证券代码：002001 证券简称：新和成 6、公司全氟己基辛烷项目进展情况？ 答：公司年产 45 吨全氟己基辛烷、15 吨全氟丁基戊烷项 目已具备生产能力，两款产品是治疗干眼症药物的重要原料药， 已取得药品注册。 7、公司草铵膦和精草铵膦的进展情况如何？ 4、公司在新材料板块的布局？公司对 PPS 业务有哪些发展 规划？ 答：公司致力于成为新材料行业的生力军，重点发展高性能 聚合物及关键中间体，适度发展材料下游应用，目前主要产品包 括聚苯硫醚（PPS）、高温尼龙（PPA）、IPDA、HDI、IPDI 等， 产品性能和品质可以达到国际先进水平。PPS 具有机械强度高、 耐高温、耐化学药品性、热稳定性好、电性能优良、耐辐射和阻 燃等优点，在新能源、半导体、高端制造等领域的需求增长显著， 公司 PPS 报批 3 万吨，公司 PPS 现有产能 2.2 万吨，后续公司将 结合公司战略规划和市场发展态势，稳步有序推进扩建产能项目 建设。 5、公司香料板块主要有哪些产品，增长动力在哪里？ 答：目前公司香精香料板块主要生产芳樟醇系列、柠檬醛系 列、叶醇系列、二氢茉莉酮酸甲酯、薄荷醇等多种香料，被广泛 应用于个人护理、家庭护理 ...

反倾销政策或取消， PVC出口压力减小 PVC周报 2025/11/22 马桂炎（联系人） 13923915659 magy@wkqh.cn 交易咨询号：Z0020397 从业资格号：F03136381 刘洁文（能源化工组） 从业资格号：F03097315 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润库存 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 成本利润：乌海电石价格报2425元/吨，周同比上涨25元/吨；山东电石价格报2805元/吨，周同比下跌25元/吨；兰炭陕西中料870元/吨，周 同比持平。利润方面，氯碱综合一体化利润持续下滑，乙烯制利润低位运行，目前估值中性偏低。 ◆ 供应：PVC产能利用率78.8%，环比上升0.3%；其中电石法81.3%，环比上升0.5%；乙烯法73.1%，环比下降0.1%。上周供应端负荷小幅上升， 主因信发等检修结束，下周预期负荷进一步回升。11月整体负荷预期仍然在高位，且有多套装置试车投产，供应压力持续较大。 ◆ 需求：出口方面印度BIS认证政策撤销，但对目前出口基本面影响不大，另外反倾销税率市 ...

Group 1 - The company has decided to terminate its plan for a specific stock issuance and has withdrawn its application [1][2] - On November 19, 2025, the company's board approved the resolution to withdraw the application for the issuance of A-shares [1][2] - The Shanghai Stock Exchange has officially terminated the review of the company's stock issuance application based on relevant regulations [2] Group 2 - The company submitted a request to withdraw its application for the specific stock issuance and to revoke the sponsorship from China International Capital Corporation [2] - The decision to terminate the stock issuance review was communicated to the company on November 21, 2025 [2]

（文章来源：证券日报） 证券日报网讯 11月21日晚间，华鲁恒升发布公告称，截至2025年11月21日，公司已累计回购股份 599.6781万股，占公司总股本的比例为0.28%。 ...

Core Insights - The company reported a revenue of 8.656 billion yuan for Q1-Q3 2025, a year-on-year decrease of 16.54%, and a net profit attributable to shareholders of 1.062 billion yuan, down 41.15% year-on-year [1] - The company plans to acquire a 10.6464% stake in Yingen Mining, which will increase its ownership to 70.6464%, strengthening its position as a leader in the soda ash market [2] - The projected net profits for the company from 2025 to 2027 are 1.468 billion yuan, 2.218 billion yuan, and 2.688 billion yuan, respectively, with a target price of 9.00 yuan based on a 15x PE ratio for 2026 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 2.740 billion yuan, a year-on-year decrease of 17.04% and a quarter-on-quarter decrease of 10.11% [1] - The average market prices for the company's main products in Q3 2025 were 1,324.0 yuan/ton for soda ash, 1,744.4 yuan/ton for urea, and 1,242.2 yuan/ton for sodium bicarbonate, reflecting year-on-year declines of 28.2%, 16.4%, and 20.0%, respectively [1] Strategic Moves - The acquisition of Yingen Mining is aimed at consolidating the company's leadership in the soda ash sector, with plans for significant production capacity expansions [2] - The Yingen Chemical subsidiary is set to produce 7.8 million tons/year of soda ash and 800,000 tons/year of sodium bicarbonate, with the first phase already operational [2] Growth Outlook - The company is expected to benefit from the cost advantages of its natural soda ash production process compared to other methods, positioning it for long-term growth [2] - The anticipated completion of the second phase of the Alashan project by the end of 2025 is expected to further enhance the company's growth potential [2]

