2025 年 10 月 14 日 相关研究 苏研究报 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 申万宏源研究微信服务号 Q3 淡季叠加成本走高，周期 日落, 化工密利季节 1787 基础化工 2025 年 Q3 业绩前瞻 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 25Q3 下游传统淡季，化工品价格高位回落，油煤价格环比走高，但农化等细分行业高需求支撑业绩。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月14日，磷化工板块盘初拉升，澄星股份4连板，粤桂股份涨停，六国化工、宏达股 份、云天化、兴发集团跟涨。 ...

市场表现上，机构扎堆调研股中，近5日上涨的有23只，涨幅居前的有威力传动、四方达、当升科技 等，涨幅为13.33%、11.74%、11.33%；下跌的有20只，跌幅居前的有腾景科技、惠城环保、吉比特 等，跌幅为15.91%、13.77%、11.55%。（数据宝） 近5日机构调研股一览 近5日机构合计调研120家公司，容百科技、首创环保、移远通信等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（9月29日至10月13日）约120家公司被机构调研，调研机构类型显 示，证券公司共对103家公司进行调研，即85.83%的上市公司调研活动有证券公司参与；基金公司调研 90家，位列其后；保险公司调研60家，排名第三。 机构调研榜单中，共有43家公司获20家以上机构扎堆调研。容百科技最受关注，参与调研的机构达到 160家；首创环保被119家机构调研，榜单中排名第二；移远通信、九丰能源等分别被116家、110家机构 调研。 机构调研次数来看，有6家公司被机构调研2次，分别是西藏旅游、新光光电、西藏药业等，机构调研最 为密集。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有14只，隆基绿能近5日净流入资 ...

截至10月10日收盘，草甘膦概念上涨1.92%，位居概念板块涨幅第5，板块内，15股上涨，江山股份、 安道麦A、红太阳等涨幅居前，分别上涨6.34%、3.97%、3.92%。跌幅居前的有和邦生物、颖泰生物 等，分别下跌1.75%、0.23%。 今日涨跌幅居前的概念板块 资金流入比率方面，新安股份、国光股份、江天化学等流入比率居前，主力资金净流入率分别为 11.20%、10.47%、3.97%。（数据宝） 草甘膦概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600596 | 新安股 份 | 1.21 | 1.75 | 2889.88 | 11.20 | | 600141 | 兴发集 团 | 2.18 | 2.71 | 2787.64 | 3.07 | | 300927 | 江天化 学 | 3.37 | 3.72 | 562.54 | 3.97 | | 002215 | 诺普信 | 1.43 | 2.72 ...

中控技术"工业具身智能"在兴发集团成功落地，其通过时间序列大模型TPT与通用控制系统UCS的深度 协同，首次实现工业AI从"虚拟思考"到"物理执行"的闭环赋能，助力实现装置现场无人化、生产设备自 动化、过程控制智能化、工厂管理数字化和经营决策数据化，获得效率提升超90%、建设成本下降 60%、生产效益提升1%-3%的显著成果，推动行业从"自动化"阶段正式迈向"自主化"新阶段。（科创板 日报） ...

转债代码：110089 转债简称：兴发转债 证券代码：600141 证券简称：兴发集团 公告编号：临2025-047 湖北兴发化工集团股份有限公司 关于2025年第三季度可转债转股结果暨股份变动的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： ●累计转股情况：兴发转债于2023 年3 月28 日起开始转股，截至2025 年9 月30 日，累计244,000 元兴发转债已转换成公司股票，累计转股数为6,810 股， 占该可转债转股前公司已发行股份总额的0.00061%。 ●本季度转股情况：自2025 年7 月1 日至2025 年9 月30 日累计转股金额为 4,000 元，转股股数为140 股。 一、可转债发行上市概况 根据中国证券监督管理委员会《关于核准湖北兴发化工集团股份有限公司公 开发行可转换公司债券的批复》（证监许可【2022】1904 号），湖北兴发化工集 团股份有限公司（以下简称"公司"）于2022 年9 月22 日公开发行了2,800 万 张可转换公司债券（转债简称"兴发转债"，转债 ...

Core Viewpoint - The Shanghai Composite Index has surpassed the 3900-point mark, indicating a bullish trend in the market, particularly in the chemical sector, driven by the elimination of outdated production capacity and improved industrial profits [1] Group 1: Market Performance - The Shanghai Composite Index continued its upward trend in the afternoon session, breaking the 3900-point threshold [1] - The China Securities Index for the petrochemical industry rose approximately 2.4%, with significant gains in constituent stocks such as Hangzhou Oxygen Plant, Hebang Biotechnology, and Yilong Lake [1] - The Petrochemical ETF (159731) followed the index's upward movement [1] Group 2: Industry Insights - Guosen Securities anticipates that the implementation of outdated capacity elimination will optimize the supply side of the chemical industry, enhancing overall competitiveness [1] - In August, the total profit of industrial enterprises above designated size increased by 20.4% year-on-year, a significant turnaround from July's -1.5%, signaling stabilization in the industrial economy [1] - The growth in profits is attributed to a low base from the previous year and effective macroeconomic policies, particularly the "anti-involution" measures that have regulated competition and stabilized industrial prices [1] Group 3: ETF and Sector Composition - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Index for the petrochemical industry [1] - The basic chemical industry accounts for 61.93% of the sector distribution, while the oil and petrochemical industry represents 30.84% [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, and Yilong Lake, collectively accounting for 55.12% of the total weight [1]

