证券代码：603310 证券简称：巍华新材 公告编号：2025- | 048 | | | | | | --- | --- | --- | --- | --- | | 浙江巍华新材料股份有限公司 | | | | | | 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。 | | | | | | 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》的要求，浙江巍华新材料股份有限公司（以下简称"公司"） | | | | | | 现将 2025 年半年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 | | | | | | 万元，其他业务收入为 414.28 万元。公司主要产品产销情况如下： | | | | | | 销售收入 销量同比变 | | | | 销售收入同 | | 类别 产量（吨） 销量（吨） | | | | | | （万元） | | | 化（%） | 比变化（%） | | 氯甲苯系列 34,742.0 ...

证券代码：603310 证券简称：巍华新材 公告编号：2025-048 浙江巍华新材料股份有限公司 2025 年半年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。 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》的要求，浙江巍华新材料股份有限公司（以下简称"公司"） 现将 2025 年半年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 2025年1-6月公司营业收入为43,726.38万元，其中主营业务收入为43,312.10 万元，其他业务收入为 414.28 万元。公司主要产品产销情况如下： 四、风险提示 | 类别 | 产量（吨） | 销量（吨） | 销售收入 （万元） | 销量同比变 化（%） | 销售收入同 比变化（%） | | --- | --- | --- | --- | --- | --- | | 氯甲苯系列 | 34,742.01 | 11,344.81 | 8,616.91 | -36.54 | -46.96 | | 三氟甲基 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 2025 年半年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。 本公司根据上海证券交易所《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》、《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年半年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 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 原药 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on August 22, 2025, at 1:00 PM [4][3] - The meeting will be conducted using a combination of on-site and online voting methods [4][5] - The company has proposed amendments to its articles of association, which will be submitted for approval at the shareholders' meeting [1][20] Group 2 - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares, totaling approximately 265,070,684.40 yuan (including tax) [17][19] - The proposed profit distribution plan is based on the total share capital after deducting shares held in the repurchase account [18][19] - The profit distribution plan requires approval from the extraordinary general meeting of shareholders [20][21] Group 3 - The company has reported a net profit attributable to shareholders of 580,592,815.78 yuan for the first half of 2025 [18] - The company has implemented a share repurchase plan, repurchasing 25,849,343 shares, which is 1.86% of the total share capital [33] - The company emphasizes enhancing investor returns and maintaining a stable profit distribution policy [32][33] Group 4 - The company is actively working on key projects such as the second phase of fatty alcohol and PVC, which are expected to enter trial production in the second half of the year [29] - The company is focusing on clean energy investments and has established a hydrogen energy innovation center to promote technological advancements [30] - The company aims to improve its governance and compliance levels while ensuring timely and accurate information disclosure [27][28]

Report Overview - Report Title: Sino-US-South Korea Aromatics Import and Export Pattern Analysis - "Pure Benzene: United in Purpose, Triumph in Futures" Series Report on the Listing of Pure Benzene Futures - Report Date: July 7, 2025 - Analysts: Huang Tianyuan, He Xiaoqin - Contact: Qian Jiayin 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - China's total aromatics imports have declined in recent years, with PX imports decreasing and pure benzene imports increasing. South Korea is a major source of China's pure benzene, PX, and MX imports. - South Korea's aromatics exports are mainly directed to China, the United States, and Taiwan, China. The export volume is relatively stable, with PX being the main export product. - The United States is the world's second-largest aromatics importer. Its imports have been increasing, with significant growth in toluene and xylene imports. South Korea is a major source of the US aromatics imports. 3. Summary by Directory 3.1 China's Aromatics Imports - **Overall Trend**: China's total aromatics imports decreased from 17.9 million tons in 2021 to 15.14 million tons in 2024. PX imports declined rapidly due to increased domestic production, while pure benzene imports increased [2][6]. - **Pure Benzene**: The import dependence of pure benzene in China has remained at around 15%. The import volume increased from 2.09 million tons in 2020 to 4.31 million tons in 2024. South Korea is the largest source of imports, accounting for over half of the total in the first five months of 2025. Southeast Asian countries also contribute about 30% [8][10]. - **PX**: PX is the largest imported aromatic in China, accounting for 62% of the total imports in 2024. The import dependence decreased from 58% in 2018 to 20% in 2024. South Korea and Japan are the main sources of imports [16][18]. - **MX**: China's MX imports are relatively small, with an import dependence of 4.4% in 2024. South Korea, Japan, and Southeast Asian countries are the main sources of imports [20][23]. - **Toluene**: China has shifted from a net importer to a net exporter of toluene since 2022. The main export destinations are Southeast Asia and East Asia, with an average monthly export volume of about 50,000 tons in recent years [26][28]. 3.2 South Korea's Aromatics Export Pattern - **Production and Export Ratio**: South Korea's aromatics production has slightly declined from 2021 to 2024 due to poor production profits. The total export volume has remained stable at 9 - 10 million tons per year, with an export dependence of over 50%. The main export products are PX, followed by pure benzene and MX [32]. - **Export Destinations**: South Korea's aromatics are mainly exported to China, the United States, and Taiwan, China. Exports to China are mainly PX, while exports to the United States are mainly pure benzene and MX [34][43]. 3.3 United States' Aromatics Import Pattern - **Overall Situation**: The United States is the world's second-largest aromatics importer, with imports accounting for about 9 - 10% of the global total. The import volume increased significantly from 2022 to 2024, but has weakened since the second half of 2024. The increase in toluene and xylene imports is more significant [44]. - **Pure Benzene**: The United States is the world's second-largest pure benzene importer, with an import dependence of about 25% in 2024. South Korea is the largest source of imports, accounting for 46%. The import share of other regions, such as Europe and Canada, has increased [49]. - **Toluene and Xylene**: The import of toluene and xylene in the United States has increased rapidly due to the demand for gasoline blending. South Korea is the largest source of toluene imports, and its share has increased from 40% in 2021 to 53% in 2024. The import of xylene has increased even faster, with South Korea accounting for 56% in 2024 [56][57]. - **PX**: The United States' PX imports have increased significantly from 2021 to 2024, driven indirectly by the demand for gasoline blending. Saudi Arabia is the largest source of imports, accounting for 37% in 2024, followed by South Korea with 22% [68].

