2025年11月27日发布的福建企业100强榜单中，多家来自山区县的企业悄然跻身"5福建战略性新兴产业企业100强"。当大多数人的目光聚焦在福州、厦 门、泉州的商业巨头时，这些藏在闽西群山中的明珠，正散发着独特的光芒。 在清流县龙津镇大路口村，全球最大规模的过硫酸盐生产企业，福建展化化工有限公司的厂房依山而建。公司总经理高龙强迎来送走了一批批外地客 户，"我们可以根据他们的需求，提供不同纯度的过硫酸盐系列产品，使用在涂料、化妆品、石油开采等方面"。 21年前，展化化工创始人高堂顺带着不到5人的团队来到这个山区。高龙强坦言："我们深处山区，无原材料、离客户又远，是典型的'两头都不靠'。" 如今，公司年产过硫酸铵7.5万吨、过硫酸钠5万吨、过硫酸钾1.2万吨，3项指标均居全球第一。其中，过硫酸钠单品的产能约占全国60%、全球40%。 解决"两头都不靠"，展化化工靠的是不断自主创新。每年投入1000多万元资金用于研发，持续实施多项节能技术改造，包括锅炉、冷却设备及冷媒输送 绝热、供热管网绝热和反应工段余热回收等。 公司与浙江工业大学、福州大学等高校开展合作，解决了电解负荷材料、氨气回收利用等数十项工艺技术难题。 东 ...

本期 前值 周变动 本期 前值 周变动 开工率 80.08 82.68 -2.6 开工率 74.514 74.854 -0.340 产量 69.82 72.09 -2.27 产线条数 220 221 -1 重质产量 38.31 39.62 -1.31 产量 110.3895 111.0195 -0.63 轻质产量 31.51 32.47 -0.96 厂内库存 158.74 164.44 -5.7 库存 6236.2 6330.3 -94.1 重质库存 84.68 88.73 -4.05 库存可用天数 27.5 27.7 -0.2 轻质库存 74.06 75.71 -1.65 库存可用天数 13.16 13.63 -0.47 产销率 108.16 108.73 -0.57 天然气利润 -227.27 -206.84 -20.43 氨碱法毛利 -38.5 -38.5 0 石油焦利润 -31.48 8.52 -40 联产法毛利 -140 -153.5 13.5 煤制气利润 4.5 25.79 -21.29 基差 -30 -30 0 基差 16 81 -65 1-5价差 58 74 -16 1-5价差 115 130 ...

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints - The report analyzes various commodities, including energy, metals, agricultural products, and financial derivatives, and provides insights into their market trends, supply - demand dynamics, and price forecasts [2][3][4] - Different commodities show different trends, such as some in range - bound oscillations, some facing supply - demand imbalances, and others affected by geopolitical and macro - economic factors [14][20][21] Commodity Summaries Energy - **Crude Oil**: Overnight international oil prices rebounded, but there is still a downward drive in the long - term. The market faces a greater inventory build - up expectation in Q4 and Q1 next year. The near - term risk is Russia's stance on the new peace plan [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Overnight fuel oil prices rose due to cost - end increase. High - sulfur fuel oil may be supported by short - term supply disruptions, while low - sulfur fuel oil is expected to weaken as the gasoline - diesel spread narrows [21] - **Asphalt**: Recent shipments in East and South China improved, and inventory declined. The December production plan decreased, and demand will seasonally decline. The spot price is supported at 3000 yuan/ton, but there is medium - to - long - term pressure [22] Metals - **Copper**: Overnight, LME copper rose to $11,000, and SHFE copper followed. The probability of a US rate cut next month increased to 85%, boosting copper prices. Short - term trading should focus on volume [4] - **Aluminum**: Overnight, SHFE aluminum rose slightly. After the price correction last week, downstream restocked at low prices. The industry has limited contradictions, and the price is in high - level oscillations [5] - **Zinc**: The probability of a Fed rate cut in December increased to 84%, and the support at the bottom is strong due to the decline in TC. However, the domestic demand outlook is under pressure, and the price is expected to oscillate between 22,200 - 23,000 yuan/ton [8] - **Nickel & Stainless Steel**: SHFE nickel rebounded, but the market sentiment was cold. Stainless steel inventory decreased, but the cost support weakened. The fundamental situation is weak, and short - selling on rebounds is recommended [10] - **Tin**: Overnight, LME tin rose to $38,000, and SHFE tin followed with increased positions. The short - term probability of a further rise increased [11] Agricultural Products - **Soybean & Bean Meal**: The night - session of the Dalian soybean meal futures followed the US soybean trend and showed a stabilizing trend. The domestic soybean supply is sufficient, and the soybean meal inventory is at a high level. South American new - season soybeans are affected by La Nina [35] - **Corn**: The night - session of corn futures continued to correct. North port corn prices are firm, and farmers are reluctant to sell. The inventory of downstream industries is low, and the replenishment intention is increasing. The 01 contract of Dalian corn futures is technically strong, and short - selling on highs is recommended [39] - **Palm Oil & Soybean Oil**: The marginal negative factors for palm oil have eased, and the change in palm oil may trigger short - covering. Soybean oil is affected by US soybean exports and South American weather [36] Others - **Shipping Index (European Line)**: The near - month contract of the container shipping index (European line) is weak due to the weak spot market expectation. The 02 - month contract may have some recovery space if the cargo volume continues to recover. The far - month contract is under pressure from geopolitical factors [20] - **Urea**: The supply of urea is abundant, but the concentrated release of downstream demand has improved the trading atmosphere. However, the supply - surplus pattern is expected to continue [23] - **Methanol**: The near - month contract of methanol rose, and the spread strengthened. The overseas production reduction is being realized, and the port is expected to reduce inventory. It is recommended to go long unilaterally or do a positive spread [24] - **PVC & Caustic Soda**: PVC is in an oscillating trend. The export situation has improved, and the inventory has decreased, but the supply - demand situation is still high - supply and low - demand. Caustic soda is in a weak operation with high supply and low demand [28] - **Glass & Soda Ash**: The sales of glass in Shahe improved, and the price rose slightly. The production capacity may be further compressed. It is expected to oscillate strongly. Soda ash is in a supply - surplus situation in the long - term, and the strategy of long glass and short soda ash can be considered [32][34] - **Stock Index & Treasury Bond**: The stock index futures showed a differentiated trend, and the market is waiting for the resonance of geopolitical situation easing and Fed rate - cut expectation. Treasury bond futures closed down, and the market is worried about bond repayment risks [46][47]

