Report Industry Investment Rating No relevant content provided. Core Viewpoints - China plans to address the over - capacity issue in the petrochemical industry through industrial rectification. Policy support will bolster industry sentiment in the short term, but the supply - demand fundamentals are expected to weaken slightly. Next week, the domestic methanol market is expected to show a volatile and consolidating trend [5]. - In the inland region, methanol enterprises have low inventory, and the restart of an olefin plant in Henan will balance supply and demand in the short term. However, the restart plans of several methanol plants in late August will increase the operating rate, and high port inventory will also restrict the inland market. Inland methanol is expected to fluctuate within a narrow range [5]. - In the port area, there is no news of the restart of the main olefin plants, and the port inventory has reached a record high. Weak demand and high inventory will suppress the port market. The port market is expected to maintain high volatility and strong linkage with both upward and downward movements under strong expectations and weak realities [5]. Summary by Directory 1. Weekly Review - China's plan to rectify the petrochemical industry provides short - term policy support, but the supply - demand fundamentals are expected to weaken. The domestic methanol market will be volatile and consolidating. Inland methanol will have narrow - range fluctuations, and the port market will face high volatility due to weak demand and high inventory [5]. 2. Fundamental Data 2.1 Domestic Methanol Spot Price - Prices in different regions showed various changes from August 15th to 22nd. For example, the price in Jiangsu decreased by 1.29%, while that in Lunan increased by 3.59% [6]. 2.2 Methanol Basis - From August 15th to 22nd, the spot price decreased by 1.29%, the futures price decreased by 0.29%, and the basis decreased by 23 [8]. 2.3 Methanol Production Profits by Process - Coal - based production profit increased by 36, natural - gas - based profit increased by 80, and coke - oven - gas - based profit increased by 323 from August 15th to 22nd [11]. 2.4 Domestic Methanol Enterprise Load - The national methanol load decreased by 3.81% to 74.90% this week compared to last week, and the load in the northwest decreased by 3.55% to 81.54% [13]. 2.5 Foreign Methanol Prices and Spreads - CFR China price decreased by 0.38%, CFR Southeast Asia price decreased by 0.62%, and the spread changed by 1 from August 15th to 22nd [16]. 2.6 Methanol Import Spreads - The import cost decreased by 0.43%, and the import spread changed from - 8 to - 28 from August 15th to 22nd [19]. 2.7 Methanol Traditional Downstream Product Prices - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from August 15th to 22nd [24]. 2.8 Production Profits and Loads of Traditional Downstream Products - Formaldehyde production profit increased by 27, and the load increased by 0.90%. Dimethyl ether production profit increased by 85, and the load increased by 0.82%. Acetic acid production profit increased by 17, and the load increased by 1.94% [28][30][35]. 2.9 MTO Production Profits and Loads - MTO production profit increased by 96, and the load in East China increased by 0.93%, and in South China increased by 3.38% [39][40]. 2.10 Methanol Port Inventory - In East China, the inventory increased by 0.93, and in South China, it increased by 3.38 [40]. 2.11 Methanol Warehouse Receipts and Effective Forecasts - Warehouse receipts decreased by 2.75%, and effective forecasts remained unchanged at 0 [44]. 3.检修状况 3.1 Domestic Methanol Device Maintenance - Many domestic methanol plants are under maintenance, with different start and end times and production losses. For example, Shaanxi Black Cat's 10 - million - ton - per - year plant using coke - oven gas has been under maintenance since November 2024, with a weekly loss of 1,950 tons [46]. 3.2 Overseas Methanol Device Operation - Overseas methanol plants have different operating conditions. Some Iranian plants are in the process of restarting, while others in Saudi Arabia, Malaysia, etc., are operating normally [47]. 3.3 Olefin Device Operation - Olefin plants in different regions have different operating conditions. Some are running stably, some are under maintenance, and some have plans for future production or maintenance [48].

