今日重点推荐 2025 年 12 月 26 日 京东（JD）点评：国补高基数效应显现，新业务亏损预计收窄 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3960 | 0.47 | 2.32 | 2.15 | | 深证综指 | 2534 | 0.63 | 4.49 | 3.81 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 0.23 | 3.26 | 17.49 | | 中盘指数 | 0.44 | 6.33 | 26.92 | | 小盘指数 | 0.9 | 5.04 | 22.98 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 航天装备Ⅱ | 8.45 | 52.67 | 89.57 | | 电机Ⅱ | 3.9 | 6.47 | 38.59 | | 造纸Ⅱ | 3.68 | 9.68 | 20 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 市场数据： 2025 年 12 月 24 日 收盘价（元） 13.85 一年内最高/最低（元） 22.30/10.83 市净率 4.4 股息率%（分红/股价） 1.44 流通 A 股市值（百万元） 1,092 上证指数/深证成指 3,940.95/13,486.42 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 3.18 | | 资产负债率% | | 38.12 | | 总股本/流通 A 股（百万） | | 162/79 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 12-24 01-24 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 迪尔化工 沪深300指数 (收益率) 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 郑菁华 A ...

中泰证券股份有限公司 关于山东华阳迪尔化工股份有限公司 预计 2026 年日常性关联交易的核查意见 中泰证券股份有限公司（以下简称"保荐机构"）作为山东华阳迪尔化工股 份有限公司（以下简称"迪尔化工"或"公司"）向不特定合格投资者公开发行 股票并在北京证券交易所上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《北京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股票 上市规则》等相关规定和要求，对迪尔化工预计 2026 年日常性关联交易的事项 进行了核查，具体情况如下： 一、日常性关联交易预计情况 单位：元 | 关联交易 | 主要交易 | 预计 | 2026 年发 | 2025年与关联方 实际发生金额 | 预计金额与上年实 际发生金额差异较 | | | --- | --- | --- | --- | --- | --- | --- | | 类别 | 内容 | | 生金额 | 月） （1-11 | 大的原因（如有） | | | 购买原材料、 燃料和动力、 接受劳务 | 阀 门 校 验 等 零星服务 | | 50,000.00 | 8,801.89 | 根据公司 2026 营计划进行调整 | 年经 ...

证券代码：920304 证券简称：迪尔化工 公告编号：2025-097 名称：山东华阳农药化工集团有限公司（以下简称"华阳集团"） 住所：山东省泰安市宁阳县宁阳经济开发区化工园区华阳路 1 号 企业类型：其他有限责任公司 山东华阳迪尔化工股份有限公司 关于预计 2026 年日常性关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、 日常性关联交易预计情况 （一） 预计情况 单位：元 | | | 预计 2026 年发 | 2025 年与关联方 | 预计金额与上年实际发 | | | --- | --- | --- | --- | --- | --- | | 关联交易类别 | 主要交易内容 | 生金额 | 实际发生金额 | 生金额差异较大的原因 | | | | | | （1-11 月） | | | | 购买原材料、 | 阀门校验等零星 | 50,000.00 | 8,801.89 | 根据公司 2026 | 年经营 | | 燃料和动力、 | 服务 | | | 计划进行调整 | | | 接受劳务 ...

山东华阳迪尔化工股份有限公司（以下简称"公司"）年产20万吨熔盐储 能项目（一期）的建设内容为10万吨/年硝酸钠生产装置，该装置目前采用以液 碱（氢氧化钠）为主要原材料的生产工艺。为实现原料多元化，达成更佳的经 济效益，公司拟于近期开展对年产20万吨熔盐储能项目（一期）的技术改造， 增加以纯碱（碳酸钠）作为生产原材料的相关设备工段并对现有装置进行部分 调整，上述技术改造预计不会改变装置产能，改造周期约为3个月。 本次改造系公司基于市场行情以实现原料多元化为目的进行的优化，虽然 短期内可能影响硝酸钠产品的供销，长期而言符合公司发展战略和生产经营需 要。公司已妥善安排改造相关工作，预计此次技术改造不会对公司的生产经营 活动造成重大不利影响。 证券代码：920304 证券简称：迪尔化工 公告编号：2025-098 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 公司将持续关注本次改造的进展，并按照相关法规及时履行信息披露义务。 请广大投资者注意投资风险。 特此公告。 山东华阳迪尔化工股份有限公司 董事会 20 ...

一、会议召开和出席情况 （一）会议召开情况 证券代码：920304 证券简称：迪尔化工 公告编号：2025-096 山东华阳迪尔化工股份有限公司 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 1.会议召开时间：2025 年 12 月 12 日 2.会议召开地点：泰安市宁阳县经济开发区葛石路 06 号迪尔化工会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 12 月 2 日以书面方式发出 5.会议主持人：董事长孙立辉先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开符合《公司法》《公司章程》及《董事会议事规则》 的相关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 1,005.00 万元,具体情况如下： 公司拟向山东华阳农药化工集团有限公司（以下简称"华阳集团"）销售硝酸 产品，预计金额不超过 1,000.00 万元；向华阳集团采购阀门校验等零星服务， ...