1. 26日玻璃偏强,而纯碱震荡。 2. 玻璃方面,近期资金博弈剧烈,价格大幅波动。基本面上供给整体持 稳。淡季来临,整体终端需求保有韧性,库存并未大幅累积。当前玻璃佔 值并不高。同时煤炭价格偏强,成本有支撑。中期供给过剩格局延续,价 格上行阻力大。 行情分析 3、纯碱更多跟随玻璃,但供需相对一般,价格承压。 以区间震荡思路为主。 交易策略 细做生存 0000 250 200 8000 60000 100 2000 = 2024 = 2025 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性 任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要,投资者 需自行判断本报告中的任何意见 或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客, 推送,未经国贸期货授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我 将视情况追究法律责任。期市有风险,入市需谨慎。〔 ITC国贸期货 TEL 3500 FE 国贸期货有限公i 流的衍生品综合服务商 入 期 市 市 官 方 网 站 需 有 线 HA 谨 风 www.itf ...

来源：市场资讯 （来源：钛资讯） 01 国内硫酸市场价格 今日国内硫酸市场维持高位，截至目前，甘肃地区98%冶炼酸出厂价格在740-820元/吨，四川地区98% 冶炼酸送到价格在850-980元/吨，贵州地区98%冶炼酸到厂价格在900-1000元/吨；原料成本居高不下， 市场庄子开工率较低，供应维持紧张态势；下游磷肥、化工行业采购维持刚需，下游市场对高价硫酸虽 有抵触但成交陆续有所跟进，硫酸市场供需维持紧平衡，价格继续高位运行。 | 制酸种类 | 市场 | 制酸种类 | 11月25日 | 11月26日 | 漆跌幅 | | --- | --- | --- | --- | --- | --- | | 硫磺酸 | 山东地区 | 98%硫磺酸 | 1080-1210 | 1080-1210 | 0/0 | | | 江苏地区 | 98%硫磺酸 | 1100-1150 | 1100=1150 | 0/0 | | | 浙江地区 | 98%硫磺酸 | 1110-1240 | 1110-1240 | 0/0 | | | 四川地区(出厂价) | 98%硫磺酸 | 1000-1300 | 1000-1300 | 0/0 | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002731 证券简称：萃华珠宝 公告编号：2025-076 沈阳萃华金银珠宝股份有限公司 第六届董事会2025年第五次临时会议决议公告 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。 沈阳萃华金银珠宝股份有限公司（以下简称"公司"）于2025年11月21日上午10：00在成都市高新西区金 泉街道蜀西路96号3楼会议室召开第六届董事会2025年第五次临时会议。会议通知已于2025年11月14日 通过邮件及书面等形式发出，本次会议由董事长陈思伟先生主持，应参与表决董事9人（包括独立董事3 人），实际参与表决董事9人。本次会议以现场结合视频方式召开。会议的召集、召开符合《公司法》 和《公司章程》的相关规定，会议合法有效。会议采用记名投票方式进行了表决，审议通过了如下决 议： 一、审议通过《关于转让控股孙公司磷氟锂业部分股权的议案》 为更好促进控股孙公司湖北磷氟锂业有限公司（以下简称"磷氟锂业"）发展，提升磷氟锂业经营实力， 充分发挥股东各方优势，公司于2025年11月21日召开第六届董事会2025年第五次 ...