甲醇期现货及其下游价格走势 | | 周总结 | 2025/8/22 | 2025/8/15 | 涨 跌 | 涨跌幅 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 期货 | MA2601 | 2405 | 2412 | - 7 | -0.29% | 元/吨 | | | 基差 | -110 | -87 | -23 | -26.44% | 元/吨 | | 价格 | 甲醇（太仓） | 2359.6 | 2378.2 | -18.60 | -0.78% | 元/吨 | | | 甲醇CFR | 260.33 | 267 | -6.67 | -2.50% | 美元/吨 | | 下游 | 甲醛（山东） | 1050 | 1052 | -2.00 | -0.19% | 元/吨 | | | 冰醋酸（江苏） | 2190 | 2202 | -12.00 | -0.54% | 元/吨 | | | 二甲醚（河南） | 3400 | 3400 | 0.00 | 0.00% | 元/吨 | | | MTBE（山东） | 5010 | 5056 | -46.00 | -0.91% ...

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 ...

| | | | 设资咨询业务资格:证监许可 2012 31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | 蜈致 据 日报 期货从业号:F305427 | | | | | | 能源化工研究中心 陈一凡 | 投资咨询证号:Z0015946 | 2025/08/21 | | 指标 | | 2025/08/19 | 2025/08/20 | 涨跌值 | 行情评述 | | | 晋城大烟煤 | 900. 00 | 900. 00 | 0. 00 | | | | 内蒙动力煤 | 630. 00 | 630. 00 | 0.00 | | | FV AN | 川渝液化气 | 4130.00 | 4140.00 | 10. 00 | | | | 国际大然气 | 10. 52 | 10.43 | -0. 09 | | | | 太仓 | 2270.00 | 2290.00 | 20. 00 | 昨日甲醇多地价格小幅上调。西北主 | | 肌喷价格 | 内蒙 | 2080. 00 | 2080. 00 | 0.00 | 产区企业库存低位,下游 ...

| | | | 甲醇日评20250821: 反弹空间有限 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 2025/8/20 | 2025/8/19 | 变化值 | 变化值 | | | | | | | | (绝对值) | (相对值) | | | | MA01 | 元/吨 | 2424.00 | 2391.00 | 33.00 | 1.38% | | | 甲醇期货价格 | MA05 | 元/吨 | 2402.00 | 2376.00 | 26.00 | 1.09% | | | (收盘价) | MA09 | 元/吨 | 2315.00 | 2285.00 | 30.00 | 1.31% | | | | 太仓 | 元/吨 | 2300.00 | 2280.00 | 20.00 | 0.88% | | | | 山东 | 元/吨 | 2300.00 | 2315.00 | -15.00 | -0.65% | | 期现价格 | | 广东 | 元/吨 | 2290.00 | 2275.00 | 15.00 | 0.66% ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View The expectation of capacity reduction in South Korea's naphtha cracking has led to a rebound in the prices of olefin derivatives, which in turn has driven up the methanol price. However, the current situation at the port remains weak, with port inventories continuing to rise and downstream MTO in the maintenance cycle. The centralized maintenance period for coal - based methanol is gradually over, and the operating rate will increase in late August. This week, the inventory of inland factories has bottomed out and rebounded, while downstream orders have declined. For the downstream, formaldehyde is in a seasonal off - season and is waiting for a further bottom - up recovery [3]. 3. Summary by Directory I. Market News and Important Data - **Inland**: Q5500 Ordos thermal coal is 470 yuan/ton (unchanged), and the production profit of coal - to - methanol in Inner Mongolia is 655 yuan/ton (unchanged). Inland methanol prices vary by region, with Inner Mongolia North Line at 2070 yuan/ton (unchanged), Inner Mongolia South Line at 2080 yuan/ton (unchanged), Shandong Linyi at 2345 yuan/ton (+11), etc. The inventory of inland factories has increased to 310,793 tons (+15,220), and the order backlog has decreased to 207,370 tons (-11,995) [1]. - **Port**: Taicang methanol is 2305 yuan/ton (+25), CFR China is 259 US dollars/ton (-2). The total port inventory has increased to 1,075,960 tons (+54,160), and the downstream MTO operating rate is 83.12% (-0.77%). There are also various regional price differences [2]. II. Market Analysis The expectation of capacity reduction in South Korea's naphtha cracking has driven up the prices of olefin derivatives and methanol. But the port situation is weak, with rising inventories and MTO in maintenance. The coal - based methanol maintenance period is over, and the operating rate will increase. Inland factory inventories have rebounded, and downstream orders have decreased. Formaldehyde is in a seasonal off - season [3]. III. Strategy For single - side trading, inter - period trading, and cross - variety trading, the recommendation is to wait and see [4]. IV. Figures and Tables by Category - **Methanol Basis & Inter - period Structure**: There are figures showing methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and inter - period spreads between different futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][22]. - **Methanol Production Profit, MTO Profit, Import Profit**: Figures display the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and import profit (e.g., Taicang methanol - CFR China import spread) [6][26][30]. - **Methanol Operating Rate, Inventory**: Figures show methanol port total inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate [6][32][33]. - **Regional Price Differences**: Figures present price differences between different regions, such as Lubei - Northwest, East China - Inner Mongolia, etc. [6][37][45]. - **Traditional Downstream Profits**: Figures show the production profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [6][50][55].

