8月25日晚间，英力特（000635）发布2025年半年报，2025年上半年营业收入约8.67亿元；归属于上市 公司股东的净利润亏损约1.56亿元。 公司主营电石、聚氯乙烯、烧碱等化工产品生产销售及电力热力供应业务。报告期内，公司构建了"自 备电力→电石→聚氯乙烯"一体化产业链，热电机组为电石的生产提供了电力，自产电石又为下游产品 聚氯乙烯提供了生产原料，形成了以西部煤炭资源为依托、以电力生产为基础、以聚氯乙烯和烧碱生产 为核心、废物综合利用为一体的产业链，一体化产业链进一步巩固。 根据报告，公司年产30万吨电石技改项目有效达产，"电力—电石—聚氯乙烯"一体化产业链全面修复； 绿色低碳项目有力推进，10MW自发自用分散式风电项目已经完成内部决策，即将开工建设。污水零排 项目顺利进入试运行阶段，成功产出工业盐氯化钠，标志着该项目核心环节正式打通，向实现"污水零 排放、资源再回用"的目标迈出坚实一步。副产蒸汽石墨合成炉技改项目4台合成炉实现一次性成功点 炉，副产蒸汽全部并入生产线蒸汽管网，氯化氢反应热的利用率得到有效提升。 值得关注的是，公司营运能力在化学原料行业中表现突出，总资产周转率平均达到0.64(次/年) ...

一个月内落地。成本方面，电石下游配套装置重启，价格存在反弹空间；乙烯供需偏紧持续，价格或维持 助理研究员: 徐天泽 期货从业资格号F03133092 坚挺。出口利空加大PVC供需矛盾，持续对价格形成压力。技术上，V2601关注4900附近支撑与5100附近 免责声明 | | | PVC产业日报 2025-08-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 收盘价:聚氯乙烯(PVC)(日,元/吨) | 5047 | 28 成交量:聚氯乙烯(PVC)(日,手) | 1088126 | 395393 | | | 持仓量:聚氯乙烯(PVC)(日,手) | 1008160 | 26929 期货前20名持仓:买单量:聚氯乙烯(日,手) | 853070 | 1523 | | | 前20名持仓:卖单量:聚氯乙烯(日,手) | 934697 | 19110 前20名持仓:净买单量:聚氯乙烯(日,手) | -81627 | -17587 | | 现货市场 | 华东:PVC:乙烯法(日,元/吨) ...

投资咨询业务资格:证监许可[ 2012 ]31号 PVC数据日报 投资咨询证:Z0015946 国贸期货研究院 能源化工研究中心 陈一凡 ·· 人业资格证:F3054270 指标 2025/08/21 变动值 2025/08/22 煤炭 702 Q5500 702 0 兰炭 陕西中料 630 630 0 内蒙 2300 2350 50 电石 山东 2755 2755 0 期货 主力连续 15 5004 5019 华东SG-5 4740 4740 0 华南SG-5 4840 4830 -10 现货 华北SG-5 4750 4750 0 B 西北SG-5 -130 4650 4520 华东S-1000 5000 5000 0 华东 -264 -279 -15 基差 华南 -164 -25 -189 tell -254 -269 -15 山东电石法 -914- -914 0 利润 今日国内PVC粉市场价格窄幅整理,主流市场价格波动 幅度较小,局部市场价格重心小幅下移。期货区间震 荡,贸易商报盘变化不大,点价成交价格优势不明 显。下游采购积极较低,多数意向观望,现货成交清 淡,但部分出口接单尚可。5型电石料,华东主流 ...

入 期 市 市 服 热 线 客 ll 方 图 有 网 型 ted ML www.itf.com.cn 400-8888-598 ta 10 ntal | | | | 投资咨询业务资格:证监许可[ 2012 ]31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | 碱数据目报 | | | | | 国贸期货研究院 能源化工研究中心 陈一凡 | | 从业资格证:F3054270 2025/08/25 投资咨询证:Z0015946 | | 指标 | | 2025/08/21 2025/08/22 | | 涨跌值 | 行情综述 | | 山东 | | 200 | 200 | 0 | | | 原盐 | 江苏 | 250 | 250 | 0 | | | 西北 | | 200 | 200 | | | | 电石 | 山东 | 2755 | 2755 | | | | 内蒙 | | 2210 | 2260 | 50 | | | 山东 | | -200 | -200 | 0 | | | 液氯 | 江苏 | -200 | -200 | 0 | 今日国内液碱市 ...

| 注册地址 宁夏石嘴山市惠农区钢电路 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 办公地址 宁夏石嘴山市惠农区钢电路 | | | | | | | | | 邮政编码 753202 | | | | | | | | | 联系电话 0952-3689323 | | | | | | | | | 传真 0952-3689589 | | | | | | | | | 许可项目：危险化学品生产；劳务派遣服务；发电业务、输电业务、供（配） | | | | | | | | | 电业务；住宿服务；餐饮服务；烟草制品零售；食品经营（销售散装食品）； | | | | | | | | | 酒类经营；离岸贸易经营；移动式压力容器/气瓶充装（依法须经批准的项 | | | | | | | | | 目，经相关部门批准后方可开展经营活动）一般项目：基础化学原料制造 | | | | | | | | | （不含危险化学品等许可类化学品的制造）；化工产品生产（不含许可类化 | | | | | | | | | 工产品）；化工产品销售（不含许可类化工产品）；石灰和石 ...

