证券之星消息，11月24日农化制品板块较上一交易日下跌1.02%，蓝丰生化领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。农化制品板块个股涨跌见下表： 从资金流向上来看，当日农化制品板块主力资金净流出7.38亿元，游资资金净流入2.8亿元，散户资金净 流入4.58亿元。农化制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600096 | 云天化 | 9735.99万 | 6.70% | 3288.30万 | 2.26% | -1.30 Z | -8.97% | | 603360 百傲化学 | | 4906.48万 | 11.35% | -2047.16万 | -4.74% | -2859.32万 | -6.62% | | 002545 东方铁塔 | | 4553.66万 | 11.42% | -235.31万 | -0.59% | ...

截至11月24日收盘，磷化工概念下跌0.88%，位居概念板块跌幅榜前列，板块内，清水源、聚石化学、 川能动力等跌幅居前，股价上涨的有21只，涨幅居前的有威领股份、天际股份、雅克科技等，分别上涨 10.03%、4.18%、3.00%。 资金面上看，今日磷化工概念板块获主力资金净流出8.60亿元，其中，33股获主力资金净流出，8股主 力资金净流出超5000万元，净流出资金居首的是华友钴业，今日主力资金净流出3.61亿元，净流出资金 居前的还有川发龙蟒、湖北宜化、澄星股份等，主力资金分别净流出1.44亿元、1.09亿元、9170.90万 元。今日主力资金净流入居前的概念股有云天化、中国化学、威领股份等，主力资金分别净流入 8575.67万元、7020.57万元、6252.37万元。（数据宝） | 603077 | 和邦生物 | -0.94 | 2.43 | 1710.13 | | --- | --- | --- | --- | --- | | 002470 | 金正大 | -0.55 | 2.78 | 2514.57 | | 002538 | 司尔特 | 2.57 | 2.86 | 2792.01 | | 0008 ...

化工板块今日（11月24日）延续回调态势，反映化工板块整体走势的化工ETF（516020）全天低位震荡，盘中场内价格一度跌超2%，午后跌 幅收窄，截至发稿，跌0.39%。 成份股方面，锂电、磷化工等前期热门板块跌幅居前。截至发稿，恩捷股份大跌超4%，宏达股份、川发龙蟒双双跌超3%，天赐材料、兴发集 团跌超2%，拖累板块走势。 开源证券指出，基础化工行业在"反内卷"政策推动下，新一轮供给侧改革呼之欲出，供需格局有望优化，龙头企业凭借规范管理和能耗优势将 扩大市场份额。农化制品中，磷化工、钾肥等子行业景气度较高，磷矿石价格维稳，钾肥需求稳增，国产产能稳步扩张。制冷剂行业进入配额 制后盈利显著修复，行业格局持续向好。化工资本开支接近尾声，供需修复进度或加快，行业有望迎来业绩和估值双重抬升。 从估值方面来看，数据显示，截至上个交易日（11月21日）收盘，化工ETF（516020）标的指数细分化工指数市净率为2.28倍，位于近10年来 38.04%分位点的相对低位，中长期配置性价比凸显。 展望后市，东莞证券指出，在"双碳"目标背景下，我国聚焦化工新材料、精细化工等前沿领域，出台一系列顶层设计，通过专项产业政策等措 施， ...

分红方面，云天化A股上市后累计派现88.89亿元。近三年，累计派现65.74亿元。 云天化今年以来股价涨45.98%，近5个交易日跌12.07%，近20日涨7.81%，近60日涨15.12%。 资料显示，云南云天化股份有限公司位于云南省昆明市滇池路1417号，成立日期1997年7月2日，上市日 期1997年7月9日，公司主营业务涉及化肥、磷矿采选、有机化工等。主营业务收入构成为：磷肥 27.99%，商品粮食19.87%，复合(混)肥12.51%，尿素10.28%，商贸化肥10.03%，其他5.25%，饲料级磷 酸钙盐4.14%，聚甲醛2.38%，其他商贸物流2.35%，磷矿石1.17%，液氨0.91%，黄磷0.89%，其他(补 充)0.89%，煤炭0.53%，磷酸0.44%，季戊四醇0.38%。 机构持仓方面，截止2025年9月30日，云天化十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1.21亿股，相比上期减少1.09亿股。鹏华中证细分化工产业主题ETF联接A（014942）位居第 四大流通股东，持股1917.77万股，为新进股东。南方中证500ETF（510500）位居第五大流通股东，持 ...