| | | | 投资咨询业务资格:证监许可【2012】31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | 醒数据日报 | | | | | | 国贸期货研究院 | 期货从业号:F305427 | 2025/08/19 | | | | | 能源化工研究中心 陈一凡 | 投资咨询证号:Z0015946 | | | 指标 | 晋城无烟煤 | 2025/08/15 900. 00 | 2025/08/18 900. 00 | 涨跌值 0. 00 | 行情评述 | | | 内蒙动力煤 | 630. 00 | 630. 00 | 0.00 | | | 成本 | 川渝液化气 | 4265.00 | 4130.00 | -135.00 | | | | 国际大然气 | 10. 83 | 10.52 | -0. 31 | | | | 太仓 | 2310.00 | 2290.00 | -20. 00 | 昨日甲醇多地价格小幅上调。西北主 | | 现货价格 | 内蒙 | 2100.00 | 2080. 00 | -20.00 | 产区企业库存低位,下游及贸 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the context of a bearish macro - environment and a slight weakening of the methanol supply - demand fundamentals, the domestic methanol market is expected to experience weak oscillations next week, with the possibility of local price drops. Inland, due to the pessimistic sentiment among industry players caused by the macro - situation and the lack of further positive factors on the demand side, long - term contract traders are more willing to sell. However, the tight inventory of methanol enterprises in inland areas, especially in production regions, will provide some support for prices. It is expected that the inland market will show a weakening and oscillating trend. In ports, the significant fluctuations of coking coal and coke have had a negative impact on the methanol futures and spot markets. The positive factors supporting the market have reversed. With the expected continuous increase in port inventory and the lack of demand from major downstream industries, the port market is expected to remain in an oscillating state, waiting for positive guidance from policies and news [5]. Summary by Directory 1. Weekly Review - In a bearish macro - environment and with slightly weakening supply - demand fundamentals, the domestic methanol market is predicted to have a weak oscillation next week, with potential local price declines. Inland markets may weaken and oscillate, while port markets will likely oscillate and await positive news [5]. 2. Fundamental Data Domestic Methanol Spot Price - From August 8th to August 15th, the prices of methanol in different regions showed different trends. In Jiangsu, the price dropped from 2380 yuan/ton to 2325 yuan/ton, a decrease of 2.31%. In Lunan, the price remained unchanged at 2230 yuan/ton. In Hebei, the price increased from 2275 yuan/ton to 2300 yuan/ton, a rise of 1.10%. In Inner Mongolia, the price fluctuated slightly, with a weekly increase of 0.24%. In Fujian, the price dropped from 2395 yuan/ton to 2340 yuan/ton, a decrease of 2.30% [6]. Methanol Basis - From August 8th to August 15th, the spot price of methanol in Jiangsu decreased by 2.31%, while the futures price increased by 1.22%. The basis changed from - 3 yuan/ton to - 87 yuan/ton [8]. Methanol Production Profits by Process - For coal - based methanol production, the profit decreased from 265 yuan/ton on August 8th to 248 yuan/ton on August 15th, a decrease of 17 yuan/ton. For natural - gas - based methanol production, the profit remained at - 120 yuan/ton. For coke - oven - gas - based methanol production, the profit increased from 460 yuan/ton on August 8th to 470 yuan/ton on August 15th, an increase of 325 yuan/ton (this may be a data error in the report, assuming it should be an increase of 10 yuan/ton) [10]. Domestic Methanol Enterprise Load - Nationally, the methanol load decreased from 78.71% last week to 74.90% this week, a decrease of 3.81%. In the northwest region, the load decreased from 85.09% to 81.54%, a decrease of 3.55% [12]. Outer - Market Methanol Prices and Spreads - From August 8th to August 