Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

资金流向方面，今日主力资金净流入4070.05万元，占比成交额16.33%。其中，超大单净流入1227.91万 元、占成交额4.93%，大单净流入2842.14万元、占成交额11.4%，中单净流出流出1651.48万元、占成交 额6.63%，小单净流出2418.57万元、占成交额9.7%。 龙佰集团最新一期业绩显示，截至2025一季报，公司营业总收入70.60亿元、同比减少3.21%，归属净利 润6.86亿元，同比减少27.86%，扣非净利润6.58亿元，同比减少28.82%，流动比率0.916、速动比率 0.621、资产负债率60.57%。 天眼查商业履历信息显示，龙佰集团股份有限公司，成立于1998年，位于焦作市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本238629.3256万人民币，实缴资本5216.26万人民币。公 司法定代表人为和奔流。 通过天眼查大数据分析，龙佰集团股份有限公司共对外投资了27家企业，参与招投标项目1295次，知识 产权方面有商标信息26条，专利信息346条，此外企业还拥有行政许可525个。 来源：金融界 金融界消息 截至2025年8月15日收盘，龙佰集团（0 ...

Core Insights - The chlorination method for titanium dioxide (TiO₂) production is gaining traction in China due to its lower environmental impact and higher product quality compared to the sulfate method, aligning with green manufacturing requirements [1][4][24] - The industry is experiencing both opportunities and challenges, driven by policy support, market demand shifts, and technological advancements [6][10][28] Industry Overview - Chlorination method titanium dioxide is produced from titanium concentrate through chlorination and oxidation processes, offering advantages such as reduced waste and continuous production [2][24] - The chlorination method is particularly suitable for high-end applications like automotive paints and plastics [2] Opportunities - **Policy Support and Environmental Drivers**: The Chinese government is restricting sulfate method production while promoting chlorination technology, with additional tax incentives and subsidies for green transitions [6][10] - **Market Demand Upgrade**: Despite a downturn in traditional construction coatings due to real estate challenges, high-end sectors like renewable energy and automotive coatings are seeing rapid growth, with chlorination products expected to capture 65% of the high-end market by 2030 [7][30] - **Technological Progress**: Domestic companies have made significant breakthroughs in key technologies, reducing catalyst costs by 40% and increasing production capacity [9][24] Challenges - **Limited Technology Sources**: The chlorination method's technology is primarily held by international giants, posing a challenge for domestic companies seeking to scale up production [10] - **Raw Material Compatibility and Environmental Management**: The requirement for high-purity raw materials and the complexity of waste management present significant hurdles for new projects [11][14] - **High Capital Investment**: The investment required for chlorination production lines is significantly higher than for sulfate methods, creating barriers for smaller companies [13] - **Dependence on Skilled Labor**: The production process requires highly skilled personnel, which is currently lacking in the domestic market [14] Industry Structure - The chlorination titanium dioxide industry in China is characterized by a "one strong, many strong" competitive landscape, with leading companies like Longbai Group and CITIC Titanium Industry dominating the market [26] - As of 2024, Longbai Group holds a 61% market share in chlorination production, with plans for further capacity expansion [26] Development Trends - The industry is expected to shift towards high-end, green, and globalized production, with chlorination methods increasingly replacing sulfate methods [28] - The demand for high-end products in sectors like renewable energy and electronics is projected to grow, with chlorination products becoming more competitive [30][31] - Companies are expanding overseas to mitigate trade barriers and enhance their global competitiveness [31]

