Investment Rating - The report maintains a recommendation for the organic silicon industry, highlighting its potential benefits from the chemical sector's internal competition [4]. Core Viewpoints - The chemical sector experienced a decline of 7.47% in the third week of November, underperforming the Shanghai Composite Index by 3.58 percentage points [13]. - The only sub-industry that saw an increase was petroleum processing, which rose by 2.64%, while 31 sub-industries declined, with the largest drop in acrylic fiber at -15.33% [17]. - Key products with significant price increases included dimethyl carbonate (+12.32%) and thionyl chloride (+11.39%), while liquid chlorine saw the largest decrease at -6.25% [22][3]. - The report suggests focusing on leading companies that benefit from the chemical sector's internal competition, such as Xin'an Chemical, Xingfa Group, and Baofeng Energy [4]. Industry Performance - The chemical sector's dynamic PE ratio stands at 23.78, significantly higher than the average PE of 5.33 since 2015 [13]. - The total number of stocks in the industry is 446, with a total market value of 7114.2 billion and a circulating market value of 6648.5 billion [5]. Price and Spread Trends - The report lists the top five products with the highest price increases and decreases, indicating significant volatility in the market [22][3]. - The price spread for propylene (methanol-based) increased by 296.55%, while the PTA spread decreased by 157.04% [42][46]. Inventory Changes - Notable inventory changes include a decrease in stocks of chlorpyrifos (-12.5%) and propylene oxide (-11.83%), while polyester filament saw an increase of 10.21% [66].

Core Viewpoint - Zhenhua Co., Ltd. experienced a stock price decline of 2.08% on November 20, with a trading volume of 605 million yuan and a market capitalization of 19.738 billion yuan. The stock has seen a significant increase of 211.71% year-to-date, despite a recent decline of 5.61% over the past five trading days [1]. Financial Performance - For the period from January to September 2025, Zhenhua Co., Ltd. achieved a revenue of 3.217 billion yuan, representing a year-on-year growth of 7.47%. The net profit attributable to shareholders was 410 million yuan, reflecting a year-on-year increase of 12.56% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhenhua Co., Ltd. increased by 26.22% to 22,900, with an average of 31,051 circulating shares per person, a decrease of 20.77% from the previous period [2]. Dividend Distribution - Since its A-share listing, Zhenhua Co., Ltd. has distributed a total of 568 million yuan in dividends, with 294 million yuan distributed over the past three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.287 million shares, an increase of 5.112 million shares from the previous period. Other notable shareholders include Penghua Preferred Value Stock A and Dachen New Industry Mixed A, with varying changes in their holdings [3].

11月20日，三祥新材盘中下跌2.01%，截至10:25，报32.63元/股，成交1.72亿元，换手率1.23%，总市值 138.12亿元。 机构持仓方面，截止2025年9月30日，三祥新材十大流通股东中，中航新起航灵活配置混合A 资金流向方面，主力资金净流出1824.36万元，特大单买入312.22万元，占比1.82%，卖出2238.21万元， 占比13.03%；大单买入3896.16万元，占比22.67%，卖出3794.52万元，占比22.08%。 三祥新材今年以来股价涨105.54%，近5个交易日跌15.90%，近20日涨31.79%，近60日涨17.88%。 今年以来三祥新材已经3次登上龙虎榜，最近一次登上龙虎榜为11月11日。 资料显示，三祥新材股份有限公司位于福建省寿宁县解放街292号，成立日期1991年8月24日，上市日期 2016年8月1日，公司主营业务涉及锆系、铸改等工业新材料的研发、生产和销售。主营业务收入构成 为：锆系列产品84.25%，铸改新材料11.16%，其他(补充)2.52%，其他产品2.07%。 三祥新材所属申万行业为：基础化工-化学原料-无机盐。所属概念板块包括：固态电池、新 ...

Core Viewpoint - LuYin Investment's stock price has shown fluctuations, with a year-to-date increase of 15.90%, but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, LuYin Investment reported a revenue of 2.481 billion yuan, a year-on-year decrease of 3.65%, and a net profit attributable to shareholders of 161 million yuan, down 36.48% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 280 million yuan, with 119 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 18, LuYin Investment's stock price was 6.75 yuan per share, with a market capitalization of 4.561 billion yuan [1]. - The stock experienced a trading volume of 29.6737 million yuan, with a turnover rate of 0.65% [1]. - The net inflow of main funds was 1.4865 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - LuYin Investment, established on September 11, 1993, and listed on December 25, 1996, is based in Jinan, Shandong Province [1]. - The company's main business includes powder metallurgy and products, real estate, and trade, with revenue contributions from steel powder (46.39%), industrial salt (20.65%), and edible salt (19.73%) [1]. - The company is classified under the basic chemical industry, specifically in chemical raw materials and inorganic salts [1].

