公司各个活动产生的现金流净额波动较大。1H25经营性活动产生的现金流净额为31.92亿元，同比上升 37.51%；投资活动产生的现金流净额为-8.13亿元，同比上升15.71%；筹资活动产生的现金流净额 为-24.11亿元，同比下降90.05%。期末现金及等价物余额为6.98亿元，同比上升45.48%。应收账款同比 下降57.64%，应收账款周转率有所上升，从2024年同期的248.92次上升到375.24次；存货同比上升 5.52%，存货周转率有所上升，从2024年同期的7.15次上升到7.43次。 产品价格方面，根据ifind数据显示，1H25聚碳酸酯/己内酰胺/PA6/正丁醇/辛醇/异丁醛/甲酸/有机硅 DMC/二氯甲烷/三氯甲烷/DMF均价分别为 15658/10151/11705/6865/7654/6857/2947/12689/2372/2401/4193元/吨，同比变化分别 为-3.11%/-24.25%/-21.14%/-19.76%/-29.79%/-22.97%/-6.34%/-12.58%/0.82%/-8.48%/-10.03%。 风险提示：行业周期性波动风险；重要原材料价格上行的风 ...

华安证券近日发布基础化工行业周报：本周（2025/08/18-2025/08/22）化工板块整体涨 跌幅表现排名第15位，涨跌幅为2.86%，走势处于市场整体中游。上证综指涨跌幅为 3.49%，创业板指涨跌幅为5.85%，申万化工板块跑输上证综指0.63个百分点，跑输创业板指 3.00个百分点。 以下为研究报告摘要： 主要观点： 行业周观点 本周（2025/08/18-2025/08/22）化工板块整体涨跌幅表现排名第15位，涨跌幅为2.86%， 走势处于市场整体中游。上证综指涨跌幅为3.49%，创业板指涨跌幅为5.85%，申万化工板 块跑输上证综指0.63个百分点，跑输创业板指3.00个百分点。 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代 糖、维生素、轻烃化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠 覆性冲击，低耗能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞 争在于能耗和碳税的成本，优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化 优势来降低能耗成本，亦或新增产能转移至更大的 ...

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 ...

