1月6日的资金流向数据方面，主力资金净流入385.0万元，占总成交额5.94%，游资资金净流出47.31万 元，占总成交额0.73%，散户资金净流出337.7万元，占总成交额5.21%。 证券之星消息，截至2026年1月6日收盘，茂化实华(000637)报收于4.34元，上涨1.17%，换手率4.09%， 成交量14.92万手，成交额6479.19万元。 近5日资金流向一览见下表： 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 茂化实华2025年三季报显示，前三季度公司主营收入23.04亿元，同比下降19 ...

12月30日的资金流向数据方面，主力资金净流入93.78万元，占总成交额2.31%，游资资金净流出19.43 万元，占总成交额0.48%，散户资金净流出74.36万元，占总成交额1.83%。 证券之星消息，截至2025年12月30日收盘，茂化实华(000637)报收于4.33元，下跌0.46%，换手率 2.56%，成交量9.34万手，成交额4056.31万元。 | 指标 | 茂化实华 | 石油行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 22.51亿元 | 2212.32亿元 | ərin əsasən ərazi vahidində kənd. Bu mənist | | 净资产 | 6.58亿元 | 1921.21亿元 | 61 61 | | 净利润 | -9373.06万元 | 136.37亿元 | 17 19 | | 市盈率(动) | -18.01 | 34.65 | - 19 | | 市净率 | 4.06 | 2.58 | 17 19 | | 毛利率 | 2.51% | 18.66% | 18 19 | | 净利率 | -4.55% | 4.47% ...

中化新网讯 近日，荆门石化液化气分储分销项目投用，标志着该企业正式建立起"定制化生产+差异化 销售"的精细化营销体系。 据悉，该项目实现了液化气中正丁烷、异丁烷及丙烷等单一组分的精准分离与定向销售。相较于以往混 合组分销售液化气的传统模式，新项目的实施大幅提升了资源综合利用效率。特别是将液化气中的正丁 烷组分单独分离后作为裂解原料供应中韩石化，使原料供应量同比增长60%，有效满足了下游企业的生 产需求。 在实现资源优化配置的同时，该项目还取得了显著的提质增效成果。一方面通过组分切割提升了液化气 的产品质量;另一方面带动液化气售价提升，使近期沿江区域市场价格位居行业前列。由此形成的"组分 细分—定向销售—质量提升—价值跃升"的创新业务模式已产生良性循环效应。 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a decline in price and mixed capital flow trends, indicating potential challenges in its financial performance and market perception [1][2]. Financial Performance - As of November 26, 2025, Maohua Shihua's stock closed at 4.57 yuan, down 0.22% with a trading volume of 123,200 hands and a transaction amount of 56.74 million yuan [1]. - For the first three quarters of 2025, the company reported a main business revenue of 2.304 billion yuan, a year-on-year decrease of 19.24%, and a net profit attributable to shareholders of -93.73 million yuan, an increase of 18.15% year-on-year [3]. - The company's third-quarter revenue was 823 million yuan, down 11.88% year-on-year, with a net profit of -11.07 million yuan, up 45.76% year-on-year [3]. Capital Flow Analysis - On November 26, 2025, the net outflow of main funds was 3.03 million yuan, accounting for 5.34% of the total transaction amount, while retail funds saw a net inflow of 5.93 million yuan, representing 10.44% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating capital flows, with notable net outflows from main funds on several days, indicating a lack of confidence among institutional investors [2]. Industry Comparison - Maohua Shihua's total market value is 2.376 billion yuan, significantly lower than the industry average of 208.172 billion yuan [3]. - The company's net profit margin stands at -4.55%, compared to the industry average of 4.47%, highlighting its financial struggles relative to peers [3]. - The company's gross margin is 2.51%, which is substantially below the industry average of 18.66%, indicating operational inefficiencies [3].

