11月20日，永安林业涨5.5%，截至发稿，报9.40元/股，成交4.51亿元，换手率17.17%，总市值31.65亿 元。 资料显示，福建省永安林业(集团)股份有限公司位于福建省永安市南坑路638号8-11层，成立日期1994年 1月6日，上市日期1996年12月6日，公司主营业务涉及木材生产和销售、更新造林、林地管护为主的森 林经营业务,人造板加工业务,以及甲醛、粘胶剂等化工产品的生产及销售;定制家具生产及销售业务。主 营业务收入构成为：木材二次加工产品89.52%，木材5.26%，其他5.23%。 从基金十大重仓股角度 益民核心增长混合（560006）基金经理为王勇、关旭。 截至发稿，王勇累计任职时间2年267天，现任基金资产总规模9317.82万元，任职期间最佳基金回报 81%， 任职期间最差基金回报0.26%。 关旭累计任职时间2年55天，现任基金资产总规模3.59亿元，任职期间最佳基金回报33.33%， 任职期间 最差基金回报13.48%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为 ...

| | | 甲醇日评20251119: 短期供需压力难解,关注预期变动 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 2025/11/18 | 2025/11/17 | 变化值 | 变化值 | | | | | | | | (绝对值) | (相对值) | | | | MA01 | 元/吨 | 2030.00 | 2029.00 | 1.00 | 0.05% | | | 甲醇期货价格 | MA05 | 元/吨 | 2153.00 | 2145.00 | 8.00 | 0.37% | | | (收盘价) | MA09 | 元/吨 | 2204.00 | 2200.00 | 4.00 | 0.18% | | | | 太仓 | 元/吨 | 2002.50 | 2015.00 | -12.50 | -0.62% | | | | 山东 | 元/吨 | 2170.00 | 2170.00 | 0.00 | 0.00% | | 期现价格 | | 广东 | 元/吨 | 2010.00 | 2025.00 | -15.00 ...

Group 1 - The core point of the news is that Yong'an Forestry's stock price increased by 5.93% to 8.58 CNY per share, with a trading volume of 152 million CNY and a turnover rate of 6.26%, resulting in a total market capitalization of 2.889 billion CNY [1] - Yong'an Forestry, established on January 6, 1994, and listed on December 6, 1996, primarily engages in timber production and sales, reforestation, forest land management, engineered wood processing, and the production and sale of chemical products such as formaldehyde and adhesives [1] - The main revenue composition of Yong'an Forestry includes 89.52% from secondary processed timber products, 5.26% from timber, and 5.23% from other sources [1] Group 2 - From the perspective of major fund holdings, Yimin Fund has a significant position in Yong'an Forestry, with its Yimin Core Growth Mixed Fund (560006) holding 48,100 shares, accounting for 1.26% of the fund's net value, making it the largest holding [2] - The Yimin Core Growth Mixed Fund has a total scale of 24.98 million CNY and has achieved a year-to-date return of 18.22%, ranking 4363 out of 8138 in its category [2] - The fund has a one-year return of 18.78%, ranking 4288 out of 8055, and a cumulative return of 51.8% since its inception [2] Group 3 - The fund managers of Yimin Core Growth Mixed Fund are Wang Yong and Guan Xu, with Wang having a tenure of 2 years and 266 days and a total asset scale of 93.1782 million CNY, achieving a best return of 81% during his tenure [3] - Guan Xu has a tenure of 2 years and 54 days, managing assets totaling 359 million CNY, with a best return of 33.33% during his tenure [3]

8 服 热 E 户网 站 100 - 100 la pa www.itf.com.cn 400-8888-598 ts No 180 14/1 | | | | 投资咨询业务资格:证监许可 2012 31号 | | ITG国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | 醒致据日报 | | | | | | 国贸期货研究院 | 期货从业号:F305427 | | | | | | 能源化工研究中心 陈一凡 | 投资咨询证号:Z0015946 | 2025/11/18 | | 指标 | | 2025/11/14 | 2025/11/17 | 涨跌值 | 行情评述 | | | 晋城大烟煤 | 930. 00 | 930. 00 | 0. 00 | | | | 内蒙动力煤 | 630. 00 | 630. 00 | 0.00 | | | NAZE | 川渝液化气 | 4080. 00 | 4040. 00 | -40. 00 | | | | 国际大然气 | 10. 79 | 10.99 | 0. 20 | | | | 太仓 | 2030.00 | 2005.00 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The methanol market continues to show a weak and volatile trend. The price of methanol is relatively high compared to upstream coal and downstream polyolefins, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may occur around mid - November, and the subsequent driving force may come from possible supply reductions, such as the gas - restriction expectation in Iran. It is recommended to wait before going long on methanol, and the current trading strategy is to stay on the sidelines [1]. 3. Summary by Related Catalogs 3.1 Price and Basis - **Futures Prices**: MA01 dropped from 2180 yuan/ton on October 31st to 2143 yuan/ton on November 3rd, a decrease of 1.70%; MA05 decreased from 2260 yuan/ton to 2239 yuan/ton, a decrease of 0.93%; MA09 declined from 2240 yuan/ton to 2228 yuan/ton, a decrease of 0.54% [1]. - **Spot Prices**: Prices in most regions declined, with the largest drop in Taicang, from 2157.50 yuan/ton to 2097.50 yuan/ton, a decrease of 2.78%. Prices in Sichuan - Chongqing and Hubei remained unchanged [1]. - **Basis**: The basis of Taicang spot - MA decreased from - 22.50 yuan/ton to - 45.50 yuan/ton, a decrease of 23 yuan/ton [1]. 