Core Insights - Hebei Province has announced a list of key construction projects for 2026, focusing on strategic emerging industries, traditional industry upgrades, modern services, and infrastructure [1] - A total of 747 key projects are planned with a total investment of 1.56 trillion yuan, an increase of 44 projects compared to the previous year [1] Group 1: New Projects - The new projects include a 40,000-ton annual production project for benzaldehyde and related products by Hebei Jindong New Materials [1] - Hebei Siyou Shucan's 300,000-ton α-olefin project is set to be developed in the Bohai New Area [1] - A 33,83-ton high-purity hydrogen sulfide production project by China Shipbuilding (Handan) is planned [1] - North China Petrochemical will initiate a 100,000-ton annual sustainable aviation fuel project [1] - A 200,000-ton annual carbon capture and utilization project is also planned by North China Petrochemical [1] Group 2: Ongoing Projects - The ongoing projects include a 400,000-ton annual sustainable aviation fuel hydrogenation project by Zhongneng Yida [2] - A 50,000-ton straw biomass fuel project by Langfang Qida is under development [2] - Hebei Dexin Hydrogen Energy Technology's comprehensive utilization project for coke oven gas is also in progress [2] - A 12 billion square meters wet-process lithium battery separator project by Cangzhou Mingzhu is ongoing [2] - The green transformation development project by Sinopec's Shijiazhuang Refining and Chemical Company is also part of the ongoing projects [2]

Group 1 - The benchmark price of phthalic anhydride on January 2 is 5966.67 CNY/ton, remaining stable compared to the beginning of the month [1][3] - The daily price change is 0.00%, indicating no fluctuation in the price on that day [3] - The price is currently at a mid-low position for the year, with a minimum value of 5533.33 CNY/ton and a maximum value of 7633.33 CNY/ton [3] Group 2 - The median price for phthalic anhydride is 6583.33 CNY/ton, with an average price of 6652.09 CNY/ton [3] - The top price difference from the maximum is -1666.66 CNY/ton, while the bottom price difference from the minimum is 433.34 CNY/ton [3]

Core Viewpoint - The paraxylene industry is expected to experience a fundamental recovery and restructuring in profitability in 2025, with profits showing a distinct "high-low" trend throughout the year, moving away from consecutive losses. Average profits are projected to rise from a meager 89 yuan per ton in 2024 to 296 yuan in 2025, driven by upstream cost advantages, export demand, and capacity growth [1] Group 1 - In early 2025, the paraxylene industry struggled at the breakeven point, with profits fluctuating around the loss threshold due to rising raw material prices, particularly isomer xylene, which pressured profit margins [1][2] - A turning point occurred in the second quarter, with profits peaking between late April and early May, reaching a historical high of over 1190 yuan, supported by a combination of supply tightness from domestic maintenance and strong export performance, especially to India [2] Group 2 - However, the high-profit scenario is not sustainable, as profits began to decline after mid-year due to the fading cost advantages and a reversal in supply-demand fundamentals. New capacities from companies like Yulong Petrochemical and Tianjin Petrochemical increased domestic supply, leading to a market shift from tight balance to surplus [3] - The paraxylene industry faced renewed losses by November and December, with losses exceeding 300 yuan at times, as the oversupply effect became evident and downstream demand remained weak, exacerbating the profit erosion [3] Group 3 - The profit recovery in 2025 is characterized as a temporary outcome driven by "cost collapse" and "export benefits," reflecting the industry's return to the harsh reality of self-sustaining supply-demand pricing amid a cycle of capacity expansion [4] - The export market played a crucial buffering role, delaying the oversupply phenomenon, but did not alter the long-term trend of a loosening domestic supply-demand structure. Future profitability will depend on companies' ability to enhance competitiveness through technological upgrades, cost control, and deep global market engagement [4]

Export Data Analysis - In November 2025, China's anhydride exports continued to decline month-on-month but showed significant year-on-year growth, with an export volume of 11,300 tons, a slight decrease of 4.8% year-on-year and a 13.6% decrease month-on-month. The average export price was $775.29 per ton, marking a low point for the year [3] - Cumulative exports from January to November reached 145,400 tons, representing a year-on-year increase of 15.36%, indicating that the overall export scale remains high. Despite the month-on-month decline in November, the absolute scale is still at a relatively good historical level, reflecting a stable demand foundation in overseas markets [3] - The decline in export prices aligns with the overall weakening of the global chemical market and intensified competition, showing that domestic companies are maintaining export competitiveness through pricing strategies [3] Import Data Analysis - In November 2025, China's anhydride imports showed a decline in both volume and price, with an import volume of 274.96 tons, a month-on-month decrease of 15.3% and a year-on-year decrease of 47.6%. The average import price was $1,023.83 per ton, reflecting a drop from previous periods [8] - Cumulative imports from January to November totaled 3,360 tons, down 6.3% from 3,586.5 tons in the same period of 2024. The significant reduction in import volume is primarily due to sufficient domestic supply and enhanced import substitution effects [8] - The sources of imports are highly concentrated, with South Korea accounting for 71% of total imports, followed by Taiwan at 27%, together making up over 98% of imports. The main receiving areas are concentrated in Guangdong and Shanghai [8]

