8月18日，万华化学大宗交易成交9.42万股，成交额592.52万元，占当日总成交额的0.24%，成交价62.9元，较市场收盘价62.71元溢价0.3%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-18 | 万华化学 | 600309 | 62.9 592.52 | 9.42 | 平安证券股份有限 | 平安证券股份有限 | | | | | | | 公司宁波海晏北路 | 公司宁波海晏北路 | | | | | | | 1 + - | ST 44 22 11 40 | ...

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。 特此公告。 证券代码：600309 证券简称：万华化学 公告编号：临 2025-50 号 万华化学集团股份有限公司 万华化学集团股份有限公司 2025 年 8 月 19 日 根据公司于 2025 年 7 月 22 日发布的"万华化学集团股份有限公司关于子公 司匈牙利宝思德化学公司装置停产检修的公告"（公告编号：临 2025-43 号），本 公司子公司匈牙利宝思德化学公司（BorsodChem Zrt.）MDI（40 万吨/年）、TDI （25 万吨/年）等一体化装置及相关配套装置于 2025 年 7 月 23 日开始陆续停产 检修。截至目前，上述 TDI 装置的停产检修已经结束，恢复正常生产；MDI 装置 待复产后另行公告。 按照年度检修计划，公司烟台产业园 TDI 装置（30 万吨/年）及相关配套装 置将于 2025 年 8 月 19 日开始陆续停产检修，预计检修 40 天左右。 公司福建工业园新建 TDI 二期装置（36 万吨/年）已于近期建成投产，并产 出合格产品。 ...

8月18日，万华化学公告，公司子公司匈牙利宝思德化学公司（BorsodChemZrt.）MDI（40万吨/年）、 TDI（25万吨/年）等一体化装置及相关配套装置于2025年7月23日开始陆续停产检修。截至目前，上述 TDI装置的停产检修已经结束，恢复正常生产；MDI装置待复产后另行公告。按照年度检修计划，公司 烟台产业园TDI装置（30万吨/年）及相关配套装置将于2025年8月19日开始陆续停产检修，预计检修40 天左右。公司福建工业园新建TDI二期装置（36万吨/年）已于近期建成投产，并产出合格产品。 （文章来源：每日经济新闻） ...

按照年度检修计划，公司烟台产业园TDI装置(30万吨/年)及相关配套装置将于2025年8月19日开始陆续 停产检修，预计检修40天左右。 万华化学（600309）(600309.SH)公告，公司子公司匈牙利宝思德化学公司(BorsodChemZrt.)MDI(40万 吨/年)、TDI(25万吨/年)等一体化装置及相关配套装置于2025年7月23日开始陆续停产检修。截至目前， 上述TDI装置的停产检修已经结束，恢复正常生产;MDI装置待复产后另行公告。 公司福建工业园新建TDI二期装置(36万吨/年)已于近期建成投产，并产出合格产品。 ...

Group 1 - Company subsidiary BorsodChem Zrt. in Hungary has begun maintenance shutdowns for its integrated MDI (400,000 tons/year) and TDI (250,000 tons/year) facilities starting from July 23, 2025 [1] - The TDI facility's maintenance has been completed and is back to normal production, while the MDI facility will announce its resumption separately [1] - The company's Yantai industrial park TDI facility (300,000 tons/year) is scheduled for maintenance starting August 19, 2025, expected to last around 40 days [1] Group 2 - The new TDI Phase II facility (360,000 tons/year) at the Fujian industrial park has recently been completed and has started producing qualified products [1]

格隆汇8月18日丨万华化学(600309.SH)公布，根据公司于2025年7月22日发布的"万华化学集团股份有限 公司关于子公司匈牙利宝思德化学公司装置停产检修的公告"，本公司子公司匈牙利宝思德化学公司 （BorsodChemZrt.）MDI（40万吨/年）、TDI（25万吨/年）等一体化装置及相关配套装置于2025年7月 23日开始陆续停产检修。截至目前，上述TDI装置的停产检修已经结束，恢复正常生产；MDI装置待复 产后另行公告。按照年度检修计划，公司烟台产业园TDI装置（30万吨/年）及相关配套装置将于2025年 8月19日开始陆续停产检修，预计检修40天左右。公司福建工业园新建TDI二期装置（36万吨/年）已于 近期建成投产，并产出合格产品。 ...

