1. Report Industry Investment Rating - Unilateral: Neutral; the supply - demand gap narrows, but the lack of cost - side support limits the upward drive, and it may mainly fluctuate weakly at the bottom [3] 2. Core View of the Report - Geopolitical tensions have eased, international oil prices have dropped significantly, driving the support at the cost end of propylene to decline. Coupled with the unchanged expectation of loose propylene supply and demand, there is insufficient upward drive in the fundamentals, and the market continues to fluctuate weakly. On the supply side, the PDH units of Binhuahua and Xintai Petrochemical continue to be under maintenance, and the PDH unit of Juzhengyuan in South China is under maintenance, but the downstream supporting PP is also under maintenance, so the impact on supply is limited. On the demand side, the previously shut - down units have restarted intensively, and the overall downstream operation has increased slightly. However, considering that the downstream profit is under pressure due to the rising propylene price, the spread between PP and propylene has narrowed, and downstream users are resistant to high - priced raw materials, so the demand support for propylene has weakened. The international oil price trend is weak, and there is still pressure of oversupply in the medium and long term. The supply of propane from the Middle East to China is tight, and the price of external propane has strengthened slightly recently. Attention should be paid to cost - side disturbances [2] 3. Summary by Relevant Catalogs 3.1 Propylene Basis Structure - The closing price of the propylene main contract is 5820 yuan/ton (-18), the spot price of propylene in East China is 6000 yuan/ton (+40), the spot price of propylene in North China is 6075 yuan/ton (+55), the basis of propylene in East China is 180 yuan/ton (+58), and the basis of propylene in North China is 222 yuan/ton (+92) [1] 3.2 Propylene Production Profit and Operating Rate - The operating rate of propylene is 74% (-1%), the difference between China's CFR propylene and Japan's CFR naphtha is 174 US dollars/ton (+2), the difference between propylene CFR and 1.2 propane CFR is 56 US dollars/ton (-2) [1] 3.3 Propylene Import and Export Profit - The import profit is - 269 yuan/ton (+33) [1] 3.4 Propylene Downstream Profit and Operating Rate - The operating rate of PP powder is 47% (+3.02%), and the production profit is - 365 yuan/ton (-15); the operating rate of propylene oxide is 75% (+0%), and the production profit is 647 yuan/ton (+8); the operating rate of n - butanol is 82% (-2%), and the production profit is - 329 yuan/ton (-35); the operating rate of octanol is 77% (+8%), and the production profit is - 46 yuan/ton (+60); the operating rate of acrylic acid is 73% (-2%), and the production profit is 440 yuan/ton (-39); the operating rate of acrylonitrile is 80% (+1%), and the production profit is - 464 yuan/ton (-62); the operating rate of phenol - acetone is 79% (+12%), and the production profit is - 415 yuan/ton (+0) [1] 3.5 Propylene Inventory - The in - plant inventory is 45040 tons (-2150) [1]

