编者按2025年，在稳增长政策赋能、新质生产力培育及国产替代提速的多重驱动下，化工行业告别以往 普涨普跌的同质化走势，板块分化成为全年最鲜明的特征。生意社监测的数据显示，在314种主要化工 产品中，价格环比上升的商品共71种，涨幅前三的硫黄、硫酸、溴素分别上涨116.50%、111.86%、 64.84%；环比下降的商品共有236种，跌幅前三的产品R22、氢氧化钙、正丙醇分别下降49.22%、 42.86%、40.23%。 今日起推出《2025年化工产品涨跌榜》系列报道，以板块视角展开年度复盘，聚焦涨跌前列板块及品 种，梳理全年化工产品运行脉络，为研判后市化工市场走势提供参考。 苯乙烯：产业"上下两难"价格中枢下移 2025年，苯乙烯产业链步入深刻调整期，该板块年均跌幅为25%。自上游纯苯至下游丁苯橡胶，全链条 面临供应宽松格局，价格下行压力沿产业链自上而下传导，行业利润空间普遍承压。在产能持续释放而 终端需求增长放缓的背景下，产业链各环节价格中枢系统性下移，整体进入供需再平衡、探寻新运行区 间的阶段。行业竞争焦点正从规模扩张转向成本控制、运营效率及需求匹配，步入以结构调整与质量提 升为主的存量竞争新阶段。 ...

Core Insights - Traditional material manufacturers are increasingly entering the 3D printing sector, with Nanjing Julong being a notable example, launching its new brand "Jucoole" for FDM 3D printing materials [1][3]. Company Overview - Nanjing Julong, established in 1999, specializes in high-performance modified plastics and composite materials, becoming a leading innovative enterprise in China. The company has multiple production bases with an annual production capacity exceeding 300,000 tons [3]. - Jucoole aims to develop, produce, and manufacture FDM 3D printing materials, operating from a modern facility of 9,000 square meters with over 11 specialized production lines, targeting an annual output of 1,200 tons [3]. Strategic Development Phases - **Phase 1**: Focus on adapting core materials like nylon and carbon fiber composites for 3D printing to quickly launch competitive FDM materials [5]. - **Phase 2**: Accelerate the development of high-temperature specialty engineering plastics such as PEEK, PPS, and PPA for applications in automotive, aerospace, and medical fields [6]. - **Phase 3**: Establish an integrated "materials + process" solution by collaborating with 3D printer manufacturers and end-users to create a closed-loop mechanism for joint R&D, trial production, feedback, and optimization [7]. Market Context - The 3D printing materials market is seeing significant price reductions, and the entry of more traditional material manufacturers is expected to drive prices even lower, leading to greater accessibility for consumers [8].

Core Viewpoint - Tongyi Co., Ltd. has shown a mixed performance in stock price and financial metrics, with a slight increase in stock price year-to-date but a recent decline in the short term [2]. Financial Performance - As of October 20, 2023, Tongyi Co., Ltd. achieved a revenue of 2.53 billion yuan for the period from January to September, representing a year-on-year growth of 10.85% [2]. - The net profit attributable to shareholders for the same period was 7.33 million yuan, reflecting a year-on-year increase of 17.17% [2]. - Cumulative cash dividends since the company's A-share listing amount to 76.07 million yuan, with 12.73 million yuan distributed over the past three years [3]. Stock Performance - The stock price of Tongyi Co., Ltd. increased by 6.70% year-to-date, but has seen a slight decline of 0.06% over the last five trading days and a 1.93% drop over the last 20 days [2]. - As of October 31, 2023, the stock price was 16.25 yuan per share, with a market capitalization of 2.96 billion yuan [1]. Shareholder Information - The number of shareholders as of October 20, 2023, was 17,200, a decrease of 1.43% from the previous period, while the average number of tradable shares per shareholder increased by 1.45% to 7,035 shares [2]. Business Overview - Tongyi Co., Ltd. is based in Shenzhen, Guangdong Province, and was established on December 25, 2002, with its listing date on August 26, 2016 [2]. - The company operates as a distributor of mid-to-high-end chemical and electronic materials, with its main revenue sources being electronic materials (56.68%), engineering plastics (20.70%), general plastics (12.42%), composite materials (9.94%), and other materials (0.25%) [2]. - The company is classified under the basic chemical industry, specifically in the plastic and modified plastic sector, and is associated with concepts such as Xiaomi, venture capital, small-cap stocks, polarizers, and 5G [2]. Market Activity - On October 31, 2023, the stock experienced a 2.27% increase during trading, with a total transaction volume of 33.75 million yuan and a turnover rate of 1.74% [1]. - The net outflow of main funds was 797,900 yuan, with large orders buying 2.41 million yuan (7.13% of total) and selling 3.21 million yuan (9.50% of total) [1].

Group 1 - The U.S. government has implemented a series of regulatory rollbacks that benefit the chemical industry, focusing on eliminating redundant or unnecessary regulations [1][2] - The Environmental Protection Agency (EPA) has initiated a comprehensive review of regulations affecting the chemical industry, including exemptions for certain factories from hazardous air pollutant standards [1][2] - The American Chemistry Council (ACC) is advocating for reforms in the chemical safety regulatory framework, particularly the Toxic Substances Control Act (TSCA), to streamline the approval process for new chemicals [2] Group 2 - The ACC is pushing for the repeal of the Superfund tax, which imposes taxes on various basic chemicals and their derivatives, as a potential benefit for the chemical industry [2] - There are indications that the U.S. may restart the Chemical Facility Anti-Terrorism Standards (CFATS) program, which had lapsed two years ago, amid increasing geopolitical risks [2] - A recent court ruling has paused the U.S. reciprocal switching program, which the chemical industry supports for enhancing competition among rail operators [3]