内蒙项目全面达产，新项目积极推进 内蒙项目全面达产：内蒙260万吨/年煤制烯烃及配套40万吨/年绿氢耦合制烯烃项目按计划建成投产并 全面达产，该项目是目前为止全球单厂规模最大的煤制烯烃项目，也是首个规模化应用绿氢与现代煤化 工协同生产工艺制烯烃的项目，其盈利能力因区位、技术、管理等方面的优势相较于宁东项目明显提 升。该项目建成后，公司烯烃产能已达到520万吨/年，产能规模跃居我国煤制烯烃行业第一位。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：研报虎） 2025年H1公司实现归母净利润57.18亿，同比+73.02% 2025年H1公司实现营业收入228.2亿元，同比+35.05%；实现归母净利润57.18亿，同比+73.02%；扣非 归母净利润55.79亿元，同比+58.67%。其中Q2实现归母净利润32.81亿元，同比+74.17%，环比 +34.6%。 内蒙项目放量，烯烃价差走阔 烯烃销量大幅提升：得益于内蒙项目投产，上半年聚乙烯/聚丙烯/EVA销量115.29/111.79/10.95万吨，同 比+101%/+95%/+53%。焦炭销量340.15万吨，同比-4% ...

公司报告 | 半年报点评 宝丰能源（600989） 证券研究报告 内蒙项目全面达产，中期分红重视股东回报 2025 年 H1 公司实现归母净利润 57.18 亿，同比+73.02% 2025 年 H1 公司实现营业收入 228.2 亿元，同比+35.05%；实现归母净利润 57.18 亿，同比+73.02%；扣非归母净利润 55.79 亿元，同比+58.67%。其中 Q2 实现归母净利润 32.81 亿元，同比+74.17%，环比+34.6%。 内蒙项目放量，烯烃价差走阔 烯烃销量大幅提升：得益于内蒙项目投产，上半年聚乙烯/聚丙烯/EVA 销 量 115.29/111.79/10.95 万吨，同比+101%/+95%/+53%。焦炭销量 340.15 万 吨，同比-4%。 煤价下跌，烯烃价差走阔：2025 年 H1，内蒙古东胜坑口煤均价 477 元/吨， 同比-28.1%；PE/PP 均价 7610/7558 元/吨，同比-5.8%/-2.9%，烯烃价差有 明显改善；焦化板块来看，焦煤焦炭市场价出现一定回落，参考市场价 H1 焦煤/焦炭均价 1105/1580 元/吨，同比-29.9%/-31%。 内蒙项目全 ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 本期内容提要： [Table_Title] 大炼化周报：长丝需求有所回暖，库存、产销 情况改善 [Table_ReportDate0] 2025 年 8 月 24 日 [Table_Author] [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 8 月 22 日当周，国内重点大炼 化项目价差为 2431.20 元/吨，环比变化+29.59 元/吨（+1.23%）； 国外重点大炼化项目价差为 1080.63 元/吨，环比变化-29.81 元/吨（- 2.68%）。截至 8 月 22 日当周，布伦 ...

[Table_StockNameRptType] 宝丰能源（600989） 公司点评 内蒙一期爬坡量增明显，煤炭价格下行烯烃盈利改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-22 | | [收盘价（元） Table_BaseData] | 16.24 | | 近 12 个月最高/最低（元） | 17.83/14.20 | | 总股本（百万股） | 7,333 | | 流通股本（百万股） | 7,333 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,190 | | 流通市值（亿元） | 1,190 | [公司价格与沪深 Table_Chart] 300 走势比较 二季度收入利润均实现环比大幅提升，主要由于内蒙古烯烃项目爬坡带 来聚烯烃较大的量增，同时二季度煤炭价格下跌幅度较大，烯烃板块盈 利改善。从公司披露的经营数据来看，焦炭的产量/销量环比-0.18/+0.41 万吨，聚烯烃的产量/销量环比+24.56/+25.86 万吨，EVA 产量/销量环比 +0.58/+1.53 万吨。其余产品量环比变动 ...

