齐鲁晚报·齐鲁壹点 通讯员 张永滨 郭文艺 9月21日，2025中小城市高质量发展交流会召开，在最新发布的《中国中小城市高质量发展指数报告》 中，滨城区成功入围全国综合实力百强区，位列第88位。这是该区在高新区建设、中心城区品质提升、 高铁片区未来布局上精准发力、系统推进的必然结果。 高新区崛起：打造产业强区的"核心引擎" 在发展经济的同时，滨城区始终秉持"人民城市为人民"的理念，投入巨资实施城市更新行动，让发展成 果更多更公平地惠及全体市民。 2023年，滨城区启动了建区以来最大规模的城市品质提升工程，计划三年投入180亿元，实施126个城市 更新项目。实施城中村改造，交付完成安置区16个，交付安置房15735套，数量位列全市第1位，实施老 旧小区改造工程，圆满完成在册老旧小区既定改造任务。打通"断头路"是市民感受最直接的变革。近年 来，盛华路等"四路三桥"建成通车，城区13条"断头路"全面打通。实施秦台河综合改造提升工程，清淤 底泥13万方，新建地下排水管网92公里，清淤管网586公里，彻底疏通了城市的"毛细血管"，"路通了， 心顺了"成为市民的普遍心声。 同时，滨城区高标准提升7个农贸市场，整治30条背 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, Sinopec, Ju Hua, Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun, Dao Tong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as Epoxy Chloropropane (up 10.00%), Synthetic Ammonia (up 4.35%), and others, while products like Urea and Sulfur experienced notable declines [4][5][21]. - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, and fluctuating international oil prices are influencing market dynamics, with a recommendation to focus on import substitution, domestic demand, and high-dividend stocks [6][22]. - The chemical industry is currently in a weak performance phase, with mixed results across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [23]. Summary by Sections Price Movements - Significant price increases were observed in Epoxy Chloropropane (10.00%), Sulfur (4.59%), and Synthetic Ammonia (4.35), while Urea saw a decrease of 8.47% [4][5][21]. - The report notes that the overall chemical industry remains weak, with varying performance across different sub-sectors [22][23]. Investment Opportunities - The report suggests focusing on sectors likely to enter a growth cycle, such as Glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [23]. - It highlights the resilience of domestic chemical fertilizer and certain pesticide sub-products, recommending companies like Hualu Hengsheng, Xin Yang Feng, and others for their stable demand [23]. Geopolitical and Economic Context - The report discusses the impact of geopolitical tensions on oil prices, with Brent crude oil priced at $66.99 per barrel and WTI at $62.69, reflecting a slight increase from the previous week [6][24]. - It anticipates that the international oil price will stabilize between $65 and $70, suggesting a cautious outlook for the market [6][24].

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 1.90%, while the chemical machinery index rose by 1.43%. However, the chemical pharmaceuticals index decreased by 2.04%, and the pesticide and fertilizer index increased by 3.16% [1] - The top five rising petrochemical products included liquid chlorine, which rose by 28.88%, and epoxy chloropropane, which increased by 6.02%. The top five declining products included vitamin E, which fell by 10.00%, and paraffin, which decreased by 6.49% [1] Group 2: Oil Sector Performance - The oil processing index decreased by 1.15%, and the oil extraction index fell by 1.70%. Conversely, the oil trading index increased by 1.09% [1] - International crude oil prices fluctuated, with WTI settling at $62.69 per barrel, up 1.33% from September 5, and Brent settling at $66.99 per barrel, up 2.27% [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies included Dongfang Tower, which increased by 31.79%, and Asia-Pacific Industry, which rose by 27.62%. The top five declining companies included Runpu Food, which fell by 16.71%, and Qide New Materials, which decreased by 14.96% [2]

证券代码：603379 证券简称：三美股份 公告编号：2025-048 浙江三美化工股份有限公司 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。 浙江三美化工股份有限公司（以下简称"公司"）根据《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（第十三号——化工）》的有关规 定，将公司 2025 年半年度主要经营数据披露如下： 一、2025 年半年度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 外销量（吨） | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 88,275.68 | 61,968.21 | 241,913.27 | | 氟发泡剂 | 8,410.74 | 4,314.16 | 9,776.76 | | 氟化氢 | 68,366.59 | 32,411.82 | 27,619.82 | | 合计 | 165,053.01 | 98,694.19 | 279,309.85 | （一）主要产品 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 2025 年上半年主要经营数据公告 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、准确性和完整性依法承担法律责任。 浙江永和制冷股份有限公司（以下简称"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》及其附件《第十三号—— 化工》有关规定，将公司 2025 年上半年主要经营数据披露如下： 注 1：公司产品对外销量低于产量主要是部分产品内供作为下游产品原料使用及部分产品库 存增加引致，氟碳化学品产销量包含不在配额管理范围内的原料用途和贸易性质的数量。 注 2：公司仅用作下游产品原料不对外销售的产品（萤石精粉、HCFC-142b、HCFC-22（内 蒙永和、邵武永和生产部分）、TFE）报告期未列入全年主要产品产销量统计。 注 3：报告期内公司含氟精细化学品大类产品的产销量较同期大幅增长，主要系上年基数较 ...

