Group 1 - China Chemical Engineering Fourth Construction Co., Ltd. (referred to as "Sihua Construction") has commenced the construction of a 200,000 tons/year ethylene-based functional polyvinyl alcohol resin project for Jiangsu Wanhui New Materials Co., Ltd. in Yancheng, Jiangsu [1] - Sihua Construction has undertaken over 50 key new materials industry projects across the country, seizing opportunities in the new materials sector [1] - Recent projects completed by Sihua Construction include the largest single-unit benzene hydrogenation project in China and the only one in South China, with a capacity of 200,000 tons/year, as well as several lithium battery and new materials projects [1] Group 2 - Sihua Construction is involved in several large-scale industrial projects, including the largest investment project in Gansu's history, the high-performance silicon-fluorine new materials integrated project for Gansu Juhua New Materials Company, and the largest production base for plasticizers globally [2] - Other significant projects under construction include a 980,000 tons/year green chemical new materials project in Guangdong and a 300,000 tons/year nylon-6 polymer project in Hubei [2]

Investment Rating - The report maintains a positive outlook on the basic chemical industry, highlighting strong performance in specific sectors such as tires and electronic materials [2][4][5]. Core Views - The report emphasizes the successful launch of major production facilities, such as the 1 million ton ethylene plant by PetroChina, which is expected to enhance the petrochemical ecosystem in Southwest China [3]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the recovery of the consumer electronics sector, and the resilience of certain cyclical industries [4][5][7]. Summary by Sections Market Performance - The overall chemical sector saw a 3.37% increase in the CITIC Basic Chemical Index, while the Shanghai Composite Index rose by 0.11% [13][16]. - The top-performing sub-sectors included organic silicon (6.2%), phosphate fertilizers (5.94%), and soda ash (4.75%) [16]. Major Industry Developments - PetroChina's ethylene plant in Guangxi successfully commenced operations, producing 1.2 million tons of ethylene annually, which will significantly reduce oil product output and increase chemical product production [3]. - The launch of the ultra-pure high molecular weight polyethylene facility by Puxin Crystal in Shanghai marks a significant advancement in specialty materials [3]. Investment Themes - **Tire Sector**: Domestic tire companies are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery in demand is anticipated, benefiting upstream material companies involved in the panel supply chain [4]. - **Cyclical Industries**: Focus on industries with strong resilience and inventory destocking, particularly in phosphate and fluorine chemicals [5]. - **Vitamin Supply**: Supply disruptions in vitamins A and E due to BASF's force majeure are expected to create market imbalances [7]. Sub-industry Insights - **Polyurethane**: The price of pure MDI increased slightly, while the operating rate remained stable at 78% [28]. - **Tires**: The operating rate for all-steel tires rose to 65.33%, indicating strong demand from the automotive sector [52]. - **Fertilizers**: Urea prices increased by 1.03%, with a notable rise in the operating rate of compound fertilizer production [64][69].

按照计划，二期项目预计2026年三季度投产，项目全部投产后将达到28万吨／年的超高纯高分子量聚乙 烯生产规模。璞烯晶新能源材料（上海）有限公司董事长张文龙表示，企业正朝着"超高纯聚合物全球 引领者"的目标迈进，致力于实现从产品引领到需求引领、技术引领的跃升。在锂电隔膜细分行业实现 国产替代后，璞烯晶将以平台化思路加快拓展产品管线，向芯片滤材和人工关节等高附加值应用场景推 进，持续填补国内空白。 上海化工区管委会主任阮力在项目投产仪式上表示，璞烯晶项目从规划到投产高效推进，将为园区高质 量发展注入新动能。放眼"十五五"，上海化工区将继续坚持高质量发展，围绕产业链、创新链优化服务 链，进一步做强基础、补齐短板、塑造优势，努力成为上海发展新质生产力的重要阵地。 新华财经上海10月30日电（记者王默玲）国产超高纯聚合物特种材料发展迎来关键节点。近日，位于上 海化学工业区的璞烯晶新能源专用聚烯烃特种材料项目（一期）正式投产。作为连续两年入选上海市重 大工程项目的产业标杆，璞烯晶项目的建成投产，标志着我国在超高纯高分子量聚乙烯这一关键战略材 料领域实现了从依赖进口到自主可控的突破。 据介绍，高端聚烯烃战略价值高、消费量大 ...