10月9日，兴发集团盘中上涨2.02%，截至10:56，报28.74元/股，成交4.94亿元，换手率1.58%，总市值 317.08亿元。 分红方面，兴发集团A股上市后累计派现48.14亿元。近三年，累计派现28.69亿元。 责任编辑：小浪快报 资料显示，湖北兴发化工集团股份有限公司位于湖北省宜昌市伍家岗区沿江大道188-9号兴发大厦，成 立日期1994年8月17日，上市日期1999年6月16日，公司主营业务涉及从事磷矿石的开采及销售,磷酸 盐、磷肥、草甘膦、有机硅等化工产品的生产和销售以及贸易业务。主营业务收入构成为：特种化学品 17.88%，农药17.57%，商贸物流17.19%，其他14.22%，肥料13.16%，矿山采选10.60%，有机硅系列 9.37%。 兴发集团所属申万行业为：基础化工-农化制品-磷肥及磷化工。所属概念板块包括：草甘膦、化肥、生 物农药、磷化工、氟化工等。 截至9月10日，兴发集团股东户数4.90万，较上期减少1.19%；人均流通股22537股，较上期增加1.21%。 2025年1月-6月，兴发集团实现营业收入146.20亿元，同比增长9.07%；归母净利润7.27亿元，同比减少 ...

Group 1 - The core viewpoint indicates that the chemical industry is experiencing mixed performance, with some products seeing price increases while others decline, influenced by external factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][2] - Key products with significant price increases this week include synthetic ammonia (up 8.58%), lithium battery electrolyte (up 5.71%), and aniline (up 3.90%), while natural gas saw a notable decline of 7.90% [1][2] - The overall chemical industry remains weak, with varying performance across sub-sectors, largely due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [2] Group 2 - Investment opportunities are suggested in areas such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [2] - Specific recommendations include focusing on the glyphosate sector, which is showing signs of recovery, and selecting companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [2] - The report emphasizes the importance of domestic demand in the chemical industry, particularly for nitrogen and phosphate fertilizers, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for their robust market positions [2]

Core Insights - The core viewpoint of the article is the successful implementation of the "Industrial Embodied AI" system, which integrates the TPT time-series model and UCS universal control system, enabling real-time execution in industrial processes, thus transitioning from automation to autonomy [1][3]. Group 1: Technology and Implementation - The "Industrial Embodied AI" system has been successfully deployed at Hubei Xingrui Chemical, demonstrating a closed-loop process that integrates perception, cognition, decision-making, and execution in real production environments [1]. - The TPT model focuses on industrial time-series data, such as equipment operation curves and material reaction cycles, enhancing capabilities in trend detection, anomaly perception, and optimization calculations [1][3]. - The latest TPT2 model introduces an agent mechanism and natural language interaction, allowing frontline engineers to utilize capabilities like simulation, control, optimization, and prediction using everyday language, significantly reducing scene adaptation time from weeks to minutes [2][3]. Group 2: Operational Efficiency and Cost Reduction - The UCS system replaces multiple traditional control systems with a single cabinet, managing over 15,000 points and achieving stable operations with minimal intervention, resulting in a 67% increase in on-site efficiency [4]. - The implementation of UCS has led to a 90% reduction in cabinet space, an 80% decrease in cable costs, and a 50% reduction in project construction time, while overall construction costs have decreased by approximately 60% [3][4]. - The overall production efficiency of the facility has improved by 1% to 3%, with the system being referred to as the "81st digital employee" by frontline staff [4]. Group 3: Safety and Reliability - The UCS employs a distributed redundancy architecture, ensuring seamless takeover by backup nodes in case of key unit failures, thus maintaining continuous production [5]. - A dual confirmation system involving both AI and human oversight is in place for critical parameters, enhancing safety and reliability [5]. - The AI's reliability has been validated on-site, exceeding 98%, supported by a dual-loop mechanism of hardware redundancy and software monitoring [5]. Group 4: Scalability and Future Prospects - The TPT model is designed for rapid reuse across different industries with minimal data adjustments, reducing adaptation costs by over 60% compared to traditional methods [6][7]. - The successful operation of the project at Xingfa Group is paving the way for expansion into metallurgy, construction materials, and discrete manufacturing sectors, with international interest from companies like Saudi Aramco [7]. - The company aims to further enhance the usability and maintainability of its systems, promoting the adoption of "Industrial Embodied AI" across various scenarios to achieve higher quality, lower energy consumption, and greater resilience in industrial processes [8].