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a slight increase, with a closing price of 4.58 yuan on November 25, 2025, reflecting a 1.33% rise, amidst mixed capital flows from different investor types [1][2]. Financial Performance - For the first three quarters of 2025, Maohua Shihua reported a main business revenue of 2.304 billion yuan, a year-on-year decrease of 19.24% [3]. - The net profit attributable to shareholders was -93.73 million yuan, which represents an 18.15% year-on-year increase [3]. - The company's third-quarter revenue was 823 million yuan, down 11.88% year-on-year, while the net profit for the same period was -11.07 million yuan, up 45.76% year-on-year [3]. - The company has a debt ratio of 68.65% and reported investment income of 2.4289 million yuan, with financial expenses amounting to 26.5739 million yuan [3]. Market Position - Maohua Shihua's total market capitalization is 2.381 billion yuan, significantly lower than the industry average of 210.283 billion yuan [3]. - The company's price-to-earnings ratio (P/E) stands at -19.05, compared to the industry average of 32.83, indicating a challenging profitability outlook [3]. - The gross margin is reported at 2.51%, which is substantially below the industry average of 18.66% [3]. Capital Flow Analysis - On November 25, 2025, the net inflow of main capital was 905,700 yuan, accounting for 1.71% of the total transaction amount [2]. - Retail investors contributed a net inflow of 1.6787 million yuan, while speculative funds experienced a net outflow of 2.5844 million yuan [2]. - Over the past five days, the stock has seen fluctuating capital flows, with notable outflows from speculative funds on several days [2].

Core Viewpoint - The stock of Maohua Shihua (000637) has experienced a decline, with significant net outflows from major and retail investors, indicating a bearish sentiment in the market [1][2]. Financial Performance - As of November 19, 2025, Maohua Shihua's stock closed at 4.98 yuan, down 1.39% with a trading volume of 155,300 shares and a total transaction value of 77.31 million yuan [1]. - For the third quarter of 2025, the company reported a main revenue of 823 million yuan, a year-on-year decrease of 11.88%, and a net profit attributable to shareholders of -11.07 million yuan, an increase of 45.76% year-on-year [3]. - The company's total revenue for the first three quarters of 2025 was 2.304 billion yuan, down 19.24% year-on-year, with a net profit of -93.73 million yuan, an increase of 18.15% year-on-year [3]. Market Position - Maohua Shihua's total market capitalization is 2.589 billion yuan, significantly lower than the industry average of 220.24 billion yuan [3]. - The company's net asset value stands at 658 million yuan, compared to the industry average of 192.121 billion yuan [3]. - The company's gross margin is 2.51%, which is substantially below the industry average of 18.66% [3]. Investor Sentiment - On November 19, 2025, the net outflow of major funds was 8.1369 million yuan, accounting for 10.53% of the total transaction value, while retail investors saw a net inflow of 11.2696 million yuan, representing 14.58% of the total transaction value [1][2]. - Over the past five days, the stock has seen fluctuating investor sentiment, with significant net outflows from major and speculative funds on several days [2].

