1月12日，博源化工跌2.38%，截至发稿，报7.37元/股，成交4.76亿元，换手率1.93%，总市值273.93亿 元。博源化工股价已经连续3天下跌，区间累计跌幅6.23%。 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 博时成长精选混合A（011740）基金经理为曾豪、王凌霄。 截至发稿，曾豪累计任职时间8年19天，现任基金资产总规模44.43亿元，任职期间最佳基金回报 142.95%， 任职期间最差基金回报5.34%。 王凌霄累计任职时间3年283天，现任基金资产总规模35.07亿元，任职期间最佳基金回报64.99%， 任职 期间最差基金回报16.04%。 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 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The glass industry is currently experiencing a situation where supply has decreased significantly, demand is weak, and inventory shows differentiation. The pressure on inventory after the Spring Festival is relatively high, and more supply clearance is needed. For the纯碱 industry, the pattern of increasing supply and decreasing demand continues, and attention should be paid to changes on the supply - side [28][38] Summary by Directory 01 Glass Supply - Recently, there have been many production cuts in the glass industry. Multiple glass production lines in different regions such as Central China, South China, and East China are scheduled for cold repair from the end of 2025 to early 2026, with a total reduction in daily melting capacity. As of December 5, 2025, the total daily melting capacity was 155,965 tons, a 3% decrease compared to the beginning of the year, with a reduction of 4,300 tons [4][7] Demand - There is an expected difference in demand. Downstream customers adopt a back - to - back purchasing model without stockpiling. Demand has declined, with fewer orders. The deep - processing order level is also affected [13] Inventory - Inventory shows differentiation. After the reduction in supply, manufacturers' inventory has shown differences. The inventory decreased last week and is expected to continue to decline next week. However, the upstream inventory reduction is mainly driven by speculative demand from the middle - stream. Continued attention should be paid to the inventory reduction situation [17] Month - to - Month and Basis - The increase in the futures market has strengthened basis trading and driven up upstream prices. The downstream in Shahe has started to participate, but the sustainability is limited. The month - to - month spread remains weak, and attention should be paid to inventory changes [24][26] Market Outlook - Based on a 6% decline in apparent demand, if the current supply remains unchanged, the inventory can be maintained at a reasonably high level. However, considering the relatively high middle - stream inventory, the pattern of squeezing profits will not change. There is an expected seasonal inventory build - up during the Spring Festival, and there is little opportunity for profit. If the profit squeeze continues, the post - festival pressure will not be too great. Theoretically, as long as the supply continues to decrease, there is an expectation of inventory reduction in the second half of this year [29] 02纯碱 Supply - The production of soda ash has increased, mainly due to the increased production of the second - phase project in Alxa. Several enterprises and projects are expected to be put into production in the future, including Hubei Xindu Chemical, Hubei Jinjiang New Materials, etc., which will further increase the supply [32][35] Demand - The pattern of downstream customers squeezing profits in the soda ash industry remains unchanged [36] Market Situation - The pattern of increasing supply and decreasing demand in the soda ash industry continues. The spot price remains low, and the month - to - month spread remains weak. Attention should also be paid to the production reduction situation in the future [38][39]

证券日报网讯 1月8日，博源化工在互动平台回答投资者提问时表示，阿拉善塔木素天然碱开发利用项 目二期正在试车，目前正处于装置调试、优化和完善阶段。从项目投料试车到全面达产达标需要一定时 间，具体时间取决于后续调试和优化工作的进展。 （文章来源：证券日报） ...

