杨义韬分析，获取资源最为直接的方式是"大股东支持模式"，即控股股东将优质磷矿资源注入上市公 司。如控股股东四川发展为川发龙蟒注入天瑞矿业、国拓矿业等，同时川发龙蟒还收购了天盛矿业10% 股权；新洋丰控股股东为其注入竹园沟矿业，并承诺后续将继续注入更多资源。 "另一种路径为市场化并购与合资。"杨义韬表示，企业通过控股、参股或组建合资公司快速扩大权益产 能。如兴发集团8.5亿元收购桥沟矿业50%股权，东方铁塔拟以2.8亿元收购昆明帝银72%股权等。 从政策导向来看，此前工信部等八部门发布《推进磷资源高效高值利用实施方案》，要求"构建高端 化、智能化、绿色化、融合化、集聚化的磷化工产业体系"。四川一家磷矿企业相关负责人透露，在政 策鼓励一体化和资源集中的背景下，地方政府明确支持磷矿石就地消化，配套深加工装置已成为获取矿 权和扩产的隐性前提条件。 受益于化工品持续涨价潮，作为关键原材料的磷矿石价格持续高位运行。据百川盈孚数据，12月2日， 国内30%品位磷矿石市场均价为1016元/吨，28%品位磷矿石市场均价为945元/吨，25%品位磷矿石市场 均价为758元/吨。 近期，芭田股份、兴发集团等上市公司密集披露了其在磷 ...

国海证券指出，反内卷有望重估中国化工行业，后续措施有望使全球化工行业产能扩张大幅放缓。中国 化工行业具有充沛的经营活动现金流量净额，一旦扩张放缓，潜在股息率将大幅提升，有望实现从吞金 兽到摇钱树的转变；同时，供给端的改变将带来景气度的止跌回升，化工标的有望兼具高弹性和高股息 的优势。重点关注石油化工、煤化工、有机硅、磷化工、草甘膦等。 每日经济新闻 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为60.39%，石油石化行业占比为32.71%。政策针对化工行业的"反内卷"措 施持续加码，成为板块走强的核心支撑。 截至12月4日9点52分，石化ETF（159731）涨0.36%。持仓股藏格矿业、金发科技、中国石油等涨幅居 前。从资金净流入方面来看，石化ETF连续9个交易日获得资金净流入，合计"吸金"2550万元。石化ETF 最新份额达2.42亿份，最新规模2.02亿元，均创成立以来新高。 ...

格隆汇12月3日丨云图控股(002539.SZ)在投资者互动平台表示，微信公众号"云图控股磷化工"运营主体 为公司全资子公司雷波凯瑞磷化工有限公司。 ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：微信服务号"云图控股磷化工"主体是雷波凯瑞磷化工有 限公司，属于贵司的官方账号吗？以上服务号自今年4月以来，陆续有磷矿石竞价出售公示，粗略统计 已有近10万吨（五氧化二磷含量在24%左右），是否属实？另外，雷波县阿居磷矿山和雷波县红旗沟矿 山是否均属于贵司？目前已开采磷矿是均对外竞价出售？还是有部分已被内部使用并加工成高纯度黄磷 对外出售？请介绍相关磷矿产出和使用情况！ 云图控股（002539.SZ）12月3日在投资者互动平台表示，1、您所述的微信公众号"云图控股磷化工"， 运营主体为公司全资子公司雷波凯瑞磷化工有限公司。 2、公司在四川省雷波县拥有阿居洛呷磷矿、牛 牛寨东段磷矿及牛牛寨西段磷矿三宗磷矿资源，同时参股位于四川省马边彝族自治县的二坝磷铅锌矿。 您提及的"雷波县红旗沟矿山"并非公司所有。 3、阿居洛呷磷矿在建290万吨采矿工程，基建过程中副 产的矿石主要用于黄磷生产，而磷矿石加工过程中产生的粉矿因无法满足黄磷生产需求，则对外销售。 此外，牛牛寨东段磷矿在建400万吨采矿项目，牛牛寨西段磷矿处于"探转采"阶段，二坝磷铅锌矿正在 推进复工复 ...

Core Insights - The article discusses the successful listing of Xingfu Electronics, a subsidiary of Xingfa Group, on the Sci-Tech Innovation Board, highlighting the synergy between the main board and "hard tech" enterprises in China's multi-tiered capital market [1][2] - The year 2025 is anticipated to be significant for further reforms in the multi-tiered capital market, with the establishment of the Sci-Tech Growth Layer and the introduction of new listing standards for innovative companies [1][2] - The reforms aim to enhance the capital market's service capabilities for the real economy, particularly through the deepening of the Sci-Tech Board and the Growth Enterprise Market [1][2][3] Multi-Tiered Capital Market Structure - The reforms have led to a clearer structure of a multi-tiered equity market, with the Sci-Tech Growth Layer serving as an incubator for "hard tech" companies [1][2] - Different market segments, including the main board, Sci-Tech Board, Growth Enterprise Market, and Beijing Stock Exchange, are designed to complement each other, catering to various types of enterprises [2][3] Full Lifecycle Services - The article emphasizes the importance of full lifecycle services and interconnectivity mechanisms in activating the capital market, which supports enterprises from inception through growth [3][4] - Key institutional innovations have improved the capital market's ability to serve diverse types of enterprises, enhancing the matching of financing support throughout their lifecycle [3][4] Connectivity Between Market Segments - There is an increasing connectivity between different market segments, allowing companies to transition smoothly based on their development stage and needs [4][5] - The establishment of a "green channel" for companies to access different markets demonstrates the effectiveness of this connectivity [4] Future Reforms and Enhancements - Ongoing reforms are expected to focus on deepening the Growth Enterprise Market and normalizing the transfer mechanism between market segments [5][6] - Recommendations include enhancing the adaptability of listing standards to better meet the financing needs of emerging industries and improving the overall efficiency and inclusivity of the capital market [5][6]

