丙烯的用途 编者按：近日，郑州商品交易所发布丙烯期货、期权合约及期货业务细则公告。为使广大交易者深入了 解丙烯现货产业情况及相关期货规则设计，即日起本报推出丙烯品种基础知识专栏，敬请关注。 丙烯的定义 丙烯（Propylene），化学式为C3H6，是石油化工最重要的基本原料之一，常温下为无色、有烃类气味 的气体，分子量42.08g/mol，液态密度513.9kg/m3，气态密度1.905kg/m3，熔点-191.2℃，沸点-47.7℃。 丙烯气体易燃易爆，爆炸极限为2%～11%（以体积计），微溶于水，溶于乙醇、乙醚，属二类危化 品。 催化裂化是石油炼制过程之一，将重质油制成汽油、柴油和裂化气等。根据工艺和原料不同，丙烯收率 一般在3%～8%之间。 丙烯可用于生产多种重要的有机化工原料，其中最主要的产品是聚丙烯，还可用于生产环氧丙烷、丁 醇、辛醇、丙烯腈、丙烯酸、苯酚、丙酮等。这些下游产品经过加工广泛应用于塑料、家电、汽车、医 疗器械、纺织等。 聚丙烯是五大通用塑料之一，广泛应用于化纤、建筑、家电、汽车、包装等，需求较为刚性，产量变化 与新产能投产节奏关系较大；环氧丙烷下游产品众多，主要是聚醚多元醇、丙二醇及其 ...

期货研究报告|丙烯专题 2025-07-09 丙烯系列报告-丙烯下游需求介绍 研究院 化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 liuqizhan@htfc.com 从业资格号：F03140168 投资咨询业务资格： 证监许可【2011】1289 号 摘要 本篇为丙烯系列报告第三篇，主要介绍丙烯下游需求情况，包括下游消费量、消费增速、 消费结构，以及聚丙烯、环氧丙烷、丁辛醇、丙烯酸、丙烯腈、苯酚、丙酮、环氧氯丙 烷等下游品种，对丙烯下游产业链进行全面解读。 丙烯下游应用广泛，主要用于生产聚丙烯，此外还可合成环氧丙烷、丙烯腈、丙烯酸、 苯酚、丙酮等化学品，主要应用于塑料、医药、农业等领域。 随着中国经济社会高速发展，国内丙烯需求增长强劲，消费量与表 ...

Group 1: Key Insights from Reports - The report highlights a significant easing of supply chain risks for the company following the U.S. Department of Commerce's removal of restrictions on ethane exports to China, allowing for a return to normal trade conditions [12][13]. - The company's α-olefin comprehensive utilization project is progressing well, with an expected total investment of approximately 26.6 billion yuan, aimed at expanding upstream ethylene production capacity and supporting long-term growth [15]. - The company is projected to achieve revenues of 55.34 billion, 71.35 billion, and 84.83 billion yuan from 2025 to 2027, with corresponding net profits of 6.82 billion, 9.07 billion, and 10.34 billion yuan, indicating a strong growth trajectory [16]. Group 2: Market Trends and Performance - The REITs market has shown increased activity, with the total market capitalization rising to 207.87 billion yuan, reflecting a weekly increase of 1.8 billion yuan, and a daily turnover rate of 0.74% [6][8]. - The North Exchange 50 index experienced a slight decline of 1.71%, closing at 1415.04 points, while the average market capitalization of constituent stocks was 3.08 billion yuan [10]. - The report notes that the average cash distribution rate for property-type REITs is 3.73%, while the rate for concession-type REITs is significantly higher at 8.12%, indicating a valuation disparity between the two categories [8].

【DT新材料】 获悉，7月7日， 陶氏 宣布，其董事会已批准关闭三个欧洲上游资产，以应对该地区 面临的结构性挑战并优化盈利能力。 此次关闭的资产包括 ： 据了解，此次关停行动将影响约800个陶氏岗位，这也是公司今年1月宣布的 10亿美元 成本节约行动 的一部分，其中包括在全球范围内裁员约 1,500名 陶氏职位。 陶氏预计，这些资产的关闭将从2026年开始提升运营EBITDA（息税折旧及摊销前利润），到2027 年年底将达到约 2亿美元 目标的 50% ，并在2029年全面交付。四年的现金支出约为 5亿美元 。 据悉， 此次三家工厂关停的决定是陶氏自2023年以来发起的20多项"资产行动"的延续。此前公司已 于2024年先后关闭了 阿根廷圣洛伦索的聚醚多元醇工厂 、 中国台湾南岗工业区的烷氧基化工厂 ， 并出售了 软包装粘合剂业务 （出售给 阿科玛 ） 等非核心资产。 除了欧洲的三家工厂关停外，今年以来， 陶氏还有多项业务调整： 包装和特种塑料： 位于德国 博伦 的乙烯裂解装置，预计在2025年第四季度关闭。 工业中间产品和基础设施： 位于德国 施科保 的氯碱和乙烯基（CAV）资产，预计在2025年第 四季度 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The removal of ethane supply risks and the growth potential of high-end polyolefin projects are highlighted as key factors for the company's future performance [3][7] - The company is expected to benefit from the normalization of ethane trade between the US and China, which will enhance its supply chain stability [7] - The company's α-olefin comprehensive utilization project is progressing well, supporting long-term growth [9] Financial Performance - The company’s projected revenues for 2025-2027 are 553.35 billion, 713.54 billion, and 848.29 billion respectively, with corresponding net profits of 68.24 billion, 90.71 billion, and 103.38 billion [11][12] - The expected PE ratios for the same period are 9, 7, and 6 times, indicating a favorable valuation outlook [11] Market Data - As of July 4, 2025, the company's stock price is 17.82 yuan, with a market capitalization of approximately 60,029.27 million [5][23] - The stock has shown a performance of 7.4% over the last month, contrasting with a decline of 15.7% over the past three months [5] Product Pricing and Margins - The report notes an expansion in the acrylic acid price spread, which is expected to gradually improve the company's C3 segment performance [8] - The average price of ethane in Q2 2025 was 177 USD/ton, reflecting a year-on-year increase of 26.01% [8][14]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

