（编辑 楚丽君） 证券日报网讯 12月3日，博源化工在互动平台回答投资者提问时表示，公司将密切关注行业动态，以中 长期可持续发展为指引，密切关注并综合研判市场情况和行业变化等多种因素，在此基础上制定适宜的 经营管理策略，并将结合市场波动情况及时审视和相应更新。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soda ash market in 2025 was deeply influenced by the expansion cycle of production capacity and the weak growth of demand, leading to a systematic decline in the price center. Periodic rebounds were constrained by high inventory and weak market conditions. For investors, understanding these influencing factors is crucial for making correct judgments, and for producers, seizing market rhythm and supply - demand changes to conduct sell - hedging at high prices is also essential [7][18]. - The process of production capacity clearance is slow, and the proportion of low - cost natural soda ash production capacity is continuously increasing. Although leading enterprises can survive relying on resource endowments, the overall profitability improvement of the industry is limited. The cold repair of float glass has led to a decline in the demand for dense soda ash, and the photovoltaic glass market has turned downward. Light soda ash has become the only growth point. In 2026, the pressure of new production capacity remains, and the profit rebound needs to wait for a substantial contraction in supply or a recovery in glass demand [7][27]. - In 2025, the domestic soda ash production increased significantly compared with previous years. From January to October, the cumulative production was 3,302 million tons, a year - on - year increase of 5.2%. The heavy soda ash ratio fluctuated between 53 - 57%, significantly lower than last year. Multiple production lines were put into operation in 2025, and the supply of soda ash continued to increase. If high - cost alkali plants cannot exit the market smoothly, the pattern of oversupply will be further strengthened. Considering the current industry situation, the annual supply increase in 2026 will be about 1%, with a total production increase of 35 million tons [7][8]. - In 2025, the daily melting volume of float glass remained at a low level, and the photovoltaic glass first increased and then decreased. The total daily melting volume of the two showed a trend of high in the front and low in the back, continuously lower than the same period last year. From January to October, the total daily melting volume of float and photovoltaic glass slightly decreased to 25.0 million tons, a year - on - year decrease of 3.5%, corresponding to a 9.9% year - on - year decrease in the demand for dense soda ash. In addition, from January to October, the demand for light soda ash was relatively strong, with the operating rate at a high level, and the apparent demand increased by 11.8% year - on - year. In 2026, the total demand for soda ash will decrease by 4.8%, a net decrease of 177 million tons, mainly from dense soda ash, with a year - on - year decrease of 15.3% and a net decrease of 312 million tons, while the demand for light soda ash will increase by 8% year - on - year, a net increase of 134 million tons [9][85]. - Since 2025, the domestic soda ash price has been at a low level, with a significant decrease in imports and an increase in exports. In the second half of the year, as the price continued to be low, the net export of domestic soda ash maintained a high level. From January to October, the cumulative net export volume was 175 million tons, while the same period last year was a net import of 9 million tons. It is expected that the net export volume in 2025 will increase to 218 million tons, and in 2026, it will further increase to 257 million tons [66][86]. - In 2025, the supply and demand of soda ash were continuously loose, and the total inventory remained at a high level. The three - link inventory increased from 242 million tons at the beginning of the year to 294 million tons at present, reaching the highest level in the same period in history. According to the supply - demand balance analysis, the supply will increase by 0.9% and the demand will decrease by 6.4% in 2026, and the oversupply situation will continue. After some projects were put into operation in 2025, the high - cost supply will be suppressed at low prices, and the inventory will remain at a high level throughout the year [11][87]. Summary by Directory 2025 Soda Ash Price and Profit Review 2025 Soda Ash Price Center Moved Downward - In 2025, the soda ash price showed