Core Viewpoint - The chemical industry has faced declining profits for three consecutive years since 2022, with some sectors experiencing intense competition and overall losses. However, there are signs of potential recovery driven by industry self-regulation and improved supply-demand balance, which may enhance profitability [1]. Group 1: Industry Performance - As of November 20, 2025, the CSI Sub-Industry Chemical Theme Index rose by 0.17%, with notable increases in stocks such as Hongda Co. (+8.66%), Tongcheng New Materials (+4.35%), and Salt Lake Co. (+3.71%) [1]. - The basic chemical industry's price-to-book (PB) ratio is currently close to the bottom levels observed in 2019 and 2024, indicating that the valuation remains low [1]. Group 2: Future Outlook - Huatai Securities predicts that the basic chemical sector may see an upward trend starting in 2026, suggesting a focus on resilient domestic and foreign demand as well as improved market conditions [1]. - Since June 2025, there has been a significant decline in capital expenditure growth within the industry, which, combined with self-regulation efforts, is expected to facilitate supply-side coordination and the elimination of outdated capacity [1]. - Domestic demand is anticipated to recover further, supported by exports to Asia, Africa, and Latin America, leading to a gradual recovery in bulk chemicals [1]. Group 3: Investment Opportunities - The top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 44.83% of the index, with major players including Wanhua Chemical and Salt Lake Co. [2]. - Investors can also explore investment opportunities in the chemical sector through the Chemical ETF (159129), which closely tracks the CSI Sub-Industry Chemical Theme Index [2][3].

Group 1: Oil and Gas - The oil supply-demand situation is under short-term pressure due to OPEC+ production increases, but medium to long-term oil prices are expected to have bottom support, with Brent crude oil price forecasts for 2025 and 2026 at $68 and $62 per barrel respectively [2][46] - The demand for natural gas in China is expected to continue growing, supported by low import costs, which will enhance profitability in the domestic industry chain [49] Group 2: Bulk Chemicals - A turning point in capital expenditure growth in the chemical raw materials and products industry has been observed since the second half of 2025, with expectations for a new round of recovery in 2026 driven by domestic demand improvements and export support [3][54] - The supply-demand situation for bulk chemical products is expected to improve, with policies supporting supply optimization and demand recovery anticipated to lead to a new round of prosperity [9][54] Group 3: Chemical Products and Fine Chemicals - The recovery in demand for chemical products and fine chemicals is expected to continue, driven by growth in sectors such as automotive, home appliances, military, and electronics, alongside cost improvements in raw materials [4][54] - The chemical industry is likely to see ongoing development in new materials and technologies, with a focus on high-end supply enhancement as emphasized in national policies [4][24] Group 4: Recommended Companies - The report recommends several companies for investment, including China Petroleum (A/H), China National Offshore Oil Corporation (A/H), and various chemical companies such as LUXI Chemical, Hualu Hengsheng, and Wanhua Chemical, indicating their potential for value reassessment and growth [7][23][24]

