证券之星消息，截至2026年2月11日收盘，茂化实华(000637)报收于4.86元，上涨0.41%，换手率 2.64%，成交量9.61万手，成交额4669.32万元。 该股主要指标及行业内排名如下： | 指标 | 茂化实华 | 石油行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 25.27亿元 | 2430.79亿元 | ərin əsasən ərazi vahidində kənd. Bu mənist | | 净资产 | 6.58亿元 | 1921.21亿元 | 61 61 | | 净利润 | -9373.06万元 | 136.37亿元 | 17 19 | | 市盈率(动) | -20.22 | 42.8 | - 19 | | 市净率 | 4.55 | 2.78 | 17 19 | | 毛利率 | 2.51% | 18.66% | 18 19 | | 净利率 | -4.55% | 4.47% | 61 81 | | ROE | -15.58% | 1.3% | lər Tə | 茂化实华2025年三季报显示，前三季度公司主营收入23.04亿元，同比下降1 ...

Core Viewpoint - The company has upgraded its propane dehydrogenation unit to a mixed alkane dehydrogenation unit, significantly improving the utilization efficiency of mixed propane and butane feedstock, enhancing product flexibility and resilience against raw material supply fluctuations [1] Group 1 - The technical transformation allows for the production of high-value isobutylene, which can be used to manufacture downstream fine chemicals such as MTBE, TBA, and high-purity isobutylene [1] - The new product route enhances the company's ability to respond to market changes and strengthens the resilience of the industrial chain [1]

Group 1: Company Infrastructure and Operations - The company has a comprehensive public auxiliary facility system, including dual-loop power supply, steam pipeline network, nitrogen and compressed air systems, wastewater treatment, and hazardous waste disposal, which enhances operational stability and reduces costs [1] - The company’s carbon three industrial chain starts with propylene and extends upstream to propane dehydrogenation (PDH) and downstream to products like epoxy propylene and acrylic acid, improving supply chain resilience [2] Group 2: Product Development and Market Adaptation - The carbon four industrial chain is segmented into four pathways: butene, isobutylene, butane, and isobutane, allowing for dynamic adjustments based on market demand and maximizing value from raw materials to end products [2] - The company is enhancing existing product quality to penetrate high-end application scenarios, with key products like acetone entering the electronic cleaning agent market and new products like anhydrous tert-butanol and isopropanol being used in semiconductor cleaning [2] Group 3: Strategic Expansion and Future Directions - The company is actively exploring extensions into new fields such as environmentally friendly board materials and the industrialization of MMA into optical-grade PMMA, aiming for a transition from basic chemical raw materials to functional, high-purity, and customized materials [2]

1. Report Industry Investment Rating - The investment rating for liquefied petroleum gas is "oscillating" [1] 2. Core Viewpoints of the Report - In 2026, the Asian LPG market will remain relatively loose. The Far - East FEI price is expected to oscillate at a low level within a certain range, and the domestic PG price is also expected to follow the range - bound oscillation. The market needs to improve downstream chemical profits to stimulate additional demand and achieve re - balance of the trade flow. Otherwise, the US propane inventory may break through the historical high at the end of 2026 [4][5][114] 3. Summary by Relevant Catalogs 2025 Liquefied Petroleum Gas Market Review - In 2025, the liquefied petroleum gas market was greatly affected by unexpected macro and geopolitical events, with significantly amplified volatility and reduced weight of fundamental pricing. In different quarters, various events such as cold snaps, tariff wars, and regional conflicts had different impacts on the market price and trade flow [16][17][22] Trade Pattern Remains Unchanged, and Export Volume is Expected to Increase Steadily - **US**: In 2025, the US LPG production increased, mainly from associated gas and NGL. The export growth rate slowed down due to tariff disturbances and closed arbitrage windows. In 2026, with the expansion of terminal capacity, the export volume is expected to increase by about 7.3% [30][33][40] - **Middle East**: In 2025, the LPG export volume in the Middle East increased, mainly driven by Iran and Iraq. In 2026, the export volume is expected to increase by 3.5% due to the commissioning of gas fields and the high - base effect of crude oil production [50][51][55] Asian Chemical Demand Growth Slows Down - **Southeast Asia**: In 2025, the combustion demand in Southeast Asia, especially in India, Indonesia, and Vietnam, increased. In 2026, India's import growth is expected to slow down, while Indonesia and the Philippines' combustion demand will maintain a stable growth rate [65][66][75] - **PDH**: In 2025, China's PDH capacity increased, but the growth rate slowed down. In 2026, the new effective capacity is relatively limited, and the industry's operating rate is expected to increase slightly, corresponding to a demand increment of about 115 tons [76][80][81] - **Cracking Devices**: In 2025, China's new cracking capacity squeezed out the old - fashioned devices in Japan, South Korea, and Taiwan. In 2026, the cracking devices in these regions are not expected to have further incremental demand for LPG. In China, the cracking demand for LPG is expected to decrease by about 50 tons due to tariff and economic factors [87][88][98] Supply - Demand Balance Summary - **China**: In 2026, China's LPG market is expected to see a simultaneous increase in supply and demand, with a slightly looser fundamental situation. The domestic production is expected to increase by 1.5% to 5420 tons, and the import volume is expected to increase by about 125 tons [100][108] - **Global Trade Flow**: There is a supply - demand mismatch in the global LPG trade flow. About 365 tons of supply needs to find new outlets. It is necessary to improve the economy of chemical demand to stimulate additional demand and achieve re - balance [110] Investment Recommendations - The Far - East FEI price is expected to oscillate at a low level within a certain range, and the domestic PG price is expected to oscillate within the range of 3700 - 4700 yuan/ton. Strategies such as C3/C4 price ratio, MB propane reverse - arbitrage, and expanding the spread between the US Gulf and the Far - East can be considered [5][114][115]

