- The report does not contain any quantitative models or factors for analysis[1][2][3]

证券日报网讯 12月23日，巨化股份发布公告称，公司2025年第二次临时股东大会审议通过《浙江巨化 股份有限公司关联交易管理规定（2025年修订）》《关于公司日常关联交易2026年计划的议案》等多项 议案。 （文章来源：证券日报） ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-61 赵海军先生的辞职不会导致公司董事会人数低于法定最低人数，不会影响公 司董事会和公司经营正常运作。赵海军先生在担任公司董事期间恪尽职守，勤勉 尽责，为公司的发展和规范运作做出了重要贡献。公司董事会对赵海军先生在任 董事期间为公司所做出的贡献表示衷心感谢！ 浙江巨化股份有限公司 关于公司董事辞职及选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 浙江巨化股份有限公司（以下简称"公司"）董事会于近日收到公司董事赵 海军先生的书面辞职报告。因公司治理结构调整，赵海军先生申请辞去公司董事、 战略委员会委员职务，辞职后不再担任公司任何职务。该辞职自辞职报告送达公 司董事会之日起生效。 一、董事离任情况 | | | | | 原定任 | | 是否继续在 上市公司及 | 具体职 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 2025 年第二次临时股东大会 之 法律意见书 致：浙江巨化股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江巨化股份有限公司 （以下简称"公司"）的委托，指派律师出席公司 2025 年第二次临时股东大会 （以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称"《股东会 规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）和上海证券 交易所发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以 下简称"《规范运作指引》"）等法律、行政法规、规范性文件及现行有效的《浙 江巨化股份有限公司章程》（以下简称"《公司章程》"）、《浙江巨化股份有 限公司股东大会议事规则》（以下简称"《股东大会议事规则》"）的规定，就 本次股东大会的召集、召开程序、出席大会人员资格、会议表决程序等事宜出具 法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公司提供 的本次 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-60 浙江巨化股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,539 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,822,439,348 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.5041 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，现场会议由公司副董事长李军先生主持。本次 会议采用现场投票和网络投票相结合的方式召开， 符合《公司法》和《公司章 1 (一) 股东大会召开的时间：2025 年 12 月 23 日 (二) 股东大会召开的地点：公司大楼二楼视频会议室（浙江省衢州市柯城区） (三) 出席会议的普通股股东和恢复表决权的优先股 ...

Group 1 - The core viewpoint is that the air conditioning market is expected to maintain stable growth by 2026, with the supply and demand of the mainstream third-generation refrigerant R32 remaining in a tight balance [1] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [1] - The supply-demand relationship for R125 is also expected to be tight due to a small internal quota ratio and reduced social inventory [1] Group 2 - The refrigerant industry faces challenges with some companies having incomplete quota varieties and limited quota numbers, which may lead to adjustments in the production of high GWP refrigerants when prices rise [1] - Guosen Securities predicts that the mainstream third-generation refrigerants will maintain a tight supply-demand balance, with a long-term trend of tightening refrigerant quota constraints [1] - The development of the liquid cooling industry is viewed positively, as it is expected to increase the demand for fluorinated liquids and refrigerants [1] Group 3 - Jinshi Resources, a leading upstream fluorite resource company, announced plans to invest 257 million yuan to acquire a 15.7147% stake in Zhejiang Noah Fluorochemical Co., becoming its second-largest shareholder [2] - This transaction is seen as a strategic extension into the high value-added fine fluorochemical sector by Jinshi Resources [2] - Noah Fluorochemical specializes in the R&D, manufacturing, and sales of fluorinated electronic chemicals, with a current production capacity of 5,000 tons of fluorinated liquids [2]

Group 1 - The fluorochemical sector has seen an overall increase of 2.13% as of December 23, with specific stocks such as Duofu Duo, Tianji Co., and Tianci Materials reaching their daily limit up [1][2] - According to Juhua Co., the air conditioning market is expected to maintain stable growth by 2026, with R32 supply and demand remaining in a tight balance [2] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [2] Group 2 - R125 is expected to experience tight supply due to a small internal quota ratio and reduced social inventory [2] - The tightening of refrigerant quotas is seen as a long-term trend, with major refrigerants like R32, R134a, and R125 expected to maintain a favorable market outlook and significant price upside potential [2] - The liquid cooling industry is projected to enhance the demand for fluorinated liquids and refrigerants [2]

