12月10日，联泓格润一体化项目取得关键进展：130万吨/年甲醇制烯烃(MTO)装置和20万吨/年乙烯-醋 酸乙烯共聚物(EVA)装置一次投料开车成功，顺利打通全流程并产出合格产品，实现平稳运行。 EVA装置投产后，联泓新材料EVA产能由16万吨/年提升至36万吨/年，并同时拥有管式法和釜式法两套 国际领先的生产装置，生产灵活性显著提升，产品结构能够更好满足光伏、线缆、发泡等不同领域应用 需求，市场竞争力进一步增强。 自2025年9月底联泓格润一体化项目整体建成中交以来，项目团队有序推进试生产准备工作：编制系列 方案预案；开展单机试车、联动测试与安全联锁校验等设备检查工作；对人员进行理论和实操培训；落 实原料采购与供应链储备；落实风险辨识与预案演练，为装置投产奠定基础。启动投料后，团队严密计 算和精准把控各个单元的反应参数和条件，确保装置开车圆满顺利。 联泓格润MTO装置于12月10日晚上18:18甲醇投料，12月11日凌晨01:30乙烯、丙烯合格产品进入储罐， 一次投料产品合格率即达100%，创造同类型装置开车新纪录。该装置投产后，联泓新材料拥有两套130 万吨/年MTO装置，可为下游高端新材料产品提供更加 ...

中证报中证网讯（记者 张鹏飞）记者从联泓新科获悉，12月10日，联泓格润一体化项目取得关键进展：130万吨/ 年甲醇制烯烃（MTO）装置和20万吨/年乙烯-醋酸乙烯共聚物（EVA）装置一次投料开车成功，顺利打通全流程 并产出合格产品，实现平稳运行。 联泓格润一体化项目MTO装置。（联泓新科供图） 据介绍，联泓格润MTO装置一次投料产品合格率即达100%，创造同类型装置开车新纪录。该装置投产后，联泓 新材料拥有两套130万吨/年MTO装置，可为下游高端新材料产品提供更加稳定的原料保障。 EVA装置投产后，联泓新材料EVA产能由16万吨/年提升至36万吨/年，并同时拥有管式法和釜式法两套国际领先的 生产装置，生产灵活性显著提升，产品结构能够更好满足光伏、线缆、发泡等不同领域应用需求，市场竞争力进 一步增强。 联泓新科相关负责人表示，联泓格润一体化项目各装置的陆续投产，将推动公司规模和盈利能力进一步增长。 自2025年9月底联泓格润一体化项目整体建成中交以来，项目团队全面有序地推进试生产准备工作：编制系列方案 预案，确保有章可循，操作有序；开展单机试车、联动测试与安全联锁校验等设备检查工作，保障装置稳定可 靠；对人 ...

据悉，联泓格润MTO装置于12月10日晚上18:18甲醇投料，12月11日凌晨01:30乙烯、丙烯合格产品进入 储罐，一次投料产品合格率即达100%，创造同类型装置开车新纪录。该装置投产后，联泓新材料拥有 两套130万吨/年MTO装置，可为下游高端新材料产品提供更加稳定的原料保障。 EVA装置投产后，联泓新材料EVA产能由16万吨/年提升至36万吨/年，并同时拥有管式法和釜式法两套 国际领先的生产装置，生产灵活性显著提升，产品结构能够更好满足光伏、线缆、发泡等不同领域应用 需求，市场竞争力进一步增强。 联泓格润一体化项目各装置的陆续投产，将推动公司规模和盈利能力进一步增长。 12月10日，联泓新科（003022）子公司联泓格润一体化项目取得关键进展：130万吨/年甲醇制烯烃 (MTO)装置和20万吨/年乙烯-醋酸乙烯共聚物(EVA)装置一次投料开车成功，顺利打通全流程并产出合 格产品，实现平稳运行。 自2025年9月底联泓格润一体化项目整体建成中交以来，项目团队全面有序地推进试生产准备工作：编 制系列方案预案，确保有章可循，操作有序；开展单机试车、联动测试与安全联锁校验等设备检查工 作，保障装置稳定可靠；对人 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The upward space of methanol 01 contract is limited. The downstream MTO profit is poor, and further price increases may lead to negative demand feedback. The downstream restocking willingness is weak due to profit levels and high inventories, and the inland profit is also poor [4][39]. - Previously, it was recommended to sell out - of - the - money put options for the 01 contract and pay attention to long opportunities in the far - month contracts. Currently, it is suggested to hold the 01 put - selling option until maturity, and it is not recommended to chase the rise of the 01 contract [4][39]. Group 3: Summaries by Relevant Catalogs 1. Market Review - From November 17 to December 1, the methanol market rebounded from the bottom, mainly due to the expected changes brought by the implementation of Iranian plant shutdowns, which was in line with previous judgments [4][9][39]. 2. Basis and Spread - The basis remained stable, and the near - far month spread rebounded slightly. The near - month price, which was previously oversold, rebounded relatively more due to the change in expectations. On November 17, the basis in East China was - 19 yuan/ton, and on December 1, it was - 16 yuan/ton. The 01 - 05 spread was - 116 yuan/ton on November 17, dropped to - 137 yuan/ton on November 19, and rebounded to - 96 yuan/ton on December 1 [10]. 3. Supply - side Analysis 3.1 Cost and Operation - The profit of upstream coal - to - methanol slightly rebounded. The inland methanol price was relatively stronger than that in coastal areas, and the recent slight decline in coal prices led to the profit rebound. However, it is still the peak coal - using season, and the cost is unlikely to drop significantly, which supports the methanol price. Last week, the coal - to - methanol operation rate remained stable at a high level, while the gas - to - methanol operation rate declined. As of December 1, the Qinhuangdao steam - coal closing price was 821 yuan/ton, a decrease of 10 yuan/ton compared to November 17, and the Datong steam - coal wagon - board price was 710 yuan/ton, a decrease of 15 yuan/ton. As of November 27, the weekly operation rate of coal - to - methanol enterprises was 82.42%, a month - on - month increase of 0.11 percentage points and a year - on - year increase of 2.17 percentage points; the weekly operation rate of gas - to - methanol enterprises was 45.71%, a month - on - month decrease of 4.87 percentage points and a year - on - year decrease of 2.19 percentage points [12]. 3.2 Inventory - The turning point of port inventory accumulation has appeared. After the implementation of Iranian plant shutdowns, the import pressure of methanol in the first quarter of next year will be greatly relieved. As of the week of November 27, the total port inventory was 116.75 million tons, a month - on - month decrease of 7.64 million tons and a year - on - year increase of 16.57 million tons. The inland inventory was lower than the same period in previous years. However, the impact of Iranian plant shutdowns on imports is mainly in January - February next year, and the short - term supply - demand contradiction and high port inventory are difficult to solve in the 01 contract [18]. 4. Demand - side Analysis 4.1 MTO Demand - The profit of downstream MTO has significantly deteriorated, especially in the northwest region, mainly due to the weak price of downstream polyolefins. As of November 27, the weekly operation rate of downstream methanol - to - olefins was 86.47%, a month - on - month decrease of 0.55 percentage points and a year - on - year increase of 1.76 percentage points; the weekly operation rate of enterprises purchasing methanol externally for olefin production was 82.31%, a month - on - month decrease of 0.65 percentage points and a year - on - year decrease of 0.75 percentage points. The MTO demand restricts the upward movement of methanol prices [22]. 4.2 Traditional Demand - The weighted operation rate of traditional downstream industries slightly rebounded, mainly due to the increase in the acetic acid operation rate. However, winter is still the off - season for traditional demand, and the demand for methanol is limited [29]. 5. Summary and Outlook - The market review is the same as the previous part. The view is that the 01 contract put - selling option should be held until maturity, and it is not recommended to chase the rise of the 01 contract. The strategy is to hold the 01 put - selling option until maturity [39][40].