Core Viewpoint - The company, 瑞泰新材 (301238.SZ), plans to increase its capital investment in 江苏泰瑞联腾材料科技有限公司 (泰瑞联腾) by 200 million yuan to support the construction of a lithium hexafluorophosphate project [1] Group 1 - The capital increase will be executed through monetary funds, with the company contributing 50 million yuan and its affiliate, 天际股份 (002759), contributing 150 million yuan [1] - The new registered capital will be accounted at 1 yuan per share [1] - The primary purpose of this capital increase is to advance and complete the second phase of the 15,000-ton lithium hexafluorophosphate project [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The SA2601 contract is expected to oscillate weakly, with a recommended focus range of 1130 - 1210. The FG2601 is expected to oscillate bearishly, with a recommended focus range of 950 - 1050 [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - **Market Review**: As of November 20, the soda ash futures dropped 4.4%, and the glass futures fell 4.46%. Soda ash futures declined due to insufficient demand, and glass futures continued to fall due to poor real - estate demand [6]. - **Market Outlook**: For soda ash, the supply side is in a capacity expansion phase. The 1 - million - ton natural soda project of Yuanning Energy's Alxa Base entered the commissioning stage in mid - November, and other expansion projects are in progress. Although there was a temporary inventory reduction, the inventory pressure remains high. The demand side is weak, with the float glass industry (accounting for about 60% of soda ash demand) being sluggish and the new capacity release of photovoltaic glass slowing down. The cost support is weakening. For glass, the supply side faces capacity release pressure and high inventory. The demand side shows seasonal weakness, with poor real - estate completion demand and low orders from deep - processing enterprises. The cost does not provide substantial support [6]. 3.2 Futures and Spot Markets - **Futures Prices**: As of November 20, 2025, the closing price of soda ash futures was 1158 yuan/ton, and that of glass futures was 989 yuan/ton [12]. - **Spot Prices and Basis**: As of November 20, 2025, the spot price of soda ash in the Shahe market was 1130 yuan/ton, and the basis was - 28 yuan/ton. The spot price of glass in the Shahe market was 989 yuan/ton, and the basis was 11 yuan/ton. The soda ash - glass spread was 169 yuan/ton. All spreads are expected to weaken next week [17][23][27]. 3.3 Industry Chain Analysis - **Soda Ash Production**: As of November 20, 2025, the national soda ash operating rate was 82.68%, a 2.12% decline from the previous period, and the weekly output was 72.09 tons, a 2.48% decline. The output is expected to decrease next week [34]. - **Inventory**: As of November 20, 2025, the inventory of domestic soda ash enterprises was 164.44 tons, a 0.44% decline, and the inventory of glass enterprises was 63.303 million weight boxes, a 0.09% increase [40]. - **Profit**: As of November 20, 2025, the theoretical profit of soda ash by the dual - ton joint - alkali method was - 235 yuan/ton, and the cost was 1876 yuan/ton. The theoretical profit of soda ash by the ammonia - alkali method was - 120 yuan/ton, and the cost was 1395 yuan/ton. The weekly average profit of float glass using natural gas as fuel was - 206.84 yuan/ton, a 10.19% decline; using coal - made gas was 25.79 yuan/ton, a 49.68% decline; using petroleum coke was 8.52 yuan/ton, a decline [45]. - **Glass Production**: As of November 20, 2025, there were 296 glass production lines (excluding zombie lines), with 221 in production and 75 cold - repaired. The national float glass output was 111.02 tons, a 0.33% decline from the previous period, and the output is expected to remain low next week [49]. - **Photovoltaic Glass**: As of November 20, 2025, the capacity utilization rate of photovoltaic glass enterprises was 68.35%, unchanged from the previous period, and the daily melting volume was 89380 tons/day, unchanged from the previous period. Both are expected to weaken next week [53]. - **Downstream Demand**: As of November 17, 2025, the average order days of national deep - processing sample enterprises were 9.9 days, indicating low demand [57].

Core Viewpoint - Tianqi Materials announced on November 21 that its existing annual production capacity of 300,000 tons of iron phosphate has reached a relatively high operating rate, leading to a gradual decrease in product costs and a continuous recovery in profitability [1] Group 1 - The company has achieved a high operating rate for its 300,000 tons iron phosphate project [1] - As the operating rate continues to improve, the product cost of iron phosphate is gradually decreasing [1] - The profitability level of the company is continuously recovering [1] Group 2 - The company has completed the development of its fourth-generation products [1] - The fourth-generation products have reached a high qualification rate [1]

投资者提问： 敬爱的董秘您好，印度商工部近期撤销PTA、POY、FDY及PVC等产品BIS认证。请问公司在此政策实 施前，是否受到印度反倾销政策影响？此次认证撤销，公司出口印度相关产品是否有所成长？ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 尊敬的投资者，您好。目前，公司出口至印度的产品主要为PVC。在印度此前提出实施PVC产品BIS认 证要求时，公司已积极准备并开展认证申请相关工作，后续该项政策未正式实施即被撤销，因此对公司 PVC产品出口影响较小。关于印度反倾销政策，目前尚未正式实施，公司将持续关注相关进展，并积极 发挥自身在产品质量与客户服务方面的优势，进一步巩固和拓展印度市场合作。感谢您的关注。查看更 多董秘问答>> 董秘回答(北元集团SH601568)： ...

Core Viewpoint - Bohai Chemical (600800.SH) announced that its wholly-owned subsidiary, Bohai Petrochemical, will extend the maintenance period for its PDH unit due to the need for equipment and utility system adjustments related to the acrylate and superabsorbent resin new material project, with production expected to resume by the end of February 2026 [1] Group 1 - Bohai Petrochemical's PDH unit requires coordination with new material projects [1] - The maintenance period for the PDH unit will be extended [1] - Production is anticipated to resume by the end of February 2026 [1]