Group 1 - The core viewpoint of the articles highlights the impact of the recent explosion at the Haicang Xinyang Zhongkun Chemical Plant, which has a global market share of 22% in DHM (Dihydromyrcene) production, leading to a short-term supply contraction of 5%-8% and a potential price increase of 20%-30% in Q3 [1] - The chemical industry is experiencing a wave of "involution," resulting in many companies facing increased revenue without corresponding profit growth, necessitating a "de-involution" approach for sustainable industry development [1][2] - The China Securities Index for the chemical industry (000813) shows mixed performance among its constituent stocks, with Jinfa Technology (600143) leading gains at 3.68% and Hongda Co., Ltd. (600331) experiencing the largest decline [1] Group 2 - Zhongtai Securities suggests that the price differentials of certain chemical products are nearing historical lows, indicating a potential for a new round of supply-side reforms to promote orderly production and restore normal profit levels [2] - The chemical ETF (159870) closely tracks the China Securities Index for the chemical industry, which consists of seven sub-indices reflecting the overall performance of major listed companies in related sectors [2] - As of July 31, 2025, the top ten weighted stocks in the China Securities Index for the chemical industry account for 43.54% of the index, with major companies including Wanhua Chemical (600309) and Yilong Co., Ltd. (000792) [2]

证券之星消息，8月12日化学原料板块较上一交易日上涨0.05%，大洋生物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003017 | 大洋生物 | 34.87 | 10.00% | 7.58万 | | 2.58亿 | | 000818 | 航锦科技 | 22.87 | 4.24% | 75.80万 | | 17.15 Z | | 600075 | 新疆天业 | 4.86 | 2.53% | 117.43万 | | 5.62亿 | | 920489 | 佳先股份 | 23.30 | 1.97% | 8.66万 | | 2.04亿 | | 000683 | 博源化工 | 5.90 | 1.72% | 81.28万 | | 4.76亿 | | 663299 | 示盐井神 | 10.98 | 1.48% | 8.35万 | | 9129.13万 | | ...

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Group 1 - Global TDI supply is tightening due to significant production disruptions, including a complete shutdown of a 150,000-ton facility by South Korea's Hanwha Chemical due to heat exchanger leaks, resulting in a cumulative reduction of approximately 15% in global capacity this year [1] - The current valuation of the basic chemical industry is at a low level since 2014, indicating medium to long-term investment value [1] - Investment recommendations include focusing on three main themes: opportunities in the western development initiative, cyclical elasticity opportunities due to increased supply-side disruptions, and acceleration of domestic substitution in new materials [1] Group 2 - The CSI Sub-Industry Chemical Theme Index (000813) has shown a slight increase of 0.35%, with notable gains in constituent stocks such as Salt Lake Co. (up 4.00%) and Saint Quan Group (up 2.04%) [1] - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 43.54% of the index, with major companies including Wanhua Chemical and Salt Lake Co. [2]

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened, highlighting China's position as the largest producer and consumer in the global chemical industry [1] - In the fine chemical sector, China's revenue accounts for 50% of the global market share [1] Group 2 - Comprehensive leading companies include Wanhua Chemical, the largest global MDI producer, and New Chemical Materials, which covers the entire industrial chain of polyurethane, petrochemicals, new materials, and fine chemicals [4] - Other leading companies in specific segments include Longbai Group, the world's largest titanium dioxide producer, and Yuntianhua, a domestic leader in phosphate resources [4][5] Group 3 - Potential companies include Yuanli Technology, which has the world's largest production capacity for dimethyl adipate, and Zhongyan Chemical, the global leader in sodium metal production [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Group 1 - The China Chemical Industry Theme Index (000813) has shown a slight increase of 0.17% as of August 6, 2025, with notable gains from constituent stocks such as Huafeng Chemical (002064) up 2.84% and Jinhai Technology (600143) up 2.81% [1] - The chemical ETF (159870) is currently priced at 0.61 yuan, with a significant net subscription of 66 million units, marking 13 consecutive days of net subscriptions [1] - Domestic policies are frequently emphasizing supply-side requirements, while rising raw material costs and capacity exits in Europe and the US are impacting overseas chemical companies [1] Group 2 - The top ten weighted stocks in the China Chemical Industry Theme Index (000813) account for 43.54% of the index, including companies like Wanhua Chemical (600309) and Yilong Co. (000792) [2] - The index is designed to reflect the overall performance of listed companies in the chemical sector by selecting larger and more liquid securities from various sub-industries [1][2]