西部证券认为，化工行业当前处于估值与盈利双底，25Q1-3基础化工板块净利润同比上升7.45%，子板 块表现分化。多个子行业存内卷情况，应重视反内卷政策的推进力度。随着资源供给收缩、需求稳步回 升，景气周期有望延续上行。此外，AI需求驱动下行业加速释放，高性能新材料成为增长核心。 场外投资者还可以通过化工ETF联接基金（013527）关注化工板块投资机遇。 中原证券指出，从行业2025 年中报和三季报情况来看，目前化工行业景气总体仍处于低位，但盈利边 际回暖的趋势已逐步显现。未来行业供给端压力有望进一步减轻，加上美联储降息背景下全球货币宽松 带来下游需求的复苏，化工行业整体景气有望底部回升。 数据显示，截至2025年11月28日，中证细分化工产业主题指数前十大权重股分别为万华化学、盐湖股 份、天赐材料、藏格矿业、巨化股份、华鲁恒升、多氟多、恒力石化、宝丰能源、云天化，前十大权重 股合计占比45.41%。 2025年12月3日早盘，磷化工概念涨幅居前，截至 10:11，中证细分化工产业主题指数上涨0.87%，成分 股杭氧股份上涨4.48%，亚钾国际上涨4.42%，藏格矿业上涨3.68%，万华化学上涨3.22%， ...

证券日报网讯 12月2日，宝丰能源在互动平台回答投资者提问时表示，公司具有年产25万吨/年光伏级 EVA的产能装置，EVA（乙烯-醋酸乙烯共聚物）是一种应用场景广泛的高分子合成材料，具备优异的 柔韧性及抗冲击性能，产品主要用于光伏胶膜、发泡材料、电缆、涂覆和高端包装等行业。今年以来， 公司通过开拓国际市场，叠加产品性能优化与性价比提升，截至2025年12月2日，已有超500吨的EVA产 品出口至东南亚，产品性能、质量得到了客户的认可。未来，公司将进一步深入研究产品出口的经济性 与稳定性，持续拓宽出口销售渠道，建立更广泛的海外客户关系，使宝丰品牌价值进一步凸显。 （文章来源：证券日报） ...

宁夏宝丰能源集团股份有限公司（以下简称"公司"）于2025年5月14日召开 第四届董事会第十八次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司拟使用不低于人民币100,000万元（含），不超过人民币 200,000万元（含）的自有资金回购公司股份，回购期限自董事会审议通过回购方 案之日起12个月内，本次回购股份将全部用于员工持股计划或实施股权激励。具 体内容详见公司于2025年5月15日在上海证券交易所网站（www.sse.com.cn）披露 的《关于以集中竞价交易方式回购股份方案的公告》（公告编号：2025-018）。 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第7号——回购股份（2025年3 月修订）》等相关法律法规及规范性文件的规定，公司在回购股份期间，应于每 个月的前3个交易日内公告截至上月末的回购进展情况，具体如下： 证券代码：600989 证券简称：宝丰能源 公告编号：2025-045 宁夏宝丰能源集团股份有限公司 关于股份回购进展公告 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 ...

格隆汇12月2日丨宝丰能源(600989.SH)公布，截至2025年11月底，公司已累计回购股份6059.34万股，占 公司总股本的比例为0.83%，购买的最高价为17.44元/股、最低价为15.90元/股，支付的总金额为9.999亿 元。 ...

宝丰能源公告称，公司于2025年5月14日通过回购股份方案，拟用10亿-20亿元自有资金回购股份，用于 员工持股计划或股权激励，回购期限至2026年5月13日。截至2025年11月底，累计已回购股份6,059.34万 股，占总股本0.83%，支付总金额99,990.12万元，回购价格15.90元/股-17.44元/股。2025年11月未进行回 购，回购进展符合方案。 ...

成份股方面，磷化工、橡胶助剂、锂电等板块部分个股涨幅居前。截至收盘，和邦生物涨停，彤程新材 飙涨7.7%，三棵树、藏格矿业双双涨超3%，宝丰能源、天赐材料、蓝晓科技涨超2%。 | | | 分时 各日 1分 5分 15分 30分 60分 ▼ | | | | | F9 盘前盘后 微加 九特 画线 工具 @ (2 > | | | KTETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.808 | | | | | 516020[松江ETF] 15:00 6] 0.801 混映 0.008(1.01%) 均价 0.801 服交匯 125 IDPV 0.7 | | | | D | 0.807 | | +0.008 +1.01% | | | | | | | | | | | | SSE CINY 15:00:17 MJIA | | B/ 0 + | | | Free Water | | | | | | | | LOTURES | 净值走势 | | 华宝化工ETF | | | ...

