期货研究报告|氯碱专题 2025-12-15 研究员 梁宗泰 陈莉 化工装置深挖系列四—— PVC 产业链配套与边际装置分析 研究院化工组 020-83901135 cl@htfc.com 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 020-83901049 liuqizhan@htfc.com 从业资格号：F03140168 梁琦 liangqi@htfc.com 从业资格号：F03148380 投资咨询业务资格： 证监许可【2011】1289 号 本报告属于化工装置深挖系列专题第四篇，主要对 PVC 产业链配套情况以及边际装置 进行分析。 第一部分介绍 PVC 产业格局与成本结构。我国 PVC 行业基于资源禀赋与区位优势已形 成 "西产东用、北产南用"的跨区域流通格局，行业集中度持续提升，截至 2025 年前十 大企业/集团产能占比已达 43%，头部企业的规模效应与风险抵御能力显著增强。从成 本结构看，电石法中配套自备电石和自备电厂是决定竞争力的核心，自备电石的企业 占电石法产能 73%，无自备电石的外采型产能占电石法产能 27%，其成本 ...

Core Insights - Abu Dhabi National Oil Company (ADNOC) announced the construction of five chemical projects within the new production complex in Ruwais, with plans to sign a contract for the sixth plant by the end of this year [1] Group 1: Project Development - The initial development phase of the complex will achieve an annual production capacity of 4.7 million tons of bulk chemical products, including methanol, low-carbon ammonia, caustic soda, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and polyvinyl chloride (PVC) [1] - Out of the six projects, five are currently under construction, and the contract for the sixth plant is expected to be awarded later this year [1] Group 2: Company Structure and Future Plans - Ta'ziz is a joint venture formed by ADNOC and the sovereign wealth fund ADQ, with ADNOC holding the majority stake [1] - ADNOC and ADQ have previously disclosed plans for further development of the Ta'ziz complex, including the construction of a world-class steam cracking facility and downstream derivative plants, which will double the total chemical production capacity of the site compared to current levels [1]

Core Viewpoint - The article highlights the achievements of Cui Ermei, a technician at Haohua Yuhang Chemical Co., who has made significant contributions to the company's innovation and efficiency in the production of polyvinyl chloride (PVC) [1][2]. Group 1: Professional Development and Contributions - Cui Ermei joined Haohua Yuhang in 2002 after graduating from university and quickly immersed herself in practical training to master the equipment and technology [2]. - She has authored multiple technical papers, including studies on the use of low-mercury catalysts in PVC production and the recycling of waste sodium hypochlorite [3]. Group 2: Economic Impact and Innovations - Under Cui's leadership, the company achieved a reduction in catalyst consumption to 0.85 kg per ton of PVC, generating an annual economic benefit of over 10 million yuan [4]. - The implementation of an automatic slag discharge technology for wet acetylene generators reduced chemical oxygen demand (COD) and saved 34.9 tons of electricity annually [5]. - A project led by Cui to modify the catalyst introduction process in 108 cubic meter polymerization kettles increased PVC production by over 7,000 tons per year, resulting in an additional economic benefit of over 4 million yuan [6].