基础化工 超配（维持） 基础化工行业双周报（2026/3/6-2026/3/19） 工信部召开新材料领域中小企业圆桌会 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 行业指数走势 资料来源：iFinD，东莞证券研究所 相关报告 证 券 研 究 报 告 2026 年 3 月 20 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 行 业 周 报 业 研 究 ◼ 行情回顾：截至3月19日，近两周申万基础化工指数下跌5.2%，跑输沪深 300指数3.8个百分点，在31个申万行业中排第24名；年初至今，申万基 础化工指数上涨9.3%，跑赢沪深300指数10.3个百分点，在31个申万行 业中排第6名。 ◼ 分板块来看，近两周申万基础化工指数的子板块均下跌，其中非金属材 料板块下跌7.3%、农化制品板块下跌6.9%、化学制品板块下跌6.8%、塑 料板块下跌3.5%、化学原料板块下跌1.8%、化学纤维 ...

Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, driven by supply constraints and rising demand [4][23] - The market for refrigerants is expected to experience a new round of price increases, despite short-term challenges posed by geopolitical factors in the Middle East [4][23] - The overall sentiment in the fluorochemical sector remains optimistic, with potential for significant growth across various segments, including high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - The average market price for wet fluorite (97%) is 3,393 CNY/ton, reflecting a 0.18% increase week-on-week, but a 9.25% decrease year-on-year [18] - The supply of fluorite is tight due to environmental inspections and production slowdowns in key regions, which is expected to support prices [19] 2. Refrigerant Pricing Trends - As of March 13, 2026, the prices for various refrigerants are as follows: - R32: 63,500 CNY/ton (domestic), 62,500 CNY/ton (export) - R125: 55,000 CNY/ton (domestic), 51,000 CNY/ton (export) - R134a: 58,500 CNY/ton (domestic), 58,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 15,500 CNY/ton (export) [20][21] - The market is witnessing a gradual recovery in prices for refrigerants, with R125 showing a 7.84% increase in domestic pricing [20][21] 3. Industry Dynamics - The fluorochemical index has decreased by 2.1% in the week of March 9-13, 2026, underperforming against major indices such as the Shanghai Composite and CSI 300 [36] - The overall market sentiment is positive, with expectations for a rebound in prices as demand from downstream sectors increases [22][23] 4. Recommended Stocks - Key stocks to watch include: - Jinshi Resources (fluorite) - Juhua Co. (refrigerants, fluororesins) - Sanmei Co. (refrigerants) - Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, indicating a potential upward trend in market conditions [4][23] - The demand for refrigerants remains resilient despite geopolitical tensions in the Middle East, suggesting that prices may see a new round of increases [4][23] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a slight recovery, with the average market price for 97% wet fluorite at 3,393 CNY/ton as of March 13, 2026, reflecting a 0.18% increase from the previous week [18] - The average price for March 2026 is 3,339 CNY/ton, down 4.08% compared to the average price in 2025 [18] 2. Refrigerant Market Trends - As of March 13, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton (up 7.84%), and R134a at 58,500 CNY/ton [20][21] - The external trade prices for R32 and R125 are 62,500 CNY/ton and 51,000 CNY/ton, respectively, with R125 showing a stable trend [21] - The market is experiencing a mild recovery in demand, with companies maintaining normal inventory levels and focusing on essential purchases [22] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the challenges faced by the real estate market in 2025, with a significant decline in investment and sales, impacting related industries such as HVAC and construction materials [9][10][51] - The refrigerant industry is undergoing a transformation due to stricter regulations and a shift towards more environmentally friendly options, with a notable concentration of market share among leading companies [16][17] - The five constant systems market in China experienced a decline of 7.1% in 2025, primarily due to the downturn in the real estate sector, which has limited growth opportunities [25][28] - The gas wall-hung boiler industry faced a 7.2% decline, attributed to the ongoing adjustment in the real estate market and the impact of energy policies [51][53] - The water purification industry saw a growth of 15.3%, driven by policy incentives and a shift towards more integrated and user-friendly products [67][68] Summary by Sections Macroeconomic Environment and Policy - In 2025, China's GDP is projected to reach 14,018.79 billion yuan, with a growth rate of 5.0% compared to the previous year, despite facing multiple pressures [4] - The real estate market is experiencing significant challenges, with a 17.2% decline in real estate development investment and an 8.7% drop in new housing sales [9][10] Real Estate Market - Real estate development investment in 2025 was 82,788 billion yuan, down 17.2% from the previous year, with residential investment decreasing by 16.3% [9] - New housing sales area fell by 8.7%, with sales revenue down by 12.6%, indicating a challenging market environment [10] Related Industry Operations - The construction materials industry is facing intensified competition and a decline in demand due to the real estate market's downturn, although it has shown resilience [12] - The refrigerant market is undergoing significant changes, with a focus on the transition to third-generation refrigerants and a reduction in production quotas [16][17] Five Constant Systems Market - The five constant systems market saw a 7.1% decline in 2025, primarily due to the downturn in the real estate sector, which has limited growth opportunities [25][28] - The market is characterized by a shift towards high-end residential projects, but overall demand remains constrained [28] Gas Wall-Hung Boiler Industry - The gas wall-hung boiler market experienced a 7.2% decline in 2025, influenced by the ongoing adjustment in the real estate market and energy policies [51][53] - The market is transitioning from new construction to replacement and upgrade of existing units, with a focus on high-efficiency and low-carbon technologies [51][63] Water Purification Industry - The water purification industry achieved a growth rate of 15.3% in 2025, driven by policy incentives and a shift towards integrated solutions [67][68] - The market is witnessing a structural shift, with comprehensive brands gaining market share at the expense of specialized brands [68][69]

