纯苯苯乙烯日报 | 2025-10-10 节后纯苯库存再度下降，苯乙烯库存压力仍存 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-13元/吨（-73）。纯苯港口库存9.10万吨（-1.50万吨）；纯苯CFR中国加工费126美元/吨（+4 美元/吨），纯苯FOB韩国加工费115美元/吨（+7美元/吨），纯苯美韩价差69.6美元/吨（-5.0美元/吨）。华东纯苯现货 -M2价差35元/吨（+10元/吨）。 纯苯下游方面：己内酰胺生产利润-1900元/吨（+110），酚酮生产利润-332元/吨（+51），苯胺生产利润478元/吨（+140）， 己二酸生产利润-1325元/吨（-19）。己内酰胺开工率96.00%（+0.00%），苯酚开工率78.00%（-1.00%），苯胺开工率 77.16%（+1.12%），己二酸开工率66.90%（+4.00%）。 苯乙烯方面：苯乙烯主力基差-28元/吨（+7元/吨）；苯乙烯非一体化生产利润-486元/吨（+36元/吨），预期逐步压 缩。苯乙烯华东港口库存201900吨（+4400吨），苯乙烯华东商业库存116400吨（+9600吨），处于库存回建阶段。 苯乙烯开 ...

10月9日，华峰化学涨5.26%，截至发稿，报9.60元/股，成交2.87亿元，换手率0.64%，总市值476.40亿 元。华峰化学股价已经连续3天上涨，区间累计涨幅2.82%。 从基金十大重仓股角度 资料显示，华峰化学股份有限公司位于浙江省温州市瑞安市瑞安经济开发区开发区大道1788号，成立日 期1999年12月15日，上市日期2006年8月23日，公司主营业务涉及从事氨纶纤维、聚氨酯原液、己二酸 等聚氨酯制品材料的研发、生产与销售。主营业务收入构成为：基础化工产品36.84%，化学纤维 34.73%，化工新材料22.81%，其他5.06%，物流服务0.56%。 数据显示，中泰证券资管旗下1只基金重仓华峰化学。中泰开阳价值优选混合A（007549）二季度持有 股数1020.29万股，与上期相比持股数量不变，占基金净值比例为4.05%，位居第十大重仓股。根据测 算，今日浮盈赚取约489.74万元。连续3天上涨期间浮盈赚取255.07万元。 中泰开阳价值优选混合A（007549）成立日期2019年9月6日，最新规模15.12亿。今年以来收益 27.52%，同类排名3800/8238；近一年收益17.67%，同类 ...

Group 1 - The core viewpoint is that the implementation of policies aimed at plastic pollution control is expected to significantly boost the demand for biodegradable materials, particularly biodegradable plastics [1][2] - Since the release of the policy by the National Development and Reform Commission and the Ministry of Ecology and Environment in 2020, various provinces and industries have issued related implementation opinions and plans, which, if executed, could lead to rapid growth in the demand for biodegradable materials [1] - The main application areas for biodegradable plastics in the future are expected to be biodegradable films and express packaging [1] Group 2 - The current market price of PBAT is at a historical low of 9,850 yuan/ton as of September 21, 2025, with a low capacity utilization rate of 15.8% projected for 2025 [2] - The average operating rates for raw materials BDO, PTA, and AA in August were 45%, 74%, and 53% respectively, indicating a challenging market environment for PBAT [2] - PLA market prices have been under pressure, with the average price stabilizing at 17,200 yuan/ton as of September 21, 2025, reflecting a 1.7% decline since the beginning of the year and a 42.7% drop from the 2021 peak [3] Group 3 - Companies involved in the biodegradable plastic industry include PBAT producers such as Jinfat Technology (600143.SH), Changhong High-Tech (605008.SH), and Hengli Petrochemical (600346.SH), as well as PLA producers like Haizheng Biomaterials (688203.SH), Jindan Technology (300829.SZ), and Lianhong Xinke (003022.SZ) [4] - Raw material suppliers include adipic acid producers like Hualu Hengsheng (600426.SH) and Huafeng Chemical (002064.SZ), and BDO suppliers such as Sanwei Co., Ltd. (603033.SH) and Zhongtai Chemical (002092.SZ) [4]