Report Industry Investment Rating - Not provided Core View of the Report - The supply - demand structure of the methanol market is expected to improve, and the methanol futures 2601 contract is expected to maintain a volatile trend [2][3] Summary by Relevant Catalogs Iran Export Restrictions - On October 9, 9 ships responsible for Iran's methanol transportation to China were included in the SDN list, with a total annual transportation capacity of over 4 million tons, accounting for about 40% of Iran's methanol exports to China, which may cause a significant short - term reduction in Iran's methanol arrivals [2] - The sanctions cut off some logistics channels and led to insurance suspension, causing some ships to be stranded. In the short term, the unloading in East China ports will slow down, and the futures price will rise. In the long term, a new transportation network may be built, and the proportion of non - Iran sources may increase, but the cost will be higher [2] Decline in China's Imports - China imports 25% - 30% of its methanol from Iran. The sanctions have cut off logistics channels and increased "secondary sanctions" risks, leading to shipping insurance suspension and ship scheduling tension [2] - In the short term, due to insufficient alternative capacity and longer voyages, the unloading in East China ports will slow down, and the futures price will rise. In the long term, new transportation networks may be built, and non - Iran sources may increase, but the cost will be 300 - 400 yuan/ton higher [2] Demand Recovery - After the National Day holiday, MTO devices restarted, and the average operating load reached 87.97% as of October 10, 2025, a 4.94 - percentage - point increase. The futures profit of methanol - to - olefins decreased by 14 yuan/ton [3] - As of October 10, 2025, the methanol inventory in East and South China ports was 1273000 tons, a slight increase. If Iran's arrivals decline and MTO devices' operating load rises, the inventory may fall [3]

Core Viewpoint - The company, Huisheng Engineering, reported a strong financial turnaround in 2024, with significant revenue growth and profitability recovery, indicating a positive shift in its business trajectory [1][4]. Financial Performance - The total revenue for 2024 reached approximately 5.65 billion yuan, marking a year-on-year increase of 47.0%, ending a previous downward trend [1]. - The net profit attributable to shareholders was 140 million yuan, a significant recovery from losses in the previous year [1]. - Operating cash flow improved dramatically, with a net cash flow from operating activities of about 3.09 billion yuan, up from 650 million yuan in the same period last year [2]. Business Segments - The core petrochemical segment generated approximately 4.66 billion yuan in revenue, reflecting a year-on-year growth of 54.7% [2]. - The coal chemical segment reported revenue of about 820 million yuan, an increase of 33.8% [2]. - The new energy segment achieved a breakthrough with revenue of approximately 26.8 million yuan [2]. Order Growth and Talent Acquisition - New signed orders surged to approximately 10.87 billion yuan, representing a staggering year-on-year increase of 2,563.6% [3]. - The total value of uncompleted contracts reached about 25.72 billion yuan, ensuring future revenue growth [3]. - The company expanded its workforce significantly, hiring over 30 key professionals and more than 100 senior talents, increasing total employees to 1,867, up by 259 from the previous year [3]. Green Transformation and International Strategy - Huisheng Engineering has made substantial progress in green transformation, successfully implementing technologies for green hydrogen, green ammonia, and biomass [4]. - The company has expanded its international project footprint, with overseas revenue exceeding 70% for the first time, becoming a major growth driver [4]. - Strategic collaborations with industry giants like Saudi Aramco and ADNOC have been deepened, with several high-profile projects actively progressing [4]. Valuation Perspective - The current price-to-earnings ratio is below 8 times, and the price-to-book ratio is approximately 0.4 times, indicating that the company is significantly undervalued [4].