"大商所企风起跑线"系列报道之三 近年来，大商所持续推进"企风计划"，携手期货公司为实体企业搭建期现结合桥梁，助力企业实现"从0 到1"的突破以及"从1到N"的跨越。在化工领域，陕西融琛卓联新材料有限公司（下称陕西融琛）与嘉 化能源供应链有限公司（下称嘉化能源供应链）的实践，正是"企风计划"赋能实体企业的鲜活案例。 期货日报记者了解到，作为四联创业集团股份有限公司全资控股子公司，陕西融琛以塑料贸易为核心业 务，年交易量稳居市场前列。在参与"企风计划"之前，这家贸易企业的业务模式长期以一口价等传统现 货交易为主，对于期货市场则主要依赖集团层面的统筹进行套期保值，自身尚未建立标准化的风险管理 机制，相关业务经验与专业团队也有待进一步积累。 2022年，疫情反复冲击终端需求、俄乌冲突搅乱能源供应链、国内聚烯烃产能集中释放，三重压力下现 货价格大幅下跌。面对此次挑战，陕西融琛2022年4月决定开展套期保值业务，在集团衍生品服务部的 支持下，依托"企风计划"提供的平台与机遇，第一次独立踏上套期保值的实践之路。 据陕西融琛总经理樊仲介绍，2022年4月22日，基于聚乙烯价格偏弱的判断，陕西融琛进行了卖出套 保，以8945 ...

Core Viewpoint - The PVC futures market is experiencing a slight decline in prices, with a weekly drop of 1.52%, while the overall supply-demand dynamics remain weak, indicating a potential bottoming phase in the market [1][3][4] Market Performance - As of July 18, 2025, the main PVC futures contract closed at 4937 yuan/ton, with a weekly trading range between 4980 yuan/ton and 5027 yuan/ton, and a lowest point of 4922 yuan/ton [1] - The trading volume increased by 17,071 contracts compared to the previous week [1] Supply and Demand Analysis - The downstream operating rate for PVC decreased by 1.77% to 41.11%, with pipe manufacturing down by 1.83% to 37.67% and profile manufacturing down by 0.2% to 34.55% [2] - PVC social inventory rose by 2.89% to 591,800 tons compared to the previous week, but showed a year-on-year decrease of 7.66% [2] - The production of PVC last week was 466,000 tons, a decrease of 0.37 tons or 0.80% from the previous period, with a capacity utilization rate of 78.62% [3] Institutional Perspectives - Southwest Futures indicates that the PVC market is likely to enter a phase of consolidation due to an oversupply situation, with limited downward potential [3] - Hualian Futures notes that the supply side is facing challenges due to maintenance of production facilities, while demand remains weak, particularly in the real estate sector [4] - The cost side is influenced by the prices of raw materials, with current prices for calcium carbide and ethylene at 4850-4950 yuan/ton and 4900-5100 yuan/ton respectively [3]

Group 1: IPO Withdrawals - Three companies withdrew their IPO applications during the week of June 16 to June 22, 2025, including one from the Shanghai Stock Exchange, one from the Shenzhen Stock Exchange, and one from the Beijing Stock Exchange [1] - The companies that withdrew their applications are Qingdao Gulf Chemical Co., Ltd., Zhejiang Qingtian Solar Technology Co., Ltd., and Beijing Zhaoxin Information Technology Co., Ltd. [2] Group 2: Qingdao Gulf Chemical Co., Ltd. - Qingdao Gulf Chemical focuses on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products, with key products including PVC, polystyrene, and caustic soda [3] - The company experienced significant growth in performance due to a nearly 50% increase in product prices during the chemical industry upcycle before 2022, but is now facing potential declines in performance as prices revert to pre-cycle levels [4] - The company's total assets as of June 30, 2022, were approximately 1,332.11 million yuan, with a net profit of approximately 100.56 million yuan for the first half of 2022 [4] Group 3: Beijing Zhaoxin Information Technology Co., Ltd. - Beijing Zhaoxin specializes in Product Identity Management (PIDM) technology, offering IoT identification products, SaaS software, and digital solutions for various industries [5] - The company's revenue for 2022 was approximately 22.88 million yuan, which is significantly below the standards required for listing, leading to the withdrawal of its IPO application [6]