9月26日，华峰化学盘中上涨2.03%，截至13:23，报9.05元/股，成交1.24亿元，换手率0.28%，总市值 449.11亿元。 资金流向方面，主力资金净流出1377.96万元，特大单买入791.00万元，占比6.36%，卖出1213.21万元， 占比9.75%；大单买入2157.78万元，占比17.34%，卖出3113.53万元，占比25.02%。 华峰化学今年以来股价涨12.70%，近5个交易日涨1.34%，近20日涨12.56%，近60日涨34.67%。 资料显示，华峰化学股份有限公司位于浙江省温州市瑞安市瑞安经济开发区开发区大道1788号，成立日 期1999年12月15日，上市日期2006年8月23日，公司主营业务涉及从事氨纶纤维、聚氨酯原液、己二酸 等聚氨酯制品材料的研发、生产与销售。主营业务收入构成为：基础化工产品36.84%，化学纤维 34.73%，化工新材料22.81%，其他5.06%，物流服务0.56%。 截至6月30日，华峰化学股东户数6.51万，较上期增加12.04%；人均流通股75999股，较上期减少 10.81%。2025年1月-6月，华峰化学实现营业收入121.37亿元，同 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For pure benzene, domestic existing plants are operating at a relatively high rate, import arrivals are slowing down, downstream pre - holiday procurement is good, port inventory is decreasing faster, and the basis is strengthening. The downstream开工 rate is rising from the bottom, but overall开工 remains low, and the long - term procurement sustainability of downstream is questionable [3]. - For styrene, the开工 of PS and EPS has declined,提货 has decreased, arrivals are concentrated, port inventory has accumulated again, the basis has weakened further, and the开工 is waiting to rise. Overseas, the开工 of EB in Europe and America is still low, but the price difference between Europe and America and China is narrowing, and the paper - cargo locked import window for EB has opened [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 12 yuan/ton (+0), and the styrene main contract basis is - 18 yuan/ton (- 15 yuan/ton). The pure benzene spot - M2 spread is 35 yuan/ton (- 10 yuan/ton) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Price Differences - Pure benzene CFR China processing fee is 120 dollars/ton (- 6 dollars/ton), FOB Korea processing fee is 103 dollars/ton (- 5 dollars/ton), and the US - Korea price difference is 38.5 dollars/ton (- 4.0 dollars/ton). Styrene non - integrated production profit is - 542 yuan/ton (- 4 yuan/ton) and is expected to be gradually compressed [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 10.70 million tons (- 2.70 million tons), and the operating rate of downstream pure benzene is rising from the bottom. Styrene East China port inventory is 186,500 tons (+27,500 tons), East China commercial inventory is 98,500 tons (+20,500 tons), and the operating rate is 73.2% (- 0.2%) [1]. IV. Styrene Downstream Operating Rate and Production Profits - EPS production profit is 179 yuan/ton (- 15 yuan/ton), PS production profit is - 91 yuan/ton (- 15 yuan/ton), ABS production profit is - 32 yuan/ton (- 9 yuan/ton). EPS operating rate is 55.25% (- 6.49%), PS operating rate is 59.10% (- 2.10%), ABS operating rate is 70.00% (+0.20%) [2]. V. Pure Benzene Downstream Operating Rate and Production Profits - Caprolactam production profit is - 2005 yuan/ton (- 10), phenolic ketone production profit is - 320 yuan/ton (- 124), aniline production profit is 186 yuan/ton (+124), adipic acid production profit is - 1369 yuan/ton (- 14). Caprolactam operating rate is 93.66% (+4.97%), phenol operating rate is 78.00% (+7.00%), aniline operating rate is 74.92% (+2.97%), adipic acid operating rate is 61.40% (- 1.20%) [1]. 4. Strategies - Unilateral: Wait and see for BZ, short - hedge EB on rallies. - Basis and inter - period: None. - Cross - variety: None [4]

纯苯苯乙烯日报 | 2025-09-25 EB港口库存继续累积 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-12元/吨（+18）。纯苯港口库存10.70万吨（-2.70万吨）；纯苯CFR中国加工费126美元/吨 （-7美元/吨），纯苯FOB韩国加工费108美元/吨（-7美元/吨），纯苯美韩价差42.5美元/吨（+5.0美元/吨）。华东纯苯 现货-M2价差45元/吨（+45元/吨）。 纯苯下游方面：己内酰胺生产利润-1995元/吨（-105），酚酮生产利润-196元/吨（+0），苯胺生产利润62元/吨（+91）， 己二酸生产利润-1356元/吨（-50）。己内酰胺开工率88.69%（+2.48%），苯酚开工率71.00%（+2.00%），苯胺开工 率71.95%（+6.74%），己二酸开工率62.60%（-1.60%）。 苯乙烯方面：苯乙烯主力基差-3元/吨（-3元/吨）；苯乙烯非一体化生产利润-550元/吨（+12元/吨），预期逐步压缩。 苯乙烯华东港口库存186500吨（+27500吨），苯乙烯华东商业库存98500吨（+20500吨），处于库存回建阶段。苯乙 烯开工率73.4%（-1.5 ...

纯苯苯乙烯日报 | 2025-09-24 EB基差进一步走弱 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-30元/吨（+36）。纯苯港口库存10.70万吨（-2.70万吨）；纯苯CFR中国加工费132美元/吨 （-3美元/吨），纯苯FOB韩国加工费114美元/吨（-2美元/吨），纯苯美韩价差37.5美元/吨（-3.0美元/吨）。华东纯苯 现货-M2价差0元/吨（+20元/吨）。 纯苯下游方面：己内酰胺生产利润-1890元/吨（-85），酚酮生产利润-196元/吨（+0），苯胺生产利润62元/吨（+91）， 己二酸生产利润-1306元/吨（-12）。己内酰胺开工率88.69%（+2.48%），苯酚开工率71.00%（+2.00%），苯胺开工 率71.95%（+6.74%），己二酸开工率62.60%（-1.60%）。 苯乙烯方面：苯乙烯主力基差0元/吨（-42元/吨）；苯乙烯非一体化生产利润-562元/吨（-87元/吨），预期逐步压缩。 苯乙烯华东港口库存186500吨（+27500吨），苯乙烯华东商业库存98500吨（+20500吨），处于库存回建阶段。苯乙 烯开工率73.4%（-1.5%）。 ...

