Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

投资建议：基于公司业绩表现及主营产品价格价差变化，我们预测2025-2027年公司的归母净利润分别 为14.68、22.18、26.88 亿元，对应当前PE 分别为18.4x、12.2x、10.0x。参考公司5 年历史估值中枢同时 考虑阿拉善二期投产对于公司成长性的贡献，我们给予2026 年15 倍目标PE，对应目标价9.00 元，维 持"强推"评级。 事件：2025Q1-3 公司实现营收86.56 亿元，同比-16.54%；归母净利润10.62 亿元，同比-41.15%；扣非 归母净利润11.28 亿元，同比-37.08%。其中Q3 公司实现营收27.40 亿元，同比/环比分 别-17.04%/-10.11%；归母净利润3.19 亿元，同比/环比分别-46.38%/-20.86%；扣非归母净利润3.84 亿 元，同比/环比分别-34.14%/-5.95%。 主营产品景气低位震荡，拖累三季度业绩。今年以来国内纯碱市场受到下游光伏玻璃及平板玻璃需求低 迷的影响，价格持续下探；尿素则受到新增产能投放及出口阶段性受限的影响，价格承压运行。据百川 盈孚统计，2025Q3 公司主营重质纯碱/尿素/小苏打市场均价分别为1 ...

证 券 研 究 报 告 博源化工（000683）2025 年三季报点评 强推（维持） 拟收购银根矿业股权，巩固纯碱龙头地位 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,264 | 12,260 | 15,354 | 16,260 | | 同比增速(%) | 10.1% | -7.6% | 25.2% | 5.9% | | 归母净利润(百万) | 1,811 | 1,468 | 2,218 | 2,688 | | 同比增速(%) | 28.5% | -18.9% | 51.1% | 21.2% | | 每股盈利(元) | 0.49 | 0.39 | 0.60 | 0.72 | | 市盈率(倍) | 15 | 18 | 12 | 10 | | 市净率(倍) | 1.8 | 1.8 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 21 日收盘价 公司研究 纯碱 2025 年 11 月 ...

Group 1 - The chemical sector showed a strong rebound on November 19, with the Chemical ETF (516020) experiencing fluctuations, reaching a maximum intraday increase of 1.6% and closing up by 1.23% [1][2] - Key stocks in the sector included rubber additives, soda ash, lithium batteries, and potash fertilizers, with notable gains from Tongcheng New Materials (up 6.62%), Boyuan Chemical, and Salt Lake Co. (both up over 5%) [1][2] - The basic chemical sector attracted significant capital inflow, with a net inflow of 8.675 billion yuan for the day and a total of 24.828 billion yuan over the past five trading days, leading among 30 sectors [1][3] Group 2 - The Chemical ETF (516020) has seen substantial net subscriptions, with over 370 million yuan in net inflows across three of the last five trading days [3][4] - The price of lithium hexafluorophosphate, a key raw material for electrolytes, has surged to 160,000 yuan per ton, more than tripling since the price bottomed out in July 2025 [3][4] - The supply of lithium hexafluorophosphate is expected to remain tight until 2026 due to production constraints among smaller firms, despite leading companies operating at full capacity [4] Group 3 - The chemical sector is anticipated to benefit from a rebound as the industry moves away from a prolonged bottoming phase, with signs of economic improvement reflected in rising PPI and CPI [5] - The chemical expansion cycle is nearing its end, with various industries, including glyphosate and PTA, beginning to experience upward profitability trends [5] - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry index, with nearly 50% of its holdings in large-cap stocks, providing investors with exposure to leading companies in the sector [5]

11月19日，博源化工涨5.2%，截至发稿，报7.48元/股，成交3.83亿元，换手率1.59%，总市值278.16亿 元。 资料显示，内蒙古博源化工股份有限公司位于内蒙古自治区鄂尔多斯市东胜区鄂托克西街博源大厦12 层，成立日期1997年1月23日，上市日期1997年1月31日，公司主营业务涉及煤炭、甲醇、化肥、纯碱及 小苏打的生产和销售。主营业务收入构成为：纯碱60.01%，尿素25.08%，小苏打12.88%，其他产品 1.56%，其他(补充)0.46%。 从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓博源化工。宏利高端装备股票A（022327）三季度持有股数110.57 万股，占基金净值比例为3.42%，位居第九大重仓股。根据测算，今日浮盈赚取约40.91万元。 宏利高端装备股票A（022327）成立日期2025年1月16日，最新规模6041.63万。成立以来收益38.38%。 宏利高端装备股票A（022327）基金经理为孟杰。 截至发稿，孟杰累计任职时间5年75天，现任基金资产总规模57.42亿元，任职期间最佳基金回报 96.35%， 任职期间最差基金回报3.78%。 风险提示：市场有风险 ...

