证券日报网讯同益股份（300538）8月13日在互动平台回答投资者提问时表示，公司复合材料板棒材生 产产品涵盖PEEK、PEI、PPS、PA6、PA66、ABS、PC、POM、HDPE、PP等中高端工程塑料板棒材和 零部件产品，由于其具有耐磨、耐振动、耐腐蚀、防静电等诸多优良特性，可被广泛应用于无人机、新 能源汽车、半导体、军工装备、智能自动化设备、光伏、高铁、医疗器械、桥梁基建等多个应用场景。 ...

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Insights - The report emphasizes the need for a multi-dimensional approach to address "involution" in the chemical industry, focusing on supply, demand, and government collaboration [1][3][25] - Recent policies from various government bodies aim to regulate costs, manage carbon emissions, and eliminate outdated production methods to combat "involution" [2][43] - The report identifies high concentration and deep losses in specific sub-industries as key areas for intervention, suggesting that these sectors may be more amenable to achieving "anti-involution" goals [3][4] Summary by Sections Section 1: Addressing "Involution" in Competition - The National Development and Reform Commission (NDRC) has released guidelines to address the causes of "involution" and proposed measures for local governments and enterprises [1][12] - The report highlights the importance of establishing product standards and improving the efficiency of accounts receivable collection to mitigate "involution" [26][32] Section 2: Recent Policy Developments - Recent updates to the Price Law and other regulations aim to strengthen cost supervision and adjust pricing mechanisms to combat "involution" [2][39] - The NDRC has introduced a new framework for energy efficiency reviews and carbon emission evaluations for fixed asset investment projects, targeting high-energy-consuming projects [43][46] Section 3: Multi-Dimensional Analysis of Chemical Sub-Industries - The report analyzes 127 chemical sub-industries based on capacity, concentration, and profitability, identifying those with high loss levels and concentration as potential targets for "anti-involution" measures [4][11] - Specific industries such as soda ash, polyurethane, and organic silicon are highlighted as areas of interest due to their alignment with the identified criteria [4][29] Section 4: Recommendations for Industry Improvement - The report suggests enhancing industry self-regulation, increasing innovation, and establishing standards to facilitate the orderly exit of outdated capacities [36][34] - It emphasizes the need for a coordinated approach between industry policies and competition policies to ensure sustainable development [24][38]

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [7]. Core Insights - The report highlights significant price increases in TDI and Vitamin D3, suggesting a focus on the TDI and organic silicon sectors [1][5]. - The chemical sector outperformed the market, with a weekly increase of 1.77%, surpassing the Shanghai A-share index by 1.08 percentage points [2][15]. - Key stocks that performed well include Dongcai Technology (+33.16%) and Cangzhou Dahua (+28.47%), while stocks like Guangxin Materials (-9.26%) and Ando A (-9.05%) saw declines [2][15]. Industry Performance - In the third week of July, 20 sub-industries within the chemical sector saw increases, with the top five being modified plastics (+7.42%) and phosphate chemicals (+7.41%) [3][19]. - The dynamic PE ratio for the chemical sector is reported at 25.83 times, which is lower than the average PE of 30.02 times since 2015 [2][15]. Price and Spread Trends - The report lists the top five products with the highest weekly price increases: liquid chlorine (+21.78%), TDI (+18.83%), and Vitamin D3 (+10%) [4][22]. - The report also notes significant changes in price spreads, with the ethylene spread increasing by 81.82% and PTA spread decreasing by 357.81% [4][43]. Inventory Changes - Notable inventory changes include an increase in epoxy propane (+11.97%) and a decrease in ethylene (-8.57%) [5][61]. Recommendations - The report suggests monitoring companies such as Cangzhou Dahua and Wanhua Chemical due to the significant rise in TDI prices [5]. - Attention is also drawn to organic silicon producers like Xin'an Chemical and Xinfeng Group, following a fire incident affecting supply [5].

