风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 11 月 23 日 看好（维持） 基础化工行业 行业研究 | 行业周报 印度取消 BIS 认证及反倾销税，利好 PVC 等产品出口增长 核心观点 投资建议与投资标的 ⚫ 建议关注景气度有望复苏的 PVC 相关企业 中泰化学(002092，未评级)、新疆天业 (600075，未评级)、氯碱化工(600618，未评级)、天原股份(002386，未评级)， MDI 龙头 万华化学(600309，买入)。景气度持续性受储能高速增长拉动的磷化工 中，相关标的包括川恒股份(002895，未评级)、云天化(600096，未评级)等；草酸 行业中，建议关注华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | | | niji@orientsec.com.cn | | | 021-63326320 | | 万里扬 | 执业证书编号：S0860519090003 | ...

每经AI快讯，鲁西化工（SZ 000830，收盘价：16.14元）发布公告称，2025年11月17日，鲁西化工接受 线上参与公司2025年第三季度业绩说明会的全体投资者调研，公司董事长陈碧锋等人回答了投资者提出 的问题。 2025年1至6月份，鲁西化工的营业收入构成为：化工行业占比66.07%，基础化工行业占比20.11%，化 肥行业占比12.06%，其他行业占比1.76%。 截至发稿，鲁西化工市值为307亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 （记者 王晓波） ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes that green and low-carbon initiatives will become a significant focus, as highlighted by the release of the white paper "China's Actions on Carbon Peak and Carbon Neutrality" [2][8] - The chemical industry is expected to see a recovery in demand, particularly in sectors like polyester, MDI, and PVC, driven by policy support and market dynamics [3][8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying shares of Wanhua Chemical (600309), a leader in MDI, while PVC-related companies such as Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), and Tianyuan Co. (002386) are rated as not yet evaluated. Companies like Chuanheng Co. (002895) and Yuntianhua (600096) are also noted for their growth potential driven by energy storage [3] Industry Trends - The report notes that the chemical industry has shown improved performance recently, particularly in polyester, PTA, organic silicon, chlor-alkali, and phosphate sectors. Despite a decline in the overall industry sentiment in Q3, there is optimism for recovery driven by demand-side improvements and policy changes [8] - The report highlights that the U.S. entering a rate-cutting cycle and easing tariff issues may lead to marginal improvements in demand, while emerging markets provide long-term growth potential for chemical products [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The recent US-China talks have led to a potential recovery in demand, which is expected to positively impact the chemical industry [7] - The energy storage sector is driving an optimistic outlook for lithium battery demand, particularly benefiting the phosphate rock segment due to its rigid supply characteristics [7] Summary by Sections Industry Overview - The chemical industry is facing challenges due to the US-China trade disputes, but recent negotiations have shown signs of easing tensions, which may stabilize demand [7] - The global energy storage battery shipments are projected to exceed 500 GWh in 2025, representing a year-on-year growth of approximately 60% [7] Investment Recommendations - The report recommends buying shares in companies that are well-positioned in the green polyester industry, such as Wankai New Materials (301216) [3] - Companies in the pesticide formulation sector, like Runfeng Co. (301035), Guoguang Co. (002749), and Hailier (603639), are also recommended for purchase due to their lower exposure to trade disputes [3] - The report highlights potential recovery in the petrochemical and chemical sectors, suggesting investments in Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) [3]

Core Insights - The enthusiasm for private placements has surged in 2025, with 51 private equity firms participating in 53 A-share companies, raising a total of 5.524 billion yuan, a 23.17% increase from the previous year [1] - The overall floating profit from these private placements amounts to 2.438 billion yuan, with a floating profit ratio of 44.13% [1] Group 1: Private Placement Participation - 33 stocks received private placement allocations of at least 50 million yuan, with 17 stocks receiving between 50 million to 99.9 million yuan, and 16 stocks receiving over 100 million yuan [1] - Lexin Technology attracted the most interest, with a total allocation of 788 million yuan from four private equity firms [1] - Other notable stocks include *ST Songfa with 599 million yuan and TCL Technology, Green Harmony, and Aisxu with allocations exceeding 200 million yuan each [1] Group 2: Profitability of Private Placements - Among the 53 stocks involved in private placements, 51 are currently in a floating profit state, with 11 stocks having a floating profit ratio of 10% or less [2] - The stock with the highest floating profit rate is Demingli in the electronics sector, with a floating profit rate of 317.76% [2] - Other high-performing stocks include Henghe Precision and Jinghua New Materials, with floating profit rates of 266.02% and 255.65%, respectively [2] Group 3: Industry Distribution - Private placements have covered 17 primary industries, with 10 industries receiving allocations of at least 100 million yuan [3] - The electronics industry is the most favored, with a total allocation of 2.032 billion yuan, accounting for 36.78% of the total private placement amount [3] - The power equipment and light manufacturing industries follow closely, each with allocations of 670 million yuan [3] Group 4: Floating Profit by Industry - Of the 17 industries involved in private placements, 16 have achieved floating profits [3] - The public utilities sector leads with a floating profit rate of 113.57%, followed by the non-ferrous metals sector at 84.23% [4] - Other industries with significant floating profits include automotive, mechanical equipment, and basic chemicals, all exceeding 50% [4] Group 5: Market Sentiment and Future Outlook - The active participation of private equity firms in private placements reflects a positive outlook on the long-term performance of the A-share market [5] - The influx of capital from private placements enhances overall market liquidity and activity, indicating a recognition of the value and growth potential of the involved companies [5]

