智通财经APP获悉，天风证券发布研报称，控增量是行业中长期改善的核心要义，去存量则更注重解决 当下矛盾。投产周期尾声，行业改善有望"由点及面"。2026年多数石化产品投产增速明显下降，在此基 础上，产能利用率偏高的行业有望率先改善。中美在2026年有望共振开启纺服补库周期，提振PX需 求，PX供需矛盾有望拉大，或为炼化贡献显著弹性。 2026年PX产业链或为炼化带来盈利弹性 2026年，PX新产能投放或不及预期；而近期随着制裁&；炼厂袭击导致的俄罗斯成品油出口走低，叠 加欧美炼能的持续退出，导致海外成品油价差再次走高，芳烃调油窗口有望再次开启，同时中美在2026 年有望共振开启纺服补库周期，提振PX需求，PX供需矛盾有望拉大，或为炼化贡献显著弹性。 PTA&涤纶长丝反内卷进展积极，行业未来新产能增速较低，近期停车检修也不断增多，行业或有望不 断改善。 去存量则更注重解决当下矛盾，安全、环保、能效是政策端的重要抓手，行业协同同样在发挥积极作 用，在多个石化细分领域内，行业协会或企业自发的推进行业反内卷，PTA、己内酰胺、涤纶长丝等细 分行业取得了较为积极的进展。 投产周期尾声，行业改善有望"由点及面" 当前石化 ...

Core Insights - Company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 23.552 billion yuan, down 6.5% year-on-year, and net profit attributable to shareholders of 2.374 billion yuan, down 22.1% year-on-year [1] - In Q3 2025, the company achieved revenue of 7.789 billion yuan, a decrease of 5.1% year-on-year and 2.5% quarter-on-quarter, with a net profit of 0.805 billion yuan, down 2.4% year-on-year and 6.6% quarter-on-quarter [1] - The gross margin for Q3 was 19.1%, with a net profit margin of 11.4%, showing slight year-on-year increases but declines compared to the previous quarter [1] Revenue and Profit Analysis - For the first three quarters, the company’s revenue was 23.552 billion yuan, with a gross margin of 18.38% and a net profit margin of 11.12%, reflecting year-on-year decreases of 1.6 and 1.9 percentage points respectively [1] - In Q3, the company’s revenue was 7.789 billion yuan, with a gross margin of 19.1% and a net profit margin of 11.4%, showing year-on-year increases of 1.6 and 0.5 percentage points, but declines of 0.5 and 0.6 percentage points quarter-on-quarter [1] Segment Performance - The company’s four main segments (new materials, fertilizers, organic amines, and acetic acid and derivatives) saw volume growth in Q3, with fertilizers experiencing over 40% year-on-year growth [2] - In Q3, the sales volumes for the four segments were 0.7596 million tons (new materials), 1.4489 million tons (fertilizers), 0.1581 million tons (organic amines), and 0.4034 million tons (acetic acid and derivatives), with year-on-year growth rates of 14.23%, 40.13%, 3.60%, and 8.79% respectively [2] - Revenue for the segments in Q3 was 3.936 billion yuan (new materials), 1.947 billion yuan (fertilizers), 0.614 billion yuan (organic amines), and 0.809 billion yuan (acetic acid and derivatives), with year-on-year changes of -1.55%, +21.38%, +0.66%, and -19.82% respectively [2] Price Trends - Product prices in Q3 showed a significant year-on-year decline, with urea, DMF, and other products experiencing decreases ranging from 2.4% to 30.4% [3] - Only carbon dioxide dimethyl and oxalic acid saw slight price increases quarter-on-quarter, while most other products continued to decline [3] - Raw material prices for coal showed an upward trend quarter-on-quarter, with prices for smoke coal and thermal coal increasing [3] Profit Forecast - Based on changes in product and raw material prices, the company has adjusted its profit forecasts for 2025-2027 to 2.928 billion yuan, 4.243 billion yuan, and 4.336 billion yuan respectively, while maintaining a "buy" rating [3]

| | | 甲醇日评20251119: 短期供需压力难解,关注预期变动 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 2025/11/18 | 2025/11/17 | 变化值 | 变化值 | | | | | | | | (绝对值) | (相对值) | | | | MA01 | 元/吨 | 2030.00 | 2029.00 | 1.00 | 0.05% | | | 甲醇期货价格 | MA05 | 元/吨 | 2153.00 | 2145.00 | 8.00 | 0.37% | | | (收盘价) | MA09 | 元/吨 | 2204.00 | 2200.00 | 4.00 | 0.18% | | | | 太仓 | 元/吨 | 2002.50 | 2015.00 | -12.50 | -0.62% | | | | 山东 | 元/吨 | 2170.00 | 2170.00 | 0.00 | 0.00% | | 期现价格 | | 广东 | 元/吨 | 2010.00 | 2025.00 | -15.00 ...

