纯苯苯乙烯日报 | 2025-08-27 后续苯乙烯检修增加，但同时拖累纯苯需求 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-101元/吨（+15）。纯苯港口库存13.80万吨（-0.60万吨）；纯苯CFR中国加工费159美元/ 吨（-6美元/吨），纯苯FOB韩国加工费143美元/吨（-5美元/吨），纯苯美韩价差60.7美元/吨（+2.0美元/吨）。华东纯 苯现货-M2价差-40元/吨（-25元/吨）。 纯苯下游方面：己内酰胺生产利润-1805元/吨（+30），酚酮生产利润-627元/吨（+0），苯胺生产利润-204元/吨（-43）， 己二酸生产利润-1250元/吨（+27）。己内酰胺开工率91.86%（-1.86%），苯酚开工率78.00%（+1.00%），苯胺开工 率70.10%（-1.47%），己二酸开工率65.50%（+3.80%）。 苯乙烯方面：苯乙烯主力基差68元/吨（+23元/吨）；苯乙烯非一体化生产利润-278元/吨（-3元/吨），预期逐步压缩。 苯乙烯华东港口库存179000吨（+17500吨），苯乙烯华东商业库存84000吨（+7500吨），处于库存回建阶段。苯乙 烯开工 ...

主动适应市场，推进新项目提升产能。公司深度挖掘产销联动价值，凝聚优质客户，深耕终端市场。化 肥板块应政策机遇优化调整，化工板块以市场为导向优化渠道调整价格，核心产品市场占有率均保持高 位，巩固了行业领导地位与话语权。同时公司高效推进两地项目投产，夯实产业链延伸基础。截止2025 中报，公司拥有尼龙6、己内酰胺、己二酸、异辛醇、碳酸二甲酯、尿素、DMF、醋酸产能分别为20、 30、52.66、20、60、307、48、150 万吨。酰胺原料优化升级项目已建成投产，20 万吨/年二元酸项 目、荆州恒升BDO 和NMP 一体化项目均已接近收尾阶段。同时，多个储备项目已启动前期准备工作， 为公司高质量发展积极争取资源要素。 投资建议：华鲁恒升为煤化工行业龙头公司，具有一头多线柔性联产和低成本优势，基于自身产业链协 同随下游市场变化持续拓展产品线，随经济复苏周期回暖带来业绩弹性。我们维持盈利预测， 预计公 司2025-2027 年收入分别为366.10/388.02/409.59 亿元，同比分别增长7.0%/6.0%/5.6%，归母净利润分别 为43.68/48.87/53.09 亿元，同比分别增长11.9%/11.9 ...

基础化工/农化制品 华鲁恒升（600426.SH） Q2 归母净利润环比增长，投建技改项目或提高效益 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 26.66 | | 一年最高最低(元) | 28.78/19.73 | | 总市值(亿元) | 566.05 | | 流通市值(亿元) | 564.97 | | 总股本(亿股) | 21.23 | | 流通股本(亿股) | 21.19 | | 近 3 个月换手率(%) | 58.26 | 股价走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 2025-08 华鲁恒升 沪深300 相关研究报告 半年度拟分红，同时拟投建煤气化平台改造项目，增加公司规模效益 公司拟以 2025 年半年度权益分派实施时股权登记日的总股本扣减公司回购专 用证券账户中股份为基数，向全体股东每 10 股派发现金红利 2.50 元（含税）， 不送红股，不进行公积金转增股本，与股东共享发展成果。目前公司德州本部部 分气化炉的气化 ...

纯苯苯乙烯日报 | 2025-08-26 纯苯去库而苯乙烯再度累库 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-121元/吨（-3）。纯苯港口库存13.80万吨（-0.60万吨）；纯苯CFR中国加工费164美元/吨 （-3美元/吨），纯苯FOB韩国加工费147美元/吨（-5美元/吨），纯苯美韩价差58.7美元/吨（-4.0美元/吨）。华东纯苯 现货-M2价差-20元/吨（-10元/吨）。 纯苯下游方面：己内酰胺生产利润-1835元/吨（+5），酚酮生产利润-727元/吨（+0），苯胺生产利润-204元/吨（-43）， 己二酸生产利润-1277元/吨（+55）。己内酰胺开工率91.86%（-1.86%），苯酚开工率78.00%（+1.00%），苯胺开工 率70.10%（-1.47%），己二酸开工率65.50%（+3.80%）。 苯乙烯方面：苯乙烯主力基差25元/吨（+28元/吨）；苯乙烯非一体化生产利润-251元/吨（-13元/吨），预期逐步压缩。 苯乙烯华东港口库存179000吨（+17500吨），苯乙烯华东商业库存84000吨（+7500吨），处于库存回建阶段。苯乙 烯开工率78.5%（+ ...