1. Report Industry Investment Rating No information provided in the documents. 2. Core Viewpoints of the Report - The current core contradictions affecting the propylene trend include the possible repeated mention of "anti - involution" with no actual progress, weak coal prices, supply - demand changes in the spot market, the impact of downstream PP on PL, and the rebound of external propane prices leading to continuous losses in PDH profits [2]. - There are both positive and negative factors in the propylene market. Positive factors include device overhauls in the industrial end driving up spot prices, while negative factors are the lack of significant negative feedback in PDH despite losses and the weak downstream demand [3][5]. 3. Summary by Relevant Catalogs 3.1 Propylene Price Forecast and Hedging Strategies - The monthly price range forecast for propylene is 5700 - 6200 yuan/ton, with a current 20 - day rolling volatility of 0.1232 and a historical 3 - year volatility percentage of 0.5581 [1]. - For inventory management, when product inventory is high and there are concerns about price drops, it is recommended to short - allocate propylene futures at high prices (PL2603, sell, 50%, entry range 6100 - 6200) and sell call options (PL2601C6000, sell, 25%, entry range 60 - 80) [1]. - For procurement management, when the regular inventory for procurement is low, it is recommended to buy propylene futures at low prices (PL2603, buy, 25%, entry range 5700 - 5800) and sell put options (PL2601P5700, sell, 25%, entry range 50 - 70) [1]. 3.2 Core Contradictions - "Anti - involution" may be repeatedly mentioned, but there is no actual progress, and coal prices are relatively weak recently [2]. - Spot prices are easily affected by individual device fluctuations. This week, supply decreased and demand increased, narrowing the supply - demand gap and raising the overall spot price. In Shandong, after device overhauls and some downstream restarts, the spot price rebounded slightly from the low level [2]. - The main downstream product PP has sufficient supply. Recently, the compression of the PP - PL price has led to new lows in the PP end, suppressing the space for PL and causing a divergence between PL's futures and spot prices [2]. - The external propane price has rebounded, with the calculated cost at around 6200 - 6300 yuan/ton, and the calculated PDH profit is continuously in the red. Currently, there is no more feedback on overhauls [2]. 3.3 Positive and Negative Factors - Positive factors: Device overhauls in the industrial end, such as those of Binhua, Haiwei, and Xintai, have led to a rebound in the spot price from the low level [3]. - Negative factors: Although PDH is in a loss state, there is still no significant negative feedback in the short term, and the supply end remains high; the PP downstream is weak, showing the characteristic of "not prosperous in the peak season", with high supply pressure and continuous new lows in the market, and most other downstream products are also in a loss state, with low acceptance of high - priced propylene [3][5]. 3.4 Industrial Data Summary - Upstream raw material prices: Brent crude oil closed at 61.9 dollars/barrel on November 25, 2025, down 0.83 dollars from the previous day and 2.46 dollars from the previous week. Other upstream prices such as WTI, MOPJ, etc., also showed different degrees of changes [6]. - Mid - stream propylene prices: On November 25, 2025, the propylene price in East China was 5945 yuan/ton, unchanged from the previous day but up 30 yuan from the previous week; the price in Shandong was 6020 yuan/ton, up 95 yuan from the previous day and 130 yuan from the previous week [6]. - Downstream prices: On November 25, 2025, the price of polypropylene powder was 6160 yuan/ton, unchanged from the previous day but down 40 yuan from the previous week; the price of polypropylene pellets was 6400 yuan/ton, also unchanged from the previous day but down 40 yuan from the previous week [6]. - Profits: The main refinery profit was 854.72 yuan/ton, and the MTO monomer profit was - 240.83 yuan/ton. Different production methods and products had different profit situations [6]. - Price spreads: Various price spreads such as PL01 - 02, PP01 - PL01, etc., also showed different degrees of changes [6].

丙烯日报 | 2025-11-26 地缘局势缓和，关注成本端扰动 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5838元/吨（-43），丙烯华东现货价5960元/吨（+15），丙烯华北现货价6020元/吨（+95）， 丙烯华东基差122元/吨（+58），丙烯华北基差130元/吨（+122）。中国丙烯CFR-日本石脑油CFR172美元/吨（-1）， 丙烯CFR-1.2丙烷CFR58美元/吨（-1），进口利润-302元/吨（+29），厂内库存45040吨（-2150）。 丙烯下游方面：PP粉开工率47%（+3.02%），生产利润-350元/吨（-95）；环氧丙烷开工率75%（+0%），生产利润647 元/吨（+8）；正丁醇开工率82%（-2%），生产利润-294元/吨（-8）；辛醇开工率77%（+8%），生产利润-106元/吨（+32）； 丙烯酸开工率73%（-2%），生产利润479元/吨（+0）；丙烯腈开工率80%（+1%），生产利润-403元/吨（-106）；酚 酮开工率79%（+12%），生产利润-415元/吨（+0）。 市场分析 地缘局势有所缓和，国际油价大幅下挫，带动丙烯成本端支撑回落，叠加丙烯供需 ...