Core Viewpoint - Qingdao Gulf Chemical Co., Ltd. has terminated its IPO application on the Shanghai Stock Exchange due to the withdrawal request from the company and its sponsor, CITIC Securities [1][4]. Company Overview - Qingdao Gulf Chemical was established in September 1999, evolving from the state-owned Qingdao Chemical Plant. The company has a registered capital of approximately 144 million yuan and focuses on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, polymer new materials, and inorganic silicon products [6][7]. - The company has built a production capacity of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate. It ranks first in domestic ethylene-based PVC capacity [7][8]. IPO Details - The company initially planned to issue up to 253.45 million shares, accounting for no more than 15% and no less than 10% of the total share capital post-issue. The intended fundraising amount was 3 billion yuan, aimed at several projects including a green circular economy project for epoxy chloropropane and an expansion project for ethylene oxychlorination [4]. Financial Performance - The company's revenue for the years 2019, 2020, 2021, and the first half of 2022 was approximately 7.038 billion yuan, 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan, respectively. The net profits for the same periods were 485 million yuan, 301 million yuan, 2.076 billion yuan, and 1.006 billion yuan [10]. - Gulf Chemical has a history of significant cash dividends, distributing approximately 741 million yuan, 508 million yuan, 481 million yuan, and 1.577 billion yuan in cash dividends for the years 2019, 2020, 2021, and the first half of 2022, respectively [10]. Shareholder Information - The major shareholders of Gulf Chemical include Gulf Group and Qingdao International Investment Co., Ltd. Gulf Group holds 62% of the shares, making it the controlling shareholder. The actual control of the company is exercised by the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao International Investment [9].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Qingdao Gulf Chemical Co., Ltd.'s initial public offering (IPO) and listing on the Shanghai Main Board due to the company's withdrawal of its application [1][3]. Group 1: Company Background - Qingdao Gulf Chemical's main business includes chlor-alkali chemicals, organic chemical raw materials, polymer new materials, and inorganic silicon products, with key products such as PVC, styrene, polystyrene, and caustic soda [3]. - The controlling shareholder of Gulf Chemical is Qingdao Gulf Group Co., Ltd., which holds 62% of the company's shares. The actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through its ownership of Qingdao Investment [3]. Group 2: IPO Details - Gulf Chemical initially planned to issue no more than 25,344,990 shares, accounting for no more than 15% and no less than 10% of the total share capital after issuance [4]. - The company aimed to raise 300 million yuan for various projects, including a green circular economy project for epoxy chloropropane, an epoxy resin project, and an expansion project for ethylene oxychlorination [4][6]. - The total investment for the planned projects is approximately 460.69 million yuan, with specific allocations for each project detailed in the funding table [6].

Core Viewpoint - Qingdao Bay Chemical Co., Ltd. has withdrawn its application for an initial public offering (IPO) on the Shanghai Stock Exchange, leading to the termination of the review process for its stock listing [1][3]. Company Overview - Qingdao Bay Chemical was established in September 1999, originally as a state-owned enterprise, and has a registered capital of approximately 144 million yuan [3]. - The main shareholders include Qingdao Bay Group and Qingdao State Investment, with the company focusing on the development, production, and sales of chlor-alkali chemicals, organic chemical raw materials, and high polymer new materials [5]. IPO Process - The company initially disclosed its prospectus in January 2023, aiming to raise 3 billion yuan through the IPO [3]. - The Shanghai Stock Exchange issued its first round of inquiries in July 2023, but the company has not responded, leading to multiple suspensions of the review due to outdated financial data [3][5]. Financial Performance - Revenue figures for Qingdao Bay Chemical over the years are as follows: approximately 7.04 billion yuan in 2019, 6.05 billion yuan in 2020, 13.03 billion yuan in 2021, and 6.96 billion yuan in the first half of 2022 [5][6]. - Net profits for the same periods were approximately 485 million yuan, 301 million yuan, 2.08 billion yuan, and 1.01 billion yuan, respectively [5][6]. - The company has a history of significant cash dividends, distributing around 741 million yuan in 2019, 508 million yuan in 2020, 481 million yuan in 2021, and 1.58 billion yuan in the first half of 2022 [6]. Future Projections - For 2022, the company expects revenue between 12.445 billion yuan and 14.410 billion yuan, with a projected decline in net profit of 47.85% to 39.62% due to rising raw material prices [7].