Core Viewpoint - The stock price of Zhongyan Chemical has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 12.56% [1][2]. Group 1: Stock Performance - As of November 18, Zhongyan Chemical's stock price is 8.72 CNY per share, with a market capitalization of 12.786 billion CNY [1]. - The stock has increased by 1.63% over the last five trading days, 11.22% over the last 20 days, and 9.27% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Zhongyan Chemical reported a revenue of 8.773 billion CNY, a year-on-year decrease of 8.32%, and a net profit attributable to shareholders of 57.8348 million CNY, down 89.92% year-on-year [2]. - The company has distributed a total of 2.364 billion CNY in dividends since its A-share listing, with 1.143 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders is 65,700, a decrease of 11.24% from the previous period, with an average of 22,309 circulating shares per shareholder, an increase of 12.73% [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [3].

11月18日，三祥新材盘中下跌2.07%，截至09:43，报35.04元/股，成交1.15亿元，换手率0.76%，总市值 148.32亿元。 资金流向方面，主力资金净流出970.40万元，特大单买入187.90万元，占比1.64%，卖出722.72万元，占 比6.30%；大单买入1904.23万元，占比16.60%，卖出2339.81万元，占比20.39%。 （011704）位居第八大流通股东，持股320.86万股，为新进股东。香港中央结算有限公司退出十大流通 股东之列。 责任编辑：小浪快报 三祥新材今年以来股价涨120.72%，近5个交易日跌6.51%，近20日涨39.49%，近60日涨31.33%。 今年以来三祥新材已经3次登上龙虎榜，最近一次登上龙虎榜为11月11日。 资料显示，三祥新材股份有限公司位于福建省寿宁县解放街292号，成立日期1991年8月24日，上市日期 2016年8月1日，公司主营业务涉及锆系、铸改等工业新材料的研发、生产和销售。主营业务收入构成 为：锆系列产品84.25%，铸改新材料11.16%，其他(补充)2.52%，其他产品2.07%。 三祥新材所属申万行业为：基础化工-化学原料- ...

Core Insights - The China Securities report indicates that the CITIC Basic Chemical Industry Index rose by 0.75% in October 2025, ranking 18th among 30 CITIC primary industries, with potassium fertilizer, inorganic salts, and tire industries performing well [1][2] - The overall chemical product prices continued to decline in October 2025, prompting the industry to maintain a "market synchronization" investment rating [1][2] - The investment strategy for November 2025 suggests focusing on polyester filament, organic silicon, spandex, phosphate, and potassium fertilizer industries [1] Market Review - In October 2025, the CITIC Basic Chemical Industry Index increased by 0.75%, underperforming the Shanghai Composite Index by 1.10 percentage points but outperforming the CSI 300 Index by 0.75 percentage points, ranking 18th among 30 CITIC primary industries [2] - Over the past year, the CITIC Basic Chemical Index has risen by 28.58%, outperforming the Shanghai Composite Index by 8.00 percentage points and the CSI 300 Index by 9.31 percentage points, ranking 9th among 30 CITIC primary industries [2] Sub-industry and Stock Performance - In October 2025, among 33 CITIC tertiary sub-industries, 15 rose while 18 fell, with potassium fertilizer, inorganic salts, and tire industries leading with increases of 11.27%, 7.83%, and 6.51% respectively [2] - Conversely, carbon fiber, nylon, and rubber additives saw declines of 10.69%, 6.39%, and 5.87% respectively [2] - Out of 526 stocks in the basic chemical sector, 291 rose and 230 fell, with the top five gainers being Litong Technology, Haike New Source, Huide Technology, Yashichuangneng, and Tianji Shares, with increases of 76.03%, 71.56%, 59.91%, 58.35%, and 56.39% respectively [2] Product Price Tracking - In October 2025, international oil prices continued to decline, with WTI crude oil down by 2.23% to $60.98 per barrel and Brent crude oil down by 2.91% to $65.07 per barrel [3] - Among 321 tracked products, 67 saw price increases, with the top gainers being lithium cobalt oxide, sulfur, sulfuric acid, electrolytic cobalt, and argon, with increases of 35.98%, 23.37%, 18.52%, 17.78%, and 16.81% respectively [3] - A total of 216 products experienced price declines, with the largest decreases seen in refrigerant R22, butadiene, phenol, industrial naphthalene, and SBS, which fell by 46.88%, 16.99%, 15.72%, 14.29%, and 12.97% respectively [3]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the basic chemical industry [4][6]. Core Viewpoints - In October 2025, the CITIC Basic Chemical Industry Index rose by 0.75%, ranking 18th among 30 CITIC first-level industries. The potassium fertilizer, inorganic salt, and tire industries performed well, while chemical product prices continued to decline [2][4]. - The investment strategy for November 2025 suggests focusing on two dimensions, particularly in the polyester filament, organic silicon, spandex, phosphate fertilizer, and potassium fertilizer sectors [4][6]. Summary by Sections Market Review - The CITIC Basic Chemical Industry Index increased by 0.75% in October 2025, underperforming the Shanghai Composite Index by 1.10 percentage points but outperforming the CSI 300 Index by 0.75 percentage points. Over the past year, the index has risen by 28.58%, outperforming both the Shanghai Composite and CSI 300 indices by 8.00 and 9.31 percentage points, respectively [8][9]. Sub-industry and Stock Performance - In October 2025, among 33 CITIC third-level sub-industries, 15 saw gains while 18 experienced declines. The potassium fertilizer, inorganic salt, and tire industries led with increases of 11.27%, 7.83%, and 6.51%, respectively. Conversely, carbon fiber, nylon, and rubber additives saw declines of 10.69%, 6.39%, and 5.87% [9][12]. - Out of 526 stocks in the basic chemical sector, 291 rose while 230 fell. The top gainers included Litong Technology, Haike New Source, and Huide Technology, with increases of 76.03%, 71.56%, and 59.91%, respectively. The largest declines were seen in Aggregated Materials, Blue Feng Biochemical, and United Chemical, with decreases of 27.32%, 24.90%, and 24.71% [9][13]. Product Price Tracking - In October 2025, international oil prices continued to decline, with WTI crude oil down 2.23% to $60.98 per barrel and Brent crude down 2.91% to $65.07 per barrel. Among 321 tracked products, 67 saw price increases, while 216 experienced declines, indicating an overall downward trend in basic chemical product prices [4][12]. Industry Investment Recommendations - The report suggests maintaining the "Synchronize with the market" investment rating. With the ongoing deepening of anti-involution measures in the chemical industry, overall supply and demand are expected to improve, leading to further quality upgrades in the industry. The investment strategy for November 2025 emphasizes focusing on polyester filament, organic silicon, spandex, phosphate fertilizer, and potassium fertilizer sectors [4][6].

