| 11 | 中国 | Clariant Chemicals | 科莱恩化工(惠州)有限公司 | 1408. 70 | | --- | --- | --- | --- | --- | | | | (Huizhou) Ltd. | | | | 12 | 中国 | CN00C And Shell Petrochemicals Company | 中海壳牌石油化工有限公司 | 1408. 70 | | | | Limited | | | | 13 | 中国 | Dongguan Hongcheng New | 东莞市宏成新材料有限公司 | 1408. 70 | | | | Material Co., Ltd. | | | | 14 | 中国 | Echemi Global Co. Limited | i | 1408. 70 | | 15 | 中国 | Henan Harvest Chem | 河南浩维斯化工有限公司 | 1408. 70 | | | | Co., Ltd. | | | | 16 | 中国 | Huizhou Yuanan Advanced Materials | 惠州市远安新材料有限公司 | 14 ...

Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]

Core Viewpoint - Hongqiang Co., Ltd. (002809) announced a framework agreement with China National Offshore Oil Corporation (CNOOC) Shell Petrochemicals for the sale of propylene oxide, aimed at enhancing market competitiveness and industry recognition [1] Group 1 - The framework agreement is effective from June 6, 2025, to May 31, 2030, and does not involve specific transaction amounts [1] - The cooperation involves CNOOC Shell supplying propylene oxide to Hongqiang Chemical for the production of customized products [1] - This partnership is expected to positively impact the future operational development of the company [1]

在日前召开的2025（第七届）中国环氧丙烷产业链技术创新与产业发展大会上，专家指出，我国环氧丙 烷（PO）产业在实现产能全球领先的同时，正面临产能增速快于需求的矛盾，向高附加值转型成为行 业突围破局的核心方向。对此，行业应进行"增量创新"和"存量优化"，通过技术创新和产业协同，积极 探索可持续发展新路径。 产能扩张遇瓶颈——高附加值成破局关键 在这方面，中山大学教授肖敏团队的研究颇具代表性。她介绍说，其研究团队创新开发了二氧化碳与环 氧丙烷合成聚碳酸酯二元醇（PPCDL）技术，由PPCDL制得的聚氨酯具备优异的耐候性、耐水解性、 透明性、耐磨性和生物可降解性，具有广阔市场前景。 该技术采用非金属催化剂，可在低温、低压条件下高效转化工业废气中的二氧化碳，成本仅为传统光气 法的1/3~1/4，已与珠海中冠合作推进产业化。在此基础上，团队开发的PPC-P新一代二氧化碳基全降解 塑料及聚碳酸酯型TPU等产品，进一步将应用场景拓展至光伏胶膜、UV光固化涂料、自修复材料、锂 电池黏结剂等领域，为环氧丙烷产业链提供了一条绿色转型路径。 "这是一项'一石三鸟'的技术。"肖敏说，"不仅实现了二氧化碳的高效资源化利用，可以减少用 ...

Core Insights - The newly opened direct shipping route from Huizhou Port to Haiphong Port, Vietnam, has successfully transported nearly 350 tons of goods in its first month, including polyether polyols and speaker components [1][2] - This route primarily serves the petrochemical energy new materials and electronic information industries, allowing goods to reach Haiphong Port in just 2 days, with a total delivery time of 5 days through seamless "port-to-port" and "door-to-door" logistics [1][2] Group 1 - The direct shipping route offers stable pricing throughout the year, punctual sailing schedules, and point-to-point direct shipping, significantly reducing logistics cycles and costs [1] - Huizhou Customs has implemented measures to simplify processes and enhance efficiency, providing a "one-stop" customs clearance solution to help businesses quickly connect with Southeast Asian markets [1][2] Group 2 - Huizhou Customs has proactively engaged with terminal operators, shipping agents, and freight forwarders to understand their needs and vessel schedules, establishing a dedicated team to oversee cargo declaration, customs clearance, and inspection processes [2] - The customs authority aims to continuously optimize the port business environment and improve the efficiency of import and export cargo clearance, contributing to the high-quality development of the local economy [2]

公司向不特定对象发行可转换公 司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【69】号 02 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

