高附加值产品布局领先，液冷等新兴应用领域打开成长空间。 (1)含氟聚合物：品种、产能国内领先，推动氟化工业务高端化升级。含氟聚合物属于有机氟行业中发展 最快、最有前景的产业之一，产品附加值高，广泛应用于航空航天、5G通讯等战略新兴产业和未来产 业。公司含氟聚合物品种齐全，TFE、HFP、VDF、PTFE、FEP、FKM、PVDF、ETFE总产能位居行业领 先地位；依托研发优势，持续加大高性能氟聚合物自主研发。公司规划本埠1万吨/年高品质可熔氟树脂、 500吨/年全氟磺酸树脂一期250吨/年项目、1万吨/年FEP等扩建项目和甘肃巨化高性能氟氯化工新材料一体 化项目，有望保持氟聚合物国内龙头地位。 上海证券有限责任公司于庭泽,郭吟冬近期对巨化股份（600160）进行研究并发布了研究报告《2025年半 年报点评：制冷剂价格大涨，高附加值产品成长可期》，给予巨化股份买入评级。 巨化股份 投资摘要 事件概述 8月27日，公司发布2025年半年度报告。2025H1，公司实现营业收入133.33亿元，同比+10.36%；归母净 利润20.51亿元，同比+148.72%；扣非归母净利润20.26亿元，同比+155.23%。2 ...

长江大宗 2025年9月金股推荐 2025-08-31 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 长江证券研究所周期组 分析师及联系人 分析师 王鹤涛 分析师 范超 分析师 韩轶超 分析师 马太 SAC执业证书编号：S0490512070002 SAC执业证书编号：S0490513080001 SAC执业证书编号：S0490512020001 SAC执业证书编号：S0490516100002 SFC执业证书编号：BQT626 SFC执业证书编号：BQK473 SFC执业证书编号：BQK468 SFC执业证书编号：BUT911 SAC执业证书编号：S0490520080009 SAC执业证书编号：S0490517080003 SAC执业证书编号：S0490520080022 SAC执业证书编号：S0490516080003 SFC执业证书编号：BUT964 SFC执业证书编号：BQT627 SFC执业证书编号：BUT917 SFC执业证书编号：BUT918 分析师 魏凯 分析师 张韦华 分析师 张弛 分析师 肖勇 %% research.95579.c ...

截至8月29日收盘，PVDF概念上涨1.74%，位居概念板块涨幅第7，板块内，9股上涨，璞泰来、东阳光 等涨停，巨化股份、三美股份、永和股份等涨幅居前，分别上涨6.88%、3.83%、3.69%。跌幅居前的有 中创环保、金明精机、浙江众成等，分别下跌5.58%、2.21%、1.51%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 3.57 | 智谱AI | -2.60 | | 钠离子电池 | 2.41 | WiFi 6 | -2.59 | | 石墨电极 | 2.32 | 华为欧拉 | -2.41 | | 同花顺出海50 | 2.14 | 星闪概念 | -2.24 | | 固态电池 | 2.14 | 数字水印 | -2.15 | | 减肥药 | 1.80 | 汽车芯片 | -2.07 | | PVDF概念 | 1.74 | F5G概念 | -2.03 | | 金属钴 | 1.70 | 电子纸 | -2.00 | | 盐湖提锂 | 1.69 | 国资云 | -1.97 | | 金属镍 | 1 ...

[Table_Stock] 巨化股份（600160） 8月27日，公司发布2025年半年度报告。2025H1，公司实现营业收入 133.33 亿 元 ， 同 比+10.36%； 归 母 净 利 润 20.51 亿 元 ， 同 比 +148.72%；扣非归母净利润20.26亿元，同比+155.23%。2025Q2营 利环比均实现增长：实现营业收入75.31亿元，同比+13.93%，环比 +29.84%；归母净利润12.42亿元，同比+137.07%，环比+53.57%； 扣非归母净利润12.37亿元，同比+144.57%，环比+56.83%。 制冷剂价格大幅上涨，成为业绩增量主力。2025H1，公司制冷剂产品 均价39372.45元/吨，同比+61.88%，据公司增减利因素分析，氟制冷 剂产品价格上升贡献增利21.29亿元，在增利因素中贡献达73.49%。 制冷剂产品中，第二代氟制冷剂（HCFCs）2025年生产配额进一步削 减；第三代氟制冷剂（HFCs）自2024年起实行生产配额制，行业生 态、竞争秩序持续改善，产品价格持续恢复性上涨，毛利大幅上升。 据钢联数据，截至8月28日，R22/R32/R125/R1 ...