Core Points - Xue Tian Salt Industry's stock price increased by 2.27% on November 17, reaching 6.30 CNY per share with a trading volume of 1.08 billion CNY and a market capitalization of 10.33 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.48%, with recent gains of 5.35% over the last five trading days, 6.96% over the last twenty days, and 20.46% over the last sixty days [2] - As of September 30, the number of shareholders decreased by 9.21% to 37,500, while the average circulating shares per person increased by 10.14% to 43,711 shares [2] Business Overview - Xue Tian Salt Industry, established on December 16, 2011, and listed on March 26, 2018, is located in Changsha, Hunan Province, and specializes in the production and sale of salt and salt chemical products [2] - The main products include table salt, industrial salt, daily chemical salt, livestock salt, soda ash, ammonium chloride, hydrogen peroxide, and mirabilite [2] - The revenue composition of the main business is as follows: various salts 41.17%, soda ash 25.62%, ammonium chloride 12.20%, caustic soda 9.53%, others 7.53%, hydrogen peroxide 2.03%, and mirabilite 1.93% [2] Financial Performance - For the period from January to September 2025, Xue Tian Salt Industry reported a revenue of 3.244 billion CNY, a year-on-year decrease of 21.99%, and a net profit attributable to shareholders of 32.63 million CNY, down 90.37% year-on-year [2] - The company has distributed a total of 1.294 billion CNY in dividends since its A-share listing, with 843 million CNY distributed over the past three years [3]

Core Viewpoint - Zhongyan Chemical's stock price has shown a significant increase this year, with a 16.17% rise, indicating positive market sentiment despite a decrease in revenue and net profit [1][2]. Financial Performance - For the period from January to September 2025, Zhongyan Chemical reported a revenue of 8.773 billion yuan, a year-on-year decrease of 8.32% [2]. - The net profit attributable to shareholders was 57.83 million yuan, reflecting a substantial year-on-year decline of 89.92% [2]. Stock Market Activity - As of November 17, Zhongyan Chemical's stock price was 9.00 yuan per share, with a trading volume of 2.58 billion yuan and a turnover rate of 2.00% [1]. - The company experienced a net outflow of 9.02 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 11.24% to 65,700, while the average circulating shares per person increased by 12.73% to 22,309 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [3]. Dividend Distribution - Since its A-share listing, Zhongyan Chemical has distributed a total of 2.364 billion yuan in dividends, with 1.143 billion yuan distributed over the past three years [3]. Business Overview - Zhongyan Chemical, established on December 31, 1998, primarily engages in salt chemical business, with major products including sodium metal and soda ash [1]. - The revenue composition includes soda ash and its by-products (50.75%), resin products (27.76%), sodium products (9.72%), and others [1]. Industry Classification - Zhongyan Chemical is classified under the basic chemical industry, specifically in the chemical raw materials sector focusing on inorganic salts [1]. - The company is associated with several concept sectors, including salt chemicals, lithium batteries, state-owned enterprise reforms, and nuclear power [1].