证券代码：000683 证券简称：博源化工 公告编号：2026-011 内蒙古博源化工股份有限公司 关于控股子公司取得新增水权的公告 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。 内蒙古博源化工股份有限公司（以下简称公司）控股子公司内蒙古博源银根 水务有限公司（以下简称银根水务）近日取得水权合计 1,100 万立方米/年，具 体如下： 1.银根水务与巴彦淖尔市水利局在内蒙古自治区水权收储转让中心有限公 司完成了《内蒙古博源银根水务有限公司内蒙古阿拉善塔木素天然碱（860 万吨 /年）开发利用建设项目及黄河供水专用工程水权转让合同》签约，交易水量 800 万立方米/年，交易期限 2025 年 4 月 11 日至 2050 年 4 月 10 日止。 2.银根水务与巴彦淖尔市水利局在内蒙古自治区水权收储转让中心有限公 司完成了《内蒙古博源银根水务有限公司内蒙古阿拉善塔木素天然碱（860 万吨 /年）开发利用建设项目水权转让合同》签约，交易水量 300 万立方米/年，交易 期限 2024 年 3 月 6 日至 2049 年 3 月 5 日止。 2026 年 3 月 ...

内蒙古博源化工股份有限公司（以下简称公司）近日收到控股股东内蒙古博 源控股集团有限公司（以下简称博源集团）的通知，其将持有公司的部分股份解 除质押，相关手续已办理完毕。具体情况如下： 二、股东股份累计质押情况 证券代码：000683 证券简称：博源化工 公告编号：2026-010 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。 1.中国证券登记结算有限责任公司《证券质押及司法冻结明细表》。 截至本公告披露日，博源集团及其一致行动人北京中稷弘立资产管理有限公 司（以下简称中稷弘立）所持公司股份累计质押情况如下： | | | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 累计被质 | | 合 计 | 占 | 合 | 计 占 | 已质押股 | | 未质押股 | | | 股东 | 持股数量 | 持股比例 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the soda ash futures fluctuated downward. The closing price of the main contract SA2605 decreased by 5.87% compared to the previous week, reaching 1,202 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1,190 yuan/ton, a 5.18% drop from the previous week [3]. - The supply of soda ash is showing a downward trend as enterprise maintenance begins. Next week, the expected operating rate is 82%, and the output is over 780,000 tons. Market sentiment has weakened, new - price transactions are average, and production and sales are maintained. Downstream demand is average, mainly on a need - to - buy basis, with low - price restocking. Consumption is stable with little overall fluctuation and no obvious new additions. The downstream's intention to restock at the new price has weakened, and they are mainly consuming inventory. As of March 19, the national in - factory inventory of soda ash was 1.8538 million tons, a 4.03% decrease from the previous week, and the inventory is at a historical high for the same period [3]. - In the short term, soda ash is more affected by macro - sentiment and is expected to maintain a wide - range fluctuating trend [3]. Summary by Directory 1. Soda Ash Futures and Spot Weekly Market - The closing price of the main contract decreased from 1,277 yuan/ton to 1,220 yuan/ton, a decline of 5.87%. The low - end price of heavy soda ash in Shahe dropped from 1,255 yuan/ton to 1,190 yuan/ton, a 5.18% decrease. The main basis decreased from - 22 yuan/ton to - 12 yuan/ton, a decline of 45.45% [8]. 2. Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe is 1,190 yuan/ton, a 5.18% decrease from the previous week [14]. - The profit of heavy soda ash produced by the ammonia - soda process in North China is - 25.30 yuan/ton, and the profit of the co - production process in East China is 227.5 yuan/ton [17]. - The weekly operating rate of the soda ash industry is 87%, and the weekly output is 818,100 tons, including 434,000 tons of heavy soda ash, which is at a historical high [20][22]. - From 2023 to 2025, there have been and are planned new production capacities for soda ash. In 2023, the total new capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new capacity is 7.5 million tons, with an actual expected production of 1 million tons [23]. 3. Fundamental Analysis - Demand - The weekly production - sales rate of soda ash is 101.92% [26]. - The daily melting volume of national float glass is 145,800 tons, and the operating rate is 70.41% [29]. 4. Fundamental Analysis - Inventory - The national in - factory inventory of soda ash is 1.8538 million tons, a 4.03% decrease from the previous week, and the inventory is above the five - year average [34]. 5. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data such as effective capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [35]. 6. Influencing Factors Summary - **Positive Factors**: There is little cold - repair of downstream float glass, and the output remains stable [5]. - **Negative Factors**: The supply of soda ash is at a high level, terminal demand is declining, the inventory is at a high level for the same period, and the industry's supply - demand mismatch pattern has not been effectively improved. The second - phase production line of Yuanxing Energy has increased its operating load, and there is no expectation of new maintenance, so the output is expected to remain at a high level. The heavy - soda downstream photovoltaic glass has reduced production, and the demand for soda ash has weakened [6][7].