| 倒计时16天 | | | | --- | --- | --- | | 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | &起点研究十周年庆典 | | | | 2025起点用户侧储能及电池技术论坛 | | | | 新周期 | 新技术 新生态 | 活动主题： | | 活动时间： | 2025年12月18-19日 | | | 活动地址： | 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 | | | 镇沙井路118号） | | | | 主办单位： | 起点锂电、起点固态电池、起点储能、起点研究院SPIR | | | 线下1200+，在线直播观看30000+ | | 活动规模： | | 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/新能安/多氟多/保力新/远 | | | | 东电池/国轩吉美泰/诺达智慧/创明新能源/德赛电池/陀普科技/蓝京新能源/北测新能源/亿鑫丰/达力智 | | | | 能/金力股份/苏州莫洛奇/鑫晟达/先导智能/尚太科技/超业精密/科迈罗/东唐智能/贤辰智享/爱签/中天 | | | | 和/和明机械/信瑞新能 ...

智通财经APP获悉，中原证券发布研报称，未来随着我国宏观经济持续向好与消费刺激政策的推动，化 工行业下游需求有望继续复苏。随着化工行业整体固定资产投资力度的放缓以及需求复苏的推动，未来 行业整体景气有望边际复苏，盈利有望底部回升。其中部分子行业由于成本端优势、供给端约束和需求 端复苏等积极因素，行业景气度表现相对较好，从而带来结构性的投资机会。维持行业"同步大市"的投 资评级。 中原证券主要观点如下： 下游需求的逐步回升以及行业新增产能投放的放缓 2024年底以来化工行业利润下滑态势逐步放缓，景气逐渐寻底。从板块经营情况来看，受益于行业供需 格局优化、需求复苏等因素带来的景气提升，农化、氟化工以及新能源相关等子行业收入利润实现较快 增长。此外有机硅、粘胶、纯碱、锦纶等产业受行业产能快速扩张，行业竞争加剧等因素影响，利润下 滑幅度较大。 随着反内卷政策的持续推进，在行政监管与行业自律等多项举措作用下，未来化工行业的供给端约束有 望明显加强。同时随着行业固定资产投资力度的下降，行业产能过剩的格局有望逐步扭转，推动景气的 逐步复苏。叠加环保、安监、减排等方面的监管要求的提升，对化工行业供给侧迎来新的约束，推动行 业 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]

Core Insights - The basic chemical industry is gradually entering a prosperous phase, with investment opportunities identified from both supply and demand sides [1][7] - The industry is expected to see a marginal recovery in profitability due to the gradual rebound in downstream demand and a slowdown in new capacity releases [7][11] - The report maintains a "market perform" rating for the industry, suggesting a focus on integrated leading companies such as Wanhua Chemical, Satellite Chemical, and Baofeng Energy [7][8] Industry Overview - The chemical industry has shown signs of bottoming out, with profitability stabilizing after a decline in 2023 [11][15] - In the first three quarters of 2025, the chemical raw materials and chemical products manufacturing industry achieved a revenue of CNY 67,246.8 billion, a year-on-year increase of 1.0%, while total profits fell by 4.4% [13][17] - The chemical product price index has seen a cumulative decline of 10.29% since the beginning of 2025, indicating ongoing price pressures [13][14] Sub-Industry Performance - Among 33 sub-industries, 18 reported revenue growth, with significant increases in carbon fiber (49.12%), synthetic resin (33.63%), and lithium battery chemicals (21.31%) [17][18] - Conversely, industries such as organic silicon and soda ash experienced substantial revenue declines of 17.37% and 15.75%, respectively [18][21] - Profitability varied widely, with pesticide, polyester, and fluorochemical sectors showing strong profit growth, while organic silicon and rubber products faced severe profit declines [18][22] Investment Strategy - The report suggests focusing on sectors with improving supply-demand dynamics, such as organic silicon and polyester filament, as well as those benefiting from rapid growth in downstream energy storage demand, like phosphate chemicals [7][8] - The biobased fuel industry is highlighted as having significant growth potential due to national policy support and the dual carbon policy [7][8] - The overall investment strategy emphasizes structural opportunities within the industry, driven by regulatory changes and demand recovery [7][8]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a maximum intraday increase of 1.89% and a current increase of 0.76% [1] - Key stocks in the sector include phosphate chemicals, rubber additives, lithium batteries, and coatings, with notable gains from Hebang Bio, Tongcheng New Materials, and Sankeshu [1][2] - The chemical ETF has shown a year-to-date increase of 27.76%, outperforming major indices like the Shanghai Composite Index (16.02%) and the CSI 300 Index (15.04%) [1][3] Group 2 - The lithium battery market is expected to see a threefold increase in shipments from 2025 to 2035, with rising prices anticipated due to supply shortages [4] - The current price-to-book ratio of the chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting good long-term investment potential [4] - The chemical sector is currently at a valuation and profit bottom, with a net profit of 116 billion yuan expected in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap leading stocks [5] - Nearly 50% of the ETF's holdings are concentrated in large-cap stocks like Wanhua Chemical and Salt Lake Industry, while the remaining 50% includes leaders in phosphate, fluorine, and nitrogen fertilizers [5]