Group 1 - The core focus is on promoting green and low-carbon development in Chongqing's manufacturing sector, aligning with national goals for high-quality development [1][2] - Chongqing aims to build three trillion-yuan-level leading industrial clusters: intelligent connected new energy vehicles, next-generation electronic information manufacturing, and advanced materials [2] - In the first eight months of this year, Chongqing's new energy vehicle production reached 690,000 units, a year-on-year increase of 31.4% [2] Group 2 - The city is optimizing its industrial structure by increasing the proportion of low-energy consumption and high-output industries while controlling the scale of high-energy consumption and high-emission industries [3] - From 2021 to 2024, the energy consumption per unit of industrial added value in Chongqing is expected to decrease by 12.3% [3] - The share of six high-energy-consuming industries in the city's industrial output has been reduced to below 25%, outperforming the national average [3] Group 3 - Leading companies like Huafeng Chemical have made significant advancements in energy conservation and circular economy, achieving a carbon utilization rate of over 96% in their production processes [4] - Chongqing has established 170 national-level green factories and 16 national-level green industrial parks, with the output of green factories accounting for 29.5% of the city's total industrial output [4] Group 4 - The city is developing a resource recycling "ecological circle," with significant capacities for recycling various materials, including 450 million tons of scrap steel and 60 million tons of recycled aluminum [6] - Chongqing's industrial water consumption per unit of added value has decreased by over 15%, meeting national industrial water-saving targets [6] - Companies like Chongqing Conch Cement are utilizing waste and garbage for fuel, saving 42,000 tons of standard coal annually while promoting ecological initiatives [6]

Core Viewpoint - Chongqing is focusing on green and high-quality development by optimizing industrial structure, promoting green benchmarks, and enhancing resource recycling to build a modern industrial system with advanced manufacturing as the backbone [1][2][3][4][5][6] Group 1: Industrial Structure Optimization - Chongqing aims to increase the proportion of low-energy consumption and high-output industries while expanding new growth areas, with a focus on hydrogen energy and high-end equipment manufacturing [1][2] - In the first eight months of this year, Chongqing produced 690,000 electric vehicles, a year-on-year increase of 31.4%, and the integrated circuit output reached 7.6 billion pieces, up 65.6% [2] Group 2: Green Benchmark Leadership - Companies like Huafeng Chemical have made significant advancements in energy conservation and circular economy, achieving over 96% carbon utilization rate in their production processes [4] - Chongqing has established 170 national-level green factories and 16 national-level green industrial parks, with the output of green factories accounting for 29.5% of the city's total industrial output [4] Group 3: Resource Recycling and Ecological Circle - Chongqing has developed a resource recycling ecosystem, achieving a recycling capacity of 4.5 million tons of scrap steel and maintaining a comprehensive utilization rate of industrial solid waste above 70% [6] - The city has implemented projects for wastewater recycling and solar energy utilization, with a water reuse rate exceeding 97% for three consecutive years [5][6]

Core Viewpoint - Chongqing is focusing on green and high-quality development by optimizing industrial structure, promoting green benchmarks, and enhancing resource recycling to build a modern industrial system with advanced manufacturing as its backbone [1][2][3][4][5][6]. Group 1: Industrial Structure Optimization - Chongqing aims to increase the proportion of low-energy consumption and high-output industries while reducing the scale of high-energy consumption and high-emission industries [1][3]. - The city has seen a 31.4% year-on-year increase in the production of new energy vehicles, reaching 690,000 units in the first eight months of the year [2]. - The production of integrated circuits has grown by 65.6%, with a total output of 7.6 billion units [2]. Group 2: Green Benchmarking - Companies like Chongqing Huafeng Chemical Co., Ltd. have made significant advancements in energy conservation and circular economy, achieving a carbon utilization rate of over 96% in their production processes [4]. - Chongqing has established 170 national-level green factories and 16 national-level green industrial parks, with the output of green factories accounting for 29.5% of the city's total industrial output [4]. Group 3: Resource Recycling and Circular Economy - The city has developed a resource recycling ecosystem, achieving a recycling capacity of 4.5 million tons of scrap steel and 600,000 tons of recycled aluminum [6]. - Chongqing's industrial water consumption has decreased by over 15%, meeting national water-saving targets [6]. - The Chongqing Conch Cement Co., Ltd. has implemented projects to utilize waste and kitchen garbage as fuel, saving 42,000 tons of standard coal annually [6].