——基本面驱动有限 寿佳露（投资咨询资格证号：Z0020569） 交易咨询业务资格：证监许可【2011】1290号 2025年12月21日 基本面支撑有限，淡季来临需求端有进一步走弱预期，碱厂库存偏高；估值上，液氯价格中性，氯碱利润虽 有下滑但产量偏高，供应压力持续 。 第一章 核心矛盾及策略建议 1.1 核心矛盾 中长期投产压力继续，供需格局偏弱。 南华期货烧碱产业周报 ∗ 近端交易逻辑 * 远端交易预期 液碱周度厂内库存季节性 万吨 2021 2022 2023 2024 2025 40 50 60 source： 南华研究 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 10 20 30 烧碱01合约基差季节性（山东） source： wind,南华研究 元/吨 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 -500 0 500 液碱山东周度工厂库存季节性 source： BAIINFO,南华研究 万吨 2022 2023 2024 2025 03/01 05/01 ...

Core Viewpoint - Chlor-alkali Chemical (600618.SH) has announced the signing of a steam supply contract with Guotou Qinzhou Second Power Generation Co., Ltd., which will significantly enhance its operational capabilities and secure long-term steam supply for its subsidiary [1] Group 1: Contract Details - The contract involves a total steam procurement volume of approximately 336,000 tons per year, divided into two phases: 144,000 tons/year for the first phase and 192,000 tons/year for the second phase [1] - The contract duration is set for 20 years, from April 2026 to March 2046, ensuring a stable supply of steam for the company [1] - The steam supply contract specifies a delivery rate of 180-240 tons/hour, with a minimum supply duration of 8,000 hours per year [1]

每经AI快讯，12月19日，氯碱化工（600618）(600618.SH)公告称，公司拟对全资子公司广西华谊氯碱 化工有限公司增资8.93亿元，用于投资建设"先进材料配套废盐综合利用项目"，项目总投资29.75亿元。 项目建设内容为30万吨/年烧碱、25万吨/年氯乙烯和30万吨/年聚氯乙烯生产装置。公司将根据项目进度 分批注资，其余资金由广西氯碱公司自行筹措。项目符合国家产业政策，主要产品市场可靠，且工艺技 术先进，环保效益显著。但存在原料废盐来源风险、项目建设风险和产品销售风险。 ...

Core Viewpoint - The company plans to invest in an advanced material supporting waste salt comprehensive utilization project in Guangxi, with a total investment of 2.975 billion yuan, aimed at enhancing resource optimization and promoting sustainable development [1] Group 1: Project Overview - The project includes the construction of production facilities for 300,000 tons/year of caustic soda, 250,000 tons/year of vinyl chloride, and 300,000 tons/year of polyvinyl chloride [1] - The project aligns with the industrial development plan of the Huayi Qinzhou Chemical New Materials Integrated Base, utilizing waste salt as a raw material for caustic soda production [1] Group 2: Strategic Importance - The project is expected to facilitate resource recycling, provide key raw materials for downstream products like epoxy resin and epoxy chloropropane, and promote a circular economy in chlorine resources [1] - The investment will enhance the overall competitiveness and green development capabilities of the base, optimizing resource allocation and expanding operational scale [1] Group 3: Financial Aspects - The company plans to increase its capital contribution to Guangxi Chlor-Alkali Company by 893 million yuan to support the project [1] - The project is anticipated to save costs, open new markets in South China, and strengthen market competitiveness [1]

人民财讯12月19日电，氯碱化工(600618)12月19日公告，公司全资子公司广西氯碱公司拟在广西钦州港 经济技术开发区石化产业园投资建设"先进材料配套废盐综合利用项目"，投资建设30万吨/年烧碱、25 万吨/年氯乙烯和30万吨/年聚氯乙烯生产装置，项目总投资29.75亿元。因项目投资建设需要较大金额的 建设资金投入，公司拟以现金出资方式对广西氯碱公司进行增资，增资总额为8.93亿元。 转自：证券时报 ...