证券研究报告 社会库存继续下降，期货大涨提振信心 ——煤炭行业周报（8月第4周） 行业评级：看好 2025年8月23日 分析师 樊金璐 邮箱 fanjinlu@stocke.com.cn 电话 13466717654 证书编号 S1230525030002 摘要 1.煤炭板块收涨，跑输沪深300指数：截止2025年8月22日，中信煤炭行业收涨1.23%，沪深300指数上涨4.18%，跑输沪深300指数2.95个百分点。全板块整周18只股价上涨，16只下跌， 3只持平。安源煤业涨幅最高，整周涨幅为17.26%。 2.重点煤矿周度数据：中国煤炭运销协会数据，2025年8月15日-2025年8月21日，重点监测企业煤炭日均销量为708万吨，周环比减少1.1%，年同比减少0.7%。其中，动力煤周日均销 量较上周减少0.5%，炼焦煤销量较上周增加1.3%，无烟煤销量较上周减少3.2%。截至2025年8月21日，重点监测企业煤炭库存总量（含港存）2671万吨，周环比增加2%，年同比减少 0.8%。今年以来，供给端，重点监测企业煤炭累计销量161312.8万吨，同比减少2.7%；其中动力煤、焦煤、无烟煤累计销量分别同比-3 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The chemical sector is experiencing a recovery in both prices and demand, benefiting leading companies with significant scale advantages and cost efficiencies [8] - The domestic tire industry shows strong competitiveness, with scarce growth targets worth attention [3] - The consumption electronics sector is expected to gradually recover, with upstream material companies likely to benefit [4] - The phosphorous chemical sector is tightening due to environmental policies and increasing demand from the new energy sector [5] - The vitamin market is facing supply disruptions, particularly for Vitamin A and E, due to BASF's force majeure [8] Summary by Sections Market Overview - The Shanghai Composite Index rose by 1.7%, the ChiNext Index increased by 8.58%, and the CSI 300 Index went up by 2.37% [14] - The CITIC Basic Chemical Index increased by 3.16%, while the Shenwan Chemical Index rose by 2.46% [15] Key Industry Dynamics - Covestro has cut its TDI supply to the Chinese market by 15%, exacerbating supply tightness [3] - Hengli Petrochemical's subsidiaries are merging to optimize management and improve operational efficiency [3] Investment Themes - **Tire Sector**: Domestic companies are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [3] - **Consumer Electronics**: Recovery in demand is anticipated, with a focus on upstream material companies like Dongcai Technology and Stik [4] - **Phosphorous Chemicals**: Supply constraints due to environmental regulations and rising demand from new energy sectors suggest a tightening market [5] - **Fluorine Chemicals**: The reduction of production quotas for second-generation refrigerants supports stable profitability [5] - **Textile Sector**: Polyester filament inventory depletion is expected to benefit companies like Tongkun and New Fengming [5] Sub-industry Performance - The polyurethane sector is seeing stable prices for pure MDI and a slight decline for polymer MDI [27][32] - The tire industry shows a mixed performance with full steel tire production increasing while semi-steel tire production is declining [47][50] - The pesticide market is experiencing price fluctuations, with glyphosate prices rising slightly [52] Price Trends - The average price of urea is reported at 1762.6 RMB/ton, showing a decrease of 1.74% [60] - The price of phosphoric acid remains stable, with diammonium phosphate at 3999.38 RMB/ton [64] - The price of vitamins A and E remains unchanged at 64 RMB/kg and 67.5 RMB/kg respectively [76][77]

