企业产能利用率提升 供应端的持续宽松，进一步加剧了市场降温态势。数据显示，截至12月第三周，国内焦化企业周度产能利用率保持在73%以上， 较11月的低位相比提升了2%左右，煤焦油产出量平稳增长。虽然近期焦炭价格已历经两轮下调，但原料端成本下降带动焦企利润 增加，多数焦企生产速度暂未放缓，只是局部地区由于煤耗指标殆尽，开工率小幅下降。整体来看，国内焦企开工水平相对较为 稳定，短期内不会出现明显下降。 更值得关注的是，煤焦油行业集中度提升正放大市场供需变化的影响。平煤神马所属焦化企业一位经营负责人介绍，随着近些年 来煤焦油加氢技术的深度应用，煤焦油深加工企业已基本实现规模化、集中化，行业呈现"头部集中、中小企业差异化竞争"格 局。如宝武集团、信诺立兴集团、宝舜集团、山西焦化等龙头企业通过并购整合形成规模优势，单厂年产能普遍达30万吨以上， 部分企业形成年产950万吨的产能规模。 11月中旬以来，国内煤焦油(主要指高温煤焦油)市场经历了1个月的回暖阶段，至12月上旬触顶至成交价3460元(吨价，下同)，环 比涨幅达14%。然而，进入12月中旬后受下游产业链市场价格普降、企业产能利用率提升等因素影响，市场行情走软。截 ...

11月中旬以来，国内煤焦油（主要指高温煤焦油）市场经历了1个月的回暖阶段，至12月上旬触顶至成 交价3460元（吨价，下同），环比涨幅达14%。然而，进入12月中旬后受下游产业链市场价格普降、企 业产能利用率提升等因素影响，市场行情走软。截至12月19日，煤焦油主流成交价已跌至3300元左右， 周跌幅达4%，引发业内气氛由热变冷，短期下行压力持续显现。 "本轮由强转弱行情受多重因素导致，下游预期需求萎缩、焦企货源稳步增长与贸易商看空气氛形成共 振，引发贸易商快速释放库存并对企业压低竞拍报价，对后市的消极因素或进一步加大。"辽宁贸易商 陈强分析说。 下游产业链集体走弱 下游产业链集体走弱煤焦油市场的降温源于下游深加工产业链的集体走弱。据隆众资讯统计，12月第一 周开始，煤焦油深加工下游产品行情已呈现走弱趋势，第二周开始出现全面回落。截至12月18日，山东 市场炭黑、煤沥青、工业萘、蒽油、洗油、酚油、轻油成交价分别已至5800元、4150元、4050元、3350 元、3440元、3450元、3750元，周跌幅为1.7%、1.2%、1.22%、2.9%、1%、5.5%、1.3%，国内其他地 区也出现不同程度的下跌走 ...

证券代码：603113 证券简称：金能科技 公告编号：2025-098 金能科技股份有限公司 2025 年第三季度主要经营数据公告 | 主要产品 | 经营指标 | 单位 | 2025 | 年第三季度 | 2024 年第三季度 | 变动比率 （%） | | --- | --- | --- | --- | --- | --- | --- | | 烯烃产品 | | 元/吨 | | 6,156.42 | 6,651.47 | -7.44 | | 炭黑产品 | 平均售价 | | | 5,658.91 | 7,115.07 | -20.47 | | 煤焦产品 | （不含税） | | | 1,319.12 | 1,937.99 | -31.93 | | 精化产品 | | | | 15,985.00 | 17,595.78 | -9.15 | （三） 主要原材料的价格变动情况 | 主要原材料 | 经营指标 | 单位 | 2025 | 年第三季度 | 2024 年第三季度 | 变动比率 （%） | | --- | --- | --- | --- | --- | --- | --- | | 煤炭 | 平均单价 | 元/吨 | 3 ...

Market Performance - The basic chemical index increased by 2.36% from September 6 to September 12, outperforming the CSI 300 index, which rose by 1.38%, by 0.97 percentage points, ranking 12th among all sectors [1][2] - The top-performing sub-industries included potassium fertilizer (16.13%), spandex (13.32%), nitrogen fertilizer (5.07%), phosphate and phosphate chemicals (4.36%), and fluorine chemicals (4.18%) [1][2] Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (Jiangsu) at 2900.00%, liquid chlorine at 50.00%, caustic soda (ion membrane) at 6.48%, epoxy chloropropane at 6.48%, and anthracene oil at 4.29% [3] - The top five products with the largest weekly price declines included hydrochloric acid (Shandong) at -2100.00%, sulfuric acid at -6.78%, domestic vitamin E at -6.56%, concentrated nitric acid at -6.25%, and ammonium chloride at -4.76% [3] Industry Dynamics - The Ministry of Commerce announced an anti-dumping investigation into imported simulation chips from the U.S. on September 13, citing U.S. government actions as harmful to China's chip products and AI industry [4] - The Ministry also initiated an anti-discrimination investigation regarding U.S. measures in the integrated circuit sector, emphasizing the negative impact of U.S. protectionism on China's high-tech industries and the global semiconductor supply chain [4] - The trend towards self-sufficiency in semiconductor materials is highlighted, with a focus on photoresists, wet electronic chemicals, and electronic specialty gases [4] Geopolitical Impact - The escalation of the geopolitical situation in the Middle East has led to a slight increase in international crude oil prices, with Brent and WTI crude oil prices reaching $66.99 and $62.69 per barrel, respectively, as of September 12, marking increases of 2.27% and 1.33% [6] - Supply disruptions in butyl acrylate were reported due to a production facility failure, leading to a price increase of 4.90% for butyl acrylate, with the market price at 7500 yuan/ton as of September 12 [6] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected, and companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. are recommended [7] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [7] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [7] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [7] - The agricultural chemical sector suggests companies like Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [7] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [7] Industry Rating - The basic chemical industry maintains an "overweight" rating [8]