Group 1 - The core viewpoint of the articles indicates that the chemical sector is experiencing a significant price increase driven by specific sub-sectors such as lithium mining and phosphorus chemicals, which are expected to continue to perform well in the future [1][6] - The Wind Chemical Index (882101.WI) has shown a cumulative increase of over 12% from October 17 to November 17, significantly outperforming the Shanghai Composite Index's 1.43% during the same period [2][3] - The recent sharp decline in the chemical sector on November 18, with a drop of 3.45% in the Wind Chemical Index, raises questions about whether this is a market correction or an opportunity for further investment [5] Group 2 - The surge in the chemical sector is attributed to price hikes in products within the fluorochemical, phosphorus chemical, and organic silicon markets, reflecting strong demand and limited supply [3][4] - The influx of capital into chemical ETFs, with the Penghua Chemical ETF (159870.OF) seeing a net inflow of over 154 billion yuan in three months, highlights the market's recognition of the price increase logic in the chemical sector [4] - The current low price-to-book (PB) ratio of 2.2 indicates an increasing investment value in the chemical industry, particularly in phosphorus chemicals, which are experiencing supply-demand imbalances due to new demands from lithium battery materials [6]

Core Viewpoint - The phosphate chemical sector is experiencing a significant decline, with multiple companies facing substantial stock price drops [1] Company Performance - Fulin Precision Engineering and Qingshuiyuan both saw their stock prices drop by over 10% [1] - Annada reached its daily limit down, indicating severe market pressure [1] - Other companies such as Chengxing Co., Chuanjin Nuo, Hebang Biological, Yuntianhua, and Xingfa Group also experienced declines in their stock prices [1]

Core Insights - Yunnan Yuntianhua Co., Ltd. experienced a stock price decline of 2.01% on November 18, trading at 33.69 CNY per share with a market capitalization of 61.417 billion CNY [1] - The company has seen a year-to-date stock price increase of 62.68%, but a recent decline of 5.13% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Yuntianhua reported a revenue of 37.599 billion CNY, a year-on-year decrease of 19.53%, while net profit attributable to shareholders increased by 6.89% to 4.729 billion CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 8.889 billion CNY, with 6.574 billion CNY distributed over the last three years [3] Shareholder Information - As of November 10, 2025, the number of shareholders increased by 27.18% to 112,300, while the average number of circulating shares per person decreased by 21.37% to 16,233 shares [2] - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 10.9 million shares, while new shareholder Penghua Zhongzheng Subdivision Chemical Industry Theme ETF joined as the fourth-largest shareholder with 19.177 million shares [3]

Core Viewpoint - The chemical industry, previously labeled as "big and clumsy," is experiencing a resurgence, driven by supply-demand balance and technological advancements, positioning it as a high-growth sector worth 4 trillion yuan [5][10]. Supply-Demand Dynamics - Since September, the chemical sector index has surged over 60%, primarily due to price increases in battery chemicals [3]. - The industry has shifted from chaotic overcapacity to a more balanced supply-demand structure, aided by policy changes and strategic industry actions [6][9]. - The Ministry of Industry and Information Technology's "14th Five-Year Plan" has curtailed blind capacity expansion, reducing industry capacity growth from double digits to below 7% [9]. - Key resources like phosphate rock and fluorite are in tight supply, with demand from emerging industries like electric vehicles and energy storage expected to drive material demand growth over 50% by 2024 [9][10]. Competitive Landscape - The competition in the chemical sector has evolved from merely increasing production capacity to focusing on high-value-added products and technological advancements [11]. - Leading companies are investing significantly in fine chemicals and emerging materials, with over 30% of Wanhua Chemical's 25.24 billion yuan investment directed towards these areas [11]. - China's chemical industry has achieved over 60% global market share in basic and fine chemicals, enhancing its pricing power internationally [12]. Investment Opportunities - The chemical sector is undergoing a strategic revaluation, with expectations of improved profitability and valuation recovery, particularly as the global chemical export demand is projected to grow by 8%-10% by 2026 [13][10]. - Key investment themes include supply contraction, high-end product development, and green transformation, with a focus on companies that can manage supply-demand dynamics and possess strong technological barriers [14][15]. - The global chemical market is expected to exceed $5.2 trillion by 2030, with China's market reaching $1.9 trillion, indicating significant growth potential [17]. Conclusion - The chemical industry is transitioning from a low-end, overcapacity model to a global leader in high-value products, driven by technological innovation and strategic resource management [16][18].