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of soda ash are weak. With the start - up load of Yuangxing Energy's Phase II increasing and the overall supply expected to be abundant, while the daily melting volume of downstream float glass and photovoltaic glass continues to decline and the inventory of soda ash plants is at a historically high level, it is expected to fluctuate weakly in the short term [3]. Summary by Relevant Catalogs 1. Daily Viewpoints - **Fundamentals**: The start - up load of Yuangxing Energy's Phase II has increased, the production of soda ash plants is at a high level, and the overall supply is expected to be abundant. The daily melting volume of downstream float glass and photovoltaic glass continues to decline, and the inventory of soda ash plants is at a historically high level; bearish [3]. - **Basis**: The spot price of heavy soda ash in Hebei Shahe is 1,150 yuan/ton, the closing price of SA2605 is 1,194 yuan/ton, the basis is - 44 yuan, and the futures are at a premium to the spot; bearish [3]. - **Inventory**: The national in - plant inventory of soda ash is 1.8944 million tons, an increase of 19.29% from the previous week, and the inventory is above the 5 - year average; bearish [3]. - **Disk**: The price is running below the 20 - day line, and the 20 - day line is downward; bearish [3]. - **Main positions**: The main positions are net short, and the short positions are decreasing; bearish [3]. - **Expectation**: The fundamentals of soda ash are weak, and it is expected to fluctuate weakly in the short term [3]. 2. Influencing Factors - **Positive factors**: There are few cold repairs of downstream float glass, and the production remains stable [4]. - **Negative factors**: The start - up load of Yuangxing Energy's Phase II production line has increased, and there is no expectation of new maintenance, so the production is expected to remain at a high level. The downstream photovoltaic glass of heavy soda ash has reduced production, and the demand for soda ash has weakened [6]. 3. Soda Ash Futures Market | | Main Contract Closing Price (yuan/ton) | Heavy Soda Ash: Shahe Low - end Price (yuan/ton) | Main Basis (yuan/ton) | | --- | --- | --- | --- | | Previous value | 1,191 | 1,150 | - 41 | | Current value | 1,194 | 1,150 | - 44 | | Change rate | 0.25% | 0.00% | 7.32% | [7] 4. Soda Ash Spot Market - The low - end price of the heavy soda ash market in Hebei Shahe is 1,150 yuan/ton, unchanged from the previous day [13]. 5. Soda Ash Production - **Production profit**: The profit of heavy soda ash by the North China ammonia - soda process is - 162.25 yuan/ton, and the profit of the East China co - production method is - 69.50 yuan/ton. The production profit of soda ash is at a historical low [16]. - **Start - up rate and production capacity**: The weekly start - up rate of the soda ash industry is 85.04%. The weekly production of soda ash is 790,900 tons, including 423,000 tons of heavy soda ash, with the production at a historical high [19][21]. - **Production capacity changes**: In 2023, the new production capacity of soda ash was 6.4 million tons; in 2024, it was 1.8 million tons; the planned new production capacity in 2025 was 7.5 million tons, with an actual production of 1 million tons [22]. 6. Fundamental Analysis - Demand - **Sales ratio**: The weekly sales ratio of soda ash is 61.12% [25]. - **Downstream demand**: The national daily melting volume of float glass is 148,600 tons, and the start - up rate is 70.61% [28]. 7. Fundamental Analysis - Inventory - The national in - plant inventory of soda ash is 1.8944 million tons, an increase of 19.29% from the previous week, and the inventory is above the 5 - year average [34]. 8. Fundamental Analysis - Supply - Demand Balance Sheet | Year | Effective Production Capacity (10,000 tons) | Output (10,000 tons) | Start - up Rate | Import (10,000 tons) | Export (10,000 tons) | Net Import (10,000 tons) | apparent Supply (10,000 tons) | Total Demand (10,000 tons) | Supply - Demand Difference (10,000 tons) | Production Capacity Growth Rate | Output Growth Rate | Apparent Supply Growth Rate | Total Demand Growth Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2017 | 3035 | 2715 | 89.46% | 14 | 152 | - 138 | 2577 | 2517 | 60 | 2.20% | 5.10% | 7.40% | 4.60% | | 2018 | 3087 | 2583 | 83.57% | 29 | 138 | - 109 | 2474 | 2523 | - 49 | 1.85% | - 4.86% | - 4.00% | 0.24% | | 2019 | 3247 | 2804 | 86.36% | 19 | 144 | - 125 | 2679 | 2631 | 48 | 5.05% | 8.56% | 8.29% | 4.28% | | 2020 | 3317 | 2757 | 73.40% | 36 | 138 | - 102 | 2655 | 2607 | 48 | 2.16% | - 1.68% | - 0.90% | - 0.91% | | 2021 | 3288 | 2892 | 71.90% | 23 | 73 | - 50 | 2842 | 2764 | 78 | - 0.87% | 4.90% | 7.04% | 6.02% | | 2022 | 3114 | 2944 | 85.26% | 11 | 206 | - 195 | 2749 | 2913 | - 164 | - 5.29% | 1.80% | - 3.27% | 5.39% | | 2023 | 3342 | 3228 | 87.76% | 82 | 144 | - 62 | 3166 | 3155 | 11 | 7.32% | 9.65% | 15.17% | 8.31% | | 2024E | 3930 | 3650 | 78.20% | 42 | 156 | - 114 | 