai export container freight index and China export container freight composite index rose [9]. - China's Internet and securities regulators cracked down on false information in the capital market [10]. - The State Council emphasized implementing the decisions of the Central Economic Work Conference [10]. - Israel was concerned about Iran's expansion of its ballistic missile production plan [11]. - China's Ministry of Commerce planned to boost consumption in 2026 [11]. - A Fed official thought there was no need to adjust interest rates in the next few months [11]. Energy and Chemical Futures - China continued anti - dumping duties on imported EPDM rubber from the U.S., South Korea, and the EU, and the anti - dumping measures on imported EPDM rubber from the UK expired [13]. - The rubber inventory in Osaka Exchange - designated warehouses decreased [13]. - The U.S. intercepted an oil tanker off the coast of Venezuela [15]. Metal Futures - Ningde Times' Yichun Jianxiawo lithium mine made progress in resuming production, and an environmental assessment was in progress [17]. - Tianqi Lithium's third - phase chemical - grade lithium concentrate expansion project was completed and put into trial operation [17]. - The Guangzhou Futures Exchange restricted the daily opening positions of non - futures company members or clients in lithium carbonate futures contracts [18]. Black - Series Futures - The Dalian Commodity Exchange adjusted the premium and discount of the designated delivery warehouses for coking coal futures in Tangshan and Tianjin [20]. - Manganese - silicon enterprises' inventory increased, while silicon - iron enterprises' inventory decreased [22]. - The blast furnace operating rate, capacity utilization rate, and daily hot metal output of 247 steel mills decreased [23]. - The inventory of imported iron ore at ports increased, and the daily clearance volume decreased [23]. - Tangshan lifted the heavy - pollution weather emergency response [23]. - The total inventory of steel in cities decreased [24]. Agricultural Product Futures - The average purchase price of pigs by designated slaughtering enterprises increased slightly, while the average ex - factory price of白条 meat remained flat [27]. - Indonesia started the road test of B50 biodiesel, with a mandatory use policy likely to be implemented in the second half of 2026 [27]. - The auction of imported soybeans had a certain transaction volume and proportion [27]. - Argentina's soybean planting area decreased slightly [28]. - The losses of pig farming decreased [28]. - The U.S. exported soybeans to China [29]. Financial Markets Financial - The A - share market was in a high - level shock, and the spring market was expected [32]. - The net inflow of funds into the CSI A500 index exceeded 460 billion yuan [32]. - Stock - type funds became the focus of the public fund issuance market [32]. - Institutions actively investigated listed companies, with a focus on the hard - tech track [33]. - MiniMax was expected to become the AI company with the shortest time from establishment to IPO [34]. - Guizhou Bailing was fined for financial fraud [34]. Other Industries - Some Chinese cities' real estate markets showed positive trends [36]. - China's pension industry was expected to grow significantly [36]. - China's aviation freight volume increased [36]. - China's trust industry assets exceeded 30 trillion yuan [37]. - Bohai Oilfield's annual production of oil and gas equivalent exceeded 4000 tons [38]. - China's animation movie box office reached a record high in 2025 [38]. - Shanxi abolished the fireworks ban [40]. Overseas - U.S. officials believed there was room for interest - rate cuts, and a housing plan was expected [41]. - A Fed official thought interest rates should be stable before spring [41]. - Over 70% of Japanese respondents thought the price situation had worsened [41]. - Brazil advocated accelerating other trade negotiations for Mercosur [41]. International Stock Markets - Japan was experiencing a merger and acquisition boom [42]. - Indian stock market regulators promoted the participation of banks and insurance companies in the commodity derivatives market [44]. - The scale of India's mutual funds expanded, and a stock's price soared [44]. - SK Telecom was required to compensate users for information leakage [44]. Commodities - The Philippines extended the sugar import ban until December 2026 [45]. Bonds - The volatility of U.S. Treasury bonds reached a four - year low, and foreign central banks' holdings decreased slightly [46]. Foreign Exchange - It was believed that factors promoting the appreciation of the RMB were increasing [47]. - South Korea was ready to take preemptive measures to stabilize the financial market [49].

Group 1 - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, China Energy Group, and its wholly-owned subsidiary, West Energy, for a total transaction price of 133.598 billion yuan, with 30% paid in shares and 70% in cash [1][4] - Qingdao Port intends to invest approximately 15.7 billion yuan in two terminal projects [4] - Jifeng Co., Ltd. has been awarded a total assembly project for passenger car seats, with an estimated total lifecycle value of 9.8 billion yuan [4] Group 2 - Shengxin Lithium Energy's partner, Zhongxin Aviation, plans to purchase 200,000 tons of lithium salt products from the company between 2026 and 2030 [4] - Chlor-alkali Chemical's subsidiary plans to invest 2.975 billion yuan in an advanced materials supporting waste salt comprehensive utilization project [4] - Tianqi Lithium's third-phase chemical-grade lithium concentrate expansion project has been completed and is now in trial operation [4] Group 3 - Oriental Cable has recently won projects totaling approximately 3.125 billion yuan [4] - Jiangshan Luneng has signed a series of contracts totaling approximately 815 million yuan [4] - Huahai Wenkang has produced over 800 CMP equipment units [4] Group 4 - Sichuan Chengyu's subsidiary plans to acquire 85% of Jingyi Company for 2.409 billion yuan [4] - Qi Yi Er intends to acquire 60% of Fangzhou Technology through acquisition and capital increase [4] - Tianchuang Fashion is planning a change of control, resulting in a stock suspension [4]