行 业 及 产 业 石油石化 2025 年 07 月 13 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 由于库存走高，EIA 下调气价预测 看好 —— 石油化工行业周报(2025/7/7—2025/7/13) 本期投资提示： 证 券 研 究 报 告 陈悦 (8621)23297818× chenyue@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 由于库存走高，EIA 下调气价预测。美国能源署在 7 月短期能源展望中，将第三季度亨 利港天然气现货价格的预测下调 64 美分至 3.37 美元/百万英热，并将第四季度预测下 调 68 美分至 3.99 美元/百万英热。美国能源署估计，亨利港天然气价格在 2025 年和 2026 年的平均价格分别为 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-036 天津银龙预应力材料股份有限公司 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个别及连带责任。 重要内容提示： （二）业绩预告情况 测算，预计 2025 年半年度实现归属于母公司所有者的净利润为 16,066.91 万元至 万元，同比增长 60%至 80%。 净利润 16,061.31 万元至 18,068.97 万元，与上年同期（法定披露数据）相比，将 增加 6,022.99 万元至 8,030.65 万元，同比增长 60%至 80%。 （三）公司本次业绩预告数据未经会计师事务所审计。 二、上年同期业绩和财务状况 （一）2024 年半年度利润总额：12,850.06 万元；归属于母公司所有者的净 利润：10,041.82 万元；归属于母公司所有者的扣除非经常性损益的净利润： ? 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净 利润为 16,066.91 万元至 18,075.27 万元，与上年同期（法定披露数据）相比，将 增加 6,025. ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuyilin@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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 [Table_Title] 大炼化周报：炼化产品价格价差仍 偏弱运行 [Table_ReportDate0] 2025 年 7 月 13 日 本期内容提要： [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 7 月 11 日当周，国内重点大炼 化项目价差为 2534.93 元/吨，环比变化-101.49 元/吨（-3. ...

海南"村VA"比赛期间，铺前千人村宴开席 百桌千人，开飨鲜味"食"刻 "开席咯!"当寓意团圆美满的头盘菜"全家福"热气腾腾地端上餐桌，宾客们笑逐颜开、举杯相庆。席间， 老朋友、新伙伴觥筹交错、其乐融融。 湖南怀化的"老饕"杨丽，是海南"村VA"的老朋友。今年的文昌村宴，她一场没落下，打定主意要跟着村 宴尽尝文昌美食。 "在铺前吃出了大海的味道，重兴村宴品得到斑斓清甜，龙楼村宴的文昌鸡格外香脆。"村宴拼凑出杨丽 的文昌美食地图，也让她爱上了文昌，"只要我在海南，以后每年的'村VA'村宴，我都一定来!" 7月12日晚，2025年"九九杯"海南(文昌)乡镇排球联赛第五周比赛在文昌铺前镇中心小学排球场进行，配 套活动村宴热闹非凡。海南日报全媒体记者 李天平 摄 海南日报文城7月12日电(海南日报全媒体记者 刘冀冀 实习生 杨梦娜)7月12日，2025年"九九杯"海南(文 昌)乡镇排球联赛(以下简称"村VA")铺前千人村宴在铺前镇热闹开席。海鲜荟萃、醋味飘香，以"海味铺前 共 话乡宴"为主题的铺前村宴让镇上的新兴街人声鼎沸，热闹非凡。 最鲜美的食材，只需要最简单的烹饪方式;最地道的烟火气，尽在村宴的餐桌间。 12日下午 ...