Industry Overview - The trichloroethylene (TCE) industry in China has formed a complete industrial chain system, with a production of 103,800 tons from January to May 2025, a year-on-year decrease of 2.52%, and a consumption of 87,900 tons, down 8.92% year-on-year [1][6] - As of the end of May 2025, the inventory of TCE in China was 1,200 tons, an increase of 14.29% year-on-year, indicating a proactive contraction in supply under the "production based on sales" approach [1][6] - The decline in demand is attributed to the downturn in the domestic manufacturing sector, which has reduced cleaning needs in the metal processing industry, and stricter environmental policies in the pesticide sector, leading to a gradual decrease in reliance on TCE [1][6] Industry Chain - The upstream of the TCE industry includes raw materials such as acetylene, chlorine, and catalysts, as well as production equipment like drying equipment, chlorination towers, and distillation towers [4] - The midstream involves the production and manufacturing of TCE, while the downstream applications include metal degreasing/cleaning, pharmaceutical intermediates, pesticide/dye solvents, and coatings [4] Key Enterprises - The industry is characterized by a competitive landscape dominated by leading companies, with a high market concentration and increasing technical barriers. Jilin Chemical and Hangjin Technology are the two major players, with Jilin Chemical's production capacity expected to reach 150,000 tons/year by 2025 [12][13] - Hangjin Technology focuses on the high-end market, with the proportion of electronic-grade products expected to increase to 18% by 2025, benefiting from a higher profit margin compared to industrial-grade products [12][13] - Binhua Group, another key player, has a production capacity of 80,000 tons/year and has achieved a 100% quality compliance rate for its TCE products [16] Industry Trends - Market demand remains stable, particularly in the metal processing and electronic cleaning sectors, driven by the upgrading and precision development of manufacturing [18] - Environmental regulations are pushing for the development of safer and more eco-friendly alternatives to TCE, such as hydrofluoroethers (HFEs) and d-limonene [19][20] - The industry is expected to see increased concentration, with larger companies leveraging their technological, financial, and brand advantages to capture a larger market share [21]

Core Viewpoint - The news highlights the efforts of Binzhou District in promoting industrial development through innovation, digital transformation, and the establishment of a favorable business environment, aiming to enhance the competitiveness of its "champion products" and industries on both domestic and international stages [2][3][4]. Group 1: Industrial Development Strategy - Binzhou District focuses on a strategy of "industrial strength and wealth" to drive high-quality industrial development, emphasizing high-end, intelligent, and green growth [2]. - The district has developed 11 products, including solid caustic soda and erythritol, that rank first in global or national production capacity, showcasing the strength of "Binzhou manufacturing" [2]. Group 2: Innovation and Technology - The district has implemented policies to promote technological innovation and high-quality industrial development, encouraging companies to increase R&D investment and establish high-level research platforms [2]. - Currently, 61.67% of large-scale industrial enterprises in the district engage in R&D activities, indicating a strong focus on innovation [2]. Group 3: Industrial Upgrading and New Industries - The district aims to upgrade its industrial structure by investing 9.48 million yuan in industrial technological transformation, with an investment growth rate exceeding 30% [3]. - There is a focus on developing strategic emerging industries such as biomanufacturing and new materials, with 90 provincial-level specialized and innovative small and medium-sized enterprises cultivated [3]. Group 4: Business Environment and Support - The district emphasizes creating a comfortable business environment, achieving a 99.6% electronic registration rate for enterprises, and providing targeted support to meet financing needs of 677 million yuan [4]. - The district has implemented a quality and brand strategy, with the brand value of Zhongyu Food reaching 5.284 billion yuan, ranking fifth among national food processing enterprises [4]. Group 5: Future Development Plans - Binzhou District plans to further promote new industrialization, strengthen the integration of technological and industrial innovation, and build a modern industrial system led by technological innovation [4].