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights strong performance in the PEEK and liquid cooling sectors, with key companies such as Wanhua Chemical, Yangnong Chemical, and Hongsheng Real Estate being recommended for investment. Additionally, the report emphasizes the focus on pesticide anti-involution lines, particularly in Limin Co., Ltd. [5][6] - The basic chemical sector has shown a weekly increase of 2.46%, outperforming the CSI 300 index, which increased by 2.37% [6][19] Summary by Relevant Sections Industry Overview - The closing index for the basic chemical sector is at 3908.04, with a weekly high of 3908.04 and a low of 2687.54 [2] - Year-to-date performance shows the basic chemical index has decreased by 13.10%, while the CSI 300 index has increased by 24.10%, indicating a lag of 10.99 percentage points [19] Key Companies and Investment Ratings - Wanhua Chemical: Buy, closing price 63.0, market cap 197.19 billion, EPS 137.4, PE 14.4 [12] - Yangnong Chemical: Buy, closing price 64.9, market cap 26.33 billion, EPS 13.8, PE 19.0 [12] - Hualu Hengsheng: Buy, closing price 24.5, market cap 51.93 billion, EPS 40.5, PE 12.8 [12] - Juhua Co., Ltd.: Not rated, closing price 28.5, market cap 76.83 billion, EPS 42.6, PE 18.0 [12] Weekly Stock Performance - Top gainers include: - Kaimete Gas: +34.73% - Weike Technology: +31.54% - Xinhang New Materials: +31.43% [7][19] - Top losers include: - Zhizheng Co., Ltd.: -13.04% - Donghua Energy: -11.49% - Renzhi Co., Ltd.: -10.00% [8][22] Commodity Price Movements - Significant price increases were noted in: - Liquid chlorine: +29.05% - Industrial-grade lithium carbonate: +19.42% - Battery-grade lithium carbonate: +17.48% [9][25] - Price declines were observed in: - Methyl chloride: -10.64% - Butanone: -8.91% - Organic silicon DMC: -8.00% [10][27]

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical, expecting the stock price to outperform the industry index by over 15% in the next six months [5][20]. Core Views - The company's performance in the first half of 2025 met expectations, with TDI price increases anticipated to drive profit recovery [1][10]. - Wanhua Chemical's TDI production capacity is expected to reach 144,000 tons per year by May 2025, enhancing its competitive edge in the polyurethane market [10][12]. - The company is focusing on innovation and expanding its product lines, which is expected to create new profit growth points [11][12]. Financial Summary - Revenue for 2023 is projected at 175,361 million yuan, with a year-on-year growth rate of 5.9%. By 2027, revenue is expected to reach 245,163 million yuan, with a growth rate of 7.5% [1][12]. - The net profit attributable to shareholders is forecasted to be 16,816 million yuan in 2023, declining to 13,033 million yuan in 2024, but recovering to 20,340 million yuan by 2027 [1][12]. - The company's EPS is expected to be 5.36 yuan in 2023, decreasing to 4.15 yuan in 2024, and then increasing to 6.48 yuan by 2027 [1][12]. Product Performance - In the first half of 2025, the revenue from the polyurethane, petrochemical, and fine chemicals segments was 368.88 billion yuan, 349.34 billion yuan, and 156.28 billion yuan, respectively, with year-on-year changes of 4.04%, -11.73%, and 20.41% [2][4]. - The average market price for TDI in the first half of 2025 was around 12,400 yuan per ton, reflecting an 18.42% year-on-year decline [2][10]. Cost and Margin Analysis - The gross margin for the polyurethane segment was 25.68%, while the petrochemical segment experienced a negative gross margin of -0.37% [2][4]. - The average price of raw materials such as pure benzene decreased by 21.53% year-on-year, impacting overall cost structures [3][9]. Capacity and Production - In the first half of 2025, the production of polyurethane products was 2.98 million tons, an increase of 5.30% year-on-year, while sales rose by 12.64% to 3.03 million tons [4][9]. - The company successfully launched new production lines, including MS devices and specialty amines, which are expected to enhance its product offerings [11][12].