Industry Overview - The chemical sector showed a weekly performance ranking of 5th with a change of 2.58% from December 15 to December 19, 2025, outperforming the Shanghai Composite Index by 2.55 percentage points and the ChiNext Index by 4.83 percentage points [1] Key Insights - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs, with a shift towards green energy solutions and integrated advantages to reduce costs [2] - Companies like Kasei Bio and Huaheng Bio are highlighted as leaders in the synthetic biology sector [1] Refrigerants - The third-generation refrigerants are expected to enter a high prosperity cycle starting in 2024, with supply entering a "quota + continuous reduction" phase. The demand for refrigerants is projected to grow due to the development of heat pumps and the cold chain market [2] - Companies such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co. are positioned to benefit from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical for the electronics industry, with high technical barriers and added value. The domestic market is facing a mismatch between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity [2] - Companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are expected to capitalize on the domestic substitution opportunities [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the olefin industry is becoming global, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane. This shift is characterized by lower carbon emissions and energy consumption [3] - Satellite Chemical is recommended for investment in the light hydrocarbon chemical sector [3] COC Polymers - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - Akolai is identified as a key player in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - Companies like Yara International, Salt Lake Potash, and Cangge Mining are noted as leading firms in the potash sector [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily increasing due to the expansion of polyurethane applications. The supply structure is expected to improve as major producers like Wanhua Chemical and BASF maintain significant market shares [6] - Wanhua Chemical is highlighted as a key company to watch in the polyurethane sector [6] Price Tracking - The top five price increases this week included SBS (4.52%), PTA (3.04%), and others, while the largest decreases were seen in nitric acid (-14.29%) and sulfur (-5.06%) [6] Supply Side Tracking - A total of 168 chemical enterprises had their production capacities affected this week, with 6 new repairs and 3 restarts reported [7]

Core Viewpoints - The chemical industry is at the bottom of the cycle in 2025, with both investment in cyclical sectors and thematic trends progressing simultaneously. Since Q3 2025, global manufacturing has shown signs of recovery, but demand growth is slowing, leading to a decline in the PPI of chemical products year-on-year [1][65] - On the demand side, the domestic real estate market is at a cyclical low, while sales of new energy vehicles continue to grow significantly. Retail sales are stabilizing, supported by ongoing consumption promotion policies [1][65] - On the supply side, China has become a global leader in the chemical industry, while the manufacturing and chemical production capacity utilization rates in the EU have been declining, particularly in Germany, where the production of basic chemicals has been continuously decreasing [1][65] Group 1: Chemical Industry Overview - The chemical industry is experiencing a prolonged bottoming phase, with a three-year duration already observed. The potential for a turnaround may be approaching [1][65] - The PPI of chemical products has been under pressure, with year-on-year declines noted in major economies, including China, the EU, and Japan [9][74] - The domestic chemical industry is facing a situation of excess supply, which is exerting short-term pressure on prices, while the inventory cycle is still in a passive replenishment phase [1][65] Group 2: Demand Side Analysis - The domestic real estate market is at a cyclical low, with significant declines in new construction and sales figures. The cumulative sales area of new commercial housing in major cities has decreased by 11% year-on-year [18][25] - Sales of new energy vehicles in China have maintained high growth, with a year-on-year increase of 19% in the first eleven months of 2025, indicating strong market demand [25][28] - Retail sales in China have shown a steady improvement, with a growth rate of 4% year-on-year for the first eleven months of 2025, supported by consumption promotion initiatives [28][29] Group 3: Supply Side Analysis - China has replaced Europe and the US as the global leader in chemical production, with a year-on-year increase of 8% in output, while the EU and Germany have seen declines [30][36] - The production capacity in the EU has been declining, particularly in Germany, where the output of various basic chemicals has dropped significantly compared to 2019 levels [36][37] - The investment in basic chemical projects in China has turned negative, indicating a potential shift in the supply landscape as excess capacity begins to face clearing risks [1][65] Group 4: Investment Recommendations - The report suggests focusing on low-valuation leading companies and sectors with improving supply-demand dynamics, including major players in the chemical industry such as Wanhua Chemical, Hualu Hengsheng, and others [3][67] - The fertilizer sector is expected to benefit from slowing capacity growth and increasing overseas demand, which may support price increases [66] - The tire market is showing signs of recovery, with domestic leading companies expanding their global production bases, indicating a positive outlook for the sector [66]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The chemical sector is expected to continue its differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4][5] - The recent suspension of anti-dumping duties on titanium dioxide by India is anticipated to allow Chinese companies to regain market share lost to competitors during the duty period [35] - The closure of four factories by Westlake Group in the U.S. is a strategic move to enhance profitability in high-performance and basic materials [35] Industry Performance - The chemical sector ranked 5th in overall performance for the week of December 15-19, 2025, with a gain of 2.58%, outperforming the Shanghai Composite Index by 2.55 percentage points [3][20] - The polyurethane sub-sector showed the highest increase at 9.04%, while non-metallic materials III experienced a decline of 2.29% [21] Specific Industry Trends - Synthetic biology is at a pivotal moment, with low-energy products expected to see significant growth due to energy structure adjustments [5] - The third-generation refrigerants are entering a high prosperity cycle as supply constraints tighten and demand remains stable [6] - The electronic specialty gases market presents substantial opportunities for domestic companies due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [7][8] - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter feedstocks like ethane and propane [8] - The COC polymer industry is accelerating its domestic industrialization, driven by local demand and supply chain security concerns [9] - Potash prices are expected to rebound as major producers reduce output, leading to a tightening supply situation [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers [11]