君正集团 20260107 摘要 君正集团 2026 年上半年营收 126 亿元，能源化工板块贡献 93 亿元， 液体化学品物流板块 34 亿元。归母净利润 19.2 亿元，能源化工板块 15 亿元，物流板块略超 4 亿元。 公司自备电成本优势显著，拥有 1,185 兆瓦火电和 450 兆瓦光伏，年发 电 91 亿度，且主要生产设施折旧完成，每吨产品折旧成本优势超 100 元。 电石、PVC 及烧碱新增产能受政策限制，预计增幅有限。PVC 出口增速 快，尤其印度需求增加，美国降息或带动房地产需求，氯碱供需格局有 望好转。 双碳目标对高耗能产品有影响，BDO 行业已出现反内卷减产迹象，需关 注相关政策对行业的影响。 无汞化是 PVC 生产趋势，君正集团自 2022 年起测试无汞催化剂，更换 需技改和成本投入，或加速落后产能出清。预计未来将逐步推进。 公司与阿拉善盟签订风光制氢框架协议，一期投资约 25 亿元。物流板 块投资不超过 64 亿元新建 20 艘化学品船，预计 2026-2027 年陆续完 成。 公司自备电主要依赖外采煤炭，自有煤矿每年开采量 90 万吨，其中一半用于 发电用煤，一半用于焦煤。尽管如此， ...

证券代码：601015 证券简称：陕西黑猫 公告编号：2026-001 陕西黑猫焦化股份有限公司 2025 年第四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》的规定， 现将公司 2025 年第四季度主要经营数据披露如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 销售收入（万元） | | --- | --- | --- | --- | | 焦炭 | 129.88 | 123.14 | 166,676.65 | | 焦油 | 4.92 | 4.89 | 13,640.64 | | 粗苯 | 1.58 | 1.62 | 6,226.62 | | 甲醇 | 6.25 | 5.91 | 10,080.76 | | 合成氨 | 4.39 | 3.99 | 7,075.45 | | LNG | 3.13 | 2.85 | 9,992.98 | | BDO | 0.96 | 1.06 | 6,194.88 | | 精煤 | 7.36 | ...

会议指出，在"全国统一大市场"制度框架下，BDO行业不能再打消耗战，更不能低于成本价销售，而必 须把"团结+自律"变成硬约束，用全国一盘棋的思路化解产能过剩和价格内卷，通过"数据统一、标准统 一、出口统一、信用统一"等举措，把"团结+自律"从口号变成可在全国统一大市场中运行的新型治理机 制，积极推动防内卷、促消费。 中化新网讯2025年12月24日，中国石油和化学工业联合会化工新材料专委会在西安市召开BDO产业发 展专题研讨会，参会企业代表达成一致——"三箭齐发"化解行业结构性矛盾，即用科技创新打开高端入 口，用下游应用把入口变成市场，用全国统一大市场的规则把市场变成利润。 参会企业一致认为，要合力应对未来市场可能出现的风险挑战，着力构建规范有序、公平公正、创新开 放、互利共赢、团结自律的行业生态，防止"内卷式"无序竞争是未来的主要任务。倡议"限产稳价"，防 止"内卷式"竞争，建立"产能预警"机制，扭转个别企业为摊薄固定成本"越亏越开"的现状，帮助企业修 复现金流，避免系统性风险,推动行业向高端化、差异化转型，继续优化行业发展格局，倒逼落后产能 出清，推动行业健康发展。 会议认为，"十五五"BDO行业的发展逻 ...

【编者按】能源安全是关系国家经济社会发展的全局性、战略性问题。习近平总书记强调，"我们必须 从国家发展和安全的战略高度，审时度势，借势而为，找到顺应能源大势之道"。在习近平总书记提出 的"四个革命、一个合作"能源安全新战略指引下，我国新型能源体系建设取得积极进展，能源发展实现 新突破、开创新局面。 在煤炭的清洁化、高效化利用方面，广纳集团的做法和能源部门的想法不谋而合。 经过多年的开采，乌海煤炭保有储量已不到30亿吨。但石灰石储量高达200亿吨。作为全国重要的煤焦 化工基地，乌海就地取材，就地加工，就地组合，通过煤炭炼焦与石灰石反应生产出电石、乙炔，通过 煤化工生产出甲醇、甲醛，最后再沿着"炔醛法"路线，使这种简称为BDO的有机化工和精细化工原料， 一体化生产基地迅速起势。 为充分展现能源领域新质生产力发展成效，《中国能源报》推出"深入践行国家能源安全"系列报道。 《中国能源报》将目光聚焦北疆，携手内蒙古自治区能源局、自治区矿山安全监管局，深入工作一线， 全方位呈现内蒙古在能源保供、安全治理与技术创新领域的坚实步伐与卓越成就。从顶层设计到基层实 践，多方合力，共同谱写能源高质量发展的崭新篇章。 本期为系列纪录 ...