15th, the CFR China price decreased from 270 dollars/ton to 264 dollars/ton, a decrease of 2.22%. The CFR Southeast Asia price decreased from 333.5 dollars/ton to 324.5 dollars/ton, a decrease of 2.70%. The price spread between CFR Southeast Asia and CFR China changed from - 63.5 dollars/ton to - 60.5 dollars/ton [15]. Methanol Import Spread - From August 8th to August 15th, the spot price of methanol decreased by 2.31%, the import cost decreased by 2.14%, and the import spread changed from - 4 yuan/ton to - 8 yuan/ton [18]. Methanol Traditional Downstream Product Prices - From August 8th to August 15th, the prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged, with a weekly change of 0.00% [25]. Production Profits and Loads of Traditional Downstream Products - Formaldehyde: The production profit decreased from - 202 yuan/ton to - 214 yuan/ton, a decrease of 11 yuan/ton. The load increased from 24.52% last week to 25.42% this week, an increase of 0.90% [26]. - Dimethyl Ether: The production profit decreased from 320 yuan/ton to 284 yuan/ton, a decrease of 36 yuan/ton. The load increased from 8.06% last week to 8.88% this week, an increase of 0.82% [28]. - Acetic Acid: The production profit increased from - 59 yuan/ton to - 29 yuan/ton, an increase of 30 yuan/ton. The load increased from 80.48% last week to 82.42% this week, an increase of 1.94% [34]. MTO Production Profit and Load - The MTO production profit increased from - 916 yuan/ton on August 8th to - 740 yuan/ton on August 15th, with an increase of 176 yuan/ton. The MTO/MTP device load decreased from 79.84% last week to 79.69%, a decrease of 0.15% [38]. Methanol Port Inventory - In the East China port, the inventory increased from 51.08 to 56.33, an increase of 5.25. In the South China port, the inventory increased from 29.25 to 32.78, an increase of 3.53 [39]. Methanol Warehouse Receipts and Effective Forecasts - From August 8th to August 15th, the number of warehouse receipts increased from 8688 to 10968, a growth of 26.24%. The effective forecast decreased from 1100 to 0, a decrease of 100.00% [43]. 3. Maintenance Status Domestic Methanol Device Maintenance - Multiple domestic methanol enterprises are in the process of maintenance or have maintenance plans. For example, Shaanxi Black Cat (100,000 - ton annual capacity, coke - oven gas as raw material) started maintenance in early November 2024 and the end date is to be determined; Qinghai Zhonghao (600,000 - ton annual capacity, natural gas as raw material) has been under maintenance from October 23, 2024, to the end of March 2025 [45]. Overseas Methanol Device Status - Many overseas methanol devices are in different operating states. Some Iranian devices are in the process of restarting, such as Marjan, Kaveh, etc. Some devices in Saudi Arabia, Malaysia, and other countries are operating normally [46]. Olefin Device Status - Some olefin devices and their supporting methanol devices are under maintenance or operating stably. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin devices have been under maintenance since March 15th, expected to last for 45 days. Some devices in Inner Mongolia, Shaanxi, and other regions are operating stably [47].

交易咨询业务资格：证监许可【2012】1091号 2025-08-15甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 1.部分装置停车：榆林凯越、新疆新业等。 2.伊朗甲醇开工降低；港口库存处于低位。 3.荆门60万吨/年醋酸装置已于5月16日出产品；新疆中和合众60万吨/年醋酸本月下旬 有投产计划。 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：国内甲醇市场预期区域性差异明显，需关注内地与港口套利是否开启。内地方面，近前期停车甲醇装置集 中恢复，内地供应增加，但内地企业低库存基础之上，叠加西北CTO企业仍有外采需求，供需紧平衡的格局延续。但同 时传统需求淡季，不利于成本传导，对行情有一定限制，预计本周内地震荡偏强运行。而港口供需矛盾预期明显，伊朗 装船发运较为集中且港 ...