3.2 Raw Material Prices - **Coal Prices**: The prices of coal with different calorific values increased. The price of Ordos Q5500 increased by 3.14%, Datong Q5500 by 2.35%, and Yulin Q6000 by 1.59% [1]. - **Natural Gas Prices**: The industrial natural gas prices in Hohhot and Chongqing remained unchanged [1]. 3.3 Profit Situation - **Methanol Production Profit**: The profit of coal - based methanol decreased by 14.24% from 210.70 yuan/ton to 180.70 yuan/ton, while the profit of natural - gas - based methanol remained at - 1100 yuan/ton [1]. - **Downstream Profit**: The profit of Northwest MTO decreased by 666.67%, while the profit of East China MTO increased by 12.80%. The profits of most downstream products such as acetic acid, MTBE, formaldehyde, and erquying increased [1]. 3.4 Important Information - **Domestic**: The main methanol contract MA2601 weakened, opening at 2182 yuan/ton, closing at 2143 yuan/ton, down 59 yuan/ton, with trading volume of 1186632 lots and open interest of 1400566, showing increasing volume and open interest [1]. - **Foreign**: A 2.3 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the overall methanol plant operating load in this country is maintained at 74.45%. As of November 2nd, about 80,000 tons of methanol are scheduled to be shipped from this country in November [1].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Core View - Methanol continued its weak and volatile market. The upward driving force for methanol in the short - term is limited. It is recommended to wait before going long on methanol, and the current strategy is to remain on the sidelines [1] 3. Summary by Relevant Content 3.1 Price Changes - **Futures Prices**: MA01 increased by 16 yuan/ton (0.71%) to 2257 yuan/ton; MA05 rose by 18 yuan/ton (0.78%) to 2321 yuan/ton; MA09 went up by 14 yuan/ton (0.62%) to 2289 yuan/ton [1] - **Spot Prices**: Prices in Shandong decreased by 10 yuan/ton (-0.44%) to 2240 yuan/ton, while prices in other regions such as Guangdong, Shaanxi, and Sichuan - Chongqing remained unchanged [1] - **Cost and Profit**: Coal - based methanol profit decreased by 10 yuan/ton (-4.33%) to 220.70 yuan/ton; Northwest MTO profit dropped by 20 yuan/ton (-86.96%) to 3 yuan/ton; East China MTO profit decreased by 12.50 yuan/ton (-1.75%) to -727.07 yuan/ton [1] 3.2 Important Information - **Domestic**: The main methanol contract MA2601 rose slightly, opening at 2234 yuan/ton, closing at 2257 yuan/ton, up 5 yuan/ton, with a trading volume of 585,627 lots and an open interest of 1,197,415 lots, showing a decrease in both volume and open interest [1] - **Foreign**: A 2.3 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and a previously shut - down 1.65 - million - ton plant has restarted at 80% capacity. The total estimated methanol loading volume in this Middle - Eastern country this month is around 8 million tons [1] 3.3 Market Analysis - **Long - Short Logic**: Methanol prices are relatively high compared to upstream coal and downstream polyolefin prices. The short - term upward driving force is limited due to high port inventory pressure and insufficient downstream replenishment demand. The inventory turning point may occur around mid - November, and potential future drivers may come from supply - side reductions such as gas restrictions in Iran [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report analyzes the methanol market, indicating that the mainland market has limited room for rise and fall, while the port market is expected to maintain high volatility with both upward and downward movements this week. The MA2601 contract is expected to oscillate between 2,220 - 2,275 yuan/ton [5]. Summary by Directory 1. Daily Prompt - For the MA2601 contract, the mainland has support from low upstream factory inventory, strong coal prices, and low methanol prices in production areas, but there is also supply pressure in some areas, negative feedback from