12月中旬，电石价格持续下跌。其中乌海地区个别厂家出厂价在近一周内跌幅达100元/吨。供需层面来 看，受前期电石价格持续上行的原因，电石厂家开工积极性提升，市场货源供应增多，厂家库存压力增 大。下游PVC行业运行弱稳，行业开工下降，对电石需求一般。 2026年价格方面来看，电石价格受多种因素影响，包括原材料成本、生产成本、下游需求、政策调控 等。电石价格呈现稳中偏弱的态势，主要受到下游需求疲软和上游原材料价格下行的影响。2026年，随 着下游PVC、BDO等行业的产能扩张和需求增长，电石价格或保持震荡筑底态势运行。2026年电石市 场将处于一个复杂的博弈之中：向上有顶：主要下游PVC和BDO自身盈利困难，缺乏为高价电石买单 的能力，这构成了电石价格上行的天花板。向下有底：能源成本高企和持续的供给侧约束，为电石价格 提供了坚实的成本底。中间波动：需求端的季节性变化、区域性的电力政策或环保限产、以及BDO新 产能投产的节奏，都会不断扰动脆弱的供需平衡，造成价格的频繁震荡。因此，电石价格大概率将在这 一上、下限之间反复波动，以寻找新的市场均衡点，即"震荡筑底"。（金联创塑料分析师：王悦） 展望未来，2026年供需层 ...

氨纶行业更新 20251216 Q&A 浙江诸暨的氨纶企业目前的生产运营情况如何？未来有何规划？ 最近，关于浙江诸暨这家氨纶企业递交破产重组申请的消息在业内流传。然而， 这一信息实际上是过期且不准确的。虽然公司确实在国庆前向市政府递交了破 产重组申请，但目前危机已基本解决。导致这一情况的主要原因包括：10 月份 资金紧张、内部股东分歧以及通过破产重整寻求政府帮助等。此外，公司在内 蒙古投资的 PTMEG 和 BDO 项目占用了大量资金，且产品质量稳定性低于预期， 导致生产过程中出现不良频率和亏损。 目前，公司通过库存清理和应收账款催 收等措施，逐步改善了经营状况。现阶段，公司年化产量约为 13 万吨，开机 率达到 66%。日产量在 350 吨到 380 吨之间。公司正在使用自有原料进行生 产，并对库存较长时间的一万多吨氨纶进行促销，从而降低库存率。 未来，公 司将继续通过减少开机机械数量、生产微利产品来保证正常运行。今年年关无 问题，明年也可以继续努力。 公司目前现金流状况如何？ 由于缩减了生产规模，目前公司的资金使用量相对之前有所减少。此外，通过 内部股东投资和外部融资等方式，公司确保了正常运营所需资金充足 ...

Core Viewpoint - Tongde Chemical is facing a severe debt crisis, with overdue debts amounting to 203.9 million yuan as of October 2025, stemming from a failed transformation gamble into the biodegradable plastic sector, which has led to significant financial losses and multiple lawsuits [1][4][8]. Debt Crisis - The recent court ruling requires Tongde Chemical and its subsidiary to fulfill their obligations or face asset freezes and other enforcement actions [1]. - The debt crisis originated from a financing lease transaction in March 2024, where Tongde's subsidiary failed to meet payment obligations due to liquidity issues, leading to multiple lawsuits totaling over 240 million yuan in claims [2][3]. Financial Performance - In 2024, Tongde Chemical reported a net loss of 71.99 million yuan, marking its first loss since going public, with a year-on-year decline of 116.43% [4]. - The company's revenue for the first half of 2025 was 256 million yuan, down 19.32% year-on-year, and the net profit further declined to a loss of 9.94 million yuan in Q3 2025, a drop of 125.28% [4][5]. Transformation Gamble - The company's current difficulties trace back to a 32 billion yuan investment in a PBAT project aimed at transitioning from traditional explosives to new materials, which has yet to commence production despite 95.5% construction completion [6][8]. - The PBAT project was expected to benefit from increasing demand for biodegradable plastics due to environmental regulations, but it has instead become a financial burden [6]. Asset Sales - To alleviate financial pressure, Tongde Chemical has been selling off its core explosives business, which generated 97.39% of its total revenue in 2024 [7][8]. - The company has transferred stakes in several subsidiaries to raise funds, but this strategy risks undermining its long-term cash flow stability [7]. Rescue Efforts - In response to the crisis, Tongde Chemical has engaged with government entities to form a creditor committee to negotiate with financial institutions for better loan terms [9]. - The controlling shareholder has also pledged shares to repay debts and is seeking partners for the PBAT project to secure additional funding [10][11].