1. Report Industry Investment Rating - Investment View: Bullish [7] - Trading Strategy: Unilateral - Temporary Observation; Arbitrage - Long PP2601 and Short PL2601 [7] 2. Core View of the Report - Last week, the main contract of LPG futures strengthened, with the international LPG market price rising. The domestic supply decreased while imports increased, and port inventories rebounded, but there is an expected increase in chemical demand. The market confidence has recovered due to factors such as the expected increase in November import costs and the peak demand season in the far - month. [9] - The supply, demand, inventory, and other aspects of LPG show different trends. The supply is expected to decline this week, demand is gradually recovering, inventory shows a mixed trend, and the valuation of the LPG market is bullish. It is recommended to pay attention to the impact of the PN spread continuously below $50 on the raw material procurement of cracking units and overseas fundamental changes. [7] 3. Summary by Relevant Catalogs 3.1 Market Review - The main contract of LPG futures fluctuated between 4170 - 4330 yuan/ton. The international crude oil price first rose and then fell, but the international LPG market had a good trading atmosphere, and prices increased. As of Thursday, the basis in East China was - 1 yuan/ton, in South China was 114 yuan/ton, and in Shandong was - 6 yuan/ton. The lowest deliverable product was priced in Shandong. The total number of LPG warehouse receipts on the Dalian Commodity Exchange was 3811, an increase of 1395 from last Thursday. [9] 3.2 Supply - Last week, the total LPG commodity volume was about 53.06 million tons (-1.19%), including 20.93 million tons of civil gas, 21.34 million tons of industrial gas, and 18.05 million tons of ether - after carbon four. The LPG arrival volume was 82 million tons (59.11%). Enterprises in East and South China had maintenance last week, leading to a decline in supply. Some maintenance units in the Northeast, Shandong, and East China resumed, but an enterprise in Shandong had maintenance at the end of the week, which may continue to affect supply, and the domestic commodity volume is expected to decline this week. [7][8] 3.3 Demand - In late October, the winter heating demand gradually emerged, and the LPG combustion demand gradually improved, with demand slowly recovering. In the carbon - four deep - processing aspect, the restart of the maleic anhydride unit downstream of n - butane in November may drive an increase in demand, but the profit of the deep - processing unit is under pressure, suppressing the rebound of raw material prices. For isobutane, the dehydrogenation unit started operation, and the demand side improved. Overall, the demand for carbon - four deep - processing is relatively stable. In the propane deep - processing aspect, demand increased month - on - month, and the operating rate returned to a high level, but the continuous loss of unit profit due to the significant increase in raw material prices and unchanged terminal demand structure has dampened the production enthusiasm of enterprises. [6][7] 3.4 Inventory - Last week, the LPG factory inventory was 18.17 million tons (-2.47%), and the port inventory was 309.72 million tons (3.96%). Refineries promoted sales by reducing prices this week, and shipments improved to varying degrees. Downstream buyers replenished at low prices, with stable market enthusiasm and a continuous decline in the storage capacity utilization rate. At ports, ships delayed by strong winds unloaded in a concentrated manner, resulting in a significant increase in imported resources. With a slight increase in chemical demand, downstream buyers maintained rigid procurement, and port inventories showed an accumulation trend. [7][8] 3.5 Basis and Position - The weekly average basis was - 3.00 yuan/ton in East China, 120.20 yuan/ton in South China, and - 5.80 yuan/ton in Shandong. The total number of LPG warehouse receipts was 4194, an increase of 383, and the lowest deliverable location was East China. [7][8] 3.6 Chemical Downstream - Operating Rate: PDH was 73.85%, MTBE was 56.50%, and alkylation was 44.30%. - Profit: The profit of PDH to produce propylene was - 580 yuan/ton, MTBE isomerization was - 128 yuan/ton, and alkylation in Shandong was - 453 yuan/ton. [7] 3.7 Valuation - The PG - SC ratio was 1.28 (2.18%), and the PG primary - secondary month spread was 80 yuan/ton (-29.20%). Affected by geopolitical factors, the oil prices rebounded significantly this week, and the PG - SC cracking spread narrowed. [7] 3.8 Other Factors - The Fourth Plenary Session of the 20th Central Committee clarified the development goals and key tasks for the 15th Five - Year Plan period. - The China - US summit in Busan achieved positive progress, and the US made a series of commitments to suspend or cancel tariffs, export controls, and industrial investigations against China to ease bilateral economic and trade relations. - The military confrontation between the US and Venezuela intensified, and market news was constantly disturbing. - Europe and the US imposed sanctions on two Russian refineries, and India re - planned its energy procurement plan. [7]

