Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights the need to prevent disorderly competition and encourages companies to enhance product quality while promoting the orderly exit of outdated production capacity. Focus areas include silicon materials, coal chemical, and chlor-alkali chemical sectors, with price increases expected in potassium fertilizers, phosphorus fertilizers, active dyes, and pesticides [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 3518.55, with a 52-week high of 3564.08 and a low of 2687.54 [2] - The basic chemical sector experienced a weekly change of +0.80%, underperforming the CSI 300 index, which had a weekly change of +1.54% [6][19] Stock Performance - Notable stock price increases include: - Kaimete Gas: +27.46% - Kete Biology: +21.90% - Jiuri New Materials: +21.01% [7][20] - Significant stock price decreases include: - Tiansheng New Materials: -15.80% - Jinji Co.: -15.34% - Xinyaqiang: -14.41% [8][21] Commodity Price Movements - Key commodities with price increases include: - Dichloropropane-white material: +8.82% - Isobutyraldehyde: +7.20% - TDI: +7.02% [9][23] - Key commodities with price decreases include: - Liquid chlorine: -86.51% - Chick seedlings: -47.31% - Meta-cresol: -9.09% [10][26] Investment Recommendations - The report suggests focusing on opportunities in silicon materials, coal chemical, and chlor-alkali chemical sectors while monitoring price trends in fertilizers and pesticides [5][6]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The basic chemical sector has lagged behind the broader market, with a weekly increase of +0.8% compared to +1.4% for the Shanghai Composite Index and +1.5% for the ChiNext Index. Year-to-date, the basic chemical industry index has increased by +7.3%, outperforming both indices by 3.7% and 6.6% respectively [7][19]. - Recent government policies are aimed at addressing excessive competition and promoting structural improvements in the industry. The focus is on enhancing product quality and facilitating the exit of outdated production capacity [7][8]. - The report identifies five key investment themes within the chemical sector, including battery materials, industrial silicon and organic silicon, polyester filament, polyester bottle chips, and sucralose, highlighting the potential for structural improvements and demand recovery [7][8]. Summary by Sections 1. Core Viewpoints - The report emphasizes that the basic chemical industry is entering a phase of structural improvement due to government policies aimed at reducing excessive competition and promoting quality [7][8]. - It suggests that the industry is likely to experience a new long-term growth cycle, driven by improved supply-demand dynamics and the exit of outdated production capacity [16][17]. 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a weekly increase of +0.8%, ranking 16th among 31 sectors, while year-to-date performance is +7.3%, indicating a recovery trend [19]. 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 224 stocks rose while 194 fell. The top performers included companies like 凯美特气 (+27.5%) and 科拓生物 (+21.9%) [28][29]. 4. Key News and Company Announcements - The report highlights the central government's focus on addressing low-price competition and promoting quality improvements in the chemical industry, which is expected to lead to a more orderly competitive environment [7][8]. 5. Product Price and Price Spread Analysis - The report provides insights into the price movements of various chemical products, indicating significant fluctuations in prices, with some products experiencing notable increases while others faced declines [7][8].

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The report highlights significant price increases in isobutyraldehyde and TDI, suggesting potential high growth in Q2 performance for specific companies [4]. - The overall chemical sector saw a 0.80% increase in the first week of July, lagging behind the Shanghai Composite Index by 0.60 percentage points [13]. - The dynamic PE for the chemical sector is reported at 24.98 times, which is lower than the average PE of 33.31 times since 2015 [13]. Industry Performance - In the first week of July, 24 sub-industries within the chemical sector experienced growth, with the top five performers being fiberglass (+17%), compound fertilizers (+3.2%), other plastic products (+3.08%), fluorochemicals and refrigerants (+2.97%), and tires (+2.66%) [17]. - Conversely, seven sub-industries declined, with synthetic leather (-4%), petroleum trading (-2.19%), inorganic salts (-1.91%), petroleum processing (-0.57%), and textile chemicals (-0.54%) being the worst performers [17]. Price and Spread Trends - The report lists the top five products with the highest weekly price increases: dichloropropane-white (+8.82%), isobutyraldehyde (+7.2%), TDI (+7.02%), butanone (+6.39%), and sulfur iron ore (+3.82%) [23]. - The top five products with the largest price declines include liquid chlorine (-86.51%), aniline (-7.67%), acetone (-6.69%), propylene oxide (-6.53%), and niacinamide (-6.35%) [23]. - Among the 75 products analyzed for price spreads, the top five with the highest increases were DMF spread (+24.73%), soft foam polyether spread (+21.54%), acetone hydrogenation isopropanol spread (+17.26%), polybutadiene rubber spread (+16.69%), and hard foam polyether spread (+14.62%) [42]. Inventory Changes - Significant inventory changes were noted, with polyester filament increasing by 36.09%, while other notable changes included a decrease in the inventory of chlorpyrifos (-19.05%) and an increase in ethylene glycol (+15.61%) [60]. Recommended Companies - The report suggests focusing on companies expected to see substantial quarter-over-quarter growth in Q2, specifically mentioning Zhongchumai, Sully Co., and Haigong Coatings, as well as Guangxin Materials, which is anticipated to pass certification [4].

证券代码：603276 证券简称：恒兴新材 公告编号：2025-032 江苏恒兴新材料科技股份有限公司 江苏恒兴新材料科技股份有限公司（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》之《第十三号——化 工》要求，现将2025年第一季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 单位：吨、万元 | 主要产品 | 2025年1-3月产量 | 2025年1-3月销量 | 2025年1-3月销售金额 | | --- | --- | --- | --- | | 有机酮类 | 4,044.11 | 3,142.53 | 6,018.69 | | 有机酯类 | 6,724.25 | 6,468.89 | 6,816.17 | | 有机酸类 | 10,748.17 | 3,257.96 | 2,814.86 | 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 单位：万元/吨 2025 年第一季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。 单位：万元 ...