1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamental situation of soda ash shows strong supply and weak demand. In the short - term, it is expected to mainly fluctuate weakly at a low level. The supply has declined from a high level, terminal demand improvement is limited, inventory is at a high level in the same period, and the pattern of supply - demand mismatch in the industry has not been effectively improved [2][5]. 3. Summary by Related Catalogs 3.1 Soda Ash Futures Market - The closing price of the main contract in the day session is 1159 yuan/ton, the low - end price of heavy soda ash in Shahe is 1210 yuan/ton, and the main basis is 51 yuan, with a 41.67% increase compared to the previous value [6]. 3.2 Influencing Factors 3.2.1 Bullish Factors - The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3]. 3.2.2 Bearish Factors - Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production - launch plans this year. The industry output is at a historically high level. The cold - repair of float glass, a downstream product of heavy soda ash, is at a high level, the daily melting volume continues to decrease, and the demand for soda ash is weak [4]. 3.3 Fundamental Analysis 3.3.1 Supply - The maintenance of soda ash plants is gradually resuming, and the supply has declined from a high level and is gradually stabilizing. The weekly production of soda ash is 74.01 tons, with heavy soda ash at 40.58 tons, and the production has declined from a historical high. The weekly industry operating rate is 84.90%, and the expected operating rate will stabilize and rebound [2][19]. - From 2023 to 2025, there have been large - scale production capacity expansions in the soda ash industry. The new production capacity in 2023 was 640 tons, 180 tons in 2024, and the planned new production capacity in 2025 is 750 tons, with an actual production - launch of 100 tons [20]. 3.3.2 Demand - The weekly sales - to - production ratio of soda ash is 92.04%. The national daily melting volume of float glass is 15.57 tons, and the operating rate of 75.57% continues to decline, resulting in weak demand for soda ash. The price of photovoltaic glass has stabilized, the daily melting volume in production has rebounded to 9.87 tons, and the production has stabilized [23][26][29]. 3.3.3 Inventory - The total inventory of domestic soda ash manufacturers is 168.63 tons, including 87.50 tons of heavy soda ash, and the inventory is at a high level in the same period [32]. 3.3.4 Supply - Demand Balance Sheet - From 2017 to 2024E, the supply - demand situation of the soda ash industry has changed. In 2024E, the effective production capacity is 3930 tons, the production is 3650 tons, the operating rate is 78.20%, the apparent supply is 3536 tons, the total demand is 3379 tons, and the supply - demand difference is 157 tons [33].

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-6-17 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 利空： 1、23年以来，纯碱产能大幅扩张，今年仍有较大投产计划，行业产量处于历史同期高位。 2、重碱下游浮法玻璃冷修高位，日熔量持续减少，对纯碱需求偏弱。 每日观点 纯碱： 1、基本面：碱厂检修逐步恢复，供给高位下滑逐步企稳；下游浮法和光伏玻璃日熔量平稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1210元/吨，SA2509收盘价为1174元/吨，基差为36元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存168.63万吨，较前一周增加3.64%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index showing a year-to-date increase of 5.8%, surpassing the Shanghai Composite Index by 5.1 percentage points [6][17] - The report highlights significant price increases in key raw materials such as H-acid and active dyes, driven by environmental pressures and supply constraints [28][30] - The report suggests that the industry is entering a new long-term growth cycle, supported by government policies aimed at improving supply-demand dynamics [14] Market Performance - The basic chemical industry index remained flat week-on-week, ranking 14th among 31 sectors [17] - Year-to-date performance shows the basic chemical index up by 5.8%, outperforming both the Shanghai Composite and ChiNext indices [17][23] Key Events - H-acid prices reached 41,750 CNY/ton, marking a month-on-month increase of 3.09% and a year-on-year increase of 22.79% [28] - Active dye prices also increased, with a month-on-month rise of 4.55% [28] Product Price Changes - The report notes significant price increases in various chemical products, with HVO and SAF prices rising by 11.47% and 11.60% respectively [30] - The report identifies a positive feedback loop in the biodiesel supply chain, driven by rising raw material prices [30] Investment Recommendations - The report recommends focusing on companies with strong pricing power in the active dye and biodiesel sectors, including Jinji Co., Jihua Group, and Runtao Co. [29][30] - It also suggests that core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical highlighted for potential investment [15]

纯碱早报 2025-6-16 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 每日观点 纯碱： 1、基本面：碱厂检修逐步恢复，供给高位下滑逐步企稳；下游浮法和光伏玻璃日熔量平稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1200元/吨，SA2509收盘价为1156元/吨，基差为44元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存168.63万吨，较前一周增加3.64%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计低位震荡偏弱运行为主。 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 1、23年以来，纯碱产 ...