Investment Rating - The report maintains an "Overweight" rating for the basic chemicals and oil and gas sectors [4]. Core Viewpoints - The overall price spread in the industry improved in April 2025, with downstream sectors expected to recover first due to cost reduction and demand improvement [1][8]. - The April PMI data indicates a slight contraction in the chemical raw materials and products industry, suggesting ongoing supply-demand mismatches [1][11]. - The report anticipates a recovery starting in the second half of 2025, driven by improved domestic demand and exports to Asia, Africa, and Latin America [1][11]. Summary by Sections Supply and Demand Dynamics - The price spread for downstream chemical products improved in April due to supply constraints and seasonal demand replenishment, while midstream products still await recovery [2][8]. - The April PMI data was reported at 49, indicating a contraction in the chemical sector, but a recovery is expected as domestic economic conditions improve [11][24]. Investment Strategy - The report suggests that the second half of 2025 may mark the beginning of an upward trend, with a focus on resilient internal and external demand and improved competitive landscapes [3][32]. - Recommended stocks include China Petroleum, Hengli Petrochemical, and Juhua Co., with a focus on companies with strong dividend yields and cost reduction capabilities [6][32]. Key Recommendations - The report highlights specific companies for investment based on their competitive positioning and potential for recovery, including: - China Petroleum (601857 CH) with a target price of 9.79 and an "Overweight" rating [6]. - Hengli Petrochemical (600346 CH) with a target price of 17.55 and an "Overweight" rating [6]. - Juhua Co. (600160 CH) with a target price of 31.92 and a "Buy" rating [6]. - Other recommended companies include Dongyue Group, Luxi Chemical, Meihua Biological Technology, and Xinghuo Technology [6][32].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides detailed insights into market performance and trends, indicating a cautious outlook for certain segments [2][11]. Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with various sub-sectors experiencing different levels of performance [11][16]. - The apparent consumption of methanol in China has surpassed 100 million tons for the first time, indicating significant growth in demand [2]. - The report highlights a notable increase in the prices of key chemical products, particularly trichloroethylene, which rose by 16.28% due to supply constraints and strong demand in the refrigerant market [24][25]. Market Overview - Major indices in April 2025 showed declines: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, and ChiNext Index -7.40% [11]. - Among the basic chemical sub-sectors, the rubber and products segment saw a significant decline of 13.52%, while daily chemicals and inorganic salts experienced growth of 8.56% and 4.37%, respectively [16][20]. Product Price Movements - The top ten products with price increases included trichloroethylene (16.28%), ammonium sulfate (12.20%), and H acid (10.96%) [24][30]. - Conversely, the products with the largest price declines included TMA (-28.26%), bromine (-24.14%), and vitamin A (-18.07%) [30][32]. Company Performance - In April 2025, 221 basic chemical companies reported positive returns, while 319 companies experienced negative returns [20]. - The top-performing companies included United Chemical with a 159.09% increase and Hongbaoli with a 104.27% increase in stock price [21][22]. Industry Trends - The report notes that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in the first quarter, reflecting a slight decline of 0.4% year-on-year [34]. - Shandong province is focusing on enhancing its chemical industry advantages, with significant growth in the number of large-scale chemical enterprises and revenue generation [34].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with 12 sub-industries showing growth and 20 experiencing declines [11][16][20] - The apparent consumption of methanol in China has surpassed 100 million tons for the first time [1] Market Overview - Major indices in April 2025 showed the following changes: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, ChiNext Index -7.40%, and North Securities 50 Index +4.72% [11] - The basic chemical sector's performance was mixed, with significant declines in rubber and related products, while daily chemical products and inorganic salts showed positive growth [16][20] Product Price Movements - The top ten products with price increases in April 2025 included Trichloroethylene (+16.28%), Ammonium Sulfate (+12.20%), and H Acid (+10.96%) [24][25] - Trichloroethylene prices rose significantly due to reduced production and strong demand in the refrigerant market [25][26] Sub-Industry Performance - Among the basic chemical sub-industries, the top five performers were daily chemicals (+8.56%), inorganic salts (+4.37%), and fluorochemicals (+3.46%), while polyurethane and tires saw the largest declines of -17.59% and -14.68%, respectively [16][19] - In April 2025, 221 companies in the basic chemical sector reported positive returns, while 319 reported negative returns [20] Company Performance - The top ten companies by monthly growth included United Chemical (+159.09%), Hongbaoli (+104.27%), and Zhongxin Fluorine Materials (+65.92%) [21][22] - Conversely, the bottom ten companies included Hunan YN (-22.18%), Dingjide (-22.54%), and Hengxing New Materials (-23.21%) [23][24] Industry News - In the first quarter of 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, a slight decrease of 0.4% year-on-year [32] - Shandong province continues to enhance its chemical industry advantages, with 3,682 large-scale chemical enterprises and a revenue of 2.86 trillion yuan by the end of 2024 [32]