Group 1 - The anhydride market is experiencing a significant downturn, with prices reaching a four-year low of 5700 yuan per ton, indicating a persistent low-level trend due to unresolved supply-demand contradictions [1][2] - The traditional peak season of "Golden September and Silver October" has failed to boost market performance, with prices dropping below 5900 yuan in October, marking a decline of over 1000 yuan compared to the same period in 2024 [2] - Increased supply is identified as the core factor behind the sluggish anhydride market, with new production capacities contributing to a total of 163,000 tons per year for neighboring anhydride and 172,000 tons per year for naphthalene anhydride, leading to weakened bargaining power for producers [2][3] Group 2 - A reversal in profitability has been observed between neighboring and naphthalene anhydride, with neighboring anhydride moving from a loss of 300-500 yuan to a break-even state due to increased supply of ortho-xylene [3] - Naphthalene anhydride, despite some recovery in profits, remains in a state of loss exceeding 900 yuan, with overall industry operating rates dropping to 40%-50% [3] - The anhydride industry is expected to enter a deep adjustment period, with low operating rates and the permanent exit of some outdated capacities potentially providing limited space for profit recovery [3] Group 3 - Demand for anhydride remains weak, with downstream industries such as plasticizers and unsaturated resins showing slow recovery and maintaining only minimal purchasing needs [4] - The main downstream product, DOP, faces challenges from increasing substitutes and declining demand, leading to low operational loads and continuously falling prices [4] - The unsaturated resin market is also under pressure, with operating rates around 36% and limited potential for price recovery, further contributing to the downward trend in the anhydride market [4]

Group 1: Industry Development - Kaifeng Times New Energy Technology Co., Ltd. focuses on the research and production of all-vanadium flow battery energy storage systems, with an emphasis on the development of core components such as proton membranes, carbon felt, and bipolar plates [2] - The new "14th Five-Year" plan emphasizes the integration of innovation facility construction, technology research and development, and product iteration to accelerate the development of strategic emerging industries like new energy and new materials [2] - Kaifeng Ruihong Chemical Co., Ltd. has achieved significant market share in products like isooctanoic acid, resin, and phthalic anhydride, highlighting the importance of technological innovation in the fine chemical industry [2] Group 2: Community and Cultural Development - The oil workshop community in Gulou District has developed governance brands like the "Time Bank," showcasing replicable work experiences in community governance and enhancing public services [3] - The emphasis on the protection of cultural heritage, particularly the Song Dynasty culture, aims to promote systematic protection and unified management of cultural relics, while leveraging cultural tourism brands like the Chrysanthemum Cultural Festival [3] - The focus on enhancing public services in education, healthcare, and elderly care is part of a broader strategy to create a harmonious community through effective grassroots governance [3]

2025 年第三季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个别及连带责任。 根据上海证券交易所《关于做好上市公司2025年第三季度报告披露工作的通 知》和《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：第十三 号—化工》的要求，永悦科技股份有限公司（以下简称"公司"）2025年第三季 度主要经营数据披露如下： 证券代码：603879 证券简称：永悦科技 公告编号：2025-040 永悦科技股份有限公司 | | 类别 | 2025 | 年 1-9 | 月平均 | 2024 | 年 1-9 | 月平均 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 售价（元/吨） | | | 售价（元/吨） | | | | | 工艺品树脂 | | 7,278.33 | | | 7,985.72 | | -8.86% | | UPR | 玻璃钢及其他树脂 | | 6,818.95 | | | 7,575.57 | | -9. ...

江苏亚邦染料股份有限公司 证券代码：603188 证券简称：亚邦股份 公告编号：2025-046 关于 2025 年第三季度主要经营数据的公告 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。 江苏亚邦染料股份有限公司（以下简称"本公司"或"公司"）根据上海证 券交易所《上市公司自律监管指引第 3 号——行业信息披露之十三号 化工》《关 于做好主板上市公司 2025 年第三季度报告披露工作的通知》要求，现将 2025 年前三季度主要经营数据披露如下： 注： 公司本期积极拓展销售渠道，主要产品染料的产量、销量及销售收入同比上升。 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 | 主要产品 | 2025 年 1 | 至 9 | 月平均 | 2024 至 9 | 年 | 1 | 月平均 | 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 售价（元/吨） | | 售价（元/吨） | | | | | ...

2025 年三季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个别及连带责任。 元利化学集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号行业信息披露第十三号——化工》《关于做好主板上 市公司 2025 年三季度报告披露工作的重要提醒》要求，现将 2025 年三季度主要 经营数据披露如下： 证券代码：603217 证券简称：元利科技 公告编号：2025-033 元利化学集团股份有限公司 | 主要原材料 | 2024 年 | 1-9 | 月平均采购价 | 2025 | 年 1-9 | 月平均采购价 | 变动比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元/吨） | | | （元/吨） | | （%） | | 粗仲辛醇 | | | 6,101.01 | | | 4,336.89 | -28.92 | | 苯酐 | | | 6,566.02 | | | 5,669.69 | -13.65 | | 二元酸 | ...

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。 证券代码：603948 证券简称：建业股份 公告编号：2025-024 浙江建业化工股份有限公司 2025 年前三季度主要经营数据公告 根据上海证券交易所《上市公司自律监管指引第 3 号—行业信息披露：第十三 号—化工》有关规定，现将浙江建业化工股份有限公司（以下简称"公司"）2025 年 前三季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 | 2025 年 1-9 月 产量（吨） | 2025 年 1-9 月 销量（吨） | 2025 年 1-9 月 销售金额（万元） | | --- | --- | --- | --- | | 低碳脂肪胺 | 86728.56 | 86339.32 | 99498.41 | | 增塑剂 | 32311.72 | 32609.25 | 22680.95 | | 乙酸酯 | 30258.75 | 30755.23 | 18884.3 | | 电子化学品 | 5119.18 | 4201 ...