证券代码：600618 900908 证券简称：氯碱化工 氯碱 B 股 公告编号：2025-024 上海氯碱化工股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 chenlihua_lj@shhuayi.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 上海氯碱化工股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 12 月 2 日(星期二)15:00-16:00 举行 2025 年第三季度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三 会议召开时间：2025 年 12 月 2 日(星期二) 15:00-16:00 ...

Market Overview - A-shares experienced a mixed performance with major indices rising while nearly 4200 stocks declined, indicating a market divergence [1][10] - The trading volume decreased significantly to 1.73 trillion yuan from 1.95 trillion yuan in the previous session [2][10] - The market is expected to maintain this volatile divergence for 1 to 2 months, with a potential turning point in mid to late December [1][10] Sector Performance - Defensive sectors such as natural gas, rare resources, lithium mining, and gold saw significant gains, while retail, trade, and media sectors faced substantial declines [4][8] - Among 31 primary industries, only 10 sectors closed in the green, with non-ferrous metals rising by 2.39% [5][8] - The defense industry emerged as a strong performer, with stocks like Jianglong Shipbuilding and Yaguang Technology hitting the daily limit up [6][8] Stock Highlights - Notable gainers included Jianglong Shipbuilding (20.03% increase), Yaguang Technology (19.93% increase), and Dahai Defense (14.16% increase) [6][9] - The non-ferrous metals sector recorded a trading volume of 120.9 billion yuan, with a year-to-date increase of 75.63% [5][7] - Defensive stocks such as banks and energy companies attracted significant investment, reflecting a shift in market sentiment towards lower-risk assets [10][12] Investment Sentiment - The market is characterized by a shift from growth to defensive investment strategies, driven by external risks and policy expectations [1][10] - Institutional investors are increasingly reallocating funds from high-growth technology stocks to more stable, dividend-paying sectors as year-end approaches [11][12] - The upcoming Nvidia earnings report is anticipated to influence the sentiment in the AI sector, with expectations of a neutral impact on A-share technology stocks [13][14]

Core Insights - The chemical raw materials sector experienced a rise of 0.86% on November 19, with Huarong Chemical leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Huarong Chemical (301256) saw a closing price of 13.74, with a significant increase of 20.00% and a trading volume of 547,600 shares, amounting to a transaction value of 710 million yuan [1] - Hengguang Co. (301118) closed at 31.58, up 19.98%, with a trading volume of 104,700 shares [1] - Yinglite (000635) closed at 10.29, increasing by 10.05% with a trading volume of 153,700 shares [1] - Other notable performers include Yaxing Chemical (10.77, +10.01%) and Qiangjian Chemical (14.21, +9.98%) [1] Fund Flow Analysis - The chemical raw materials sector saw a net outflow of 321 million yuan from institutional investors, while retail investors contributed a net inflow of 511 million yuan [2] - Huarong Chemical had a net inflow of 14.7 million yuan from institutional investors, while retail investors experienced a net outflow of 86.88 million yuan [3] - Hydrogen Alkali Chemical (600618) had a net inflow of 13.9 million yuan from institutional investors, with retail investors also seeing a net outflow [3]

Core Viewpoint - Beiyuan Group (601568.SH) has established an integrated circular economy industrial chain that includes coal, salt, power generation, calcium carbide, chlor-alkali chemicals (ion membrane caustic soda, PVC), and comprehensive utilization of industrial waste to produce cement, which aligns with the policy of "coal and new energy integration development" [1] Group 1 - The company has built a 300MW photovoltaic power generation project, demonstrating a solid foundation for the collaborative utilization of energy resources [1] - The company's strategic direction focuses on energy conservation and emission reduction, optimizing energy structure, and lowering overall energy consumption, which is positively influenced by the current policy environment [1] - The integration of coal and new energy development is expected to significantly promote the company's green transformation and development [1]

Core Viewpoint - Chlor-alkali Chemical has shown significant stock price appreciation this year, with a year-to-date increase of 35.54% and a recent surge of 15.14% over the past five trading days [1] Group 1: Stock Performance - As of November 13, Chlor-alkali Chemical's stock price reached 13.08 CNY per share, with a market capitalization of 15.126 billion CNY [1] - The company has experienced a trading volume of 1.30 billion CNY, with a turnover rate of 1.36% [1] - The stock has been on the "龙虎榜" (top trading list) twice this year, with the latest instance on November 7, where it recorded a net buy of 45.1663 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Chlor-alkali Chemical reported a revenue of 5.687 billion CNY, a decrease of 5.36% year-on-year, while the net profit attributable to shareholders increased by 1.02% to 613 million CNY [2] - The company's main business revenue composition includes caustic soda (36.12%), chlorine products (29.42%), and polyvinyl chloride (24.53%) [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chlor-alkali Chemical was 69,700, a decrease of 6.09% from the previous period [2] - The company has distributed a total of 2.297 billion CNY in dividends since its A-share listing, with 890 million CNY distributed over the last three years [3] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 8.2542 million shares, an increase of 1.728 million shares from the previous period [3]