证券代码：000683 证券简称：博源化工 公告编 号：2025-052 内蒙古博源化工股份有限公司 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。 特别风险提示： 截至本公告披露日，内蒙古博源化工股份有限公司（以下简称公司）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）质押股份数量占其所持公 司股份数量比例超过 80%，请投资者注意相关风险。 公司近日收到控股股东博源集团的通知，其将持有公司的部分股份解除质押 冻结并重新办理了质押登记，具体事项如下： 一、股东股份本次解除质押及质押基本情况 是否为控股股东或 | 股东 | | | 本次解除质押 | 占其所持 | | | | 占公司总 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第一大股东及其一 | | | | | | | | | 起始日 | | | 解 | | 除日期 | 质权人 | | | | | | | | | | | | | 名称 | | | 股份数量（股 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-052 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及再质押的公告 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。 特别风险提示： 截至本公告披露日，内蒙古博源化工股份有限公司（以下简称公司）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）质押股份数量占其所持公 司股份数量比例超过 80%，请投资者注意相关风险。 公司近日收到控股股东博源集团的通知，其将持有公司的部分股份解除质押 冻结并重新办理了质押登记，具体事项如下： 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： | | | | 本次质押 | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数 | 持股比 | 前质押股 | 本次质押后 | 占其所 | 占公司 | 已质押股份 | 占已 | ...

Group 1 - The core viewpoint of the articles indicates that the soda ash futures market is experiencing a downward trend due to weak demand and increasing supply, leading to a significant drop in prices [1][6][8] - As of June 12, domestic soda ash manufacturers have a total inventory of 1.6863 million tons, with a week-on-week increase of 59,300 tons, indicating a high inventory level compared to historical data [3] - The production of soda ash is expected to increase in the coming months due to new capacities coming online, with a weekly production of 744,900 tons reported as of June 12 [4][6] Group 2 - Analysts suggest that the soda ash market is likely to remain in a state of oversupply, with limited upward price drivers, and recommend a strategy of short selling on rebounds [6][7] - The glass production sector is facing declining profits, which is contributing to the downward pressure on soda ash prices, with average weekly profits for float glass production reported at -128.47 yuan/ton [3] - The supply pressure remains high, with expectations of continued weak performance in soda ash prices due to high inventory levels and the potential for increased production from upcoming maintenance and new capacity [8]

Group 1 - The company Inner Mongolia Boyuan Chemical Co., Ltd. plans to provide loan guarantees for its wholly-owned subsidiary, Inner Mongolia Boyuan Yingen Mining Co., Ltd.'s subsidiary, Inner Mongolia Boyuan Yingen Chemical Co., Ltd., totaling 330 million yuan [2][3] - The loan guarantees include 280 million yuan for a project loan with a term of up to 8 years, 30 million yuan for a general credit line with a term of 1 year, and 20 million yuan for a comprehensive credit line with a term of 15 months [3][9] - The total amount of external guarantees provided by the company and its subsidiaries exceeds 50% of the company's latest audited net assets, amounting to 1,205.07 million yuan, which is 83.13% of the net assets [12] Group 2 - The board of directors has approved the loan guarantee proposal, which will be submitted for approval at the upcoming shareholders' meeting [4][50] - The company asserts that the guarantees will not adversely affect its financial status or operational results, and the risks are considered manageable [11][12] - The company has scheduled the second extraordinary general meeting of shareholders for June 27, 2025, to discuss the guarantee proposal and other matters [15][53]

证券代码：000683 证券简称：博源化工 公告编号：2025-051 内蒙古博源化工股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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、召开会议的基本情况 （一）股东大会届次：2025 年第二次临时股东大会 （二）股东大会的召集人：公司董事会 公司九届二十八次董事会审议通过，决定召开 2025 年第二次临时股东大会。 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》等的规定。 （四）会议召开的日期、时间： 券交易所互联网投票系统投票的时间为 2025 年 6 月 27 日 9:15 至 15:00 期间的 任意时间。 （五）会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方 式召开。 公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，公司股 东可以在上述网络投票时间内通过上述系统行使表决权。 公司股东只能选择现场表决和网络投票中的一种方式， ...

证券代码：000683 证券简称：博源化工 公告编号：2025-050 内蒙古博源化工股份有限公司 关于为控股子公司贷款担保的公告 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。 （一）担保情况 公司考虑到控股子公司的项目建设及日常生产经营情况，拟为控股子公司内 蒙古博源银根矿业有限责任公司（以下简称银根矿业）之全资子公司内蒙古博源 银根化工有限公司（以下简称银根化工）贷款提供担保，担保金额合计 330,000 万元。具体情况如下： 1.银根化工拟向兴业银行股份有限公司鄂尔多斯分行申请项目二期贷款 280,000 万元，期限不超过 8 年，公司拟为其提供连带责任保证担保，担保金额 280,000 万元，具体日期以双方签订的保证合同为准。同时，银根矿业以采矿许 可证作顺位抵押担保；银根化工以二期碱加工项目资产进行抵押。 2.银根化工拟向浙商银行股份有限公司呼和浩特分行申请一般授信额度 30,000 万元，期限 1 年，公司拟为其提供连带责任保证担保，担保金额 30,000 万元，具体日期以双方签订的保证合同为准。 特别提示： 截至本公告披露日，内蒙古博源化工股份 ...