an overall downward trend with a narrowing price range. The average ex - factory price of light soda ash from January to October was 1,335 yuan/ton, a year - on - year decrease of 31%, and the terminal average price of dense soda ash was 1,422 yuan/ton, a year - on - year decrease of 31.9%. The price was mainly suppressed by the expansion of production capacity and weak demand [17]. - There were short - term price rebounds in February - March and July, but they were quickly suppressed. From April to June, the price accelerated its decline due to the release of new production capacity, and from August to October, it continued to decline due to weak demand and a decrease in exports [17]. 2025 Soda Ash Industry Profits Ran at a Low Level - In 2025, the soda ash industry was under continuous pressure on profits, showing a deep - loss pattern. The core factors were over - capacity and rising costs. From the beginning to the middle of the year, the losses continued to expand, and the profits of the ammonia - soda process and the combined - soda process continued to deteriorate. In October, the increase in the price of thermal coal led to a decline in the profits of the combined - soda process, and in November, the profits of the ammonia - soda process further declined [27]. - The process of production capacity clearance is slow, and the proportion of low - cost natural soda ash production capacity is increasing. The overall profitability improvement of the industry is limited. In 2026, the pressure of new production capacity remains, and the profit rebound needs to wait for a substantial contraction in supply or a recovery in glass demand [27]. Soda Ash Production Capacity Continued to be Put into Operation, and the Capacity Will Continue to Increase in 2026 2025 New Soda Ash Production Capacity was Put into Operation, and the Annual Supply Continued to Increase - In 2025, the domestic soda ash production increased significantly. From January to October, the cumulative production was 3,302 million tons, a year - on - year increase of 5.2%. The heavy soda ash ratio fluctuated between 53 - 57%, lower than last year [7][33]. - In the first half of the year, with the new production capacity put into operation, the production remained at a high level. In April, the monthly production reached a historical high of 364.2 million tons. In the second half of the year, the production decreased during the summer maintenance period, and then quickly recovered after the maintenance. As of November 21, the operating rate of soda ash enterprises was 82.68%, a month - on - month decrease of 2.12% [33]. Production Capacity Continued to be Put into Operation, and the Supply was Expected to Continue to Increase - Multiple production lines were put into operation in 2025, and the far - reaching Xingneng Phase II 2.8 million - ton natural soda ash project will be put into operation at the end of the year. If high - cost alkali plants cannot exit the market, the oversupply situation will be further strengthened [42]. - Based on the production capacity put into operation in 2025, the soda ash production will continue to increase in the next year. Considering the current industry situation, the annual supply will increase by about 1%, with a total production increase of 35 million tons [44]. The Demand for Dense Soda Ash First Increased and then Decreased, and the Growth of Soda Ash Demand Slowed Down in 2025 In 2025, the Daily Melting Volume of Photovoltaic and Float Glass Decreased, and the Growth of Soda Ash Demand Slowed Down - In 2025, the daily melting volume of float glass remained at a low level, and the photovoltaic glass first increased and then decreased. The total daily melting volume of the two was lower than the same period last year. As of now, the daily melting volume of float glass in production was 158,100 tons, and that of photovoltaic glass was 89,400 tons. From January to October, the total daily melting volume slightly decreased to 250,000 tons, a year - on - year decrease of 3.5%, corresponding to a 9.9% year - on - year decrease in the demand for dense soda ash [45]. - The demand for soda ash from float and photovoltaic glass gradually weakened due to the continuous downturn in the real - estate market and high inventory in the photovoltaic glass market. In addition, the demand for light soda ash was relatively strong from January to October, with an