国技期货 商品量化CTA周度跟踪 国投期货研究院 金融工程组 2025/11/18 有色板块短周期动量下降 商品本周空头占比有所回升,主要表现 为贵金属和有色板块因子强度下降,黑 色板块有所回升。目前,截面偏强的板 块是黑色,截面偏弱的是有色和农产品 。具体来看,黄金时序动量下降,白银 的持仓量降幅较大,截面两端分化扩大 。有色板块持仓量因子边际下降,截面 动量分化收窄,截面上铅偏弱。黑色板 块,铁矿螺纹持仓量小幅下降,但是短 周期动量时序回升,螺纹截面偏强。能 源板块短周期动量因子回落,化工板块 处于截面偏强端。农产品方面,油粕截 面分化扩收窄,整体长周期动量小幅企 稳。 | | 上周收益(%) | 当月收益(%) | | --- | --- | --- | | सिंह | 0.57 | 2.43 | | 需求 | -0.40 | -0.40 | | 库存 | 0.58 | -0.32 | | 价差 | 0.00 | 0.00 | | 大类累加 | 0.45 | 0.55 | 用 策略净值方面,上周供给因子走高0. 57%,需求因子下行0.40%,库存因子走 强0.58%,合成因子上行0.45%,本周综 ...

8 服 热 E 户网 站 100 - 100 la pa www.itf.com.cn 400-8888-598 ts No 180 14/1 | | | | 投资咨询业务资格:证监许可 2012 31号 | | ITG国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | 醒致据日报 | | | | | | 国贸期货研究院 | 期货从业号:F305427 | | | | | | 能源化工研究中心 陈一凡 | 投资咨询证号:Z0015946 | 2025/11/18 | | 指标 | | 2025/11/14 | 2025/11/17 | 涨跌值 | 行情评述 | | | 晋城大烟煤 | 930. 00 | 930. 00 | 0. 00 | | | | 内蒙动力煤 | 630. 00 | 630. 00 | 0.00 | | | NAZE | 川渝液化气 | 4080. 00 | 4040. 00 | -40. 00 | | | | 国际大然气 | 10. 79 | 10.99 | 0. 20 | | | | 太仓 | 2030.00 | 2005.00 ...

Core Viewpoint - Jiangsu Sopo (600746.SH) has experienced significant fluctuations in revenue and net profit from 2022 to the first half of 2025, primarily due to market performance of its core products, acetic acid and ethyl acetate, which have seen declining prices impacting overall gross margins [1][2]. Financial Performance Summary - Revenue figures for Jiangsu Sopo from 2022 to the first half of 2025 are as follows: 7.172 billion, 5.390 billion, 6.403 billion, and 3.158 billion [1]. - Net profit for the same period shows a decline to 0.18 billion in 2023, with a recovery to 2.13 billion in 2024, and 1.02 billion in the first half of 2025 [2]. - The gross margin for the main business has decreased over the years, with figures of 15.58%, 7.62%, 8.72%, and 8.40% respectively [1]. Product Performance Analysis - The decline in gross margin is attributed to the market performance of acetic acid and ethyl acetate, with acetic acid's gross margin dropping from 24.69% and ethyl acetate's margin showing a slight recovery in 2025 due to raw material price decreases [1][2]. - In 2024, net profit recovery was supported by stable operations and increased sales volumes of acetic acid and ethyl acetate, which grew by 36.82% and 20.33% respectively [2]. Industry Comparison - Compared to peers, Jiangsu Sopo's gross margin and net profit trends differ due to its concentrated business model focused on acetic acid and derivatives, while competitors like Hualu Hengsheng have a more diverse product range and lower raw material costs [3]. - The overall industry trend shows a decline in gross margins in 2023 followed by a recovery in 2024, aligning with Jiangsu Sopo's performance despite differences in product composition and cost control capabilities [3].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese market, focusing on various sectors including technology, manufacturing, aviation, oil shipping, chemicals, and consumer goods [1][4][5][6]. Core Insights and Arguments 1. **Market Outlook**: The index is expected to rise to 4,200-4,300 points from December to February, driven by product structure adjustments and increased capital inflow, alongside supportive policies from the upcoming "15th Five-Year Plan" [1][3]. 2. **Valuation Expansion**: The Chinese market is currently in a valuation expansion phase, with reduced fears of sanctions due to changing perceptions of US-China relations and rationalized economic policies [4][6]. 3. **Sector Recommendations**: - **Technology Sector**: Focus on AI, internet, new energy vehicles, electronic semiconductors, and media communications [5]. - **Manufacturing**: Global expansion in power equipment, machinery, and auto parts [5]. - **Aviation**: Strong fundamentals with record high passenger load factors and low ticket prices, indicating a potential super cycle [10]. - **Oil Shipping**: Record high freight rates expected to lead to the highest profits in a decade due to OPEC production increases and geopolitical factors [11]. - **Chemicals**: Optimism for leading companies benefiting from supply-side optimization and cost advantages [3][16]. - **Consumer Goods**: Opportunities in food, beverages, and retail sectors, particularly for companies with low stock and strong fundamentals [7][30]. Additional Important Insights 1. **Economic Recovery**: The upcoming year is expected to show a high probability of economic recovery, particularly in traditional sectors like cyclical and consumer goods [6]. 2. **Investment Strategies**: Investors are advised to focus on companies with low stock prices and strong fundamentals, especially in the consumer goods sector [7][9]. 3. **Brokerage Role**: Brokerages are anticipated to play a crucial role in market advancement, especially as capital market reforms progress [8]. 4. **Metal Industry Outlook**: Positive expectations for the metal sector, with industrial metals likely to benefit from global liquidity and emerging demands from AI infrastructure and new energy vehicles [18][19]. 5. **Chemical Industry Trends**: The chemical sector has seen significant supply-side optimization, with leading companies expected to benefit from a recovery in demand and pricing [13][14][16]. 6. **Oil Market Dynamics**: Current oil market conditions show a supply surplus, but OPEC's cautious production increases are expected to support prices in the medium term [24]. Conclusion The conference call highlights a generally optimistic outlook for the Chinese market across various sectors, with specific recommendations for investment opportunities in technology, aviation, oil shipping, chemicals, and consumer goods. The anticipated economic recovery and supportive policies are expected to drive market performance in the coming months.