3536 | 3379 | 157 | 17.59% | 13.07% | 11.69% | 7.10% | [35]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][5]. Core Insights - The geopolitical conflict between the US and Iran is expected to drive up prices for methanol, ethylene glycol, and urea, with a comprehensive price increase anticipated for chemical products after the holiday [4]. - The report highlights the impact of differentiated electricity pricing in Shaanxi, which may accelerate the exit of outdated production capacities and improve industry dynamics [4]. - The overall capital expenditure in the chemical sector is at its peak, with low inventory levels in the supply chain, suggesting a favorable environment for price increases as downstream production resumes post-holiday [4]. Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between $60 and $75 per barrel due to delayed OPEC+ production increases and stable demand recovery [5]. - Coal prices are expected to stabilize at a low level in the medium to long term, while natural gas costs may decrease as the US accelerates its export facility construction [5]. - The report notes that the January PPI for industrial products decreased by 1.4% year-on-year but increased by 0.4% month-on-month, indicating a slight recovery in the manufacturing sector [7]. Investment Analysis - The report suggests focusing on four main areas for investment: 1. Textile and apparel chain, benefiting from high demand growth and improved supply dynamics [4]. 2. Agricultural chemicals, with stable fertilizer demand and increasing transgenic penetration supporting long-term pesticide demand [4]. 3. Export-related chemical products, as overseas inventories are at historical lows and interest rates are expected to decline [4]. 4. "Anti-involution" policies leading to accelerated clearance of outdated capacities in various sectors [4]. Key Material Focus - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, as well as in lithium battery and fluorine materials [4].

Group 1: Metal Sector - Hongda Co. (600331.SH) is projected to have a net profit of 0.36 billion CNY in 2024, but is expected to incur a loss of 0.80 billion CNY in 2025, with a significant recovery to 4.00 billion CNY in 2026, resulting in a PE ratio of 131.36[17] - Zijin Mining (601899.SH) is forecasted to achieve a net profit of 320.51 billion CNY in 2024, increasing to 913.17 billion CNY by 2026, with a PE ratio dropping from 32.86 to 11.53[17] - Huaxi Nonferrous (600301.SH) is expected to see net profits rise from 6.58 billion CNY in 2024 to 12.69 billion CNY in 2026, with a PE ratio of 32.29[17] Group 2: Construction Materials - Oriental Yuhong (002271.SZ) is projected to have net profits of 1.08 billion CNY in 2024, increasing to 21.94 billion CNY by 2026, with a PE ratio of 19.60[17] - China Jushi (600176.SH) is expected to grow its net profit from 24.45 billion CNY in 2024 to 47.80 billion CNY in 2026, with a PE ratio of 22.65[17] - The construction materials sector is facing a significant supply exit, with 2024 commodity housing sales expected to decline by approximately 47% compared to 2021[44] Group 3: Transportation - YTO Express (600233.SH) is forecasted to achieve net profits of 40.12 billion CNY in 2024, increasing to 50.84 billion CNY by 2026, with a PE ratio of 13.20[17] - COSCO Shipping Energy (600026.SH) is expected to see net profits rise from 40.37 billion CNY in 2024 to 98.19 billion CNY in 2026, with a PE ratio of 10.94[17] Group 4: Chemical Sector - Boyuan Chemical (000683.SZ) is projected to have net profits of 18.11 billion CNY in 2024, decreasing to 23.43 billion CNY by 2026, with a PE ratio of 14.87[17] - Xingfa Group (600141.SH) is expected to see net profits rise from 16.01 billion CNY in 2024 to 24.54 billion CNY in 2026, with a PE ratio of 19.62[17] Group 5: Power and Coal - Longyuan Power (001289.SZ) is forecasted to achieve net profits of 63.45 billion CNY in 2024, with a slight decrease to 61.52 billion CNY by 2026, maintaining a PE ratio of 17.20[17] - Electric Power Investment (002128.SZ) is expected to see net profits rise from 53.42 billion CNY in 2024 to 68.98 billion CNY in 2026, with a PE ratio of 9.98[17]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]

证券代码：000683 证券简称：博源化工 公告编号：2026-009 内蒙古博源化工股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1.本次股东会没有出现否决议案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.召开时间： 现场会议召开时间：2026 年 2 月 27 日（星期五）下午 14:50。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2026 年 2 月 27 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00；通 过深圳证券交易所互联网投票系统投票的时间为2026年2月27日9:15至15:00 期间的任意时间。 其中：出席现场会议的股东及股东代理人共 3 人，代表股份 1,122,644,195 股，占公司有表决权股份总数的 30.2043%。通过网络投票的股东 498 人，代表 1 股份 497,592,769 股，占公司有表决权股份总数的 13.3876%。 综合出席现场投票与网络投票的中 ...