证券代码：000683 证券简称：博源化工 公告编号：2026-001 内蒙古博源化工股份有限公司 关于控股股东部分股份解除质押及再质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，内蒙古博源化工股份有限公司（以下简称公司）控股股 东内蒙古博源控股集团有限公司（以下简称博源集团）质押股份数量占其所持公 司股份数量比例超过 80%，请投资者注意相关风险。 公司近日收到控股股东博源集团的通知，其将持有公司的部分股份解除质押 冻结并重新办理了质押登记，具体事项如下： | 一、股东股份本次解除质押及质押基本情况 | | --- | 2.股东股份本次质押基本情况 | | 是否为控股 | | 占其 | 占公 | 是否 | 是否 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押数 | 所持 | 司总 | 为限 | 为补 | 质押起 | | 质押到 | 质权人 | 质押 | ...

Investment Rating - The report assigns an "Overweight" rating for the real estate chain chemical products sector [1]. Core Insights - The report emphasizes that the improvement in the supply-demand structure of real estate chain chemical products is expected to drive a long-term upward trend. It recommends specific products such as MDI, titanium dioxide, PVC, soda ash, organic silicon, and refrigerants [2][3]. Summary by Sections Industry Overview - The report discusses the concept of "high-quality development" in real estate, indicating that the supply-demand dynamics for chemical products related to real estate are set to improve, which will support a long-term upward trend in the market [2]. Investment Recommendations - The report highlights key companies to invest in, including: - MDI leader Wanhua Chemical - Titanium dioxide leader Longbai Group - Soda ash leader Boyuan Chemical - Organic silicon leader Hesheng Silicon - Refrigerant leader Juhua Co. - PVC leader Zhongtai Chemical and Xinjiang Tianye [3][4]. Market Dynamics - The report notes that while China's housing demand has shifted from aggressive growth, there is still medium-term support for total demand, projected to stabilize at 700-800 million square meters during the 14th and 15th Five-Year Plans. Factors such as demand improvement, urban renewal, and urbanization are expected to stabilize the overall transaction scale in the industry [3]. Product Applications - The report details the applications of various chemical products in the real estate sector: - MDI is used in environmentally friendly board production and insulation materials for refrigerators - Titanium dioxide is a key white pigment in coatings - PVC is primarily used in the real estate sector, directly influenced by new housing starts and construction progress - Soda ash is essential for producing flat glass and glass products, benefiting from urban renewal projects - Organic silicon adhesives are used in construction for sealing and bonding [3]. Supply and Demand Outlook - The report indicates that the demand side is expected to stabilize due to policy support and the stabilization of real estate companies, while the supply side is seeing an end to expansion in many sectors. This combination is anticipated to improve the supply structure and alleviate competitive pressures [3].

Group 1: Market Performance - The chemical raw materials sector increased by 2.68% compared to the previous trading day, with Jiangtian Chemical leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Individual Stock Performance - Jiangtian Chemical (300927) closed at 30.31, up 19.99% with a trading volume of 195,300 shares and a transaction value of 564 million [1] - Dier Chemical (920304) closed at 15.32, up 10.45% with a trading volume of 200,600 shares [1] - Weiyuan Co. (600955) closed at 20.59, up 9.99% with a trading volume of 227,900 shares [1] - Zhongyida (600610) closed at 11.37, up 9.96% with a trading volume of 182,160 shares [1] - Lushi Chemical (000830) closed at 19.96, up 8.89% with a trading volume of 666,900 shares [1] - Xinjiang Tianye (600075) closed at 6.26, up 8.12% with a trading volume of 1,176,800 shares [1] - Satellite Chemical (002648) closed at 20.79, up 6.67% with a trading volume of 1,382,800 shares [1] - Hydrogen Alkali Chemical (600618) closed at 14.04, up 5.17% with a trading volume of 494,000 shares [1] - Boyuan Chemical (000683) closed at 8.59, up 5.14% with a trading volume of 1,221,600 shares [1] - Zhongtai Chemical (002092) closed at 6.13, up 4.97% with a trading volume of 1,834,300 shares [1] Group 3: Capital Flow - The chemical raw materials sector saw a net inflow of 139 million from main funds, while retail funds experienced a net outflow of 60.52 million [2] - The main funds' net inflow for Zhongyida (600610) was 267 million, accounting for 29.40% of its trading volume [3] - Jiangtian Chemical (300927) had a main fund net inflow of 150 million, representing 26.57% of its trading volume [3] - Hydrogen Alkali Chemical (600618) had a main fund net inflow of 82.68 million, accounting for 12.24% of its trading volume [3] - Weiyuan Co. (600955) had a main fund net inflow of 73.73 million, representing 16.07% of its trading volume [3]