证券代码：600160 证券简称：巨化股份 公告编号：临 2026-09 浙江巨化股份有限公司 关于为控股子公司提供担保进展情况的公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | | | 实际为其提供的担 | | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | 被担保人名称 | 本次担保金额 | | 保余额（不含本次 | | 期预计额 | 是否有反 | | | | | 担保金额） | | 度内 | 担保 | | 浙江晋巨化工有限公司（以下 简称"晋巨公司"） | 2898.21 | 万元 | 64068.57 | 万元 | 是 | 否 | | 甘肃巨化新材料有限公司（以 下简称"甘肃巨化公司"） | 7700.00 | 万元 | 104838.91 | 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外 ...

Group 1 - The explosion of AIGC is driving the demand for high-power chips, leading to liquid cooling becoming the preferred method for heat dissipation as traditional air cooling approaches physical limits [1] - Single-phase cold plate liquid cooling accounts for over 90% of liquid cooling applications in data centers, indicating high technological maturity [2] - The rapid growth of new energy vehicle production and sales is significantly increasing the demand for battery liquid cooling plates [4] Group 2 - The competition landscape for fluorinated refrigerants is optimizing, with domestic alternatives having substantial room for growth, particularly in electronic fluorinated liquids and traditional refrigerant replacements [3] - Major domestic companies benefiting from the shift to liquid cooling include Cooler Master, Vertiv, and others, with significant demand expected for upstream materials like high-purity copper and aluminum alloys [1][2] - The market for global power battery liquid cooling plates is projected to reach 14.5 billion yuan by 2025, with the domestic market expected to reach 9.6 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Offshore Oil Corporation, and others [11]. Core Viewpoints - The report highlights significant price increases in international diesel and fuel oil, with international diesel rising by 66.38% and fuel oil by 38.73% [16][19]. - It suggests focusing on sectors such as helium, biodiesel, and agricultural chemicals due to the geopolitical tensions affecting oil prices and supply chains [7][20]. - The report anticipates a substantial upward adjustment in the central value of international oil prices for 2026, driven by ongoing geopolitical uncertainties [7][21]. Summary by Sections Industry Investment Recommendations - The report recommends attention to import substitution, pure domestic demand, and high-dividend stocks within the chemical sector [5][12]. Market Performance - The basic chemical sector has shown a performance increase of 47.8% over the past 12 months, significantly outperforming the Shanghai Composite Index [2]. Price Movements - Notable price increases this week include international diesel (66.38%), fuel oil (38.73%), and international gasoline (35.73%) [16][19]. - Conversely, industrial-grade lithium carbonate and battery-grade lithium carbonate saw declines of -11.63% and -11.49%, respectively [6][16]. Geopolitical Impact - The report discusses the impact of the closure of the Strait of Hormuz on oil prices, with Brent crude oil reaching $92.69 per barrel, reflecting a 27.88% increase [7][21]. - It emphasizes the need to monitor the geopolitical situation closely, as it is a significant driver of market volatility [22][27]. Focused Sectors - Helium is highlighted as a critical sector due to its supply constraints, with Qatar being a key supplier [8][19]. - Biodiesel is expected to gain traction in Europe, driven by rising SAF prices and energy security concerns [9][20]. - The agricultural chemicals sector is projected to benefit from rising food prices, with increased demand for fertilizers and pesticides anticipated [20][21].