截至2025年8月18日 11:30，中证细分化工产业主题指数(000813)上涨0.90%，成分股联泓新科(003022)上涨7.03%，新宙邦(300037)上涨6.38%，凯赛生物 (688065)上涨5.54%，巨化股份(600160)上涨4.92%，金发科技(600143)上涨4.15%。化工ETF(159870)上涨0.62%，最新价报0.64元，盘中净申购2.24亿份。 消息面上，当地时间8月12日，关东电化工业株式会社（KantoDenkaKogyoCo.，Ltd.）发布公告称，8月7日凌晨4时40分，其位于日本群马县涩川市的三氟化 氮（NF3）生产设施发生爆炸及严重火灾，此次三氟化氮制造设备两个产线中，1系列产线的一部分遭受了部分损坏，已根据当局的指示继续停止作业。此 前，俄罗斯唯一氦气工厂遭袭。 机构指出，从过往的周期看，在PPI拐点附近化工板块相比沪深300就存在超额收入，并且白马股和板块的差异不大，说明主要是资产配置的进入，消灭低配 和低估。目前我们已经处在PPI月度同比的拐点上，但是同比回正可能还需要半年多。所以未来的半年，我们在增配化工的同时，重要的是把新的主线找出 来。 化工ET ...

Summary of Key Points from Conference Call Records Industry Overview - **Express Delivery Industry**: Significant progress in anti-involution, with Guangdong leading price increases, followed by other provinces. Companies to watch include Shentong, YTO, Yunda, Zhongtong, and Jitu Express for their potential in emerging markets [3][3][3]. - **Aviation Industry**: Stocks showed unusual activity due to industry self-discipline notifications. Current market conditions are at a bottom, suggesting potential for recovery. Recommended stocks include major Hong Kong airlines and Huaxia Airlines in A-shares, along with Spring Airlines and Juneyao Airlines [4][4][4]. - **Coking Coal Market**: Prices are expected to rise significantly, benefiting companies like Jiayou International. Recovery in the African market, particularly with Zijin Mining's Kamoa mine, will support its operations [5][5][5]. - **Chemical Industry**: The chemical product price index (CCPI) is at 4,034 points, with a slight decline recently. However, a recovery is anticipated in Q4 2023 to Q1 2024. Key companies include Wanhua Chemical and Satellite Chemical, with the latter showing a low valuation despite a solid performance [6][6][6]. - **Refrigerant Market**: Prices are on the rise due to limited supply, enhancing manufacturers' pricing power. Companies like Juhua and Sanmei are expected to see significant growth potential [8][8][8]. - **Palm Oil Market**: Prices have increased, benefiting Zanyu Technology's operations in Indonesia, with production expected to double in the second half of the year [9][9][9]. - **Agricultural Chemicals**: Strong demand is noted, particularly for glyphosate, with prices rising significantly. Companies like Sinochem and Xingfa Group are highlighted for their growth potential [11][11][11]. - **Copper Industry**: Current valuations suggest significant upside potential for Jiangxi Copper and China Nonferrous Mining, with both companies positioned for recovery [14][14][14]. Company-Specific Insights - **China Shenhua**: Plans to acquire high-quality assets from the State Energy Group, expected to enhance asset scale and profitability. The acquisition includes multiple core assets and is projected to significantly boost net assets and profits [16][16][16]. - **Wanhua Chemical**: Reported a net profit of 3.04 billion yuan in Q2, exceeding expectations, with improvements in TDI gross margins and overall business performance [6][6][6]. - **Jiayou International**: Anticipated profit growth in coking coal trade due to rising market prices and recovery in African operations [5][5][5]. - **Zanyu Technology**: Expected profit increase from its Indonesian base, with production capacity projected to double [10][10][10]. Additional Considerations - **Market Sentiment**: The Shanghai Composite Index has surpassed 3,700 points, indicating a potential slow bull market, particularly in cyclical stocks like express delivery, aviation, and coking coal [2][2][2]. - **Policy Impact**: Anti-involution policies and other regulatory measures are expected to support price recovery in various sectors, particularly in chemicals and coal [12][12][12]. - **Investment Recommendations**: Focus on high-dividend coal companies and turnaround potential in coking companies under current market conditions [19][19][19]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and potential investment opportunities.