Core Viewpoint - The production of the first phase of the Puxin Crystal New Energy Special Polyolefin Material Project in Shanghai has officially commenced, addressing long-standing issues of import dependency, supply chain risks, and uncontrollable costs in the industry [1] Investment and Production Details - The project has an investment of 2.25 billion yuan and began construction on June 28, 2024 [1] - The first phase features a core facility with an annual production capacity of 140,000 tons of ultra-high purity high molecular weight polyethylene [1] - The project utilizes Puxin Crystal's self-developed ultra-high purity slurry method and incorporates advanced equipment from Germany and Japan [1] Product Applications and Market Impact - The produced ultra-high purity high molecular weight polyethylene is essential for lithium battery separators, semiconductor filter materials, and high-end medical materials [1] - The company has developed ultra-high purity specialized materials with thicknesses of 9μm, 7μm, and 5μm, which have been recognized by major domestic lithium battery separator companies [1] - This development significantly enhances the safety and self-sufficiency of the domestic power battery separator supply chain [1] Future Expansion Plans - The second phase of the project is expected to commence production in the third quarter of 2026 [1] - Upon full completion, the project will achieve a total production capacity of 280,000 tons per year of ultra-high purity high molecular weight polyethylene [1]

璞烯晶的快速成长与顺利投产，离不开上海化工区一流的产业生态和营商环境。璞烯晶项目自破土动工到建成投产仅16个月，在行业同类体量项目中实 属罕见，创造了"上海速度"。 上海化工区管委会主任阮力指出，璞烯晶项目从规划到投产高效推进，背后是政企协作共同发力的结果，将为园区高质量发展注入新动能。放眼"十五 五"，化工区将继续坚持高质量发展，围绕产业链、创新链优化服务链，进一步做强基础、补齐短板、塑造优势，努力成为上海发展新质生产力的重要阵 地。 国产超高纯聚合物特种材料发展迎来关键性节点。10月28日，位于上海化学工业区的璞烯晶新能源专用聚烯烃特种材料项目（一期）正式投产。作为 2024、2025连续两年入选上海市重大工程项目的产业标杆，璞烯晶项目的建成投产，标志着我国在超高纯高分子量聚乙烯这一关键战略材料领域实现了从依 赖进口到自主可控的历史性跨越。 璞烯晶新能源专用聚烯烃特种材料项目投资22.5亿元，自2024年6月28日开工建设以来，便承载着打破国外技术垄断、补齐产业链短板的使命。该项目 生产的超高纯高分子量聚乙烯，是锂电池隔膜、半导体滤材及高端医用材料的核心原料，直击高度依赖进口、供应链风险高、成本不可控等长 ...

按照计划，二期项目预计2026年三季度投产，项目全部投产后将达到28万吨/年的超高纯高分子量聚乙 烯生产规模。 璞烯晶的快速成长与顺利投产，离不开上海化工区的产业生态和营商环境。据悉，璞烯晶项目自破土动 工到建成投产仅一年半时间。璞烯晶董事长张文龙表示，上海化工区以其覆盖"原油加工—基础化工— 精细化工—高端材料"的完整产业链和"吃干榨净"的循环经济模式，为璞烯晶这样的高新技术企业提供 了最佳的"产业邻里"环境，园区内物料通过封闭管廊高效互供，能源梯级利用，极大降低了企业运营成 本，提升了企业竞争力。 10月28日，位于上海化学工业区的璞烯晶新能源专用聚烯烃特种材料项目(一期)正式投产。作为2024、 2025年连续两年入选上海市重大工程项目的产业标杆，璞烯晶项目的建成投产，标志着我国在超高纯高 分子量聚乙烯这一关键战略材料领域实现了从依赖进口到自主可控的跨越。 高端聚烯烃是国家"十四五"时期重点发展的新材料品类，战略价值高、消费量大，但当前国产自给率仍 比较低，特别是高精尖领域的部分原材料仍主要依赖国外进口。 璞烯晶新能源专用聚烯烃特种材料项目投资22.5亿元，此次投产的是一期核心装置——14万吨/年超高 ...

Core Viewpoint - China Chemical Engineering Fourth Construction Co., Ltd. (referred to as "Sihua Construction") has received a letter of appreciation from Anhui Linhuan Coking Co., Ltd. for its efforts in the construction of a 30,000 tons/year carbonate project, highlighting the company's commitment to high-quality project delivery and professional service [1] Group 1 - Sihua Construction has successfully completed several new energy and new material projects since June, including the ultra-pure high molecular weight polyethylene project and the lithium battery new material project, showcasing its strong performance [1][2] - The ultra-pure high molecular weight polyethylene project (140,000 tons/year) utilizes self-developed ultra-pure slurry technology and incorporates BIM technology for digital pre-assembly of pipelines and steel structures [1] - The lithium battery new material project (10,000 tons) will provide key raw material support for the lithium battery sector, with Sihua Construction overcoming technical challenges and ensuring safety during construction [2] Group 2 - The 30,000 tons/year carbonate project uses dimethyl carbonate (DMC) and ethanol as raw materials, employing advanced ester exchange technology to produce electronic-grade ethyl methyl carbonate (EMC) and diethyl carbonate (DEC) [2] - The project achieved a successful trial run with the first batch of electronic-grade EMC reaching a purity of 99.99%, demonstrating Sihua Construction's capability in handling large equipment installation challenges [2] - The 200,000 tons/year caustic soda relocation and energy-saving renovation project by Hubei Yihua is a key initiative responding to national environmental policies, completing the entire process in just 13 hours, setting a record in China's chlor-alkali industry [2]