Market Overview - The chemical raw materials sector increased by 1.74% on November 10, with Liuhua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Performers - Liuhua Co., Ltd. (600423) closed at 4.35, up 10.13% with a trading volume of 859,300 shares and a transaction value of 367 million [1] - Sanqi Co., Ltd. (603938) closed at 21.63, up 10.02% with a trading volume of 333,900 shares and a transaction value of 705 million [1] - Anada (002136) closed at 15.63, up 9.99% with a trading volume of 493,000 shares and a transaction value of 748 million [1] - Luhsi Chemical (000830) closed at 15.53, up 9.99% with a trading volume of 1,781,600 shares and a transaction value of 1.212 billion [1] Decliners - Zhenhua Co., Ltd. (603067) closed at 31.80, down 4.22% with a trading volume of 1,251,500 shares and a transaction value of 4.092 billion [2] - Aok Co., Ltd. (300082) closed at 9.53, down 2.95% with a trading volume of 435,500 shares [2] - ST Asia Pacific (000691) closed at 10.73, down 2.63% with a trading volume of 125,400 shares and a transaction value of 13.7 million [2] Fund Flow Analysis - The chemical raw materials sector experienced a net outflow of 182 million from institutional funds, while retail investors saw a net inflow of 771 million [2][3] - Major stocks like Luhsi Chemical and Anada had varying net inflows and outflows from different investor categories, indicating mixed investor sentiment [3]

Core Viewpoint - Chlor-alkali chemical industry has seen a significant increase in trading volume, reaching a new high since April 2022, indicating strong market interest and potential growth opportunities for investors [2]. Company Summary - Shanghai Chlor-Alkali Chemical Co., Ltd. was established on July 4, 1992, with a registered capital of 1,156.40 million RMB [2]. - The company's stock price has increased by 4.48%, with a trading turnover rate of 10.05% [2]. - The trading volume for the company reached 1 billion RMB, the highest since April 18, 2022 [2].

Core Viewpoint - The chemical sector is experiencing a strong performance, with several companies reaching their daily price limits and notable increases in stock prices [1] Group 1: Company Performance - Sanfu Co., Ltd. and Luxi Chemical both hit the daily limit up [1] - Liu Hua Co., Ltd. also reached the daily limit up [1] - Wanhua Chemical saw its stock price increase by over 5% [1] - Zhongyan Chemical and Chlor-alkali Chemical are also showing upward trends [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes that green and low-carbon initiatives will become a significant focus, as highlighted by the release of the white paper "China's Actions on Carbon Peak and Carbon Neutrality" [2][8] - The chemical industry is expected to see a recovery in demand, particularly in sectors like polyester, MDI, and PVC, driven by policy support and market dynamics [3][8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying shares of Wanhua Chemical (600309), a leader in MDI, while PVC-related companies such as Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), and Tianyuan Co. (002386) are rated as not yet evaluated. Companies like Chuanheng Co. (002895) and Yuntianhua (600096) are also noted for their growth potential driven by energy storage [3] Industry Trends - The report notes that the chemical industry has shown improved performance recently, particularly in polyester, PTA, organic silicon, chlor-alkali, and phosphate sectors. Despite a decline in the overall industry sentiment in Q3, there is optimism for recovery driven by demand-side improvements and policy changes [8] - The report highlights that the U.S. entering a rate-cutting cycle and easing tariff issues may lead to marginal improvements in demand, while emerging markets provide long-term growth potential for chemical products [8]

Core Viewpoint - The A-share market experienced a narrow fluctuation with the Shanghai Composite Index falling below 4000 points, indicating a clear money-losing effect among investors, as 3162 stocks declined while the trading volume remained above 2 trillion yuan [1][2][10]. Market Performance - The Shanghai Composite Index closed down 0.25% at 3997.56 points, while the ChiNext Index fell by 0.51%. The trading volume slightly decreased to 2.02 trillion yuan from 2.08 trillion yuan the previous day [2][10]. - A total of 2101 stocks rose, with 63 hitting the daily limit, while 3162 stocks fell, with 8 hitting the lower limit [8][9]. Sector Performance - Basic chemical stocks surged, with the sector rising by 2.39%, and 18 stocks hitting the daily limit. Notable performers included Dongyue Silicon Material and Zhuoyue New Energy, both achieving significant gains [5][6][7]. - Defensive sectors such as basic chemicals, construction materials, and electric power equipment led the gains, while technology sectors like computers, electronics, and home appliances saw declines exceeding 1% [4][5][6][8]. Investment Strategy - Investors are advised to adopt a "barbell strategy," balancing defensive positions in pharmaceuticals and new consumption with offensive positions in technology sectors like AI and semiconductors. Caution is recommended due to increased volatility in the tech sector [1][10][14]. - The market is witnessing a shift of funds from high-performing tech stocks to lower-valued cyclical stocks, reflecting a cautious and opportunistic approach among investors [10][14].