Group 1: Chemical Industry Performance - The chemical raw materials index increased by 4.45%, the chemical machinery index rose by 2.16%, the chemical pharmaceuticals index grew by 0.94%, and the pesticide and fertilizer index surged by 5.43% during the week of July 21 to 25 [1] - The oil processing index increased by 3.53%, while the oil extraction index decreased by 1.86%, and the oil trading index rose by 1.20% [1] Group 2: Oil Price Trends - As of July 25, the WTI crude oil futures settled at $65.16 per barrel, down 3.24% from July 18, while Brent crude oil futures settled at $68.44 per barrel, down 1.21% from July 18 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were Vitamin D3 (up 12.12%), battery-grade lithium carbonate (up 11.62%), organic silicon DMC (up 11.61%), raw rubber (up 9.76%), and 107 glue (up 8.33%) [1] - The top five petrochemical products with price decreases were Atrazine (down 14.73%), methyl acrylate (down 9.47%), hydrochloric acid (down 6.32%), cracked carbon nine (down 5.84%), and folic acid (down 5.66%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Shangwei New Materials (up 97.37%), Yokogawa Precision (up 64.42%), Poly United (up 52.73%), Gaozheng Mining Explosives (up 39.83%), and Subote (up 31.83%) [2] - The bottom five performing listed chemical companies were Pioneer New Materials (down 11.67%), Dazhongnan (down 9.90%), Qide New Materials (down 9.61%), Yueyang Xingchang (down 9.38%), and Qingdao Jinwang (down 8.50%) [2]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Views - Recent price increases in organic silicon intermediates, particularly DMC, are attributed to rising costs of raw materials and supply constraints due to production halts at a major facility in Shandong. This has led to improved profitability for the sector. The supply of organic silicon is expected to remain limited in the medium term, while demand from sectors such as electronics, new energy vehicles, and photovoltaics is anticipated to grow. Additionally, favorable policies in the real estate sector may stabilize demand in traditional areas. The contraction of overseas production capacity is also beneficial for exports of organic silicon, indicating an improvement in the supply-demand dynamics and a potential recovery in industry sentiment [9][28]. Summary by Sections Industry Overview - From July 21 to July 25, 2025, the basic chemical industry saw a weekly increase of 4.03%, ranking 8th among all Shenwan first-level industries. The top five stocks by weekly increase were: Shangwei New Materials, Henghe Precision, Poly United, Gaozheng Minbao, and Subote. Conversely, the top five stocks by weekly decline were: Pioneer New Materials, Dadongnan, Qide New Materials, Brothers Technology, and Zhongyida [6][12]. Subsector - Organic Silicon - As of July 25, 2025, the price of organic silicon intermediate DMC reached 12,500 CNY/ton, an increase of 11.6% compared to the previous week, with the price spread rising by 26.2%. The continuous rise in the price of raw material metallic silicon has provided cost support for organic silicon. The supply side is tightening due to the production halt of a major enterprise in Shandong, leading to a temporary supply-demand imbalance. Previously, organic silicon companies faced prolonged low-price conditions, resulting in widespread losses. The current positive interplay between costs and supply has strengthened market pricing sentiment [11][15]. Price Trends of Related Products - The prices of related organic silicon products have followed the upward trend of intermediate prices. As of July 25, 2025, the prices were as follows: 107 glue at 13,000 CNY/ton (up 8.3%), raw rubber at 13,500 CNY/ton (up 9.8%), precipitated mixed rubber at 13,500 CNY/ton (up 5.5%), and dimethyl silicone oil at 14,500 CNY/ton (up 3.6%) [11][21].

Report Industry Investment Rating - Industrial silicon: Cautiously bullish [3] - Polysilicon: Cautiously bullish, but need to be aware of correction risks [8] Core Viewpoints - For industrial silicon, with positive macro - factors, improved supply - demand fundamentals, and price increases in downstream products, the industrial silicon price has room for further growth if it is benchmarked against the full cost [3]. - For polysilicon, after the continuous increase in spot prices, they have stabilized. The futures price is above the full cost of most enterprises, and there may be room for growth if considering the recovery of storage, merger, and acquisition funds. In the medium - to - long - term, it is suitable to buy on dips [8]. Market Analysis Industrial Silicon - **Futures Market**: On July 22, 2025, the industrial silicon futures price hit the daily limit. The main contract 2509 opened at 9345 yuan/ton and closed at 9655 yuan/ton, a change of 5.98% from the previous settlement price. The position of the main contract 2509 was 380961 lots, and the number of warehouse receipts was 50053 lots, a decrease of 88 lots from the previous day [1]. - **Supply Side**: The spot price of industrial silicon rose. For example, the price of East China oxygen - passing 553 silicon was 9600 - 9800 yuan/ton (up 200 yuan/ton), and the price of 421 silicon was 9800 - 10100 yuan/ton (up 200 yuan/ton) [1]. - **Consumption Side**: Affected by the strong drive of industrial silicon on the cost side and the supply concerns caused by an incident at a Shandong organic silicon factory, the prices of organic silicon products increased across the board. For example, the market price of DMC rose to 11600 - 12500 yuan/ton, an increase of about 1200 yuan/ton [2]. Polysilicon - **Futures Market**: On July 22, 2025, the main contract 2509 of polysilicon futures hit the daily limit, opening at 45880 yuan/ton and closing at 49105 yuan/ton, with a closing price change of 8.99% from the previous trading day. The position of the main contract reached 192179 lots, and the trading volume on that day was 757482 lots [4]. - **Spot Market**: The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers decreased. The latest statistics showed that the polysilicon inventory was 24.90 (a month - on - month change of - 9.78%), and the silicon wafer inventory was 16.02GW (a month - on - month change of - 5.70%) [6]. Strategy Industrial Silicon - **Unilateral**: Cautiously bullish - **Other Strategies**: No suggestions for inter - period, cross - variety, spot - futures, and options trading [3] Polysilicon - **Unilateral**: Cautiously bullish, but need to be aware of correction risks - **Other Strategies**: No suggestions for inter - period, cross - variety, spot - futures, and options trading [8][9] Influencing Factors Industrial Silicon - The resumption of production and new capacity in the Northwest and Southwest regions [5] - Changes in the start - up of polysilicon enterprises [5] - Policy disturbances [5] - Macro and capital sentiment [5] - The start - up situation of organic silicon enterprises [5] Polysilicon - The impact of industry self - regulation on the start - up of upstream and downstream enterprises [9] - The driving effect of futures listing on the spot market [9] - The impact of capital sentiment [9] - Policy disturbances [9]