Group 1 - The core point of the news is that Boyuan Chemical has seen a stock price increase of 5.02%, reaching 8.58 CNY per share, with a trading volume of 793 million CNY and a turnover rate of 2.83%, resulting in a total market capitalization of 31.89 billion CNY [1] - Boyuan Chemical, established on January 23, 1997, and listed on January 31, 1997, is located in Ordos City, Inner Mongolia, and its main business involves the production and sales of coal, methanol, fertilizers, soda ash, and sodium bicarbonate [1] - The revenue composition of Boyuan Chemical's main business includes soda ash at 60.01%, urea at 25.08%, sodium bicarbonate at 12.88%, other products at 1.56%, and additional items at 0.46% [1] Group 2 - Manulife Fund has a significant holding in Boyuan Chemical, with its Manulife High-end Equipment Stock A (022327) holding 1,105,700 shares, accounting for 3.42% of the fund's net value, making it the ninth-largest holding [2] - The Manulife High-end Equipment Stock A (022327) has a current scale of 60.42 million CNY and has achieved a year-to-date return of 8.66%, ranking 1554 out of 5542 in its category, while its one-year return is 61.78%, ranking 727 out of 4235 [2]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In the previous two cyclical bull markets, alpha leading stocks significantly outperformed the basic chemical sector. These leaders possess both supply-demand improvements and cost advantages, leading to price elasticity and sustainable low-cost expansion. In cyclical bull markets, they exhibit performance drivers of volume and price increases, providing excess returns for investors [2][6][38]. - The report emphasizes the importance of investing in high-quality leading companies such as Wanhua Chemical, Hualu Hengsheng, Longbai Group, Yangnong Chemical, Huafeng Chemical, and Boyuan Chemical [2][6][38]. Summary by Sections Introduction: Why Focus on Leading Stocks in Cyclical Bull Markets? - The PPI (Producer Price Index) has shown a continuous narrowing of decline and is expected to turn positive by October 2025. This indicates a potential recovery in industrial product pricing and an improvement in market demand and supply conditions. The chemical industry, as a key industrial raw material, is likely to reflect these changes first, suggesting a transition from demand stagnation to a new round of inventory replenishment or capacity adjustment [4][14]. Performance of Alpha Leaders in Previous Cyclical Bull Markets - The report analyzes the stock selection and performance of alpha leaders during the last two cyclical bull markets (2016-2018 and 2020-2021). The selected stocks include Wanhua Chemical, Hualu Hengsheng, Longbai Group, and Yangnong Chemical, with the addition of Huafeng Chemical and Boyuan Chemical in the second round. The performance data shows that these leaders significantly outperformed the basic chemical index [5][18]. - In the first cycle (2016-2018), the highest stock price increases for these leaders were 488.9% for Wanhua Chemical, 281.4% for Hualu Hengsheng, 147.7% for Longbai Group, and 247.5% for Yangnong Chemical, with an average increase of 291.4%. The basic chemical index saw a maximum increase of around 39% during the same period [18][19]. - In the second cycle (2020-2021), the highest increases were 311.0% for Wanhua Chemical, 276.5% for Hualu Hengsheng, 314.2% for Longbai Group, 188.0% for Yangnong Chemical, 290.1% for Huafeng Chemical, and 728.7% for Boyuan Chemical, with an average increase of 351.4% compared to a maximum of 136% for the basic chemical index [18][19]. Investment Recommendations - The report suggests focusing on high-quality leading companies for investment opportunities, as they are expected to benefit from supply-demand improvements and cost advantages. The overall chemical sector is currently at a low point, but with anticipated global economic growth, demand for chemical products is expected to increase. The report also highlights the potential for a recovery in PPI and chemical prices in 2026 [6][38][39].

Group 1 - The company is currently in the process of testing its new production line for the Alashan natural soda ash project phase two, which is in the commissioning, optimization, and improvement stage [2] - The equipment operating parameters and process matching are still being optimized, and the production line has not yet reached a stable mass production state [2]

Summary of Key Points from the Conference Call Company Overview - **Company**: 博源化工 (Bohua Chemical) - **Industry**: Soda Ash Production Core Insights and Arguments - **Production Capacity Expansion**: The second phase of the 1 million tons soda ash production line is expected to be fully operational in Q1 2026, with an additional 1.8 million tons expected to begin trial production in January 2026 [2][4] - **New Projects**: Plans to launch a 400,000 tons sodium bicarbonate project and a 1.2 million tons comprehensive utilization project by mid-2026 [2][11] - **Impact of Competitor Shutdown**: The permanent shutdown of 苏尼特碱业 (Sunite Soda Industry) due to aging facilities and resource depletion is expected to optimize the overall asset structure of the company, with an estimated asset impairment of approximately 270 million yuan [2][6][7] - **Soda Ash Price Stability**: Current fluctuations in soda ash prices have a limited impact on profitability, with prices slightly decreasing by 10 to 20 yuan per ton in January 2026, but the spot market remains relatively stable [2][8] - **Operational Efficiency**: The company’s production facilities are operating at near full capacity with low inventory levels, indicating strong sales capabilities [2][9] Additional Important Information - **Natural Soda Reserves**: The company has significant natural soda reserves, with 123 million tons in Henan, sustainable for over 20 years, and 1.078 billion tons in Alashan, supporting over 40 years of mining [2][10] - **Litigation Liabilities**: The company faces a potential liability of approximately 1 billion yuan from a lawsuit with 蒙大矿业 (Mongolia Mining), with efforts underway to resolve this before the 2025 annual report [2][5][12] - **Cost Trends**: The complete cost of soda ash production at 银根矿 (Yinggen Mine) is around 1,100 yuan per ton, expected to decrease as production ramps up and coal prices decline [2][14] - **Market Dynamics**: The glass industry, a key downstream market, is projected to see a significant decline in daily melting capacity in 2025, which may impact sales [2][21] - **Downstream Demand**: Despite challenges in the broader industry, the company reports stable downstream demand with no significant inventory pressure [2][22] - **Maintenance Practices**: Regular maintenance of soda ash production facilities is conducted annually to ensure operational stability [2][23] - **Lack of Unified Industry Measures**: There are currently no coordinated measures within the soda ash industry to address price declines or production cuts, highlighting the fragmented nature of the market [2][20] This summary encapsulates the key points discussed in the conference call, providing insights into the company's operational strategies, market conditions, and future outlook.