olefin plants, and high port inventory. The port market is affected by the sanctions event, with reduced downward momentum but weak fundamentals, and is expected to be highly volatile. The overall market is rated as neutral. The basis shows that the spot price in Jiangsu is at a discount to the futures, which is bearish. As of October 16, 2025, the inventory in East and South China ports decreased slightly, and the available circulating supply in coastal areas also decreased, both being bearish. The 20 - day moving average is downward, and the price is below the moving average, which is bearish. The net position of the main holders is short, with a reduction in short positions, which is bearish [5]. 2. Bullish and Bearish Concerns - **Bullish factors**: Some devices such as Yulin Kaiyue and Xinjiang Xinya have stopped production; the methanol production in Iran has decreased and port inventory is at a low level; a 600,000 - ton/year acetic acid device in Jingmen started production on May 16, and a 600,000 - ton/year acetic acid device in Xinjiang Zhonghe Hezhong is planned to be put into production in late May; northwest CTO factories are purchasing methanol externally [6]. - **Bearish factors**: Some previously shut - down devices such as Inner Mongolia Donghua have resumed production; there is expected to be a concentrated arrival of ships at the port in the second half of the month; formaldehyde has entered the traditional off - season, and the MTBE operating rate has significantly declined; coal - based methanol has a certain profit margin and is actively selling goods; some factories in the production areas have accumulated inventory due to poor sales [7]. 3. Fundamental Data - **Spot and futures prices**: The spot price of methanol in Jiangsu decreased by 1.78% week - on - week, and the futures price decreased by 1.53% week - on - week. The basis decreased by 5 yuan/ton week - on - week [9][11]. - **Production profit**: The profit of coal - based methanol in Inner Mongolia decreased by 95 yuan/ton week - on - week, the profit of natural - gas - based methanol in the southwest remained unchanged at - 40 yuan/ton, and the profit of coke - oven - gas - based methanol in the northwest decreased by 325 yuan/ton week - on - week [21]. - **Operating rate**: The national weighted average operating rate of methanol decreased by 3.81% to 74.90%, and the operating rate in the northwest decreased by 3.55% to 81.54% [8]. - **Inventory**: The inventory in East China ports increased by 3.02 million tons to 78.71 million tons, and the inventory in South China ports decreased by 1.93 million tons to 48.27 million tons [8]. - **External market prices**: The CFR price in China decreased by 0.76% week - on - week, and the CFR price in Southeast Asia decreased by 0.61% week - on - week. The price difference remained unchanged [25]. - **Downstream product prices and profits**: The prices of traditional downstream products such as formaldehyde, dimethyl ether, and acetic acid remained unchanged. The profit of formaldehyde production increased by 9 yuan/ton, the profit of dimethyl ether production increased by 28 yuan/ton, and the profit of acetic acid production increased by 22 yuan/ton. The MTO device profit increased by 128 yuan/ton, and the MTO load increased by 0.15% [31][36][39][43][48]. 4. Maintenance Status - **Domestic methanol plants**: Many domestic methanol plants are in a state of shutdown, maintenance, or reduced load, including those in the northwest, east, southwest, and northeast regions. For example, Shaanxi Black Cat, Qinghai Zhonghao, and Shaanxi Huangling are in shutdown or maintenance states [57]. - **Overseas methanol plants**: Some overseas methanol plants in Iran, Saudi Arabia, Malaysia, and other countries are in different operating states, such as some are in the process of restarting, some are operating stably, and some are under maintenance [58]. - **Olefin plants**: Some domestic olefin plants are in a state of shutdown, maintenance, or normal operation. For example, Shaanxi Qingcheng Clean Energy is under maintenance, and Ningxia Baofeng is operating stably [59].