宏利高端装备股票A（022327）基金经理为孟杰。 截至发稿，孟杰累计任职时间5年74天，现任基金资产总规模57.42亿元，任职期间最佳基金回报 97.18%， 任职期间最差基金回报4.54%。 11月18日，博源化工跌5.11%，截至发稿，报7.05元/股，成交4.16亿元，换手率1.74%，总市值262.17亿 元。 资料显示，内蒙古博源化工股份有限公司位于内蒙古自治区鄂尔多斯市东胜区鄂托克西街博源大厦12 层，成立日期1997年1月23日，上市日期1997年1月31日，公司主营业务涉及煤炭、甲醇、化肥、纯碱及 小苏打的生产和销售。主营业务收入构成为：纯碱60.01%，尿素25.08%，小苏打12.88%，其他产品 1.56%，其他(补充)0.46%。 从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓博源化工。宏利高端装备股票A（022327）三季度持有股数110.57 万股，占基金净值比例为3.42%，位居第九大重仓股。根据测算，今日浮亏损失约42.02万元。 宏利高端装备股票A（022327）成立日期2025年1月16日，最新规模6041.63万。成立以来收益41.83%。 风险提示：市场有风 ...

Group 1 - The core viewpoint is that the second phase of the Alashan natural soda project is progressing smoothly and on schedule, with major installation works completed and remaining works unaffected by cold winter weather [2][3] Group 2 - The company, Boyuan Chemical (000683.SZ), responded to investor inquiries on an interactive platform regarding the progress of the Alashan Phase II project [2] - The company assures that the project is advancing as planned, indicating a positive outlook for future production [2]

Market Overview - The chemical raw materials sector experienced a decline of 1.6% on November 14, with Aok股份 leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the chemical raw materials sector included 博源化工, which rose by 2.47% to a closing price of 7.47, and 振华股份, which increased by 1.97% to 30.00 [1] - Aok股份 saw a significant decline of 9.62%, closing at 12.31, while 恒光股份 and 三祥新材 also experienced notable drops of 6.78% and 6.44%, respectively [2] Trading Volume and Capital Flow - The total net outflow of main funds in the chemical raw materials sector was 16.12 billion yuan, while retail investors saw a net inflow of 13.46 billion yuan [2] - The trading volume for 博源化工 was 817,000 shares, with a transaction value of 612 million yuan, indicating strong interest despite the overall market decline [1] Individual Stock Capital Flow - 博源化工 had a net inflow of 14.87 million yuan from main funds, while it saw a net outflow of 59.03 million yuan from retail investors [3] - 金能科技 experienced a net inflow of 11.58 million yuan from main funds, but also faced a net outflow of 8.89 million yuan from retail investors [3]

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益30.41%，同类 排名1830/4216；近一年收益19.26%，同类排名2151/3955；成立以来收益147.43%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年210天，现任基金资产总规模1704.45亿元，任职期间最佳基金回报 148.73%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月14日，博源化工涨5.35%，截至发稿，报7.68元/股，成交2.53亿元，换手率1.02%，总市值285.60亿 元。 资料显示，内蒙古博源化工股份有限公司位于内蒙古自治区鄂尔多斯市东胜区鄂托克西街博源大厦12 层，成立日期1997年1月23日，上市日期1997年1月31日，公司主营业务涉及煤炭、甲醇、化肥、纯碱及 小苏打的生产和销售。主营业务收入构成为：纯碱60 ...

Core Insights - The company, Boyuan Chemical, announced an organizational restructuring to enhance governance and operational efficiency in line with its strategic development and digital transformation initiatives [1] Group 1: Organizational Changes - The company will establish three committees under its management: an Expert Committee, an ESG Committee, and a Standards Committee [1] - Eight functional departments will be created, including Comprehensive Management, Production Safety, Technological Innovation (with a Technical Center), Market Resources, Financial Management, Securities Affairs, Digital Empowerment, and Audit Supervision (which includes an Internal Control Audit Group reporting to the Board's Audit Committee) [1]