（来源：炭黑产业网） TANHEI PART 01 煤焦油供需 供应面：经过上一轮涨价后焦企利润修复，下游对于原料的冬储意愿较往年已有所降温，节前焦炭市场预计持稳运行，煤焦油供应变化不大。 需求面来看，深加工企业仍存在备货的需求；煤焦油价格波动后，产业链心态产生明显变化。外加深加工开工减少，供应减量，部分企业产生惜售情绪， 价格从看空转为谨慎观望。目前深加工产品价格暂稳，煤沥青价格在4600-4650元/吨；蒽油山东价格在3650元/吨。 PART 02 节前最后一周拍卖，煤焦油价格止跌，稳中偏强运行。从炭黑市场来看，本周炭黑新单的询价明显减少，炭黑厂多执行订单发货为主。 炭黑供需 临近年关物流逐渐停运，下游全钢轮胎企业已相继进入假期，半钢轮胎企业也开始放假，轮胎行业的整体开工率呈现下降趋势，其他橡胶制品企业备货结 束也早已进入了假期。当前炭黑厂下游采购需求转淡，多执行前期订单发货，市场新单交易逐渐停止。 从炭黑供应情况来看，当前炭黑主流大厂库存水平不高，炭黑厂开工率无明显下滑迹象，据炭黑产业网统计，炭黑厂开工率仍维持在六成左右。一方面下 游前期备货积极，炭黑厂多存在待交付订单，炭黑厂仍需积极生产以满足订单需 ...

Group 1 - The core viewpoint of the article indicates that carbon black prices are stabilizing within a range, with limited market transactions and a continuation of cost pressures affecting supply and demand dynamics [2][6][10] - Carbon black companies still have pending orders, and overall pricing remains stable, with some companies adjusting prices slightly in line with raw oil price fluctuations [7][9] - Demand for carbon black is characterized by scattered orders that do not represent the broader market, leading to a focus on actual sales negotiations [3][7] Group 2 - The supply and demand for coal tar is imbalanced, with expectations of weak performance; the main transaction prices range from 3650 to 3760 yuan per ton, reflecting a decline of 40 to 200 yuan per ton, particularly in Inner Mongolia [9][10] - Increased output from coking enterprises coincides with the end of downstream inventory buildup, contributing to a more negative market outlook [9][11] - Predictions suggest that coal tar prices will continue to exhibit weak trends, while carbon black prices are expected to stabilize within a range as demand orders decrease [10][11]

（来源：炭黑产业网） 煤焦油价格本周高位下行，安徽跌至3960元/吨；山东、河北地区流拍，山西下跌180元/吨，市场信心 受挫。 TANHEI 本周煤焦油处于高位调整的关键节点，价格出现回落下调，价格波动主要因素汇总如下： （来源：炭黑产业网） 煤焦油价格本周高位下行，安徽跌至3960元/吨；山东、河北地区流拍，山西下跌180元/吨，市场信心 受挫。 TANHEI 本周煤焦油处于高位调整的关键节点，价格出现回落下调，价格波动主要因素汇总如下： ① 深加工产品除煤沥青跟涨较为顺利外，蒽油价格回落至3850元/吨（承兑出厂），且出货压力明显； 工业萘等小油品价格均弱势下行。 ① 深加工产品除煤沥青跟涨较为顺利外，蒽油价格回落至3850元/吨（承兑出厂），且出货压力明显； 工业萘等小油品价格均弱势下行。 ② 深加工企业运行生产处于盈亏边缘线，对于原料高价积极性减弱。 ③ 上午安徽地区拍卖价格下降，对市场情绪产生影响。 煤焦油市场持续多空博弈，未来价格走势存在不确定性；一方面是供应量相对稳定；二是深加工开工高 位、且存在节前备货预期；三是深加工产品不及原料油涨幅，蒽油与煤焦油价格倒挂，行业盈利受限； 此外原料下跌，煤 ...

Core Insights - The domestic coal tar market experienced a recovery phase since mid-November, peaking at a transaction price of 3460 yuan per ton in early December, reflecting a 14% increase month-on-month. However, by mid-December, prices softened to around 3300 yuan due to various factors, including a decline in downstream market prices and increased production capacity utilization [2][3]. Group 1: Market Trends - The decline in the coal tar market is attributed to the weakening of the downstream processing industry, with significant price drops observed in products such as carbon black and coal pitch. For instance, as of December 18, prices for these products fell by 1.7% to 5.5% week-on-week [3]. - The core product, coal pitch, has seen a price drop, which has weakened the market's only support point, leading to a broader decline in coal tar prices across regions [3]. Group 2: Supply and Production - The supply side remains loose, with the capacity utilization rate of domestic coking enterprises exceeding 73%, a 2% increase from November. This stability in production levels contributes to a steady output of coal tar [4]. - The concentration in the coal tar industry has increased, with leading companies achieving significant economies of scale, with some facilities reaching annual production capacities of over 950,000 tons [4]. Group 3: Trade Dynamics - Traders' actions are significantly influencing market volatility, with a growing wait-and-see attitude among them. This has led to a notable decrease in auction participation and a downward adjustment in transaction prices [6]. - Despite the current bearish market sentiment, the overall supply of coal tar is expected to remain stable, with downstream processing enterprises maintaining relatively high operational rates [6].

Core Viewpoint - The domestic coal tar market has experienced a one-month recovery since mid-November, peaking at a transaction price of 3460 yuan per ton in early December, but has since softened due to various factors, including a decline in downstream market prices and increased production capacity utilization [1] Group 1: Downstream Industry Weakness - The decline in the coal tar market is attributed to the weakening of the downstream deep processing industry, with prices for key products like carbon black and coal pitch showing a downward trend starting from early December [2] - As of December 18, prices for various downstream products have decreased, with notable weekly declines, indicating a broader market downturn [2] - The drop in coal pitch prices, a core product of coal tar processing, has further weakened market support, leading to price reductions in regions like Shanxi and Shandong [2] Group 2: Increased Production Capacity Utilization - The production capacity utilization rate of domestic coking enterprises has increased to over 73%, up by about 2% from November, contributing to stable coal tar output [3] - Despite recent price reductions in coke, the decrease in raw material costs has improved profits for coking enterprises, maintaining stable production levels [3] - The concentration of the coal tar industry has increased, with leading companies achieving significant economies of scale, which amplifies the impact of supply and demand changes in the market [3] Group 3: Trade Dynamics - The trading atmosphere has become increasingly cautious, with traders' actions significantly influencing market volatility [5] - Traders have reduced their participation in auctions due to a prevailing bearish sentiment, leading to lower final transaction prices in recent auctions [5][6] - Despite the potential for further downward price adjustments, the overall supply of coal tar is expected to remain stable, with downstream processing enterprises maintaining relatively high operating rates [6]

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]