1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views of the Report - The overall supply - demand situation of PVC has marginally improved but remains weak. Attention should be paid to subsequent device maintenance and macro - side anti - involution sentiment [3]. - The supply - demand situation of caustic soda has slightly improved. Future focus should be on changes in liquid chlorine prices, device maintenance, and the implementation of macro - side anti - involution details [3]. 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures and Basis**: The closing price of the PVC main contract was 4,708 yuan/ton (+285), the East China basis was - 278 yuan/ton (-265), and the South China basis was - 268 yuan/ton (-275) [1]. - **Spot Prices**: The East China calcium carbide method was quoted at 4,430 yuan/ton (+20), and the South China calcium carbide method was quoted at 4,440 yuan/ton (+10) [1]. - **Upstream Production Profits**: The semi - coke price was 780 yuan/ton (+0), the calcium carbide price was 2,880 yuan/ton (-25), the calcium carbide profit was - 34 yuan/ton (-25), the PVC calcium carbide method production gross profit was - 1,102 yuan/ton (-83), the PVC ethylene method production gross profit was - 520 yuan/ton (-48), and the PVC export profit was - 6.7 dollars/ton (-3.6) [1]. - **Inventory and Operation Rates**: PVC factory inventory was 34.4 tons (+1.8), PVC social inventory was 51.7 tons (-1.2), the PVC calcium carbide method operation rate was 77.01% (-2.12%), the PVC ethylene method operation rate was 74.06% (-2.61%), and the overall PVC operation rate was 76.12% (-2.27%) [1]. - **Downstream Orders**: The pre - sales volume of production enterprises was 64.9 tons (-5.0) [1]. Caustic Soda - **Futures and Basis**: The closing price of the SH main contract was 2,199 yuan/ton (+56), and the basis of 32% liquid caustic soda in Shandong was 51 yuan/ton (-56) [1]. - **Spot Prices**: The price of 32% liquid caustic soda in Shandong was 720 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,140 yuan/ton (+0) [2]. - **Upstream Production Profits**: The single - variety profit of caustic soda in Shandong was 1,229 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 665.0 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was - 406.96 yuan/ton (+75.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 330.39 yuan/ton (+20.00) [2]. - **Inventory and Operation Rates**: The liquid caustic soda factory inventory was 46.47 tons (+0.76), the flake caustic soda factory inventory was 3.51 tons (+0.06), and the caustic soda operation rate was 84.50% (-1.70%) [2]. - **Downstream Operation Rates**: The alumina operation rate was 86.11% (-0.09%), the printing and dyeing operation rate in East China was 62.06% (-0.68%), and the viscose staple fiber operation rate was 89.62% (+0.00%) [2]. Market Analysis PVC - The PVC market rebounded due to anti - involution sentiment, with cost support emerging. The news of the planned shutdown of a 450,000 - ton PVC device by Westlake Chemical in the US by the end of December 2025 boosted the market sentiment. However, the trading volume was light after the spot price increase. The supply decreased slightly this week, but the supply side remained abundant. The downstream operation rate generally declined, and the inventory decreased slightly but remained at a high level compared to the same period. The comprehensive chlor - alkali production profit at the upstream PVC end decreased, and the production profit of calcium carbide and semi - coke was in the red. The PVC futures warehouse receipts were at a high level, and the export profit decreased, but the export orders increased [3]. Caustic Soda - The caustic soda market rebounded due to anti - involution sentiment, with a slight improvement in supply - demand. The spot price was mainly stable, and the trading volume improved at low prices. The inventory pressure in Shandong was partially relieved. The supply - side operation rate decreased slightly but remained at a high level. The alumina factory operation rate was stable, and the demand from non - aluminum industries weakened. Attention should be paid to the price change of liquid chlorine, device maintenance, and the implementation of anti - involution details [3]. Strategy - **PVC**: The single - side strategy is to expect a volatile market, the inter - delivery strategy is to wait and see, and there is no cross - variety strategy [4][5]. - **Caustic Soda**: The single - side strategy is to expect a volatile market, the inter - delivery strategy is to wait and see, and there is no cross - variety strategy [5].