甲烷氯化物，是指甲烷分子中的氢原子被氯原子取代的产物，包括四种化合物：一氯甲烷（氯甲烷）、 二氯甲烷、三氯甲烷（氯仿）、四氯甲烷（四氯化碳）。 受益于下游需求旺盛，我国甲烷氯化物市场产量快速扩张，已成为全球主产国之一，2022年我国甲烷氯 化物市场产量达到327.93万吨。 ヤ经产业信息研究网 中经智盛旗下网站 www.cniir.com 中国甲烷氯化物市场深度调研及投资策 略分析报告 编制机构:杭州中经智盛市场研究有限公司 中国是全球的第二大经济体，在国内，甲烷氯化物的应用领域涉及到汽车、医药、塑料、涂料、农药、 合成橡胶等制造业领域，具有广泛的市场需求。自2018年以来，中国的甲烷氯化物需求不断扩大，2021 年国内甲烷氯化物需求持续向好叠加原料价格上行，价格波动上升，带动市场规模上涨至103.93亿元， 同比2021年增长42.43%。 我国从上世纪50年代就开始对甲烷氯化物产业进行摸索探究，自1965年西南化工设计所设计开发出第一 套二氯甲烷生产设备并投入生产以来，国内相继研发出三氯甲烷、四氯化碳的生产设备，并陆续投入生 产，2000年国内甲醇法甲烷氯化物产业进入快速发展阶段。 《中国甲烷氯化物市场深 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The fundamental outlook for methanol remains weak, with relatively high upstream coal - based profits, a slight decline in coastal MTO profits, and poor downstream profits inland that have room for repair. The methanol valuation is relatively high. The anti - involution policy may have limited impact on methanol production, and it's unlikely to significantly reduce supply. With high raw material inventories in downstream MTO enterprises, port inventory accumulation is likely, which will suppress the East China spot price. In the short term, policy expectations may fluctuate, so it is recommended to wait and see [1] Group 3: Summary by Relevant Content 1. Futures and Spot Prices - Methanol futures prices: MA01 closed at 2520 yuan/ton on July 29, up 28 yuan or 1.12% from July 28; MA05 closed at 2455 yuan/ton, up 26 yuan or 1.07%; MA09 closed at 2434 yuan/ton, up 30 yuan or 1.25% [1] - Methanol spot prices: In太仓, it was 2407.50 yuan/ton on July 29, up 7.50 yuan or 0.31%; in Shandong, it was 2305 yuan/ton, down 20 yuan or - 0.86%; in Guangdong, it was 2397.50 yuan/ton, up 5 yuan or 0.21% [1] 2. Cost and Profit - Coal spot prices: Ordos Q5500 was 462.50 yuan/ton on July 29, up 7.50 yuan or 1.65%; Datong Q5500 was 532.50 yuan/ton, up 2.50 yuan or 0.47%; Yulin Q6000 was 542.50 yuan/ton, up 5 yuan or 0.93% [1] - Methanol production profit: Coal - based methanol profit was 423 yuan/ton on July 29, up 3.70 yuan or 0.88%; natural gas - based methanol profit was - 540 yuan/ton, unchanged [1] - Downstream profit: Northwest MTO profit was 292.40 yuan/ton on July 29, up 12.60 yuan or 4.50%; East China MTO profit was - 668.07 yuan/ton, down 46.50 yuan or - 7.48% [1] 3. Market Information - Domestic futures: The main methanol contract MA2509 fluctuated within a range, opening at 2416 yuan/ton, closing at 2434 yuan/ton, down 8 yuan/ton, with a trading volume of 576181 lots and an open interest of 576028, showing a decrease in volume [1] - Overseas information: In a Middle - Eastern country, only one 1 - million - ton methanol plant is shut down, and multiple plants are operating at their existing loads. It is estimated that the loading speed in mid - to - late July will be higher than that in the early part of the month [1]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The chemical 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 regulation policies, supply-side changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush" in the first half of the year, the importance of self-sufficiency in electronic materials companies, and stable dividend policies in energy enterprises [2][10] Summary by Sections Industry Dynamics - In the week of July 7-13, 2025, among 100 tracked chemical products, 22 saw price increases, 47 experienced declines, and 31 remained stable. 39% of products had a month-on-month average price increase, while 55% saw a decrease, and 6% remained unchanged. The top gainers included DMF, potassium chloride, and acetone, while hydrochloric acid and aniline were among the largest decliners [9][33] Oil Price Trends - International oil prices saw a slight increase, with WTI crude futures closing at $68.45 per barrel (up 2.93%) and Brent crude at $70.36 per barrel (up 3.02%). The U.S. average daily crude oil production was reported at 13.385 million barrels, a decrease of 48,000 barrels from the previous week but an increase of 850,000 barrels year-on-year [9][10] Product Price Changes - The average price of polysilicon increased to 31,200 CNY/ton, up 1.30% from the previous week, while glyphosate prices rose to 25,501 CNY/ton, reflecting a 0.79% increase. The gross profit margin for glyphosate was reported at 10.85%, with a significant year-on-year increase of 129.88% [9][10] Investment Recommendations - The report suggests focusing on several investment themes: the sustained high prices of crude oil, the rapid development of downstream industries, and the recovery of demand supported by policy measures. Recommended companies include China Petroleum, China Oilfield Services, and various technology firms in the electronic materials sector [10][11] Key Stocks for July - The report highlights "Satellite Chemical" and "Anji Technology" as key stocks for July, with both companies showing strong revenue and profit growth in their recent financial reports [11][17]