茂化实华2025年三季报显示，前三季度公司主营收入23.04亿元，同比下降19.24%；归母净利润-9373.06 万元，同比上升18.15%；扣非净利润-1.09亿元，同比上升7.18%；其中2025年第三季度，公司单季度主 营收入8.23亿元，同比下降11.88%；单季度归母净利润-1107.15万元，同比上升45.76%；单季度扣非净 利润-2841.11万元，同比下降27.84%；负债率68.65%，投资收益242.89万元，财务费用2657.39万元，毛 利率2.51%。茂化实华（000637）主营业务：化工业务方面:聚丙烯(粉料)、液化气、特种白油、 MTBE、异丁烷、乙醇胺、工业过氧化氢(27.5%/35%)、双环戊二烯、加氢碳九、石油树脂、萘、重焦 油等石油化工产品的生产和销售。 证券之星消息，截至2026年2月9日收盘，茂化实华(000637)报收于4.82元，上涨0.84%，换手率3.87%， 成交量14.11万手，成交额6749.6万元。 2月9日的资金流向数据方面，主力资金净流入635.34万元，占总成交额9.41%，游资资金净流出231.22 万元，占总成交额3.43%，散户资金净流 ...

南华期货LPG产业周报 ——地缘增加盘面波动 戴一帆（投资咨询资格证号：Z0015428） 研究助理：沈玮玮（期货从业证书：F03140197 ） 联系邮箱：shenweiwei@nawaa.com 交易咨询业务资格：证监许可【2011】1290号 2026年02月08日 第一章 核心矛盾及策略建议 1.1 核心矛盾 当前影响LPG价格走势的核心矛盾有以下几点： 1）成本端原油市场震荡反复：中长期看原油一方面承受供应过剩的基本面的影响，另一方面受到地缘的影 响，短期地缘占据主导，本周原油价格在美伊局势变动中上下震荡，周五谈判完，目前据消息称伊朗拒绝放 弃其核燃料浓缩活动，而美方仍在对伊朗施压，特朗普表示下周将再次与伊朗谈判。 2）外盘丙烷本周偏震荡：中东地区发运量整体中性，到岸贴水依然较高；美国本周在寒潮影响在供应下滑， 库存维持去库状态，低产量下去库加快。截至本周五，FEI升贴水53.5（换月导致），CP升贴水-15。 丙烯-PDH-利润-FEI 3）内盘基本面较上周持稳：供应端本周依旧延续偏低的状态，到港量本周依然不高，港口库存在新增样本下 小幅累库，但炼厂商品量低位回升；需求端在PDH装置检修下延续偏弱 ...

