| | | | | | | LPG早报 | | | 研究中心能化团队 2025/08/26 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 华南液化气 | 华东液化 | 山东液化气 | 丙烷CFR华 | 丙烷CIF日 | MB丙烷现 | CP预测合 | | 山东醚后碳四 山东烷基化油 | 纸面进口 | 主力基差 | | | | 气 | | 南 | 本 | 货 | 同价 | | | 利润 | | | 2025/08/1 9 | 4490 | 4390 | 4480 | 563 | 521 | 67 | 515 | 4890 | 7800 | -162 | 638 | | 2025/08/2 0 | 4520 | 4390 | 4480 | 565 | 536 | 69 | 519 | 4890 | 7780 | -144 | 136 | | 2025/08/2 1 | 4520 | 4398 | 4500 | 573 | 5 ...

证券之星消息，截至2025年8月26日收盘，茂化实华(000637)报收于4.38元，上涨1.86%，换手率 5.55%，成交量20.43万手，成交额8926.61万元。 8月26日的资金流向数据方面，主力资金净流入862.23万元，占总成交额9.66%，游资资金净流出746.59 万元，占总成交额8.36%，散户资金净流出115.64万元，占总成交额1.3%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-26 | 4.38 1.86% | | 862.23万 | 9.66% | -746.59万 | -8.36% | -115.64万 | -1.30% | | 2025-08-25 | 4.30 0.00% | | -48.09万 | -0.81% | 255.46万 | 4.32% | -207.37万 | -3.50% | | 2025-08-22 | 4.30 -2. ...

能源化工行业低迷致使公司业绩承压 2025 年开年以来，受到地缘冲突降温、欧佩克增产等多因素影响，国际油价整体呈现颓势，上半年布 油均价同比下滑2.55 美元每桶，降幅15.05%。在国际油价下滑和国内新能源车替代趋势的双重压力 下，我国成品油价格显著下滑。根据百川盈孚，上半年我国汽油市场均价为8339 元/吨，同比-8.03%。 与汽油价格高度相关的添加剂产品同样经历了明显降幅，上半年MTBE、工业异辛烷价格分别较去年同 期下滑18.56%和6.35%，部分装置亏损运行。在此不利环境下，公司作为两湖地区最大的MTBE 和工业 异辛烷生产商承受了巨大业绩压力。公司能源化工板块在上半年实现营收7.68 亿元，同比-43.79%，构 成影响公司整体业绩的主因。 通过借款平衡流动性压力 事件 岳阳兴长发布半年度业绩报告：2025 年上半年，公司实现营业总收入15.29 亿元，同比下滑19.17%；实 现归母净利润-0.29 亿元。Q2 单季度，公司实现营业总收入4.66 亿元，实现归母净利润-0.43 亿元。 投资要点 盈利预测 公司上半年业绩承压主要受到油价下行影响，公司布局的第二成长曲线高端聚烯烃项目具有广阔进 ...

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ 截至发稿，石大胜华市值为89亿元。 每经AI快讯，石大胜华（SH 603026，收盘价：38.18元）8月25日晚间发布公告称，公司第八届第二十 次董事会会议于2025年8月25日在山东省东营市垦利区同兴路198号石大胜华办公楼A325室召开。会议 审议了《关于设立募集资金专项账户并授权签署募集资金监管协议的议案》等文件。 2025年1至6月份，石大胜华的营业收入构成为：碳酸二甲酯系列占比41.85%，其他产品占比25.7%， MTBE占比18.39%，贸易业务系列占比12.51%，液化气占比1.09%。 （记者 胡玲） ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [9] Core Views - The company faced significant performance pressure in the first half of 2025, with total revenue declining by 19.17% year-on-year to 1.529 billion yuan, and a net profit attributable to shareholders of -29 million yuan [4][5] - The decline in performance is attributed to a downturn in the energy and chemical industry, influenced by falling international oil prices and domestic gasoline price reductions [5] - The company is actively pursuing a transformation towards new materials and energy-saving industries, with a focus on high-end polyolefins and other emerging sectors [7][8] Summary by Sections Market Performance - The company’s stock price is currently at 16.86 yuan, with a total market capitalization of 6.2 billion yuan and a 52-week price range of 13.39 to 20.72 yuan [1] Financial Performance - In the first half of 2025, the energy and chemical segment generated 768 million yuan in revenue, down 43.79% year-on-year, significantly impacting overall performance [5] - The company reported a net cash flow from operating activities of -104 million yuan due to losses, but managed to maintain a cash and cash equivalents balance of 273 million yuan through bank financing [6] Growth Strategy - The company is accelerating the construction of its second growth engine, aiming to establish a complete green propylene supply chain by the end of the year [7][8] - The high-end polyolefins project is expected to become a new core growth driver, with profit forecasts for 2025-2027 showing a gradual recovery in net profit from 56 million yuan to 169 million yuan [9][11] Earnings Forecast - The report forecasts net profits of 56 million yuan, 105 million yuan, and 169 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.15, 0.28, and 0.46 yuan [9][11]

甲醇期现货及其下游价格走势 | | 周总结 | 2025/8/22 | 2025/8/15 | 涨 跌 | 涨跌幅 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 期货 | MA2601 | 2405 | 2412 | - 7 | -0.29% | 元/吨 | | | 基差 | -110 | -87 | -23 | -26.44% | 元/吨 | | 价格 | 甲醇（太仓） | 2359.6 | 2378.2 | -18.60 | -0.78% | 元/吨 | | | 甲醇CFR | 260.33 | 267 | -6.67 | -2.50% | 美元/吨 | | 下游 | 甲醛（山东） | 1050 | 1052 | -2.00 | -0.19% | 元/吨 | | | 冰醋酸（江苏） | 2190 | 2202 | -12.00 | -0.54% | 元/吨 | | | 二甲醚（河南） | 3400 | 3400 | 0.00 | 0.00% | 元/吨 | | | MTBE（山东） | 5010 | 5056 | -46.00 | -0.91% ...