Investment Rating - The report gives a "Buy" rating for the company, Yanzhou Coal Mining Company Limited, for the first time [4]. Core Views - The company is expected to achieve a coal production target of 300 million tons by 2030, supported by ongoing capacity expansion and acquisitions [2][4]. - The chemical products segment is projected to see steady growth, with total production expected to reach 8.702 million tons in 2024, aiming to exceed 9 million tons in the future [2]. - The company has a stable dividend history and is expected to continue providing high returns to shareholders [2]. Summary by Sections Company Overview - Yanzhou Coal Mining Company Limited, established in September 1997, is primarily engaged in coal mining and sales, coal chemical product production and sales, logistics, equipment manufacturing, and power generation [13][19]. - The company is backed by Shandong Energy Group, which holds a 52.84% stake [14][15]. Business Analysis Coal Business: Rich Reserves and Capacity Expansion - The company has a total coal resource of over 460 billion tons, with significant reserves in Shandong, Inner Mongolia, Xinjiang, and Australia [20][25]. - The coal production capacity is steadily increasing, with a current capacity of approximately 285 million tons per year, and plans to reach 300 million tons by 2026 [28][34]. Chemical Business: Capacity Expansion and Focus on High-End Products - The chemical segment is expanding, with a focus on high-end products, and is expected to produce 8.702 million tons in 2024 [2][19]. - The company aims to enhance its chemical product offerings and increase production capacity to over 20 million tons annually in the future [23][24]. Investment Value Analysis - The company has a strong international presence, reducing reliance on a single market, and is actively pursuing acquisitions to enhance its resource base [2][8]. - The projected net profits for 2025-2027 are estimated at 10.02 billion, 15.23 billion, and 18.05 billion yuan, respectively, with corresponding P/E ratios of 14.7, 9.7, and 8.1 [2][4]. Financial Summary - The company reported a revenue of 139.12 billion yuan in 2024, with a year-on-year decrease of 7.27% [4]. - The net profit attributable to shareholders is projected to decrease by 28.37% in 2025, followed by a significant recovery in subsequent years [4].

Core Points - Jiangsu Sop (600746) closed at 7.62 yuan on November 14, 2025, up 1.46% from 7.51 yuan the previous week [1] - The company's current market capitalization is 8.899 billion yuan, ranking 24th in the chemical raw materials sector and 2122nd in the A-share market [1] Company Announcements - Jiangsu Sop has completed maintenance and resumed production of methanol, acetic acid, and ethyl acetate as of November 10, 2025 [3] - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific issuance of A-shares, which is still subject to approval and registration by the China Securities Regulatory Commission [1][3] - The fundraising project for "Acetic Acid Vinyl and EVA Integration Project (Phase I)" aims to raise no more than 1.5 billion yuan for capital expenditures, with an internal rate of return of 12.64% and a payback period of 8.57 years [2] Regulatory Issues - Subsidiaries of Jiangsu Sop have faced five administrative penalties related to safety management and hazardous materials, which have been rectified and do not constitute significant legal obstacles for the current issuance [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 财务状况与经营数据分析 盈利能力波动情况 报告期内（2022年至2025年1-6月），公司主营业务毛利率分别为15.58%、7.62%、8.72%和8.40%，呈 现先降后稳趋势。主要因醋酸产品销售单价从2022年3,455.72元/吨降至2025年上半年2,228.89元/吨，降 幅13.09%，而单位成本降幅（8.25%）不及价格降幅。2024年归母净利润2.13亿元，同比增长 1088.11%，主要受益于醋酸销量增长36.82%。 立信会计师事务所近日就江苏索普化工股份有限公司（以下简称"江苏索普"）向特定对象发行股票申请 文件的审核问询函出具回复意见。公告显示，江苏索普拟募集资金不超过15亿元，用于"醋酸乙烯及 EVA一体化项目(一期工程)"，项目税后内部收益率为12.64%，投资回收期（不含建设期）8.57年。 募投项目概况与投资回报分析 本次募投项目总投资32.26亿元，其中建设投资26.36亿元，建设期利息1.10亿元，联合试运转费、预备 费及流动资金合计4.80亿元。项目建成后将形成33万吨/年醋酸乙烯产能，达产后预计年营业收入31.42 亿元 ...