Investment Rating - The report does not explicitly state an investment rating for the industry [23] Core Insights - The market is experiencing low trading volumes and weak consolidation, with a focus on fundamental and mid-to-long-term logic [1] - On November 26, the North Exchange A-share trading volume reached 14.009 billion yuan, a decrease of 0.164 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1391.00, down 0.42% [2][9] - The report highlights a significant divergence in market hotspots, with high turnover thematic stocks and specialized innovative companies showing active performance [5] Summary by Sections Market Review - On November 26, 284 companies listed on the North Exchange saw 61 rise, 5 remain flat, and 218 decline [16] - The top five gainers were Zhu Laoliu (up 13.2%), Hongxi Technology (up 10.8%), Kaide Quartz (up 5.3%), Xin Ganjiang (up 5.2%), and Dapeng Industrial (up 4.1%) [16] - The top five decliners were Deer Chemical (down 7.3%), Rongyi Precision (down 6.5%), Boxun Biology (down 6.0%), *ST Yunchuang (down 5.8%), and Luqiao Information (down 5.5%) [16] Important News - Six departments issued a significant document aimed at enhancing the adaptability of supply and demand for consumer goods, targeting the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [3] - The "Infrastructure Classification" draft for comments is expected to accelerate the integration of vehicle-road-cloud systems into the standard system [19] Key Company Announcements - Vision Intelligence reported a reduction in shareholding by major shareholders, decreasing from 56.94% to 55.93% [20] - Jianbang Technology received a patent for a vehicle wiper assembly control system [21] - Boxun Biology obtained three patents for various AI and control systems [21]

Summary of Key Points Core Viewpoint - The trading volume on the Beijing Stock Exchange (BSE) reached 633 million shares with a total transaction value of 14.009 billion yuan, reflecting a decrease of 168 million yuan compared to the previous trading day. A total of 61 stocks closed higher, while 218 stocks closed lower [1]. Trading Performance - The stocks with the highest closing price increases included Zhu Laoliu (up 13.18%), Hongxi Technology (up 10.80%), and Kaide Quartz (up 5.27%) [1]. - The stocks with the largest declines were Deer Chemical (down 7.30%), Rongyi Precision (down 6.52%), and Boxun Biology (down 5.98%) [1]. Transaction Details - A total of 39 stocks had transaction values exceeding 100 million yuan, with the highest being Dapeng Industrial (588.12 million yuan), Tietuo Machinery (368.57 million yuan), and Better Ray (290.79 million yuan) [1]. - The trading activity showed that 14 stocks had a turnover rate exceeding 10%, with 4 stocks exceeding 20%. The highest turnover rates were for Dapeng Industrial (69.22%), Tietuo Machinery (29.98%), and Zhu Laoliu (21.64%) [1]. Stock Performance Table - A detailed table lists various stocks, their closing prices, percentage changes, turnover rates, and transaction values, highlighting the performance of individual stocks on the BSE [2][3][4][5][6][7][8][9][10].

Group 1 - The overall performance of the chemical new materials industry in the Beijing Stock Exchange is improving, with many companies reducing losses or turning profitable in the first three quarters of 2025. However, some companies are still affected by industry downturns, leading to a year-on-year decline in performance for Q1-Q3 2025 [2][10][18] - The average Return on Equity (ROE) for the chemical new materials industry in Q1-Q3 2025 is 4%, an increase of 1 percentage point compared to the same period in 2024. The overall gross profit margin is 17.7%, and the net profit margin is 5.2%, both showing improvement year-on-year [17][18] - The battery materials sector has shown remarkable performance, achieving a net profit attributable to shareholders of 525 million yuan, a year-on-year increase of 244%. The chemical products sector follows with a net profit of 716 million yuan, up 66% year-on-year [18][19] Group 2 - The chemical new materials industry on the Beijing Stock Exchange experienced a slight decline of 0.23% this week, while the battery materials sector performed well with a weekly increase of 11.45% [3][25][26] - Notable individual stock performances this week include: Andar Technology (+20.38%), Jinhua New Materials (+13.28%), and Deer Chemical (+11.13%) [30][32] - The price trends of various chemical products show fluctuations, with Brent crude oil priced at $66.43 per barrel, and MDI at 19,150 yuan per ton, reflecting a weekly increase of 2.41% [35][36]

Group 1 - The core point of the article is that Deer Chemical (stock code: 920304) was listed on the trading leaderboard on November 4, 2025, due to a high turnover rate of 24.99% and significant trading volume [1][3] - The total trading volume for Deer Chemical on that day was 19.6998 million shares, with a total transaction value of 299 million yuan [1][3] - The top buying seat was from Guosen Securities Co., Ltd. Shenzhen Internet Branch, which purchased approximately 8.93 million yuan worth of shares, while the top selling seat was from Northeast Securities Co., Ltd. Foshan Branch, which sold approximately 10.38 million yuan worth of shares [1][2] Group 2 - The trading data shows that the second highest buying seat was from Dongfang Caifu Securities Co., Ltd. Lhasa East Ring Road Second Securities Branch, with a purchase amount of approximately 6.53 million yuan [2] - The third highest buying seat was from China Merchants Securities Co., Ltd. Shenzhen Qianhai Road Securities Branch, with a purchase amount of approximately 6.27 million yuan [2] - The selling activities were dominated by Northeast Securities Co., Ltd. Foshan Branch, which had the highest selling amount of approximately 10.38 million yuan, followed by Guosen Securities Co., Ltd. Shenzhen Internet Branch with a selling amount of approximately 7.66 million yuan [2]