Group 1: Report's Investment Rating of the Industry - Not provided Group 2: Core Viewpoints of the Report - The fundamental outlook for methanol remains weak. In terms of valuation, upstream coal - based profits are still relatively high, coastal MTO profits have slightly declined, and inland downstream profits are poor but have room for repair, so methanol valuation is relatively high. Regarding the driving factors, the anti - involution policy may have limited impact on methanol production as the proportion of old - fashioned production facilities is small, and there is no expectation of a significant reduction in methanol supply. Currently, the supply of coal - based methanol in the inland area is gradually increasing, and downstream MTO enterprises have high raw material inventories, making further inventory building unlikely. It is highly probable that the port will continue to accumulate inventory, which will put pressure on spot prices in East China. After the influence of coking coal sentiment weakens, methanol is expected to fluctuate weakly. (Viewpoint score: 0) [1] Group 3: Summary According to Relevant Catalogs 1. Methanol Futures Prices - MA01 closed at 2496.00 yuan/ton on August 13, 2025, down 17.00 yuan/ton or - 0.68% from August 12 [1]. - MA05 closed at 2461.00 yuan/ton on August 13, 2025, down 4.00 yuan/ton or - 0.16% from August 12 [1]. - MA09 closed at 2391.00 yuan/ton on August 13, 2025, down 16.00 yuan/ton or - 0.67% from August 12 [1] 2. Methanol Spot Prices - The spot price in Taicang was 2375.00 yuan/ton on August 13, 2025, unchanged from August 12 [1]. - In Shandong, it was 2355.00 yuan/ton on August 13, 2025, up 5.00 yuan/ton or 0.21% from August 12 [1]. - In Guangdong, it was 2375.00 yuan/ton on August 13, 2025, down 7.50 yuan/ton or - 0.32% from August 12 [1] 3. Coal and Natural Gas Prices - The spot price of Ordos Q5500 coal was 510.00 yuan/ton on August 13, 2025, up 2.50 yuan/ton or 0.49% from August 12 [1]. - The spot price of Datong Q5500 coal was 570.00 yuan/ton on August 13, 2025, up 17.50 yuan/ton or 3.07% from August 12 [1]. - The industrial natural gas price in Hohhot was 3.94 yuan/cubic meter on August 13, 2025, unchanged from August 12 [1] 4. Methanol Profit Situation - The profit of coal - based methanol was 452.60 yuan/ton on August 13, 2025, up 13.70 yuan/ton or 3.12% from August 12 [1]. - The profit of natural gas - based methanol was - 432.00 yuan/ton on August 13, 2025, up 20.00 yuan/ton or 4.63% from August 12 [1]. - The profit of Northwest MTO was - 33.60 yuan/ton on August 13, 2025, up 40.40 yuan/ton or - 183.17% from August 12 [1] 5. Methanol Downstream Profit - The profit of acetic acid was 204.54 yuan/ton on August 13, 2025, up 4.15 yuan/ton or 2.07% from August 12 [1]. - The profit of MTBE was 105.88 yuan/ton on August 13, 2025, down 7.52 yuan/ton or - 7.10% from August 12 [1]. - The profit of formaldehyde was - 301.60 yuan/ton on August 13, 2025, down 9.60 yuan/ton or - 3.18% from August 12 [1] 6. Important Information - The main methanol contract MA2509 fluctuated within a range, opening at 2386 yuan/ton, closing at 2375 yuan/ton, down 11 yuan/ton, with a trading volume of 271,458 lots and an open interest of 308,231, showing a decrease in volume and position [1]. - In the Middle East, a 1 - million - ton methanol plant has resumed normal operation in the past two days, and some other plants are increasing their loads. The overall daily production in a certain Middle Eastern country has increased recently [1]