Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The HFCs industry is operating steadily, with unchanged trends and clear opportunities [4] - The fluorochemical index increased by 4.59%, outperforming the Shanghai Composite Index by 3.19% [6][28] - The fluorochemical industry is entering a long prosperity cycle, with significant growth potential across various segments, including fluorinated materials and fine chemicals [24][25] Summary by Sections 1. Fluorochemical Market Overview - As of November 28, the average market price for 97% wet fluorite is 3,346 CNY/ton, down 0.65% from the previous week [20][37] - The average price for November is 3,398 CNY/ton, a year-on-year decrease of 7.76% [20][37] - The average price for 2025 is projected at 3,498 CNY/ton, down 1.34% from 2024 [20][37] 2. Refrigerant Market Trends - As of November 28, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 55,500 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton [22] - The market for R134a is supported by centralized procurement, with prices expected to rise [9][23] - R125 is experiencing tight supply due to limited remaining quotas, maintaining prices around 46,000 CNY/ton [9][23] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [11][25] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][25] 4. Recent Industry Developments - A safety incident at a U.S. R134a plant may impact future production [10] - Haohua Technology has successfully launched its trifluoride nitrogen project [10]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - As of November 27, the Shenwan Basic Chemical Index has decreased by 7.3% over the past two weeks, underperforming the CSI 300 Index by 3.3 percentage points, ranking 30th among 31 Shenwan industries. Year-to-date, the index has increased by 26.0%, outperforming the CSI 300 Index by 11.2 percentage points, ranking 8th among 31 industries [5][13]. - All sub-sectors of the Shenwan Basic Chemical Index experienced declines in the past two weeks, with the non-metallic materials sector down 12.0%, chemical fiber down 9.3%, and chemical raw materials down 8.4% [16]. - Among the 404 listed companies in the Shenwan Basic Chemical Index, 46 saw their stock prices rise, with Huaron Chemical, Guofeng New Materials, and Xinjin Road leading with increases of 30.4%, 29.1%, and 25.8%, respectively. Conversely, 358 companies experienced declines, with Jiaao Environmental Protection, Taihe Technology, and Annada showing significant drops of -29.2%, -28.5%, and -26.9% [18]. Summary by Sections Market Review - The Shenwan Basic Chemical Index has shown a year-to-date increase of 26.0%, with significant performance variations across sub-sectors [5][13]. - The non-metallic materials sector has been the worst performer recently, while the plastic sector has shown the highest year-to-date growth of 51.3% [16]. Chemical Product Price Trends - Recent price increases were noted in several chemical products, including caprolactam (+5.49%) and synthetic ammonia (+3.32%), indicating a general upward trend in the market [23][24]. Key Industry News - DuPont announced the groundbreaking of a new production base for MOLYKOTE® special lubricants in Jiangsu, expected to commence operations in early 2027 [27]. - A strategic cooperation agreement was signed between BASF and Sinopec to promote the large-scale application of biogas in Nanjing [27]. Industry Outlook - The report highlights that from January to October, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%, with the chemical raw materials and products manufacturing sector seeing a profit decline of 5.4% [28]. - The report suggests focusing on companies like Sanmei Co., Ltd. and Juhua Co., Ltd. due to their significant profit growth driven by rising refrigerant prices [28][29].

南财投研通数据显示，11月24日，券商给予上市公司目标价共6次，按最新收盘价计算，目标价涨幅排 名居前的公司有方盛制药、巨化股份、梅花生物，目标价涨幅分别为46.38%、38.81%、32.68%，分别 属于中药、化学制品行业。 | | | | 11月24日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 (元) | 目标涨幅 (%) | | 203998 | 方盛制药 | 国泰海通证券 | 增持 | 16.60 | 46.38 | | 600160 | 巨化股份 | 中信证券 | 买人 | 46.00 | 38.81 | | 600873 | 梅花生物 | 国泰海通证券 | 增持 | 13.44 | 32.68 | | 300642 | 透景生命 | 华创证券 | 推荐 | 25.00 | 28.14 | | 002603 | 以岭药业 | 中国国际金融 | 跑赢行业 | 21.40 | 18.30 | | 300737 | 科顺股份 | 华创证券 | 推荐 | 6.10 | 16.19 ...

南方财经11月25日电，南财投研通数据显示，11月24日，券商给予上市公司目标价共6次，按最新收盘 价计算，目标价涨幅排名居前的公司有方盛制药、巨化股份、梅花生物，目标价涨幅分别为46.38%、 38.81%、32.68%，分别属于中药、化学制品行业。从券商推荐家数来看，11月24日有23家上市公司得 到券商推荐，科顺股份、锦泓集团、梅花生物等获得1家券商推荐。查看原文：23股获推荐，方盛制 药、巨化股份等目标价涨幅超30%｜券商评级观察刚刚 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-51 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 | | | 被担保人名称 本次新增担保金额 | 公司"） 5,475.80 万元 | | 浙江晋巨化工有限公司（以下简称"晋巨 | | --- | --- | --- | --- | --- | --- | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 67,834.16 万元 | | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | 肃巨化公司"） | | 甘肃巨化新材料有限公司（以下简称"甘 | | | | 本次新增担保金额 | 7000 | 万元 | | | 象二 | | 实际为其提供的担保余额 | 7000 | 万 ...

Core Viewpoint - The strong demand for lithium batteries is expected to sustain the price increase of PVDF, with projected demand for lithium-grade PVDF in China reaching approximately 78,700 tons in 2025, a year-on-year increase of 65.4% [1][2]. Industry Status - As of November 20, the mainstream market price of PVDF has risen from 49,000 CNY/ton at the beginning of November to 52,000 CNY/ton [1]. - The average market prices for PVDF used in lithium iron phosphate, ternary batteries, and membrane coating are reported at 60,000 CNY/ton, 119,500 CNY/ton, and 182,000 CNY/ton respectively, showing increases from mid-year lows [1][2]. Supply and Demand Dynamics - The downstream applications of PVDF primarily include lithium batteries, photovoltaics, coatings, and water films. In the first ten months of 2025, the total installed capacity for lithium iron phosphate batteries in China is 1,240 GWh, and for ternary batteries, it is 265 GWh [2]. - Assuming production remains stable in November and December, the estimated demand for lithium-grade PVDF could reach 78,700 tons in 2025, with a potential increase to 110,000 tons in 2026 if the growth rate in battery production continues [2]. Production Capacity Insights - The current effective production capacity of the PVDF industry is approximately 180,000 tons, with nominal new capacity reaching 157,000 tons. However, the actual new capacity may be lower than expected due to high barriers to entry in the supply chain [3]. - The supply chain for lithium-grade PVDF is concentrated among a few key players, including companies like Dongyue Group, Haohua Technology, and Juhua Co., Ltd. The actual supply increase may be significantly lower than anticipated due to the concentration of new effective capacity among existing suppliers [3].

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 - The company announced the resignation of its board secretary, Liu Yunhua, due to work adjustments [2][3] - Liu Yunhua will continue to serve as a director and in other roles within the company, ensuring that there are no unfulfilled commitments [3] - The company will promptly initiate the selection process for a new board secretary, with the current finance head, Wang Xiaoming, temporarily assuming the responsibilities [3]