Core Viewpoint - The article discusses the termination of the IPO review for Qingdao Haibay Chemical Co., Ltd. by the Shanghai Stock Exchange due to the company's withdrawal of its application, highlighting the company's financial performance and challenges in a high-energy consumption and high-emission industry [1][4]. Financial Performance - The company operates in the chlor-alkali chemical, organic chemical raw materials, and polymer new materials sectors, with major products including PVC, styrene, polystyrene, and caustic soda. The company reported net profits of 425.19 million yuan, 246.80 million yuan, 2.04 billion yuan, and 970.47 million yuan for the years 2019, 2020, 2021, and the first half of 2022, respectively [2][3]. - The company expects a significant decline in net profit for 2022, projecting a decrease of 47.85% to 39.62%, with revenue estimates ranging from 1.2445 billion yuan to 1.441 billion yuan, reflecting a year-on-year fluctuation of -4.47% to 10.61% [4][5]. Market Environment - In 2022, the company faced challenges due to a significant drop in PVC product prices while raw material prices for ethylene increased, leading to reduced profitability. The prices of styrene's main raw materials, benzene and ethylene, also rose, further compressing profit margins [5]. Regulatory Issues - During the IPO review period, the company received regulatory warnings from the Shanghai Stock Exchange regarding issues related to the clarity of equity ownership and accuracy of financial accounting. The company failed to fully disclose the status of equity pledges related to employee stockholding platforms and had multiple inaccuracies in accounting for various financial categories [6][7][8]. Company Background - Qingdao Haibay Chemical Co., Ltd. was established from the transformation of the state-owned Qingdao Chemical Plant and is controlled by the Qingdao State-owned Assets Supervision and Administration Commission. The company underwent a mixed-ownership reform in 2021, introducing three employee stockholding platforms [9][13].

Core Viewpoint - Qingdao Gulf Chemical Co., Ltd. has had its IPO review status changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Group 1: Company Overview - Gulf Chemical's main business includes the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products [1] - The company has established a production capacity of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [2] - Gulf Chemical ranks first in domestic ethylene-based PVC production capacity according to the China Chlor-Alkali Industry Association [2] Group 2: Financial Performance - The company's revenue for the years 2019, 2020, 2021, and the first half of 2022 was approximately 7.038 billion, 6.053 billion, 13.028 billion, and 6.962 billion RMB respectively [2] - The net profit for the same periods was approximately 485 million, 301 million, 2.076 billion, and 1.006 billion RMB respectively [2][3] - As of June 30, 2022, the company's revenue was 696.23 million RMB, and the net profit was 100.56 million RMB [3]

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1]. Company Overview - Gulf Chemical was established in 1999, evolving from the state-owned Qingdao Chemical Plant, and has over 20 years of experience in the chlor-alkali chemical industry [4]. - The company operates in the production and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer materials, and inorganic silicon products, with key products including PVC, styrene, polystyrene, and caustic soda [4]. Production Capacity - Gulf Chemical has established production capacities of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [5]. - The company ranks first in domestic production capacity for ethylene-based PVC [5]. Future Projects - Gulf Chemical has ongoing and planned projects including a 240,000 tons/year high-end polycarbonate bisphenol A project, a 3×75,000 tons/year epoxy chloropropane green circular economy project, a 150,000 tons/year epoxy resin project, and a 400,000 tons/year ethylene oxychlorination project [5]. Financial Performance - The company reported revenues of 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan for the years 2020, 2021, and the first half of 2022, respectively, with net profits of 301 million yuan, 2.077 billion yuan, and 1.006 billion yuan during the same periods [5]. Shareholding Structure - Gulf Group holds 62% of Gulf Chemical's shares, making it the controlling shareholder, while the actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao Investment [6]. IPO Plans - In February 2023, Gulf Chemical's IPO application was accepted, with plans to raise 3 billion yuan for various projects, including the green circular economy project and working capital [6].