estimated year - on - year increase of 11.8% in apparent demand [51][53]. The Demand for Dense Soda Ash Declined, the Demand for Light Soda Ash Increased, and the Soda Ash Demand Decreased in 2026 - In 2026, the over - capacity problem of photovoltaic glass remains to be solved, and the production progress will slow down significantly. Although real - estate policies are continuously introduced, the glass consumption is difficult to improve. The float glass production will continue to decline, which will suppress the demand for dense soda ash, while the demand for light soda ash will continue to increase with economic activities [58]. - It is estimated that the total demand for soda ash in 2026 will decrease by 4.8%, a net decrease of 177 million tons, mainly from a 15.3% year - on - year decrease in dense soda ash demand (a net decrease of 312 million tons), and an 8% year - on - year increase in light soda ash demand (a net increase of 134 million tons) [58]. Domestic Soda Ash Price Ran at a Low Level, and Soda Ash Exports Increased Significantly - Since 2025, the domestic soda ash price has been at a low level, with a significant decrease in imports and an increase in exports. From January to October, the cumulative net export volume was 175 million tons, while the same period last year was a net import of 9 million tons. It is expected that the net export volume in 2025 will increase to 218 million tons, and in 2026, it will further increase to 257 million tons [66][86]. The Total Soda Ash Inventory is Expected to Remain at a High Level in 2026 2025 Soda Ash Supply and Demand were Loose, and the Total Inventory Ran at a High Level - In 2025, the supply and demand of soda ash were continuously loose, and the three - link inventory increased from 242 million tons at the beginning of the year to 294 million tons at present, reaching the highest level in the same period in history. The inventory of alkali plants remained at a high level, the inventory of delivery warehouses increased significantly, and the inventory days of sample glass factories were relatively stable [70]. 2026 Soda Ash Supply and Demand will Remain Loose, and the Inventory will Remain at a High Level - According to the supply - demand balance analysis, the supply will increase by 0.9% and the demand will decrease by 6.4% in 2026, and the oversupply situation will continue. After some projects were put into operation in 2025, the high - cost supply will be suppressed at low prices, and the inventory will remain at a high level throughout the year [72]. Soda Ash Supply - Demand Deduction and Market Outlook - Supply: Multiple production lines were put into operation in 2025, and the far - reaching Xingneng Phase II 2.8 million - ton natural soda ash project will be put into operation at the end of the year. If high - cost alkali plants cannot exit the market, the oversupply situation will be further strengthened. It is estimated that the production will increase by about 1% in 2026, with a total production increase of 35 million tons [73]. - Demand: In 2026, the production progress of photovoltaic glass will slow down, and the float glass production will continue to decline, suppressing the demand for dense soda ash. The demand for light soda ash will increase. The total demand for soda ash will decrease by 4.8%, a net decrease of 177 million tons [73]. - Net Export: As the supply - demand imbalance of soda ash further intensifies in 2026, the price will remain at a low level, and the export is expected to increase to 257 million tons [74]. - Inventory: After some projects were put into operation in 2025, the high - cost supply will be suppressed at low prices, and the inventory will remain at a high level throughout the year [75]. Summary - The soda ash price in 2025 showed a downward trend due to the expansion of production capacity and weak demand. In 2026, the over - capacity situation will continue, and the price will continue to decline unless some high - cost production capacity is cleared. Attention should be paid to price rebounds after production decreases due to increased enterprise maintenance and cost changes caused by thermal coal price fluctuations [6][87]. - The soda ash industry profits were under pressure in 2025, and the overall profitability improvement was limited. In 2026, the profit rebound needs to wait for a substantial contraction in supply or a recovery in glass demand [27]. - The supply of soda ash increased in 2025, and it is expected to continue to increase in 2026. The demand for dense soda ash will decline, while the demand for light soda ash will increase. The net export will increase, and the inventory will remain at a high level [84][87].