（记者 张明双） 博源化工（000683.SZ）1月8日在投资者互动平台表示，阿拉善塔木素天然碱开发利用项目二期正在试 车，目前正处于装置调试、优化和完善阶段。从项目投料试车到全面达产达标需要一定时间，具体时间 取决于后续调试和优化工作的进展。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，公司新建成的产线什么时间能够出产合格 标准化产品，产能利用率什么时间可以满产？ ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2026, new soda ash production capacity will still be put into operation, with overall sufficient supply. The downstream float glass industry still faces the pressure of declining real - estate demand and is expected to maintain low profits. Driven by the anti - involution policy, the elimination of backward capacity in the float glass industry is expected to accelerate. The problem of excessive supply - demand gap in the downstream photovoltaic glass industry still exists, and there is a possibility of more - than - expected production cuts in the future. The loose supply situation of soda ash in 2025 needs to be improved, and the futures price is expected to fluctuate weakly, with the upper pressure at the 1400 level [3][52] Summary According to Relevant Catalogs Chapter 1: Soda Ash Price Fluctuated Downward Throughout the Year - In 2025, the domestic soda ash market price fluctuated downward. From January to February, the domestic soda ash futures price rebounded with a high of 1600. From March to June, it fluctuated downward to a low of 1150. In July, it rebounded with a high of 1500. From August onwards, it showed a downward trend [8] Chapter 2: Supply - Side Analysis - **New Capacity Investment Expectations**: In the first half of 2025, the domestic soda ash capacity increased by 230 tons, and the total capacity reached 4110 tons by the end of June. In 2026, there will be a concentrated production - launch wave, with new capacity exceeding 5.5 million tons and the total capacity approaching 47 million tons. Key projects include the full - load operation of the 2.8 million - ton/year natural soda ash of Yuanxing Energy's Alxa Phase II, the gradual output release of Yuntu Holdings' 700,000 - ton soda ash project, the likely completion and operation of Jinshan's 2 - million - ton project, and the planned construction and operation of Hengyang Hengyi Alkali Factory's 1 - million - ton project [11][12] - **High - Level Fluctuation of Soda Ash Operation**: In 2025, the soda ash operation generally maintained an 80% - 90% range. In the first half of the year, there were concentrated enterprise overhauls in March and May, resulting in a significant increase in losses. In the second half of the year, it continued to fluctuate. In November, supply decreased due to equipment fluctuations, and in December, supply increased as overhauls were restored [16] - **Low - Level Fluctuation of Soda Ash Profits**: In 2025, soda ash production profits fluctuated around the break - even point, significantly lower than the previous year. As of December 11, 2025, the theoretical profit of the dual - ton soda ash by the joint - alkali method was - 49 yuan/ton, up 50.25% month - on - month; the theoretical profit of the ammonia - alkali method was - 67.60 yuan/ton, up 1.31% month - on - month [19] - **Significant Year - on - Year Increase in Soda Ash Exports**: In 2025, soda ash imports decreased significantly year - on - year, while exports increased significantly, but export prices declined. In January - June, imports were about 18,500 tons, and exports were about 1.0156 million tons, up 126.54% year - on - year. In October, imports were 30 tons, and exports were 214,500 tons, up 14.14% month - on - month and 32.62% year - on - year [21][22] - **High - Level Increase in Soda Ash Manufacturers' Inventory**: In 2025, the enterprise inventory fluctuated at a high level. As of December 11, the total inventory of domestic soda ash manufacturers was 1.4943 million tons, down 2.88% week - on - week. The soda ash delivery warehouse inventory first rose and then declined [23] Chapter 3: Demand - Side Analysis - **Analysis of Downstream Float Glass Demand** - **Impact of Profits on Float Glass Capacity Utilization**: From January to November 2025, the float glass output was 51.48 million tons, down about 5.2% year - on - year. The overall daily melting volume was stable, with an average industry start - up rate of about 74.32% and a capacity utilization rate of 77.48%. The real - estate demand for float glass is under pressure, and the industry is in the process of capacity clearance [30] - **Float Glass Profits Expected to Remain Low**: In 2025, float glass maintained relatively stable low profits from January to October and declined after October. As of December 18, 2025, the weekly average profit of float glass using natural gas as fuel was - 181.40 yuan/ton, up 15.02 yuan/ton month - on - month; that using coal - gas was - 7.63 yuan/ton, down 14.14 yuan/ton month - on - month; that using petroleum coke was - 0.07 yuan/ton, down 35.71 yuan/ton month - on - month [32] - **Expected Decline in Float Glass Demand and Accelerated Supply Contraction**: In 2025, the float glass price fluctuated weakly. The real - estate sector accounts for 65% of float glass demand, and the real - estate construction area has been declining. In 2026, the real - estate completion area is expected to decline further. The Chinese automobile production is expected to grow moderately in 2026. Driven by the anti - involution policy, the elimination of backward capacity in the float glass industry is expected to accelerate in 2026 [35][37][38] - **Analysis of Downstream Photovoltaic Glass Demand**: The photovoltaic glass price showed a downward trend from 2021 to 2025. In 2025, due to policy - driven terminal power station rush - installation in the second quarter, the price rose, but after that, there was a serious supply - demand mismatch, and the price dropped. In the third quarter, the price returned above the cost line under the "anti - involution" action. By the end of November, the price approached the cash cost line of some enterprises. In the current macro - economic environment, there is limited space for demand stimulation, and there is a possibility of more - than - expected production cuts [40][41] Chapter 4: Analysis of Other Influencing Factors - **Real - Estate and Building Materials Industry Policies**: The Central Economic Work Conference emphasized stabilizing the real - estate market and promoting the construction of a new real - estate development model. The "Building Materials Industry Steady Growth Work Plan (2025 - 2026)" strictly regulates cement and glass production capacity and promotes the elimination of backward capacity [43][44] - **The Domestic Economy is Expected to Continue to Recover, and Policies are Oriented towards Stabilizing the Economy**: The Central Economic Work Conference stressed implementing more proactive and effective macro - policies, expanding domestic demand, optimizing supply, and promoting high - quality economic development [47] Chapter 5: Market Outlook and Investment Strategy - The supply of soda ash is expected to increase in 2026, and enterprises may increase exports to relieve inventory pressure. The downstream float glass industry faces pressure from declining real - estate demand, and the elimination of backward capacity is expected to accelerate. The photovoltaic glass industry has a large supply - demand gap, and there is a possibility of more - than - expected production cuts. The soda ash futures price is expected to fluctuate weakly, with the upper pressure at the 1400 level [51][52]