智通财经记者 | 陶知闲 汇隆新材（301057.SZ）的股东们开始撤退了。 这家公司重要股东汇隆合伙（实际控制人沈顺华、朱国英夫妇的一致行动人，目前持股649万股，占总股本5.59%）正计划减持348万股股份，占总股本的 3%。其中，以集中竞价方式减持116万股（1%），以大宗交易方式减持232万股（2%）。 值得一提的是，上个月，汇隆新材董事兼副总经理张井东、副总经理邓高忠、副总经理沈永华已抢先一步，分别计划减持1.5万股、1.5万股和1.13万股。 最了解公司经营内情的大股东与核心管理层步调一致地选择离场，传递出什么信号？ 业绩幻象与夹缝求生 汇隆新材的主要产品是使用原液着色技术生产的差别化有色涤纶长丝DTY、FDY和 POY等。 涤纶长丝是化学纤维领域的一个重要品种，而化学纤维属于纺织业的上游原材料之一，可以通过加工织造成为纺织品，广泛应用于服装、家纺、产业用纺织 品等领域。 汇隆新材一季度的经营数据堪称亮眼。公司营业总收入1.94亿元，同比上升23.91%；归母净利润1232.9万元，同比大幅上升44.6%。 不过，表面的光鲜难掩汇隆新材增长陷入停滞的事实。一季度，公司扣除非经常性损益的净利润为96 ...

| 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 12.17 | | 一年内最高/最低（元） | 13.25/8.80 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 1.97 | | 流通 A 股市值（百万元） | 48,718 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.69 | | 资产负债率% | 40.17 | | 总股本/流通 A 股（百万） | 4,003/4,003 | | 流通 B 股/H 股（百万） | -/- | 上 市 公 司 建筑材料 2025 年 07 月 12 日 中国巨石 (600176) ——业绩超预期，预期单吨盈利逆势上行 报告原因：有业绩公布需要点评 买入（维持） 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04- ...

地质赋能打 造"硒"望黄槐： 兴宁市黄槐镇获 得梅州首个省级 天然富硒土地认 证_南方+_南方 plus 7月10日，广东 省天然富硒土地 认证揭牌仪式暨 天然富硒产业建 设交流活动在黄 槐镇政府举行。 作为梅州乃至粤 东首个获此省级 认证的乡镇， 3701亩富硒土地 的"加持"，正为 这座从"煤炭小 镇"蝶变而来 的"绿色军旅特 色镇"，铺就一 条农文旅融合的 转型新路径。 此次认证由省地 质调查研究院和 省科协天然富硒 联合体共同完 成，并获得省地 质局的全方位帮 扶支持。来自省 放更耀眼的经济 与社会效益。 揭牌仪式结束 后，参与活动的 嘉宾还前往黄槐 镇禾村丝苗米种 植基地进行现场 调研，并进行丝 苗米取样，实地 考察富硒土地在 农作物种植中的 应用潜力。 据了解，作为省 纵向帮扶驻兴宁 的成员单位，广 东省地质局紧紧 围绕"兴宁所 需、地质局所 能"谋划帮扶项 地质局、省纵向 帮扶驻兴宁工作 队、黄槐镇政府 以及兴宁市各相 关职能单位的负 责人、专家出席 仪式，共同见证 了这一里程碑时 刻。 活动中，与会领 导、专家、企业 代表还围绕天然 富硒产业规划、 产品研发、市场 拓展等内容展开 深入交流，为 ...

Group 1 - The discovery of two wooden clogs at the Cihu site in Ningbo, dating back approximately 5,365 years, pushes the history of clogs in China back by 3,600 years [4][9] - The clogs are designed with a wider front and narrower back, indicating that the ancient people understood foot shape and comfort [7][8] - The clogs feature holes for laces, which were embedded in grooves to prevent wear and provide a comfortable fit while walking [5][7] Group 2 - The craftsmanship of the clogs involved cutting, drilling, and polishing using stone tools, showcasing the intelligence and skill of ancient artisans [8] - Prior to this discovery, the earliest known wooden clogs in China were found in a tomb from the Three Kingdoms period in Anhui, discovered in 1984 [8][9] - The evolution of footwear in China reflects the adaptation to nature and the pursuit of practical and aesthetic values throughout history [16]