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

证券之星消息，8月29日化学制品板块较上一交易日上涨0.89%，爱普股份领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。化学制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 603020 | 爰普股份 | 10.87 | 10.02% | | 40.27万 | 4.24亿 | | 603948 | 建业股份 | 29.17 | 9.99% | | 4.92万 | 1.44亿 | | 603722 | 阿科力 | 56.46 | 8.16% | | 6.35万 | 3.47亿 | | 600160 | 巨化股份 | 38.69 | 6.88% | | 79.23万 | 30.27亿 | | 603255 | 鼎际得 | 35.01 | 6.58% | | 3.98万 | 1.35亿 | | 300019 | 研宝科技 | 22.84 | 5.64% | | 40.24万 | 260.6 | | 301 ...

[Table_Reportdate] 2025年08月29日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250829 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.寒武纪（688256）：二季度业绩同环比大增，定增项目加码软硬件平台研发——公司简 评报告 ➢ 2.浙江鼎力（603338）：海外收入继续增长，营收利润创新高——公司简评报告 ➢ 3.巨化股份（600160）：公司业绩大幅提升，制冷剂高景气有望延续——公司简评报告 ➢ 4.老百姓（603883）：优化门店网络，持续发力新零售——公司简评报告 ➢ 1.美国第二季度实际GDP年化修正值环比增3.3%，好于预期 ➢ 2.美国第二季度核心 ...

证券研究报告 巨化股份（600160.SH）动态跟踪点评 公司点评 | 巨化股份 制冷剂景气持续向上，25H1 归母净利润同比增长 146% |  核心结论 | 公司评级 | 买入 | | --- | --- | --- | | 事件：公司发布 25 年半年报，公司 25H1 实现营收 133.31 亿，同比+10.36%， | 股票代码 | 600160.SH | | 实现归母净利润 亿元，同比大幅增长 145.84%。其中 20.51 25Q2 | 前次评级 实现营收 | 买入 | | 75.31 亿元，同/环比+13.93%/+29.84%；实现归母净利润 12.42 | 评级变动 亿元，同/ | 维持 | | | 当前价格 | 36.2 | | 环比+137.07%/+53.57%。 | | | 近一年股价走势 -10% 10% 30% 50% 70% 90% 110% 2024-08 2024-12 2025-04 巨化股份 氟化工 沪深300 分析师 孙维容 S0800525050002 sunweirong@xbmail.com.cn 王瑞健 S0800525080004 wangruijia ...

Group 1 - The core viewpoint indicates that the chemical industry is experiencing an increase in export and domestic market prices due to tight raw material supply and strong demand, leading to improved industry sentiment and active performance of related stocks such as Juhua Co. and Yalake Co. [1] - Institutional investors are optimistic about growth styles, particularly in cyclical leaders and the chemical sector, which shows price elasticity potential, with new capital focusing on low-priced assets [1] - Morgan Stanley believes that the A-share bull market can be sustained, supported by policies that promote the exit of outdated capacity in the petrochemical industry, with improved liquidity benefiting the market [1] Group 2 - Huachuang Securities highlights potential beneficiaries in the chemical sector under the scenario of RMB appreciation, particularly after a potential US dollar interest rate cut, which could lead to accelerated settlement of overseas corporate earnings and increased hot money inflow [2] - Beneficiary direction includes businesses with foreign currency cost settlements and RMB income settlements, such as large refining companies, with an example of Rongsheng Petrochemical potentially seeing a profit increase of 4 billion annually due to a 3% exchange rate fluctuation [2] - Foreign capital is expected to increase purchases of core assets, including major chemical companies like Wanhua Chemical and large refining firms, with a suggestion for foreign investors to consider buying chemical ETFs as a direct investment in the sector [2]

化工板块今日（8月29日）猛攻，反映化工板块整体走势的化工ETF（516020）开盘后震荡拉升，截至 发稿，场内价格涨2.08%。 成份股方面，合成树脂、氟化工、钾肥等板块部分个股涨幅居前。截至发稿，蓝晓科技、巨化股份双双 大涨超7%，藏格矿业涨超6%，新凤鸣、新宙邦涨超5%，三美股份、亚钾国际、恩捷股份等多股涨超 4%。 | | 分割 多日 1分 5分 15分 30分 · | | | | | | F9 盘前盘后 露加 九转 面线 工具 @ (2 > | | 化工ETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.775 | | | | 516020[化工ETF] 10:25 价 0.735 涨跌 0.015(2.08%) 均价 0.727 服交量 405 IOP ... | | | | த 2.0896 | 0.7 35 | | +0.015 +2.08% | | | | NVA | | | | | | | SSE CNY 10:25:14 交易中 | | 10 + ...