证券分析师 S (HT14) | 2025 年 10 月 19 日 相关研究 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 申万宏源研究微信服务号 太自粉大厂开启全球化? 行业底部修复机遇 --《化工周报 25/10/13-25/10/17》 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 当前时点的化工宏观判断。原油：供应方面，预期非 OPEC 引领原油产量提升 OPEC+存 ...

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 19 日 钛白粉大厂开启全球化布局，重视 行业底部修复机遇 看好 ——《化工周报 25/10/13-25/10/17》 本期投资提示： 请务必仔细阅读正文之后的 ...

每经AI快讯，东岳集团(00189.HK)再跌超7%，本周累计跌幅已超16%。截至发稿，跌5.89%，报10.54港 元，成交额4.01亿港元。 ...

Core Viewpoint - Dongyue Group (00189) has experienced a significant decline in stock price, dropping over 7% in a single day and more than 16% for the week, primarily due to poor financial performance from its subsidiary Dongyue Silicon Materials [1] Financial Performance - Dongyue Silicon Materials (300821.SZ) is expected to report a net profit decline of approximately 96.27% to 97.40% year-on-year for the first three quarters [1] - The net profit, excluding non-recurring gains and losses, is anticipated to decrease by about 87.10% to 88.14% year-on-year [1] Market Impact - The decline in sales revenue and gross margin is attributed to the fluctuating prices of silicone products [1] - Operational losses due to a fire incident at the synthetic phase B bed have negatively impacted the company's performance [1]

消息面上，东岳集团此前发布公告，公司非全资附属公司东岳硅材（300821）(300821.SZ)前三季度净 利润预计同比下降大约96.27%至97.40%；扣除非经常性损益后的净利润预计同比下降大约87.10%至 88.14%。期间，受有机硅产品价格震荡下行影响，公司主要产品销售收入及毛利率下降；及因合成三 期B床发生火灾事故产生的停工损失对业绩造成不利影响。 东岳集团(00189)再跌超7%，本周累计跌幅已超16%。截至发稿，跌5.89%，报10.54港元，成交额4.01亿 港元。 ...

Group 1 - Ctrip (TCOM.US) increased by 0.96% after announcing a long-term strategic partnership with Live Nation Asia to integrate travel and live music experiences in key Asian markets [2] - Toyota (TM.US) rose by 1.44% as it plans to launch its first mass-produced solid-state battery vehicle by 2027, aiming for advancements in range, charging speed, and performance [3] - New Energy (02688) surged over 2% due to a reasonable privatization plan, with institutions indicating potential progress in Q4 [3] - JD Health (06618) increased over 2% as Morgan Stanley noted the company's steady performance in Q3, providing upward potential for its FY25 targets [3] - XPeng Motors (09868) rose over 1% after signing an order agreement for 600 flying cars in the Middle East [3] Group 2 - Gao Xin Technology (03800) increased over 4% after announcing the completion of issuing 1.015 billion shares based on subscription and placement agreements [3] - InnoCare (02577) surged over 7% after announcing a collaboration with NVIDIA to provide a full GaN power solution for 800 VDC power architectures [3] - Hesai (HSAI.US) rose by 6.71% after announcing the production of its 1 millionth lidar unit by the end of September 2023, becoming the first company to achieve this milestone [3] - Baidu (BIDU.US) increased by 3.31% as Macquarie upgraded its investment rating from "Neutral" to "Outperform" due to Baidu's shift towards diversified revenue sources [3] - Tesla (TSLA.US) rose by 5.42% as it reportedly delivered over 240,000 vehicles in Q3 [3]

每经AI快讯，10月14日，港股东岳集团(00189.HK)现跌超4%，截至发稿，跌4.41%，报11.91港元，成 交额1.25亿港元。 ...

Core Viewpoint - Dongyue Group's stock has dropped over 4%, currently trading at HKD 11.91, with a trading volume of HKD 125 million due to significant profit decline expectations from its subsidiary Dongyue Silicon Materials [1] Financial Performance - Dongyue Silicon Materials (300821.SZ) expects a net profit decline of approximately 96.27% to 97.40% year-on-year for the first three quarters [1] - The net profit, excluding non-recurring gains and losses, is anticipated to decrease by about 87.10% to 88.14% year-on-year [1] Market Impact - The decline in sales revenue and gross margin is attributed to the fluctuating prices of silicone products [1] - Operational losses due to a fire incident affecting the synthetic third-phase B bed have negatively impacted performance [1]

消息面上，东岳集团发布公告，公司非全资附属公司东岳硅材(300821.SZ)前三季度净利润预计同比下 降大约96.27%至97.40%；扣除非经常性损益后的净利润预计同比下降大约87.10%至88.14%。期间，受 有机硅产品价格震荡下行影响，公司主要产品销售收入及毛利率下降；及因合成三期B床发生火灾事故 产生的停工损失对业绩造成不利影响。 智通财经APP获悉，东岳集团(00189)现跌超4%，截至发稿，跌4.41%，报11.91港元，成交额1.25亿港 元。 ...

东岳集团(00189)发布公告，公司非全资附属公司山东东岳有机硅材料股份有限公司(300821.SZ)截至 2025年9月30日止九个月归属于其股东的净利润预计同比下降大约96.27%至97.40%;扣除非经常性损益后 的净利润预计同比下降大约87.10%至88.14%。 ...