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Group 1 - The core viewpoint of the articles indicates that the soda ash futures prices have significantly declined, approaching yearly lows due to weakening demand and increasing supply pressures [1][5][8] Group 2 - The cold repair of glass production lines in Hebei has led to a reduction in daily melting capacity by 2400 tons, with further cold repairs expected to exceed 4000 tons per day by the end of the year [2][4] - The glass inventory continues to accumulate, causing prices to drop and production profits to deteriorate, leading to more production lines entering loss-making states [2][3] Group 3 - New soda ash production capacities are set to come online, including a 280,000-ton natural soda project by Yuanxing Energy expected to start by the end of December, which will further increase supply pressure [5][6] - The overall soda ash production capacity utilization rate was 83.30% in November, with a production volume of 3.1123 million tons, reflecting a month-on-month decrease [5][6] Group 4 - The theoretical profit for soda ash production using the soda-lime method was reported at -140 RMB/ton, indicating a worsening profitability scenario [6] - The coal prices have shown signs of stagnation, leading to weakened cost support for soda ash production [7][8]

Core Points - The company announced plans to apply for a loan of up to RMB 163,500 million from several banks to finance the acquisition of a 10.6464% stake in Inner Mongolia Boyuan Yingen Mining Co., Ltd [2] - The controlling shareholder, Inner Mongolia Boyuan Holding Group Co., Ltd, will provide a joint liability guarantee for the loan [2] - The company will pledge its stake in Yingen Mining as collateral for the loan, with a term not exceeding seven years [2]

每经AI快讯，博源化工（SZ 000683，收盘价：7.1元）11月28日晚间发布公告称，公司九届三十五次董 事会会议于2025年11月28日在鄂尔多斯市东胜区鄂托克西街博源大厦19层会议室以现场和视频相结合的 方式召开。会议审议了《关于公司向银行申请贷款的议案》等文件。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 贾运可） 2025年1至6月份，博源化工的营业收入构成为：纯碱和小苏打占比72.89%，尿素占比25.08%，非金属 矿采选业占比1.56%，其他业务占比0.46%。 截至发稿，博源化工市值为264亿元。 ...

内蒙古博源化工股份有限公司 证券代码：000683 证券简称：博源化工 公告编号：2025-088 关于公司向银行申请贷款的公告 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）于 2025 年 11 月 28 日召开 九届三十五次董事会，审议通过了《关于公司向银行申请贷款的议案》，现将具 体内容公告如下： 一、申请贷款情况概述 公司拟向中信银行股份有限公司鄂尔多斯分行、招商银行股份有限公司鄂尔 多斯分行、平安银行股份有限公司呼和浩特分行申请授信不超过人民币 163,500 万元贷款，用于支付公司收购内蒙古博源银根矿业有限责任公司（以下简称银根 矿业）10.6464%股权的交易价款或置换前述收购股权已支付的自有资金。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）为公司本次贷款提供 连带责任保证担保，同时公司以持有银根矿业不超过 10.6464%股权作质押，期 限不超过七年，各银行具体贷款金额及日期以签订的合同为准。 根据相关法律、法规及《公司章程》的规定，上述贷款事项已经公司董事会 审议通过，无需提交公司 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-087 内蒙古博源化工股份有限公司 九届三十五次董事会决议公告 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。 一、董事会会议召开情况 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 11 月 27 日以 书面、传真或者电子通讯方式向公司全体董事发出了关于召开九届三十五次董事 会会议的通知。 二、董事会会议审议情况 经董事认真审议并表决，通过以下决议： 1.审议通过《关于公司向银行申请贷款的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 详细内容请参见公司同日在巨潮资讯网披露的《关于公司向银行申请贷款的 公告》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议。 2.深交所要求的其他文件。 2.会议于 2025 年 11 月 28 日在鄂尔多斯市东胜区鄂托克西街博源大厦 19 层会议室以现场和视频相结合的方式召开。 3.本次董事会应参会董事 9 名，实际参会董事 9 名。其中参加现场会议的董 事为戴继锋、邢占飞、纪玉虎，通过视频参加会议的董事为刘宝龙、宋为兔、 ...

Group 1 - The core viewpoint of the news is that Boyuan Chemical has seen a stock price increase of 5.07%, reaching 7.26 CNY per share, with a trading volume of 230 million CNY and a total market capitalization of 26.998 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 - From the perspective of the top ten circulating shareholders of Boyuan Chemical, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 848,000 shares in the third quarter, now holding 37.8239 million shares, which accounts for 1.14% of the circulating shares [2] - The estimated floating profit from the current holdings of Southern CSI 500 ETF is approximately 13.2384 million CNY [2] - The Southern CSI 500 ETF, established on February 6, 2013, has a latest scale of 140.098 billion CNY, with a year-to-date return of 23.54% and a one-year return of 24.27% [2]

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]