Core Viewpoint - Guojin Securities has issued a buy rating for Lianhong Xinke (003022.SZ) based on stable operations and strong profitability in EVA, along with the potential contributions from new projects in renewable energy and biodegradable materials [2] Group 1 - The main production facilities are operating stably, maintaining a high level of EVA profitability [2] - New installations in renewable energy and biodegradable materials are beginning to ramp up, gradually contributing to profits [2] - Ongoing projects are progressing as planned, with forward-looking layouts in solid-state batteries, advanced packaging, and PEEK-related fields [2]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [137]. Core Insights - The report highlights that mainstream filament enterprises are reducing production, while downstream concentrated purchasing is driving inventory reduction [2]. - The Brent crude oil weekly average price as of August 15, 2025, was $66.33 per barrel, reflecting a decrease of 2.00% [2][3]. - The domestic key refining project price difference was 2400.36 CNY/ton, with a week-on-week increase of 27.32 CNY/ton (+1.15%) [2][3]. - The report indicates a mixed performance in the chemical sector, with some products experiencing price increases due to supply constraints [2]. Summary by Sections Refining Sector - Market sentiment is cautious due to geopolitical events and rising U.S. oil production, leading to a slight decline in international oil prices [2][13]. - Domestic refined oil prices are fluctuating, with diesel, gasoline, and aviation kerosene averaging 7015.71 CNY/ton, 8122.57 CNY/ton, and 5978.29 CNY/ton respectively [13]. Chemical Sector - The report notes that the cost support for chemicals is weak, leading to varied price movements, but overall price differences are expanding [2][40]. - Polyethylene prices have seen a slight increase, with LDPE, LLDPE, and HDPE averaging 9535.71 CNY/ton, 7314.00 CNY/ton, and 8000.00 CNY/ton respectively [48]. Polyester Sector - The polyester industry chain is experiencing stable prices, with significant inventory reduction in filament due to production cuts and concentrated purchasing [2][99]. - The average price for polyester filament is reported at 6717.86 CNY/ton for POY, 7060.71 CNY/ton for FDY, and 7928.57 CNY/ton for DTY [99]. Market Performance of Major Refining Companies - As of August 15, 2025, the stock price changes for six major refining companies were as follows: Rongsheng Petrochemical (+0.88%), Hengli Petrochemical (-0.59%), Dongfang Shenghong (+0.34%), Hengyi Petrochemical (+2.35%), Tongkun Co. (+6.16%), and Xin Fengming (+8.70%) [124]. - Over the past month, the stock price changes were: Rongsheng Petrochemical (+7.21%), Hengli Petrochemical (+8.36%), Dongfang Shenghong (+3.24%), Hengyi Petrochemical (+3.22%), Tongkun Co. (+17.49%), and Xin Fengming (+21.50%) [124].

Core Viewpoint - The company reported a revenue decline of 12.13% year-on-year for the first half of 2025, while net profit increased by 14.15%, attributed to lower raw material costs and contributions from new products [2][3]. Financial Performance - Revenue for the first half of 2025 was 2.911 billion yuan, down from 3.313 billion yuan in the same period last year, marking a decrease of 12.13% [3]. - Net profit attributable to shareholders was 160.67 million yuan, up from 140.76 million yuan, reflecting a growth of 14.15% [3]. - Net profit excluding non-recurring items was 159.78 million yuan, a significant increase of 43.21% compared to 111.57 million yuan in the previous year [3]. - Operating cash flow increased by 4.49%, reaching 259.93 million yuan compared to 248.76 million yuan in the same period last year [3]. Segment Performance - Advanced Polymer Materials segment generated revenue of 1.651 billion yuan, down 6.04% year-on-year, with a gross margin decrease of 3.22% [3]. - Specialty Fine Materials segment saw revenue rise to 679.76 million yuan, up 25.32% year-on-year, with a gross margin increase of 10.07% [3]. - By-products and others generated 580.83 million yuan, down 42.72% year-on-year, with a gross margin increase of 2.88% [3]. Product Contributions - Ethylene-vinyl acetate (EVA) revenue was 764.94 million yuan, down 3.92% year-on-year, while the gross margin decreased by 5.27% [3]. - Polypropylene specialty materials generated 800.71 million yuan, down 4.47% year-on-year, with a stable gross margin [3]. - Epoxy derivatives revenue increased by 26.75% to 535.21 million yuan, with a gross margin improvement of 10.60% [3]. Business Development - The company aims to build a leading "specialized, refined, unique, and innovative" industrial cluster in various new materials fields, including new energy materials, biological materials, and electronic materials [4]. - Significant projects include a 200,000-ton EVA production line expected to be operational by the end of 2025, and a 10,000-ton lithium battery additive facility planned for completion in Q3 2025 [4][5]. - The company is also developing solid-state battery materials in partnership with Beijing Weilan New Energy, with some products already validated by downstream customers [4][5]. Strategic Moves - The company announced plans to merge its wholly-owned subsidiary, Lianhong (Shandong) Chemical Co., to enhance management efficiency and reduce costs [7]. - Lianhong Chemical, established in 2004, has significant assets and revenue contributions, including a 90,000-ton/year acetic acid production capacity [7].