[Table_Title] 产品价格分化，季度业绩环比提升 报告要点 [Table_Summary] 公司发布 2025 年中报，上半年实现收入 157.6 亿元（同比-7.1%），实现归属净利润 15.7 亿元 （同比-29.5%），实现归属扣非净利润 15.6 亿元（同比-30.3%）。2025Q2 实现收入 79.9 亿元 （同比-11.2%，环比+2.8%），实现归属净利润 8.6 亿元（同比-25.6%，环比+21.9%），实现归 属扣非净利润 8.6 亿元（同比-26.7%，环比+21.7%）。公司拟每股派发现金红利 0.25 元（含 税）。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 丨证券研究报告丨 公司研究丨点评报告丨华鲁恒升（600426.SH） 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华鲁恒升（600426.SH） cjzqdt11111 [Table_Title2] 产品价格分化，季度业绩环比提升 ...

证 券 研 究 报 告 华峰化学（002064）2025 年中报点评 强推（维持） 行业谷底业绩坚韧，氨纶盈利逆势抬升 目标价：11 元 事项： ❖ 近日公司发布 2025 年中报，上半年公司营业收入为 121.4 亿元，同比下降 11.7%；归母净利润为 9.83 亿元，同比下降 35.2%；扣非归母净利润为 9.04 亿 元，同比下降 37.8%；经营现金流净额为 13.52 亿元，同比增长 82.6%。2025Q2， 公司营业收入为 58.2 亿元，同比下降 17.8%；归母净利润为 4.79 亿元，同比 下降 42.6%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 26,931 | 25,495 | 29,330 | 32,514 | | 同比增速(%) | 2.4% | -5.3% | 15.0% | 10.9% | | 归母净利润(百万) | 2,220 | 2,268 | 2,715 | 3,459 | | ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-048 山东华鲁恒升化工股份有限公司 2025 年半年度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《关于做好主板上市公司 2025 年半年度报告披露工作的通 知》、《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》的要求，山 东华鲁恒升化工股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数 据披露如下： 注：新能源新材料相关产品生产量与销售量差距较大，主要原因是部分中间产品 自用。 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况 | 主要产品 | 单位 | 价格变动情况 （不含税） | 价格变动情况说明 | | --- | --- | --- | --- | | 尿素 | 元/吨 | 1450-2060 | 报告期内，国内尿素价格先扬后抑，始终处于偏低 | | | | | 水平震荡。 | | 异辛醇 | 元/吨 | 6280-7080 | 报告期内，受新增产能及终端出口 ...

纯苯苯乙烯日报 | 2025-08-22 EB下游开工再度回升 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-110元/吨（+0）。纯苯港口库存14.40万吨（-0.20万吨）；纯苯CFR中国加工费173美元/吨 （+0美元/吨），纯苯FOB韩国加工费157美元/吨（-1美元/吨），纯苯美韩价差51.6美元/吨（-3.0美元/吨）。华东纯苯 现货-M2价差0元/吨（-10元/吨）。 纯苯下游方面：己内酰胺生产利润-1845元/吨（-25），酚酮生产利润-701元/吨（+50），苯胺生产利润-204元/吨（-43）， 己二酸生产利润-1331元/吨（+5）。己内酰胺开工率91.86%（-1.86%），苯酚开工率78.00%（+1.00%），苯胺开工率 70.10%（-1.47%），己二酸开工率65.50%（+3.80%）。 苯乙烯方面：苯乙烯主力基差26元/吨（+31元/吨）；苯乙烯非一体化生产利润-298元/吨（+45元/吨），预期逐步压 缩。苯乙烯华东港口库存161500吨（+12700吨），苯乙烯华东商业库存76500吨（+7000吨），处于库存回建阶段。 苯乙烯开工率78.5%（+0.4 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand situation of pure benzene has marginally improved, but there are still contradictions between high - level hidden inventory and weak terminal consumption. The demand during the traditional peak season of "Golden September and Silver October" remains a key variable [3]. - The styrene market is generally loose, with new production capacity being continuously released. Although there are signs of marginal improvement, new production capacity and the weakening basis point to the problems of oversupply and difficulty in destocking [4]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 Fundamentals - **Price**: On August 20, the styrene main contract closed up 0.82% at 7,285 yuan/ton, with a basis of - 10 (+54 yuan/ton); the pure benzene main contract closed up 0.37% at 6,205 yuan/ton [2]. - **Cost**: On August 20, Brent crude oil closed at 61.8 (-1.7 dollars/barrel), WTI crude oil closed at 65.8 (-0.8 dollars/barrel), and the spot price of pure benzene in East China was 6,070 yuan/ton (-35 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.9 tons (-0.3 tons), a 1.3% month - on - month destocking; Jiangsu port inventory was 14.9 tons (-1.0 tons), a 6.42% month - on - month destocking. Pure benzene port inventory was 14.6 tons (-1.7 tons), a 10.43% month - on - month destocking [2]. - **Supply**: A new styrene plant in Shandong was put into operation, and the overall supply remained stable. The weekly styrene output was 36.9 tons (+1.0 tons), and the factory capacity utilization rate was 78.2% (+0.5%) [2]. - **Demand**: The capacity utilization rates of downstream 3S varied. The EPS capacity utilization rate was 58.1% (+14.4%), the ABS capacity utilization rate was 71.1% (+0%), and the PS capacity utilization rate was 56.7% (+1.7%). The EPS operating rate recovered, and the ABS and PS operating rates continued to increase [2]. 3.1.2 Views - **Pure Benzene**: The supply side has been running strongly recently. The supply has increased, and the demand shows structural differentiation. Although the supply - demand balance has marginally improved, there are still problems such as high - level hidden inventory and weak terminal consumption [3]. - **Styrene**: The market is generally loose, with new production capacity continuously released. The demand improvement is limited, and the basis weakening reflects the intensification of supply - demand mismatch and weakening market sentiment [4]. 3.2 Industrial Chain Data Monitoring - **Styrene and Pure Benzene Prices**: The styrene futures main contract increased by 0.82%, the pure benzene futures main contract increased by 0.37%, and the styrene basis decreased by 118.52% [6]. - **Styrene and Pure Benzene Output and Inventory**: Styrene output increased by 2.76%, pure benzene output decreased by 0.18%. Styrene and pure benzene inventories decreased to varying degrees [7]. - **Operating Rate**: The capacity utilization rates of some downstream products of pure benzene and styrene increased, such as the EPS capacity utilization rate increased by 14.41% [8]. 3.3 Industry News - China's shale cracking raw material supply is affected by trade and production capacity, pushing up naphtha costs. China is expected to increase naphtha imports to a record high in 2025 [9]. - The global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chains [9]. - India is accelerating petrochemical expansion to counter China's dominant position [9].