Group 1: Soybean Oil - Spot market: The price of Grade 1 soybean oil at Rizhao Cargill is 8080 yuan/ton, up 20 yuan/ton from the previous trading day [2] - International soybean situation: It is currently the US soybean sowing season and the South American soybean harvesting and exporting season, with Brazil's soybean harvest almost completed, and a bumper South American new - crop is likely [2] - Domestic industry: The medium - term de - stocking cycle of soybean oil may be ending, and the inventory may rebound after the arrival and customs clearance of South American imported soybeans [2] - Reference view: The short - term trend of the soybean oil 2509 contract may be range - bound [2] Group 2: Soybean Meal - Spot information: The spot prices of 43% soybean meal in Zhangjiagang, Tianjin, and Dongguan are 3090 yuan/ton (-10), 3300 yuan/ton (120), and 3270 yuan/ton (50) respectively [3] - Market analysis: The Sino - US trade tariff issue remains unresolved, affecting Sino - US soybean trade; the market focus has shifted to the North American sowing season, and Brazilian soybeans are about to enter the export peak; the current spot supply of soybean meal is tight, but it will gradually ease, and post - holiday downstream replenishment may boost short - term trading volume [3] - Reference view: Soybean meal may run weakly in the short term [3] Group 3: Corn - Spot information: The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia, North China and Huanghuai are 2184 yuan/ton and 2404 yuan/ton respectively; the purchase prices in Jinzhou Port and Bayuquan Port are 2260 - 2270 yuan/ton and 2250 - 2270 yuan/ton respectively [4] - Market analysis: The Sino - US tariff dispute has limited impact on the corn market due to China's decreasing import dependence and import from Brazil; currently, the supply is tight, and the downstream demand is weak [4] - Reference view: The domestic corn market is in the old - new grain gap period, with prices likely to rise, and it is advisable to go long in the short term [4] Group 4: Copper - Spot information: The price of Shanghai 1 electrolytic copper is 78300 - 78860 yuan, up 390 yuan, with a premium of 240 - 280 yuan; the imported copper ore index is - 42.61, down 0.09 [5] - Market analysis: The Fed maintains the interest rate, and there are uncertainties; domestic policies support the market; raw material issues persist, and copper is in a stage of resonance with complex market conditions [6] - Reference view: The monthly K - line of copper prices is balanced, and it is advisable to participate selectively based on the moving average system in the short term [6] Group 5: Lithium Carbonate - Spot information: The market prices of battery - grade (99.5%) and industrial - grade (99.2%) lithium carbonate are 66200 (-650) yuan/ton and 64500 (-650) yuan/ton respectively, with a stable price difference of 1700 yuan/ton [7] - Market analysis: Cost pressure is increasing, supply is rising (especially from mica and potential increase from salt - lake lithium extraction), and demand is improving but not enough to drive prices up; inventory is increasing [7][8] - Reference view: The lithium carbonate 2507 contract may oscillate weakly, and it is advisable to go short on rallies [8] Group 6: Steel - Spot information: The price of Shanghai rebar is 3160 yuan, the Tangshan operation rate is 83.56%, the social inventory is 532.76 million tons, and the steel mill inventory is 200.4 million tons [9] - Market analysis: The fundamentals of steel are improving, the contango structure is weakening, the valuation is moderately low; cost is dynamic, inventory is decreasing, and the market is in a supply - demand strong pattern [9] - Reference view: After the macro - negative factors are digested, it is advisable to go long on the far - month contract at low levels after May [9] Group 7: Coking Coal and Coke - Spot information: The price of Mongolian 5 coking coal is 1205 yuan/ton, and the price of quasi - first - grade metallurgical coke at Rizhao Port is 1340 yuan/ton; the port inventories of imported coking coal and coke are 337.38 million tons and 246.10 million tons respectively [10] - Market analysis: Supply is relatively loose, demand is low, inventory is slightly increasing, and the profit is approaching the break - even point [10] - Reference view: Coking coal and coke will oscillate weakly and rebound at low levels, with limited upside [10] Group 8: Iron Ore - Spot information: The Platts iron ore index is 99.15, the price of Qingdao PB (61.5%) powder is 773 yuan, and the price of Australian 62% Fe powder ore is 761 yuan [11] - Market analysis: There are both bullish and bearish factors in the iron ore market; supply has a slight decline, port inventory is decreasing, and demand is mixed [11] - Reference view: The short - term trend of the iron ore 2505 contract will be oscillatory, and traders should be cautious [11] Group 9: Crude Oil - Market analysis: OPEC+ will increase production by 411,000 barrels per day in June, and the market expects oversupply; the Fed's stance and domestic policies in China have an impact, and the 55 - dollar/barrel level of WTI has technical support [12] - Reference view: WTI will mainly oscillate between 55 - 60 dollars/barrel [12] Group 10: Rubber - Market analysis: The impact of the US "reciprocal tariff" on rubber prices has been mostly priced in; supply is increasing, and demand may be affected by the US auto tariff [12] - Reference view: Pay attention to the downstream operation rate of Shanghai rubber, and there is support around 14,000 yuan/ton for the main contract [12] Group 11: PVC - Spot information: The mainstream price of East China Type 5 PVC is 4700 yuan/ton, and that of ethylene - based PVC is 5050 yuan/ton, both unchanged from the previous period [13] - Market analysis: The PVC production enterprise operation rate is increasing, demand is weak, and inventory is decreasing [13] - Reference view: Due to weak demand, the futures price may oscillate at a low level [13] Group 12: Soda Ash - Spot information: The national mainstream price of heavy soda ash is 1413.75 yuan/ton, unchanged from the previous period [14] - Market analysis: Supply is relatively stable with little production fluctuation, inventory is decreasing, and demand is average with resistance to high - price goods [14] - Reference view: The futures market of soda ash will mainly oscillate widely in the short term [14]