Investment Rating - The report maintains a positive investment rating for the thermal management materials industry [3]. Core Insights - The rapid growth of high-power chips due to AIGC has led to a significant increase in thermal flow density, making liquid cooling the preferred solution for high-power chip cooling [6][23]. - The demand for liquid cooling solutions is expected to rise, driven by advancements in AI data centers and the increasing power requirements of data center AI cabinets [6][50]. - The report identifies three main investment opportunities in liquid cooling: high-power chips from NVIDIA, liquid cooling in high-power data centers, and thermal management for electric vehicle batteries and energy storage [6]. Summary by Sections Current Mainstream Cooling Solutions - Cooling methods are categorized into active and passive cooling, with active cooling including liquid cooling and air cooling [8][9]. - Liquid cooling has become the mainstream solution for high-performance scenarios, particularly in AI servers and data centers [8][9]. Thermal Management Industry Chain - The thermal management industry chain includes upstream raw materials, midstream manufacturing, and downstream applications, with the midstream segment being the most competitive [14][18]. - Key raw materials include high-purity copper and aluminum alloys, which are expected to see increased demand due to the rise in liquid cooling applications [6][11]. Domestic and Foreign Competition - The report highlights the competitive landscape, noting that foreign companies dominate high-end thermal management materials, while domestic companies are catching up and have significant room for growth [19][22]. Liquid Cooling Market Growth - The global market for liquid cooling plates in power batteries is projected to reach 14.5 billion yuan by 2025, with domestic market size expected to reach 9.6 billion yuan [6]. - The growth of energy storage batteries is also anticipated to drive demand for liquid cooling solutions [6]. Key Companies and Their Prospects - Major companies benefiting from the liquid cooling trend include Cooler Master, Vertiv, and domestic firms like Yingwei and Highlan [6][42]. - Companies like Jetcool are developing innovative solutions for high-power chips, which are expected to enhance overall efficiency in AI clusters [40]. Future Trends and Developments - The report emphasizes the importance of liquid cooling in meeting the energy efficiency requirements set by regulatory bodies for data centers [46][50]. - The shift towards liquid cooling is driven by the need to manage increasing thermal loads effectively, as traditional air cooling approaches reach their limits [50][51].

Investment Rating - The report maintains a positive investment rating for the thermal management materials industry [3]. Core Insights - The rapid growth of high-power chips due to AIGC has led to a significant increase in thermal flow density, making liquid cooling the preferred solution for high-power chip cooling [6][23]. - The demand for liquid cooling solutions is expected to rise, driven by advancements in AI, data centers, and electric vehicles [6][20]. - The report identifies three main investment opportunities in liquid cooling: high-power chips, data centers, and thermal management for electric vehicle batteries [6]. Summary by Sections Current Mainstream Cooling Solutions - Cooling methods are categorized into active and passive cooling, with active cooling including liquid cooling and air cooling [8][9]. - Liquid cooling has become the mainstream solution for high-performance scenarios, while air cooling is suitable for low-power applications [8][9]. Thermal Management Industry Chain - The thermal management industry chain includes upstream raw materials, midstream manufacturing, and downstream applications [14][18]. - Key upstream materials include high-purity metals and cooling fluids, while midstream manufacturers are expected to benefit from increased demand for cooling solutions [11][14]. Domestic and Foreign Competition - The report highlights the competitive landscape, noting that foreign companies dominate high-end markets while domestic companies are catching up [7][19]. - Domestic companies like Juhua and Sanmei are positioned to benefit from the exit of 3M from the fluorinated refrigerants market [20][21]. Liquid Cooling Market Growth - The global market for liquid cooling plates in power batteries is projected to reach 14.5 billion yuan by 2025, with domestic market size expected to reach 9.6 billion yuan [20]. - The growth of energy storage batteries is also driving demand for liquid cooling solutions [20]. Key Players and Products - Major players in the thermal management materials industry include Juhua, Sanmei, and other domestic companies that are expected to benefit from the growing market [20][21][22]. - The report provides a comparison of leading thermal management companies and their core products, emphasizing their positions in the market [22]. Future Trends - The report anticipates that the demand for liquid cooling will continue to grow, particularly in data centers and electric vehicles, as traditional cooling methods become insufficient [6][50]. - The increasing power density in data centers necessitates the adoption of liquid cooling solutions to improve energy efficiency [50][51].