Report Industry Investment Rating - No information provided Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which has significantly boosted the downstream prices of domestic olefin derivatives. South Korean cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and the impact is limited. South Korean styrene accounts for 16% of overseas styrene capacity, which may support overseas styrene prices. However, both products still face significant inventory pressure, and the potential impact on EB supply is greater than that on BZ in terms of price spreads. [3] - The high - level pure benzene port inventory has slightly declined, and the pure benzene basis has recently shown signs of stabilization and a slight increase. There are scheduled maintenance works for South Korean aromatics in August - September, and the import pressure has not further increased. The overall downstream operating rate remains relatively high, and the demand is at a seasonal peak, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited. For styrene, the port inventory has accumulated again, and the downstream still faces inventory pressure. [3] Summary by Directory 1. Pure Benzene and EB Basis Structure, Inter - period Spreads - No specific data analysis provided, only mentions figures such as the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and EB main contract basis [9][13][19] 2. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene main contract basis is - 110 yuan/ton (- 23), and the styrene main contract basis is - 10 yuan/ton (- 64 yuan/ton). The non - integrated production profit of styrene is - 331 yuan/ton (- 5 yuan/ton) and is expected to gradually compress. [1] - Pure benzene CFR China processing fee is 173 US dollars/ton (- 4 US dollars/ton), and pure benzene FOB South Korea processing fee is 158 US dollars/ton (- 4 US dollars/ton). The price difference between the US and South Korea for pure benzene is 54.6 US dollars/ton (- 15.1 US dollars/ton). [1] 3. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 144,000 tons (- 2000 tons), and the operating rate of its downstream products such as caprolactam is 93.72% (+ 5.31%), phenol is 77.00% (+ 0.00%), aniline is 71.57% (- 1.89%), and adipic acid is 61.70% (+ 7.30%). [1] - Styrene East China port inventory is 161,500 tons (+ 12,700 tons), East China commercial inventory is 76,500 tons (+ 7000 tons), and the operating rate is 78.2% (+ 0.5%). [1] 4. Styrene Downstream Operating Rate and Production Profits - EPS production profit is 98 yuan/ton (+ 5 yuan/ton), PS production profit is - 102 yuan/ton (+ 5 yuan/ton), and ABS production profit is - 46 yuan/ton (+ 20 yuan/ton). [2] - EPS operating rate is 58.08% (+ 14.41%), PS operating rate is 56.70% (+ 1.70%), and ABS operating rate is 71.10% (+ 0.00%). [2] 5. Pure Benzene Downstream Operating Rate and Production Profits - Caprolactam production profit is - 1820 yuan/ton (- 25), phenol - acetone production profit is - 751 yuan/ton (+ 0), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1336 yuan/ton (+ 50). [1]