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 2025 年第二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《上市公司行业信息披露指引第十三号—化工》有关规 定和披露要求，公司2025年第二季度主要经营数据如下： 主要产品 经营指标 单位 2025 年第二季度 2024 年第二季度 变动比率 （%） 烯烃产品 产量 吨 292,068.21 167,026.97 74.86 销量 吨 321,826.26 152,196.14 111.45 销售收入 （不含税） 万元 209,756.89 101,872.53 105.90 炭黑产品 产量 吨 174,152.87 148,142.41 17.56 销量 吨 196,120.02 146,955.35 33.46 销售收入 （不含税） 万元 113,941.33 10 ...

Industry Overview - The anthracene oil industry in China is undergoing deep transformation and structural differentiation due to stricter environmental policies, accelerated technological iterations, and adjustments in downstream demand structure [1][6] - In the first half of 2025, China's anthracene oil production was 1.5523 million tons, a year-on-year decrease of 1.25%, while consumption was 1.5622 million tons, down 0.26% [1][7] Market Dynamics - The price of coal tar, a core raw material for anthracene oil, experienced a sharp decline in the first half of 2025, leading to a loss of support for anthracene oil prices [8] - As of late June 2025, the price of anthracene oil was 3,455 yuan per ton, a year-on-year decrease of 21.89% [8] - The gross profit margin for the anthracene oil industry was -44.26 yuan per ton, a year-on-year decline of 133.21%, indicating a significant increase in losses compared to the same period last year [11] Key Enterprises - Shanxi Coking Coal, as a leading enterprise, has an annual coal tar processing capacity exceeding 2 million tons and ranks high in anthracene oil production [13] - The company has introduced French refining technology, achieving a purity of over 90% for refined anthracene, widely used in dye and pharmaceutical fields [15] - Yongdong Chemical focuses on high-quality carbon black products and fine processing of coal tar, with a sustainable circular industry model [17] Industry Trends - The green and low-carbon transition is accelerating, with carbon reduction technologies becoming a core driving force [19] - Technological upgrades are pushing for high-end applications, with breakthroughs in anthracene oil processing technology [20] - Market demand is diversifying, with emerging markets and differentiated strategies becoming key to overcoming challenges [22]

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry Core Views - In May 2025, the basic chemical index increased by 2.12%, ranking 19th among primary industries, with 22 out of 32 sub-industries showing growth [2][11] - The report highlights significant price increases in hydrochloric acid (43.38%), nitrogen (19.95%), and TDI (17.10%) among other chemicals [3][26] - The report notes the successful launch of production lines in SAILUN's factories in Indonesia and Mexico, marking a significant step in the company's global strategy [4] Summary by Sections Market Overview - In May 2025, major market indices showed positive growth: Shanghai Composite Index increased by 2.09%, Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [11] - The basic chemical index's performance was relatively strong, with 379 companies reporting positive returns and 159 companies reporting negative returns [22] Price Movements - The top ten chemicals with the highest price increases in May 2025 included hydrochloric acid (43.38%), nitrogen (19.95%), and TDI (17.10%) [3][26] - Conversely, the chemicals with the largest price declines included TMA (-36.36%) and dichloropropane (-22.38%) [34] Sub-Industry Performance - Among the secondary sub-industries, chemical fibers led with a growth of 7.98%, followed by agricultural chemicals at 3.89% [16] - The top five performing tertiary sub-industries included polyester (19.53%) and pesticides (10.97%) [18][21] Company Performance - The report lists the top ten basic chemical companies by monthly growth, with Suzhou Longjie leading at 84.09% [23] - The bottom ten companies included Boyuan Co., which saw a decline of -22.97% [25] Industry Insights - The report discusses the stable demand for hydrochloric acid, with supply issues noted in Hunan and Fujian provinces [28] - It also highlights the impact of environmental inspections on bromine production, leading to reduced supply and increased prices [29]

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides detailed insights into market performance and trends, indicating a cautious outlook for certain segments [2][11]. Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with various sub-sectors experiencing different levels of performance [11][16]. - The apparent consumption of methanol in China has surpassed 100 million tons for the first time, indicating significant growth in demand [2]. - The report highlights a notable increase in the prices of key chemical products, particularly trichloroethylene, which rose by 16.28% due to supply constraints and strong demand in the refrigerant market [24][25]. Market Overview - Major indices in April 2025 showed declines: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, and ChiNext Index -7.40% [11]. - Among the basic chemical sub-sectors, the rubber and products segment saw a significant decline of 13.52%, while daily chemicals and inorganic salts experienced growth of 8.56% and 4.37%, respectively [16][20]. Product Price Movements - The top ten products with price increases included trichloroethylene (16.28%), ammonium sulfate (12.20%), and H acid (10.96%) [24][30]. - Conversely, the products with the largest price declines included TMA (-28.26%), bromine (-24.14%), and vitamin A (-18.07%) [30][32]. Company Performance - In April 2025, 221 basic chemical companies reported positive returns, while 319 companies experienced negative returns [20]. - The top-performing companies included United Chemical with a 159.09% increase and Hongbaoli with a 104.27% increase in stock price [21][22]. Industry Trends - The report notes that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in the first quarter, reflecting a slight decline of 0.4% year-on-year [34]. - Shandong province is focusing on enhancing its chemical industry advantages, with significant growth in the number of large-scale chemical enterprises and revenue generation [34].