Core Viewpoint - PBT prices remain stable due to a lack of significant news guidance, with cost support from strong oil prices and high downstream polyester operating rates [1] Group 1: Market Conditions - The oil market is showing a strong trend, providing cost support for PTA, which positively influences market sentiment [1] - Downstream polyester production is operating at high levels, indicating robust demand [1] Group 2: Supply and Demand Dynamics - The supply-demand structure for PBT has not undergone significant changes, leading to stable pricing from mainstream PBT manufacturers [1] - PBT prices are stable as major manufacturers maintain their pricing strategies [1] Group 3: Trading Activity - Traders are experiencing cost pressures, leading to a cautious trading atmosphere with general trading activity being moderate [1] - There is a prevailing wait-and-see attitude among traders, reflecting a lack of urgency in procurement [1]

Core Viewpoint - The transaction between Shaanxi Black Cat and Hengyuan Coal Power is a strategic move for both companies, focusing on resource complementarity and operational efficiency [3][15]. Group 1: Transaction Details - Shaanxi Black Cat announced the transfer of 100% equity in Zhangye Hongneng Coal Industry Co., Ltd. and Zhangye Hongneng Changsheng Energy Co., Ltd. to Hengyuan Coal Power, along with related debt [1][3]. - The transfer price for the equity is approximately 440 million yuan, while the debt transfer is valued at 1.137 billion yuan [10]. Group 2: Strategic Implications for Shaanxi Black Cat - The sale allows Shaanxi Black Cat to recover funds and enhance operational cash flow, aligning with its long-term development strategy [3][11]. - The company aims to focus on core areas, particularly in Xinjiang and Inner Mongolia, while exiting the Gansu market due to limited expansion potential [8][10]. - The divestment reflects a shift from a broad asset base to a concentrated focus on high-potential regions, enhancing competitiveness in the energy sector [10][20]. Group 3: Financial Performance and Market Reaction - Following the announcement, Shaanxi Black Cat's stock price surged, indicating positive market sentiment towards the asset sale [4]. - The financial performance of Hongneng Coal Industry post-acquisition showed limited contribution, with projected revenue of 505 million yuan and a net profit of only 9.21 million yuan for 2024 [10]. Group 4: Strategic Positioning of Hengyuan Coal Power - Hengyuan Coal Power's acquisition strengthens its control over coal resources and aligns with its coal-electricity integration strategy [15]. - The transaction is seen as a critical step in enhancing resource reserves and sustainable development capabilities in the northwest region [15][18]. Group 5: Industry Trends and Future Outlook - The transaction signifies a broader industry trend towards refined operations and collaborative supply chain management, moving away from mere resource acquisition [16][17]. - Companies are increasingly focusing on technological innovation and value-added services to adapt to the challenges posed by carbon neutrality and energy transition [17][20].

Group 1 - The core viewpoint of the articles highlights that Junzheng Group has demonstrated strong financial performance in the first three quarters of the year, with a revenue of 18.691 billion yuan, a year-on-year increase of 1.63%, and a net profit attributable to shareholders of 2.798 billion yuan, reflecting a 24.93% increase compared to the previous year [1] - The company emphasizes its commitment to a "green, environmentally friendly, low-carbon, and circular" development philosophy, focusing on the energy chemical and chemical logistics sectors, and optimizing its industrial layout [1] - Junzheng Group has established three vertically integrated circular economy industrial chains in the energy chemical sector, which enhances its core competitive advantages in resources, costs, technology, and equipment [1] Group 2 - Junzheng Group was awarded the "Most Investment Value Award" and the "Listed Company Dividend Return Award" at the 27th Golden Bull Award ceremony, recognizing its commitment to shareholder returns and the capital market's acknowledgment of the company's long-term value [2] - Looking ahead, the company plans to continue strengthening its core competitiveness while adhering to its development philosophy, aiming to share better performance and returns with shareholders [2]