Core Viewpoint - Satellite Chemical has achieved a MSCI ESG rating of BBB, ranking among the top in the A-share chemical industry, reflecting the company's efforts in ESG information disclosure and internal practices [1][2]. ESG Disclosure Performance - MSCI, a leading global index provider, has recognized Satellite Chemical's ESG performance, with the company's rating improving from B to BBB over two consecutive years [2]. - The company has been included in various prestigious ESG-related lists and has received multiple awards for its sustainable practices, including the "ESG Action Power Award" and "Best Responsible Enterprise Brand TOP100" [2]. ESG Practices Building Competitive Advantage - Satellite Chemical has published ESG reports for three consecutive years, emphasizing that true ESG commitment goes beyond regulatory compliance to enhance market competitiveness through green development and innovation [3]. - The company aims to reduce carbon emissions by over 2 million tons by 2030, with over 50% of this target achieved by 2024 [3]. - A significant portion of the company's R&D investment, over 40% of a planned 10 billion yuan, will focus on green technology [3]. Commitment to Social Responsibility - The company actively responds to social needs and contributes to rural revitalization and common prosperity, promoting a governance model of "co-creation, sharing, and common wealth" [4]. - Future plans include enhancing management in environmental, social, and governance areas, increasing the use of renewable energy, and developing green supply chains [4]. - The company aims to drive innovation in emerging fields such as artificial intelligence, new energy vehicles, and hydrogen utilization, focusing on developing green low-carbon chemical materials [4].

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%、 ...

证券研究报告 | 行业点评报告 2025 年 06 月 30 日 丁酮、一氯甲烷价格涨幅居前，建议关注 PCB 相关电子化学品 招商化工行业周报 2025 年 6 月第 5 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 6 月第 5 周化工板块（申万）上涨 3.11%，上证 A 指上涨 1.92%，板块领先 大盘 1.19 个百分点。涨幅排名前 5 的个股分别为：大东南（+50%），天晟 新材（+31.41%），沧州明珠（+26.93%），湘潭电化（+20.5%），佛塑科 技（+14.87%）；跌幅排名前 5 的个股分别为：金牛化工（-14.44%），联化 科技（-9.28%），科恒股份（-7.8%），赤天化（-5.28%），红星发展（-4.68%）。 此外，本周化工板块（申万）动态 PE 为 24.76 倍，低于 2015 年来的平均 PE 9.15%。 细分子行业走势 6 月第 5 周化工行业 26 个子行业上涨，5 个子行业下跌。上涨子行业前五是： 其他塑料制品（+8.45%），炭黑（+7.65%），其他橡胶制品（+7.54%）， 合成 ...

Core Viewpoint - The article discusses advancements in 4D printing technology, particularly focusing on a new method for ceramic 4D printing driven by hydrogel dehydration, which allows for the creation of complex structures without the need for molds or external forces [2][3][4]. Group 1: 4D Printing Technology - 4D printing is a novel additive manufacturing technology that enables the creation of three-dimensional structures from smart materials, which can change shape over time when stimulated by external factors such as light, heat, or electricity [12]. - Current 4D printing materials are primarily limited to soft materials like hydrogels and shape memory polymers, with significant challenges remaining for hard materials like ceramics [2][3]. Group 2: Research and Development - A collaborative research team from Southern University of Science and Technology has developed a hydrogel-driven ceramic 4D printing method, utilizing light-sensitive ceramic elastomer slurries and acrylic hydrogel precursors suitable for DLP printing [3]. - The developed materials can undergo significant deformation, with the ceramic elastomer capable of withstanding up to 700% tensile strain and the hydrogel achieving a volume shrinkage of up to 65% during dehydration, along with a modulus increase of over 40 times [3]. Group 3: Upcoming Forum - Professor Ge Qi will present on "Multi-material 3D/4D Printing: From Hydrogels to Ceramics" at the 2025 (4th) Polymer 3D Printing Materials Summit Forum, scheduled for July 18-20, 2025, in Hangzhou, Zhejiang [5][8]. - The forum aims to facilitate discussions on high-precision 4D printing equipment, advancements in high-performance light-curing smart materials, and design methodologies for multi-material 4D printing [12].