Group 1: Chemical & New Materials Industry Strategy - The chemical industry is expected to reach a turning point due to valuation and profit bottoming out, driven by anti-involution policies and resource supply contraction, with demand gradually recovering [4][5] - As of November 20, 2025, the chemical sector has seen a 37% increase, with the basic chemical sector's net profit for Q1-Q3 2025 reaching 116 billion yuan, a year-on-year increase of 7.45% [4] - The demand side is supported by the Federal Reserve restarting the interest rate cut cycle and stabilizing global political situations, while domestic exports and the automotive sector bolster demand [4][5] Group 2: Resource Supply and Demand Dynamics - Potash prices are expected to rise in 2026, with the industry maintaining a tight supply-demand balance from 2026 to 2028 [5] - The phosphoric chemical sector is facing capacity constraints, with projected demand for phosphoric acid from 2025 to 2027 being 42.33 million tons, 43.26 million tons, and 43.88 million tons respectively [5] - The refrigerant sector is experiencing supply restrictions due to quota limitations, leading to a steady increase in market conditions for second and third-generation refrigerants [5] Group 3: Investment Recommendations - Recommended companies in the potash sector include Dongfang Iron Tower, Yaqi International, and Salt Lake Co [6] - In the phosphoric chemical sector, recommended companies include Chuanheng Co, Yuntu Holdings, and Xingfa Group [6] - The organic silicon industry is expected to see a supply-demand balance improve in 2026, with companies like Dongyue Silicon Material and Xingfa Group being highlighted [6] Group 4: AI and Semiconductor Demand - The demand for high-performance new materials is driven by the explosion in AI and semiconductor needs, with electronic resins and fillers seeing rapid growth [6] - The semiconductor materials sector is focusing on domestic supply chain security, emphasizing the importance of local production [6] - The cooling liquid market is expected to grow due to increasing server power demands, with immersion cooling becoming a significant future direction [6] Group 5: Company Performance - Kuaishou-W - Kuaishou-W reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14%, with net profit reaching 4.488 billion yuan, up 37% year-on-year [15][16] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million, reflecting a 2.1% year-on-year growth [15] - The company is actively commercializing its AI business, with AI revenue exceeding 300 million yuan in Q3 2025, contributing to a 4%-5% increase in online marketing revenue [16][17]

AI算力设备前景看好，芯片的"液冷"概念也一度成为市场焦点。 更关键的是，金戈新材研发实力颇为薄弱，"创新特性"遭北交所一询质疑。此外，氧化铝领域逐渐内 卷，公司的毛利率、价格、成本的波动问题亦被点出，长期盈利风险暴露无遗。 项目介绍： 公司简称：金戈新材 公司全称：广东金戈新材料股份有限公司 其实，在液冷设备和芯片之间，还有一层用于填充微小空隙的材料——导热界面材料（TIM）。 在TIM产业的上游，有一家自称领先的企业正在冲击北交所IPO——金戈新材。目前，该公司通过回天 新材、德邦科技、硅宝科技等知名下游企业向新能源汽车、智能手机、光伏等产业链供货，算是多个新 兴赛道的"上上游"。 然而，金戈新材的主要产品长期局限于氧化铝领域。虽然导热球铝在新能源汽车热管理场景应用情况良 好，但与前沿的铟、镓等液态金属仍有距离。 IPO进展：一询已回复 成立时间：2012年1月6日 募资投向： | | | | | 里位: 力元 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 拟投资总额 | 拟募集资金投资金额 | 문 | | | 年产3 万吨功能性材料技 术改造项目 | 7 ...

本次交易有利于促进磷氟锂业可持续高质量发展，交易各方将充分发挥和利用自身优势，提高磷氟锂业 核心竞争力和盈利能力。 萃华珠宝（002731）(002731.SZ)公告，公司控股子公司四川思特瑞锂业有限公司(简称"思特瑞锂业")拟 以123.21万元的交易对价向湖北兴发化工集团股份有限公司(简称"兴发集团（600141）")转让其持有磷 氟锂业2%的股权。截至本公告披露日，公司控股子公司思特瑞锂业持有磷氟锂业51.00%股权。 ...