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.89% and closing up 0.76% as of the report [1][2] - Key stocks in the sector include phosphorous chemicals, rubber additives, lithium batteries, and coatings, with notable gains from companies like Hebang Biological, Tongcheng New Materials, and Tinci Materials [1][2] - The Chemical ETF has outperformed major indices this year, with a year-to-date increase of 27.76%, compared to the Shanghai Composite Index's 16.02% and the CSI 300 Index's 15.04% [1][3] Group 2 - The lithium battery sector is expected to see a threefold increase in shipments from 2025 to 2035, leading to price increases for lithium hexafluorophosphate, projected to exceed 250,000 yuan per ton by 2026 [4] - The current price-to-book ratio of the Chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [4] - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings in large-cap stocks, providing exposure to leading companies in various chemical sub-sectors [5] Group 3 - The chemical industry is currently at a valuation and profit bottom, with net profits of 116 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [9] - Demand is expected to improve due to the Federal Reserve's potential interest rate cuts and stabilization of global political conditions, while cost pressures from oil and coal prices are anticipated to weaken [9] - The chemical sector is poised for a turning point driven by anti-involution policies, with a significant decrease in construction projects expected in the first half of 2025 [9]

化工板块今日（12月1日）继续上攻！反映化工板块整体走势的化工ETF（516020）全天高位震荡，盘中场内价格最高涨幅达到1.89%，截至 发稿，涨0.76%。 成份股方面，磷化工、橡胶助剂、锂电、涂料等板块部分个股涨幅居前。截至发稿，和邦生物涨停，彤程新材飙涨超7%，三棵树大涨超3%， 天赐材料、宝丰能源、藏格矿业等多股跟涨超2%。 | ミ日 | 14 54 | 15分 30分 | 604 | | | | F9 盘前盘后 叠加 九转 圆线 工具 <> 2 | | > | | 1 | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.808 | | | 13:57 价 0.799 | | | + 0.006(0.76%) 均价 0.802 成交量 800 IOPV 0. | | | | | | +0.006 +0.76% | | | 0.801 | | | | | | | | | | SSE CNY 除此遇史 | 13:57:47 交易中 | | 十八章 二 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Insights - The global chemical competition landscape is being reshaped, with European and Japanese companies facing capacity exits due to high energy costs and environmental pressures, while Chinese companies are rapidly gaining market share due to significant cost advantages [1][15]. - The EU chemical capacity utilization rate has decreased from 75.6% in Q2 2025 to 74.6% in Q3 2025, significantly below the long-term average of 81.3% [2][31]. - China's chemical industry is characterized by high capital investment and R&D, leading to a strong cost advantage and enhanced global competitiveness [3][36]. Summary by Sections 1. Europe: Dual Dilemma of High Energy Costs and Environmental Pressure - European chemical companies are heavily reliant on natural gas, with over 40% of raw materials sourced from it, leading to increased production costs [20]. - The average wholesale electricity price in the EU rose by 30% year-on-year to $90 per megawatt-hour in H1 2025, expected to be twice that of the US and 1.5 times that of China [2][20]. - The EU's carbon emissions trading system (ETS) and the Carbon Border Adjustment Mechanism (CBAM) are tightening regulations, further squeezing the competitiveness of European chemical products [23][29]. 2. China: Scale Effects and Cost Advantages of Super Factories - China leads globally in chemical capital expenditure and R&D, accounting for 47% and 32% of the global total, respectively [36][38]. - The production capacity of ethylene in China has doubled from 26.69 million tons in 2019 to 54.49 million tons in 2024, with import dependency decreasing from 8.8% to 5.0% [10]. - Major Chinese companies like Wanhua Chemical are expected to further reduce costs through technological upgrades and capacity expansions, enhancing their competitive edge [9][12]. 3. Domestic Chemical Core Assets Exhibit Strong Competitive Strength - The report highlights the increasing global influence of Chinese chemical companies, which are leveraging cost, scale, and technological advantages to expand their market presence [12]. - Key players in the industry include Wanhua Chemical, Hualu Hengsheng, and others, which are positioned to benefit from the ongoing industry consolidation and optimization [12].

12月1日，宝丰能源盘中上涨2.00%，截至10:01，报18.36元/股，成交2.12亿元，换手率0.16%，总市值 1346.40亿元。 截至9月30日，宝丰能源股东户数6.54万，较上期增加3.70%；人均流通股112206股，较上期减少 3.57%。2025年1月-9月，宝丰能源实现营业收入355.45亿元，同比增长46.43%；归母净利润89.50亿元， 同比增长97.27%。 分红方面，宝丰能源A股上市后累计派现173.48亿元。近三年，累计派现91.45亿元。 机构持仓方面，截止2025年9月30日，宝丰能源十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.77亿股，相比上期减少2562.41万股。华泰柏瑞沪深300ETF（510300）位居第八大流通 股东，持股3728.15万股，相比上期减少193.12万股。化工ETF（159870）位居第十大流通股东，持股 3298.71万股，为新进股东。易方达沪深300ETF（510310）退出十大流通股东之列。 责任编辑：小浪快报 宝丰能源今年以来股价涨13.68%，近5个交易日涨2.97%，近20日跌2.86%，近60日涨7.56%。 ...