Investment Rating - The industry rating is "Overweight" (maintained) [7] Core Viewpoints - Recent price increase of organic silicon intermediates is attributed to sufficient pre-sale orders and rising metal silicon prices [9][11] - The supply side is expected to see limited new capacity for organic silicon in China, while demand from electronics, new energy vehicles, and photovoltaics is anticipated to grow [30] - The closure of overseas production capacity, such as Dow's UK facility, is beneficial for China's organic silicon exports, improving the supply-demand balance [29][30] Summary by Sections Industry Overview - From July 7 to July 11, 2025, the basic chemical industry rose by 1.53%, ranking 19th among all Shenwan first-level industries [12] - The top five stocks by weekly increase in the basic chemical industry included: Shangwei New Materials, Hongbo New Materials, Chenguang New Materials, *ST Yatai, and Dongyue Silicon Materials [12] Sub-industry - Organic Silicon - As of July 11, 2025, the price of organic silicon intermediate DMC was 11,000 RMB/ton, up 1.9% from the previous week [11][14] - The industry is experiencing a decrease in inventory and a strong willingness to maintain prices, although downstream demand has not significantly increased [14] - The recent rise in metal silicon prices is providing cost support for organic silicon prices [14] Investment Recommendations - The organic silicon industry is expected to see an improvement in supply-demand dynamics, with a potential recovery in industry prosperity [30]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights that the closure of Dow's UK plant, which has a capacity of 145,000 tons, is part of a strategy to optimize European assets and focus on high-value derivatives, signaling a potential marginal improvement in the organic silicon industry [6] - The report anticipates that the exit of overseas capacity will lead to an increase in the prices of organic silicon base materials, alleviating some of the downward price pressure caused by global overcapacity [6] - The report notes that the domestic manufacturers with better cost control are likely to benefit from the demand shift due to the closure of overseas plants [6] - The report emphasizes that the organic silicon industry is entering a phase of supply-side pressure relief, with a significant increase in production capacity expected in 2024, but the lack of large-scale new capacity following this period may lead to improved supply dynamics [6] - The report indicates that the domestic demand for organic silicon is expected to grow steadily, driven by increased penetration in emerging fields such as electronics, new energy vehicles, and photovoltaic cells [6] - The report also highlights that China's exports of polysiloxane are projected to reach approximately 80,000 tons in 2024, reflecting a significant growth opportunity as overseas demand remains strong [6] Summary by Sections Market Performance - The report provides a comparative performance analysis showing a range of market movements from -15% to +29% for the basic chemical sector against the CSI 300 index from July 2024 to July 2025 [3] Related Research - The report references several related studies that discuss trends in deep-sea technology, policy impacts on capacity overcapacity, and the recovery of demand for light initiators, indicating a broader context for the organic silicon market [4] Investment Recommendations - The report suggests focusing on companies such as Hoshine Silicon Industry, Xin'an Chemical, Xingfa Group, Dongyue Silicon Materials, and Sanyou Chemical as potential investment opportunities [5]

主要原料 2024 年平均采购价（元/吨） 2023 年平均采购价（元/吨） 变动比率（%） 氟化锂 138,604.04 363,501.24 -61.87 氢氟酸 9,153.31 8,713.13 5.05 三氯甲烷 2,504.85 2,394.11 4.63 生胶 31,089.38 33,483.86 -7.15 烟片胶 19,316.16 14,449.56 33.68 聚醚多元醇 9,685.16 10,576.96 -8.43 MDI 15,071.99 15,519.58 -2.88 TDI 16,452.66 17,381.22 -5.34 二甲苯 6,615.49 5,955.96 11.07 环氧树脂 12,426.62 12,876.40 -3.49 三、主要原材料的价格变动情况（不含税） 四、其他对公司生产经营具有重大影响的事项 公司发行股份购买中化蓝天集团有限公司 100%股权已完成交割 过户，中化蓝天集团有限公司成为公司全资子公司，从 2024 年 7 月 起纳入公司合并财务报表范围。 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 ...