Investment Rating - The report provides a positive outlook for the basic chemical industry, indicating potential improvements in supply and demand due to ongoing anti-involution policies [6]. Core Insights - The anti-involution policies are expected to enhance the supply-demand dynamics within the industry, particularly in the pesticide sector, where inventory reduction has led to price increases [12]. - The report highlights significant price movements in key products, with notable increases in herbicide prices, such as glyphosate, which rose to 25,301 CNY/ton, reflecting a 2.03% increase week-on-week and a 7.18% increase year-to-date [6][12]. - The report suggests investment opportunities in various sectors, including integrated refining and chemical companies, leading tire manufacturers, and firms involved in new material production [13]. Summary by Sections 1. Industry News and Event Commentary - The central government is focusing on promoting a unified national market and addressing low-price competition, which is expected to improve the overall market environment [12]. - The pesticide industry has shown significant inventory reduction, with glyphosate prices increasing due to tighter market supply [12]. 2. Chemical Sector Weekly Performance - The Shanghai Composite Index rose by 1.54%, while the basic chemical index increased by 0.80%, indicating a lag behind the broader market [14]. - The top-performing sub-sectors included oil and gas engineering, polyester, and compound fertilizers, while other plastic products and textile chemicals saw declines [15][16]. 3. Key Product Price Movements - Notable price increases were observed in butanone (12.43%), TDI (5.54%), and dichloromethane (3.97%), while acetone and NYMEX natural gas experienced significant declines [24][25]. - The report also tracks price spreads, with significant increases in the spreads for dimethyl ether and PET bottle chips, while the spreads for adipic acid and acetic acid saw substantial declines [26][27]. 4. Investment Recommendations - The report recommends focusing on integrated refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, as well as leading firms in the refrigerant and tire manufacturing sectors [13]. - It also highlights opportunities in the pesticide sector due to improving supply-demand conditions and suggests monitoring companies involved in high-end engineering plastics and semiconductor materials [13].

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 14th this week, with a slight decline of -0.01%, outperforming the Shanghai Composite Index by 0.24 percentage points and underperforming the ChiNext Index by 0.21 percentage points [3][22]. - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4]. Summary by Sections 1. Industry Review - The chemical sector's performance for the week of June 9-13, 2025, showed a slight decline of -0.01%, ranking 14th among sectors [3][22]. - The top three performing sectors were non-ferrous metals (+3.79%), oil and petrochemicals (+3.5%), and agriculture (+1.62%) [22]. 2. Key Industry Dynamics - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the shift in energy structure [4]. - The upcoming quota policy for refrigerants is anticipated to lead to a high-growth cycle for third-generation refrigerants, with demand expected to grow steadily due to market expansion [5]. - The electronic specialty gases market is characterized by high technical barriers and value, presenting significant domestic substitution opportunities [6][8]. - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane [8]. - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to China [9]. - Potash fertilizer prices are expected to rebound as major producers reduce output, leading to a supply-demand imbalance [10]. - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]. 3. Company Performance - The top three performing chemical stocks this week were Jinjis Co. (+53.3%), Suzhou Longjie (+18.5%), and Akali (+16.7%) [28]. - The companies to watch in the synthetic biology sector include Kasei Bio and Huaheng Bio [4]. - Key players in the refrigerant market include Juhua Co., Sanmei Co., and Haohua Technology [5]. - In the electronic specialty gases sector, companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are recommended [6][8]. - For light hydrocarbon chemicals, Satellite Chemical is highlighted as a key player [8]. - In the COC polymer space, Akali is noted for its potential breakthroughs [9]. - In the potash fertilizer sector, companies such as Yaji International and Salt Lake Co. are recommended [10]. - For MDI, Wanhua Chemical is a key focus due to its significant market share [12].

Group 1: Industry Overview - The petroleum and chemical indices mostly rose last week, with the chemical raw materials index down by 0.98%, the chemical machinery index up by 0.83%, the chemical pharmaceuticals index up by 2.47%, and the pesticide and fertilizer index up by 0.71% [1] - In the petroleum sector, the petroleum processing index rose by 0.81%, the petroleum extraction index rose by 1.41%, while the petroleum trade index fell by 7.98% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $60.79 per barrel, down 1.20% from May 23, and Brent settling at $63.90 per barrel, down 1.36% [1] Group 2: Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets last week were Lianhua Technology up by 38.97%, Baismei up by 25.00%, Suqian Liansheng up by 16.80%, Qingdao Jinwang up by 18.23%, and Honghe Technology up by 17.09% [2] - The bottom five performing listed chemical companies were Guangju Energy down by 15.95%, Tianan New Materials down by 14.66%, Hongbaoli down by 13.10%, Annada down by 12.38%, and Heimao Co. down by 12.14% [2] Group 3: Product Price Changes - The top five rising petrochemical products included hydrochloric acid up by 35.42%, liquid chlorine up by 21.85%, glyphosate up by 6.15%, dichloromethane up by 4.36%, and paraquat up by 4.35% [1] - The top five declining petrochemical products included acrylic acid down by 9.74%, butadiene down by 9.60%, natural rubber down by 6.55%, styrene-butadiene rubber down by 6.13%, and aniline down by 5.95% [1]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].