Group 1 - The company, Luxi Chemical (SZ 000830), announced the convening of its 13th meeting of the 9th Board of Directors on October 28, 2025, to discuss various proposals including the management regulations for significant decision-making matters [1] - For the first half of 2025, the revenue composition of Luxi Chemical was as follows: 66.07% from the chemical industry, 20.11% from the basic chemical industry, 12.06% from the fertilizer industry, and 1.76% from other industries [1]

Group 1 - The company Lu Xi Chemical (SZ 000830) announced that its 9th Board of Directors meeting was held on September 28, 2025, to discuss the notice for the 5th extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Lu Xi Chemical's revenue composition was as follows: Chemical industry accounted for 66.07%, Basic chemical industry 20.11%, Fertilizer industry 12.06%, and Other industries 1.76% [1] Group 2 - The competition between Farmer and Yibao has intensified, with Farmer's green bottle launch leading to a significant decline in Yibao's market share, dropping nearly 5 percentage points [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The "Stabilizing Growth Work Plan" for the petrochemical industry has raised expectations, focusing on enhancing technological innovation, expanding effective investment, and fostering market demand [8] - The green low-carbon industry, particularly green polyester, is expected to experience rapid growth due to new technologies and significant market potential [8] Summary by Sections Investment Recommendations and Targets - The report favors companies that have strategically positioned themselves in the green polyester sector, such as Wankai New Materials (301216, Buy). Other recommended stocks include Sinopec (600028, Buy), Hengli Petrochemical (600346, Buy), Rongsheng Petrochemical (002493, Buy), Wanhua Chemical (600309, Buy), and Huayi Group (600623, Buy). Additionally, companies in the pesticide formulation segment like Runfeng Co., Ltd. (301035, Buy), Guoguang Co., Ltd. (002749, Buy), and Hailier (603639, Buy) are also highlighted [3] Industry Overview - The petrochemical industry is currently facing significant oversupply, making rapid recovery through market-driven policies challenging. However, the long-term outlook for the industry is improving, with lower valuations for leading chemical stocks providing good investment opportunities [8] - The green low-carbon sector, including green methanol, bio-aviation fuel, and green polyester, is gaining market attention due to its vast market space and the need for sustainable development. Companies that capitalize on these trends are expected to achieve rapid growth [8] Recent Developments - The recent "Stabilizing Growth Work Plan" emphasizes controlling new refining capacity and supporting key products in electronic chemicals and high-end polyolefins, while also fostering new application scenarios in emerging fields like renewable energy and low-altitude economy [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The green low-carbon related industries, including green methanol, bio-aviation fuel, and green polyester, are gaining market attention due to their vast market potential and the need for sustainable development [8] - The green polyester sector is particularly favored as new technologies are expected to drive rapid growth, allowing for the replacement of virgin materials and opening up significant new market opportunities [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216), which is well-positioned in the green polyester industry. Other recommended stocks include Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) due to expected recovery in the petrochemical and chemical sectors driven by "anti-involution" policies. Additionally, it suggests buying shares of pesticide formulation companies such as Runfeng Co., Ltd. (301035), Guoguang Co., Ltd. (002749), and Hailier (603639) [3]

Group 1 - As of August 5, 2025, 24 public fund institutions participated in 47 A-share companies' private placements, with a total allocation amount of 14.198 billion yuan and a current floating profit of 4.650 billion yuan, representing a floating profit ratio of 32.75% [1][2][5] - 36 stocks received over 100 million yuan in allocations from public funds, with 18 stocks receiving between 100 million to 199 million yuan, 9 stocks receiving between 200 million to 499 million yuan, and another 9 stocks receiving no less than 500 million yuan [1][2] - The most favored stock by public funds was Haohua Technology, with a total allocation of 1.628 billion yuan from three public fund institutions [1][3] Group 2 - 46 public fund stocks achieved floating profits this year, with 6 stocks having a floating profit ratio of less than 10%, 5 stocks between 10%-19.99%, 23 stocks between 20%-49.99%, 7 stocks between 50%-99.99%, and 4 stocks with a floating profit ratio of no less than 100% [2][4] - The stock with the highest floating profit ratio was Jinghua New Materials, with a floating profit ratio of 200.89% from an allocation of 45.387 million yuan [2][3] - The electronic industry was the most favored sector for public fund private placements, with a total allocation of 2.176 billion yuan across five stocks [4][5] Group 3 - Among the public fund institutions, Nord Fund was the most active, participating in 46 A-share private placements with a total allocation of 5.633 billion yuan [6][9] - The top three public fund institutions by allocation amount this year are Nord Fund, Caitong Fund, and E Fund, with floating profit ratios of 30.02%, 32.69%, and 37.92% respectively [7][9] - The public utility sector had a floating profit ratio of 173.85% from an allocation of 1.037 billion yuan, while the electronic sector had a floating profit ratio of 26.51% from an allocation of 2.176 billion yuan [5][6]