Market Overview - The A-share market experienced fluctuations on January 15, with the Shanghai Composite Index briefly falling below 4100 points before recovering at the close. The Shanghai Composite Index fell by 0.33%, while the Shenzhen Component Index rose by 0.41%, and the ChiNext Index increased by 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets was 29.388 billion yuan, significantly down by over 10 billion yuan compared to the previous day [1] Sector Performance Electronics Sector - The electronics sector saw a strong rally in the afternoon, with the electronic ETF (515260) rising by 1.88%, recovering its 5-day moving average. The sector attracted a net inflow of 16.862 billion yuan from institutional investors, leading all 31 primary industries [3][6] - Key stocks in the electronics sector included Unigroup Guowei, which hit a daily limit up of 10%, and Huazhong Microelectronics, which rose by 7.58% [4][5] Chemical Sector - The chemical sector also performed well, with the chemical ETF (516020) reaching a peak increase of 2.42% during the day and closing up by 1.43%, marking a new three-year high. The sector attracted 14.7 billion yuan in net inflows, leading the market [9][11] - Notable stocks included Tongcheng New Materials, which hit the daily limit up, and Hongda Co., which surged by 6.25% [9][13] AI and Robotics Sector - The AI and robotics sectors faced some challenges, with the general aviation ETF (159231) dropping by 3.56%. However, the ChiNext AI ETF (159363) and the Sci-Tech AI ETF (589520) also saw declines, indicating a mixed performance in this area [1][15] Investment Insights - Analysts from Huajin Securities believe that the recent adjustment of financing margin ratios will have a limited impact on A-share trends, as the market is currently in a slow bull phase supported by structural recovery in profits and low credit levels [2] - The electronics sector is expected to benefit from the U.S. government's recent imposition of tariffs on certain semiconductors, which may enhance domestic substitution sentiment [6] - The chemical industry is anticipated to experience a rebound in profitability as supply-demand dynamics stabilize, with AI-driven production capabilities expected to lead to new growth opportunities [13][14]

Group 1 - The chemical sector is leading the market with a significant increase, as evidenced by the chemical ETF (516020) rising by 0.99% [1] - Among the constituent stocks, rubber additives and phosphorus chemicals are showing strong performance, with Tongcheng New Materials hitting the daily limit and Hongda shares increasing by over 5% [1] - The overall trend indicates a positive outlook for the chemical industry, with expectations of a rebound in profitability and valuation in 2026 [3] Group 2 - Major lithium battery manufacturers are initiating large-scale equipment bidding, with reports of hundreds of GWh orders received, indicating a robust demand in the market [2] - It is projected that the new lithium battery production capacity will exceed 1 TWh by 2026, marking a historical high for new orders among equipment manufacturers [2] - The chemical ETF (516020) tracks the CSI sub-industry index, covering key themes such as AI computing power and new energy, with nearly 50% of its holdings in large-cap leading stocks [3]

Group 1 - The chemical sector is leading the market gains, with the basic chemical sector showing the highest increase among 30 CITIC primary industries, reflecting a 0.99% rise in the chemical ETF (516020) [1] - Key stocks in the sector include rubber additives and phosphorus chemicals, with notable performances from Tongcheng New Materials, which hit the daily limit, and Hongda Co., which rose over 5% [1][2] - The overall market sentiment indicates a strong rebound in the chemical sector, driven by significant orders from leading lithium battery manufacturers, with expectations of substantial growth in lithium battery production capacity by 2026 [2][3] Group 2 - Industry analysts predict that the chemical industry's profitability is likely to recover in 2026 after experiencing a downturn in 2025, with a new phase of supply-demand rebalancing beginning [3] - The chemical ETF (516020) tracks the CSI segmented chemical industry theme index, with nearly 50% of its holdings concentrated in large-cap leading stocks, providing investors with opportunities to capitalize on the sector's rebound [3] - The ETF includes exposure to various themes such as AI computing, anti-involution policies, and new energy, which are expected to drive growth in the chemical sector [3]