（编辑 任世碧） 证券日报网讯 12月17日，航锦科技在互动平台回答投资者提问时表示，公司主业涵盖"人工智能、电 子、化工"多行业；氯碱化工是公司化工业务涉及的细分行业；公司近年来通过收并购进入了特种集成 电路和人工智能领域，同时在算力领域公司成立航锦人工智能和航锦云等公司投入到多个算力租赁服务 项目服务国内客户；氢业务主要通过自建运营3000Nm3/h高纯氢气充装站向客户提供氢气产品。 ...

Core Viewpoint - The company, Hangjin Technology (000818.SZ), is diversifying its business across multiple sectors including artificial intelligence, electronics, and chemicals, with a focus on chlor-alkali chemicals and special integrated circuits [1] Group 1: Business Segments - The company's main business areas include artificial intelligence, electronics, and chemicals [1] - Chlor-alkali chemicals represent a specific segment within the company's chemical operations [1] Group 2: Recent Developments - In recent years, the company has entered the special integrated circuit and artificial intelligence sectors through mergers and acquisitions [1] - The company has established Hangjin Artificial Intelligence and Hangjin Cloud to engage in various computing power leasing service projects for domestic clients [1] Group 3: Hydrogen Business - The hydrogen business primarily operates a self-built high-purity hydrogen filling station with a capacity of 3,000 Nm3/h to provide hydrogen products to customers [1]

出口方面，原料及制品出口有所分化。1—10月PVC粉累计出口323万吨，同比大增49%，但PVC制品出 口大幅下滑，1—10月铺地材料累计出口同比降低11.5%。印度反倾销政策尚未落地，国内PVC粉出口价 格优势带动接单阶段性好转，但受船运费用上涨等因素影响，预计出口接单难以再度出现集中放量的情 况，对国内库存消化支撑作用显著弱化。中期来看，明年一、二季度是海外的需求旺季，PVC出口存改 善预期，出口量预计增长15%左右，将有效缓解国内过剩压力。 当前国内PVC粉价格仍然处于历史偏低水平，成本端电石价格维持稳定，而烧碱价格持续下挫。截至12 月12日，西北氯碱综合利润为250元／吨，但山东地区氯碱装置亏损达600元／吨，"以碱补氯"对PVC生 产的支撑大幅减弱。电石法PVC亏损幅度在1000元／吨左右，乙烯法PVC亏损在500元／吨左右，行业 亏损格局未改，高成本装置或有序退出。 2025年以来，PVC市场因供增需减、地产疲软等因素陷入弱势，价格创近10年新低。本周以来，PVC期 货价格连续拉升，主力合约昨日收涨2.16%。笔者认为，短期期价大幅走强缺乏核心驱动力。中期来 看，期价能否迎来反转仍要关注政策效果 ...

氯碱日报 | 2025-12-16 氯碱随宏观情绪反弹，供需边际改善有限 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4315元/吨（+95）；华东基差15元/吨（-45）;华南基差65元/吨（-15）。 现货价格：华东电石法报价4330元/吨（+50）；华南电石法报价4380元/吨（+80）。 上游生产利润：兰炭价格780元/吨（-20）；电石价格2930元/吨（+0）；电石利润16元/吨（+16）；PVC电石法生产毛 利-1102元/吨（-83）；PVC乙烯法生产毛利-520元/吨（-48）；PVC出口利润10.5美元/吨（+4.8）。 PVC库存与开工：PVC厂内库存34.4万吨（+1.8）；PVC社会库存51.7万吨（-1.2）；PVC电石法开工率79.13%（-2.96%）； PVC乙烯法开工率76.67%（+4.75%）；PVC开工率78.39%（-0.62%）。 下游订单情况：生产企业预售量64.9万吨（-5.0）。 烧碱： 期货价格及基差：SH主力收盘价2163元/吨（+53）；山东32%液碱基差56元/吨（-53）。 现货价格：山东32%液碱报价710元/吨（+0）；山东5 ...