人民财讯12月29日电，博源化工（000683）12月29日公告，子公司锡林郭勒苏尼特碱业有限公司（简 称"苏尼特碱业"）受天然碱资源品位下降、产品价格下滑、用工数量多、装置相对老旧、大宗物资采购 成本高等综合因素的影响，运行困难，持续亏损，预计未来较长时间难以扭转亏损的局面。为降低公司 运营成本，避免继续生产导致更大规模的亏损和资金投入，公司决定对苏尼特碱业实施长期停产。 ...

博源化工发布公告，为降低公司运营成本，避免继续生产导致更大规模的亏损和资金投入，决定对苏尼 特碱业实施长期停产。 （文章来源：新华财经） ...

格隆汇12月29日丨博源化工(000683.SZ)公布，公司于2025年12月29日召开九届三十七次董事会，审议 通过了《关于子公司锡林郭勒苏尼特碱业有限公司长期停产的议案》，现将具体内容公告如下： 公司子公司锡林郭勒苏尼特碱业有限公司（以下简称苏尼特碱业）受天然碱资源品位下降、产品价格下 滑、用工数量多、装置相对老旧、大宗物资采购成本高等综合因素的影响，运行困难，持续亏损，预计 未来较长时间难以扭转亏损的局面。为降低公司运营成本，避免继续生产导致更大规模的亏损和资金投 入，公司决定对苏尼特碱业实施长期停产。 ...

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：2025-097 关于子公司锡林郭勒苏尼特碱业有限公司长期停产 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 12 月 29 日召开 九届三十七次董事会，审议通过了《关于子公司锡林郭勒苏尼特碱业有限公司长 期停产的议案》，现将具体内容公告如下： 公司子公司锡林郭勒苏尼特碱业有限公司（以下简称苏尼特碱业）受天然碱 资源品位下降、产品价格下滑、用工数量多、装置相对老旧、大宗物资采购成本 高等综合因素的影响，运行困难，持续亏损，预计未来较长时间难以扭转亏损的 局面。为降低公司运营成本，避免继续生产导致更大规模的亏损和资金投入，公 司决定对苏尼特碱业实施长期停产。 一、苏尼特碱业基本情况 1.公司名称：锡林郭勒苏尼特碱业有限公司 2.成立日期：2000 年 12 月 4 日 3.注册地点：内蒙古锡林郭勒盟苏尼特右旗乌日根塔拉镇 4.法定代表人：王海明 苏尼特碱业受天然碱资源储量逐年减少、品位持续下降影响，原料卤水制备 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-096 内蒙古博源化工股份有限公司 九届三十七次董事会决议公告 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、宋为兔、邢占飞、李永忠、纪玉虎，通过视频参加会议的董事为刘 宝龙、张世潮、董敏、李要合。会议由公司董事长戴继锋先生主持，公司部分高 级管理人员列席本次会议。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、董事会会议审议情况 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 12 月 28 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三十七次董事 会会议的通知。 2.会议于 2025 年 12 月 29 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。 2.深交所要求的其他文件。 1 内蒙古博源化工股份有限公司董事会 1.审议通过《关于子公司锡林郭勒苏尼特碱 ...