1. Report Industry Investment Rating - The rating for styrene is "Oscillating" [1] 2. Core Viewpoints of the Report - Pure benzene valuation has shifted from continuous decline to an oscillating phase, and attention should be paid to whether the demand side can create an expected difference. Styrene's supply - demand structure is expected to weaken marginally in stages, with the variable being ethane supply. In the second half of the year, pure benzene's supply - demand is generally balanced, with BZN likely to first rebound and then bottom out again. Styrene's non - integrated profit margin may weaken quarter - on - quarter, and the idea of trading spreads should change from widening at low levels to range - bound operations [1][2][3] 3. Summary According to the Directory 3.1上半年核心交易逻辑在于纯苯估值压缩 - In the first half of 2025, styrene prices fluctuated. In the first quarter, driven by positive expectations, prices initially rose, but then supply increased and pure benzene demand was over - drawn, causing prices to decline. In the second quarter, styrene's supply - demand was not bad, but pure benzene's valuation continued to decline, and styrene's absolute price mainly followed oil price fluctuations [15][16] 3.2统苯估值压降的趋势何时能够反转? 3.2.1上半年纯苯估值承压下行的成因 - In the first half of 2025, pure benzene supply was abundant due to a significant increase in imports. The high import volume was caused by the weakening of the US Gulf pure benzene structure and the weakening of European chemical demand. Although pure benzene demand was not bad overall, the growth rate of non - styrene downstream demand slowed down, leading to poor seasonal de - stocking and making pure benzene a short - position target [22][24][26] 3.2.2因其生产特性问题,估值压降对纯苯供应挤出的力度相对较弱 - Due to the by - product nature of pure benzene production, the impact of valuation changes on supply is relatively weak. Petroleum benzene supply is stable, and marginal reduction mainly depends on disproportionation load reduction. The supply of hydro - benzene is also difficult to squeeze due to the by - product nature of its raw material, crude benzene. There are still new pure benzene production capacities to be released in the second half of the year [30][35][40] 3.2.3纯苯直接下游正在回归、后续将考验终端承接能力 - The weighted output of pure benzene's direct downstream is expected to increase, which will improve the supply - demand structure marginally. However, the sustainability of the improvement depends on the terminal's ability to absorb the products. Different downstream sectors of pure benzene will show differentiation in the second half of the year, with an estimated weighted demand growth rate of around 5.5% [47][49] 3.2.4纯苯下半年供需预期整体较为平衡,BZN或从持续下行转为震荡运行 - In the second half of the year, pure benzene's supply - demand is generally balanced, with an estimated supply growth rate of around 5.8% - 5.9% and a demand growth rate of around 5.5%. The BZN is expected to shift from continuous decline to an oscillating pattern, with a possible bottom - seeking after a short - term rebound. The lower limit of BZN is expected to be around $90 - 120/ton [54][55] 3.3上半年苯乙烯格局优于纯苯,但也推动部分长停装置回归压制远月预期 3.3.1苯乙烯供应面的压力下半年或继续增加 - In the first half of 2025, styrene supply was high in the first quarter and decreased in the second quarter due to maintenance. In the second half of the year, supply pressure is expected to increase as existing production resumes, long - shut - down plants restart, and new capacities are put into operation. The potential variable is the supply of ethane [60][61] 3.3.2上半年苯乙烯下游3S增量亮眼,下半年关注家电端贡献是否会边际转弱 - In the first half of 2025, styrene demand grew by about 13%, mainly driven by the growth of ABS and PS. The reasons include the low base in 2024 and the boost from national subsidies and early export rush. In the second half of the year, the contribution of the home appliance sector may weaken due to the possible adjustment of national subsidies and the pressure on home appliance exports. However, the export of intermediate products such as ABS and PS may offset some of the negative impact [67][70][73] 3.3.3地产端再度回归疲态、静待政策加码 - In the first quarter of 2025, the real estate market showed signs of recovery, but in the second quarter, it weakened again. The decline in the completion end of real estate has dragged down styrene demand. The progress of special bond acquisitions of idle land and the optimization of existing policies should be monitored [82][86][90] 3.3.4总结：下半年苯乙烯绝对价格或更多依赖成本端纯苯指引 - In the second half of the year, styrene's supply pressure will increase, and demand growth may slow down to 5% - 8%. The non - integrated profit margin is expected to weaken, and the absolute price of styrene is likely to be more influenced by pure benzene [94][95] 3.4投资建议 - For pure benzene, consider going long on BZN near the lower limit as the risk - reward ratio may be better. For styrene, change the trading strategy from widening spreads at low levels to range - bound operations, with the EB - BZ spread expected to be in the range of 1200 - 1500 yuan/ton (fluctuating with ethylene and pure benzene prices). Also, pay attention to the resolution of the ethane import issue [3][96][97]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The demand for pure benzene is dragged down by aniline and CPL. The low price difference between the US and South Korea in the pure benzene market increases the pressure of South Korean pure benzene being shipped to China. The maintenance periods of caprolactam and aniline, along with high inventory pressures in PA6 and MDI, and the concentrated maintenance period of styrene in April, all contribute to the weak processing fees of pure benzene [1][2]. - For styrene, with more maintenance, the port inventory continues to decline, and the processing profit has rebounded. In the short - term, it reflects the concerns about the shutdown of styrene plants using ethane from the US due to high tariffs. In the medium - term (May), as the styrene operation rate rises, there is pressure for the production profit to decline again. The recent price fluctuations are mainly driven by tariff policies [2]. - The recommended strategy is to cautiously short - hedge [3]. 3. Summary by Relevant Catalogs EB& Pure Phenyl Difference Structure and Related Spreads - Pure benzene: The port inventory is 14.20 million tons (+0.15 million tons), the CFR China processing fee is 194 dollars/ton (-21 dollars/ton), the FOB South Korea processing fee is 180 dollars/ton (-15 dollars/ton), the US - South Korea price difference is - 12.6 dollars/ton (+28.2 dollars/ton), and the East China pure benzene spot - M2 spread is 40 yuan/ton (-10 yuan/ton) [1]. - Styrene: The main contract basis is 195 yuan/ton (+77 yuan/ton), the non - integrated production profit is - 89 yuan/ton (-34 yuan/ton), and it is expected to gradually compress [1]. EB& Pure Benzene Operation and Inventory - Pure benzene: The East China port inventory is 14.20 million tons (+0.15 million tons) [1]. - Styrene: The East China port inventory is 95,600 tons (-23,400 tons), the East China commercial inventory is 70,100 tons (-12,900 tons), and the operation rate is 68.4% (-4.9%) [1]. Downstream Operation and Production Profit - EPS: The production profit is 351 yuan/ton (+10 yuan/ton), and the operation rate is 47.09% (-6.52%) [1]. - PS: The production profit is - 99 yuan/ton (+10 yuan/ton), and the operation rate is 61.10% (-3.50%) [1]. - ABS: The production profit is 1001 yuan/ton (+32 yuan/ton), and the operation rate is 67.65% (-0.95%) [1]. Pure Benzene Downstream Production Profit - There is no specific numerical data provided in the text for the production profit of pure benzene downstream products, but it is mentioned that the maintenance of caprolactam and aniline affects the demand for pure benzene, and PA6 and MDI have high inventory pressures [2].