Core Points - The stock of Maohua Shihua (000637) closed at 4.86 yuan on October 29, 2025, down 2.61% with a turnover rate of 12.54% and a trading volume of 457,200 hands, amounting to 225 million yuan in transaction value [1][2] - The net outflow of main funds was 11.42 million yuan, accounting for 5.07% of the total transaction value, while retail investors saw a net inflow of 15.57 million yuan, representing 6.91% of the total transaction value [1][2] Financial Performance - For the first three quarters of 2025, Maohua Shihua reported a main operating income of 2.304 billion yuan, a year-on-year decrease of 19.24%, and a net profit attributable to shareholders of -93.73 million yuan, an increase of 18.15% year-on-year [3] - The third quarter of 2025 showed a single-quarter main operating income of 823 million yuan, down 11.88% year-on-year, with a net profit attributable to shareholders of -11.07 million yuan, up 45.76% year-on-year [3] - The company’s gross profit margin was 2.51%, and the debt ratio stood at 68.65% [3] Industry Comparison - Maohua Shihua's total market value is 2.527 billion yuan, significantly lower than the industry average of 199.283 billion yuan [3] - The company has a price-to-earnings ratio (P/E) of -20.22, compared to the industry average of 37.62, indicating a weaker performance relative to peers [3] - The net profit margin of Maohua Shihua is -4.55%, while the industry average is 4.57%, highlighting the company's financial struggles [3]

Core Viewpoint - The stock of Maohua Shihua (000637) has shown significant volatility, with a recent closing price of 5.15 yuan, marking a 10.04% increase and hitting the upper limit of the trading range on October 24, 2025 [1] Financial Performance - The company reported a main revenue of 1.48 billion yuan for the first half of 2025, a year-on-year decrease of 22.83% [3] - The net profit attributable to shareholders was -82.66 million yuan, which is a year-on-year increase of 12.15% [3] - The second quarter of 2025 saw a main revenue of 692 million yuan, down 4.42% year-on-year, with a net profit of -47.59 million yuan, up 5.02% year-on-year [3] - The company has a debt ratio of 69.18% and reported investment income of 2.47 million yuan [3] Market Activity - On October 24, 2025, the stock experienced a trading volume of 717,100 hands and a total transaction amount of 347 million yuan [1] - The net inflow of main funds was 38.31 million yuan, accounting for 11.05% of the total transaction amount, while retail investors saw a net outflow of 26.67 million yuan, representing 7.69% of the total [1][2] Industry Comparison - Maohua Shihua's total market value is 2.677 billion yuan, significantly lower than the industry average of 199.487 billion yuan [3] - The company's price-to-earnings ratio (P/E) stands at -16.2, compared to the industry average of 36.1, indicating a challenging profitability outlook [3] - The gross margin of Maohua Shihua is 2.09%, which is substantially below the industry average of 18.86% [3]

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a decline in both price and performance metrics, indicating potential challenges in the company's financial health and market position [1][3]. Financial Performance - As of October 14, 2025, Maohua Shihua's stock closed at 4.24 yuan, down 0.24% with a trading volume of 87,000 hands and a transaction amount of 36.94 million yuan [1]. - The company's main revenue for the first half of 2025 was 1.48 billion yuan, a year-on-year decrease of 22.83% [3]. - The net profit attributable to shareholders was -82.67 million yuan, which represents a year-on-year increase of 12.15% in losses [3]. - The second quarter of 2025 saw a single-quarter main revenue of 692 million yuan, down 4.42% year-on-year [3]. Market Position and Ratios - Maohua Shihua's total market capitalization is 2.204 billion yuan, significantly lower than the industry average of 180.342 billion yuan, ranking 20th in the sector [3]. - The company has a negative price-to-earnings ratio of -13.33, compared to the industry average of 34.94 [3]. - The gross margin stands at 2.09%, while the industry average is 19.25%, placing Maohua Shihua at 19th in the industry ranking [3]. Capital Flow Analysis - On October 14, 2025, the net outflow of main funds was 2.6957 million yuan, accounting for 7.3% of the total transaction amount [1][2]. - Retail investors showed a net inflow of 1.9882 million yuan, representing 5.38% of the total transaction amount [1][2]. - Over the past five days, the stock has experienced fluctuating capital flows, with significant net outflows from main funds on multiple days [2].