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 14th this week, with a slight decline of -0.01%, outperforming the Shanghai Composite Index by 0.24 percentage points and underperforming the ChiNext Index by 0.21 percentage points [3][22]. - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4]. Summary by Sections 1. Industry Review - The chemical sector's performance for the week of June 9-13, 2025, showed a slight decline of -0.01%, ranking 14th among sectors [3][22]. - The top three performing sectors were non-ferrous metals (+3.79%), oil and petrochemicals (+3.5%), and agriculture (+1.62%) [22]. 2. Key Industry Dynamics - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the shift in energy structure [4]. - The upcoming quota policy for refrigerants is anticipated to lead to a high-growth cycle for third-generation refrigerants, with demand expected to grow steadily due to market expansion [5]. - The electronic specialty gases market is characterized by high technical barriers and value, presenting significant domestic substitution opportunities [6][8]. - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane [8]. - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to China [9]. - Potash fertilizer prices are expected to rebound as major producers reduce output, leading to a supply-demand imbalance [10]. - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]. 3. Company Performance - The top three performing chemical stocks this week were Jinjis Co. (+53.3%), Suzhou Longjie (+18.5%), and Akali (+16.7%) [28]. - The companies to watch in the synthetic biology sector include Kasei Bio and Huaheng Bio [4]. - Key players in the refrigerant market include Juhua Co., Sanmei Co., and Haohua Technology [5]. - In the electronic specialty gases sector, companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are recommended [6][8]. - For light hydrocarbon chemicals, Satellite Chemical is highlighted as a key player [8]. - In the COC polymer space, Akali is noted for its potential breakthroughs [9]. - In the potash fertilizer sector, companies such as Yaji International and Salt Lake Co. are recommended [10]. - For MDI, Wanhua Chemical is a key focus due to its significant market share [12].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [6]. Core Insights - The report highlights the significant impact of geopolitical tensions, particularly the conflict between Israel and Iran, which has led to a substantial increase in crude oil prices [1]. - It suggests focusing on leading companies in the compound fertilizer sector, specifically recommending Xinyangfeng as a key investment opportunity [5]. Industry Performance - In the third week of June, the chemical sector (Shenwan) experienced a slight decline of 0.01%, underperforming the Shanghai A-share index, which fell by 0.24% [2][12]. - The dynamic PE ratio for the chemical sector is reported at 24.59 times, which is lower than the average PE of 9.81 times since 2015 [2][12]. Subsector Trends - Among the 30 subsectors in the chemical industry, 18 saw an increase while 12 experienced a decline during the same period. The top five performing subsectors included textile chemical products (+8.1%) and oil trading (+7.41%) [3][16]. - Conversely, the worst-performing subsectors were daily chemical products (-5%) and fiberglass (-4.42%) [3][16]. Chemical Prices and Spreads - The report lists the top five products with the highest weekly price increases: mixed aromatics (+7.39%), WTI crude oil (+7.37%), and pure benzene (+7.34%) [4][21]. - The report also notes significant changes in price spreads, with ammonium nitrate showing a remarkable increase of 170.2% in its price spread [4][38]. Inventory Changes - Key products with notable inventory changes include polyester chips, which saw a decrease of 12.36%, and urea, which increased by 11.4% [5][59]. Industry News Recap - The report discusses the optimistic trade outlook between the US and China, which is expected to boost energy demand during the summer, alongside a continuous decline in US oil and gas drilling platforms [88].