滨化股份2025年三季报显示，公司前三季度营业收入为111.48亿元，同比增长47.35%；归母净利润为1.92亿元，同比增长1.63%。 公开数据显示，滨化股份净利润已连续三年出现下滑，2022年至2024年，滨化股份分别实现营业收入88.92亿元、73.06亿元、102.28亿 元；实现归母净利润11.78亿元、3.83亿元、2.19亿元。 来自金联创的分析称，环氧丙烷价格跌幅大于原料，是滨化股份利润大幅收缩的主因。滨化股份在半年度报告中也坦言，环氧丙烷市场 面临价格下跌、利润下滑、供应过剩和需求疲软的挑战，新增产能持续落地，价格多保持低位。 经济导报记者 王伟 滨化股份位于山东黄河三角洲腹地的滨州市，2010年2月在上交所上市，注册资本6.6亿元，总资产55.82亿元。其具有四十年丰富的烧碱 和环氧丙烷生产经验，是全国最早生产油田助剂的厂商之一，是我国较大的三氯乙烯、油田助剂供应商和重要的环氧丙烷及烧碱产品生 产商，拥有环氧丙烷、三氯乙烯、油田助剂和烧碱四大主营业务格局及独具特色的循环经济一体化生产模式，为国内化工氯碱行业具有 较大影响力的企业。其产品现已覆盖全国三十一个省、市、自治区，并远销亚、美、欧 ...

11月25日，滨化股份盘中上涨2.09%，截至14:12，报4.39元/股，成交1.32亿元，换手率1.50%，总市值 90.30亿元。 分红方面，滨化股份A股上市后累计派现23.58亿元。近三年，累计派现4.65亿元。 机构持仓方面，截止2025年9月30日，滨化股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股2338.22万股，为新进股东。南方中证1000ETF（512100）位居第九大流通股东，持股 1880.60万股，相比上期减少18.55万股。 责任编辑：小浪快报 资料显示，滨化集团股份有限公司位于山东省滨州市黄河五路869号,香港湾仔皇后大道东183号合和中 心46楼，成立日期1998年5月21日，上市日期2010年2月23日，公司主营业务涉及有机、无机化工产品的 生产、加工与销售。主营业务收入构成为：其他56.57%，环氧丙烷22.48%，烧碱15.12%，丙烯5.83%。 滨化股份所属申万行业为：基础化工-化学原料-氯碱。所属概念板块包括：环氧丙烷、氟化工、煤化 工、低价、破净股等。 截至9月30日，滨化股份股东户数7.64万，较上期减少4.13%；人均流通股26575股，较 ...

Report Investment Rating - Unilateral: Neutral; the supply-demand gap is narrowing, but the upward driving force is limited, and it may mainly fluctuate in the bottom range [3] Core View - Upstream maintenance has increased, leading to a decline in propylene production. Meanwhile, downstream production resumption has led to an overall increase in downstream operations, narrowing the supply-demand gap of propylene and improving spot market trading. However, the expectation of a loose propylene supply-demand situation remains unchanged, and there is insufficient upward driving force in the fundamentals, so the market remains in a low-level oscillation. The supply-side reduction provides short-term support for prices, and the demand-side support for propylene has strengthened, but it may decline. The cost side of propylene has support [2] Summary by Directory 1. Propylene Basis Structure - The main contract closing price of propylene is 5,881 yuan/ton (+74), the spot price of propylene in East China is 5,945 yuan/ton (+20), the spot price of propylene in North China is 5,925 yuan/ton (-15), the basis of propylene in East China is 64 yuan/ton (-54), and the basis of propylene in North China is 8 yuan/ton (-86) [1] 2. Propylene Production Profit and Capacity Utilization - The capacity utilization rate of propylene is 88% (+14%), the CFR of Chinese propylene - CFR of Japanese naphtha is 173 US dollars/ton (+21), and the CFR of propylene - 1.2 CFR of propane is 59 US dollars/ton (+10) [1] 3. Propylene Import and Export Profit - The import profit of propylene is -331 yuan/ton (-89) [1] 4. Profit and Capacity Utilization of Propylene Downstream - The capacity utilization rate of PP powder is 47% (+3.02%), and the production profit is -255 yuan/ton (-45); the capacity utilization rate of propylene oxide is 75% (+0%), and the production profit is 647 yuan/ton (+8); the capacity utilization rate of n-butanol is 82% (-2%), and the production profit is -286 yuan/ton (+9); the capacity utilization rate of octanol is 77% (+8%), and the production profit is -138 yuan/ton (+111); the capacity utilization rate of acrylic acid is 73% (-2%), and the production profit is 479 yuan/ton (-14); the capacity utilization rate of acrylonitrile is 80% (+1%), and the production profit is -296 yuan/ton (+5); the capacity utilization rate of phenol-ketone is 79% (+12%), and the production profit is -415 yuan/ton (+0) [1] 5. Propylene Inventory - The in-plant inventory of propylene is 45,040 tons (-2,150) [1]

