（一）主要产品的价格变动情况 证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-034 中盐内蒙古化工股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年第一 季度报告披露工作的通知》要求，现将公司 2025 年第一季度主要经 营数据披露如下： | 主要行业 | 主要产品 | 2025 年第 | 2025 年第 | 营业收入（万 元） | | --- | --- | --- | --- | --- | | | | 一季度产量 | 一季度销量 | | | 精细化工行业 | 金属钠、氯酸钠 （万吨） | 3.40 | 3.29 | 21,343.68 | | 基础化工行业 | 纯碱（万吨） | 104.39 | 95.02 | 121,025.87 | | | 聚氯乙烯树脂 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a rebound in oil prices due to easing U.S. tariff policies and tightening supply expectations. It emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. The report also recommends paying attention to domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][15]. Summary by Sections 1. Core Views - The report suggests maintaining a focus on leading companies with strong fundamentals and low correlation to oil prices, while also monitoring domestic demand and new material substitution opportunities [13][15]. - Recommended companies include: - Huangma Technology: A leader in specialty polyether, showing signs of recovery from previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [14]. - Hualu Hengsheng: Benefiting from recovering core product prices and declining coal prices, leading to improved price differentials [14]. 2. Oil and Chemical Price Information - As of April 16, Brent oil prices increased by 4.9% to $67.96 per barrel. Despite the IEA lowering oil demand growth forecasts, market concerns over U.S. tariff policies eased, contributing to the price increase [15]. - The report monitors 188 chemical products, with the top three price increases being: - Trichloroethylene: Up 16.3% - Butane: Up 8.9% - WTI: Up 7.7% - The top three price decreases were: - Liquid chlorine: Down 62.3% - D4: Down 17.8% - Anthracene oil: Down 12.4% [16][17]. 3. Price Spread Information - The top three price spread increases for the week were: - Carbon black spread: Up 64.5% - Calcium carbide PVC spread: Up 57.8% - Monoammonium phosphate: Up 14.5% - The top three price spread decreases were: - Butyl acrylate spread: Down 50.7% - Hydrogen peroxide spread: Down 44.4% - MTP spread: Down 30.2% [19][20].

基础化工行业 行业研究 | 行业周报 硫磺-硫酸继续上涨，关注具有长期逻辑的 涨价品种 核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 3 月 7 日美国原油商业库存 4.352 亿桶，周增加 140 万 桶；汽油库存 2.411 亿桶，周减少 570 万桶；馏分油库存 1.176 亿桶，周减少 160 万桶；丙烷库存 0.45259 亿桶，周减少 339.5 万桶。美国原油产量及钻机数：2025 年 3 月 7 日美国原油产量为 1357.5 万桶/天，周度增加 6.7 万桶/天，较一年前增加 47.5 万桶/天。2025 年 3 月 14 日美国钻机数 592 台，周度不变，年减少 37 台；加 拿大钻机数 199 台，周减少 35 台，年度减少 8 台。其中美国采油钻机 487 台，周度 增加 1 台，年减少 23 台。 价格变化： 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 03 月 17 日 看好（维持） | 倪吉 | 021-63325888*75 ...

基础化工行业 行业研究 | 行业周报 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 03 月 03 日 看好（维持） | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.cn | | | 执业证书编号：S0860523080005 | 寻找景气复苏的周期行业之十三：乙二醇 2025-01-23 站在新秩序的起点：化工行业 2025 年度投 资策略 2024-12-18 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 本周化肥产品持续涨价 ⚫ 我们监测的 188 种化工产品中，本周价格涨幅前 3 名的产品分别为硫酸（上涨 16.6%）、硫磺（上涨 13.4%）、氯化钾（上涨 11.2%）；跌幅 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Recent trade frictions have raised concerns about economic growth, leading to downward pressure on oil prices, while leading stocks remain weak. The report suggests focusing on leading companies with strong fundamentals and low correlation to oil prices for bottom-fishing opportunities. Additionally, the importance of food security has increased due to global instability, making agricultural and food supply chains more resilient. The report anticipates sustained economic improvement and upward elasticity from supply-side adjustments [11] Summary by Sections Oil and Chemical Prices Information - As of February 14, Brent oil price increased by 0.1% to $74.74 per barrel. Concerns over U.S. sanctions on certain oil-producing countries initially pushed prices up, but an increase in U.S. commercial oil inventories and easing geopolitical tensions led to a price retraction. As of February 7, U.S. commercial oil inventories stood at 427.9 million barrels, a weekly increase of 4.1 million barrels [12] - Among 188 monitored chemical products, the top three price increases this week were petroleum coke (up 24.0%), natural gas (up 12.5%), and acetone (up 7.6%). The top three price decreases were liquid chlorine (down 26.9%), threonine (down 14.0%), and vitamin B2 (down 6.3%) [13] Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects expected to launch [11] - Huangma Technology: A leading special polyether company that has entered a growth phase again after addressing previous macro demand pressures [11] - Jinhui Industrial: A leader in maltol and sucralose, with signs of marginal improvement in core product conditions [11] - Yuntianhua: A leading company in the domestic phosphate chemical industry, with sustained demand for phosphate rock [11]