Core Viewpoint - The Xinjiang Huineng Coal Clean and Efficient Utilization Co., Ltd. is advancing its 15 million tons/year coal clean and efficient utilization project, which is a key component of the Hami National Coal-to-Oil and Gas Strategic Base's 14th Five-Year Plan, with a total investment of 8.58 billion yuan [1][3]. Project Overview - The project includes the construction of a 15 million tons/year pulverized coal pyrolysis unit, a coal decomposition gas comprehensive utilization hydrogen by-product LNG unit, and a 1.3 million tons/year coal tar hydrogenation combined unit, among other supporting facilities [1]. - The project employs self-developed low-rank coal rotary bed low-temperature pyrolysis technology, integrating advanced dust removal, intelligent temperature control, and high-temperature dynamic sealing technologies [2]. Economic Impact - Upon full operation, the project is expected to produce 8.7 million tons of upgraded coal, 900,000 tons of diesel, 270,000 tons of toluene and xylene, and 700,000 tons of LNG and LPG annually, generating an estimated annual sales revenue of 18 billion yuan and over 1.5 billion yuan in tax revenue [3]. - The project will create more than 1,100 new jobs and has been recognized as a national "Green Low-Carbon Advanced Technology Demonstration Project" [3].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price of pure benzene is mainly affected by factors such as crude oil price, supply and demand, and policies. Crude oil has a long - term guiding effect on the absolute price of pure benzene, while supply - demand mismatch directly impacts industry profits and prices. Policies promote the industry's green and diversified development and also affect the cost and demand of pure benzene [3][11][28] Summary by Related Catalogs 1. Pure Benzene Historical Price Trend Analysis - From 2012 - 2013, the spot price of East China pure benzene rose from around 10,000 yuan/ton to a maximum of around 14,000 yuan/ton, remaining above 11,000 yuan/ton. High Brent crude oil prices and increased downstream demand were the main reasons, with the pure benzene - naphtha spread exceeding 400 US dollars/ton [1] - In 2014, the sharp decline in pure benzene was due to the drop in crude oil prices. From 2016 to 2018, as oil prices recovered, pure benzene prices fluctuated upwards, then plunged. During this period, China's import dependence on pure benzene increased from less than 10% to over 20%, and annual imports exceeded 12 million tons [3] - Since 2019, affected by the COVID - 19 pandemic, pure benzene prices followed oil prices down. From 2021 to the present, prices have fluctuated between 6,000 - 10,000 yuan/ton, and the pure benzene - naphtha spread has fluctuated between 200 - 400 US dollars/ton [3] 2. Pure Benzene and Related Product Price Correlation Analysis - The internal and external prices of pure benzene show high consistency and mutual influence. Crude oil has a long - cycle guiding effect on pure benzene prices. Naphtha and toluene have some linkage with pure benzene prices but weak guiding ability. The price correlation between PX and pure benzene is relatively lower than that of upstream raw materials [5] 3. Impact Analysis of Raw Materials and Related Products on Pure Benzene 3.1 Upstream Raw Materials' Impact on Pure Benzene - Crude oil is an important part of the pure benzene price, and the price of crude oil and pure benzene shows a strong positive correlation. Although the correlation has declined in some periods, oil prices generally guide pure benzene prices in the long - term [6] - Naphtha and toluene have high correlations with pure benzene prices but do not pass the Granger causality test. Crude oil is the main long - term price - guiding factor for pure benzene, while naphtha and toluene have limited guiding effects [8] 3.2 Impact of Related Product PX on Pure Benzene - The price correlation between PX and pure benzene is similar to that between crude oil and pure benzene but varies in different periods. In 2021 and 2024, the price of pure benzene was stronger than that of PX due to good supply - demand conditions [9] 4. Supply and Demand Affect Pure Benzene Industry Profits 4.1 Domestic Production - Domestic pure benzene production is related to capacity and operating rate. During periods of concentrated capacity release, supply increases, and industry profits decline. The operating rate is dynamically related to profits, but the by - product nature of pure benzene weakens this relationship, leading to more volatile prices [12][14] 4.2 Import Volume - In 2024, imports accounted for about 20% of the total domestic supply. Generally, an increase in imports corresponds to a price decline, and vice versa. However, the impact of imports on prices varies in different periods due to domestic supply - demand changes [16] 4.3 Domestic Demand - The downstream of pure benzene has five major demand areas, with styrene accounting for nearly 45% of benzene consumption. High - growth demand during downstream concentrated production periods can boost the pure benzene market, but it needs to be analyzed in combination with supply changes [19][21] 4.4 Inventory - There is a significant negative correlation between pure benzene port inventory and price. Extreme high or low inventory levels often correspond to sharp price fluctuations, while medium - level inventory changes may not be the dominant market factor [24] 5. Policies and Macroeconomic Environment 5.1 Industry - Related Policies - The pure benzene industry is moving towards green and diversified development. Governments around the world have strict regulations on the use and management of pure benzene, and policies in China focus on environmental protection, safety, and efficiency, promoting the industry's transformation [26][27] 5.2 Policy and Macroeconomic Impact - Policies increase the cost of pure benzene but also improve production efficiency. Short - term policies like environmental restrictions and safety inspections affect the market, while long - term policies involve technological upgrades and capacity optimization. Macroeconomic factors also impact pure benzene demand, such as export tax rebates and tariff policies [28]