| | | | 设资咨询业务资格:证监许可 2012 31号 | | ITC国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | 蜈致 据 日报 期货从业号:F305427 | | | | | | 能源化工研究中心 陈一凡 | 投资咨询证号:Z0015946 | 2025/08/21 | | 指标 | | 2025/08/19 | 2025/08/20 | 涨跌值 | 行情评述 | | | 晋城大烟煤 | 900. 00 | 900. 00 | 0. 00 | | | | 内蒙动力煤 | 630. 00 | 630. 00 | 0.00 | | | FV AN | 川渝液化气 | 4130.00 | 4140.00 | 10. 00 | | | | 国际大然气 | 10. 52 | 10.43 | -0. 09 | | | | 太仓 | 2270.00 | 2290.00 | 20. 00 | 昨日甲醇多地价格小幅上调。西北主 | | 肌喷价格 | 内蒙 | 2080. 00 | 2080. 00 | 0.00 | 产区企业库存低位,下游 ...

| | | | 甲醇日评20250821: 反弹空间有限 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 2025/8/20 | 2025/8/19 | 变化值 | 变化值 | | | | | | | | (绝对值) | (相对值) | | | | MA01 | 元/吨 | 2424.00 | 2391.00 | 33.00 | 1.38% | | | 甲醇期货价格 | MA05 | 元/吨 | 2402.00 | 2376.00 | 26.00 | 1.09% | | | (收盘价) | MA09 | 元/吨 | 2315.00 | 2285.00 | 30.00 | 1.31% | | | | 太仓 | 元/吨 | 2300.00 | 2280.00 | 20.00 | 0.88% | | | | 山东 | 元/吨 | 2300.00 | 2315.00 | -15.00 | -0.65% | | 期现价格 | | 广东 | 元/吨 | 2290.00 | 2275.00 | 15.00 | 0.66% ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View The expectation of capacity reduction in South Korea's naphtha cracking has led to a rebound in the prices of olefin derivatives, which in turn has driven up the methanol price. However, the current situation at the port remains weak, with port inventories continuing to rise and downstream MTO in the maintenance cycle. The centralized maintenance period for coal - based methanol is gradually over, and the operating rate will increase in late August. This week, the inventory of inland factories has bottomed out and rebounded, while downstream orders have declined. For the downstream, formaldehyde is in a seasonal off - season and is waiting for a further bottom - up recovery [3]. 3. Summary by Directory I. Market News and Important Data - **Inland**: Q5500 Ordos thermal coal is 470 yuan/ton (unchanged), and the production profit of coal - to - methanol in Inner Mongolia is 655 yuan/ton (unchanged). Inland methanol prices vary by region, with Inner Mongolia North Line at 2070 yuan/ton (unchanged), Inner Mongolia South Line at 2080 yuan/ton (unchanged), Shandong Linyi at 2345 yuan/ton (+11), etc. The inventory of inland factories has increased to 310,793 tons (+15,220), and the order backlog has decreased to 207,370 tons (-11,995) [1]. - **Port**: Taicang methanol is 2305 yuan/ton (+25), CFR China is 259 US dollars/ton (-2). The total port inventory has increased to 1,075,960 tons (+54,160), and the downstream MTO operating rate is 83.12% (-0.77%). There are also various regional price differences [2]. II. Market Analysis The expectation of capacity reduction in South Korea's naphtha cracking has driven up the prices of olefin derivatives and methanol. But the port situation is weak, with rising inventories and MTO in maintenance. The coal - based methanol maintenance period is over, and the operating rate will increase. Inland factory inventories have rebounded, and downstream orders have decreased. Formaldehyde is in a seasonal off - season [3]. III. Strategy For single - side trading, inter - period trading, and cross - variety trading, the recommendation is to wait and see [4]. IV. Figures and Tables by Category - **Methanol Basis & Inter - period Structure**: There are figures showing methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and inter - period spreads between different futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][22]. - **Methanol Production Profit, MTO Profit, Import Profit**: Figures display the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and import profit (e.g., Taicang methanol - CFR China import spread) [6][26][30]. - **Methanol Operating Rate, Inventory**: Figures show methanol port total inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate [6][32][33]. - **Regional Price Differences**: Figures present price differences between different regions, such as Lubei - Northwest, East China - Inner Mongolia, etc. [6][37][45]. - **Traditional Downstream Profits**: Figures show the production profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [6][50][55].

| | LPG早报 | | | | | | | | 研究中心能化团队 2025/08/21 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 丙烷CFR华 丙烷CIF日 MB丙烷现 CP预测合 华南液化气 山东液化气 山东醚后碳四 山东烷基化油 主力基差 | 华东液化 | | | | | | | | 纸面进口 | | | | | 气 | | 南 | 本 | 货 | 同价 | | | 利润 | | | 2025/08/1 4 | 4365 | 4401 | 4420 | 565 | 535 | 69 | 521 | 4920 | 7810 | -302 | 507 | | 2025/08/1 5 | 4400 | 4410 | 4420 | 563 | 527 | 66 | 519 | 4930 | 7830 | -253 | 539 | | 2025/08/1 8 | 4450 | 4410 | 4440 | 561 | 5 ...