氯碱日报 | 2025-08-14 液碱去库，山东主力下游采购价上调 市场要闻与重要数据 PVC: 市场分析 PVC： 期货价格及基差：PVC主力收盘价5016元/吨（-31）；华东基差-136元/吨（+31）;华南基差-76元/吨（+31）。 现货价格：华东电石法报价4880元/吨（+0）；华南电石法报价4940元/吨（+0）。 上游生产利润：兰炭价格595元/吨（+0）；电石价格2780元/吨（+0）；电石利润14元/吨（+0）；PVC电石法生产毛 利-252元/吨（-231）；PVC乙烯法生产毛利-489元/吨（-10）；PVC出口利润6.9美元/吨（-2.1）。 PVC库存与开工：PVC厂内库存33.7万吨（-0.8）；PVC社会库存48.1万吨（+3.3）；PVC电石法开工率77.83%（+3.41%）； PVC乙烯法开工率77.55%（+7.31%）；PVC开工率77.75%（+4.49%）。 下游订单情况：生产企业预售量83.2万吨（-2.2）。 烧碱： 期货价格及基差：SH主力收盘价2481元/吨（-21）；山东32%液碱基差19元/吨（+21）。 现货价格：山东32%液碱报价800元/吨（+ ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The domestic liquid caustic soda market had fair transactions today, with prices in most regions remaining stable. The price of 50% liquid caustic soda in Shandong rose steadily, while the price of 48% liquid caustic soda in Jiangsu decreased. Chlor - alkali enterprises in Shandong had good shipments and low inventory pressure. Due to some enterprises having low loads or undergoing maintenance, the price of 32% liquid caustic soda remained stable, and the price of 50% liquid caustic soda rose steadily. Demand in Jiangsu was average, and the price of high - concentration caustic soda decreased slightly. The mainstream transaction price of 32% ion - membrane caustic soda in Shandong was 820 - 865 yuan/ton, and the local large - scale alumina factory's purchase price was 750 yuan/ton. The mainstream transaction price of 50% ion - membrane caustic soda in Shandong was 1270 - 1350 yuan/ton, remaining stable compared to the previous working day. The PVC price in Shandong increased by 30 yuan, and the futures主力 contract's closing price increased by 10. With intense long - short game, it is recommended to continue to stay on the sidelines. [1] Group 3: Summary by Relevant Catalogs 1. Product Price Changes - **Raw Salt**: Prices in Shandong, Jiangsu, and the Northwest remained unchanged at 200, 250, and 200 respectively [1]. - **Calcium Carbide**: The price in Inner Mongolia decreased by 15 to 2325, while the price in Shandong remained at 2780 [1]. - **Liquid Chlorine**: Prices in Shandong, Jiangsu, and the Northwest changed to - 100, - 50, and - 600 respectively, with increases of 100, 30, and 0 [1]. - **32% Liquid Caustic Soda**: Prices in Shandong, Jiangsu, and other regions remained stable at 800, 890, etc. [1]. - **50% Liquid Caustic Soda**: Prices in Shandong, Jiangsu, and other regions remained stable at 1300, 1400, etc. [1]. - **Caustic Soda Flakes**: Prices in Shandong, Inner Mongolia, the Southwest, etc. remained unchanged [1]. - **PVC**: The price in Shandong increased by 30 to 4830, and the price in Inner Mongolia remained at 4580 [1]. - **Futures and Related Indicators**: The futures主力 contract's closing price increased by 10 to 2502, and the basis in Shandong and Jiangsu decreased by 10 [1]. 2. Price Spreads - **50% Caustic Soda - 32% Caustic Soda Spread**: Remained at 100 in Shandong [1]. - **Caustic Soda Flakes - 50% Caustic Soda Spread**: Remained at 625 in Shandong [1]. - **Regional Spreads of 50% Caustic Soda and Caustic Soda Flakes**: Remained unchanged in various regions [1]. 3. Profits and Electricity Prices - **Chlor - Alkali Profits**: In Shandong, it increased by 100 to - 165, and in the Northwest, it increased by 20 to 818 [1]. - **Electricity Prices**: Remained unchanged in Shandong and Inner Mongolia at 0.75 and 0.5 respectively [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - Due to the high uncertainty of macro - policies, it is recommended to remain on the sidelines [1] 3) Summary by Relevant Catalogs Price and Index Changes - Coal (Q5500) price increased from 685 to 690, with a change of 5 [1] - Lanthanum charcoal (Shaanxi medium material) price remained unchanged at 620 [1] - Inner Mongolia calcium carbide price remained unchanged at 2450, and Shandong calcium carbide price remained unchanged at 2780 [1] - Futures (main continuous) price increased from 5010 to 5047, with a change of 37 [1] - Spot prices of different PVC types (such as East China SG - 5, South China SG - 5, etc.) showed varying degrees of increase [1] - Basis in East China decreased from - 120 to - 137, with a change of - 17; in Central - South, it increased from - 110 to - 107, with a change of 3; in North China, it decreased from - 140 to - 147, with a change of - 7 [1] - Shandong calcium carbide - based profit increased from - 840 to - 810, with a change of 30; Inner Mongolia calcium carbide - based profit increased from - 548 to - 528, with a change of 20 [1] - CFR China remained unchanged at 701, CFR Southeast Asia remained unchanged at 679, and FAS Houston decreased from 632 to 627, with a change of - 5 [1] Market Conditions - PVC paste enterprises' quotes were mainly stable, with sporadic grades showing narrow - range flexibility. Traders focused on shipments, the overall market trading atmosphere was average, downstream procurement enthusiasm was insufficient, and most purchases were made as needed, with some waiting - and - seeing sentiment [1] Production and Inventory - Total PVC production start - up rate increased from 76.84% to 79.46%, with a change of 2.62%; calcium carbide - based start - up rate increased from 76.03% to 78.65%, with a change of 2.62%; ethylene - based start - up rate increased from 78.99% to 81.49%, with a change of 2.5% [1] - East China inventory increased from 39.48 to 42.37, with a change of 2.89; Central - South inventory increased from 5.32 to 5.71, with a change of 0.39; social inventory increased from 44.8 to 48.08, with a change of 3.28 [1]