ROTTERDAM, Netherlands & PHILADELPHIA--(BUSINESS WIRE)-- #braskem--Braskem (B3: BRKM3, BRKM5, and BRKM6; NYSE: BAK; LATIBEX: XBRK), a global market leader and pioneer producer of biopolymers, proudly announces the release of updated Life Cycle Assessment (LCA) studies for its I'm greenâ"¢ bio-based product line, including HDPE, EVA, and PE WAX. These studies reaffirm Braskem's commitment to transparency, environmental responsibility, and innovation in the pursuit of a more sustainable future. Conducted in a ...

Core Viewpoint - The article discusses the recently released "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" aimed at addressing challenges such as intensified competition in the organic raw materials market, insufficient supply of high-end fine chemicals, slowing domestic demand growth, and increasing external uncertainties. The plan targets an average annual growth of over 5% in the industry's added value from 2025 to 2026, focusing on innovation, efficiency, demand expansion, optimization of carriers, and promoting cooperation [3]. Group 1: Industry Challenges and Responses - The petrochemical industry faces intensified competition, insufficient supply of high-end chemicals, and a slowdown in domestic demand growth, prompting the need for a comprehensive growth plan [3]. - The plan includes ten key tasks focusing on innovation, efficiency, demand expansion, optimization of carriers, and cooperation to enhance the industry's competitiveness [3]. - The elimination of outdated production capacity is expected to optimize supply-side dynamics and improve overall competitiveness in the petrochemical sector [3]. Group 2: Refining Capacity and Market Dynamics - As of 2024, China's refining capacity reached 955 million tons per year, with a target to keep crude oil processing capacity under 1 billion tons by 2025 [4]. - The industry is undergoing a market reshuffle, with facilities below 2 million tons per year being phased out, and new integrated refining projects coming online, such as the 20 million tons per year project by Yulong Petrochemical [5]. - The capacity utilization rate in the chemical manufacturing sector has declined from 80% in Q2 2021 to 72% in the same period this year, indicating a significant oversupply in the market [5]. Group 3: Profitability and Strategic Focus - The petrochemical industry has experienced a decline in profitability, with major private refining companies reporting a nearly 40% drop in net profits in the first half of the year [6]. - The plan emphasizes "controlling increments" and suggests focusing on high-value-added sectors to enhance supply in high-end markets, particularly in integrated circuits, new energy, and medical equipment [6]. - Companies that have already positioned themselves in high-value sectors, such as renewable energy materials, are expected to benefit from the market dynamics, with firms like Dongfang Shenghong seeing profit growth due to their investments in solar-grade EVA products [7].

化学品及终端产品出口的以价换量 出口金额增速平稳，但实物量大幅增加：通过对出口量价进行拆分，多种细分部门的出 口存在以价换量的情况，2023-2025年，从出口价格指数的算数平均值来看，纺服/家具/文 体/电气机械/化纤/塑料橡胶制品/空调/冰箱等与化学品需求相关度比较高的行业均出现了明 显的价格指数下滑，对应每年价格2%~7%的下滑幅度。从出口数量来看，2023-2025年，塑 料/橡胶/汽车/家具出口量保持10%以上增速；化工品/纺服/机电/玩具保持5%-10%的增速。 进口替代&出口扩张 进口替代或出口虽不贡献表观需求，但对消化国内产能有重要意义，近年来国内重点石 化产品的自给率有了大幅提升，以乙烯/PX为例，自给率提升19%/18%，分别对应消化 949/855万吨产能，占其2020-2024年投放总产能的41%/41%。 出口迎来快速增长：产能扩张带来的挤出效应，同时得益于东盟，非洲等新兴市场区域 需求的崛起，欧洲、日韩石化竞争力衰退，产能不断退出，中国化学品出口或迎来趋势性拐 点；2020-2024年苯乙烯/PP/PTA/EVA/PA6/PVC出口量的CAGR均在40%以上，其余监测产品 也均在9 ...

Core Viewpoint - The petrochemical industry in China is entering a concentrated production period from 2019 to 2025, with average capacity growth exceeding 10% per year, leading to increased competition and declining operating rates/profits, yet apparent consumption of key petrochemical products is expected to grow rapidly during this phase [1] Group 1: Industry Trends - The petrochemical sector is experiencing a significant expansion in capacity, particularly in refining, ethylene, PX, methanol, and refining by-products, driven by policy [1] - The export of chemical products is shifting towards quantity over price, with a notable decline in price indices across various sectors, while export volumes for plastics, rubber, and automotive products are expected to maintain growth rates above 10% from 2023 to 2025 [3] - Domestic self-sufficiency rates for key petrochemical products have significantly improved, with ethylene and PX self-sufficiency rates increasing by 19% and 18%, respectively, which corresponds to the absorption of 949,000 and 855,000 tons of capacity [4] Group 2: Demand Dynamics - The development of new industries and emerging consumer markets in China is driving demand for chemical products, particularly in the new energy vehicle and wind power sectors, leading to increased demand for EVA, POE, epoxy resins, and PVDF [5] - The overall domestic demand remains moderate, but structural highlights are evident, with traditional plastics benefiting from the rise of e-commerce and delivery services [5] - The integration, scaling, and intensification of domestic industrial chains are establishing comparative advantages, while the economic growth in ASEAN and Africa is expected to create rapid growth opportunities for chemical demand [5] Group 3: Export Opportunities - The expansion of production capacity is leading to a significant increase in exports, particularly to emerging markets in ASEAN and Africa, as well as a decline in competitiveness from Europe and Japan, which is resulting in a trend reversal for Chinese chemical exports [4] - The CAGR for exports of styrene, PP, PTA, EVA, PA6, and PVC is projected to exceed 40% from 2020 to 2024, with other monitored products also showing growth rates between 9% and 40% [4]

证券日报网讯联泓新科（003022）9月24日在互动平台回答投资者提问时表示，公司EVA、超高分子量 聚乙烯等主要产品价格近期有所上涨，其他产品价格相对稳定；公司主要装置满负荷稳定生产，产品全 产全销。 ...