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2: Core View - Methanol continued its weak and volatile market. The price is relatively high compared to upstream coal and downstream polyolefin prices, and the short - term upward drive is limited due to high port inventory pressure and insufficient downstream restocking drive. It is expected that the inventory turning point may be around mid - November, and the subsequent possible drive lies in the possible reduction on the supply side. It is recommended to wait before going long on methanol, and the current trading strategy is to wait and see [1] Group 3: Summary by Relevant Contents 1. Price and Change - Methanol futures prices (MA01, MA05, MA09) decreased on October 28, 2025, compared with October 27, 2025. For example, MA01 fell from 2268 yuan/ton to 2241 yuan/ton, a decrease of 27 yuan/ton (-1.19%) [1] - Most methanol spot prices in different regions decreased, but prices in Sichuan - Chongqing, Hubei, and Inner Mongolia increased slightly. For example, the price in Sichuan - Chongqing rose from 2190 yuan/ton to 2195 yuan/ton, an increase of 5 yuan/ton (0.23%) [1] - Coal spot prices decreased, such as the price of Buzhoukesi Q5500 coal fell from 575 yuan/ton to 555 yuan/ton, a decrease of 20 yuan/ton (-3.48%) [1] - Industrial natural gas prices in Hohhot and Chongqing remained unchanged [1] 2. Profit Situation - Coal - based methanol profit decreased from 238.10 yuan/ton to 230.70 yuan/ton, a decrease of 7.40 yuan/ton (-3.11%) [1] - Natural gas - based methanol profit remained at - 1100.00 yuan/ton [1] - Northwest MTO profit decreased from 33.00 yuan/ton to 23.00 yuan/ton, a decrease of 10.00 yuan/ton (-30.30%), while East China MTO profit increased from - 747.07 yuan/ton to - 714.57 yuan/ton, an increase of 32.50 yuan/ton (4.35%) [1] - Most of the downstream profits of methanol increased, such as MTBE profit increased from 341.48 yuan/ton to 380.80 yuan/ton, an increase of 39.32 yuan/ton (11.51%) [1] 3. Important Information - Domestic methanol futures: The main contract MA2601 fell weakly, opening at 2267 yuan/ton, closing at 2241 yuan/ton, down 32 yuan/ton, with trading volume of 685,035 lots and open interest of 1,221,292 lots, showing increased volume and open interest [1] - Foreign information: A 2.3 - million - ton methanol plant in a Middle - Eastern country is under maintenance, a previously shut - down 1.65 - million - ton plant has restarted to 80% capacity, and the number of shipped cargoes from the port in this country is extremely small. The estimated total methanol shipment volume from this country this month is around 800,000 tons [1]

证 券 代 码 ： 6 0 3 9 1 6 证 券 简 称 ： 苏 博 特 公 告 编 号 ： 2 0 2 5 - 0 5 8 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 关于 2025 年第三季度经营数据的公告 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个别及连带责任。 江苏苏博特新材料股份有限公司（以下简称"公司"）根据上海证券交易所 《上市公司行业信息披露指引第十八号-化工》的要求，现将公司 2025 年第三季 度主要经营数据披露如下： 一、报告期内主要产品的产量、销量及收入实现情况 2025 年 1-9 月公司主营业务收入和产销情况如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 高性能减水剂 | 76.54 | 76.38 | 131,579.14 | | 高效减水剂 | 1.24 | 1.24 | 3,061.26 | | 功能性材料 | 29.68 | 29.60 | 56,590.51 | 二 ...

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core View of the Report - The report views the urea market as overall volatile, with macro and cost factors being positive, while weak domestic demand is negative [1] Group 3: Summary by Related Catalog Cost - The price of anthracite small pieces is 920.00, with a change of 30.00; natural gas price is 4300.00, up 200.00 from the previous value [1] Price - In domestic regions, the price in Hebei is 1620.00 (up 30.00), Henan is 1580.00 (up 20.00), Shandong is 1610.00 (up 40.00), Anhui is 1580.00 (up 20.00), and Shanxi is 1500.00 (unchanged). The China FOB price is 380.00 (down 10.00), the Middle - East FOB price is 335.00 (down 2.00), the Southeast Asia CFR price is 419.00 (down 1.00), and the Brazil CFR price is 410.00 (down 12.50) [1] Supply and Demand - The industrial compound fertilizer start - up rate is gradually increasing this week, but agricultural demand has decreased significantly. Urea supply remains high, with few maintenance enterprises and less urea flow, leading to an increase in enterprise inventory [1] Inventory - Factory inventory is 163.02 (unchanged), port inventory is 21.00 (up 21.00), and downstream sample inventory is 12000.00 (unchanged) [1] Start - up Rate - The overall urea start - up rate is 79.06 (unchanged), coal - based start - up rate is 80.67 (unchanged), gas - based start - up rate is 67.56 (unchanged), compound fertilizer start - up rate is 27.71 (unchanged), melamine start - up rate is 48.30 (unchanged), and formaldehyde start - up rate is 39.30 (unchanged) [1] Profit - The profit of fixed - bed is - 347.00 (unchanged), water - coal slurry is 58.00 (unchanged), and natural gas is - 291.00 (unchanged) [1] Associated Products - The price of liquid ammonia is 2000.00 (unchanged), compound fertilizer is 2450.00 (unchanged), melamine is 5050.00 (unchanged), and methanol is 2120.00 (unchanged) [1] Futures - The settlement price is 1641.00 (up 1.00), the basis is - 50.00 (down 72.00), the futures volume is 105069.00 (down 45897.00), and the open interest is 281954.00 (down 4384.00) [1]