Group 1 - The core viewpoint of the news highlights the performance and valuation of Lianhong New Materials Technology Co., Ltd., with a closing price of 18.48 yuan, marking a 10.00% increase, and a rolling PE ratio of 97.01, the lowest in 381 days [1] - The company's total market capitalization stands at 24.681 billion yuan, while the average PE ratio for the chemical products industry is 51.29, with a median of 44.26, placing Lianhong New Materials at the 143rd position in the industry ranking [1][3] - As of the 2025 semi-annual report, 11 institutions hold shares in Lianhong New Materials, with a total holding of 1,080.12 million shares valued at 17.098 billion yuan [1] Group 2 - Lianhong New Materials specializes in the research, production, and sales of advanced polymer materials and specialty fine materials, with key products including EVA, VA, UHMWPE, PLA, and others [2] - The company has received multiple accolades, including being listed in the "2024 China Brand Value Evaluation Information List" and the "2024 Top 100 New Materials Companies in China" [2] - For the latest performance, the company reported a revenue of 2.911 billion yuan for the 2025 semi-annual report, reflecting a year-on-year decrease of 12.13%, while net profit was 161 million yuan, showing a year-on-year increase of 14.15%, with a sales gross margin of 19.64% [2]

中国合成树脂协会理事长何盛宝介绍说，我国合成树脂行业正在从"通用料主导"向"高端化、差异化"升 级，聚乙烯、聚丙烯等通用塑料产量快速增长，高端牌号比例逐年提升；聚碳酸酯、尼龙66等工程塑料 产能快速上升，EVA、聚醚醚酮等特种塑料拓展至光伏、人形机器人等应用领域，合成树脂材料自给能 力大幅提升。然而，合成树脂全产业链仍存在技术创新能力不足、同质化问题严重、结构性矛盾突出、 部分产品市场"内卷式"竞争、海外市场拓展受限等问题。 与会专家围绕合成树脂行业实现高质量发展提出如下建议：在锻造高端动能方面，应紧密围绕国家战略 与市场需求，聚焦现代化建设、满足人民美好生活多样化需求，瞄准新能源汽车、人形机器人、低空飞 行器等新兴领域和未来产业，突破催化剂、工艺和装备等核心技术瓶颈，实现合成树脂材料的高性能化 和功能化。在构建绿色模式方面，应积极推动生物基材料、循环经济技术、化学回收的规模化应用，开 展重点产业碳排放、重点产品碳足迹核算方法等标准的制定；打造"原油—烯烃—高端树脂"全链条低碳 模式，凭借绿色竞争力赢得全球市场的话语权。在培育融合生态方面，上游原料企业与下游应用端要实 现深度联动，提升全产业链资源配置效率；改 ...

8月13日，江苏索普（600746）化工股份有限公司(以下简称"江苏索普")披露2025年度向特定对象发行A 股股票预案，计划通过定向增发募集资金不超过15亿元，全部用于醋酸乙烯及EVA(乙烯和醋酸乙烯共 聚物)一体化项目(一期工程)，以增加高附加值产品，推动业务结构升级。 聚焦主业延伸 市场层面，醋酸乙烯需求呈显著增长态势。据山东隆众信息技术有限公司数据，2024年，我国醋酸乙烯 产量约248万吨，表观消费量达257万吨，行业正迎来新一轮产能扩张周期。尤其在光伏等新兴领域，对 高品质醋酸乙烯的需求增长强劲，为行业发展注入持续动力。 然而，国内醋酸乙烯供给存在结构性失衡。《证券日报》记者了解到，现有产能中，乙炔法工艺占比偏 高，虽能满足部分基础需求，但存在污染相对较重、产品纯度有限等问题，难以适配光伏等高端领域对 材料性能的严苛要求，导致高端产品仍需部分依赖进口。而乙烯法工艺具有环保性优、产品纯度高、综 合成本低等特点，符合行业绿色化、高端化转型方向。江苏索普此次项目采用先进乙烯法技术，有望填 补国产高端醋酸乙烯供应缺口，推动国内醋酸产业链关键环节升级，加速实现进口替代。 众和昆仑(北京)资产管理有限公司董事 ...