该股主要指标及行业内排名如下： 茂化实华2025年三季报显示，前三季度公司主营收入23.04亿元，同比下降19.24%；归母净利润-9373.06 万元，同比上升18.15%；扣非净利润-1.09亿元，同比上升7.18%；其中2025年第三季度，公司单季度主 营收入8.23亿元，同比下降11.88%；单季度归母净利润-1107.15万元，同比上升45.76%；单季度扣非净 利润-2841.11万元，同比下降27.84%；负债率68.65%，投资收益242.89万元，财务费用2657.39万元，毛 利率2.51%。茂化实华（000637）主营业务：化工业务方面:聚丙烯(粉料)、液化气、特种白油、 MTBE、异丁烷、乙醇胺、工业过氧化氢(27.5%/35%)、双环戊二烯、加氢碳九、石油树脂、萘、重焦 油等石油化工产品的生产和销售。 证券之星消息，截至2026年2月5日收盘，茂化实华(000637)报收于4.68元，下跌1.89%，换手率3.78%， 成交量13.77万手，成交额6545.89万元。 2月5日的资金流向数据方面，主力资金净流出1145.11万元，占总成交额17.49%，游资资金净流入71.34 万元 ...

格隆汇2月5日丨齐翔腾达(002408.SZ)披露投资者关系活动记录表显示，公司当前主要装置均保持高负 荷运行状态，整体产能利用率持续稳定在90%以上，公司已构建起碳三碳四资源高效协同的产业格局； 其中，碳四产业链的主要产品涵盖甲乙酮、顺酐、顺丁橡胶、丁腈胶乳、MTBE、叔丁醇、异丁烯、甲 基丙烯酸、甲基丙烯酸甲酯等，是公司当前盈利的核心；碳三产业链则以丙烯为核心枢纽，延伸布局环 氧丙烷、丙烯酸、丙烯酸丁酯等产品，构建起差异化竞争优势；公司将充分发挥碳四产业链的核心竞争 优势，持续强化甲乙酮、顺酐等高附加值产品的市场主导地位；同时加快碳三产业链技术升级与产业链 再延伸节奏，推动碳三碳四产业链深度耦合与协同发展。 ...

格隆汇2月5日丨齐翔腾达(002408.SZ)披露投资者关系活动记录表显示，公司当前主要装置均保持高负 荷运行状态，整体产能利用率持续稳定在90%以上，公司已构建起碳三碳四资源高效协同的产业格局； 其中，碳四产业链的主要产品涵盖甲乙酮、顺酐、顺丁橡胶、丁腈胶乳、MTBE、叔丁醇、异丁烯、甲 基丙烯酸、甲基丙烯酸甲酯等，是公司当前盈利的核心；碳三产业链则以丙烯为核心枢纽，延伸布局环 氧丙烷、丙烯酸、丙烯酸丁酯等产品，构建起差异化竞争优势；公司将充分发挥碳四产业链的核心竞争 优势，持续强化甲乙酮、顺酐等高附加值产品的市场主导地位；同时加快碳三产业链技术升级与产业链 再延伸节奏，推动碳三碳四产业链深度耦合与协同发展。 ...

国泰君安期货·能源化工 C3产业链周度报告 国泰君安期货研究所 日期：2026年2月1日 陈鑫超 投资咨询从业资格号：Z0020238 赵书岑（联系人） 期货从业资格号：F03147780 Guotai Junan Futures all rights reserved, please do not reprint CONTENT 总结 01 LPG部分 02 丙烯部分 03 价格&价差 供应 需求&库存 价格&价差 平衡表 供应 需求 下游库存 Special report on Guotai Junan Futures 2 本周LPG观点：短期地缘扰动偏强，基本面驱动向下 供应 国产方面，液化气总商品量54.3万吨，较上周环比增加1.9%；其中，民用气商品量23.2万吨（+1.6%），醚后商品量16.9万吨（+2.9%）；伴随 炼厂负荷抬升，当前国内民用气商品量逐渐修复至历史同期中性偏低位，而醚后碳四商品量维持在24、25年水平。成本方面，美伊局势紧张， 原油周内宽幅震荡，对LPG价格扰动偏强；而寒潮扰动有限，美湾丙烷价格回落；中东2月CP出台，略高于市场预期，成本支撑持稳，现货贴水 则受3月供应回归预期 ...