格隆汇11月24日丨怡达股份(300721.SZ)在投资者互动平台表示，公司暂无扩产环氧丙烷产能的计划。 ...

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Views - The report highlights a strong upward trend in the prices of key chemical products, particularly epoxy propane and caprolactam, driven by tight supply conditions and rising costs [5][22][25] - The chemical industry index has underperformed the CSI 300 index by 3.7% this week, indicating a challenging market environment [17] - The report identifies several recommended stocks within the chemical sector, including leading companies in various sub-sectors [7][23][27][47] Summary by Sections Industry Trends - Epoxy propane prices reached a new high for the year, with an average market price of 8411 RMB/ton, up 4.99% from the previous week [5][22] - Caprolactam prices increased by 300 RMB/ton to approximately 8625 RMB/ton, reflecting a 3.60% rise due to upstream benzene price increases and production cuts [5][25] Key Product Tracking - The polyester filament market has shown a continued upward trend, with prices for POY, FDY, and DTY increasing slightly [30] - Chloride potassium prices have also risen, with an average market price of 3259 RMB/ton, up 0.52% from the previous week, driven by tight supply and strong demand expectations [5][42][47] Recommended and Beneficiary Stocks - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical among others in the chemical sector [7][23][27] - Beneficiary stocks identified include Yunnan Tin Company, Xinjiang Tianye, and others across various chemical sub-sectors [7][47]

丙烯日报 | 2025-11-21 丙烯下游整体开工环比上升 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5871元/吨（+31），丙烯华东现货价5925元/吨（+0），丙烯华北现货价5940元/吨（-10）， 丙烯华东基差54元/吨（-31），丙烯华北基差56元/吨（-12）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑油CFR152 美元/吨（-5），丙烯CFR-1.2丙烷CFR45美元/吨（+1），进口利润-241元/吨（+9），厂内库存45040吨（-2150）。 丙烯下游方面：PP粉开工率47%（+3.02%），生产利润-210元/吨（+20）；环氧丙烷开工率75%（+0%），生产利润 647元/吨（+8）；正丁醇开工率82%（-2%），生产利润-295元/吨（+6）；辛醇开工率77%（+8%），生产利润-249元/ 吨（+57）；丙烯酸开工率73%（-2%），生产利润543元/吨（+0）；丙烯腈开工率80%（+1%），生产利润-316元/吨（-43）； 酚酮开工率79%（+12%），生产利润-415元/吨（+0）。 市场分析 周内上游检修增多，丙烯开工环比下滑，而下游复产整体开工回升， ...

证券日报网讯红宝丽（002165）11月20日在互动平台回答投资者提问时表示，公司主营产品为环氧丙烷 及其衍生品硬泡组合聚醚、异丙醇胺系列产品等。 ...