Core Viewpoint - Shenzhen Haimingrun Superhard Materials Co., Ltd. (referred to as "Haijingrun") is attempting to return to the A-share market after nearly a decade since its last IPO attempt, with a deadline to complete the listing by the end of 2026 to avoid potential buyback requests from investors [2][3][8]. Group 1: Company Background and Previous IPO Attempts - Established in August 2000, Haijingrun specializes in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard materials, primarily focusing on oil and gas drilling tools [3][4]. - In June 2015, Haijingrun submitted its IPO application for the ChiNext board but withdrew it in August 2016 after facing significant operational challenges due to declining oil prices, which led to a sharp drop in revenue and profits [5][6][11]. - The company reported revenues of 188.44 million, 202.74 million, and 136.25 million from 2013 to 2015, with net profits of 36.36 million, 42.63 million, and 23.28 million respectively, and a net profit of less than 5 million in the first half of 2016 [5][6]. Group 2: Current Financial Status and Future Plans - As of 2023, Haijingrun's revenue reached 256.6 million, with a net profit of 46.34 million, indicating a recovery to levels similar to those in 2013 [6][8]. - In 2024, the company achieved a revenue of 291 million and a net profit of 57.69 million, but still fell short of the new listing requirements for the ChiNext board, which now mandates a net profit of at least 60 million in the most recent year [7][8]. - Haijingrun has submitted an application for listing on the New Third Board and aims to transition to the Beijing Stock Exchange, which is seen as the only viable option for a quick A-share listing [2][8]. Group 3: Risks and Challenges - The company faces significant time constraints and operational challenges to meet the listing deadline by the end of 2026, as it must be listed on the New Third Board for at least 12 months before applying for the Beijing Stock Exchange [8][9]. - Haijingrun's reliance on a limited number of clients remains a concern, with its largest client, National Oilwell Varco, contributing 38.22% and 41.08% of its revenue in 2023 and 2024, respectively [11][13]. - The company has acknowledged the risks associated with fluctuating oil and gas prices, which previously led to its IPO failure, and continues to face challenges in diversifying its product offerings beyond PDC products [14][15].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its operating performance and financial metrics [1]. Group 1: Operating Performance - The company reported a significant increase in revenue, with a growth rate of 29.60% in 2024 compared to the previous year, reaching a total revenue of 128,518.14 million yuan [6]. - The net profit for the years 2022 to 2024 was 162 million yuan, indicating a decline despite rising revenues [1]. - The company highlighted the impact of the recovery in the consumer electronics sector, which led to increased orders from downstream customers [4]. Group 2: Customer Analysis - The company provided a detailed breakdown of its top five customers by product type, showing significant revenue changes, such as a 67% increase in sales to customer D [2]. - Customer J became a major client in the electric tool business, contributing to rapid revenue growth as the product range expanded from components to complete machines [4]. - The company noted that customer O's revenue growth was driven by increased demand for safety airbag components, while customer P's growth was linked to sunroof drive tube components [4]. Group 3: Product Revenue and Margin Analysis - The revenue from 3C precision metal components increased significantly, benefiting from a recovery in the consumer electronics market, with a reported revenue of 79,288.15 million yuan in 2024 [15]. - The automotive precision metal components segment also saw growth, with revenue reaching 22,327.27 million yuan, supported by the overall growth in the Chinese automotive market [7]. - The electric tool precision metal components experienced a revenue increase of 68.71%, attributed to the expansion into small household appliances [8]. Group 4: Margin Trends - The overall gross margin for the company has been declining, with specific segments like the electric tool precision metal components seeing a drop of 15.83 percentage points in 2023 [11]. - The gross margin for the diamond wire business decreased significantly by 62.59 percentage points in 2024, primarily due to increased competition and reduced prices in the photovoltaic industry [20]. - The company indicated that the decline in gross margins was influenced by changes in product mix and the cyclical downturn in the photovoltaic sector [22]. Group 5: Financial Metrics and Comparisons - The company reported a significant increase in financial expenses due to interest from convertible bonds issued in 2023, amounting to 11.32 million yuan in 2023 and 30.01 million yuan in 2024 [23]. - The net profit attributable to the parent company showed a downward trend, with a notable decrease in 2024 due to increased financial costs and impairment provisions [24]. - Compared to industry peers, the company's revenue growth was slightly positive, while net profit trends were more negative, indicating a need for strategic adjustments [25].