格隆汇9月24日丨联泓新科(003022.SZ)在投资者互动平台表示，公司EVA、超高分子量聚乙烯等主要产 品价格近期有所上涨，其他产品价格相对稳定；公司主要装置满负荷稳定生产，产品全产全销。 ...

每经AI快讯，有投资者在投资者互动平台提问：今年公司哪些产品有提价？涨幅多少？在手订单如 何？开工率如何？ （记者 胡玲） 联泓新科（003022.SZ）9月24日在投资者互动平台表示，公司EVA、超高分子量聚乙烯等主要产品价格 近期有所上涨，其他产品价格相对稳定；公司主要装置满负荷稳定生产，产品全产全销。 ...

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [146] Core Viewpoints - The EVA supply remains tight, leading to continued price and margin increases [2] - Brent crude oil average price for the week ending September 19, 2025, was $67.55 per barrel, reflecting a week-on-week increase of 1.62% [2][3] - Domestic and international refined oil prices have seen slight increases, with domestic refined oil price margins narrowing and overseas margins widening [2] Summary by Sections Refining Sector - Domestic key refining project price margin was 2380.87 CNY/ton, a decrease of 15.72 CNY/ton (-0.66%) week-on-week, while the international margin was 1176.66 CNY/ton, down 16.22 CNY/ton (-1.36%) [2][3] - Brent and WTI crude oil prices on September 19, 2025, were $66.68 and $62.68 per barrel, respectively, showing slight declines from the previous week [16] - Domestic diesel, gasoline, and aviation kerosene average prices were 6936.14 CNY/ton, 8019.29 CNY/ton, and 5976.50 CNY/ton, respectively, with corresponding price margins against crude oil [16] Chemical Sector - EVA prices continued to rise, with an average price of 11842.86 CNY/ton, and the EVA-crude oil price margin increased to 8338.71 CNY/ton [56] - Polypropylene prices showed a downward trend due to weak demand, with average prices for various types of polypropylene reported [72] - MMA prices increased significantly due to supply-side factors and pre-holiday stocking demand, with an average price of 9882.14 CNY/ton [72] Polyester & Nylon Sector - PX prices showed a slight decline, with the current average price at 5926.85 CNY/ton, and the PX-crude oil price margin at 2423.52 CNY/ton [87] - PTA prices decreased, with the average price at 4592.86 CNY/ton and the industry average profit margin remaining negative [96] - The average price for polyester filament yarns decreased due to weak demand, with average prices reported for different types of yarns [104]

Group 1 - The core viewpoint of the report highlights the significant reliance of China's POE consumption on imports, with a projected apparent consumption of 440,000 tons in 2024, almost entirely dependent on imports, while EVA consumption is expected to reach 1,390,000 tons, with imports accounting for only 31% [1][2] - The report indicates a strong domestic substitution trend for ethylene-α-olefin copolymers, as the import volume has significantly decreased compared to the same period last year, driven by the commissioning of new LAO and POE facilities in China [1][2] - The α-olefin industry is characterized by high concentration, with North America holding 62% of global production capacity and the top five producers controlling 86% of the market [2] Group 2 - China's POE market has substantial growth potential, with major global production capacity concentrated in a few companies, particularly Dow Chemical, which holds approximately 48% of the capacity [2] - The report notes that China's α-olefin production capacity is set to break through, with significant advancements in technology allowing for the establishment of new LAO facilities, expected to reach a total capacity of 1,580,000 tons per year by 2026 [3] - The cost of ethylene is critical for controlling the costs of α-olefins and POE, with domestic production benefiting from lower costs compared to North America, despite the latter's advantages in ethylene and energy costs [4] Group 3 - The investment recommendation emphasizes the advantages of China's large refining facilities, which provide strong cost advantages in the production of ethylene, α-olefins, and POE, suggesting a focus on companies like Satellite Chemical and Wanhua Chemical [4]

Core Viewpoint - The report highlights the fluctuations in oil prices and refining margins, indicating a mixed outlook for the refining and chemical sectors due to various geopolitical and market factors [1][2]. Refining Sector - As of the week ending September 12, 2025, the domestic refining margin for key projects was 2407.08 CNY/ton, an increase of 45.76 CNY/ton (+1.94%) from the previous week, while the international refining margin was 1198.96 CNY/ton, up by 65.38 CNY/ton (+5.77%) [2]. - The Brent crude oil average price for the week was 66.47 USD/barrel, reflecting a decrease of 1.77% [2]. - OPEC+ has slowed its production increase, with several countries implementing compensatory production cuts, which, along with potential U.S. sanctions on Russia and ongoing geopolitical tensions, have supported a slight upward trend in international oil prices [2]. Chemical Sector - The petrochemical sector showed mixed price trends, with some olefin products experiencing strong demand and price increases, while polyethylene prices remained stable with slight declines [3]. - EVA prices continued to rise due to strong photovoltaic demand, while pure benzene prices saw a minor decrease [3]. - The polyester industry faced downward pressure on prices due to increased supply from a PX facility restart, with overall orders remaining low [3]. Stock Performance of Refining Companies - As of September 12, 2025, stock performance for six major private refining companies showed varied results, with New Fengming leading with a 7.09% increase over the week and 27.04% over the month [4]. - Other companies like Hengli Petrochemical and Dongfang Shenghong also showed positive monthly performance, indicating a generally favorable market sentiment despite some weekly declines [4].