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 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].

关于使用部分闲置募集资金进行现金管理 单位：万元 证券代码：603379 证券简称：三美股份 公告编号：2025-075 | 受托方 | 产品名称 | 认购金额 | 预期年化收 益率 | 起息日 | 到期日 | 赎回本金 | 收益金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 农行武义 | 单位定期 | 1,200.00 | 1.00% | 2025/5/20 | 2025/11/20 | 1,200.00 | 6.00 | | 支行 | 存款 | | | | | | | | 合计 | | 1,200.00 | / | / | / | 1,200.00 | 6.00 | 特此公告 浙江三美化工股份有限公司 到期赎回的公告 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。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开 第六届董事会第十八次会议和第六届监事会第十六次会议，分别审议通过《关于 使用闲置募集资金进行现金管理的议案》，同 ...

Group 1 - The chemical sector experienced a significant drop on November 17, with the chemical ETF (516020) initially rising by 1.69% before falling to a decrease of 0.24% at the time of reporting [1] - Key stocks in the sector, including coatings, battery chemicals, and fluorochemicals, saw notable declines, with SanKeTree dropping over 3%, and Enjie and Sanmei both falling over 2% [1] - The report indicates that the peak of new capacity additions in the chemical industry has passed, leading to a reduction in capital expenditure, which is expected to improve the supply-demand balance in the sector [1][3] Group 2 - The current PB-LF valuation of the basic chemical industry is close to the bottom levels seen in 2019 and 2024, indicating that the sector is still undervalued [3] - The chemical industry is expected to see a continuous improvement in supply-demand dynamics, with a potential upward trend in industry prosperity [3] - Analysts suggest that the chemical sector may experience a rebound starting in 2026, driven by improved domestic demand and supply-side adjustments [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [4] - Investors can also access the chemical ETF through linked funds, providing a more efficient way to invest in the chemical sector [4]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Views - The report highlights that the price of R134a has exceeded expectations, indicating a significant value proposition in the refrigerant sector, and suggests that long-term positioning is timely [4] - The fluorochemical index has shown a strong performance, increasing by 7.71% and outperforming major indices such as the Shanghai Composite and CSI 300 [6][25] - The report emphasizes the ongoing upward trend in refrigerant prices, particularly for R134a, R32, and R125, while noting a structural differentiation in the market [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical market is experiencing a positive trend, with R134a prices rising significantly due to concentrated purchasing demand, reaching 60,000 yuan/ton, an increase of 6,000 yuan/ton [9][22] - The overall market sentiment for fluorite is weak, with prices for 97% fluorite powder averaging 3,391 yuan/ton, down 0.96% from the previous week [19][33] 2. Refrigerant Market Trends - As of November 14, refrigerant prices are as follows: R32 at 63,000 yuan/ton, R125 at 45,500 yuan/ton, R134a at 55,000 yuan/ton, and R410a at 53,500 yuan/ton, with R134a showing a weekly increase of 1.85% [21][24] - The report notes that the refrigerant market is characterized by a strong upward trend for R32 and R134a, while R125 remains stable, and other products like R404 and R507 are experiencing downward pressure [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]

三美股份所属申万行业为：基础化工-化学制品-氟化工。所属概念板块包括：集成电路、中盘、PVDF 概念、养老金概念、锂电池等。 截至9月30日，三美股份股东户数2.26万，较上期增加26.46%；人均流通股27014股，较上期减少 20.92%。2025年1月-9月，三美股份实现营业收入44.29亿元，同比增长45.72%；归母净利润15.91亿元， 同比增长183.66%。 11月13日，三美股份盘中上涨2.08%，截至11:13，报57.84元/股，成交3.34亿元，换手率0.96%，总市值 353.10亿元。 资金流向方面，主力资金净流入213.28万元，特大单买入3008.23万元，占比9.01%，卖出3259.92万元， 占比9.76%；大单买入8418.72万元，占比25.20%，卖出7953.76万元，占比23.81%。 三美股份今年以来股价涨53.79%，近5个交易日涨2.74%，近20日涨5.80%，近60日涨8.50%。 资料显示，浙江三美化工股份有限公司位于浙江省武义县青年路218号，成立日期2001年5月11日，上市 日期2019年4月2日，公司主营业务涉及氟碳化学品和无机氟产品等氟化工 ...

证券日报网讯 11月11日晚间，三美股份发布公告称，公司于2025年11月11日收到长江证券承销保荐有 限公司（简称"长江保荐"）《关于更换浙江三美化工股份有限公司持续督导工作保荐代表人的函》。长 江保荐作为公司首次公开发行股票并上市项目的保荐机构，原指定保荐代表人王海涛先生和章睿鹏先生 负责公司的持续督导工作，持续督导期至2021年12月31日止。因募集资金尚未使用完毕，长江保荐继续 对剩余募集资金的管理与使用情况履行持续督导义务。由于原保荐代表人王海涛先生因个人原因无法继 续担任公司的持续督导工作的保荐代表人，为保证持续督导工作有序开展，长江保荐决定由保荐代表人 武石峰先生接替其负责持续督导工作，继续履行保荐职责。 （编辑 任世碧） ...

本次保荐代表人变更后，公司首次公开发行股票并上市项目持续督导保荐代 表人为章睿鹏先生和武石峰先生，持续督导期至中国证券监督管理委员会和上海 证券交易所规定的持续督导义务结束为止。 本次保荐代表人变更不会改变相关材料中长江保荐及保荐代表人已出具文 件的结论性意见，不涉及更新长江保荐已出具的相关材料；长江保荐及保荐代表 人将继续对之前所出具的相关文件之真实性、准确性和完整性承担相应的法律责 任。 证券代码：603379 证券简称：三美股份 公告编号：2025-074 浙江三美化工股份有限公司 关于变更保荐代表人的公告 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。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日收到 长江证券承销保荐有限公司（以下简称"长江保荐"）《关于更换浙江三美化工股 份有限公司持续督导工作保荐代表人的函》。长江保荐作为公司首次公开发行股 票并上市项目的保荐机构，原指定保荐代表人王海涛先生和章睿鹏先生负责公司 的持续督导工作，持续督导期至 2021 年 12 月 31 日止。因 ...

中国经济网北京11月11日讯 三美股份（603379.SH）昨日晚间披露《控股股东减持股份计划公告》。 根据公告，控股股东、实际控制人胡荣达计划自公告披露之日起15个交易日后的3个月内（即2025年12月3日 至2026年3月2日），通过集中竞价交易及大宗交易的方式减持其持有的公司无限售条件流通股不超过18,314,370 股，约占公司总股本的3%。 其中，通过集中竞价交易方式减持的，在任意连续90日内减持股份的总数不超过公司总股本的1%，即不超过 6,104,790股；通过大宗交易方式减持的，在任意连续90日内减持股份的总数不超过公司总股本的2%，即不超过 12,209,580股。减持价格按市场价格确定。 按上一交易日公司收盘价57.00元计算，胡荣达拟减持套现合计约1,043,919,090元。 截至公告披露日，胡荣达持有公司股份225,229,140股，约占公司总股本的36.8938%；其一致行动人胡淇翔持 有公司股份103,738,226股，约占公司总股本的16.9929%，武义三美投资有限公司持有公司股份48,937,288股，约占 公司总股本的8.0162%。胡荣达及其一致行动人合计持有公司股份3 ...