基础化工行业 行业研究 | 行业周报 PX 价格上涨触发石化企业行情，行业存长 期修复机遇 核心观点 投资建议与投资标的 ⚫ 炼化行业我们推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买 入)、恒力石化(600346，买入)；同时，我们持续看好化工各子行业景气复苏机遇， 如 MDI 龙头：万华化学(600309，买入) ；PVC 行业，相关企业包括：中泰化学 (002092，未评级)、新疆天业(600075，未评级)、氯碱化工(600618，未评级)、天 原股份(002386，未评级)。以及景气度持续性受储能高速增长拉动的磷化工中相关 标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业 中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2026 年 01 月 04 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | ...

据市场机构报告称，近几年，几内亚作为我国铝土矿第一大供应国，进口量呈现持续增长趋势。出口方 面，几内亚铝土矿2021年至2025年，产量将增长9.55%，出口将增长12.07%，受新企业进入该国铝土矿 生产以及现有投资和产能增加的影响，到2025年底，几内亚铝土矿产能有望达到1.957亿吨。值得一提 的是，今年5月几内亚过渡总统宣布收回采矿证，若与相关企业关于氧化铝产能建设谈判不及预期，撤 销采矿权事件可能继续升级。 中铝国际（601068）(02068)午前涨超3%，截至发稿，涨3.49%，报2.67港元，成交额3341.04万港元。 消息面上，近日，从中铝几内亚博法项目传来捷报，2025年度铝土矿装船量突破2000万吨大关，刷新了 该公司海外铝土矿供应纪录。这一成就标志着该项目运营能力实现新提升，进一步增强了中铝集团战略 资源保障能力，为集团高质量发展提供了有力支撑。 ...

Core Viewpoint - China Uranium Corporation (China Uranium) has officially initiated its A-share listing process, aiming to raise 4.11 billion yuan through the issuance of 248 million shares, which will be directed towards natural uranium capacity construction and the comprehensive utilization of radioactive associated mineral resources [1][4]. Financial Performance - For the years 2022 to 2024 and the first half of 2025, the company reported revenues of 10.535 billion yuan, 14.801 billion yuan, 17.279 billion yuan, and 9.551 billion yuan, with net profits of 1.520 billion yuan, 1.511 billion yuan, 1.712 billion yuan, and 0.871 billion yuan respectively. The compound annual growth rates for revenue and net profit over the last three years were 28.07% and 6.12% [2]. Project Investment - The raised funds will be allocated to seven core projects and to supplement working capital, including four domestic natural uranium capacity projects and three projects focused on the comprehensive utilization of radioactive associated mineral resources [2]. Market Context - The listing opportunity for China Uranium aligns with the global nuclear power industry's recovery and China's dual carbon strategy. By December 2024, there will be 441 operational nuclear reactors globally, with a projected demand for natural uranium reaching 13,132 tons in 2024 [3]. Competitive Position - China Uranium has established itself among the major uranium producers globally, competing with giants like Kazatomprom, Orano, and Cameco. The company leverages its "national team" status and global asset layout to create a differentiated competitive advantage [3]. Strategic Goals - The release of the prospectus marks a critical phase in the company's listing process, aiming to enhance capital strength and participate more deeply in the global uranium strategic resource competition [4].

Core Insights - Helium is a critical resource for high-tech industries, with significant reliance on imports, particularly from the US, raising concerns about supply security [1][7][19] - China is making substantial advancements in helium exploration and production, shifting from dependency to self-sufficiency through innovative geological theories and new discoveries [3][5][19] Exploration and Production - China's geological exploration has led to the discovery of helium reserves with a concentration of 0.3% in Shaanxi, marking a significant breakthrough in finding independent helium sources [5] - The new geological theory proposed by Li Jian's team has transformed the exploration approach, focusing on locating helium-generating geological structures [3] Technological Advancements - Chinese companies have developed high-purity helium recovery technologies, achieving production capacities of 180,000 cubic meters annually and reducing costs by 40% [8][10] - The development of ultra-high precision helium detection technology fills a domestic gap, while the complete localization of purification equipment has significantly reduced costs [10] International Cooperation - China is diversifying its helium supply chain through international partnerships, including a memorandum with Russia for stable helium supply and projects in Africa for resource exchange [12][14] - The Belt and Road Initiative is being leveraged to expand procurement channels, with imports from Turkmenistan rising to 31% by 2025 [14] Market Impact - The shift to domestic helium production has led to a decrease in prices, with domestic ultra-pure helium costing 120 RMB per cubic meter, significantly lower than previous import prices [16] - The stable supply of domestic helium has improved production efficiency in semiconductor manufacturing, enhancing yield rates and reducing costs [16] Strategic Resource Management - China has established the world's first underground helium storage facility, creating a strategic reserve system to mitigate supply disruptions [14] - The transition from reliance on imports to a more self-sufficient helium production model exemplifies a broader strategy for securing critical resources [19][21]