Group 1 - Private enterprises are the largest foreign trade entities in China, and their vitality is crucial for foreign trade growth [1] - From January to April this year, imports and exports to ASEAN and Belt and Road countries grew faster than in the first quarter, with private enterprises' imports and exports increasing by 6.8% year-on-year [3] - The integration of domestic and foreign trade development injects lasting momentum into China's high-quality economic growth [3] Group 2 - In Shandong's Wudi County, XinYue Chemical Group is ramping up production for orders destined for Africa [5] - In Sichuan's Meishan Tianfu New Area, a company is assembling electric tricycles for export to Africa and Southeast Asia, benefiting from policies that reduce operational costs [6] - Yiwu, known as the "world supermarket," connects over 210,000 small and medium-sized enterprises with more than 230 countries and regions, showcasing confidence and vitality in its production [8] Group 3 - Yiwu's total import and export value reached 167.45 billion yuan in the first quarter, a year-on-year increase of 13%, with exports growing by 14.5% [11] - The robust policies support the development of the private economy, indicating a promising future for high-quality development [9][13]

企业是市场的主体，企业活则经济活。 今年以来，面对严峻复杂的国际形势和艰巨繁重的经济发展任务，我国经济呈现向好态势。同时也要清醒看到，当前，外部环境更趋复杂严 峻，国内有效需求增长动力不足，部分企业面临经营困难。面对风险挑战，从中央到地方，一系列部署直面企业关切，支持帮助企业更好应对困 难挑战。 加强融资支持助企纾困 在山东，鲁北高新技术开发区的一家化工厂内，聚醚多元醇装置高速运转，一批出口非洲的订单正紧锣密鼓地赶工发货。 鑫岳化工集团的工作人员在厂房前。新华社记者 王欢 摄 在政策支持下，企业通过连续法装置工艺的开发和技术提升，降低生产成本，提升产品性能，在细分市场获得更多话语权。 鑫岳化工集团总经理助理孟龙说，"下一步我们将通过线上线下等多种形式，进一步开拓市场拿订单。同时我们也规划了二期35万吨的产能， 为实现2026年外贸份额继续翻一番打下坚实基础。" 天山（邯郸）瓷业有限公司厂房内工人在工作中。新华社记者 岳文婷 摄 鑫岳化工集团（德信化工）经理潘建华介绍，"一季度，我们的生产比去年同期有一个比较大的增长，是一个比较满负荷的状态。现在一个月 的产量大概在两万多吨吧。" 3月25日，山东即墨一家智慧纺 ...

如何突破增长困境，破除"内卷式"竞争，推动行业高质量发展？在4月28日召开的2025石化产业发展大 会上，中国石油和化学工业联合会党委书记、会长李云鹏说，在外部环境急剧变化的大背景下，石化行 业要集中精力办好自己的事情，一是坚持创新驱动、调整优化产业结构，二是发展循环经济、加快绿色 低碳转型，三是推进智改数转、培育发展新动能。大会上，众多业内专家和企业代表深入探讨石化行业 未来发展之路。本版整理部分观点以飨读者，敬请关注。 供需矛盾突出，行业"内卷"加剧 供过于求矛盾突出、产品价格持续下降，2023年全行业利润下降20.7%，2024年再降8.8%。行业亏损下 的投资扩能仍十分积极，加剧了过剩、加大了风险。未来新建项目应以高端化、差异化为目标，优化下 游产品结构、加快高端化延伸。 2024年，石油和化工行业实现营收16.28万亿元，比上年增长2.1%，但利润总额7897.1亿元，比上年下 降8.8%。其中，油气板块营收和利润分别增长1.5%和12.4%，但化工板块营收增长4.6%、利润下降 6.4%，炼油板块亏损，行业整体效益下滑明显。 中国石油和化学工业联合会副会长孙伟善说，我国大宗基础化学品和通用材料产能 ...

证券研究报告 | 2025 年 05 月 15 日 | | --- | | 评级 | 增持 | | --- | --- | | | 评级变动 首次 | | 交易数据 | | | 当前价格（元） | 15.70 | | 52 周价格区间（元） | 6.43-15.95 | | 总市值（百万） | 4570.78 | | 流通市值（百万） | 2683.05 | | 总股本（万股） | 29113.27 | | 流通股（万股） | 17089.47 | 周策 分析师 涨跌幅比较 % 1M 3M 12M 一诺威 37.24 52.13 129.53 化学制品 6.60 2.04 -5.47 -25% 25% 75% 125% 2024-05 2024-08 2024-11 2025-02 一诺威 化学制品 执业证书编号:S0530519020001 zhouce67@hnchasing.com 相关报告 资料来源： iFinD ，财信证券 投资要点： 此报告 考 请务必阅读正文之后的免责条款部分 公司为国内专业的聚氨酯原材料及 EO、PO 其他下游衍生物系列产品 规模化生产企业，主要从事聚氨酯原材料及 EO、PO ...