尽管如此，国海证券在8月份的一份研究报告中指出，博源化工成本优势仍然显著。在行业周期底部， 博源化工通过"以量补价"策略部分抵消了产品价格下滑的影响。 而被博源化工视为未来增长关键的阿拉善天然碱项目并未因此被完全掩盖。该项目一期已稳定达产，二 期预计于2025年12月建成。该项目全部投产后，将形成年产780万吨纯碱和80万吨小苏打的产能规模， 凭借显著的区位和成本优势，有望在行业周期底部巩固其龙头地位。这使得当前局面呈现出一种复杂图 景：一边是历史遗留的巨额债务和短期业绩下滑，另一边则是基于低成本优势的未来增长潜力。 12月8日，博源化工的一则公告揭示了这场持续多年的纠纷终局。根据中国国际经济贸易仲裁委员会的 终局裁决，作为主要责任方，博源化工需向乌审旗矿业有限责任公司支付探矿权价款差额18.89亿元。 连同需要承担申请人中煤能源律师费、保全费、保全保险费合计91.58万元，总支出接近19.1亿元。案件 受理费方面，本案仲裁本请求仲裁费约1394.77万元，由博源化工承担85%，即约1185.56万元；仲裁反 请求仲裁费1241.52万元则由博源化工全额承担。裁决要求所有款项在20日内支付完毕，该裁决为终局 ...

[Table_ReportDate] 2025 年 12 月 5 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业投资策略 e_ReportType] 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 化工 2026 年度策略报告：成长与分红并重，价值再发现 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [化工Table_T 202i6tle年度] 策略报告：成长与分红并重，价值再发现 [Table_ReportDate] 2025 年 12 月 5 日 本期内容提要: [Table_Summary] 行业整体承压。 2022 年以来，中国化工品价格指数持续下行，2023- 2025 年 ...

最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/24 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华峰化学 | -0.9% | 15.8% | 11.4% | | 沪深 300 | 2.1% | 12.3% | 18.6% | | 市场数据 | | | 2025/10/24 | | 当前价格（元） | | | 8.77 | | 周价格区间（元） 52 | | | 6.41-9.79 | | 总市值（百万） | | | 43,521.51 | | 流通市值（百万） | | | 43,399.01 | | 总股本（万股） | | | 496,254.39 | | 流通股本（万股） | | | 494,857.56 | | 日均成交额（百万） | | | 129.10 | | 近一月换手（%） | | | 0.55 | 2025 年 10 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 ...

Group 1 - The core point of the news is that Hoshine Silicon Industry (合盛硅业) announced a share transfer plan by its controlling shareholder, Ningbo Hoshine Group, to transfer 60 million shares, representing 5.08% of the total share capital, to Xiao Xiugan at a price of 43.9 yuan per share, totaling 2.634 billion yuan, which is slightly below the market price [1] - Prior to the transfer, Hoshine Group and its concerted parties held 929 million shares, accounting for 78.59% of the total share capital, which will decrease to 73.51% post-transfer [1] - Hoshine Group is also optimizing the company's equity structure by participating in the exchange of shares for an ETF, with a maximum of 1% of the total share capital involved [1] Group 2 - Hoshine Silicon Industry expects a net loss of 300 million to 400 million yuan for the first half of 2025, attributed to weak downstream demand in the industrial silicon sector and a significant decline in sales prices [2] - The company faces challenges due to a supply-demand imbalance in industrial silicon and polysilicon markets, exacerbated by a decrease in terminal demand following a solar installation rush [2] - To navigate the industry cycle's bottom, the company plans to focus on core operations, optimize resource allocation, and improve production processes to maintain positive cash flow and sustainable development [2] Group 3 - The management of Hoshine Silicon Industry indicated that the current expansion cycle in the organic silicon industry is nearing its end, with supply-demand mismatches trending towards balance [3] - The company anticipates that the demand for organic silicon will maintain a high growth rate in 2025, driven by emerging industries such as renewable energy, 5G, and ultra-high voltage [3]