截至9月25日，PVC社会库存新样本统计环比增加1.84%至97.13万吨，同比增加16.23%；其中华东地区 在91.33万吨，环比增加2.18%，同比增加14.86%；华南地区在5.79万吨，环比减少3.15%，同比增加 43.35%。 截止9月25日，全国电石法PVC生产企业平均毛利：毛利-785元/吨，环比亏损增加137元/吨；全国乙烯 法PVC生产企业平均毛利：毛利-650元/吨，环比利润增加5元/吨。 机构观点汇总： 截至2025年9月26日当周，PVC期货主力合约收于4888元/吨，周K线收阳，持仓量环比上周减持18540 手。 本周（9月22日-9月26日）市场上看，PVC期货周内开盘报4894元/吨，最高触及4909元/吨，最低下探至 4874元/吨，周度涨跌幅达-0.29%。 消息面回顾： 本周PVC生产企业检修损失量在6.14万吨，较上期减少2.39万吨。 冠通期货：反内卷情绪再起，六部门联合发布建材行业稳增长工作方案，只是目前PVC产业还未有实际 政策落地，老装置也大多通过技改升级，当然反内卷与老旧装置淘汰，解决石化产能过剩问题仍是宏观 政策，将影响后续行情。PVC成本端支撑走强，下游 ...

近期，PVC市场进入传统旺季，但需求疲软、供应增长等因素使期货价格持续承压，整体呈现"旺季不 旺"的状态。当前PVC期货市场的交易逻辑重回基本面，尽管短期供应小幅下降，但下游需求依然疲 软，基本面整体偏弱。 需求承压 国内需求方面，作为PVC最大的终端消费领域，房地产行业持续低迷严重拖累了需求恢复进度。数据显 示，2025年1—8月，国内房屋施工面积、新开工面积和竣工面积同比均出现两位数下滑。进入9月，虽 然PVC下游企业开工率有所提升，但整体订单情况仍一般，终端以逢低采购为主，市场交投气氛清淡。 出口需求方面，受印度反倾销税影响，部分企业存在"抢出口"行为，透支了部分需求。进入9月，出口 节奏明显放缓，订单增量有限。尽管国内企业正积极开拓非洲、东南亚等新兴市场，但受多重因素影 响，短期内难以形成稳定的需求增量。整体来看，出口对PVC价格的支撑作用减弱。 后市展望 整体来看，目前PVC市场基本面偏弱。在新增产能释放和行业保持高开工率的情况下，供应压力持续增 加；在房地产行业低迷和出口放缓的情况下，需求难有超预期表现。尽管10月可能迎来季节性检修高 峰，供应或阶段性收紧，但如果需求无法同步改善，去库速度依然偏慢 ...

Core Insights - The Dalian Commodity Exchange (DCE) has been promoting the "Enterprise Wind Plan" to help real enterprises bridge the gap between spot and futures markets, exemplified by the practices of Shaanxi Rongchen and Jiahuan Energy Supply Chain [1][3] Group 1: Shaanxi Rongchen's Experience - Shaanxi Rongchen, a subsidiary of Qilian Chuangye Group, primarily engaged in plastic trading, faced challenges in risk management and lacked a standardized mechanism before participating in the "Enterprise Wind Plan" [1][4] - In April 2022, Shaanxi Rongchen initiated hedging operations based on a weak polyethylene price forecast, selling 200 lots of L2209 contracts at 8945 yuan/ton, resulting in a net profit of 594,000 yuan after offsetting losses from the spot market [2][3] - The participation in the plan allowed Shaanxi Rongchen to reduce margin usage by approximately 40%, alleviating financial pressure and enhancing its risk management capabilities [3][4] Group 2: Jiahuan Energy Supply Chain's Strategy - Jiahuan Energy Supply Chain, established in March 2021, began its hedging operations under the guidance of Hongyuan Futures, covering about 50,000 tons of spot products, which effectively mitigated losses from market volatility [3][5] - The company has increased its hedging announcement limits from 50 million yuan to 280 million yuan, reflecting a growing confidence in utilizing futures for risk management [5][6] - Jiahuan Energy has recognized the need for improvement in understanding specific price levels and basis, with futures companies providing analytical support to enhance their risk management strategies [6][7] Group 3: Future Outlook and Industry Impact - Both companies aim to deepen their hedging applications, with Shaanxi Rongchen planning to increase its hedging ratio to over 60% of its spot trading volume and explore more stable trading and profit models [7] - The "Enterprise Wind Plan" is seen as a vital initiative that injects new vitality into the chemical industry, helping enterprises navigate complex market environments more effectively [7][8]

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 IPO application of Qingdao Gulf Chemical Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor, CITIC Securities, marking a significant pause in its capital market journey [2][5]. Company Background - Qingdao Gulf Chemical was established in September 1999 with a registered capital of 1.037 billion yuan and is fully controlled by Qingdao Gulf Group, which is under the actual control of the Qingdao State-owned Assets Supervision and Administration Commission [3]. - The company has a history dating back to 1947, originally as Qingdao Chemical Plant, and has undergone several mergers and restructurings, currently operating production facilities with capacities including 455,000 tons of ion membrane caustic soda and 800,000 tons of PVC [3]. IPO Journey - The IPO process has faced multiple challenges, including a significant restructuring in 2021 that introduced new investors and employee stock ownership, followed by a formal name change to Qingdao Gulf Chemical Co., Ltd. in 2022 [3]. - The company submitted its IPO application on January 13, 2023, aiming to raise 3 billion yuan by issuing up to 253 million shares for project construction and working capital [3][4]. Regulatory Challenges - Following the pre-disclosure of its IPO, the process stalled due to inquiries from the Shanghai Stock Exchange, leading to multiple updates of financial documents without a complete disclosure of the updated prospectus [4]. - In May 2024, the company received a regulatory warning for failing to disclose the status of employee stock ownership pledges and inaccuracies in accounting [4]. Financial Performance - As a major player in the petrochemical industry, Qingdao Gulf Chemical's main products include PVC, styrene, and caustic soda, with production capacities ranking among the top in the industry [6][8]. - The company's financial performance showed fluctuations, with revenues of 7.038 billion yuan in 2019, 6.053 billion yuan in 2020, and 13.028 billion yuan in 2021, while net profits were 485 million yuan, 301 million yuan, and 2.076 billion yuan respectively [8][9]. - For the first half of 2022, the company reported revenues of 6.962 billion yuan and net profits of 1.006 billion yuan, with expectations for 2022 revenues between 12.445 billion yuan and 14.41 billion yuan, reflecting a potential decline in net profits due to market conditions [9]. Future Considerations - With the termination of the IPO, the company faces uncertainty regarding its future financing strategies and must navigate challenges in a difficult market environment while considering new directions for growth [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].